N-CSRS

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)

Copies to:

Caroline Kraus, Esq.	Stephen H. Bier, Esq.
Goldman Sachs & Co. LLC	Dechert LLP
200 West Street	1095 Avenue of the Americas
New York, New York 10282	New York, NY 10036

(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, 2022

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds Semi-Annual Report September 30, 2022 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

Market Review	1
Fund Basics	3
Schedules of Investments	16
Financial Statements	140
Financial Highlights	147
Bond	147
Core Fixed Income	155
Global Core Fixed Income	163
Income	170
Long Short Credit Strategies	177
Strategic Income	184
Notes to Financial Statements	191
Other Information	225

NOT FDIC-INSURED   May Lose Value No Bank Guarantee  

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, 2022 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during 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, 2023.

Market and Economic Review

∎ During the Reporting Period, the performance of the global fixed income markets was broadly influenced by central bank monetary policy, rising interest rates, inflationary trends, slowing economic growth and geopolitical pressures.

∎ The broad global investment grade bond market, as represented by the Bloomberg Global Aggregate Index (Gross, USD, hedged),ⁱ returned -7.49%.

∎ The Bloomberg U.S. Aggregate Bond Index,ⁱⁱ representing the broad U.S. fixed income market, returned -9.22%.

∎ Global economic activity moderated during the Reporting Period, as central banks grew increasingly hawkish and financial conditions tightened. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

∎ Inflationary pressures were persistent, with food and energy prices reaching a four-decade high during September 2022 amid continued supply and demand imbalances driven by geopolitical turmoil, including the Russia/Ukraine war, and COVID-19 flareups in China.

∎ Higher inflation led to weaker consumer purchasing power and less favorable consumer sentiment, which, in turn, weighed on consumption. However, job creation remained strong, especially in the U.S.

∎ Many central banks around the world tightened monetary policy during the Reporting Period in an effort to tame inflation.

∎ The People’s Bank of China was a notable exception as policymakers engaged in measured and selective easing to address economic growth headwinds from a property market downturn and ongoing COVID-19 restrictions in the country.

∎ In the U.S., the Federal Reserve (the “Fed”), which had initially raised the targeted federal funds (“fed funds”) rate by 25 basis points in March 2022, continued on its rate hiking path. (A basis point is 1/100th of a percentage point.)

∎ In May 2022, policymakers lifted the targeted fed funds rate by 50 basis points to a range between 0.75% and 1.00%.

∎ On June 1st, the Fed began to reduce the size of its balance sheet.

∎ In mid-June, policymakers raised the targeted fed funds rate by 75 basis points to a range between 1.50% to 1.75%—the largest single rate increase since 1994—and signaled they would continue tightening monetary policy at an aggressive pace.

∎ During July, the Fed hiked the targeted fed funds rate another 75 basis points, though comments by Fed Chair Jerome Powell suggested a potential deceleration in the pace of future rate hikes.

∎ At the Fed’s Jackson Hole symposium in August, Powell dispelled near-term prospects of a policy pivot, stressing that Fed officials remained committed to “restoring price stability” and acknowledging this might require “a restrictive policy stance for some time.”

∎ During September, the Fed raised the targeted fed funds rate an additional 75 basis points—to a range of 3.00% to 3.25%, with many market participants anticipating further rate hikes in the months ahead.

∎ The Reporting Period closed on a volatile note as markets responded to the hawkish Fed monetary policy outlook, heightened geopolitical uncertainty, energy disruptions in Europe and proposed budget from the U.K. government that sought to support economic growth through personal and corporate tax cuts and supply-side reforms. (Supply-side economics is a theory that maintains that increasing the supply of goods and services is the engine for economic growth.) (After the end of the Reporting Period, the proposed U.K. budget was withdrawn as concerns about U.K. fiscal policy and its inflationary implications drove a sharp rise in U.K. government bond yields and further tightening of global financial conditions.)

i The Bloomberg Global Aggregate Index is a flagship measure of global investment grade debt from 28 local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

ii The Bloomberg U.S. Aggregate Bond Index is a broad-based fixed income index that includes bonds of investment grade quality or better, including corporate bonds, U.S. Treasury securities, mortgage-backed securities, asset backed securities and municipal bonds.

                1

∎ For the Reporting Period overall, U.S. Treasury yields rose significantly across the yield curve, or spectrum of maturities, though shorter-term U.S. Treasury yields rose more dramatically than intermediate- and longer-term U.S. Treasury yields.

∎ During the Reporting Period as a whole, spread, or non-government bond, sectors generated negative absolute returns. External and local emerging markets debt were among the worst performers, followed by U.S. investment grade corporate bonds, Treasury inflation protected securities, U.S. high yield corporate bonds and U.S. mortgage-backed securities—with each sector underperforming U.S. Treasuries during the Reporting Period. High yield loans, asset-backed securities and commercial mortgage-backed securities also recorded negative returns, though to a lesser extent and outperformed U.S. Treasuries during the Reporting Period.

Fund Changes and Highlights

Goldman Sachs Bond Fund

∎ Effective October 25, 2022, Ron Arons began serving as portfolio manager for the Fund. Ashish Shah continues to serve as a portfolio manager for the Fund.

∎ There was a significant increase during the Reporting Period in the Fund’s allocation to Federal agencies generally and to pass-through agency mortgage-backed securities more specifically, as we sought to capitalize on the material widening in mortgage-backed securities’ spreads that occurred. This increased allocation generated additional income for the Fund during the Reporting Period and provided an opportunity to capitalize on spread tightening once market volatility begins to subside.

∎ We reduced the Fund’s exposure to corporate bonds in an effort to position the portfolio more conservatively given the increased economic uncertainty and greater risk of recession during the Reporting Period.

Goldman Sachs Core Fixed Income Fund

∎ Effective October 25, 2022, Ron Arons began serving as portfolio manager for the Fund. Ashish Shah continues to serve as a portfolio manager for the Fund.

∎ There was a significant increase during the Reporting Period in the Fund’s allocation to Federal agencies generally and to pass-through agency mortgage-backed securities more specifically, as we sought to capitalize on the material widening in mortgage-backed securities’ spreads that occurred. This increased allocation generated additional income for the Fund during the Reporting Period and provided an opportunity to capitalize on spread tightening once market volatility begins to subside.

Goldman Sachs Income Fund

∎ There was a significant increase during the Reporting Period in the Fund’s allocation to Federal agencies generally and to pass-through agency mortgage-backed securities more specifically, as we sought to capitalize on the material widening in mortgage-backed securities’ spreads that occurred. This increased allocation generated additional income for the Fund during the Reporting Period and provided an opportunity to capitalize on spread tightening once market volatility begins to subside.

Goldman Sachs Strategic Income Fund

∎ Effective October 25, 2022, Ron Arons began serving as portfolio manager for the Fund. Ashish Shah continues to serve as a portfolio manager for the Fund.

∎ There was a significant increase during the Reporting Period in the Fund’s allocation to Federal agencies generally and to pass-through agency mortgage-backed securities more specifically, as we sought to capitalize on the material widening in mortgage-backed securities’ spreads that occurred. This increased allocation generated additional income for the Fund during the Reporting Period and provided an opportunity to capitalize on spread tightening once market volatility begins to subside.

2

FUND BASICS

Bond Fund

as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1			30-Day Standardized Unsubsidized  Yield2			Bloomberg U.S. Aggregate Bond Index3			30-Day Standardized Subsidized  Yield2
Class A		-10.97	%		2.95	%		-9.22	%		3.19	%
Class C		-11.32			2.29			-9.22			2.55
Institutional		-10.73			3.40			-9.22			3.66
Service		-11.04			2.89			-9.22			3.14
Investor		-10.80			3.32			-9.22			3.58
Class R6		-10.83			3.42			-9.22			3.68
Class R		-11.09			2.81			-9.22			3.06
Class P		-10.83			3.42			-9.22			3.67

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 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.

³  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.

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.

                3

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 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.

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

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

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

4

FUND BASICS

Core Fixed Income Fund

    as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1			30-Day Standardized Unsubsidized  Yield2			Bloomberg U.S. Aggregate Bond Index3			30-Day Standardized     Subsidized Yield2
Class A		-10.57	%		3.16	%		-9.22	%		3.26	%
Class C		-10.95			2.51			-9.22			2.61
Institutional		-10.48			3.63			-9.22			3.73
Service		-10.60			3.11			-9.22			3.21
Investor		-10.46			3.54			-9.22			3.64
Class R6		-10.46			3.64			-9.22			3.74
Class R		-10.69			3.03			-9.22			3.13
Class P		-10.36			3.63			-9.22			3.74

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 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.

³  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.

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.

                5

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 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.

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

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

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

6

FUND BASICS

Global Core Fixed Income Fund

    as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1		30-Day Standardized Unsubsidized  Yield2		Bloomberg Global Aggregate Bond Index (Gross, USD,  Hedged)3		30-Day Standardized     Subsidized Yield2
Class A		-9.23%		1.67%		-7.49%		1.95%
Class C		-9.50		0.97		-7.49		1.26
Institutional		-9.10		2.07		-7.49		2.34
Service		-9.31		1.57		-7.49		1.83
Investor		-9.07		1.99		-7.49		2.28
Class R6		-9.02		2.08		-7.49		2.35
Class P		-9.09		2.09		-7.49		2.35

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 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.

³  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.

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.

                7

FUND BASICS

    CURRENCY ALLOCATION ⁺

	Percentage of Net Assets
	as of 9/30/22			as of 3/31/22
U.S. Dollar		68.6	%		54.2	%
Japanese Yen		19.0			16.1
Euro		14.5			14.9
Chinese Yuan Renminbi		5.7			6.6
British Pound		2.0			3.3
Canadian Dollar		1.5			1.2
South Korean Won		0.5			0.6
Indonesia Rupiah		0.3			0.3
Singapore Dollar		0.3			0.3
Thailand Baht		0.2			0.4
Israeli Shekel		0.2			0.1

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

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

8

FUND BASICS

Income Fund

    as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1		30-Day Standardized Unsubsidized  Yield2		Bloomberg U.S. Aggregate Bond Index3		30-Day Standardized     Subsidized Yield2
Class A		-10.79%		6.20%		-9.22%		6.61%
Class C		-11.24		5.66		-9.22		6.09
Institutional		-10.75		6.80		-9.22		7.22
Investor		-10.79		6.72		-9.22		7.14
Class R6		-10.74		6.81		-9.22		7.24
Class R		-11.01		6.19		-9.22		6.61
Class P		-10.75		6.84		-9.22		7.26

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 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.

³  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.

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.

                9

FUND BASICS

    FUND COMPOSITION *

     Percentage of Net Assets

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

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

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

10

FUND BASICS

Long Short Credit Strategies Fund

    as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1		30-Day Standardized Unsubsidized  Yield2		ICE BofAML Three-Month U.S. Treasury Bill Index3		30-Day Standardized Subsidized  Yield2
Class A		-8.80%		5.64%		0.57%		5.97%
Class C		-9.14		5.08		0.57		5.42
Institutional		-8.54		6.20		0.57		6.54
Investor		-8.68		6.13		0.57		6.47
Class R6		-8.64		6.22		0.57		6.56
Class R		-8.92		5.59		0.57		5.93
Class P		-8.54		6.13		0.57		6.43

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 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.

³  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.

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.

                11

FUND BASICS

    FUND COMPOSITION *

     Percentage of Net Assets

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

12

FUND BASICS

    TOP TEN INDUSTRY ALLOCATIONS ⁺

As of September 30, 2022	Percentage of Net Assets
Media		8.0	%
Chemicals		5.0
Commercial Services		4.9
Retailing		4.7
Oil Field Services		4.5
Diversified Financial Services		4.2
Pipelines		3.2
Internet		3.1
Technology - Software		3.0
Packaging		3.0

+ 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.

                13

FUND BASICS

Strategic Income Fund

    as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return     (based on NAV)1			30-Day Standardized     Unsubsidized Yield2			ICE BofAML Three-Month     U.S. Treasury     Bill Index3			30-Day Standardized     Subsidized Yield2
Class A		-4.07	%		1.34	%		0.57	%		1.44	%
Class C		-4.48			0.58			0.57			0.68
Institutional		-3.91			1.72			0.57			1.83
Investor		-3.95			1.64			0.57			1.75
Class R6		-4.02			1.74			0.57			1.84
Class R		-4.31			1.14			0.57			1.24
Class P		-4.02			1.74			0.57			1.84

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 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.

³  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.

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.

14

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 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.

‡ “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.

                15

GOLDMAN SACHS BOND FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 52.6%
Collateralized Mortgage Obligations – 3.1%
Interest Only(a) – 0.7%
FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%)
$	295,588		3.232	%(b)	03/15/44	$	29,389
FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%)
	578,480		3.182	(b)	05/15/46		63,664
FHLMC REMIC Series 4989, Class EI
	290,055		4.000		07/25/50		56,175
FHLMC REMIC Series 4998, Class GI
	1,387,156		4.000		08/25/50		267,983
FHLMC REMIC Series 5020, Class IH
	922,674		3.000		08/25/50		145,991
FNMA REMIC Series 2011-124, Class SC (-1X 1M USD LIBOR + 6.550%)
	126,974		3.466	(b)	12/25/41		14,139
FNMA REMIC Series 2012-5, Class SA (-1X 1M USD LIBOR + 5.950%)
	185,274		2.866	(b)	02/25/42		18,679
FNMA REMIC Series 2012-88, Class SB (-1X 1M USD LIBOR + 6.670%)
	119,552		3.586	(b)	07/25/42		12,191
FNMA REMIC Series 2014-6, Class SA (-1X 1M USD LIBOR + 6.600%)
	164,525		3.516	(b)	02/25/44		18,989
FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR + 6.100%)
	438,009		3.016	(b)	05/25/47		50,241
FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR + 3.450%)
	551,076		0.366	(b)	03/25/48		9,227
FNMA REMIC Series 2020-49, Class KS (-1X 1M USD LIBOR + 6.100%)
	392,864		3.016	(b)	07/25/50		45,386
FNMA REMIC Series 2020-62, Class GI
	605,535		4.000		06/25/48		117,486
GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR + 6.050%)
	420,162		3.036	(b)	08/20/49		40,187
GNMA REMIC Series 2010-20, Class SE (-1X 1M USD LIBOR + 6.250%)
	436,176		3.236	(b)	02/20/40		46,407
GNMA REMIC Series 2013-181, Class SA (-1X 1M USD LIBOR + 6.100%)
	217,906		3.086	(b)	11/20/43		22,352
GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%)
	169,332		3.086	(b)	10/20/43		9,627
GNMA REMIC Series 2014-133, Class BS (-1X 1M USD LIBOR + 5.600%)
	124,152		2.586	(b)	09/20/44		10,157
GNMA REMIC Series 2014-162, Class SA (-1X 1M USD LIBOR + 5.600%)
	102,343		2.586	(b)	11/20/44		8,943

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
GNMA REMIC Series 2015-111, Class IM
$	275,346		4.000	%	08/20/45	$	42,929
GNMA REMIC Series 2015-119, Class SN (-1X 1M USD LIBOR + 6.250%)
	132,058		3.236	(b)	08/20/45		14,572
GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR + 6.250%)
	167,230		3.236	(b)	09/20/45		19,066
GNMA REMIC Series 2015-167, Class AS (-1X 1M USD LIBOR + 6.250%)
	99,827		3.236	(b)	11/20/45		10,392
GNMA REMIC Series 2015-168, Class SD (-1X 1M USD LIBOR + 6.200%)
	80,260		3.186	(b)	11/20/45		8,876
GNMA REMIC Series 2016-109, Class IH
	393,251		4.000		10/20/45		59,927
GNMA REMIC Series 2016-27, Class IA
	152,130		4.000		06/20/45		19,444
GNMA REMIC Series 2018-122, Class HS (-1X 1M USD LIBOR + 6.200%)
	410,820		3.186	(b)	09/20/48		44,433
GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR + 6.200%)
	270,311		3.186	(b)	09/20/48		27,895
GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%)
	389,005		3.186	(b)	09/20/48		41,749
GNMA REMIC Series 2018-137, Class SN (-1X 1M USD LIBOR + 6.150%)
	297,270		3.136	(b)	10/20/48		30,106
GNMA REMIC Series 2018-139, Class SQ (-1X 1M USD LIBOR + 6.150%)
	202,426		3.136	(b)	10/20/48		20,146
GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%)
	83,287		3.036	(b)	01/20/49		8,095
GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%)
	195,846		3.036	(b)	09/20/49		21,599
GNMA REMIC Series 2019-151, Class IA
	950,345		3.500		12/20/49		161,366
GNMA REMIC Series 2019-151, Class NI
	563,739		3.500		10/20/49		87,895
GNMA REMIC Series 2019-153, Class EI
	1,221,545		4.000		12/20/49		221,149
GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR + 3.790%)
	159,974		0.776	(b)	02/20/49		4,104
GNMA REMIC Series 2019-6, Class SA (-1X 1M USD LIBOR + 6.050%)
	90,702		3.036	(b)	01/20/49		9,106
GNMA REMIC Series 2020-146, Class KI
	1,462,167		2.500		10/20/50		193,145
GNMA REMIC Series 2020-151, Class MI
	786,200		2.500		10/20/50		102,712

16                    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(a) – (continued)
GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%)
$	636,127		3.036	%(b)	02/20/50	$	70,449
GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%)
	572,671		3.036	(b)	04/20/50		63,744
GNMA REMIC Series 2020-61, Class GI
	498,433		5.000		05/20/50		91,478
GNMA REMIC Series 2020-61, Class SF (-1X 1M USD LIBOR + 6.440%)
	233,584		3.426	(b)	07/20/43		25,815
GNMA REMIC Series 2020-78, Class DI
	736,503		4.000		06/20/50		132,203
							2,519,608
Sequential Fixed Rate – 0.1%
FNMA REMIC Series 2005-70, Class PA
	25,560		5.500		08/25/35		25,940
FNMA REMIC Series 2011-52, Class GB
	189,267		5.000		06/25/41		188,956
FNMA REMIC Series 2012-111, Class B
	16,893		7.000		10/25/42		17,787
FNMA REMIC Series 2012-153, Class B
	46,043		7.000		07/25/42		48,401
							281,084
Sequential Floating Rate(b) – 2.3%
Bellemeade Re Ltd. Series 2021-2A, Class M1B (1M SOFR + 1.500%)
	275,000		3.781	(c)	06/25/31		262,875
CIM Trust Series 2019-INV3, Class A15
	63,717		3.500	(c)	08/25/49		56,856
Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2 (1M USD LIBOR + 2.400%)
	51,134		5.484	(c)	04/25/31		51,165
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 (1M USD LIBOR + 2.300%)
	61,057		5.384	(c)	08/25/31		60,906
Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2 (1M USD LIBOR + 2.150%)
	28,323		5.234	(c)	09/25/31		28,159
Connecticut Avenue Securities Trust Series 2019-R06, Class 1M2 (1M USD LIBOR + 2.100%)
	39,841		5.184	(c)	09/25/39		39,783
Connecticut Avenue Securities Trust Series 2019-R07, Class 1M2 (1M USD LIBOR + 2.100%)
	36,811		5.184	(c)	10/25/39		36,541
Connecticut Avenue Securities Trust Series 2020-R01, Class 1M2 (1M USD LIBOR + 2.050%)
	15,744		5.134	(c)	01/25/40		15,519
Countrywide Alternative Loan Trust Series 2006-OC8, Class 2A3 (1M USD LIBOR + 0.500%)
	1,329,777		3.584		11/25/36		1,128,080

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
Countrywide Alternative Loan Trust Series 2007-OA6, Class A1A (1M USD LIBOR + 0.280%)
$	255,513		3.364	%	06/25/37	$	223,450
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1A (1M USD LIBOR + 0.200%)
	505,872		3.284		08/25/47		442,142
FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (1M SOFR + 2.600%)
	140,448		4.881	(c)	11/25/50		141,221
FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 (1M USD LIBOR + 1.850%)
	57,496		4.934	(c)	02/25/50		56,621
FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1 (1M USD LIBOR + 6.000%)
	740,000		9.084	(c)	08/25/50		767,995
FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2 (1M USD LIBOR + 3.750%)
	3,774		6.834	(c)	08/25/50		3,776
FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (1M SOFR + 4.800%)
	754,000		7.081	(c)	10/25/50		748,568
FHLMC STACR REMIC Trust Series 2020-HQA3, Class B1 (1M USD LIBOR + 5.750%)
	725,000		8.834	(c)	07/25/50		733,273
FHLMC STACR REMIC Trust Series 2020-HQA4, Class B1 (1M USD LIBOR + 5.250%)
	485,000		8.334	(c)	09/25/50		483,094
FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%)
	28,899		6.234	(c)	09/25/50		28,932
FHLMC STACR REMIC Trust Series 2021-HQA1, Class B1 (1M SOFR + 3.000%)
	291,000		5.281	(c)	08/25/33		226,482
JPMorgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1M USD LIBOR + 0.320%)
	138,587		3.404		12/25/36		122,894
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1
	896,906		2.520	(c)	05/25/52		748,712
Mill City Mortgage Loan Trust Series 2017-2, Class A3
	150,175		3.107	(c)	07/25/59		144,533
Mill City Mortgage Loan Trust Series 2019-GS2, Class M1
	720,000		3.000	(c)	08/25/59		641,900
Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2
	760,000		2.500	(c)	11/25/60		627,936
Towd Point Mortgage Trust Series 2017-3, Class B2
	100,000		3.828	(c)	07/25/57		86,662
Verus Securitization Trust Series 2022-INV1, Class A1
	98,675		5.041	(c)(d)	08/25/67		96,112
Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1
	30,367		3.500	(c)	07/25/49		28,633
							8,032,820
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							10,833,512

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 1.4%
Sequential Fixed Rate – 0.8%
Banc of America Commercial Mortgage Trust Series 2016-UBS10, Class D
$	500,000		3.000	%(c)	07/15/49	$	398,074
COMM Mortgage Trust Series 2017-COR2, Class D
	350,000		3.000	(c)	09/10/50		259,935
DOLP Trust Series 2021-NYC, Class A
	1,100,000		2.956	(c)	05/10/41		877,538
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D
	150,000		3.250	(c)	01/15/60		114,128
Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4
	800,000		4.000	(b)	04/15/55		718,583
Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class D
	550,000		2.500	(c)	04/15/55		341,908
							2,710,166
Sequential Floating Rate(b)(c) – 0.6%
BX Trust Series 2021-ARIA, Class F (1M USD LIBOR + 2.594%)
	1,450,000		5.412		10/15/36		1,309,898
BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%)
	650,000		5.296		08/15/39		649,588
							1,959,486
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	4,669,652
Federal Agencies – 48.1%
Adjustable Rate FHLMC(b) – 0.0%
(12M USD LIBOR + 1.761%)
$	21,052		2.677	%	09/01/35	$	21,434
FHLMC – 0.6%
	53,753		6.000		08/01/27		54,694
	6,855		5.000		08/01/33		6,873
	1,116		5.000		09/01/33		1,119
	1,672		5.000		10/01/33		1,676
	1,649		5.000		11/01/34		1,654
	64,477		5.000		12/01/34		64,642
	2,292		5.000		07/01/35		2,298
	115		5.000		11/01/35		115
	25,239		5.000		03/01/39		25,396
	2,381		5.000		05/01/39		2,396
	5,268		5.000		04/01/40		5,303
	1,338		5.000		08/01/40		1,346
	17,254		4.000		02/01/41		16,449
	716		5.000		04/01/41		720
	1,366		5.000		06/01/41		1,375
	400,891		4.000		03/01/48		378,060
	409,437		4.000		04/01/48		386,004
	1,161,260		4.500		08/01/48		1,127,498
							2,077,618

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – 20.6%
$	15,507		5.500	%	11/15/32	$	15,902
	10,236		5.500		01/15/33		10,516
	17,893		5.500		02/15/33		18,466
	20,461		5.500		03/15/33		21,072
	25,986		5.500		07/15/33		26,648
	8,220		5.500		08/15/33		8,439
	4,287		5.500		09/15/33		4,396
	9,863		5.500		04/15/34		10,121
	7,031		5.500		05/15/34		7,196
	92,340		5.500		09/15/34		95,748
	105,938		5.500		12/15/34		109,981
	73,204		5.500		01/15/35		76,063
	183		5.500		05/15/36		187
	2,962		4.000		02/20/41		2,853
	4,695		4.000		11/20/41		4,520
	779		4.000		01/20/42		750
	2,491		4.000		04/20/42		2,398
	1,549		4.000		10/20/42		1,491
	400,464		4.000		08/20/43		380,325
	2,232		4.000		03/20/44		2,119
	2,751		4.000		05/20/44		2,611
	191,071		4.000		11/20/44		181,223
	45,662		4.000		12/20/44		43,308
	12,540		4.000		05/20/45		11,894
	45,383		4.000		07/20/45		43,015
	246,230		4.000		01/20/46		233,231
	972,918		3.000		11/20/46		873,832
	1,367,107		3.500		04/20/47		1,257,342
	1,278,278		3.500		12/20/47		1,175,645
	813,599		4.500		05/20/48		788,354
	1,219,816		4.500		08/20/48		1,181,205
	144,250		5.000		08/20/48		143,361
	858,161		4.500		09/20/48		830,998
	1,018,535		5.000		10/20/48		1,012,099
	585,540		5.000		11/20/48		581,840
	584,703		5.000		12/20/48		580,825
	1,306,344		4.500		01/20/49		1,264,280
	1,080,920		5.000		01/20/49		1,073,752
	529,016		4.000		02/20/49		496,709
	1,085,805		4.500		02/20/49		1,050,503
	28,131		4.500		03/20/49		27,208
	338,241		4.000		03/20/49		317,479
	94,013		5.000		03/20/49		93,360
	582,483		4.000		04/20/49		546,546
	738,584		3.000		08/20/49		661,275
	334,619		4.500		10/20/49		322,484
	340,208		4.500		12/20/49		327,552
	305,022		4.000		01/20/51		285,536
	1,478,400		3.500		02/20/51		1,359,289
	81,177		3.500		03/20/51		74,648
	1,842,674		3.000		11/20/51		1,635,588
	1,869,510		3.000		12/20/51		1,657,655
	4,000,000		2.500		TBA-30yr(e)		3,434,888
	1,000,000		2.000		TBA-30yr(e)		832,470
	1,000,000		3.000		TBA-30yr(e)		882,725

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	4,000,000		4.000	%	TBA-30yr(e)	$	3,731,530
	27,000,000		4.500		TBA-30yr(e)		25,810,475
	16,000,000		5.000		TBA-30yr(e)		15,634,144
							71,260,070
UMBS – 13.0%
	124		5.500		09/01/23		124
	99		5.500		10/01/23		99
	5,457		4.500		02/01/39		5,351
	2,551		4.500		04/01/39		2,514
	4,394		4.500		08/01/39		4,328
	60,449		4.500		12/01/39		59,544
	47,147		4.500		06/01/40		46,170
	21,068		4.500		08/01/41		20,640
	40,524		3.000		12/01/42		36,267
	94,129		3.000		01/01/43		84,240
	24,672		3.000		02/01/43		22,080
	9,374		3.000		03/01/43		8,389
	149,288		3.000		04/01/43		133,606
	24,365		3.000		05/01/43		21,805
	32,407		3.000		06/01/43		29,003
	10,478		3.000		07/01/43		9,377
	21,028		5.000		06/01/44		20,710
	308,034		4.000		12/01/44		291,839
	12,662		3.500		03/01/45		11,588
	1,060,555		4.500		04/01/45		1,035,701
	330,685		3.000		04/01/45		294,087
	130,028		4.500		05/01/45		126,981
	460,872		4.500		06/01/45		449,982
	3,766,628		3.500		07/01/45		3,447,048
	616,836		4.000		08/01/45		584,984
	212,217		4.000		11/01/45		201,292
	2,327,843		4.000		01/01/46		2,208,000
	63,296		4.000		03/01/46		59,838
	37,859		4.000		06/01/46		35,682
	10,510		4.000		08/01/46		9,906
	94,822		4.000		10/01/46		89,370
	68,470		4.000		06/01/47		64,720
	358,355		4.500		07/01/47		347,493
	172,330		4.500		11/01/47		167,322
	220,821		4.000		12/01/47		208,729
	618,117		4.000		01/01/48		583,881
	1,301,561		4.000		02/01/48		1,228,898
	956,017		4.000		03/01/48		902,435
	563,814		4.500		05/01/48		545,668
	637,320		4.000		06/01/48		601,622
	384,324		4.000		08/01/48		362,557
	311,099		4.500		09/01/48		301,767
	1,363,419		5.000		11/01/48		1,355,253
	204,326		4.500		06/01/49		197,231
	572,402		3.500		07/01/49		522,813
	372,576		3.500		08/01/49		340,299
	1,917,092		3.000		09/01/49		1,692,490
	40,876		4.500		10/01/49		39,280
	854,719		4.500		01/01/50		825,055

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	2,340,687		4.000	%	03/01/50	$	2,196,413
	5,732,614		4.500		03/01/50		5,540,203
	979,721		2.500		09/01/50		832,720
	2,757,733		3.000		12/01/50		2,430,334
	4,892,522		2.500		05/01/51		4,133,825
	6,419,907		2.500		09/01/51		5,424,905
	43,522		5.000		05/01/52		42,867
	1,427,071		5.000		06/01/52		1,406,569
	3,443,065		5.000		07/01/52		3,389,400
	30,791		5.000		08/01/52		30,293
							45,065,587
UMBS, 30 Year, Single Family(e) – 13.9%
	1,000,000		4.500		TBA-30yr		951,406
	4,000,000		3.000		TBA-30yr		3,477,500
	26,000,000		2.500		TBA-30yr		21,817,656
	27,000,000		2.000		TBA-30yr		21,847,220
							48,093,782
TOTAL FEDERAL AGENCIES						$	166,518,491
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $192,895,147)						$	182,021,655
Corporate Obligations – 36.1%
Advertising(c)(f) – 0.1%
Outfront Media Capital LLC/Outfront Media Capital Corp.
$	460,000		4.625	%	03/15/30	$	358,818
Aerospace & Defense(f) – 0.5%
General Dynamics Corp.
	60,000		3.750		05/15/28		56,377
Northrop Grumman Corp.
	750,000		2.930		01/15/25		716,100
	25,000		4.030		10/15/47		19,836
Raytheon Technologies Corp.
	100,000		4.050		05/04/47		79,802
The Boeing Co.
	65,000		2.196		02/04/26		57,705
	105,000		3.250		02/01/35		74,208
	15,000		3.375		06/15/46		9,063
	25,000		3.850		11/01/48		16,183
TransDigm, Inc.
	166,000		6.250	(c)	03/15/26		160,992
	575,000		6.375		06/15/26		543,507
							1,733,773
Agriculture – 0.3%
Altria Group, Inc.
	55,000		4.250		08/09/42		37,597
BAT Capital Corp.(f)
	60,000		3.557		08/15/27		52,685
	25,000		4.758		09/06/49		17,148

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Agriculture – (continued)
Cargill, Inc.(c)(f)
$	70,000		2.125	%	04/23/30	$	56,724
	10,000		2.125		11/10/31		7,790
Philip Morris International, Inc.
	30,000		3.375	(f)	08/15/29		25,649
Reynolds American, Inc.
	700,000		4.850		09/15/23		697,522
							895,115
Apparel(f) – 0.0%
NIKE, Inc.
	60,000		2.850		03/27/30		52,216
Automotive – 0.5%
American Honda Finance Corp.
	70,000		2.250		01/12/29		58,843
BMW US Capital LLC
	30,000		3.625	(c)(f)	04/18/29		27,197
BorgWarner, Inc.
	60,000		5.000	(c)	10/01/25		58,851
Cummins, Inc.
	45,000		2.600	(f)	09/01/50		28,069
General Motors Co.
	425,000		5.400		10/02/23		424,970
	225,000		4.000		04/01/25		216,727
	36,000		5.950	(f)	04/01/49		30,047
General Motors Financial Co., Inc.(f)
	300,000		4.300		07/13/25		286,860
	125,000		5.650		01/17/29		118,313
	500,000		2.350		01/08/31		363,705
Hyundai Capital America
	70,000		2.750		09/27/26		61,667
Lear Corp.
	30,000		5.250	(f)	05/15/49		23,708
Nissan Motor Acceptance Co. LLC(c)(f)
	35,000		2.000		03/09/26		29,623
	45,000		1.850		09/16/26		36,547
Toyota Motor Credit Corp.
	25,000		3.050		03/22/27		23,034
	60,000		4.450		06/29/29		57,883
							1,846,044
Banks – 10.0%
ABN AMRO Bank NV (-1X 5 year EUR Swap + 4.674%)
EUR	400,000		4.375	(b)(f)	12/31/99		333,217
Banco do Brasil SA (10 year CMT + 4.398%)
$	200,000		6.250	(b)(f)	10/29/49		171,125
Banco Mercantil del Norte SA (5 year CMT + 4.643%)
	260,000		5.875	(b)(c)(f)	12/31/99		211,624
Banco Santander SA
	800,000		2.746		05/28/25		731,640
	600,000		4.250		04/11/27		552,882
	200,000		2.749		12/03/30		141,860
Bank of America Corp.
	425,000		4.200		08/26/24		418,332

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
$	50,000		3.248	%(f)	10/21/27	$	44,859
	925,000		4.183	(f)	11/25/27		857,059
	100,000		6.110		01/29/37		96,716
(3M USD LIBOR + 0.990%)
	75,000		2.496	(b)(f)	02/13/31		59,204
(3M USD LIBOR + 1.190%)
	525,000		2.884	(b)(f)	10/22/30		430,925
(3M USD LIBOR + 1.310%)
	750,000		4.271	(b)(f)	07/23/29		684,232
(3M USD LIBOR + 1.575%)
	590,000		3.824	(b)(f)	01/20/28		543,372
(5 year CMT + 1.200%)
	475,000		2.482	(b)(f)	09/21/36		343,663
(SOFR + 1.330%)
	325,000		2.972	(b)(f)	02/04/33		254,605
(SOFR + 1.530%)
	600,000		1.898	(b)(f)	07/23/31		446,940
(SOFR + 1.830%)
	275,000		4.571	(b)(f)	04/27/33		246,780
(SOFR + 1.880%)
	90,000		2.831	(b)(f)	10/24/51		53,379
Barclays PLC (SOFR + 2.714%)
	825,000		2.852	(b)(f)	05/07/26		749,603
BNP Paribas SA(c)
	550,000		3.375		01/09/25		522,665
(5 year USD Swap + 4.149%)
	200,000		6.625	(b)(f)	12/31/99		184,600
(SOFR + 1.004%)
	725,000		1.323	(b)(f)	01/13/27		615,735
(SOFR + 2.074%)
	350,000		2.219	(b)(f)	06/09/26		314,759
BPCE SA(c)
	525,000		4.625		09/12/28		478,926
(SOFR + 1.730%)
	750,000		3.116	(b)(f)	10/19/32		532,695
CaixaBank SA (-1X 5 year EUR Swap + 6.346%)
EUR	400,000		5.875	(b)(f)	12/31/99		328,748
Citigroup, Inc.
$	780,000		3.500		05/15/23		774,290
	125,000		4.300		11/20/26		118,240
	475,000		4.125		07/25/28		429,177
(3M USD LIBOR + 1.023%)
	510,000		4.044	(b)(f)	06/01/24		506,037
(SOFR + 1.422%)
	550,000		2.976	(b)(f)	11/05/30		451,913
Citizens Financial Group, Inc.
	65,000		2.850	(f)	07/27/26		59,478
Commerzbank AG (-1X 5 year EUR Swap + 6.363%)
EUR	400,000		6.125	(b)(f)	03/31/99		330,171
Credit Agricole SA(b)(c)(f)
(5 year USD Swap + 4.319%)
$	250,000		6.875		12/31/99		230,208
(SOFR + 1.676%)
	375,000		1.907		06/16/26		335,528

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)
Banks – (continued)
Credit Suisse AG
$	300,000		2.950	%	04/09/25	$	275,637
Credit Suisse Group AG
	307,000		4.550		04/17/26		282,738
	875,000		4.282	(c)(f)	01/09/28		746,349
Deutsche Bank AG
	65,000		4.100		01/13/26		62,079
(SOFR + 1.870%)
	450,000		2.129	(b)(f)	11/24/26		382,577
(SOFR + 2.159%)
	300,000		2.222	(b)(f)	09/18/24		285,942
Fifth Third Bancorp
	375,000		2.375	(f)	01/28/25		350,588
First Horizon Corp.(f)
	700,000		3.550		05/26/23		692,909
	700,000		4.000		05/26/25		673,281
First-Citizens Bank & Trust Co. (3M TSFR + 1.715%)
	600,000		2.969	(b)(f)	09/27/25		563,964
HSBC Holdings PLC
	200,000		4.950		03/31/30		184,030
(3M USD LIBOR + 1.000%)
	450,000		3.961	(b)(f)	05/18/24		445,495
(3M USD LIBOR + 1.211%)
	600,000		3.803	(b)(f)	03/11/25		580,188
(SOFR + 1.538%)
	1,050,000		1.645	(b)(f)	04/18/26		934,720
Huntington Bancshares, Inc.
	825,000		4.000	(f)	05/15/25		798,847
ING Groep NV (1 Year CMT + 1.100%)
	950,000		1.400	(b)(c)(f)	07/01/26		835,534
JPMorgan Chase & Co.(f)
	425,000		3.625		12/01/27		386,180
(3M USD LIBOR + 0.730%)
	195,000		3.559	(b)	04/23/24		193,013
(3M USD LIBOR + 0.890%)
	175,000		3.797	(b)	07/23/24		172,781
(3M USD LIBOR + 1.245%)
	500,000		3.960	(b)	01/29/27		471,775
(SOFR + 1.160%)
	550,000		2.301	(b)	10/15/25		515,823
(SOFR + 1.800%)
	326,000		4.586	(b)	04/26/33		293,560
(SOFR + 2.040%)
	25,000		2.522	(b)	04/22/31		19,758
(SOFR + 2.515%)
	200,000		2.956	(b)	05/13/31		158,960
(SOFR + 3.125%)
	585,000		4.600	(b)	12/31/99		508,886
KeyCorp. (SOFR + 2.060%)
	895,000		4.789	(b)(f)	06/01/33		823,704
Macquarie Group Ltd. (SOFR + 1.069%)
	450,000		1.340	(b)(c)(f)	01/12/27		385,313
Mitsubishi UFJ Financial Group, Inc.
	30,000		4.286		07/26/38		25,534

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley
$	50,000		4.000	%	07/23/25	$	48,532
	174,000		3.950		04/23/27		161,780
(3M USD LIBOR + 0.847%)
	350,000		3.737	(b)(f)	04/24/24		346,318
(3M USD LIBOR + 1.628%)
	200,000		4.431	(b)(f)	01/23/30		184,036
(SOFR + 1.034%)
	750,000		1.794	(b)(f)	02/13/32		548,355
(SOFR + 1.143%)
	725,000		2.699	(b)(f)	01/22/31		586,931
(SOFR + 1.152%)
	800,000		2.720	(b)(f)	07/22/25		758,504
(SOFR + 1.290%)
	141,000		2.943	(b)(f)	01/21/33		111,442
(SOFR + 1.430%)
	75,000		2.802	(b)(f)	01/25/52		45,217
Morgan Stanley, Inc. (SOFR + 1.360%)
	750,000		2.484	(b)(f)	09/16/36		537,427
Natwest Group PLC(b)(f)
(3M USD LIBOR + 1.550%)
	850,000		4.519		06/25/24		840,063
(3M USD LIBOR + 1.762%)
	225,000		4.269		03/22/25		218,664
NatWest Group PLC (5 year CMT + 2.100%)
	200,000		3.754	(b)(f)	11/01/29		185,176
Royal Bank of Canada
	50,000		3.625		05/04/27		46,501
State Street Corp.(b)(f)
(3M USD LIBOR + 1.030%)
	60,000		4.141		12/03/29		56,159
(SOFR + 2.650%)
	25,000		3.152		03/30/31		21,414
The Bank of New York Mellon Corp.(b)(f)
(SOFR + 1.151%)
	60,000		3.992		06/13/28		56,520
(SOFR + 1.755%)
	70,000		4.596		07/26/30		66,459
The Toronto-Dominion Bank
	625,000		4.456		06/08/32		570,306
UBS Group AG (1 year CMT + 1.100%)
	280,000		2.746	(b)(c)(f)	02/11/33		208,037
US Bancorp(b)(f)
(5 year CMT + 2.541%)
	650,000		3.700		12/31/99		489,846
(SOFR + 1.660%)
	30,000		4.548		07/22/28		28,993
Virgin Money UK PLC (5 year UK Government Bond + 8.307%)
GBP	325,000		9.250	(b)(f)	12/31/99		334,429
Wells Fargo & Co.
$	45,000		3.000		04/22/26		41,224
	675,000		3.000		10/23/26		611,874
	600,000		4.300		07/22/27		561,762
	75,000		4.150	(f)	01/24/29		68,997

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(SOFR + 2.100%)
$	1,015,000		4.897	%(b)(f)	07/25/33	$	933,678
Westpac Banking Corp.
	60,000		4.043		08/26/27		57,626
(5 year CMT + 2.000%)
	300,000		4.110	(b)(f)	07/24/34		255,432
							34,617,054
Beverages(f) – 0.9%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	325,000		4.700		02/01/36		293,001
	525,000		4.900		02/01/46		455,012
Anheuser-Busch InBev Worldwide, Inc.
	350,000		4.600		04/15/48		290,133
Constellation Brands, Inc.
	625,000		4.400		11/15/25		611,800
	500,000		3.600		02/15/28		456,905
	225,000		4.750		05/09/32		210,697
JDE Peet’s NV
	375,000		1.375	(c)	01/15/27		309,765
Keurig Dr Pepper, Inc.
	375,000		4.500		04/15/52		296,617
PepsiCo, Inc.
	20,000		2.750		03/19/30		17,334
	70,000		1.625		05/01/30		56,092
							2,997,356
Biotechnology(f) – 0.3%
Amgen, Inc.
	65,000		3.000		02/22/29		56,915
Biogen, Inc.
	40,000		3.150		05/01/50		25,762
CSL Finance PLC(c)
	115,000		3.850		04/27/27		108,950
	525,000		4.250		04/27/32		478,532
Gilead Sciences, Inc.
	60,000		4.000		09/01/36		49,913
Royalty Pharma PLC
	425,000		1.200		09/02/25		376,074
							1,096,146
Building Materials(f) – 0.1%
Johnson Controls International PLC/Tyco Fire & Security Finance SCA
	175,000		4.900		12/01/32		165,610
Masco Corp.
	325,000		1.500		02/15/28		262,226
Mohawk Industries, Inc.
	25,000		3.625		05/15/30		20,824
							448,660
Chemicals – 1.1%
Ashland Services B.V.
EUR	650,000		2.000	(f)	01/30/28		506,613

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – (continued)
Axalta Coating Systems LLC
$	475,000		3.375	%(c)(f)	02/15/29	$	372,025
Ecolab, Inc.
	55,000		4.800	(f)	03/24/30		53,805
Huntsman International LLC(f)
	350,000		4.500		05/01/29		308,392
	250,000		2.950		06/15/31		188,872
International Flavors & Fragrances, Inc.
	650,000		1.832	(c)(f)	10/15/27		532,506
LYB International Finance B.V.
	25,000		5.250		07/15/43		21,386
PPG Industries, Inc.
	70,000		1.200	(f)	03/15/26		61,090
Sasol Financing USA LLC
	310,000		5.875	(f)	03/27/24		298,375
SPCM SA
	590,000		3.375	(c)(f)	03/15/30		461,581
The Sherwin-Williams Co.(f)
	500,000		3.450		06/01/27		459,760
	475,000		2.950		08/15/29		406,799
							3,671,204
Commercial Services(f) – 0.5%
CoStar Group, Inc.
	625,000		2.800	(c)	07/15/30		494,406
Global Payments, Inc.
	375,000		2.650		02/15/25		350,100
MPH Acquisition Holdings LLC
	542,000		5.750	(c)	11/01/28		408,077
PayPal Holdings, Inc.
	60,000		4.400		06/01/32		55,947
S&P Global, Inc.
	60,000		4.250	(c)	05/01/29		56,417
TriNet Group, Inc.
	460,000		3.500	(c)	03/01/29		374,574
							1,739,521
Computers – 0.6%
Amdocs Ltd.
	136,000		2.538	(f)	06/15/30		107,451
Apple, Inc.(f)
	45,000		4.500		02/23/36		43,606
	40,000		2.650		02/08/51		26,247
	75,000		2.700		08/05/51		49,432
Dell International LLC/EMC Corp.(f)
	160,000		5.450		06/15/23		160,394
	275,000		5.850		07/15/25		277,175
	300,000		6.020		06/15/26		301,200
	75,000		5.300		10/01/29		69,874
	50,000		6.200		07/15/30		48,670
	25,000		8.350		07/15/46		27,070
Hewlett Packard Enterprise Co.
	909,000		4.900	(f)	10/15/25		901,101
International Business Machines Corp.
	55,000		7.000		10/30/25		58,297

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)
Computers – (continued)
NetApp, Inc.
$	35,000		2.375	%(f)	06/22/27	$	30,893
Western Digital Corp.
	40,000		4.750	(f)	02/15/26		37,038
							2,138,448
Cosmetics & Personal Care – 0.2%
GSK Consumer Healthcare Capital US LLC
	875,000		3.375	(c)(f)	03/24/27		795,139
The Procter & Gamble Co.
	45,000		2.800		03/25/27		41,809
							836,948
Diversified Financial Services – 2.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(f)
	450,000		3.300		01/23/23		447,525
	400,000		4.875		01/16/24		393,980
	295,000		6.500		07/15/25		294,776
	675,000		3.000		10/29/28		544,198
	275,000		3.400		10/29/33		199,295
Air Lease Corp.
	550,000		2.250		01/15/23		545,930
	425,000		3.375	(f)	07/01/25		397,532
	875,000		3.750	(f)	06/01/26		799,540
	50,000		3.250	(f)	10/01/29		40,606
(5 year CMT + 3.149%)
	750,000		4.125	(b)(f)	12/31/99		522,382
Ally Financial, Inc.
	275,000		1.450	(f)	10/02/23		265,337
American Express Co.
	165,000		2.500	(f)	07/30/24		157,994
Aviation Capital Group LLC
	375,000		1.950	(c)(f)	01/30/26		314,884
Avolon Holdings Funding Ltd.(c)(f)
	425,000		3.950		07/01/24		402,449
	675,000		2.875		02/15/25		611,172
	175,000		4.250		04/15/26		157,406
BlackRock, Inc.
	65,000		2.400	(f)	04/30/30		53,765
Brookfield Finance, Inc.
	55,000		3.500	(f)	03/30/51		34,684
Capital One Financial Corp.(f)
	320,000		3.300		10/30/24		308,368
(SOFR + 2.057%)
	15,000		4.927	(b)	05/10/28		14,278
Intercontinental Exchange, Inc.
	785,000		4.350	(f)	06/15/29		742,060
KKR Group Finance Co. XII LLC
	60,000		4.850	(c)(f)	05/17/32		55,207
Raymond James Financial, Inc.
	75,000		4.650	(f)	04/01/30		70,515
Visa, Inc.(f)
	15,000		3.150		12/14/25		14,340

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
$	60,000		4.150	%	12/14/35	$	54,835
							7,443,058
Electrical – 2.5%
Alliant Energy Finance LLC
	375,000		3.750	(c)(f)	06/15/23		370,050
Ameren Corp.
	125,000		3.500	(f)	01/15/31		107,718
Appalachian Power Co.
	30,000		3.700	(f)	05/01/50		21,430
Berkshire Hathaway Energy Co.(f)
	225,000		3.250		04/15/28		204,010
	400,000		3.700		07/15/30		360,260
Dominion Energy, Inc.
	675,000		3.071	(d)	08/15/24		647,203
DTE Energy Co.
	2,582,000		0.550		11/01/22		2,575,209
Enel Finance International NV
	975,000		1.875	(c)(f)	07/12/28		760,666
Exelon Corp.(f)
	325,000		4.050		04/15/30		294,557
	30,000		4.450		04/15/46		24,550
	50,000		4.700		04/15/50		41,906
Greenko Power II Ltd.
	195,500		4.300	(c)(f)	12/13/28		151,513
Korea Hydro & Nuclear Power Co., Ltd.
	220,000		4.250	(c)	07/27/27		209,198
NextEra Energy Capital Holdings, Inc.
	525,000		1.900	(f)	06/15/28		435,293
NRG Energy, Inc.
	675,000		3.750	(c)(f)	06/15/24		648,277
Ohio Edison Co.
	25,000		6.875		07/15/36		26,800
Pacific Gas & Electric Co.(f)
	250,000		2.100		08/01/27		202,657
	80,000		2.500		02/01/31		58,246
	125,000		3.300		08/01/40		80,266
PacifiCorp
	30,000		4.150	(f)	02/15/50		24,111
Public Service Co. of Colorado
	45,000		4.500	(f)	06/01/52		38,888
Southern California Edison Co.(f)
	725,000		3.700		08/01/25		697,261
	450,000		4.200		03/01/29		416,128
	25,000		4.875		03/01/49		20,868
	70,000		3.650		02/01/50		47,951
Southern Power Co.
	60,000		4.950	(f)	12/15/46		50,348
Southwestern Electric Power Co.
	35,000		2.750	(f)	10/01/26		31,721
Vistra Operations Co. LLC
	65,000		3.700	(c)(f)	01/30/27		57,387
							8,604,472

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Engineering & Construction(f) – 0.4%
Cellnex Finance Co. SA
EUR	500,000		1.250	%	01/15/29	$	363,706
MasTec, Inc.
$	610,000		4.500	(c)	08/15/28		530,364
Mexico City Airport Trust
	200,000		4.250		10/31/26		176,000
	250,000		3.875	(c)	04/30/28		204,688
							1,274,758
Entertainment(c)(f) – 0.3%
Warnermedia Holdings, Inc.
	450,000		4.054		03/15/29		389,218
	125,000		4.279		03/15/32		102,920
	514,000		5.050		03/15/42		384,724
	475,000		5.141		03/15/52		345,164
							1,222,026
Environmental(f) – 0.1%
GFL Environmental, Inc.
	150,000		3.750	(c)	08/01/25		138,414
Waste Management, Inc.
	250,000		1.150		03/15/28		204,015
	200,000		4.150		04/15/32		185,168
							527,597
Federal Home Loan Banks(f) – 0.1%
Prologis LP
	525,000		4.625		01/15/33		498,661
Food & Drug Retailing – 0.5%
B&G Foods, Inc.
	435,000		5.250	(f)	09/15/27		352,320
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(c)(f)
	30,000		5.500		01/15/30		27,708
	50,000		4.375		02/02/52		33,153
Kraft Heinz Foods Co.
	915,000		3.750	(f)	04/01/30		806,508
	25,000		7.125	(c)	08/01/39		26,259
Mars, Inc.
	65,000		3.200	(c)(f)	04/01/30		57,368
Post Holdings, Inc.
	498,000		5.625	(c)(f)	01/15/28		454,664
Sysco Corp.(f)
	75,000		6.600		04/01/40		79,468
	30,000		4.500		04/01/46		24,389
							1,861,837
Gas(f) – 0.1%
NiSource, Inc.
	100,000		3.600		05/01/30		86,998
The East Ohio Gas Co.
	150,000		1.300	(c)	06/15/25		134,528
							221,526

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services – 0.7%
Baxter International, Inc.
$	525,000		1.915	%(f)	02/01/27	$	455,600
CommonSpirit Health
	635,000		3.910	(f)	10/01/50		451,637
DENTSPLY SIRONA, Inc.
	75,000		3.250	(f)	06/01/30		58,170
DH Europe Finance II S.a.r.l.(f)
	700,000		2.200		11/15/24		662,102
	275,000		2.600		11/15/29		234,944
Health Care Service Corp. A Mutual Legal Reserve Co.
	75,000		2.200	(c)(f)	06/01/30		58,998
STERIS Irish FinCo UnLtd Co.
	218,000		2.700	(f)	03/15/31		170,903
Thermo Fisher Scientific, Inc.
	100,000		1.750	(f)	10/15/28		83,801
UnitedHealth Group, Inc.
	60,000		4.625		07/15/35		55,102
	10,000		6.875		02/15/38		11,073
	25,000		4.250	(f)	06/15/48		20,732
							2,263,062
Home Builders(f) – 0.0%
DR Horton, Inc.
	65,000		1.400		10/15/27		52,487
PulteGroup, Inc.
	60,000		5.000		01/15/27		58,329
							110,816
Household Products(f) – 0.1%
Kimberly-Clark Corp.
	10,000		2.875		02/07/50		6,749
Spectrum Brands, Inc.
	475,000		3.875	(c)	03/15/31		323,589
							330,338
Insurance – 0.6%
Acrisure LLC/Acrisure Finance, Inc.
	536,000		4.250	(c)(f)	02/15/29		422,952
American International Group, Inc.(f)
	250,000		3.400		06/30/30		218,175
	65,000		3.875		01/15/35		54,585
Arch Capital Group US, Inc.
	250,000		5.144		11/01/43		221,775
Corebridge Financial, Inc.
	485,000		3.900	(c)(f)	04/05/32		409,292
Great-West Lifeco Finance 2018 LP
	115,000		4.047	(c)(f)	05/17/28		106,632
Marsh & McLennan Cos., Inc.
	575,000		4.375	(f)	03/15/29		547,049
Reinsurance Group of America, Inc.
	65,000		3.900	(f)	05/15/29		58,876
							2,039,336

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

GOLDMAN S ACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet(f) – 0.8%
Amazon.com, Inc.
$	35,000		5.200	%	12/03/25	$	35,558
	450,000		3.875		08/22/37		391,824
Expedia Group, Inc.
	125,000		4.625		08/01/27		117,375
	81,000		2.950		03/15/31		62,430
Match Group Holdings II LLC
	290,000		3.625	(c)	10/01/31		218,999
Meta Platforms, Inc.(c)
	950,000		3.500		08/15/27		887,917
	950,000		3.850		08/15/32		837,036
Prosus NV
	200,000		3.832	(c)	02/08/51		110,500
							2,661,639
Iron/Steel – 0.3%
ArcelorMittal SA
	440,000		4.250		07/16/29		393,862
Steel Dynamics, Inc.(f)
	150,000		2.400		06/15/25		138,666
	275,000		1.650		10/15/27		225,651
Vale Overseas Ltd.
	134,000		6.250		08/10/26		134,946
							893,125
Leisure Time(f) – 0.0%
Brunswick Corp.
	80,000		2.400		08/18/31		55,710
Lodging(f) – 0.3%
Hyatt Hotels Corp.
	475,000		1.800		10/01/24		445,977
Marriott International, Inc.
	475,000		5.000		10/15/27		458,798
							904,775
Machinery - Construction & Mining – 0.0%
Caterpillar Financial Services Corp.
	35,000		0.800		11/13/25		31,020
Machinery-Diversified – 0.1%
John Deere Capital Corp.
	65,000		1.700		01/11/27		57,341
Otis Worldwide Corp.(f)
	175,000		2.293		04/05/27		154,903
	25,000		2.565		02/15/30		20,452
							232,696
Media – 0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital(f)
	425,000		4.908		07/23/25		414,732
	35,000		5.050		03/30/29		32,151
	60,000		6.384		10/23/35		55,288
Comcast Corp.
	256,000		3.300	(f)	02/01/27		238,359

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
$	50,000		7.050	%	03/15/33	$	54,910
	6,000		6.500		11/15/35		6,413
	75,000		3.750	(f)	04/01/40		58,899
Cox Communications, Inc.
	80,000		2.950	(c)(f)	10/01/50		47,168
Fox Corp.
	300,000		4.030	(f)	01/25/24		295,764
NBCUniversal Media LLC
	458,000		4.450		01/15/43		381,803
							1,585,487
Mining – 0.5%
Glencore Finance Canada Ltd.
	650,000		4.250	(c)	10/25/22		650,019
Glencore Funding LLC(c)(f)
	450,000		1.625		04/27/26		389,902
	250,000		2.625		09/23/31		187,563
	80,000		3.375		09/23/51		48,516
Newcrest Finance Pty Ltd.
	150,000		3.250	(c)(f)	05/13/30		124,655
Teck Resources Ltd.
	250,000		3.900	(f)	07/15/30		212,888
							1,613,543
Miscellaneous Manufacturing – 0.4%
Eaton Corp.
	625,000		4.150	(f)	03/15/33		564,638
GE Capital International Funding Co.
	250,000		4.418		11/15/35		224,260
General Electric Co.
	25,000		6.750		03/15/32		27,028
Hillenbrand, Inc.
	780,000		3.750	(f)	03/01/31		599,625
							1,415,551
Multi-National(c)(f) – 0.1%
The African Export-Import Bank
	270,000		2.634		05/17/26		233,896
	240,000		3.798		05/17/31		194,580
							428,476
Office & Business Equipment(f) – 0.0%
CDW LLC/CDW Finance Corp.
	70,000		3.250		02/15/29		56,871
Oil Field Services – 1.3%
Aker BP ASA
	600,000		2.000	(c)(f)	07/15/26		518,328
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.
	25,000		4.486	(f)	05/01/30		23,102
BP Capital Markets America, Inc.(f)
	60,000		3.543		04/06/27		56,126
	255,000		4.234		11/06/28		239,799
Chevron USA, Inc.
	70,000		0.687	(f)	08/12/25		62,717

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Continental Resources, Inc.
$	60,000		5.750	%(c)(f)	01/15/31	$	54,226
Devon Energy Corp.(f)
	221,000		5.875		06/15/28		221,422
	165,000		5.600		07/15/41		148,109
EQT Corp.(f)
	145,000		3.900		10/01/27		132,079
	610,000		3.625	(c)	05/15/31		509,075
Equinor ASA
	60,000		1.750	(f)	01/22/26		54,037
Exxon Mobil Corp.
	65,000		4.227	(f)	03/19/40		56,506
Halliburton Co.
	2,000		3.800	(f)	11/15/25		1,931
	50,000		6.700		09/15/38		50,285
Nabors Industries, Inc.
	415,000		9.000	(c)(f)	02/01/25		413,743
Occidental Petroleum Corp.
	760,000		7.500		05/01/31		794,337
Petroleos de Venezuela SA(g)
	4,280,000		6.000		10/28/22		92,020
	1,110,000		5.375		04/12/27		22,200
Phillips 66(f)
	100,000		3.850		04/09/25		97,070
	200,000		1.300		02/15/26		174,944
Qatar Energy
	410,000		3.300	(c)(f)	07/12/51		288,871
Reliance Industries Ltd.
	250,000		3.625	(c)	01/12/52		163,797
Shell International Finance B.V.
	30,000		4.125		05/11/35		26,363
	25,000		6.375		12/15/38		26,527
Southwestern Energy Co.
	425,000		5.375	(f)	03/15/30		381,986
							4,609,600
Packaging(f) – 0.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
	425,000		5.250	(c)	04/30/25		397,601
Berry Global, Inc.
	375,000		1.570		01/15/26		327,776
							725,377
Paper & Forest Products(c)(f) – 0.0%
Georgia-Pacific LLC
	65,000		1.750		09/30/25		59,073
Pharmaceuticals(f) – 1.0%
AbbVie, Inc.
	225,000		4.450		05/14/46		183,771
	25,000		4.875		11/14/48		21,953
Bayer US Finance II LLC
	950,000		3.875	(c)	12/15/23		933,337
Bristol-Myers Squibb Co.
	60,000		3.900		02/20/28		57,222

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals(f) – (continued)
$	275,000		2.950	%	03/15/32	$	236,068
Cigna Corp.
	525,000		2.400		03/15/30		428,578
	325,000		4.900		12/15/48		281,496
	40,000		3.400		03/15/50		27,139
CVS Health Corp.
	275,000		1.875		02/28/31		209,448
	150,000		5.125		07/20/45		131,282
Johnson & Johnson
	60,000		2.900		01/15/28		55,324
Novartis Capital Corp.
	70,000		2.200		08/14/30		58,491
PRA Health Sciences, Inc.
	200,000		2.875	(c)	07/15/26		176,100
Takeda Pharmaceutical Co. Ltd.
	680,000		2.050		03/31/30		538,839
							3,339,048
Pipelines – 1.3%
Cheniere Corpus Christi Holdings LLC
	60,000		5.125	(f)	06/30/27		58,163
DCP Midstream Operating LP
	455,000		3.250	(f)	02/15/32		358,431
Energy Transfer LP(f)
	875,000		4.200		09/15/23		864,500
	200,000		4.250		04/01/24		195,814
	725,000		5.500		06/01/27		706,135
	550,000		5.250		04/15/29		518,754
	75,000		5.400		10/01/47		60,843
Galaxy Pipeline Assets Bidco Ltd.
	200,000		2.625	(c)	03/31/36		154,225
Kinder Morgan, Inc.
	500		7.750		01/15/32		542
MPLX LP(f)
	225,000		4.800		02/15/29		210,265
	200,000		4.500		04/15/38		160,662
Plains All American Pipeline LP/PAA Finance Corp.
	425,000		3.850	(f)	10/15/23		418,897
Sabine Pass Liquefaction LLC
	300,000		5.625	(f)	04/15/23		300,567
Targa Resources Corp.
	235,000		4.200	(f)	02/01/33		196,472
The Williams Cos., Inc.
	450,000		3.900	(f)	01/15/25		435,915
							4,640,185
Real Estate Investment Trust(f) – 1.8%
Alexandria Real Estate Equities, Inc.
	350,000		3.375		08/15/31		294,462
American Homes 4 Rent LP
	180,000		2.375		07/15/31		136,030
American Tower Corp.
	925,000		3.375		05/15/24		900,672
Camden Property Trust
	65,000		3.150		07/01/29		56,705

26                    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(f) – (continued)
CubeSmart LP
$	265,000		2.500	%	02/15/32	$	199,187
Duke Realty LP
	300,000		1.750		07/01/30		232,410
Host Hotels & Resorts LP
	400,000		2.900		12/15/31		293,564
Invitation Homes Operating Partnership LP
	300,000		2.300		11/15/28		240,243
Kilroy Realty LP
	500,000		4.750		12/15/28		457,055
National Retail Properties, Inc.
	235,000		3.900		06/15/24		229,875
	400,000		4.000		11/15/25		382,808
Public Storage
	25,000		1.850		05/01/28		21,073
Realty Income Corp.
	400,000		2.850		12/15/32		320,648
Regency Centers LP
	700,000		2.950		09/15/29		579,180
Trust Fibra Uno
	300,000		5.250	(c)	12/15/24		285,278
UDR, Inc.
	150,000		2.100		08/01/32		108,707
VICI Properties LP/VICI Note Co., Inc.
	765,000		3.750	(c)	02/15/27		668,862
Welltower, Inc.
	60,000		4.250		04/15/28		55,824
WP Carey, Inc.
	155,000		4.600		04/01/24		153,524
	105,000		4.000		02/01/25		101,702
	425,000		3.850		07/15/29		375,156
							6,092,965
Retailing – 0.9%
7-Eleven, Inc.
	75,000		1.300	(c)(f)	02/10/28		60,426
Arko Corp.
	470,000		5.125	(c)(f)	11/15/29		366,967
AutoNation, Inc.(f)
	317,000		4.500		10/01/25		306,656
	225,000		4.750		06/01/30		197,962
CK Hutchison International 20 Ltd.
	200,000		2.500	(c)(f)	05/08/30		165,816
Dollar Tree, Inc.
	525,000		4.000	(f)	05/15/25		508,846
Lowe’s Cos., Inc.(f)
	425,000		1.700		09/15/28		347,042
	650,000		1.700		10/15/30		490,574
	400,000		3.750		04/01/32		345,976
McDonald’s Corp.
	30,000		6.300		03/01/38		31,388
	75,000		4.450	(f)	09/01/48		62,742
The Home Depot, Inc.
	40,000		5.875		12/16/36		41,609
	25,000		5.950	(f)	04/01/41		25,972

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing – (continued)
The TJX Cos., Inc.
$	60,000		3.875	%(f)	04/15/30	$	55,026
Walmart, Inc.
	10,000		3.700	(f)	06/26/28		9,510
	35,000		5.250		09/01/35		35,905
							3,052,417
Semiconductors – 1.0%
Broadcom, Inc.(c)(f)
	510,000		4.150		04/15/32		429,104
	225,000		3.419		04/15/33		172,629
	651,000		3.137		11/15/35		456,436
	650,000		3.500		02/15/41		438,379
Intel Corp.
	55,000		3.900	(f)	03/25/30		50,399
Microchip Technology, Inc.
	625,000		2.670		09/01/23		608,806
Micron Technology, Inc.
	350,000		2.703	(f)	04/15/32		254,530
NVIDIA Corp.
	65,000		2.850	(f)	04/01/30		55,734
NXP B.V./NXP Funding LLC/NXP USA, Inc.
	275,000		3.400	(f)	05/01/30		229,014
ON Semiconductor Corp.
	860,000		3.875	(c)(f)	09/01/28		739,118
QUALCOMM, Inc.
	35,000		4.650	(f)	05/20/35		32,911
Texas Instruments, Inc.
	70,000		1.750	(f)	05/04/30		56,159
							3,523,219
Software(f) – 0.7%
MSCI, Inc.
	506,000		3.625	(c)	11/01/31		406,799
Oracle Corp.
	70,000		1.650		03/25/26		61,388
	550,000		2.875		03/25/31		433,262
	60,000		3.850		07/15/36		44,921
ServiceNow, Inc.
	550,000		1.400		09/01/30		405,213
Take-Two Interactive Software, Inc.
	360,000		3.700		04/14/27		334,382
VMware, Inc.
	175,000		1.800		08/15/28		138,668
Workday, Inc.
	225,000		3.500		04/01/27		208,348
	250,000		3.700		04/01/29		224,215
	150,000		3.800		04/01/32		130,488
							2,387,684
Telecommunication Services – 2.0%
AT&T, Inc.(f)
	336,000		2.300		06/01/27		294,272
	100,000		1.650		02/01/28		82,297
	500,000		2.750		06/01/31		400,925

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
$	694,000		2.550	%	12/01/33	$	516,454
	175,000		4.900		08/15/37		154,672
	450,000		3.500		06/01/41		324,423
	100,000		5.150		11/15/46		87,278
	25,000		4.500		03/09/48		19,741
	300,000		3.650		06/01/51		204,588
	100,000		3.500		09/15/53		66,629
British Telecommunications PLC
	50,000		9.625		12/15/30		57,784
Ciena Corp.
	330,000		4.000	(c)(f)	01/31/30		275,626
Deutsche Telekom International Finance B.V.
	45,000		8.750		06/15/30		51,605
T-Mobile USA, Inc.(f)
	625,000		3.500		04/15/25		597,912
	375,000		1.500		02/15/26		329,591
	275,000		2.050		02/15/28		228,233
	520,000		2.875		02/15/31		417,316
	250,000		3.000		02/15/41		166,763
Verizon Communications, Inc.
	630,000		4.329		09/21/28		593,239
	575,000		3.150	(f)	03/22/30		488,267
	800,000		2.550	(f)	03/21/31		638,680
	1,004,000		2.355	(f)	03/15/32		772,086
							6,768,381
Transportation – 0.3%
Canadian National Railway Co.
	40,000		2.450	(f)	05/01/50		24,152
Canadian Pacific Railway Co.
	200,000		2.050	(f)	03/05/30		160,252
	325,000		2.450	(f)	12/02/31		260,481
	40,000		5.950		05/15/37		40,478
Union Pacific Corp.
	525,000		2.800	(f)	02/14/32		437,078
							922,441
Trucking & Leasing(c)(f) – 0.0%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	35,000		1.200		11/15/25		30,359
TOTAL CORPORATE OBLIGATIONS (Cost $144,501,840)						$	124,858,432
Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – 5.7%
Collateralized Loan Obligations – 3.7%
AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	1,300,000		3.812	%(c)	01/15/33	$	1,273,181
Ares LXIV CLO Ltd. Series 22-64A, Class A1 (3M TSFR LIBOR + 1.440%)
	1,925,000		2.479	(c)	04/15/35		1,861,743

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – (continued)
Collateralized Loan Obligations – (continued)
Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A (3M USD LIBOR + 1.090%)
$	2,009,000		3.800	%(c)	04/20/31	$	1,960,268
Cathedral Lake VII Ltd. Series 2021-7RA, Class C (3M USD LIBOR + 2.570%)
	500,000		5.082	(c)	01/15/32		451,448
Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
	500,000		6.792	(c)	01/15/32		444,327
CBAM Ltd. Series 2017-2A, Class AR (3M USD LIBOR + 1.190%)
	2,000,000		3.930	(c)	07/17/34		1,897,712
Dryden 68 CLO, Ltd. Series 19-68A, Class AR (3M USD LIBOR + 1.170%)
	2,200,000		3.682	(c)	07/15/35		2,092,992
MidOcean Credit CLO Series 2018-8X, Class A2 (3M USD LIBOR + 1.300%)
	500,000		4.284		02/20/31		483,846
Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	1,200,000		3.843	(c)	04/14/33		1,148,567
Steele Creek CLO Ltd. Series 2019-1A, Class D (3M USD LIBOR + 4.100%)
	1,350,000		6.612	(c)	04/15/32		1,172,012
							12,786,096
Home Equity – 0.5%
Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1M USD LIBOR + 0.675%)
	315,629		3.759		10/25/35		303,839
Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1M USD LIBOR + 0.620%)
	474		3.394		01/25/32		470
Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%)
	257		3.384		11/25/32		217
Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%)
	581,649		3.314		04/25/37		563,586
Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.440%)
	2,492,182		3.524		04/25/37		692,954
Soundview Home Loan Trust Series 2007-NS1, Class A3 (1M USD LIBOR + 0.200%)
	151,077		3.284		01/25/37		150,078
							1,711,144
Student Loan – 1.5%
AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	365,983		3.851		09/26/33		350,767
Navient Student Loan Trust Series 2017-2A, Class A (1M USD LIBOR + 1.050%)
	2,922,068		4.134	(c)	12/27/66		2,886,163

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(b) – (continued)
Student Loan – (continued)
PHEAA Student Loan Trust Series 2016-1A, Class A (1M USD LIBOR + 1.150%)
$	900,552		4.234	%(c)	09/25/65	$	885,056
SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%)
	45,058		2.903		01/25/27		44,729
SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	367,404		2.923		10/25/28		363,718
SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	198,410		4.433		07/25/25		197,430
SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	562,008		4.483		07/25/23		554,799
							5,282,662
TOTAL ASSET-BACKED SECURITIES (Cost $20,676,852)						$	19,779,902
Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 3.4%
Euro – 0.2%
Republic of Ivory Coast
EUR	120,000		4.875	%	01/30/32	$	78,561
	130,000		6.625		03/22/48		75,034
Republic of Romania
	20,000		2.875		03/11/29		14,974
	190,000		3.624	(c)	05/26/30		139,343
	70,000		2.000	(c)	01/28/32		42,054
	70,000		3.375		01/28/50		35,151
	80,000		3.375	(c)	01/28/50		40,172
							425,289
United States Dollar – 3.2%
Dominican Republic(c)
$	150,000		4.500		01/30/30		117,638
	200,000		5.875		01/30/60		130,913
Federal Farm Credit Banks Funding Corp.
	1,650,000		2.850		03/28/34		1,401,790
	3,280,000		2.900		04/12/32		2,890,303
	1,700,000		3.500		09/01/32		1,576,342
	3,120,000		1.700		04/23/35		2,260,877
Hungary Government Bond
	670,000		5.500	(c)	06/16/34		565,438
Israel Government AID Bond
	40,000		5.500	(h)	09/18/33		43,756
Korea Development Bank
	200,000		2.000		02/24/25		186,846
Republic of Ecuador
	41,572		0.000	(c)(i)	07/31/30		11,999

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
United States Dollar – (continued)
Republic of Indonesia
$	200,000		3.850	%	10/15/30	$	180,600
Republic of Ivory Coast
	200,000		6.125		06/15/33		151,538
Republic of Nigeria
	290,000		7.143		02/23/30		187,412
	680,000		7.875		02/16/32		431,800
Republic of Panama
	200,000		4.500	(f)	01/19/63		131,300
Republic of Peru(f)
	20,000		2.780		12/01/60		10,716
	100,000		3.230	(j)	07/28/21		53,706
Republic of Romania
	70,000		3.000	(c)	02/27/27		58,966
Republic of Romania
	230,000		4.000	(c)	02/14/51		127,118
Republic of Romania
	130,000		3.000	(c)	02/14/31		92,121
United Mexican States(f)
	221,000		3.500		02/12/34		167,629
	624,000		3.771		05/24/61		368,862
							11,147,670
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $14,645,852)						$	11,572,959
Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – 1.1%
California(f) – 0.3%
California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%	04/01/39	$	261,512
East Bay Municipal Utility Disrtict Water System RB Build America Sub Series 2010
	900,000		5.874		06/01/40		986,263
							1,247,775
Illinois – 0.4%
Illinois State GO Bonds Build America Series 2010
	677,857		7.350	(f)	07/01/35		718,941
Illinois State GO Bonds Build America Series 2010
	115,000		6.630	(f)	02/01/35		116,791
Illinois State GO Bonds Taxable-Pension Series 2003
	530,000		5.100		06/01/33		504,857
							1,340,589
New York(f) – 0.3%
New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B
	800,000		5.175		11/15/49		711,451

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
New York(f) – (continued)
Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015
$	375,000		4.810	%	10/15/65	$	349,787
							1,061,238
Ohio(f) – 0.1%
American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	245,000		6.270		02/15/50		260,597
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $4,104,788)						$	3,910,199
U.S. Treasury Obligations – 14.8%
United States Treasury Bonds
$	15,080,000		4.375	%(k)	05/15/41	$	15,789,231
	1,100,000		3.625		02/15/44		1,021,281
	26,890,000		2.875		05/15/52		22,541,383
United States Treasury Notes
	11,650,000		4.125		09/30/27		11,690,047
TOTAL U.S. TREASURY OBLIGATIONS (Cost $ 57,653,316)						$	51,041,942
Shares		Dividend Rate				Value
Investment Company(l) – 3.7%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	12,881,829		2.911%			$	12,881,829
(Cost $12,881,829)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT – 114.0% (Cost $432,713,772)						$	394,493,959
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 8.2%
Certificates of Deposit(b) – 1.4%
Macquarie Bank Ltd. (SOFR + 0.450%)
$	1,700,000		3.430	%(c)	04/06/23	$	1,700,840
Mizuho Bank Ltd. (SOFR + 0.360%)
	1,513,000		3.320		02/01/23		1,513,108
Royal Bank of Canada (FEDL01 + 0.430%)
	1,759,000		3.510	(c)	12/23/22		1,759,685
							4,973,633
Commercial Paper(i) – 6.8%
Bayerische Landesbank
	100,000		0.000		10/25/22		99,779

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(i) – (continued)
Federation Des Caisses
$	1,053,000		0.000	%	10/06/22	$	1,052,481
Ionic Capital III Trust
	3,142,000		0.000		11/02/22		3,132,691
Liberty Street Funding LLC
	5,272,000		0.000		10/12/22		5,266,582
National Bank of Canada
	1,000,000		0.000		10/05/22		999,574
Nutrien Ltd.
	1,873,000		0.000		11/07/22		1,865,968
Reckitt Benckiser Treasury Services PLC
	1,329,000		0.000		11/30/22		1,320,920
Telus Corp.
	2,415,000		0.000		12/19/22		2,393,517
The Disney (Walt) Co.
	1,364,000		0.000		02/02/23		1,345,463
	440,000		0.000		02/17/23		433,096
Verizon Communications, Inc.
	1,992,000		0.000		11/08/22		1,984,203
Versailles Commercial Paper LLC
	3,709,000		0.000		10/28/22		3,709,824
							23,604,098
TOTAL SHORT-TERM INVESTMENTS (Cost $28,579,771)						$	28,577,731
TOTAL INVESTMENTS – 125.6% (Cost $475,939,395)						$	434,644,649
LIABILITIES IN EXCESS OF OTHER ASSETS – (25.6)%							(88,694,416	)
NET ASSETS – 100.0%						$	345,950,233

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, 2022.

(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, 2022.

(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 $96,621,577 which represents approximately 28.0% of net assets as of September 30, 2022.

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

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

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

GOLDMAN SACHS BOND FUND

(h) Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $43,756, which represents approximately 0% of the Fund’s net assets as of September 30, 2022.

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

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

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

(l) Represents an Affiliated Issuer.

    ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	BRL	736,922	USD	136,001		10/04/22	$	461
	CLP	121,036,101	USD	123,664		10/27/22		848
	CNH	15,120,646	USD	2,084,400		10/11/22		33,880
	CNH	16,006,727	USD	2,236,932		10/24/22		5,915
	CZK	3,347,487	EUR	135,586		10/11/22		244
	CZK	7,159,002	EUR	288,916		10/26/22		769
	EUR	321,500	CHF	309,227		10/26/22		1,533
	EUR	435,375	CZK	10,722,750		10/26/22		1,436
	EUR	322,582	NOK	3,275,332		12/21/22		16,824
	EUR	321,627	NZD	542,505		12/21/22		13,554
	EUR	1,756,971	PLN	8,467,330		10/26/22		24,326
	EUR	319,511	SGD	451,808		12/21/22		287
	EUR	36,828	USD	35,539		10/05/22		567
	EUR	1,112,226	USD	1,069,218		10/14/22		21,887
	EUR	888,666	USD	867,153		10/27/22		5,454
	EUR	51,247	USD	50,191		12/05/22		278
	EUR	51,247	USD	50,191		12/06/22		283
	GBP	1,559,919	USD	1,667,430		10/03/22		74,409
	GBP	594,300	USD	635,149		10/13/22		28,606
	GBP	1,053,777	USD	1,140,590		10/26/22		36,687
	GBP	3,337,993	USD	3,654,251		10/27/22		75,036
	GBP	211,967	USD	235,328		12/15/22		1,616
	GBP	794,476	USD	861,443		12/21/22		26,781
	ILS	45,335	USD	12,706		10/24/22		34
	INR	35,614,755	USD	435,052		10/03/22		2,027
	INR	79,583,280	USD	970,150		10/27/22		3,072
	SEK	4,627,251	EUR	424,421		10/26/22		729
	SEK	13,767,557	USD	1,209,604		10/20/22		32,100
	SEK	5,435,414	USD	485,305		10/24/22		5,009
	SEK	291,470	USD	26,101		12/21/22		307
	TWD	162,881,177	USD	5,117,217		10/03/22		7,284
	TWD	31,990,446	USD	1,003,396		10/17/22		1,635
	TWD	33,585,100	USD	1,053,774		10/26/22		1,421
	USD	2,064,573	AUD	3,029,330		10/05/22		126,771
	USD	798,062	AUD	1,199,016		12/21/22		29,949
	USD	1,961,567	AUD	3,029,330		12/22/22		20,862
	USD	1,222,282	BRL	6,488,129		10/03/22		20,492
	USD	2,885,403	BRL	14,944,565		10/04/22		117,982
	USD	40,385	BRL	217,847		10/31/22		302
	USD	200,994	BRL	1,092,703		11/03/22		66

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (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	1,377,320	CAD	1,783,202		10/11/22	$	86,441
	USD	2,317,956	CAD	3,049,482		12/21/22		109,368
	USD	1,068,770	CHF	1,035,723		10/13/22		17,867
	USD	1,264,980	CHF	1,224,330		12/21/22		13,298
	USD	452,787	CLP	416,821,544		10/27/22		23,997
	USD	1,693,649	CNH	11,923,932		10/11/22		23,204
	USD	1,532,277	CNH	10,818,851		10/26/22		16,304
	USD	1,170,974	CNH	8,087,855		12/21/22		36,140
	USD	820,253	COP	3,602,883,006		10/28/22		43,154
	USD	2,242,950	EUR	2,265,222		10/07/22		21,863
	USD	13,099,691	EUR	12,841,009		10/11/22		505,248
	USD	2,625,484	EUR	2,639,904		10/14/22		35,712
	USD	1,047,879	EUR	1,042,158		12/21/22		19,695
	USD	2,912,717	GBP	2,534,801		10/03/22		82,306
	USD	1,238,237	GBP	1,086,017		10/07/22		25,462
	USD	1,509,658	GBP	1,323,892		10/13/22		31,045
	USD	306,042	GBP	267,980		10/21/22		6,688
	USD	302,781	GBP	267,626		10/26/22		3,790
	USD	4,018,049	GBP	3,451,040		12/21/22		159,786
	USD	552,243	HUF	239,010,982		10/24/22		2,545
	USD	93,638	IDR	1,385,875,031		11/15/22		3,311
	USD	2,980,309	ILS	10,182,576		10/06/22		123,222
	USD	133,087	ILS	470,928		10/24/22		745
	USD	553,739	ILS	1,867,042		12/21/22		26,278
	USD	590,466	INR	47,246,117		10/14/22		12,176
	USD	1,976,344	INR	159,981,371		10/19/22		18,855
	USD	1,046,396	INR	84,748,472		10/27/22		10,010
	USD	1,298,972	JPY	176,967,258		10/06/22		75,565
	USD	984,792	KRW	1,372,058,115		10/06/22		29,443
	USD	1,152,503	KRW	1,630,420,144		10/17/22		19,412
	USD	576,687	KRW	799,432,940		12/12/22		20,927
	USD	397,800	KRW	553,418,564		12/21/22		12,793
	USD	291,402	MXN	5,865,522		12/21/22		4,467
	USD	960,420	NOK	10,025,132		10/07/22		39,743
	USD	1,380,786	NOK	13,939,893		10/13/22		100,509
	USD	1,336,544	NOK	14,267,167		10/19/22		26,126
	USD	267,754	NOK	2,839,312		10/24/22		6,953
	USD	1,430,847	NOK	14,617,436		12/21/22		85,590
	USD	1,024,256	NZD	1,703,622		10/03/22		70,806
	USD	2,887,387	NZD	4,962,029		10/13/22		110,244
	USD	1,709,655	NZD	2,865,307		10/14/22		105,999
	USD	759,096	NZD	1,311,046		10/19/22		25,324
	USD	745,704	NZD	1,304,818		10/25/22		15,411
	USD	1,485,144	NZD	2,458,843		10/27/22		108,952
	USD	961,218	NZD	1,694,199		10/28/22		12,989
	USD	3,516,772	NZD	5,815,646		12/21/22		260,465
	USD	30,791	PLN	144,435		12/21/22		2,066
	USD	261,584	SEK	2,876,469		10/20/22		2,153
	USD	5,592,363	SEK	61,265,998		12/19/22		42,629
	USD	3,076,186	SEK	32,198,621		12/21/22		158,856
	USD	334,987	SGD	478,830		10/19/22		1,538
	USD	2,059,666	SGD	2,917,289		10/26/22		27,983
	USD	695,285	SGD	971,925		12/21/22		17,790
	USD	597,070	TRY	11,748,966		12/21/22		25,279

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 GAIN (continued)

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)		USD	2,000,538		TWD	60,744,758		10/03/22	$	89,412
		USD	5,249,435		TWD	161,701,171		10/06/22		167,778
		USD	1,854,735		TWD	58,579,333		10/17/22		14,372
		USD	351,428		TWD	11,178,563		10/24/22		219
		USD	2,490,324		TWD	78,433,495		10/26/22		26,061
		USD	738,140		TWD	23,143,272		12/21/22		9,285
		USD	899,582		ZAR	16,089,977		10/11/22		11,533
		USD	628,927		ZAR	11,320,679		10/12/22		4,167
		USD	267,754		ZAR	4,799,779		10/13/22		2,892
		USD	1,291,136		ZAR	22,922,768		10/14/22		26,327
		USD	669,719		ZAR	11,894,713		10/20/22		13,776
		USD	265,662		ZAR	4,741,712		10/27/22		4,350
		USD	134,438		ZAR	2,341,642		10/31/22		5,429
		USD	314,073		ZAR	5,481,976		12/21/22		13,409
		ZAR	3,691,088		USD	203,299		10/11/22		422
		ZAR	5,965,640		USD	327,693		10/31/22		976
TOTAL									$	4,000,653

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	2,336,000	USD	1,582,913		10/05/22	$   (88,621)
	AUD	4,820,380	USD	3,296,315		12/21/22	(208,288)
	AUD	2,339,407	USD	1,514,824		12/22/22	(16,111)
	BRL	6,488,129	USD	1,222,563		10/03/22	(20,773)
	BRL	14,207,644	USD	2,745,958		10/04/22	(115,003)
	BRL	3,424,773	USD	637,770		10/31/22	(7,620)
	BRL	454,581	USD	83,747		11/16/22	(387)
	CAD	1,011,000	USD	780,883		10/11/22	(49,008)
	CAD	2,108,550	USD	1,623,927		12/21/22	(96,809)
	CHF	1,089,150	EUR	1,142,087		10/26/22	(14,933)
	CHF	614,590	EUR	642,197		12/21/22	(5,266)
	CHF	2,656,864	USD	2,780,013		12/21/22	(63,795)
	CLP	128,723,003	USD	142,298		10/27/22	(9,879)
	CNH	7,260,458	USD	1,038,915		10/11/22	(21,784)
	CNH	4,459,272	USD	632,162		10/24/22	(7,333)
	CNH	7,018,093	USD	987,699		10/26/22	(4,302)
	CNH	4,980,453	USD	712,650		12/21/22	(13,825)
	COP	1,332,317,715	USD	306,970		10/28/22	(19,605)
	CZK	15,710,553	EUR	637,011		10/26/22	(1,236)
	EUR	958,281	CZK	23,764,030		10/26/22	(3,305)
	EUR	1,954,072	SEK	21,294,252		10/26/22	(2,454)
	EUR	728,522	USD	724,802		10/07/22	(10,474)
	EUR	9,810,185	USD	9,979,597		10/11/22	(357,784)
	EUR	5,743,410	USD	5,742,970		10/14/22	(108,626)
	EUR	736,052	USD	728,307		10/26/22	(5,608)
	EUR	923,789	USD	943,457		12/21/22	(32,055)
	GBP	974,882	USD	1,132,707		10/03/22	(44,133)
	GBP	1,080,275	USD	1,240,567		10/07/22	(34,204)
	GBP	2,460,585	USD	2,834,385		10/13/22	(86,233)
	GBP	984,827	USD	1,120,196		10/21/22	(20,073)

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (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)	GBP	515,724	USD	585,862		10/24/22	$	(9,723	)
	GBP	250,899	USD	283,390		10/26/22		(3,086	)
	GBP	262,429	USD	300,772		12/15/22		(7,420	)
	GBP	994,242	USD	1,138,235		12/21/22		(26,670	)
	HUF	351,206,442	USD	853,467		10/24/22		(45,732	)
	HUF	221,767	USD	555		12/21/22		(53	)
	ILS	9,266,109	USD	2,709,313		10/06/22		(109,370	)
	ILS	5,940,110	USD	1,696,857		10/24/22		(27,548	)
	INR	34,660,800	USD	435,000		10/03/22		(9,628	)
	INR	126,289,959	USD	1,573,482		10/14/22		(27,698	)
	INR	46,092,365	USD	576,155		10/19/22		(12,181	)
	INR	30,527,377	USD	376,277		10/27/22		(2,959	)
	JPY	164,632,535	USD	1,208,433		10/06/22		(70,297	)
	JPY	94,617,970	USD	667,034		12/21/22		(6,947	)
	KRW	2,177,291,222	USD	1,570,348		10/06/22		(54,325	)
	KRW	1,660,101,468	USD	1,185,784		10/13/22		(31,483	)
	KRW	2,374,955,173	USD	1,678,647		10/17/22		(28,126	)
	KRW	1,027,307,497	USD	714,202		10/31/22		(1,422	)
	MXN	6,477,252	USD	318,606		12/21/22		(1,746	)
	NOK	12,075,956	USD	1,163,147		10/07/22		(54,129	)
	NOK	13,682,929	USD	1,323,144		10/19/22		(66,388	)
	NOK	15,252,909	USD	1,455,914		10/24/22		(54,882	)
	NOK	4,687,646	USD	448,311		10/27/22		(17,720	)
	NOK	455,907	USD	42,720		11/04/22		(835	)
	NOK	21,225,519	USD	2,154,873		12/21/22		(201,466	)
	NZD	1,078,641	AUD	955,895		12/21/22		(8,410	)
	NZD	536,580	CAD	425,073		12/21/22		(7,416	)
	NZD	1,903,214	USD	1,154,771		10/03/22		(89,618	)
	NZD	3,118,446	USD	1,859,836		10/13/22		(114,507	)
	NZD	2,062,216	USD	1,250,289		10/14/22		(96,108	)
	NZD	3,881,261	USD	2,296,993		10/19/22		(124,713	)
	NZD	1,290,076	USD	753,124		10/25/22		(31,083	)
	NZD	2,252,770	USD	1,307,542		10/27/22		(46,688	)
	NZD	3,413,314	USD	1,956,170		10/28/22		(45,769	)
	NZD	1,490,300	USD	915,380		12/21/22		(80,928	)
	PLN	2,427,914	EUR	508,422		10/26/22		(11,522	)
	SEK	3,470,643	EUR	321,483		12/21/22		(2,717	)
	SEK	13,073,313	USD	1,213,864		10/20/22		(34,774	)
	SEK	7,499,718	USD	692,815		10/24/22		(16,285	)
	SEK	61,383,562	USD	5,608,832		12/19/22		(48,448	)
	SEK	3,715,714	USD	348,971		12/21/22		(12,312	)
	SGD	1,087,681	USD	758,330		10/26/22		(839	)
	SGD	3,725,829	USD	2,670,845		12/21/22		(73,697	)
	TRY	13,890,480	USD	741,300		10/17/22		(10,267	)
	TWD	27,279,616	USD	906,469		10/03/22		(48,208	)
	TWD	156,287,782	USD	5,070,797		10/06/22		(159,263	)
	TWD	40,451,496	USD	1,292,889		10/17/22		(22,042	)
	TWD	16,878,814	USD	535,156		10/26/22		(4,849	)
	USD	122,747	BRL	668,735		10/31/22		(299	)
	USD	136,001	BRL	740,798		11/03/22		(218	)
	USD	121,815	CLP	119,841,233		10/27/22		(1,468	)
	USD	831,792	CNH	5,962,288		10/24/22		(3,638	)
	USD	518,400	CNH	3,759,741		10/26/22		(8,427	)
	USD	1,566,000	CNH	11,343,796		12/21/22		(25,686	)

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

GOLDMAN SACHS BOND FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc. (continued)	USD	1,520,707	EUR	1,557,304		10/11/22	$	(6,694	)
	USD	360,131	EUR	368,749		10/14/22		(1,615	)
	USD	926,071	EUR	961,886		10/26/22		(18,365	)
	USD	498,213	EUR	517,200		12/21/22		(12,052	)
	USD	293,145	GBP	271,504		10/07/22		(10,049	)
	USD	1,667,915	GBP	1,559,919		10/21/22		(74,626	)
	USD	1,872,719	GBP	1,733,497		10/24/22		(63,852	)
	USD	1,356,881	GBP	1,241,115		10/26/22		(29,690	)
	USD	1,854,387	GBP	1,710,515		10/27/22		(56,641	)
	USD	950,417	GBP	882,204		12/21/22		(35,888	)
	USD	858,399	INR	70,275,555		10/03/22		(4,052	)
	USD	885,256	KRW	1,275,654,343		10/17/22		(1,284	)
	USD	528,010	NOK	5,789,629		10/27/22		(3,805	)
	USD	1,515,237	SEK	17,084,364		10/20/22		(25,613	)
	USD	474,622	SEK	5,390,153		12/21/22		(13,748	)
	USD	340,221	SGD	492,011		10/26/22		(2,429	)
	USD	4,063,531	TWD	129,416,035		10/03/22		(8,103	)
	USD	320,000	TWD	10,186,560		10/26/22		(47	)
	USD	2,123,260	TWD	67,462,351		12/21/22		(1,344	)
	USD	661,019	ZAR	12,014,015		10/13/22		(1,941	)
	ZAR	15,102,653	USD	864,023		10/11/22		(30,466	)
	ZAR	12,321,469	USD	696,918		10/12/22		(16,928	)
	ZAR	8,156,763	USD	458,529		10/13/22		(8,421	)
	ZAR	10,352,562	USD	603,648		10/14/22		(32,425	)
	ZAR	55,877,853	USD	3,141,813		10/20/22		(60,389	)
	ZAR	8,014,549	USD	448,304		10/27/22		(6,629	)

FORWARD SALES CONTRACTS — At September 30, 2022, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount			Value
UMBS, 30 Year, Single Family		3.500	%		TBA-30yr		10/13/22	$	(2,000,000	)	$	(1,797,187	)
UMBS, 30 Year, Single Family		4.000			TBA-30yr		10/13/22		(5,000,000	)		(4,634,374	)
UMBS, 30 Year, Single Family		4.000			TBA-30yr		10/13/22		(7,000,000	)		(6,482,108	)
UMBS, 30 Year, Single Family		5.000			TBA-30yr		10/13/22		(7,000,000	)		(6,787,732	)
UMBS, 30 Year, Single Family		3.500			TBA-30yr		10/13/22		(2,000,000	)		(1,798,437	)
UMBS, 30 Year, Single Family		4.500			TBA-30yr		10/13/22		(4,000,000	)		(3,801,093	)
(PROCEEDS RECEIVABLE: $(26,514,551))											$	(25,300,931	)

(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, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		55		12/20/22	$	6,163,438	$  (26,732)

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		115		12/30/22		$23,619,922	$  (239,901)
5 Year U.S. Treasury Notes		22		12/30/22		2,365,172	(18,566)
Total							$  (285,199)
Short position contracts:
10 Year German Euro-Bund		(6)		12/08/22		(814,363)	40,096
10 Year U.K. Long Gilt		(16)		12/28/22		(1,722,167)	230,445
10 Year U.S. Treasury Notes		(54)		12/20/22		(6,398,156)	114,989
20 Year U.S. Treasury Bonds		(48)		12/20/22		(6,067,500)	44,226
5 Year German Euro-Bobl		(5)		12/08/22		(586,805)	(4,623)
Euro Buxl 30 Year Bonds		(1)		12/08/22		(143,715)	12,210
Ultra Long U.S. Treasury Bonds		(66)		12/20/22		(9,042,000)	337,825
Total							$   775,168
TOTAL FUTURES CONTRACTS							$   489,969

SWAP CONTRACTS — At September 30, 2022, 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)		12/15/22		NZD	7,470			$   (11,777	)		$   (2,206	)	$   (9,571)
1M BID Average(c)	12.400(c)		01/02/23		BRL	3,560			3,809			(35)		3,844
5.800%(c)	1M BID Average(c)		01/02/23			9,300			92,518			989		91,529
12.300(c)	1M BID Average(c)		01/02/24			140			(62)			(56)		(6)
11.814(c)	1M BID Average(c)		01/02/24			2			2			1		1
3.000(b)	3M KWCDC(b)		06/15/24		KRW	1,985,500			28,427			1,746		26,681
3.250(b)	6M AUDOR(b)		08/15/24		AUD	6,360			47,410			16,349		31,061
2.000(d)	6M GBP(d)		09/21/24		GBP	3,880			269,982			274,431		(4,449)
9.200(c)	Mexico Interbank TIIE 28 Days(c)		12/18/24		MXN	11,840	(e)		8,941			92		8,849
3M CNRR(b)	2.500(b)		12/21/24		CNY	16,230	(e)		10,150			17,997		(7,847)
6M GBP(d)	2.750(d)		12/21/24		GBP	2,870	(e)		(172,254)			(91,802)		(80,452)
3M STIBOR(d)	3.000(b)		12/21/24		SEK	208,360	(e)		(169,243)			(128,067)		(41,176)
3M LIBOR(d)	3.250(d)		12/21/24		$	8,710	(e)		(163,749)			(124,805)		(38,944)
3M LIBOR(d)	3.600(d)		12/21/24			2,860	(e)		(34,813)			(16,451)		(18,362)
8.750(b)	3M JIBAR(b)		12/21/24		ZAR	39,350	(e)		(14,573)			(34,111)		19,538
3.750(d)	3M NIBOR(a)		12/21/24		NOK	122,660	(e)		(15,913)			8,949		(24,862)
3.750(b)	3M TELBOR(b)		12/21/24		HKD	23,500	(e)		43,264			21,106		22,158
3M NZDOR(a)	4.000(b)		12/21/24		NZD	4,740	(e)		(37,642)			(28,618)		(9,024)
3.250(b)	6M AUDOR(b)		12/21/24		AUD	5,760	(e)		62,344			49,210		13,134
1.500(d)	6M EURO(a)		12/21/24		EUR	8,660	(e)		255,064			204,012		51,052
7.500(d)	6M WIBOR(a)		12/21/24		PLN	2,475	(e)		1,007			(5,291)		6,298
1M BID Average(c)	11.230(c)		01/04/27		BRL	2,600			(1,850)			(20,177)		18,327
8.495(c)	1M BID Average(c)		01/04/27			2,790			41,592			(16,171)		57,763
2.350(d)	6M EURO(a)		09/09/27		EUR	3,600	(e)		73,031			29,242		43,789
6M EURO(d)	1.500(d)		12/21/27			1,470	(e)		(86,245)			(73,559)		(12,686)
3M CNRR(b)	2.500(b)		12/21/27		CNY	8,330	(e)		(4,934)			5,191		(10,125)

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

GOLDMAN SACHS BOND FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M GBP(d)	2.500%(d)	12/21/27	GBP	490	(e)		$   (60,701	)		$   (29,919	)	$   (30,782)
6M AUDOR(a)	3.750(a)	12/21/27	AUD	310	(e)		(5,033	)		(2,423	)	(2,610)
2.750%(d)	3M LIBOR(d)	12/21/27	$	2,040	(e)		96,930			89,758		7,172
3M NZDOR(a)	4.000(b)	12/21/27	NZD	6,650	(e)		(83,093	)		(45,580	)	(37,513)
6M WIBOR(d)	6.500(a)	12/21/27	PLN	725	(e)		(3,056	)		2,262		(5,318)
1.500(d)	6M CHFOR(d)	12/21/27	CHF	3,390	(e)		41,815			43,508		(1,693)
1.500(d)	6M EURO(a)	12/21/27	EUR	1,860	(e)		133,937			102,419		31,518
0.000(d)	6M JYOR(d)	12/21/27	JPY	2,166,510	(e)		220,393			208,747		11,646
6.750(d)	6M WIBOR(a)	12/21/27	PLN	725	(e)		1,585			651		934
3M LIBOR(d)	2.500(d)	06/04/29	$	6,730	(e)		(87,748	)		(4,543	)	(83,205)
2.350(d)	6M EURO(a)	07/04/29	EUR	1,120	(e)		37,948			31,079		6,869
2.570(d)	3M LIBOR(d)	06/04/31	$	17,750	(e)		168,904			17,316		151,588
6M EURO(d)	2.128(a)	05/17/32	EUR	2,450	(e)		(106,398	)		7,400		(113,798)
1.754(d)	6M EURO(d)	05/17/32		2,450	(e)		119,702			(2,265	)	121,967
6M EURO(d)	2.000(a)	05/26/32		9,260	(e)		(449,357	)		(159,758	)	(289,599)
0.500(d)	6M JYOR(d)	05/26/32	JPY	2,203,400	(e)		196,275			70,049		126,226
2.680(d)	3M LIBOR(d)	07/28/32	$	780	(e)		16,786			(3,898	)	20,684
2.500(d)	6M GBP(d)	08/25/32	GBP	1,800	(e)		86,745			(33,709	)	120,454
6M EURO(d)	2.500(a)	08/30/32	EUR	2,510	(e)		(72,211	)		(72,476	)	265
6M EURO(d)	2.750(a)	09/08/32		1,540	(e)		(29,206	)		3,269		(32,475)
2.750(d)	3M STIBOR(b)	09/08/32	SEK	18,030	(e)		15,769			2,147		13,622
6M EURO(d)	2.650(a)	09/09/32	EUR	5,330	(e)		(122,041	)		(47,487	)	(74,554)
6M EURO(a)	3.200(a)	10/04/32		3,120	(e)		2,523			2,524		(1)
3.000(b)	3M LIBOR(b)	10/04/32	$	3,630	(e)		27,395			27,396		(1)
Mexico Interbank
TIIE 28 Days(c)	8.600(c)	12/08/32	MXN	4,680	(e)		(8,741	)		279		(9,020)
6M GBP(d)	2.250(d)	12/21/32	GBP	120	(e)		(23,028	)		(11,951	)	(11,077)
3M LIBOR(d)	2.500(d)	12/21/32	$	5,330	(e)		(460,634	)		(346,577	)	(114,057)
3M STIBOR(d)	3.000(b)	12/21/32	SEK	3,850	(e)		(5,306	)		(3,602	)	(1,704)
6M CDOR(a)	3.250(a)	12/21/32	CAD	70	(e)		(1,792	)		(2,258	)	466
6M AUDOR(a)	3.750(a)	12/21/32	AUD	440	(e)		(16,616	)		(10,493	)	(6,123)
3.750(b)	3M KWCDC(b)	12/21/32	KRW	609,940	(e)		2,718			(12,673	)	15,391
2.500(d)	3M LIBOR(d)	12/21/32	$	4,000	(e)		345,692			318,032		27,660
3.500(d)	3M NIBOR(a)	12/21/32	NOK	830	(e)		155			841		(686)
4.000(a)	3M NZDOR(b)	12/21/32	NZD	40	(e)		810			397		413
6M WIBOR(d)	6.250(a)	12/21/32	PLN	1,750	(e)		(15,310	)		6,062		(21,372)
1.750(d)	6M CHFOR(d)	12/21/32	CHF	370	(e)		12,371			12,371		—
2.000(d)	6M EURO(a)	12/21/32	EUR	2,540	(e)		248,667			113,371		135,296
0.250(d)	6M JYOR(d)	12/21/32	JPY	1,533,750	(e)		318,018			281,848		36,170
3M JIBAR(b)	9.500(b)	12/21/32	ZAR	6,350	(e)		(5,723	)		7,082		(12,805)
3M LIBOR(d)	2.730(d)	06/04/33	$	11,270	(e)		(84,541	)		(9,550	)	(74,991)
6M GBP(d)	3.800(d)	07/31/35	GBP	2,010	(e)		(101,617	)		(5,849	)	(95,768)
6M EURO(d)	2.855(a)	07/04/37	EUR	1,680	(e)		(30,732	)		(31,918	)	1,186
3M LIBOR(d)	2.910(d)	07/28/37	$	1,860	(e)		(25,313	)		3,314		(28,627)
6M EURO(d)	2.152(a)	08/09/37	EUR	2,940	(e)		(94,431	)		(40,958	)	(53,473)
1.451(d)	6M EURO(a)	08/10/42		6,680	(e)		115,119			43,635		71,484
2.080(d)	3M LIBOR(d)	07/28/47	$	1,320	(e)		5,225			(840	)	6,065
6M EURO(d)	1.051(a)	08/11/47	EUR	3,700	(e)		(28,800	)		(7,434	)	(21,366)
6M EURO(d)	1.355(d)	05/17/52		780	(e)		(67,757	)		(3,917	)	(63,840)
1.328(d)	6M EURO(a)	05/17/52		780	(e)		59,683			3,540		56,143
1.560(d)	6M EURO(a)	07/06/52		720	(e)		(3,895	)		(17,576	)	13,681

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (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)
1.800%(d)		6M EURO	(a)		09/09/52	EUR	1,130	(e)	$	18,806	$	2,777	$	16,029
TOTAL									$	525,377	$	582,386	$	(57,009)

(a) Payments made semi-annually.

(b) Payments made quarterly.

(c) Payments made at monthly.

(d) Payments made annually.

(e) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)		Credit Spread at September 30, 2022(b)		Counterparty		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 10		3.000%		8.960%		MS & Co. Int. PLC		11/17/59	$	—	$	50	$	(24)	$	74
Markit CMBX Series 11		3.000		7.241		MS & Co. Int. PLC		11/18/54		400		(64,625)		(107,274)		42,649
Markit CMBX Series 9		3.000		8.960		MS & Co. Int. PLC		11/17/59		200		(37,369)		(17,517)		(19,852)
TOTAL											$	(101,944)	$	(124,815)	$	22,871

(a) Payments made at maturity.

(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, 2022(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 34		1.000%		0.975%		06/20/25	$	6,950	$	6,348	$	84,619	$	(78,271)
CDX.NA.IG Index 37		1.000		0.950		12/20/26		12,825		27,888		190,926		(163,038)
CDX.NA.IG Index 38		1.000		1.000		06/20/27		1,950		629		10,174		(9,545)
CDX.NA.IG Index 39		1.000		1.081		12/20/27		34,075		(115,290)		(141,873)		26,583
General Electric Co. 2.700%, 10/09/22		1.000		1.279		06/20/26		1,525		(13,924)		15,458		(29,382)
Prudential Financial, Inc., 3.500%, 05/15/24		1.000		0.962		06/20/27		825		1,587		2,870		(1,283)
Republic of Chile, 3.875%, 08/05/20		1.000		1.686		12/20/27		580		(17,988)		(11,279)		(6,709)
Republic of Indonesia, 5.875%, 03/13/20		1.000		1.574		12/20/27		2,040		(52,612)		(17,497)		(35,115)
Republic of Panama, 8.875%, 09/30/27		1.000		1.830		12/20/27		180		(6,734)		(4,648)		(2,086)

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

GOLDMAN SACHS BOND FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at September 30, 2022(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Republic of Panama, 8.875%, 09/30/27		1.000%		1.720%		06/20/27	$	400	$	(11,897)	$	(9,277)		$    (2,620)
Republic of Peru, 8.750%, 11/21/33		1.000		1.563		06/20/27		500		(11,640)		(6,365)		(5,275)
The Boeing Co., 8.750%, 08/15/21		1.000		1.470		06/20/24		500		(3,718)		3,732		(7,450)
United Mexican States, 4.150%, 03/28/27		1.000		1.952		12/20/27		1,300		(55,660)		(38,516)		(17,144)
TOTAL									$	(253,011)	$	78,324		$(331,335)

(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, 2022, 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	Citibank NA		0.459	%		10/10/2022		15,430,000	$	15,430,000	$	2	$	33,730	$	(33,728)
1Y IRS	Citibank NA		0.420			10/10/2022		16,880,000		16,880,000		2		36,542		(36,540)
1Y IRS	Citibank NA		0.516			11/15/2022		16,920,000		16,920,000		87		39,732		(39,645)
1Y IRS	Citibank NA		2.400			07/28/2023		3,900,000		3,900,000		35,390		130,650		(95,260)
1Y IRS	Deutsche Bank AG (London)		2.700			04/28/2023		3,530,000		3,530,000		33,192		131,083		(97,891)
9M IRS	Deutsche Bank AG (London)		1.850			11/22/2022		38,100,000		38,100,000		19		129,258		(129,239)
2Y IRS	JPMorgan Securities, Inc.		0.700			11/14/2022		10,200,000		10,200,000		1		103,239		(103,238)
9M IRS	JPMorgan Securities, Inc.		1.800			11/16/2022		37,900,000		37,900,000		8		123,175		(123,167)
1Y IRS	MS & Co. Int. PLC		0.544			11/16/2022		4,190,000		4,190,000		24		9,867		(9,843)
								147,050,000	$	147,050,000	$	68,725	$	737,276	$	(668,551)
Puts
1Y IRS	Deutsche Bank AG (London)		3.000			05/05/2023		3,500,000		3,500,000		199,009		122,443		76,566
1Y IRS	Deutsche Bank AG (London)		2.960			09/05/2023		3,970,000		3,970,000		246,367		154,552		91,815
1Y IRS	JPMorgan Securities, Inc.		2.800			08/23/2023		3,970,000		3,970,000		280,915		143,335		137,580
								11,440,000	$	11,440,000	$	726,291	$	420,330	$	305,961
Total purchased option contracts								158,490,000	$	158,490,000	$	795,016	$	1,157,606	$	(362,590)
Written option contracts Calls
1M IRS	Citibank NA		3.076			10/03/2022		(760,000)		(760,000)		—		(9,804)		9,804
1M IRS	Citibank NA		2.538			10/10/2022		(590,000)		(590,000)		(86)		(8,265)		8,179
1M IRS	Citibank NA		3.270			10/19/2022		(760,000)		(760,000)		(2,440)		(9,948)		7,508

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (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)
1M IRS	Citibank NA	2.723%		10/24/2022		(560,000)	$	(560,000)	$	(1,551)	$	(7,721)		$     6,170
1Y IRS	Citibank NA	0.425		10/10/2022		(1,580,000)		(1,580,000)		—		(33,762)		33,762
1Y IRS	Citibank NA	0.379		10/10/2022		(1,740,000)		(1,740,000)		—		(36,542)		36,542
1Y IRS	Citibank NA	0.553		11/15/2022		(1,750,000)		(1,750,000)		(13)		(39,777)		39,764
1Y IRS	Citibank NA	1.750		07/28/2023		(3,900,000)		(3,900,000)		(13,250)		(48,750)		35,500
1Y IRS	Citibank NA	2.075		07/28/2023		(3,900,000)		(3,900,000)		(21,826)		(81,900)		60,074
1M IRS	Deutsche Bank AG (London)	3.625		10/26/2022		(760,000)		(760,000)		(12,389)		(11,438)		(951)
1Y IRS	Deutsche Bank AG (London)	2.013		04/28/2023		(3,530,000)		(3,530,000)		(9,529)		(49,936)		40,407
1Y IRS	Deutsche Bank AG (London)	2.356		04/28/2023		(3,530,000)		(3,530,000)		(18,084)		(81,147)		63,063
9M IRS	Deutsche Bank AG (London)	1.599		11/22/2022		(38,100,000)		(38,100,000)		(8)		(83,479)		83,471
9M IRS	Deutsche Bank AG (London)	1.348		11/22/2022		(38,100,000)		(38,100,000)		(4)		(45,779)		45,775
1M IRS	JPMorgan Securities, Inc.	3.072		10/31/2022		(570,000)		(570,000)		(9,148)		(9,148)		—
2Y IRS	JPMorgan Securities, Inc.	1.060		11/14/2022		(2,000,000)		(2,000,000)		—		(103,884)		103,884
9M IRS	JPMorgan Securities, Inc.	1.290		11/16/2022		(37,900,000)		(37,900,000)		(4)		(45,480)		45,476
9M IRS	JPMorgan Securities, Inc.	1.545		11/16/2022		(37,900,000)		(37,900,000)		(4)		(77,695)		77,691
1M IRS	MS & Co. Int. PLC	3.090		10/11/2022		(760,000)		(760,000)		(204)		(9,975)		9,771
1Y IRS	MS & Co. Int. PLC	0.599		11/16/2022		(430,000)		(430,000)		(4)		(9,801)		9,797
1M IRS	UBS AG (London)	2.562		10/17/2022		(580,000)		(580,000)		(403)		(8,378)		7,975
						(179,700,000)	$	(179,700,000)	$	(88,947)	$	(812,609)		$ 723,662
Puts
1M IRS	Citibank NA	3.076		10/03/2022		(760,000)		(760,000)		(30,167)		(9,804)		(20,363)
1M IRS	Citibank NA	2.538		10/10/2022		(590,000)		(590,000)		(28,842)		(8,265)		(20,577)
1M IRS	Citibank NA	3.270		10/19/2022		(760,000)		(760,000)		(20,404)		(9,948)		(10,456)
1M IRS	Citibank NA	2.723		10/24/2022		(560,000)		(560,000)		(20,550)		(7,721)		(12,829)
1M IRS	Deutsche Bank AG (London)	3.625		10/26/2022		(760,000)		(760,000)		(7,969)		(11,438)		3,469
1Y IRS	Deutsche Bank AG (London)	3.891		05/05/2023		(3,500,000)		(3,500,000)		(71,269)		(44,979)		(26,290)
1Y IRS	Deutsche Bank AG (London)	3.446		05/05/2023		(3,500,000)		(3,500,000)		(122,819)		(77,464)		(45,355)
1Y IRS	Deutsche Bank AG (London)	3.405		09/05/2023		(3,970,000)		(3,970,000)		(164,540)		(94,726)		(69,814)
1Y IRS	Deutsche Bank AG (London)	3.850		09/05/2023		(3,970,000)		(3,970,000)		(106,411)		(59,827)		(46,584)
1M IRS	JPMorgan Securities, Inc.	3.072		10/31/2022		(570,000)		(570,000)		(9,148)		(9,148)		—
1Y IRS	JPMorgan Securities, Inc.	3.660		08/23/2023		(3,970,000)		(3,970,000)		(126,849)		(54,841)		(72,008)
1Y IRS	JPMorgan Securities, Inc.	3.230		08/23/2023		(3,970,000)		(3,970,000)		(192,630)		(88,494)		(104,136)
1M IRS	MS & Co. Int. PLC	3.090		10/11/2022		(760,000)		(760,000)		(29,517)		(9,975)		(19,542)
1M IRS	UBS AG (London)	2.562		10/17/2022		(580,000)		(580,000)		(27,729)		(8,378)		(19,351)
						(28,220,000)	$	(28,220,000)	$	(958,844)	$	(495,008)		$(463,836)
Total written option contracts						(207,920,000)	$	(207,920,000)	$	(1,047,791)	$	(1,307,617)		$ 259,826
TOTAL						(49,430,000)	$	(49,430,000)	$	(252,775)	$	(150,011)		$(102,764)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts Calls
Call USD/Put NOK	Barclays Bank PLC		10.385	%		10/17/2022		1,290,000	$	1,290,000	$	61,376	$	10,488		$   50,888
Call USD/Put ZAR	BNP Paribas SA		17.929			10/07/2022		1,295,000		1,295,000		19,532		11,538		7,994

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

GOLDMAN SACHS BOND FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Call USD/Put ZAR	BNP Paribas SA		18.730	%		10/27/2022		2,438,000	$	2,438,000	$	19,797	$	24,168	$	(4,371)
Call USD/Put HUF	BofA Securities LLC		447.000			10/20/2022		1,219,000		1,219,000		15,139		14,937		202
Call USD/Put TWD	BofA Securities LLC		30.850			10/04/2022		2,622,000		2,622,000		77,323		8,967		68,356
Call USD/Put ZAR	BofA Securities LLC		17.965			10/10/2022		1,303,000		1,303,000		20,464		11,374		9,090
Call USD/Put ZAR	BofA Securities LLC		18.300			10/18/2022		2,568,000		2,568,000		29,684		20,108		9,576
Call USD/Put ZAR	BofA Securities LLC		18.370			10/25/2022		1,247,000		1,247,000		15,954		12,098		3,856
Call USD/Put CNH	Citibank NA		7.245			10/20/2022		2,485,000		2,485,000		9,145		9,679		(534)
Call USD/Put ILS	Citibank NA		3.519			10/20/2022		2,528,000		2,528,000		48,330		17,099		31,231
Call USD/Put INR	Citibank NA		82.200			10/21/2022		1,905,000		1,905,000		8,508		6,106		2,402
Call USD/Put KRW	Citibank NA		1,481.500			10/27/2022		1,219,000		1,219,000		5,136		7,752		(2,616)
Call USD/Put NOK	Citibank NA		10.725			10/25/2022		1,247,000		1,247,000		33,292		11,271		22,021
Call USD/Put SEK	Deutsche Bank AG (London)		11.083			10/18/2022		1,284,000		1,284,000		20,280		8,434		11,846
Call USD/Put SEK	Deutsche Bank AG (London)		11.090			10/18/2022		1,284,000		1,284,000		19,889		8,216		11,673
Call USD/Put SEK	Deutsche Bank AG (London)		11.600			10/18/2022		1,242,000		1,242,000		4,728		11,199		(6,471)
Call USD/Put ZAR	Deutsche Bank AG
	(London)		18.100			10/11/2022		1,280,000		1,280,000		15,855		9,979		5,876
Call USD/Put ZAR	Deutsche Bank AG
	(London)		18.760			10/27/2022		1,219,000		1,219,000		9,487		11,814		(2,327)
Call USD/Put NOK	HSBC Bank PLC		11.018			11/02/2022		2,458,000		2,458,000		27,456		27,456		—
Call USD/Put BRL	JPMorgan Securities,
	Inc.		5.670			10/11/2022		2,447,000		2,447,000		10,811		41,723		(30,912)
Call USD/Put KRW	JPMorgan Securities,
	Inc.		1,416.500			10/13/2022		1,289,000		1,289,000		22,084		8,182		13,902
Call USD/Put NOK	JPMorgan Securities,
	Inc.		10.500			10/20/2022		1,280,000		1,280,000		50,533		11,330		39,203
Call USD/Put TRY	JPMorgan Securities,
	Inc.		18.770			10/13/2022		1,298,000		1,298,000		14,604		17,014		(2,410)
Call USD/Put TWD	JPMorgan Securities,
	Inc.		31.960			10/24/2022		2,540,000		2,540,000		13,556		10,191		3,365
Call USD/Put BRL	MS & Co. Int. PLC		5.623			10/27/2022		1,223,000		1,223,000		15,963		12,852		3,111
Call USD/Put KRW	MS & Co. Int. PLC		1,386.100			10/04/2022		1,304,000		1,304,000		45,364		8,351		37,013
Call USD/Put NOK	MS & Co. Int. PLC		11.350			10/25/2022		1,219,000		1,219,000		8,254		10,291		(2,037)
Call USD/Put CNH	Standard Chartered
	Bank		7.130			10/20/2022		2,528,000		2,528,000		22,603		9,303		13,300
Call USD/Put INR	Standard Chartered
	Bank		80.950			10/17/2022		1,290,000		1,290,000		13,189		3,213		9,976
Call USD/Put KRW	Standard Chartered
	Bank		1,412.800			10/11/2022		1,943,000		1,943,000		35,930		13,823		22,107
Call USD/Put TWD	Standard Chartered
	Bank		31.400			10/13/2022		2,579,000		2,579,000		30,829		9,039		21,790
Call USD/Put NOK	UBS AG (London)		10.350			10/05/2022		1,289,000		1,289,000		62,517		7,606		54,911
Call USD/Put SEK	UBS AG (London)		11.055			10/20/2022		1,280,000		1,280,000		22,496		10,189		12,307
Call USD/Put ZAR	UBS AG (London)		17.710			10/12/2022		1,299,000		1,299,000		33,883		9,158		24,725
								56,941,000	$	56,941,000	$	863,991	$	424,948	$	439,043
Puts
Put GBP/Call USD	Barclays Bank PLC		1.110			10/20/2022		2,215,000		2,215,000		38,992		15,644		23,348
Put EUR/Call USD	BNP Paribas SA		0.995			10/12/2022		1,293,000		1,293,000		22,819		6,259		16,560
Put EUR/Call USD	BNP Paribas SA		0.976			10/24/2022		1,286,000		1,286,000		14,175		8,971		5,204

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT IFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Put EUR/Call USD	BofA Securities LLC		0.974	%		10/24/2022		1,286,000		$     1,286,000		$       13,197		$     7,721		$      5,476
Put EUR/Call USD	BofA Securities LLC		0.947			10/24/2022		1,268,000		1,268,000		4,604		7,672		(3,068)
Put NZD/Call USD	BofA Securities LLC		0.585			10/17/2022		2,143,000		2,143,000		53,400		9,516		43,884
Put NZD/Call USD	Citibank NA		0.543			10/26/2022		2,153,000		2,153,000		8,542		9,674		(1,132)
Put EUR/Call USD	Credit Suisse International (London)		0.982			10/07/2022		2,580,000		2,580,000		20,848		11,954		8,894
Put GBP/Call USD	Deutsche Bank AG (London)		1.134			10/11/2022		1,130,000		1,130,000		28,445		7,567		20,878
Put GBP/Call USD	Deutsche Bank AG (London)		1.105			10/24/2022		1,121,000		1,121,000		19,158		7,513		11,645
Put EUR/Call USD	HSBC Bank PLC		0.977			10/05/2022		2,609,000		2,609,000		12,527		18,075		(5,548)
Put NZD/Call USD	HSBC Bank PLC		0.591			10/11/2022		4,282,983		4,282,983		128,152		21,638		106,514
Put NZD/Call USD	HSBC Bank PLC		0.556			10/20/2022		3,234,000		3,234,000		21,804		12,317		9,487
Put NZD/Call USD	HSBC Bank PLC		0.572			10/25/2022		4,322,000		4,322,000		68,169		21,624		46,545
Put GBP/Call USD	MS & Co. Int. PLC		1.116			10/19/2022		1,676,687		1,676,687		33,353		14,962		18,391
Put GBP/Call USD	MS & Co. Int. PLC		1.090			10/25/2022		4,430,000		4,430,000		57,056		38,027		19,029
Put GBP/Call USD	MS & Co. Int. PLC		1.062			10/25/2022		4,430,000		4,430,000		31,943		37,853		(5,910)
Put NZD/Call USD	MS & Co. Int. PLC		0.580			10/20/2022		3,227,000		3,227,000		67,954		15,737		52,217
Put EUR/Call USD	Standard Chartered Bank		0.998			10/12/2022		1,293,000		1,293,000		25,577		6,440		19,137
Put EUR/Call USD	Standard Chartered Bank		0.942			10/24/2022		1,267,000		1,267,000		3,863		9,231		(5,368)
Put EUR/Call USD	Standard Chartered Bank		0.962			10/25/2022		2,542,000		2,542,000		16,806		15,880		926
Put GBP/Call USD	Standard Chartered Bank		1.125			10/05/2022		2,258,000		2,258,000		33,897		19,820		14,077
Put NZD/Call USD	Standard Chartered Bank		0.567			10/26/2022		2,137,000		2,137,000		27,434		10,877		16,557
Put NZD/Call USD	UBS AG (London)		0.598			10/12/2022		2,127,000		2,127,000		78,083		7,857		70,226
								56,310,670		$    56,310,670		$     830,798		$  342,829		$  487,969
Total purchased option contracts								113,251,670		$  113,251,670		$  1,694,789		$  767,777		$  927,012
Written option contracts Calls
Call EUR/Put CZK	Barclays Bank PLC		24.700			10/07/2022		(654,000)		(654,000)		(1,067)		(4,517)		3,450
Call USD/Put SGD	Barclays Bank PLC		1.404			10/17/2022		(645,000)		(645,000)		(14,838)		(4,812)		(10,026)
Call EUR/Put USD	BNP Paribas SA		1.037			10/12/2022		(1,293,000)		(1,293,000)		(264)		(5,540)		5,276
Call USD/Put ZAR	BNP Paribas SA		18.205			10/27/2022		(1,219,000)		(1,219,000)		(20,584)		(23,445)		2,861
Call USD/Put TWD	BofA Securities LLC		30.500			10/04/2022		(1,311,000)		(1,311,000)		(53,092)		(9,440)		(43,652)
Call USD/Put TWD	BofA Securities LLC		31.640			11/02/2022		(615,000)		(615,000)		(5,661)		(5,661)		—
Call USD/Put ZAR	BofA Securities LLC		17.965			10/10/2022		(1,303,000)		(1,303,000)		(15,407)		(15,407)		—
Call USD/Put ZAR	BofA Securities LLC		17.710			10/12/2022		(1,299,000)		(1,299,000)		(33,883)		(24,982)		(8,901)
Call EUR/Put CZK	Citibank NA		24.710			10/26/2022		(640,000)		(640,000)		(3,315)		(4,057)		742
Call EUR/Put SEK	Citibank NA		10.730			10/05/2022		(652,000)		(652,000)		(8,869)		(5,121)		(3,748)
Call USD/Put CNH	Citibank NA		7.130			10/20/2022		(2,528,000)		(2,528,000)		(22,603)		(25,950)		3,347
Call USD/Put INR	Citibank NA		80.950			10/17/2022		(1,290,000)		(1,290,000)		(13,189)		(9,449)		(3,740)
Call USD/Put KRW	Citibank NA		1,416.500			10/13/2022		(1,289,000)		(1,289,000)		(22,084)		(27,438)		5,354
Call USD/Put NOK	Citibank NA		10.350			10/05/2022		(1,289,000)		(1,289,000)		(62,516)		(22,280)		(40,236)
Call USD/Put SGD	Citibank NA		1.398			10/04/2022		(652,000)		(652,000)		(17,468)		(4,329)		(13,139)

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

GOLDMAN SACHS BOND FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Call EUR/Put CHF	Credit Suisse International (London)		0.980	%		10/04/2022		(652,000)	$	(652,000)	$	(411)	$	(7,200)	$	6,789
Call USD/Put SEK	Credit Suisse International (London)		10.910			10/25/2022		(635,000)		(635,000)		(4,435)		(4,660)		225
Call GBP/Put USD	Deutsche Bank AG (London)		1.190			10/11/2022		(1,130,000)		(1,130,000)		(810)		(6,336)		5,526
Call USD/Put INR	Deutsche Bank AG (London)		79.800			10/17/2022		(645,000)		(645,000)		(13,838)		(4,157)		(9,681)
Call USD/Put SEK	Deutsche Bank AG (London)		11.083			10/18/2022		(1,284,000)		(1,284,000)		(20,280)		(37,831)		17,551
Call USD/Put ZAR	Deutsche Bank AG (London)		18.100			10/11/2022		(1,280,000)		(1,280,000)		(15,855)		(19,484)		3,629
Call EUR/Put SEK	HSBC Bank PLC		10.688			10/17/2022		(645,000)		(645,000)		(11,921)		(5,223)		(6,698)
Call EUR/Put USD	HSBC Bank PLC		0.981			12/01/2022		(629,000)		(629,000)		(13,172)		(13,172)		—
Call USD/Put CNH	HSBC Bank PLC		6.965			10/13/2022		(645,000)		(645,000)		(15,858)		(4,205)		(11,653)
Call USD/Put NOK	HSBC Bank PLC		10.654			11/02/2022		(1,229,000)		(1,229,000)		(27,487)		(27,487)		—
Call USD/Put SGD	HSBC Bank PLC		1.405			10/10/2022		(652,000)		(652,000)		(14,253)		(4,173)		(10,080)
Call USD/Put SGD	HSBC Bank PLC		1.433			10/27/2022		(612,000)		(612,000)		(6,029)		(5,156)		(873)
Call EUR/Put CHF	JPMorgan Securities, Inc.		0.965			10/24/2022		(643,000)		(643,000)		(7,231)		(6,445)		(786)
Call EUR/Put PLN	JPMorgan Securities, Inc.		4.735			10/13/2022		(644,000)		(644,000)		(18,184)		(6,818)		(11,366)
Call USD/Put BRL	JPMorgan Securities, Inc.		5.408			10/11/2022		(1,223,000)		(1,223,000)		(20,502)		(41,828)		21,326
Call USD/Put CNH	JPMorgan Securities, Inc.		7.140			10/27/2022		(612,000)		(612,000)		(5,566)		(5,104)		(462)
Call USD/Put KRW	JPMorgan Securities, Inc.		1,386.100			10/04/2022		(1,304,000)		(1,304,000)		(45,364)		(16,696)		(28,668)
Call USD/Put TWD	JPMorgan Securities, Inc.		31.400			10/13/2022		(2,579,000)		(2,579,000)		(30,829)		(23,303)		(7,526)
Call USD/Put ZAR	JPMorgan Securities, Inc.		17.929			10/07/2022		(1,295,000)		(1,295,000)		(19,532)		(17,314)		(2,218)
Call EUR/Put CZK	MS & Co. Int. PLC		24.600			10/13/2022		(644,000)		(644,000)		(2,823)		(3,258)		435
Call EUR/Put PLN	MS & Co. Int. PLC		4.735			10/07/2022		(654,000)		(654,000)		(17,381)		(6,493)		(10,888)
Call EUR/Put SEK	MS & Co. Int. PLC		10.635			10/12/2022		(647,000)		(647,000)		(14,471)		(4,846)		(9,625)
Call EUR/Put USD	MS & Co. Int. PLC		0.965			10/03/2022		(640,000)		(640,000)		(10,775)		(4,928)		(5,847)
Call USD/Put INR	MS & Co. Int. PLC		79.970			10/07/2022		(648,000)		(648,000)		(11,650)		(3,746)		(7,904)
Call USD/Put INR	MS & Co. Int. PLC		81.900			11/03/2022		(618,000)		(618,000)		(4,710)		(6,002)		1,292
Call USD/Put NOK	MS & Co. Int. PLC		10.385			10/17/2022		(1,290,000)		(1,290,000)		(53,593)		(53,593)		—
Call USD/Put NOK	MS & Co. Int. PLC		10.725			10/25/2022		(1,247,000)		(1,247,000)		(33,292)		(38,921)		5,629
Call USD/Put TWD	MS & Co. Int. PLC		30.500			10/04/2022		(652,000)		(652,000)		(26,404)		(4,134)		(22,270)
Call USD/Put TWD	MS & Co. Int. PLC		30.980			10/13/2022		(649,000)		(649,000)		(15,220)		(4,249)		(10,971)
Call EUR/Put USD	Standard Chartered Bank		1.040			10/12/2022		(1,293,000)		(1,293,000)		(208)		(5,584)		5,376
Call USD/Put TWD	Standard Chartered Bank		30.850			10/04/2022		(2,622,000)		(2,622,000)		(77,323)		(25,756)		(51,567)
Call USD/Put TWD	Standard Chartered Bank		31.290			10/20/2022		(640,000)		(640,000)		(10,004)		(5,766)		(4,238)
Call EUR/Put CHF	UBS AG (London)		0.973			10/12/2022		(647,000)		(647,000)		(3,035)		(6,441)		3,406
Call EUR/Put CHF	UBS AG (London)		0.960			10/25/2022		(635,000)		(635,000)		(9,176)		(6,609)		(2,567)

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Call NZD/Put USD	UBS AG (London)		0.629	%		10/12/2022		(2,127,000)	$	(2,127,000)	$	(13)	$	(6,930)	$	6,917
								(50,670,000)	$	(50,670,000)	$	(876,475)	$	(636,276)	$	(240,199)
Puts
Put EUR/Call CZK	Barclays Bank PLC		24.700			10/07/2022		(654,000)		(654,000)		(2,932)		(2,664)		(268)
Put GBP/Call USD	Barclays Bank PLC		1.125			10/05/2022		(2,258,000)		(2,258,000)		(33,897)		(17,374)		(16,523)
Put USD/Call NOK	Barclays Bank PLC		9.803			10/17/2022		(1,290,000)		(1,290,000)		(168)		(6,644)		6,476
Put USD/Call SGD	Barclays Bank PLC		1.404			10/17/2022		(645,000)		(645,000)		(565)		(3,896)		3,331
Put EUR/Call USD	BNP Paribas SA		0.995			10/12/2022		(1,293,000)		(1,293,000)		(22,819)		(16,565)		(6,254)
Put USD/Call ZAR	BNP Paribas SA		16.935			10/07/2022		(1,295,000)		(1,295,000)		(51)		(6,799)		6,748
Put EUR/Call USD	BofA Securities LLC		0.998			10/12/2022		(1,293,000)		(1,293,000)		(25,577)		(18,183)		(7,394)
Put EUR/Call USD	BofA Securities LLC		0.974			10/24/2022		(1,286,000)		(1,286,000)		(13,197)		(21,799)		8,602
Put USD/Call HUF	BofA Securities LLC		388.750			10/20/2022		(1,280,000)		(1,280,000)		(785)		(10,237)		9,452
Put USD/Call TWD	BofA Securities LLC		31.640			11/02/2022		(615,000)		(615,000)		(5,661)		(5,661)		—
Put USD/Call ZAR	BofA Securities LLC		17.180			10/18/2022		(2,568,000)		(2,568,000)		(3,310)		(17,154)		13,844
Put EUR/Call CZK	Citibank NA		24.710			10/26/2022		(640,000)		(640,000)		(3,324)		(2,595)		(729)
Put EUR/Call SEK	Citibank NA		10.730			10/05/2022		(652,000)		(652,000)		(142)		(4,765)		4,623
Put NZD/Call USD	Citibank NA		0.567			10/26/2022		(2,137,000)		(2,137,000)		(27,434)		(28,504)		1,070
Put USD/Call SGD	Citibank NA		1.398			10/04/2022		(652,000)		(652,000)		(3)		(3,740)		3,737
Put EUR/Call CHF	Credit Suisse International (London)		0.980			10/04/2022		(652,000)		(652,000)		(8,716)		(6,032)		(2,684)
Put EUR/Call SEK	Credit Suisse International (London)		10.910			10/25/2022		(635,000)		(635,000)		(5,922)		(5,417)		(505)
Put GBP/Call USD	Deutsche Bank AG (London)		1.134			10/11/2022		(1,130,000)		(1,130,000)		(28,445)		(15,834)		(12,611)
Put USD/Call INR	Deutsche Bank AG (London)		79.800			10/17/2022		(645,000)		(645,000)		(466)		(3,350)		2,884
Put USD/Call SEK	Deutsche Bank AG (London)		10.493			10/18/2022		(1,284,000)		(1,284,000)		(1,554)		(7,272)		5,718
Put USD/Call SEK	Deutsche Bank AG (London)		10.500			10/18/2022		(1,284,000)		(1,284,000)		(1,619)		(7,441)		5,822
Put EUR/Call SEK	HSBC Bank PLC		10.688			10/17/2022		(645,000)		(645,000)		(664)		(4,384)		3,720
Put EUR/Call USD	HSBC Bank PLC		0.977			10/05/2022		(2,609,000)		(2,609,000)		(12,527)		(8,698)		(3,829)
Put EUR/Call USD	HSBC Bank PLC		0.981			12/01/2022		(629,000)		(629,000)		(13,172)		(13,172)		—
Put NZD/Call USD	HSBC Bank PLC		0.591			10/11/2022		(4,282,983)		(4,282,983)		(128,152)		(48,047)		(80,105)
Put NZD/Call USD	HSBC Bank PLC		0.580			10/20/2022		(3,227,000)		(3,227,000)		(67,954)		(43,928)		(24,026)
Put USD/Call CNH	HSBC Bank PLC		6.965			10/13/2022		(645,000)		(645,000)		(19,021)		(4,205)		(14,816)
Put USD/Call SGD	HSBC Bank PLC		1.405			10/10/2022		(652,000)		(652,000)		(239)		(4,173)		3,934
Put USD/Call SGD	HSBC Bank PLC		1.433			10/27/2022		(612,000)		(612,000)		(4,685)		(5,156)		471
Put EUR/Call CHF	JPMorgan Securities, Inc.		0.965			10/24/2022		(643,000)		(643,000)		(5,893)		(7,170)		1,277
Put EUR/Call PLN	JPMorgan Securities, Inc.		4.735			10/13/2022		(644,000)		(644,000)		(607)		(4,965)		4,358
Put USD/Call CNH	JPMorgan Securities, Inc.		7.140			10/27/2022		(612,000)		(612,000)		(6,050)		(5,104)		(946)
Put USD/Call NOK	JPMorgan Securities, Inc.		9.950			10/20/2022		(1,280,000)		(1,280,000)		(530)		(8,041)		7,511
Put EUR/Call CZK	MS & Co. Int. PLC		24.600			10/13/2022		(644,000)		(644,000)		(2,823)		(3,258)		435
Put EUR/Call PLN	MS & Co. Int. PLC		4.735			10/07/2022		(654,000)		(654,000)		(263)		(6,494)		6,231
Put EUR/Call SEK	MS & Co. Int. PLC		10.635			10/12/2022		(647,000)		(647,000)		(167)		(4,846)		4,679

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

GOLDMAN SACHS BOND FUND

    ADDITIONAL INVESTMENT IFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Put EUR/Call USD	MS & Co. Int. PLC		0.965	%		10/03/2022		(640,000)	$	(640,000)	$	(503)	$	(4,928)	$	4,425
Put GBP/Call USD	MS & Co. Int. PLC		1.110			10/20/2022		(2,215,000)		(2,215,000)		(38,992)		(97,587)		58,595
Put GBP/Call USD	MS & Co. Int. PLC		1.105			10/24/2022		(1,121,000)		(1,121,000)		(18,175)		(39,324)		21,149
Put GBP/Call USD	MS & Co. Int. PLC		1.112			10/25/2022		(2,215,000)		(2,215,000)		(44,321)		(35,036)		(9,285)
Put GBP/Call USD	MS & Co. Int. PLC		1.090			10/25/2022		(4,430,000)		(4,430,000)		(57,056)		(78,009)		20,953
Put NZD/Call USD	MS & Co. Int. PLC		0.598			10/12/2022		(2,127,000)		(2,127,000)		(78,083)		(23,896)		(54,187)
Put USD/Call BRL	MS & Co. Int. PLC		5.149			10/27/2022		(1,223,000)		(1,223,000)		(10,836)		(11,065)		229
Put USD/Call INR	MS & Co. Int. PLC		79.970			10/07/2022		(648,000)		(648,000)		(128)		(3,746)		3,618
Put USD/Call INR	MS & Co. Int. PLC		81.900			11/03/2022		(618,000)		(618,000)		(6,320)		(6,001)		(319)
Put USD/Call TWD	MS & Co. Int. PLC		30.500			10/04/2022		(652,000)		(652,000)		(1)		(4,134)		4,133
Put USD/Call TWD	MS & Co. Int. PLC		30.980			10/13/2022		(649,000)		(649,000)		(268)		(4,248)		3,980
Put EUR/Call USD	Standard Chartered Bank		0.982			10/07/2022		(2,580,000)		(2,580,000)		(20,848)		(28,571)		7,723
Put EUR/Call USD	Standard Chartered Bank		0.976			10/24/2022		(1,286,000)		(1,286,000)		(14,175)		(29,636)		15,461
Put NZD/Call USD	Standard Chartered Bank		0.585			10/17/2022		(2,143,000)		(2,143,000)		(53,400)		(24,368)		(29,032)
Put USD/Call INR	Standard Chartered Bank		79.250			10/17/2022		(1,290,000)		(1,290,000)		(418)		(2,891)		2,473
Put USD/Call TWD	Standard Chartered Bank		31.290			10/20/2022		(640,000)		(640,000)		(1,468)		(4,291)		2,823
Put EUR/Call CHF	UBS AG (London)		0.973			10/12/2022		(647,000)		(647,000)		(6,783)		(7,239)		456
Put EUR/Call CHF	UBS AG (London)		0.960			10/25/2022		(635,000)		(635,000)		(4,651)		(6,609)		1,958
Put NZD/Call USD	UBS AG (London)		0.572			10/25/2022		(2,161,000)		(2,161,000)		(34,085)		(21,363)		(12,722)
Put USD/Call SEK	UBS AG (London)		10.560			10/20/2022		(1,280,000)		(1,280,000)		(2,634)		(7,117)		4,483
Put USD/Call ZAR	UBS AG (London)		16.675			10/12/2022		(1,299,000)		(1,299,000)		(90)		(8,080)		7,990
								(73,112,983)	$	(73,112,983)	$	(842,569)	$	(831,706)	$	(10,863)
Total written option contracts								(123,782,983)	$	(123,782,983)	$	(1,719,044)	$	(1,467,982)	$	(251,062)
TOTAL								(10,531,313)	$	(10,531,313)	$	(24,255)	$	(700,205)	$	675,950

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

      ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazil Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
CNY	—Chinese Yuan Renminbi
COP	—Colombia Peso
CZK	—Czech Republic Koruna
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesia 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
SEK	—Swedish Krona
SGD	—Singapore Dollar
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
STACR	—Structured Agency Credit Risk
TSFR	—Term Secured Overnight Financing Rate
UMBS	—Uniform Mortgage Backed Securities

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

GOLDMAN SACHS BOND FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
1M IRS	—1 Month Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
2Y IRS	—1 Year Interest Rate Swaptions
9M IRS	—9 Months Interest Rate Swaptions
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CDX.NA.IG Ind 34	—CDX North America Investment Grade Index 34
CDX.NA.IG Ind 37	—CDX North America Investment Grade Index 37
CDX.NA.IG Ind 38	—CDX North America Investment Grade Index 38
CDX.NA.IG Ind 39	—CDX North America Investment Grade Index 39
CHFOR	—Swiss Franc Offered Rate
EURO	—Euro Offered Rate
JIBAR	—Johannesburg Interbank Agreed Rate
JYOR	—Japanese Yen Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
STIBOR	—Stockholm Interbank Offered Rate
TELBOR	—Tel Aviv Interbank Offered Rate
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 45.3%
Collateralized Mortgage Obligations – 0.8%
Inverse Floaters(a) – 0.0%
GNMA REMIC Series 2002-13, Class SB (-1X 1M USD LIBOR + 37.567%)
$	3,385		23.851	%	02/16/32	$	3,541
Sequential Fixed Rate – 0.1%
FHLMC REMIC Series 2755, Class ZA
	234,966		5.000		02/15/34		235,888
FHLMC REMIC Series 4246, Class PT
	100,597		6.500		02/15/36		105,195
FNMA REMIC Series 2011-52, Class GB
	437,417		5.000		06/25/41		436,697
FNMA REMIC Series 2011-99, Class DB
	431,111		5.000		10/25/41		430,752
FNMA REMIC Series 2012-111, Class B
	73,201		7.000		10/25/42		77,076
FNMA REMIC Series 2012-153, Class B
	260,910		7.000		07/25/42		274,272
OBX Trust Series 2022-NQM7, Class A1
	495,124		5.110	(b)(c)	08/25/62		483,458
							2,043,338
Sequential Floating Rate(a) – 0.7%
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1M SOFR + 1.650%)
	884,000		3.931	(b)	12/25/41		803,251
Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1M SOFR + 1.550%)
	978,000		3.831	(b)	10/25/41		925,495
FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (1M SOFR + 2.800%)
	447,973		5.081	(b)	10/25/50		448,224
FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2 (1M SOFR + 1.650%)
	616,515		3.931	(b)	01/25/34		601,216
FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A (1M SOFR + 1.000%)
	1,843,956		3.281	(b)	01/25/42		1,787,999
FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A (1M SOFR + 2.000%)
	635,892		4.281	(b)	04/25/42		631,128
FHLMC STACR REMIC Trust Series 2022-HQA1, Class M1B (1M SOFR + 3.500%)
	780,000		5.781	(b)	03/25/42		746,362
HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
	69,420		3.473		01/19/36		67,519
Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	64,732		3.804		10/25/34		62,157
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1
	3,680,313		2.520	(b)	05/25/52		3,072,223
Mill City Mortgage Loan Trust Series 2017-2, Class A3
	363,109		3.107	(b)	07/25/59		349,469
Verus Securitization Trust Series 2022-INV1, Class A1
	286,157		5.041	(b)(c)	08/25/67		278,725

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(a) – (continued)
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7
$	9,665		2.696	%	02/25/33	$	8,943
Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1
	99,198		3.500	(b)	07/25/49		93,534
							9,876,245
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							11,923,124
Commercial Mortgage-Backed Securities – 1.3%
Sequential Fixed Rate – 0.7%
3650R Commercial Mortgage Trust Series 2021-PF1, Class AS
$	2,526,000		2.778	%	11/15/54	$	1,942,203
Bank Series 2019-BN21, Class A5
	950,000		2.851		10/17/52		814,260
DOLP Trust Series 2021-NYC, Class A
	4,650,000		2.956	(b)	05/10/41		3,709,592
Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4
	3,100,000		4.000	(a)	04/15/55		2,784,509
Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class D
	2,200,000		2.500	(b)	04/15/55		1,367,632
							10,618,196
Sequential Floating Rate(a) – 0.6%
BBCMS Mortgage Trust Series 2022-C17, Class AS
	5,200,000		4.971		09/15/55		4,856,178
BX Trust Series 2021-ARIA, Class C (1M USD LIBOR +
1.646%)
	2,750,000		4.464	(b)	10/15/36		2,596,781
BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR +
2.451%)
	1,800,000		5.296	(b)	08/15/39		1,798,860
							9,251,819
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	19,870,015
Federal Agencies – 43.2%
Adjustable Rate FNMA(a) – 0.1%
(1 Year CMT + 2.181%)
$	1,450		3.180	%	06/01/33	$	1,492
(12M USD LIBOR + 1.648%)
	138,546		3.760	%	07/01/34		141,168
(12M USD LIBOR + 1.562%)
	562,099		2.894	%	09/01/34		569,455
(12M USD LIBOR + 1.751%)
	320,192		2.614	%	05/01/35		324,262
(12M USD LIBOR + 1.233%)
	129,582		2.333	%	06/01/35		129,735
							1,166,112
FHLMC – 0.1%
	1,784		5.000	%	05/01/23		1,781
	13,178		5.500		10/01/25		13,146

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	8,128		7.500	%	12/01/30	$	8,683
	4,076		7.500		01/01/31		4,352
	5,099		5.000		10/01/33		5,112
	1,028		5.000		04/01/35		1,030
	7,836		5.000		07/01/35		7,856
	46,561		5.000		12/01/35		46,815
	107,310		5.000		01/01/38		107,830
	206,547		5.000		01/01/39		207,736
	81,250		5.000		06/01/39		81,758
	8,024		4.000		06/01/40		7,651
	3,974		5.000		08/01/40		3,999
	1,328		4.500		11/01/40		1,301
	59,848		4.000		02/01/41		57,054
	2,126		5.000		04/01/41		2,141
	4,059		5.000		06/01/41		4,086
	4,352		4.000		11/01/41		4,203
	1,161,260		4.500		08/01/48		1,127,498
							1,694,032
FNMA – 0.0%
	9,508		8.000		02/01/31		9,950
	12,594		7.000		03/01/31		12,930
							22,880
GNMA – 20.0%
	4,487		6.000		11/15/38		4,682
	38,665		5.000		07/15/40		39,453
	31,316		5.000		01/15/41		31,805
	2,962		4.000		02/20/41		2,853
	4,695		4.000		11/20/41		4,520
	779		4.000		01/20/42		750
	2,491		4.000		04/20/42		2,398
	1,549		4.000		10/20/42		1,491
	23,868		4.000		08/20/43		22,668
	2,232		4.000		03/20/44		2,119
	2,751		4.000		05/20/44		2,611
	191,071		4.000		11/20/44		181,223
	12,540		4.000		05/20/45		11,894
	1,692,674		4.000		07/20/45		1,604,375
	26,592		4.000		10/20/45		25,189
	4,586,643		3.500		04/20/47		4,218,380
	4,857,606		3.500		12/20/47		4,467,587
	133,524		4.500		02/20/48		129,882
	355,853		4.500		04/20/48		345,034
	948,473		4.500		05/20/48		919,044
	911,584		5.000		07/20/48		906,536
	1,521,597		4.500		08/20/48		1,473,434
	829,440		5.000		08/20/48		824,328
	6,528,739		4.500		09/20/48		6,322,085
	6,517		3.500		09/20/48		5,993
	1,018,535		5.000		10/20/48		1,012,099
	3,307,314		5.000		11/20/48		3,286,414
	5,914,826		4.500		12/20/48		5,725,756
	1,841,440		5.000		12/20/48		1,829,229
	3,311,708		4.500		01/20/49		3,205,071
	2,952,252		5.000		01/20/49		2,932,673
	2,292,405		4.000		02/20/49		2,152,404

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	723,870		4.500	%	02/20/49	$	700,335
	585,887		4.500		03/20/49		566,656
	2,042,763		4.000		03/20/49		1,917,370
	1,029,326		5.000		03/20/49		1,022,178
	9,458		3.500		04/20/49		8,716
	2,329,933		4.000		04/20/49		2,186,184
	709,357		4.000		05/20/49		665,370
	22,481		3.500		08/20/49		20,688
	3,693,291		3.000		08/20/49		3,306,705
	2,646,761		5.000		08/20/49		2,625,693
	1,406,311		3.500		09/20/49		1,293,762
	868,581		4.500		10/20/49		837,084
	17,797,397		3.000		10/20/49		15,924,674
	677,631		3.500		12/20/49		623,218
	1,996,179		3.500		02/20/50		1,835,888
	189,752		3.500		06/20/50		174,494
	439,052		3.500		07/20/50		403,620
	1,220,087		4.000		01/20/51		1,142,143
	2,925,172		3.500		03/20/51		2,689,891
	830,720		3.000		07/20/51		738,464
	4,606,686		3.000		11/20/51		4,088,971
	7,478,038		3.000		12/20/51		6,630,621
	19,000,000		2.500		TBA-30yr(d)		16,315,716
	2,000,000		2.000		TBA-30yr(d)		1,664,939
	37,000,000		4.000		TBA-30yr(d)		34,516,653
	133,000,000		4.500		TBA-30yr(d)		127,140,485
	38,000,000		5.000		TBA-30yr(d)		37,131,092
							307,865,590
UMBS – 12.5%
	738		5.500		09/01/23		739
	298		5.500		10/01/23		299
	13,764		7.000		08/01/27		14,160
	570		6.500		09/01/27		583
	30,231		7.000		03/01/28		31,121
	1,125		6.500		05/01/28		1,155
	6,765		4.500		04/01/39		6,667
	4,464		4.500		05/01/39		4,396
	6,112		4.500		07/01/39		6,022
	18,104		4.500		08/01/39		17,833
	160,309		4.500		12/01/39		157,909
	9,149		4.500		04/01/41		8,959
	266,617		4.500		05/01/41		261,071
	44,477		4.500		08/01/41		43,574
	11,547		3.000		11/01/42		10,334
	332,383		3.000		12/01/42		297,328
	481,729		3.000		01/01/43		431,125
	68,688		3.000		02/01/43		61,473
	522,522		3.000		03/01/43		467,632
	924,326		3.000		04/01/43		827,226
	622,168		3.000		05/01/43		556,810
	63,251		3.000		06/01/43		56,607
	538,544		3.000		07/01/43		481,971
	318,555		5.000		05/01/44		320,038
	3,080,341		4.000		12/01/44		2,918,393
	1,590,833		4.500		04/01/45		1,553,552
	195,042		4.500		05/01/45		190,471
	460,872		4.500		06/01/45		449,982

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	16,949,826		3.500	%	07/01/45	$	15,511,717
	9,933,845		4.000		08/01/45		9,423,242
	10,242,511		4.000		01/01/46		9,715,200
	63,296		4.000		03/01/46		59,838
	37,859		4.000		06/01/46		35,682
	10,510		4.000		08/01/46		9,906
	94,822		4.000		10/01/46		89,370
	136,939		4.000		06/01/47		129,440
	1,730,270		4.500		07/01/47		1,677,827
	459,546		4.500		11/01/47		446,192
	220,821		4.000		12/01/47		208,729
	824,156		4.000		01/01/48		778,508
	2,287,365		4.000		02/01/48		2,159,535
	56,984		4.500		02/01/48		54,367
	1,662,395		4.000		03/01/48		1,569,026
	94,147		4.500		05/01/48		91,117
	1,274,640		4.000		06/01/48		1,203,245
	16,182		4.500		06/01/48		15,651
	13,405		4.500		07/01/48		12,963
	1,188,293		4.000		07/01/48		1,121,656
	1,921,621		4.000		08/01/48		1,812,786
	9,774		4.500		08/01/48		9,351
	1,057,769		4.500		09/01/48		1,024,574
	3,596,913		5.000		11/01/48		3,575,369
	1,995,393		4.500		11/01/48		1,927,457
	1,513,589		4.500		12/01/48		1,460,544
	1,697,734		4.500		01/01/49		1,638,411
	1,247,666		4.500		02/01/49		1,203,888
	951,011		3.000		02/01/49		842,007
	4,392		4.500		03/01/49		4,237
	603,847		4.500		06/01/49		582,879
	2,305,762		4.500		07/01/49		2,218,745
	2,289,607		3.500		07/01/49		2,091,255
	1,191,688		4.500		08/01/49		1,146,814
	1,490,306		3.500		08/01/49		1,361,198
	7,029,339		3.000		09/01/49		6,205,796
	1,367,326		3.000		10/01/49		1,207,133
	1,930,600		3.000		12/01/49		1,697,137
	158,956		4.500		01/01/50		151,536
	142,116		4.500		02/01/50		137,181
	26,383,389		4.500		03/01/50		25,466,987
	10,299,022		4.000		03/01/50		9,664,218
	2,993,950		5.000		03/01/50		2,954,499
	44,179		4.500		04/01/50		42,400
	1,739,367		4.500		05/01/50		1,660,217
	2,939,163		2.500		09/01/50		2,498,159
	8,962,632		3.000		12/01/50		7,898,585
	235,139		4.500		03/01/51		224,507
	18,648,185		2.500		05/01/51		15,749,104
	26,595,213		2.500		09/01/51		22,474,033
	765,022		4.500		10/01/51		730,591
	164,513		4.500		03/01/52		156,666
	5,317,975		4.500		04/01/52		5,068,217
	1,403,360		4.500		05/01/52		1,337,584
	1,982,590		5.000		07/01/52		1,947,172
	4,911,274		4.500		08/01/52		4,705,630

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	5,932,959		5.000	%	08/01/52	$	5,826,969
							192,194,477
UMBS, 30 Year, Single Family(d) – 10.5%
	11,000,000		3.500		TBA-30yr		9,891,404
	9,000,000		3.000		TBA-30yr		7,824,375
	93,000,000		2.500		TBA-30yr		78,040,076
	81,000,000		2.000		TBA-30yr		65,541,660
							161,297,515
TOTAL FEDERAL AGENCIES						$	664,240,606
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $745,897,478)						$	696,033,745
Corporate Obligations – 36.8%
Aerospace & Defense(e) – 0.5%
Northrop Grumman Corp.
$	1,925,000		2.930	%	01/15/25	$	1,837,990
Raytheon Technologies Corp.
	775,000		4.125		11/16/28		725,167
	550,000		4.050		05/04/47		438,911
The Boeing Co.
	1,575,000		3.450		11/01/28		1,361,036
	300,000		3.250		02/01/35		212,022
	163,000		3.375		06/15/46		98,480
	100,000		3.625		03/01/48		61,986
	100,000		3.850		11/01/48		64,733
	2,725,000		5.805		05/01/50		2,371,295
							7,171,620
Agriculture(e) – 0.2%
Archer-Daniels-Midland Co.
	1,550,000		2.900		03/01/32		1,309,471
BAT Capital Corp.
	2,000,000		2.259		03/25/28		1,592,980
	425,000		4.758		09/06/49		291,512
							3,193,963
Automotive – 0.6%
General Motors Co.
	1,425,000		5.400		10/02/23		1,424,900
	550,000		4.000		04/01/25		529,777
	143,000		5.950	(e)	04/01/49		119,352
General Motors Financial Co., Inc.(e)
	2,425,000		4.300		07/13/25		2,318,785
	3,200,000		1.500		06/10/26		2,717,184
	300,000		5.650		01/17/29		283,950
	2,825,000		2.350		01/08/31		2,054,933
							9,448,881
Banks – 10.4%
ABN AMRO Bank NV (-1X 5 year EUR Swap + 4.674%)
EUR	1,600,000		4.375	(a)(e)	12/31/99		1,332,868

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
Corporate Obligations – (continued)
Banks – (continued)
Banco Santander SA
$	2,400,000		2.746	%	05/28/25	$	2,194,920
	400,000		4.250		04/11/27		368,588
	800,000		3.306		06/27/29		681,272
	800,000		2.749		12/03/30		567,440
Bank of America Corp.
	5,000,000		4.183	(e)	11/25/27		4,632,750
	350,000		6.110		01/29/37		338,506
(3M USD LIBOR + 0.990%)
	225,000		2.496	(a)(e)	02/13/31		177,611
(3M USD LIBOR + 1.190%)
	1,325,000		2.884	(a)(e)	10/22/30		1,087,573
(3M USD LIBOR + 1.370%)
	1,550,000		3.593	(a)(e)	07/21/28		1,399,619
(SOFR + 1.220%)
	245,000		2.299	(a)(e)	07/21/32		183,326
(SOFR + 1.330%)
	1,400,000		2.972	(a)(e)	02/04/33		1,096,760
(SOFR + 1.370%)
	3,150,000		1.922	(a)(e)	10/24/31		2,331,378
(SOFR + 1.530%)
	3,725,000		1.898	(a)(e)	07/23/31		2,774,752
(SOFR + 1.830%)
	3,625,000		4.571	(a)(e)	04/27/33		3,253,002
(SOFR + 2.150%)
	5,225,000		2.592	(a)(e)	04/29/31		4,151,001
Barclays PLC (SOFR + 2.714%)
	2,600,000		2.852	(a)(e)	05/07/26		2,362,386
BNP Paribas SA(b)
	3,825,000		3.500		03/01/23		3,799,525
	900,000		3.375		01/09/25		855,270
(5 year USD Swap + 4.149%)
	650,000		6.625	(a)(e)	12/31/99		599,950
(SOFR + 1.004%)
	3,025,000		1.323	(a)(e)	01/13/27		2,569,102
(SOFR + 2.074%)
	1,325,000		2.219	(a)(e)	06/09/26		1,191,586
BPCE SA(b)
	2,250,000		4.000		09/12/23		2,217,802
	1,150,000		4.625		09/12/28		1,049,076
(SOFR + 1.312%)
	1,650,000		2.277	(a)(e)	01/20/32		1,196,712
(SOFR + 1.520%)
	1,675,000		1.652	(a)(e)	10/06/26		1,454,855
Citigroup, Inc.
	2,500,000		4.600		03/09/26		2,417,300
	3,175,000		3.400		05/01/26		2,964,212
	2,450,000		4.450		09/29/27		2,272,767
	1,850,000		4.125		07/25/28		1,671,531
(3M USD LIBOR + 1.023%)
	1,795,000		4.044	(a)(e)	06/01/24		1,781,053
(SOFR + 1.351%)
	3,725,000		3.057	(a)(e)	01/25/33		2,937,423
(SOFR + 1.422%)
	1,375,000		2.976	(a)(e)	11/05/30		1,129,783
Credit Agricole SA(b)
	1,050,000		3.250		10/04/24		1,004,367

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(5 year USD Swap + 4.319%)
$	600,000		6.875	%(a)(e)	12/31/99	$	552,498
(SOFR + 1.676%)
	1,275,000		1.907	(a)(e)	06/16/26		1,140,794
Credit Suisse AG
	1,175,000		2.950		04/09/25		1,079,578
	4,135,000		1.250		08/07/26		3,408,811
Credit Suisse Group AG
	683,000		4.550		04/17/26		629,023
(3M USD LIBOR + 1.410%)
	1,675,000		3.869	(a)(b)(e)	01/12/29		1,369,028
(SOFR + 1.730%)
	1,545,000		3.091	(a)(b)(e)	05/14/32		1,086,305
Deutsche Bank AG(a)(e)
(SOFR + 1.870%)
	1,725,000		2.129		11/24/26		1,466,543
(SOFR + 2.159%)
	1,075,000		2.222		09/18/24		1,024,626
Fifth Third Bancorp
	1,235,000		2.375	(e)	01/28/25		1,154,602
First-Citizens Bank & Trust Co. (3M TSFR + 1.715%)
	1,500,000		2.969	(a)(e)	09/27/25		1,409,910
HSBC Holdings PLC
	600,000		4.950		03/31/30		552,090
(3M USD LIBOR + 1.000%)
	850,000		3.961	(a)(e)	05/18/24		841,492
(3M USD LIBOR + 1.211%)
	1,625,000		3.803	(a)(e)	03/11/25		1,571,343
(SOFR + 1.538%)
	3,625,000		1.645	(a)(e)	04/18/26		3,227,011
Huntington Bancshares, Inc.
	1,625,000		4.000	(e)	05/15/25		1,573,488
ING Groep NV (1 Year CMT + 1.100%)
	3,400,000		1.400	(a)(b)(e)	07/01/26		2,990,334
JPMorgan Chase & Co.(a)(e)
(3M USD LIBOR + 0.730%)
	640,000		3.559		04/23/24		633,478
(3M USD LIBOR + 0.890%)
	650,000		3.797		07/23/24		641,758
(3M USD LIBOR + 1.000%)
	3,025,000		4.023		12/05/24		2,977,356
(3M USD LIBOR + 1.245%)
	2,275,000		3.960		01/29/27		2,146,576
(3M USD LIBOR + 1.337%)
	2,150,000		3.782		02/01/28		1,971,808
(3M USD LIBOR + 1.360%)
	800,000		3.882		07/24/38		627,624
(SOFR + 1.260%)
	3,475,000		2.963		01/25/33		2,737,049
(SOFR + 1.800%)
	1,978,000		4.586		04/26/33		1,781,169
(SOFR + 2.040%)
	75,000		2.522		04/22/31		59,273
(SOFR + 2.515%)
	675,000		2.956		05/13/31		536,490
(SOFR + 3.125%)
	1,597,000		4.600		12/31/99		1,389,214

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(SOFR + 3.790%)
$	275,000		4.493	%	03/24/31	$	250,619
KeyCorp. (SOFR + 2.060%)
	3,615,000		4.789	(a)(e)	06/01/33		3,327,029
Kreditanstalt fuer Wiederaufbau
	13,520,000		3.375		08/23/24		13,286,239
Macquarie Group Ltd. (SOFR + 1.069%)
	1,900,000		1.340	(a)(b)(e)	01/12/27		1,626,875
Mitsubishi UFJ Financial Group, Inc.
	1,700,000		3.751		07/18/39		1,331,559
Morgan Stanley
	3,300,000		3.700		10/23/24		3,219,183
	1,631,000		3.950		04/23/27		1,516,455
(3M USD LIBOR + 0.847%)
	550,000		3.737	(a)(e)	04/24/24		544,214
(3M USD LIBOR + 1.628%)
	325,000		4.431	(a)(e)	01/23/30		299,059
(SOFR + 0.720%)
	5,100,000		0.985	(a)(e)	12/10/26		4,399,923
(SOFR + 1.034%)
	2,625,000		1.794	(a)(e)	02/13/32		1,919,242
(SOFR + 1.143%)
	3,900,000		2.699	(a)(e)	01/22/31		3,157,284
(SOFR + 1.152%)
	1,050,000		2.720	(a)(e)	07/22/25		995,537
(SOFR + 3.120%)
	1,100,000		3.622	(a)(e)	04/01/31		947,045
Morgan Stanley, Inc. (SOFR + 1.360%)
	3,175,000		2.484	(a)(e)	09/16/36		2,275,110
Natwest Group PLC(a)(e)
(3M USD LIBOR + 1.550%)
	2,100,000		4.519		06/25/24		2,075,451
(3M USD LIBOR + 1.762%)
	400,000		4.269		03/22/25		388,736
NatWest Group PLC (5 year CMT + 2.100%)
	500,000		3.754	(a)(e)	11/01/29		462,940
State Street Corp. (SOFR + 2.650%)
	100,000		3.152	(a)(e)	03/30/31		85,655
The Bank of New York Mellon Corp. (SOFR + 1.755%)
	315,000		4.596	(a)(e)	07/26/30		299,067
The Toronto-Dominion Bank
	2,625,000		4.456		06/08/32		2,395,286
Truist Bank
	1,250,000		2.250	(e)	03/11/30		980,275
UBS Group AG
	2,550,000		4.125	(b)	09/24/25		2,441,013
Wells Fargo & Co.
	2,700,000		3.000		10/23/26		2,447,496
	4,150,000		4.300		07/22/27		3,885,520
(SOFR + 2.100%)
	3,980,000		4.897	(a)(e)	07/25/33		3,661,122
Westpac Banking Corp. (5 year CMT + 2.000%)
	700,000		4.110	(a)(e)	07/24/34		596,008
							159,439,279

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Beverages – 1.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(e)
$	850,000		4.700	%	02/01/36	$	766,309
	6,096,000		4.900		02/01/46		5,283,342
Anheuser-Busch InBev Worldwide, Inc.
	1,200,000		4.750	(e)	01/23/29		1,170,780
	400,000		4.950		01/15/42		355,556
	1,700,000		4.600	(e)	04/15/48		1,409,215
Constellation Brands, Inc.(e)
	1,375,000		4.400		11/15/25		1,345,960
	50,000		3.600		02/15/28		45,691
	50,000		3.150		08/01/29		43,032
	1,725,000		4.750		05/09/32		1,615,342
JDE Peet’s NV
	1,650,000		1.375	(b)(e)	01/15/27		1,362,966
Keurig Dr Pepper, Inc.
	1,575,000		4.500	(e)	04/15/52		1,245,793
							14,643,986
Biotechnology(e) – 0.2%
CSL Finance PLC(b)
	450,000		3.850		04/27/27		426,325
	2,075,000		4.250		04/27/32		1,891,342
Royalty Pharma PLC
	1,475,000		1.200		09/02/25		1,305,198
							3,622,865
Building Materials(e) – 0.3%
Carrier Global Corp.
	3,375,000		2.493		02/15/27		2,995,076
Johnson Controls International PLC/Tyco Fire & Security Finance SCA
	700,000		4.900		12/01/32		662,438
Martin Marietta Materials, Inc.
	2,150,000		3.200		07/15/51		1,347,964
							5,005,478
Chemicals(e) – 0.5%
DuPont de Nemours, Inc.
	925,000		4.205		11/15/23		919,246
	975,000		4.493		11/15/25		959,049
	75,000		5.419		11/15/48		67,396
Ecolab, Inc.
	364,000		2.750		08/18/55		225,025
Huntsman International LLC
	850,000		4.500		05/01/29		748,952
International Flavors & Fragrances, Inc.(b)
	2,300,000		1.832		10/15/27		1,884,252
	950,000		3.268		11/15/40		658,056
The Sherwin-Williams Co.
	1,900,000		3.450		06/01/27		1,747,088
							7,209,064
Commercial Services – 0.8%
Ashtead Capital, Inc.(b)(e)
	650,000		1.500		08/12/26		543,933
	1,000,000		2.450		08/12/31		730,470

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
Corporate Obligations – (continued)
Commercial Services – (continued)
CoStar Group, Inc.
$	2,225,000		2.800	%(b)(e)	07/15/30	$	1,760,086
DP World Ltd.
	100,000		6.850	(b)	07/02/37		101,937
	200,000		5.625		09/25/48		173,250
Emory University
	4,015,000		2.143	(e)	09/01/30		3,318,010
Global Payments, Inc.
	875,000		2.650	(e)	02/15/25		816,900
PayPal Holdings, Inc.(e)
	3,825,000		1.650		06/01/25		3,529,672
	25,000		2.650		10/01/26		22,959
	25,000		2.850		10/01/29		21,411
S&P Global, Inc.
	1,775,000		4.250	(b)(e)	05/01/29		1,669,015
The University of Chicago
	320,000		5.420		10/01/30		328,456
							13,016,099
Computers(e) – 0.9%
Amdocs Ltd.
	602,000		2.538		06/15/30		475,628
Dell International LLC/EMC Corp.
	433,000		5.450		06/15/23		434,065
	875,000		5.850		07/15/25		881,921
	2,076,000		6.020		06/15/26		2,084,304
	451,000		5.300		10/01/29		420,179
	200,000		6.200		07/15/30		194,680
	540,000		8.100		07/15/36		572,800
Hewlett Packard Enterprise Co.
	2,400,000		2.250		04/01/23		2,371,944
	4,325,000		4.450		10/02/23		4,303,591
	1,782,000		4.900		10/15/25		1,766,514
	235,000		6.350		10/15/45		213,928
							13,719,554
Cosmetics & Personal Care(e) – 0.3%
Colgate Palmolive Co.
	2,000,000		3.250		08/15/32		1,785,080
GSK Consumer Healthcare Capital US LLC
	3,675,000		3.375	(b)	03/24/27		3,339,583
							5,124,663
Diversified Financial Services – 1.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(e)
	1,450,000		3.300		01/23/23		1,442,025
	900,000		4.875		01/16/24		886,455
	965,000		6.500		07/15/25		964,267
	5,125,000		2.450		10/29/26		4,332,931
	2,925,000		3.000		10/29/28		2,358,193
	700,000		3.300		01/30/32		528,010
	375,000		3.400		10/29/33		271,766
Air Lease Corp.(e)
	2,250,000		2.300		02/01/25		2,064,217
	1,625,000		3.375		07/01/25		1,519,976
	1,700,000		2.875		01/15/26		1,524,152
	2,200,000		3.750		06/01/26		2,010,272

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Ally Financial, Inc.
$	975,000		1.450	%(e)	10/02/23	$	940,739
Aviation Capital Group LLC
	1,600,000		1.950	(b)(e)	01/30/26		1,343,504
Avolon Holdings Funding Ltd.(b)(e)
	975,000		3.950		07/01/24		923,267
	2,125,000		2.875		02/15/25		1,924,060
	1,050,000		4.250		04/15/26		944,433
Capital One Financial Corp.
	1,110,000		3.300	(e)	10/30/24		1,069,652
Nomura Holdings, Inc.
	950,000		2.608		07/14/31		704,786
							25,752,705
Electrical – 1.6%
Alliant Energy Finance LLC(b)(e)
	825,000		3.750		06/15/23		814,110
	225,000		4.250		06/15/28		208,078
Ameren Corp.
	400,000		3.500	(e)	01/15/31		344,696
American Electric Power Co., Inc.
	850,000		2.300	(e)	03/01/30		678,904
Arizona Public Service Co.
	1,175,000		2.950	(e)	09/15/27		1,044,598
Avangrid, Inc.
	50,000		3.200	(e)	04/15/25		47,286
Berkshire Hathaway Energy Co.
	1,275,000		3.700	(e)	07/15/30		1,148,329
Dominion Energy, Inc.
	1,650,000		3.071	(c)	08/15/24		1,582,053
Duke Energy Corp.
	2,100,000		3.150	(e)	08/15/27		1,902,432
Entergy Corp.
	1,025,000		2.950	(e)	09/01/26		936,829
Exelon Corp.
	1,000,000		4.050	(e)	04/15/30		906,330
FirstEnergy Corp.
	1,125,000		2.250	(e)	09/01/30		873,742
Korea Hydro & Nuclear Power Co., Ltd.
	2,760,000		4.250	(b)	07/27/27		2,624,484
NextEra Energy Capital Holdings, Inc.
	2,155,000		1.900	(e)	06/15/28		1,786,775
NRG Energy, Inc.
	1,625,000		3.750	(b)(e)	06/15/24		1,560,666
Ohio Power Co.
	675,000		2.600	(e)	04/01/30		557,881
Pacific Gas & Electric Co.(e)
	850,000		2.100		08/01/27		689,036
	1,475,000		2.500		02/01/31		1,073,918
	500,000		3.300		08/01/40		321,065
Southern California Edison Co.
	1,075,000		4.200	(e)	03/01/29		994,085
The Southern Co.
	1,730,000		3.250	(e)	07/01/26		1,604,298
Vistra Operations Co. LLC
	3,350,000		3.550	(b)(e)	07/15/24		3,191,042
							24,890,637

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Engineering & Construction(e) – 0.2%
Cellnex Finance Co. SA
EUR	1,900,000		1.250	%	01/15/29	$	1,382,084
Mexico City Airport Trust
$	400,000		4.250		10/31/26		352,000
	440,000		3.875	(b)	04/30/28		360,250
	200,000		5.500	(b)	10/31/46		124,000
	420,000		5.500		07/31/47		260,274
	340,000		5.500	(b)	07/31/47		210,698
							2,689,306
Entertainment(b)(e) – 0.5%
Warnermedia Holdings, Inc.
	5,050,000		4.054		03/15/29		4,367,896
	4,495,000		5.050		03/15/42		3,364,463
							7,732,359
Environmental – 0.2%
Republic Services, Inc.
	1,650,000		2.500	(e)	08/15/24		1,576,789
The Nature Conservancy
	60,000		0.944		07/01/26		52,537
	75,000		1.304		07/01/28		62,202
Waste Management, Inc.(e)
	925,000		1.150		03/15/28		754,856
	800,000		4.150		04/15/32		740,672
							3,187,056
Federal Home Loan Banks(e) – 0.1%
Prologis LP
	2,275,000		4.625		01/15/33		2,160,863
Food & Drug Retailing(e) – 0.2%
Kraft Heinz Foods Co.
	2,035,000		3.750		04/01/30		1,793,710
Sysco Corp.
	225,000		6.600		04/01/40		238,403
	25,000		4.450		03/15/48		19,742
	75,000		6.600		04/01/50		78,534
Tyson Foods, Inc.
	1,250,000		3.900		09/28/23		1,237,425
							3,367,814
Gas(e) – 0.2%
NiSource, Inc.
	2,500,000		3.490		05/15/27		2,301,675
	325,000		3.600		05/01/30		282,744
The East Ohio Gas Co.
	525,000		1.300	(b)	06/15/25		470,846
							3,055,265
Healthcare Providers & Services(e) – 1.1%
Adventist Health System
	540,000		2.952		03/01/29		471,083
Banner Health
	3,235,000		2.338		01/01/30		2,685,531
Baylor Scott & White Holdings
	1,140,000		1.777		11/15/30		874,648

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services(e) – (continued)
Centene Corp.
$	2,850,000		4.250	%	12/15/27	$	2,605,128
	2,100,000		2.625		08/01/31		1,589,742
CommonSpirit Health
	2,385,000		3.910		10/01/50		1,696,307
DH Europe Finance II S.a.r.l.
	1,725,000		2.200		11/15/24		1,631,608
	50,000		3.250		11/15/39		37,980
HCA, Inc.
	1,590,000		3.500		09/01/30		1,313,865
Rush Obligated Group
	1,320,000		3.922		11/15/29		1,193,712
Stanford Health Care
	975,000		3.310		08/15/30		849,669
STERIS Irish FinCo UnLtd Co.
	501,000		2.700		03/15/31		392,764
Stryker Corp.
	475,000		3.375		11/01/25		452,257
	75,000		1.950		06/15/30		59,383
Sutter Health
	605,000		2.294		08/15/30		487,530
Thermo Fisher Scientific, Inc.
	300,000		4.100		08/15/47		252,885
							16,594,092
Home Builders(e) – 0.1%
Lennar Corp.
	1,235,000		4.750		11/29/27		1,143,449
Insurance – 0.2%
Arch Capital Finance LLC
	1,200,000		4.011	(e)	12/15/26		1,146,156
Arch Capital Group Ltd.
	1,125,000		7.350		05/01/34		1,239,334
Corebridge Financial, Inc.
	100,000		3.900	(b)(e)	04/05/32		84,390
Great-West Lifeco Finance 2018 LP
	422,000		4.047	(b)(e)	05/17/28		391,291
Willis North America, Inc.
	700,000		2.950	(e)	09/15/29		575,883
							3,437,054
Internet(e) – 0.9%
Amazon.com, Inc.
	1,300,000		4.800		12/05/34		1,281,709
	900,000		3.100		05/12/51		628,776
Baidu, Inc.
	450,000		3.425		04/07/30		388,107
Expedia Group, Inc.
	475,000		4.625		08/01/27		446,025
	825,000		3.800		02/15/28		730,950
	331,000		2.950		03/15/31		255,115
Meta Platforms, Inc.
	4,225,000		3.500	(b)	08/15/27		3,948,896
Netflix, Inc.
	3,575,000		4.875	(b)	06/15/30		3,263,832
Prosus NV
	200,000		3.257	(b)	01/19/27		167,500

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet(e) – (continued)
$	420,000		3.680	%(b)	01/21/30	$	317,982
	690,000		3.680		01/21/30		522,399
EUR	100,000		2.031	(b)	08/03/32		62,478
$	230,000		4.027	(b)	08/03/50		129,375
	210,000		3.832	(b)	02/08/51		116,025
Tencent Holdings Ltd.
	830,000		3.595		01/19/28		745,838
	1,140,000		2.880		04/22/31		917,484
							13,922,491
Investment Companies(b)(e) – 0.0%
JAB Holdings B.V.
	500,000		2.200		11/23/30		369,625
Iron/Steel(e) – 0.1%
Steel Dynamics, Inc.
	490,000		2.400		06/15/25		452,976
	1,075,000		1.650		10/15/27		882,091
							1,335,067
Lodging(e) – 0.4%
Hyatt Hotels Corp.
	2,000,000		1.800		10/01/24		1,877,800
Marriott International, Inc.
	2,100,000		5.000		10/15/27		2,028,369
	2,625,000		2.850		04/15/31		2,061,202
							5,967,371
Machinery - Construction & Mining(b)(e) – 0.1%
The Weir Group PLC
	2,375,000		2.200		05/13/26		1,998,064
Machinery-Diversified(e) – 0.0%
Otis Worldwide Corp.
	625,000		2.293		04/05/27		553,225
Media – 1.6%
Charter Communications Operating LLC/Charter Communications Operating Capital(e)
	8,750,000		4.908		07/23/25		8,538,600
	6,675,000		3.750		02/15/28		5,914,651
Comcast Corp.(e)
	1,300,000		3.950		10/15/25		1,264,497
	1,173,000		3.300		02/01/27		1,092,169
	1,775,000		3.300		04/01/27		1,647,697
	1,550,000		3.150		02/15/28		1,407,338
	1,775,000		4.150		10/15/28		1,676,416
	100,000		3.750		04/01/40		78,532
	275,000		4.700		10/15/48		235,304
Fox Corp.(e)
	700,000		4.030		01/25/24		690,116
	75,000		5.476		01/25/39		65,096
The Walt Disney Co.
	1,800,000		2.200		01/13/28		1,567,692
Time Warner Cable LLC
	275,000		5.875	(e)	11/15/40		227,857
							24,405,965

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining – 0.5%
Glencore Funding LLC(b)
$	1,300,000		4.125	%(e)	03/12/24	$	1,277,068
	1,181,000		4.625		04/29/24		1,167,879
	1,850,000		1.625	(e)	04/27/26		1,602,932
	3,175,000		2.625	(e)	09/23/31		2,382,044
Newcrest Finance Pty Ltd.
	525,000		3.250	(b)(e)	05/13/30		436,291
Teck Resources Ltd.
	900,000		3.900	(e)	07/15/30		766,395
							7,632,609
Miscellaneous Manufacturing – 0.3%
Eaton Corp.
	2,725,000		4.150	(e)	03/15/33		2,461,820
GE Capital International Funding Co.
	800,000		4.418		11/15/35		717,632
General Electric Co.
	950,000		6.750		03/15/32		1,027,064
	700,000		5.875		01/14/38		701,337
							4,907,853
Multi-National(b)(e) – 0.1%
The African Export-Import Bank
	740,000		2.634		05/17/26		641,047
	830,000		3.798		05/17/31		672,923
							1,313,970
Oil Field Services – 0.7%
Aker BP ASA
	2,425,000		2.000	(b)(e)	07/15/26		2,094,909
Devon Energy Corp.
	180,000		5.600	(e)	07/15/41		161,573
Marathon Petroleum Corp.(e)
	600,000		3.625		09/15/24		581,778
	375,000		3.800		04/01/28		335,749
Phillips 66
	1,325,000		3.700		04/06/23		1,320,415
	375,000		3.850	(e)	04/09/25		364,012
	725,000		1.300	(e)	02/15/26		634,172
Qatar Energy
	650,000		3.300	(b)(e)	07/12/51		457,966
Reliance Industries Ltd.(b)
	480,000		2.875		01/12/32		375,732
	400,000		3.625		01/12/52		262,075
	250,000		3.750		01/12/62		160,516
SA Global Sukuk Ltd.
	5,360,000		2.694	(b)(e)	06/17/31		4,506,755
							11,255,652
Packaging(e) – 0.1%
Berry Global, Inc.
	1,475,000		1.570		01/15/26		1,289,253
Pharmaceuticals(e) – 1.3%
AbbVie, Inc.
	3,250,000		4.050		11/21/39		2,632,012
	2,625,000		4.250		11/21/49		2,106,353

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals(e) – (continued)
Bayer US Finance II LLC
$	850,000		3.875	%(b)	12/15/23	$	835,091
Becton Dickinson & Co.
	997,000		3.363		06/06/24		970,041
	100,000		4.669		06/06/47		86,051
Bristol-Myers Squibb Co.
	1,200,000		4.125		06/15/39		1,047,900
Cigna Corp.
	5,100,000		4.125		11/15/25		4,951,641
	1,300,000		4.900		12/15/48		1,125,982
	1,350,000		3.400		03/15/50		915,948
CVS Health Corp.
	650,000		2.625		08/15/24		623,961
	1,250,000		1.875		02/28/31		952,038
	924,000		4.780		03/25/38		809,821
	36,000		5.050		03/25/48		31,692
Perrigo Finance Unlimited Co.
	2,975,000		4.375		03/15/26		2,730,038
Zoetis, Inc.
	100,000		4.450		08/20/48		84,567
							19,903,136
Pipelines – 1.8%
Abu Dhabi Crude Oil Pipeline LLC
	1,190,000		4.600	(b)	11/02/47		1,052,629
Enbridge, Inc.
	3,175,000		2.500	(e)	08/01/33		2,387,632
Energy Transfer LP(e)
	1,950,000		4.200		09/15/23		1,926,600
	1,700,000		2.900		05/15/25		1,584,400
	50,000		4.950		06/15/28		46,731
	1,225,000		5.250		04/15/29		1,155,408
	375,000		5.300		04/15/47		299,906
Enterprise Products Operating LLC
	85,000		3.750	(e)	02/15/25		82,360
Galaxy Pipeline Assets Bidco Ltd.
	200,000		2.625	(b)	03/31/36		154,225
	2,938,251		2.940		09/30/40		2,243,722
	320,000		3.250	(b)	09/30/40		233,960
Kinder Morgan Energy Partners LP
	4,500,000		3.450	(e)	02/15/23		4,477,455
MPLX LP(e)
	2,225,000		2.650		08/15/30		1,749,117
	275,000		4.500		04/15/38		220,910
	645,000		5.500		02/15/49		549,695
Plains All American Pipeline LP/PAA Finance Corp.(e)
	1,100,000		3.850		10/15/23		1,084,204
	875,000		3.800		09/15/30		733,390
Sabine Pass Liquefaction LLC(e)
	1,650,000		5.625		03/01/25		1,647,195
	1,025,000		5.000		03/15/27		984,441
Targa Resources Corp.
	1,010,000		4.200	(e)	02/01/33		844,411
The Williams Cos., Inc.(e)
	850,000		3.900		01/15/25		823,395
	800,000		4.000		09/15/25		770,720
Western Midstream Operating LP(e)
	1,125,000		3.350		02/01/25		1,047,127

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
$	475,000		3.950	%	06/01/25	$	443,080
	225,000		5.450		04/01/44		185,904
	165,000		5.300		03/01/48		135,429
							26,864,046
Real Estate Investment Trust(e) – 1.6%
Agree LP
	2,730,000		4.800		10/01/32		2,438,381
American Homes 4 Rent LP
	723,000		4.900		02/15/29		678,058
	40,000		2.375		07/15/31		30,229
American Tower Corp.
	2,100,000		3.375		05/15/24		2,044,770
	1,750,000		2.400		03/15/25		1,630,213
Crown Castle, Inc.
	2,150,000		3.150		07/15/23		2,121,706
CubeSmart LP
	1,500,000		4.000		11/15/25		1,436,970
	1,095,000		2.500		02/15/32		823,057
Duke Realty LP
	1,075,000		1.750		07/01/30		832,803
Host Hotels & Resorts LP
	1,700,000		2.900		12/15/31		1,247,647
Invitation Homes Operating Partnership LP
	1,300,000		2.300		11/15/28		1,041,053
	4,520,000		2.000		08/15/31		3,247,213
National Retail Properties, Inc.
	790,000		3.900		06/15/24		772,770
	1,150,000		4.000		11/15/25		1,100,573
Realty Income Corp.
	400,000		3.950		08/15/27		375,796
	50,000		2.850		12/15/32		40,081
Spirit Realty LP
	1,200,000		3.400		01/15/30		979,968
UDR, Inc.
	475,000		2.100		08/01/32		344,237
Ventas Realty LP
	975,000		3.500		02/01/25		931,632
WP Carey, Inc.
	505,000		4.600		04/01/24		500,192
	445,000		4.000		02/01/25		431,023
	1,000,000		3.850		07/15/29		882,720
	725,000		2.400		02/01/31		556,996
							24,488,088
Retailing(e) – 0.8%
AutoNation, Inc.
	1,404,000		4.500		10/01/25		1,358,187
	500,000		1.950		08/01/28		392,965
	825,000		4.750		06/01/30		725,860
CK Hutchison International 20 Ltd.
	200,000		2.500	(b)	05/08/30		165,816
CK Hutchison International 21 Ltd.
	200,000		2.500	(b)	04/15/31		162,488
Dollar Tree, Inc.
	975,000		4.000		05/15/25		944,999

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing(e) – (continued)
Lowe’s Cos., Inc.
$	1,900,000		1.700	%	09/15/28	$	1,551,483
	2,500,000		1.700		10/15/30		1,886,825
	950,000		3.750		04/01/32		821,693
	2,075,000		4.250		04/01/52		1,580,113
McDonald’s Corp.
	650,000		4.200		04/01/50		522,236
Starbucks Corp.
	1,850,000		3.800		08/15/25		1,796,702
The Home Depot, Inc.
	625,000		3.900		12/06/28		593,406
							12,502,773
Savings&Loans(a)(b)(e) – 0.1%
Nationwide Building Society (3M USD LIBOR + 1.855%)
	975,000		3.960		07/18/30		841,035
Semiconductors(e) – 0.7%
Broadcom, Inc.(b)
	2,165,000		4.150		04/15/32		1,821,588
	325,000		3.419		04/15/33		249,353
	4,175,000		3.137		11/15/35		2,927,218
	161,000		3.187		11/15/36		110,241
	1,725,000		3.500		02/15/41		1,163,392
NXP B.V./NXP Funding LLC/NXP USA, Inc.
	825,000		3.400		05/01/30		687,043
	3,125,000		2.500		05/11/31		2,344,281
	2,250,000		2.650		02/15/32		1,682,685
Skyworks Solutions, Inc.
	275,000		3.000		06/01/31		209,000
							11,194,801
Software(e) – 0.9%
Fiserv, Inc.
	2,775,000		2.750		07/01/24		2,664,472
	75,000		4.200		10/01/28		69,458
Intuit, Inc.
	675,000		1.350		07/15/27		572,697
Oracle Corp.
	5,625,000		2.875		03/25/31		4,431,094
	350,000		3.600		04/01/40		237,345
ServiceNow, Inc.
	3,400,000		1.400		09/01/30		2,504,950
Take-Two Interactive Software, Inc.
	1,495,000		3.700		04/14/27		1,388,616
VMware, Inc.
	700,000		1.800		08/15/28		554,673
	100,000		2.200		08/15/31		73,006
Workday, Inc.
	1,000,000		3.500		04/01/27		925,990
	50,000		3.700		04/01/29		44,843
	675,000		3.800		04/01/32		587,196
							14,054,340
Telecommunication Services – 2.6%
AT&T, Inc.(e)
	6,439,000		2.300		06/01/27		5,639,341
	325,000		1.650		02/01/28		267,465

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
$	2,375,000		2.750	%	06/01/31	$	1,904,394
	1,165,000		4.900		08/15/37		1,029,674
	3,105,000		4.850		03/01/39		2,692,749
	1,325,000		3.500		06/01/41		955,245
	450,000		5.150		11/15/46		392,751
	1,250,000		3.650		06/01/51		852,450
	450,000		3.500		09/15/53		299,831
Telefonica Emisiones SA
	1,200,000		4.665		03/06/38		939,672
T-Mobile USA, Inc.(e)
	2,025,000		3.500		04/15/25		1,937,236
	1,350,000		1.500		02/15/26		1,186,528
	5,025,000		3.750		04/15/27		4,644,607
	125,000		2.050		02/15/28		103,743
	2,333,000		3.875		04/15/30		2,067,505
	2,205,000		2.875		02/15/31		1,769,579
	2,150,000		3.500		04/15/31		1,814,428
	2,125,000		5.200		01/15/33		2,033,455
	925,000		3.000		02/15/41		617,021
Verizon Communications, Inc.
	5,066,000		4.329		09/21/28		4,770,399
	75,000		3.875	(e)	02/08/29		68,471
	2,251,000		4.016	(e)	12/03/29		2,041,049
	2,175,000		4.812		03/15/39		1,911,977
							39,939,570
Transportation(e) – 0.3%
Burlington Northern Santa Fe LLC
	800,000		4.050		06/15/48		653,592
Canadian Pacific Railway Co.
	1,475,000		2.450		12/02/31		1,182,183
Union Pacific Corp.
	2,375,000		2.800		02/14/32		1,977,259
							3,813,034
Trucking & Leasing(b) – 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,425,000		4.250		01/17/23		1,422,962
TOTAL CORPORATE OBLIGATIONS (Cost $652,718,979)						$	565,580,982
Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – 4.4%
Collateralized Loan Obligations(b) – 4.1%
AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	4,100,000		3.812	%	01/15/33	$	4,015,417
Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR +1.220%)
	4,000,000		3.732		04/15/33		3,847,896
Atlas Senior Loan Fund XIII Series 2019-13A, Class CR (3M USD LIBOR + 2.650%)
	2,100,000		5.409		04/22/31		1,914,371

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Collateralized Loan Obligations(b) – (continued)
Crown City CLO I Series 2020-1A, Class A2R (3M USD LIBOR + 1.750%)
$	4,600,000		4.460	%	07/20/34	$	4,230,979
Crown City CLO I Series 2020-1A, Class BR (3M USD LIBOR + 2.100%)
	2,900,000		4.810		07/20/34		2,516,768
Diameter Capital CLO1 Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.240%)
	5,250,000		3.752		07/15/36		5,013,603
Galaxy XXVIII CLO Ltd. Series 2018-28A, Class A2 (3M USD LIBOR + 1.300%)
	6,000,000		3.812		07/15/31		5,894,934
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%)
	6,250,000		4.232		11/30/32		6,085,181
Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	3,500,000		3.843		04/14/33		3,349,986
OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%)
	2,150,000		3.850		07/02/35		2,070,661
OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A (3M USD LIBOR + 1.450%)
	2,000,000		4.190		04/18/33		1,929,882
Palmer Square CLO Ltd. Series 2019-1A, Class A1R (3M USD LIBOR + 1.150%)
	6,000,000		4.055		11/14/34		5,749,404
Recette Clo Ltd. Series 2015-1A, Class ARR (3M USD LIBOR + 1.080%)
	7,000,000		3.790		04/20/34		6,620,936
Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	6,900,000		3.792		04/15/33		6,675,101
Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
	3,250,000		4.143		07/28/32		3,136,721
							63,051,840
Student Loan – 0.3%
AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	616,195		3.851		09/26/33		590,577
Educational Funding of the South, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.650%)
	679,363		3.433		09/26/33		672,541
Higher Education Funding I Series 2014-1, Class A (3M USD LIBOR + 1.050%)
	978,186		4.047	(b)	04/25/35		976,487
PHEAA Student Loan Trust Series 2016-1A, Class A (1M USD LIBOR + 1.150%)
	1,768,942		4.234	(b)	09/25/65		1,738,504
							3,978,109
TOTAL ASSET-BACKED SECURITIES (Cost $70,013,070)						$	67,029,949

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – 3.0%
Sovereign – 1.8%
Federal Farm Credit Banks Funding Corp.
$	3,840,000		3.300	%	05/19/32	$	3,501,082
FHLB
	6,800,000		2.125		06/09/23		6,705,140
	3,500,000		3.375		09/08/23		3,466,155
	750,000		3.375		12/08/23		740,932
	2,400,000		5.000		09/28/29		2,492,928
FNMA
	3,700,000		1.875		09/24/26		3,387,276
	4,200,000		6.250		05/15/29		4,706,058
Israel Government AID Bond
	2,400,000		5.500	(f)	04/26/24		2,433,696
							27,433,267
United States Dollar – 1.2%
Federal Farm Credit Banks Funding Corp.
	7,050,000		2.850		03/28/34		5,989,468
	11,930,000		2.900		04/12/32		10,512,597
	2,500,000		3.500		09/01/32		2,318,150
							18,820,215
TOTAL AGENCY DEBENTURES (Cost $49,926,631)						$	46,253,482
Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 1.5%
Euro – 0.0%
Republic of Romania(b)
EUR	100,000		2.000	%	01/28/32	$	60,077
	360,000		3.375		01/28/50		180,775
United Mexican States
	839,000		1.450	(e)	10/25/33		539,764
							780,616
Sovereign(f) – 0.1%
Israel Government AID Bond
$	1,200,000		5.500		12/04/23		1,213,128
United States Dollar – 1.4%
Abu Dhabi Government International Bond(b)
	460,000		2.500		10/11/22		459,632
	420,000		3.125		10/11/27		391,597
Israel Government AID Bond
	4,700,000		5.500	(f)	09/18/33		5,141,283
Korea Development Bank
	720,000		2.000		02/24/25		672,646
Kuwait International Government Bond
	4,120,000		3.500		03/20/27		3,939,235
Mexico Government International Bond
	200,000		4.750	(e)	04/27/32		179,500
Perusahaan Penerbit SBSN Indonesia III
	2,030,000		4.550		03/29/26		1,985,974
Republic of Indonesia
	380,000		4.125		01/15/25		371,640
	420,000		4.125	(b)	01/15/25		410,760

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
United States Dollar – (continued)
$	450,000		3.350	%	03/12/71	$	277,925
Republic of Panama
	210,000		4.500	(e)	01/19/63		137,865
Republic of Peru(e)
	10,000		2.780		12/01/60		5,358
	100,000		3.230		07/28/21(g)		53,706
Republic of Romania
	690,000		5.125		06/15/48		477,739
	580,000		4.000		02/14/51		320,559
Republic of Romania
	3,000,000		3.000	(b)	02/27/27		2,527,125
Republic of Uruguay
	280,000		4.375	(e)	01/23/31		267,715
State of Israel
	200,000		4.500		04/03/20(h)		162,038
United Mexican States
	200,000		3.750		01/11/28		183,700
	240,000		3.250	(e)	04/16/30		199,920
	1,746,000		3.500	(e)	02/12/34		1,324,341
	1,960,000		3.771	(e)	05/24/61		1,158,605
	600,000		3.750	(e)	04/19/71		346,987
							20,995,850
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $26,880,287)						$	22,989,594
Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – 1.4%
Arizona – 0.0%
City of Tucson AZ Taxable Series A
$	790,000		1.457	(e)	07/01/28	$	619,334
City of Yuma AZ Pledged Revenue Taxable Series 2021
	100,000		1.749		07/15/28	$	82,200
							701,534
California – 0.6%
Bay Area Toll Authority Revenue Bonds Taxable Refunding Series F1
	820,000		1.633	%(e)	04/01/28	$	693,353
California State GO Bonds Build America Taxable Series 2009
	2,600,000		7.550	(e)	04/01/39	$	3,185,582
California Statewide Communities Development Authority Revenue Bonds Taxable Refunding Series 2021
	620,000		1.807		02/01/30	$	474,093
Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series A
	3,060,000		1.648	(e)	11/01/28	$	2,490,966
Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series C
	245,000		1.831	(e)	11/01/29		200,014
Port Of Oakland RB Taxable Refunding Series R
	770,000		1.949	(e)	05/01/28	$	632,662
San Francisco Municipal Transportation Agency Revenue Refunding Series A
	555,000		1.302		03/01/28		461,697

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
California – (continued)
San Jose Financing Authority Lease RB Taxable Refunding Series A
$	540,000		1.812	(e)	06/01/29	$	433,995
							8,572,362
Florida(e) – 0.0%
Florida State Board of Administration Finance Corp. RB Taxable Series A
	595,000		2.154	%	07/01/30	$	477,696
Illinois – 0.2%
Illinois State GO Bonds Build America Series 2010
	1,481,072		7.350	(e)	07/01/35		1,570,836
Illinois State GO Bonds Build America Series 2010
	160,000		6.630	(e)	02/01/35		162,492
Illinois State GO Bonds Taxable-Pension Series 2003
	1,170,000		5.100		06/01/33		1,114,496
							2,847,824
Louisiana(e) – 0.0%
City of New Orleans LA Sewerage Service Revenue Taxable Revenue Series 2021
	170,000		0.958		06/01/26	$	141,051
City of New Orleans LA Water System Revenue Taxable Refunding Series 2021
	150,000		1.008		12/01/26	$	122,075
Louisiana State Transportation Authority Revenue Taxable Refunding Series A
	160,000		1.138		02/15/26	$	135,678
State of Louisiana Unclaimed Property Revenue Taxable Refunding Series 2021
	205,000		1.059		09/01/26	$	173,250
							572,054
Maryland – 0.0%
State of Maryland Department of Transportation Revenue Taxable Refunding Series A
	65,000		1.303		08/01/28		52,778
New York – 0.3%
Metropolitan Transportation Authority Revenue Series 2010
	395,000		5.989	(e)	11/15/30		410,609
New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B
	2,670,000		5.175	(e)	11/15/49		2,374,469
Port Authority of New York & New Jersey Revenue Bonds Taxable Series AAA
	1,795,000		1.086		07/01/23		1,749,839
							4,534,917
Ohio – 0.3%
American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,640,000		6.270	(e)	02/15/50		1,744,404
Louisiana Local Government Environmental Facilities & Community Development Authority
	2,270,000		4.275		02/01/36		2,110,409
							3,854,813

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Pennsylvania – 0.0%
Commonwealth of Pennsylvania Department of Community & Economic Development Revenue Taxable Refunding Series C
$	125,000		2.758	%	06/01/30	$	106,589
Texas – 0.0%
City of Houston TX Airport System Revenue Taxable Refunding Series 2020
	355,000		2.235		07/01/29		296,279
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost $23,896,029)						$	22,016,846
U.S. Treasury Obligations – 23.2%
United States Cash Management Bill
$	47,500,000		0.000	%(i)	11/22/22	$	47,306,454
United States Treasury Bonds
	6,530,000		4.250	(j)	05/15/39		6,804,464
	75,750,000		4.250		11/15/40		78,164,531
	13,000,000		3.750		11/15/43		12,337,813
	210,000		3.375		05/15/44		187,195
	15,240,000		2.875		11/15/46		12,434,888
	104,460,000		3.000		02/15/47		87,289,387
	38,410,000		2.375		11/15/49		28,897,523
United States Treasury Notes
	34,900,000		1.500		02/29/24		33,557,168
	2,630,000		2.000		04/30/24		2,536,204
	2,920,000		1.125		01/15/25		2,719,934
	20,000		0.500		02/28/26		17,647
	960,000		2.500		02/28/26		907,875
	3,960,000		1.250		03/31/28		3,414,263
	18,320,000		1.250		06/30/28		15,700,812
	25,890,000		2.375		03/31/29		23,450,677
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $438,464,191)						$	355,726,835
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT – 111.1%
(Cost $1,930,989,747)						$	1,706,388,357
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 8.3%
Certificates of Deposit – 2.1%
Citibank N.A.
$	11,000,000		3.800	%	08/01/23	$	10,910,228
Nordea Bank Abp (SOFR + 0.530%)
	5,000,000		3.490	(a)	09/11/23		4,999,140
Old Line Funding LLC (SOFR + 0.450%)
	8,000,000		3.430	(a)(b)	10/11/22		8,000,872
Royal Bank of Canada (FEDL01 + 0.430%)
	7,832,000		3.510	(a)(b)	12/23/22		7,835,048
							31,745,288

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(i) – 6.2%
Alimentation Couchetard, Inc.
$	4,682,000		0.000	%	10/03/22	$	4,680,679
	1,250,000		0.000		10/03/22		1,249,648
Antalis SA
	8,887,000		0.000		10/19/22		8,872,338
Bank of Montreal
	3,343,000		0.000		07/12/23		3,226,393
Federation Des Caisses
	13,240,000		0.000		10/06/22		13,233,468
Liberty Street Funding LLC
	23,489,000		0.000		10/12/22		23,464,861
National Bank of Canada
	12,500,000		0.000		10/05/22		12,494,681
Pure Grove Funding
	7,420,000		0.000		03/14/23		7,277,913
Raytheon Technologies Corp.
	4,000,000		0.000		10/24/22		3,990,731
Versailles Commercial Paper LLC
	16,522,000		0.000		10/28/22		16,525,668
							95,016,380
TOTAL SHORT-TERM INVESTMENTS
(Cost $126,886,207)						$	126,761,668
TOTAL INVESTMENTS – 123.9%
(Cost $2,134,682,872)						$	1,902,393,101
LIABILITIES IN EXCESS OF OTHER     ASSETS – ( 23.9)%							(366,493,718	)
NET ASSETS – 100.0%						$	1,535,899,383

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, 2022.

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

(c) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2022.

(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 $297,863,711 which represents approximately 19.4% of net assets as of September 30, 2022.

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

(f) Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $8,788,107, which represents approximately 1% of the Fund’s net assets as of September 30, 2022.

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

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

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

GOLDMAN SACHS CORE FIXED INCOME FUND

(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 requirement on futures transactions.

    ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, 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
Citibank NA		USD	1,884,302		GBP	1,644,144		12/15/22	$	46,422
MS & Co. Int. PLC		USD	204,076		EUR	199,215		10/11/22		8,686
State Street Bank and Trust		USD	3,112,483		EUR	3,052,828		10/11/22		118,275
TOTAL									$	173,383

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
Deutsche Bank AG		NZD	210,836		USD	132,970		10/27/22	$	(14,967	)
State Street Bank and Trust		EUR	1,292,903		USD	1,318,168		10/11/22		(50,091	)

FORWARD SALES CONTRACTS — At September 30, 2022, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount			Value
UMBS, 30 Year, Single Family		3.000	%		TBA-30yr		11/14/22	$	(19,000,000	)	$	(16,509,218	)
UMBS, 30 Year, Single Family		3.500			TBA-30yr		10/13/22		(11,000,000	)		(9,884,529	)
UMBS, 30 Year, Single Family		4.000			TBA-30yr		10/13/22		(14,000,000	)		(12,976,247	)
UMBS, 30 Year, Single Family		4.000			TBA-30yr		10/13/22		(18,000,000	)		(16,668,277	)
UMBS, 30 Year, Single Family		5.000			TBA-30yr		10/13/22		(2,000,000	)		(1,830,702	)
GNMA		3.000			TBA-30yr		10/13/22		(7,000,000	)		(6,179,072	)
UMBS, 30 Year, Single Family		4.500			TBA-30yr		10/13/22		(17,000,000	)		(16,154,644	)
(PROCEEDS RECEIVABLE: $(82,368,945))											$	(80,202,689	)

(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, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		54		12/20/22	$	6,051,375		$	(17,100	)
2 Year U.S. Treasury Notes		422		12/30/22		86,674,844			(1,056,025	)
30 Year German Euro-Buxl		2		12/08/22		287,429			(24,798	)
5 Year U.S. Treasury Notes		701		12/30/22		75,362,977			(1,660,349	)
Total								$	(2,758,272	)
Short position contracts:
10 Year U.K. Long Gilt		(22)		12/28/22		(2,367,979	)		317,069

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
10 Year U.S. Treasury Notes		(413)		12/20/22	$	(48,934,047	)	$	2,173,764
20 Year U.S. Treasury Bonds		(417)		12/20/22		(52,711,406	)		2,768,985
Ultra Long U.S. Treasury Bonds		(179)		12/20/22		(24,523,000	)		1,118,995
Total								$	6,378,813
TOTAL FUTURES CONTRACTS								$	3,620,541

SWAP CONTRACTS — At September 30, 2022, 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)		12/15/22	NZD	11,620		$	(18,318	)	$	(3,430	)	$	(14,888	)
3M LIBOR(c)	3.250		12/21/24	$	14,460	(d)		(271,849	)		(207,196	)		(64,653	)
1.500%(c)	6M EURO(a)		12/21/24	EUR	13,830	(d)		407,338			325,807			81,531
2.350(c)	6M EURO(a)		09/09/27		6,050	(d)		122,732			49,736			72,996
3M LIBOR(c)	2.750		12/21/27	$	30	(d)		(1,426	)		(1,046	)		(380	)
3.750(a)	6M AUDOR		12/21/27	AUD	2,800	(d)		45,462			21,449			24,013
1.500(c)	6M EURO(a)		12/21/27	EUR	500	(d)		36,004			28,533			7,471
0.000(c)	6M JYOR		12/21/27	JPY	3,539,510	(d)		360,065			341,188			18,877
3M LIBOR(c)	2.500		06/04/29	$	10,230	(d)		(133,382	)		(6,900	)		(126,482	)
2.350(c)	6M EURO(a)		07/04/29	EUR	1,890	(d)		64,036			52,474			11,562
2.570(c)	3M LIBOR		06/04/31	$	26,970	(d)		256,639			26,324			230,315
6M EURO(c)	2.128(a)		05/17/32	EUR	5,370	(d)		(233,205	)		7,868			(241,073	)
1.754(c)	6M EURO		05/17/32		5,370	(d)		262,368			(2,350	)		264,718
6M EURO(c)	2.000(a)		05/26/32		15,430	(d)		(748,766	)		(291,561	)		(457,205	)
0.500(c)	6M JYOR		05/26/32	JPY	3,535,690	(d)		314,953			116,399			198,554
2.680(c)	3M LIBOR		07/28/32	$	1,290	(d)		27,760			(6,448	)		34,208
2.500(c)	6M GBP		08/25/32	GBP	2,960	(d)		142,646			(55,691	)		198,337
6M EURO(c)	2.500(a)		08/30/32	EUR	4,180	(d)		(120,256	)		(120,719	)		463
6M EURO(c)	2.750(a)		09/08/32		2,550	(d)		(48,360	)		5,413			(53,773	)
2.750(c)	3M STIBOR(b)		09/08/32	SEK	29,810	(d)		26,073			3,550			22,523
6M EURO(c)	2.650(a)		09/09/32	EUR	8,940	(d)		(204,699	)		(80,456	)		(124,243	)
6M EURO	3.200		10/04/32		5,200	(d)		4,204			4,206			(2	)
3.000	3M LIBOR		10/04/32	$	6,060	(d)		45,729			45,735			(6	)
6M CHFOR(c)	1.750		12/21/32	CHF	40	(d)		(1,196	)		(1,496	)		300
3M LIBOR(c)	2.500		12/21/32	$	8,230	(d)		(711,260	)		(535,146	)		(176,114	)
3M STIBOR(c)	3.000(b)		12/21/32	SEK	15,440	(d)		(21,279	)		(15,614	)		(5,665	)
6M CDOR(a)	3.250		12/21/32	CAD	770	(d)		(19,715	)		(24,842	)		5,127
2.500(c)	3M LIBOR		12/21/32	$	5,550	(d)		479,647			453,529			26,118
3.500(c)	3M NIBOR(a)		12/21/32	NOK	3,410	(d)		637			3,455			(2,818	)
3M NZDOR(a)	4.000(b)		12/21/32	NZD	1,290	(d)		(26,119	)		(26,993	)		874
3.750(a)	6M AUDOR		12/21/32	AUD	840	(d)		31,720			38,229			(6,509	)
2.000(c)	6M EURO(a)		12/21/32	EUR	2,980	(d)		291,744			131,561			160,183
2.250(c)	6M GBP		12/21/32	GBP	1,150	(d)		220,682			183,024			37,658
0.250(c)	6M JYOR		12/21/32	JPY	2,457,510	(d)		509,557			452,480			57,077
3M LIBOR(c)	2.730		06/04/33	$	17,120	(d)		(128,424	)		(14,521	)		(113,903	)
6M GBP(c)	3.800		07/31/35	GBP	3,270	(d)		(165,317	)		(9,515	)		(155,802	)

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

GOLDMAN SACHS CORE FIXED INCOME FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund		Termination Date		Notional Amount (000s)				Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M EURO(c)		2.855%(a)		07/04/37		EUR	2,840	(d)	$	(51,952	)	$	(53,953	)	$	2,001
3M LIBOR(c)		2.910		07/28/37		$	3,060	(d)		(41,645	)		5,451			(47,096	)
6M EURO(c)		2.152(a)		08/09/37		EUR	4,960	(d)		(159,312	)		(61,641	)		(97,671	)
1.451%(c)		6M EURO(a)		08/10/42			11,240	(d)		193,703			73,394			120,309
2.080(c)		3M LIBOR		07/28/47		$	2,190	(d)		8,670			(1,393	)		10,063
6M EURO(c)		1.051(a)		08/11/47		EUR	6,190	(d)		(48,181	)		(18,079	)		(30,102	)
6M EURO(c)		1.355		05/17/52			1,730	(d)		(150,282	)		(4,133	)		(146,149	)
1.328(c)		6M EURO(a)		05/17/52			1,730	(d)		132,373			3,801			128,572
1.560(c)		6M EURO(a)		07/06/52			1,210	(d)		(6,546	)		(29,203	)		22,657
1.800(c)		6M EURO(a)		09/09/52			1,890	(d)		31,455			4,851			26,604
TOTAL									$	704,708		$	806,131		$	(101,423	)

(a) Payments made semi-annually.

(b) Payments made quarterly.

(c) Payments made annually.

(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)			Credit Spread at September 30, 2022(b)			Counterparty	Termination Date		Notional Amount (000s)			Value				Upfront Premiums (Received) Paid				Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 10		3.000	%		8.960	%	Citibank NA		11/17/59		$	1,450		$	(270,849	)		$	(127,028	)		$	(143,821	)
Markit CMBX Series 11		3.000			7.241		Citibank NA		11/18/54			1,500			(242,452	)			(222,111	)			(20,341	)
Markit CMBX Series 11		3.000			7.241		JPMorgan Securities, Inc.		11/18/54			350			(56,590	)			(102,211	)			45,621
TOTAL														$	(569,891	)		$	(451,350	)		$	(118,541	)

(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, 2022(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 25		1.000%		0.975%		06/20/25	$	150,025	$	141,197		$	1,177,416	$	(1,036,219	)
CDX.NA.IG Index 26		1.000		0.950		12/20/26		48,700		105,884			727,742		(621,858	)
CDX.NA.IG Index 27		1.000		1.000		06/20/27		5,125		1,655			26,740		(25,085	)
General Electric Co. 2.700%, 10/09/22		1.000		1.279		06/20/26		3,875		(35,378	)		39,280		(74,658	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.523		12/20/26		2,110		39,676			39,301		375

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (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, 2022(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Nordstrom, Inc., 6.950%, 03/15/22		1.000%		4.031%		12/20/24	$	1,950	$	(120,106	)	$	(28,188	)	$	(91,918	)
Nordstrom, Inc., 6.950%, 03/15/22		1.000		3.523		06/20/24		5,525		(224,711	)		(9,217	)		(215,494	)
Prudential Financial, Inc., 3.500%, 05/15/24		1.000		0.962		06/20/27		2,975		5,725			10,350			(4,625	)
Republic of Chile, 3.875%, 08/05/20		1.000		1.686		12/20/27		5,440		(168,718	)		(105,791	)		(62,927	)
Republic of Indonesia, 5.875%, 03/13/20		1.000		1.574		12/20/27		7,770		(200,391	)		(66,666	)		(133,725	)
The Boeing Co., 8.750%, 08/15/2		1.000		1.470		06/20/24		1,225		(9,109	)		9,149			(18,258	)
United Mexican States, 4.150%, 03/28/27		1.000		1.952		12/20/27		3,980		(170,404	)		(117,914	)		(52,490	)
TOTAL									$	(634,680	)	$	1,702,202		$	(2,336,882	)

(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, 2022, 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	Citibank NA		0.459	%		10/10/2022		23,650,000	$	23,650,000	$	3	$	51,699	$	(51,697	)
1Y IRS	Citibank NA		0.420			10/10/2022		25,900,000		25,900,000		3		56,068		(56,065	)
1Y IRS	Citibank NA		0.516			11/15/2022		26,330,000		26,330,000		135		61,829		(61,694	)
1Y IRS	Citibank NA		2.400			07/28/2023		6,300,000		6,300,000		57,168		211,050		(153,882	)
1Y IRS	Deutsche Bank AG (London)		2.700			04/28/2023		5,310,000		5,310,000		49,928		197,181		(147,253	)
9M IRS	Deutsche Bank AG (London)		1.850			11/22/2022		62,600,000		62,600,000		31		212,376		(212,345	)
2Y IRS	JPMorgan Securities, Inc.		0.700			11/14/2022		13,700,000		13,700,000		1		138,664		(138,663	)
9M IRS	JPMorgan Securities, Inc.		1.800			11/16/2022		62,700,000		62,700,000		13		203,775		(203,762	)
1Y IRS	MS & Co. Int. PLC		0.544			11/16/2022		23,970,000		23,970,000		139		56,449		(56,310	)
								250,460,000	$	250,460,000	$	107,421	$	1,189,091	$	(1,081,671	)
Puts
1Y IRS	Deutsche Bank AG (London)		3.000			05/05/2023		5,240,000		5,240,000		297,944		183,315		114,629
1Y IRS	Deutsche Bank AG (London)		2.960			09/05/2023		6,430,000		6,430,000		399,028		250,320		148,708
1Y IRS	JPMorgan Securities, Inc.		2.800			08/23/2023		6,430,000		6,430,000		454,983		232,152		222,831
								18,100,000	$	18,100,000	$	1,151,955	$	665,787	$	486,168
Total purchased option contracts								268,560,000	$	268,560,000	$	1,259,376	$	1,854,878	$	(595,503	)

64                    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)
Written option contracts
Calls
1M IRS	Citibank NA		3.076	%		10/03/2022		(1,190,000	)	$	(1,190,000	)	$	—		$	(15,351	)	$	15,351
1M IRS	Citibank NA		2.538			10/10/2022		(980,000	)		(980,000	)		(143	)		(13,728	)		13,585
1M IRS	Citibank NA		3.270			10/19/2022		(1,190,000	)		(1,190,000	)		(3,821	)		(15,577	)		11,756
1M IRS	Citibank NA		2.723			10/24/2022		(940,000	)		(940,000	)		(2,604	)		(12,960	)		10,357
1Y IRS	Citibank NA		0.425			10/10/2022		(2,420,000	)		(2,420,000	)		—			(51,712	)		51,712
1Y IRS	Citibank NA		0.379			10/10/2022		(2,670,000	)		(2,670,000	)		—			(56,074	)		56,074
1Y IRS	Citibank NA		0.553			11/15/2022		(2,720,000	)		(2,720,000	)		(21	)		(61,825	)		61,804
1Y IRS	Citibank NA		1.750			07/28/2023		(6,300,000	)		(6,300,000	)		(21,404	)		(78,750	)		57,346
1Y IRS	Citibank NA		2.075			07/28/2023		(6,300,000	)		(6,300,000	)		(35,257	)		(132,300	)		97,043
1M IRS	Deutsche Bank AG (London)		3.625			10/26/2022		(1,190,000	)		(1,190,000	)		(19,399	)		(17,910	)		(1,489	)
1Y IRS	Deutsche Bank AG (London)		2.013			04/28/2023		(5,310,000	)		(5,310,000	)		(14,334	)		(75,117	)		60,783
1Y IRS	Deutsche Bank AG (London)		2.356			04/28/2023		(5,310,000	)		(5,310,000	)		(27,203	)		(122,065	)		94,862
9M IRS	Deutsche Bank AG (London)		1.599			11/22/2022		(62,600,000	)		(62,600,000	)		(13	)		(137,159	)		137,147
9M IRS	Deutsche Bank AG (London)		1.348			11/22/2022		(62,600,000	)		(62,600,000	)		(6	)		(75,216	)		75,210
1M IRS	JPMorgan Securities, Inc.		3.072			10/31/2022		(960,000	)		(960,000	)		(15,406	)		(15,406	)		—
2Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022		(2,700,000	)		(2,700,000	)		—			(140,244	)		140,244
9M IRS	JPMorgan Securities, Inc.		1.290			11/16/2022		(62,700,000	)		(62,700,000	)		(6	)		(75,240	)		75,234
9M IRS	JPMorgan Securities, Inc.		1.545			11/16/2022		(62,700,000	)		(62,700,000	)		(6	)		(128,535	)		128,529
1M IRS	MS & Co. Int. PLC		3.090			10/11/2022		(1,190,000	)		(1,190,000	)		(319	)		(15,619	)		15,299
1Y IRS	MS & Co. Int. PLC		0.599			11/16/2022		(2,480,000	)		(2,480,000	)		(25	)		(56,530	)		56,505
1M IRS	UBS AG (London)		2.562			10/17/2022		(970,000	)		(970,000	)		(674	)		(14,011	)		13,337
								(295,420,000	)	$	(295,420,000	)	$	(140,641	)	$	(1,311,329	)	$	1,170,689
Puts
1M IRS	Citibank NA		3.076			10/03/2022		(1,190,000	)		(1,190,000	)		(47,235	)		(15,351	)		(31,884	)
1M IRS	Citibank NA		2.538			10/10/2022		(980,000	)		(980,000	)		(47,907	)		(13,728	)		(34,179	)
1M IRS	Citibank NA		3.270			10/19/2022		(1,190,000	)		(1,190,000	)		(31,949	)		(15,577	)		(16,372	)
1M IRS	Citibank NA		2.723			10/24/2022		(940,000	)		(940,000	)		(34,496	)		(12,960	)		(21,535	)
1M IRS	Deutsche Bank AG (London)		3.625			10/26/2022		(1,190,000	)		(1,190,000	)		(12,477	)		(17,909	)		5,432
1Y IRS	Deutsche Bank AG (London)		3.891			05/05/2023		(5,240,000	)		(5,240,000	)		(106,700	)		(67,340	)		(39,359	)
1Y IRS	Deutsche Bank AG (London)		3.446			05/05/2023		(5,240,000	)		(5,240,000	)		(183,877	)		(115,975	)		(67,903	)
1Y IRS	Deutsche Bank AG (London)		3.405			09/05/2023		(6,430,000	)		(6,430,000	)		(266,497	)		(153,422	)		(113,074	)
1Y IRS	Deutsche Bank AG (London)		3.850			09/05/2023		(6,430,000	)		(6,430,000	)		(172,348	)		(96,898	)		(75,450	)
1M IRS	JPMorgan Securities, Inc.		3.072			10/31/2022		(960,000	)		(960,000	)		(15,406	)		(15,406	)		—
1Y IRS	JPMorgan Securities, Inc.		3.660			08/23/2023		(6,430,000	)		(6,430,000	)		(205,451	)		(88,823	)		(116,628	)
1Y IRS	JPMorgan Securities, Inc.		3.230			08/23/2023		(6,430,000	)		(6,430,000	)		(311,992	)		(143,329	)		(168,663	)
1M IRS	MS & Co. Int. PLC		3.090			10/11/2022		(1,190,000	)		(1,190,000	)		(46,217	)		(15,619	)		(30,599	)
1M IRS	UBS AG (London)		2.562			10/17/2022		(970,000	)		(970,000	)		(46,374	)		(14,011	)		(32,363	)
								(44,810,000	)	$	(44,810,000	)	$	(1,528,926	)	$	(786,348	)	$	(742,577	)
Total written option contracts								(340,230,000	)	$	(340,230,000	)	$	(1,669,567	)	$	(2,097,677	)	$	428,112
TOTAL								(71,670,000	)	$	(71,670,000	)	$	(410,191	)	$	(242,799	)	$	(167,391	)

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Investment Abbreviations:
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
STACR	—Structured Agency Credit Risk
TSFR	—Term Secured Overnight Financing Rate
UMBS	—Uniform Mortgage Backed Securities

Abbreviations:
1M IRS	—1 Month Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
2Y IRS	—1 Year Interest Rate Swaptions
9M IRS	—9 Months Interest Rate Swaptions
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CDX.NA.IG Ind 25	—CDX North America Investment Grade Index 25
CDX.NA.IG Ind 26	—CDX North America Investment Grade Index 26
CDX.NA.IG Ind 27	—CDX North America Investment Grade Index 27
CHFOR	—Swiss Franc Offered Rate
EURO	—Euro Offered Rate
GNMA	—Government National Mortgage Association
JYOR	—Japanese Yen Offered Rate
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
STIBOR	—Stockholm Interbank Offered Rate

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 37.7%
British Pound – 0.6%
United Kingdom Gilt
GBP	840,000		1.500	%	07/31/53	$	551,364
	1,990,000		3.500		01/22/45		2,063,155
	220,000		1.750		07/22/57		156,901
	710,000		3.500		07/22/68		820,798
							3,592,218
Canadian Dollar – 1.5%
British Columbia Province of Canada
CAD	2,600,000		2.850		06/18/25		1,832,809
	2,000,000		4.950		06/18/40		1,578,369
Ontario Province of Canada
	1,700,000		2.600		06/02/25		1,190,338
	2,300,000		4.650		06/02/41		1,751,537
Province of Quebec Canada
	2,390,000		2.250		09/15/26		2,378,829
							8,731,882
Chinese Yuan – 5.8%
China Government Bond
CNY	1,910,000		3.250		06/06/26		275,341
	19,000,000		2.850		06/04/27		2,693,581
	12,660,000		3.280		12/03/27		1,836,188
	68,240,000		3.010		05/13/28		9,742,139
	12,180,000		2.910		10/14/28		1,726,664
	22,460,000		3.250		11/22/28		3,248,948
	36,130,000		3.020		05/27/31		5,128,298
	15,200,000		2.760		05/15/32		2,124,008
	2,890,000		4.080		10/22/48		466,628
	30,170,000		3.860		07/22/49		4,708,532
	11,710,000		3.390		03/16/50		1,684,924
							33,635,251
Euro – 7.6%
Bundesrepublik Deutschland Bundesanleihe
EUR	430,000		3.250		07/04/42		493,906
Bundesschatzanweisungen
	1,080,000		0.010		12/15/23		1,038,957
Finland Government Bond
	1,190,000		1.500	(a)	09/15/32		1,039,441
French Republic Government Bond OAT
	4,140,000		0.010		02/25/27		3,684,004
	1,760,000		1.250		05/25/34		1,455,081
	310,000		3.250		05/25/45		316,236
	210,000		2.000	(a)	05/25/48		169,574
	800,000		1.750	(a)	05/25/66		566,516
	1,030,000		4.500		04/25/41		1,210,524
Ireland Government Bond
	430,000		0.200		10/18/30		352,738
	920,000		0.350		10/18/32		718,720
Italy Buoni Poliennali Del Tesoro
	5,400,000		0.010		08/01/26		4,637,828
	3,220,000		0.900		04/01/31		2,412,327
	1,130,000		3.250	(a)	03/01/38		953,487
	1,170,000		2.150	(a)	09/01/52		735,834
	8,310,000		0.950		03/15/23		8,121,657
	100,000		2.800	(a)	03/01/67		70,081

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Euro – (continued)
EUR	1,680,000		6.000	%	05/01/31	$	1,865,944
Kingdom of Belgium(a)
	4,910,000		0.350		06/22/32		3,833,035
	250,000		2.150		06/22/66		201,569
Portugal Obrigacoes do Tesouro OT
	1,200,000		1.950	(a)	06/15/29		1,121,609
Region Wallonne Belgium
	1,300,000		2.875		01/14/38		1,187,352
Republic of Austria Government Bond(a)
	1,270,000		2.100	(b)	10/20/28		1,068,058
	280,000		0.010	(c)	09/20/17		211,326
	280,000		0.850	(d)	06/30/20		118,015
Republic of Indonesia(a)
	240,000		2.150		07/18/24		227,685
	650,000		2.625		06/14/23		633,529
Republic of Romania
	630,000		2.124		07/16/31		389,869
	70,000		2.000	(a)	01/28/32		42,054
	400,000		3.375	(a)	01/28/50		200,861
Spain Government Bond(a)
	3,430,000		2.550		10/31/32		3,153,222
	870,000		1.250		10/31/30		746,575
	700,000		2.900		10/31/46		614,530
	1,110,000		3.450		07/30/66		1,026,577
							44,618,721
Great Britain Pound – 0.1%
State of North Rhine-Westphalia Germany
GBP	400,000		2.125		06/13/25		413,320
Indonesian Rupiah – 0.1%
Indonesia Treasury Bond
IDR	2,324,000,000		6.500		02/15/31		144,225
	7,391,000,000		6.375		04/15/32		451,881
	1,439,000,000		6.375		07/15/37		86,045
							682,151
Israeli Shekel – 0.2%
Israel Government Bond
ILS	2,430,000		2.000		03/31/27		644,200
	2,500,000		1.300		04/30/32		582,029
							1,226,229
Japanese Yen – 19.0%
Japan Government Five Year Bond
JPY	4,395,100,000		0.005		06/20/27		30,285,589
Japan Government Forty Year Bond
	878,000,000		1.000		03/20/62		5,216,678
Japan Government Thirty Year Bond
	902,250,000		1.300		06/20/52		6,127,607
Japan Government Twenty Year Bond
	975,000,000		0.900		06/20/42		6,624,382
Japan Government Two Year Bond
	494,000,000		0.005		04/01/24		3,417,177
	2,196,400,000		0.005		09/01/24		15,190,413
Japan Treasury Bills(b)
	1,580,000,000		0.000		10/03/22		10,916,880

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Japanese Yen – (continued)
JPY	4,780,850,000		0.000	%	01/06/23	$	33,054,690
							110,833,416
Singapore Dollar – 0.2%
Singapore Government Bond
SGD	2,150,000		2.750		07/01/23		1,489,694
South Korean Won – 0.5%
Korea Treasury Bond
KRW	2,598,070,000		1.875		06/10/29		1,577,127
	2,641,660,000		1.375		12/10/29		1,531,549
							3,108,676
Thai Baht – 0.2%
Thailand Government Bond
THB	6,710,000		2.875		12/17/28		178,032
	26,930,000		1.585		12/17/35		563,851
	12,000,000		3.450		06/17/43		297,092
							1,038,975
United States Dollar – 1.9%
Abu Dhabi Government International Bond
$	500,000		3.125	(a)	10/11/27		466,187
	600,000		4.125	(a)	10/11/47		506,925
	1,370,000		4.125		10/11/47		1,157,479
Korea Development Bank
	200,000		2.000		02/24/25		186,846
Republic of Indonesia
	790,000		3.850	(a)	07/18/27		737,317
	4,340,000		4.125		01/15/25		4,244,520
	200,000		4.125	(a)	01/15/25		195,600
	200,000		4.350		01/11/48		158,522
Republic of Peru(e)
	10,000		2.780		12/01/60		5,358
	100,000		3.230	(f)	07/28/21		53,706
Republic of Romania
	970,000		3.000	(a)	02/27/27		817,104
Republic of Uruguay
	190,000		4.375	(e)	01/23/31		181,664
Saudi Government International Bond
	1,640,000		3.250		11/17/51		1,107,000
United Mexican States(e)
	1,521,000		3.771		05/24/61		899,101
	360,000		3.750		04/19/71		208,193
							10,925,522
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $241,956,437)						$	220,296,055
Corporate Obligations – 33.8%
Aerospace & Defense(e) – 0.7%
Northrop Grumman Corp.
$	1,700,000		2.930	%	01/15/25	$	1,623,160
Raytheon Technologies Corp.
	27,000		3.650		08/16/23		26,780

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Aerospace & Defense(e) – (continued)
Teledyne Technologies, Inc.
$	1,250,000		0.950	%	04/01/24	$	1,167,500
The Boeing Co.
	1,075,000		5.150		05/01/30		995,439
	225,000		3.250		02/01/35		159,017
	225,000		3.375		06/15/46		135,938
	80,000		3.625		03/01/48		49,589
	80,000		3.850		11/01/48		51,786
	80,000		5.805		05/01/50		69,616
							4,278,825
Agriculture(e) – 0.3%
BAT Capital Corp.
	50,000		3.557		08/15/27		43,904
	1,450,000		2.259		03/25/28		1,154,911
Imperial Brands Finance PLC
EUR	355,000		3.375		02/26/26		328,688
							1,527,503
Automotive – 1.1%
General Motors Financial Co., Inc.(e)
	100,000		1.694		03/26/25		91,571
	195,000		0.850		02/26/26		168,972
$	1,725,000		1.500		06/10/26		1,464,732
	650,000		5.000		04/09/27		616,310
	200,000		5.650		01/17/29		189,300
	650,000		4.300		04/06/29		566,378
Hyundai Capital America
	2,425,000		1.650	(a)(e)	09/17/26		2,052,859
PACCAR Financial Corp.
	725,000		0.900		11/08/24		668,515
Volkswagen Leasing GmbH
EUR	600,000		1.625		08/15/25		555,083
							6,373,720
Banks – 11.1%
ABN AMRO Bank NV (1 year CMT + 0.800%)
$	1,200,000		1.542	(a)(e)(g)	06/16/27		1,018,380
AIB Group PLC(e)(g)
(-1X 1 year EUR Swap + 0.750%)
EUR	375,000		0.500		11/17/27		307,227
(-1X 5 year EUR Swap + 3.300%)
	494,000		2.875		05/30/31		422,174
(3M USD LIBOR + 1.874%)
$	1,250,000		4.263	(a)	04/10/25		1,198,037
Australia & New Zealand Banking Group Ltd. (5 year CMT + 1.288%)
	750,000		2.950	(a)(e)(g)	07/22/30		683,010
Banco Santander SA
	800,000		2.706		06/27/24		764,536
	1,400,000		3.490		05/28/30		1,133,496
EUR	500,000		1.625		10/22/30		358,199
$	800,000		2.749		12/03/30		567,440
Bank of America Corp.(e)(g)
(3M USD LIBOR + 0.810%)
	2,900,000		3.366		01/23/26		2,744,879

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
Corporate Obligations – (continued)
Banks – (continued)
(SOFR + 1.330%)
$	15,000		2.972	%	02/04/33	$	11,751
(SOFR + 1.830%)
	1,431,000		4.571		04/27/33		1,284,151
(SOFR + 2.150%)
	375,000		2.592		04/29/31		297,919
Bank of Ireland Group PLC(e)(g)
(-1X 1 year EUR Swap + 0.770%)
EUR	625,000		0.375		05/10/27		519,788
(-1X 5 year EUR Swap + 1.650%)
	575,000		1.375		08/11/31		461,378
Barclays PLC (1 year CMT + 1.050%)
$	1,025,000		2.279	(e)(g)	11/24/27		858,355
BNP Paribas SA
	1,450,000		3.375	(a)	01/09/25		1,377,935
	1,250,000		3.375		01/09/25		1,187,875
(5 year USD Swap + 1.483%)
	950,000		4.375	(a)(e)(g)	03/01/33		821,019
(SOFR + 1.004%)
	575,000		1.323	(a)(e)(g)	01/13/27		488,342
(SOFR + 2.074%)
	550,000		2.219	(a)(e)(g)	06/09/26		494,621
BPCE SA(a)
	2,350,000		4.000		09/12/23		2,316,371
(SOFR + 1.520%)
	1,000,000		1.652	(e)(g)	10/06/26		868,570
(SOFR + 2.865%)
	300,000		5.748	(e)(g)	07/19/33		277,566
CaixaBank SA
EUR	400,000		1.125		05/17/24		378,507
(-1X 3M Euribor + 0.850%)
	700,000		0.375	(e)(g)	11/18/26		600,452
(-1X 3M Euribor + 1.000%)
	500,000		0.750	(e)(g)	05/26/28		403,183
(5 year EUR Swap + 1.680%)
	300,000		2.250	(e)(g)	04/17/30		262,970
Citigroup, Inc.
$	1,210,000		3.500		05/15/23		1,201,143
GBP	600,000		2.750	(e)	01/24/24		643,327
(SOFR + 0.686%)
$	1,575,000		0.776	(e)(g)	10/30/24		1,497,778
(SOFR + 2.842%)
	1,700,000		3.106	(e)(g)	04/08/26		1,594,430
Commonwealth Bank of Australia (5 year CMT + 2.050%)
	1,000,000		3.610	(a)(e)(g)	09/12/34		830,970
Credit Agricole SA(a)(e)(g)
(SOFR + 0.892%)
	1,100,000		1.247		01/26/27		937,343
(SOFR + 1.676%)
	300,000		1.907		06/16/26		268,422
Credit Suisse AG
	1,000,000		2.950		04/09/25		918,790
Credit Suisse Group AG(a)(e)(g)
(3M USD LIBOR + 1.410%)
	2,800,000		3.869		01/12/29		2,288,524
(SOFR + 1.560%)
	1,550,000		2.593		09/11/25		1,410,128

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Danske Bank A/S (1 year CMT + 1.750%)
$	1,275,000		4.298	%(a)(e)(g)	04/01/28	$	1,138,358
Deutsche Bank AG
	1,000,000		0.962		11/08/23		951,980
(-1X 3M Euribor + 2.050%)
EUR	1,600,000		1.750	(e)(g)	11/19/30		1,187,413
(SOFR + 1.870%)
$	275,000		2.129	(e)(g)	11/24/26		233,797
(SOFR + 2.159%)
	600,000		2.222	(e)(g)	09/18/24		571,884
Erste Group Bank AG (-1X 5Y EUAMDB + 2.100%)
EUR	600,000		1.625	(e)(g)	09/08/31		499,055
Fifth Third Bancorp
$	575,000		2.375	(e)	01/28/25		537,568
HSBC Holdings PLC
	200,000		4.250		08/18/25		190,246
	450,000		4.950		03/31/30		414,068
(3M USD LIBOR + 1.211%)
	2,150,000		3.803	(e)(g)	03/11/25		2,079,007
(SOFR + 2.870%)
	875,000		5.402	(e)(g)	08/11/33		774,611
ING Groep NV(e)(g)
(-1X 5 year EUR Swap + 1.150%)
EUR	200,000		1.000		11/16/32		154,621
(-1X 5 year EUR Swap + 1.200%)
	400,000		1.000		11/13/30		336,992
(SOFR + 1.830%)
$	400,000		4.017		03/28/28		363,516
(SOFR + 2.070%)
	225,000		4.252		03/28/33		191,088
Intesa Sanpaolo SpA
EUR	325,000		1.350		02/24/31		222,159
JPMorgan Chase & Co.(e)(g)
(3M USD LIBOR + 0.730%)
$	305,000		3.559		04/23/24		301,892
(3M USD LIBOR + 0.890%)
	300,000		3.797		07/23/24		296,196
(SOFR + 1.260%)
	1,040,000		2.963		01/25/33		819,146
(SOFR + 1.560%)
	3,125,000		4.323		04/26/28		2,939,375
(SOFR + 1.800%)
	488,000		4.586		04/26/33		439,439
(SOFR + 2.515%)
	750,000		2.956		05/13/31		596,100
Macquarie Bank Ltd. (5 year CMT + 1.700%)
	800,000		3.052	(a)(e)(g)	03/03/36		589,792
Macquarie Group Ltd.(a)(e)(g)
(3M USD LIBOR + 1.372%)
	380,000		3.763		11/28/28		339,530
(SOFR + 1.069%)
	400,000		1.340		01/12/27		342,500
Mitsubishi UFJ Financial Group, Inc. (1 year CMT + 2.125%)
	1,250,000		5.472	(e)(g)	09/13/33		1,205,087
Morgan Stanley, Inc. (SOFR + 1.360%)
	775,000		2.484	(e)(g)	09/16/36		555,342
NatWest Group PLC (1 year CMT + 0.900%)
	700,000		1.642	(e)(g)	06/14/27		588,546

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Santander UK Group Holdings PLC(e)(g)
(1 year CMT + 1.250%)
$	1,000,000		1.532	%	08/21/26	$	866,500
(SOFR + 0.787%)
	1,250,000		1.089		03/15/25		1,154,037
Societe Generale SA (1 year CMT + 1.100%)
	1,500,000		1.488	(a)(e)(g)	12/14/26		1,266,555
Standard Chartered PLC(a)(e)(g)
(1 year CMT + 0.880%)
	325,000		1.214		03/23/25		301,701
(1 year CMT + 1.000%)
	1,550,000		1.456		01/14/27		1,308,959
The Bank of New York Mellon Corp. (SOFR + 1.345%)
	275,000		4.414	(e)(g)	07/24/26		268,859
The Norinchukin Bank
	1,050,000		1.284	(a)	09/22/26		903,567
The PNC Financial Services Group, Inc.
	600,000		3.500	(e)	01/23/24		590,472
UBS Group AG (1 year CMT + 2.400%)
	1,550,000		4.988	(a)(e)(g)	08/05/33		1,392,938
Wells Fargo & Co.(e)(g)
(SOFR + 2.000%)
	2,450,000		2.188		04/30/26		2,239,741
(SOFR + 2.100%)
	625,000		4.897		07/25/33		574,925
Westpac Banking Corp.(e)(g)
(5 year CMT + 1.350%)
	1,200,000		2.894		02/04/30		1,104,972
(5 year CMT + 1.750%)
	475,000		2.668		11/15/35		351,666
							64,883,186
Beverages – 1.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(e)
	1,850,000		4.700		02/01/36		1,667,849
	750,000		4.900		02/01/46		650,017
Anheuser-Busch InBev SA
EUR	415,000		2.700		03/31/26		397,529
Bacardi Ltd.
$	1,200,000		4.700	(a)(e)	05/15/28		1,125,996
Constellation Brands, Inc.
	1,500,000		4.400	(e)	11/15/25		1,468,320
Diageo Finance PLC
EUR	180,000		2.375	(e)	05/20/26		171,129
Keurig Dr Pepper, Inc.(e)
$	776,000		4.417		05/25/25		764,391
	325,000		4.500		04/15/52		257,069
							6,502,300
Biotechnology(e) – 0.0%
Amgen, Inc.
	350,000		4.200		02/22/52		275,139
Building Materials(e) – 0.1%
Carrier Global Corp.
	145,000		2.493		02/15/27		128,677

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Building Materials(e) – (continued)
Johnson Controls International PLC/Tyco Fire & Security Finance SCA
$	200,000		4.900	%	12/01/32	$	189,268
							317,945
Chemicals – 0.5%
DuPont de Nemours, Inc.
	600,000		4.493	(e)	11/15/25		590,184
International Flavors & Fragrances, Inc.(a)(e)
	450,000		1.230		10/01/25		395,001
	200,000		1.832		10/15/27		163,848
Sasol Financing International Ltd.
	560,000		4.500		11/14/22		555,800
Syngenta Finance NV(a)(e)
	550,000		4.441		04/24/23		548,355
	400,000		4.892		04/24/25		388,244
							2,641,432
Commercial Services – 0.1%
DP World Crescent Ltd.
	200,000		4.848		09/26/28		192,288
DP World Ltd.
	390,000		5.625		09/25/48		337,837
							530,125
Computers(e) – 1.1%
Dell International LLC/EMC Corp.
	1,250,000		6.020		06/15/26		1,255,000
	875,000		5.300		10/01/29		815,203
	75,000		6.200		07/15/30		73,005
Hewlett Packard Enterprise Co.
	1,200,000		4.450		10/02/23		1,194,060
	1,850,000		4.900		10/15/25		1,833,923
HP, Inc.
	1,545,000		4.000		04/15/29		1,358,905
							6,530,096
Diversified Financial Services – 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(e)
	525,000		3.000		10/29/28		423,265
	325,000		3.300		01/30/32		245,148
Air Lease Corp.(e)
	1,150,000		3.250		03/01/25		1,077,239
	575,000		2.875		01/15/26		515,522
American Express Co.
	255,000		2.500	(e)	07/30/24		244,173
Aviation Capital Group LLC
	400,000		1.950	(a)(e)	01/30/26		335,876
Avolon Holdings Funding Ltd.
	400,000		3.950	(a)(e)	07/01/24		378,776
Capital One Financial Corp.
	505,000		3.300	(e)	10/30/24		486,643
Nomura Holdings, Inc.
	400,000		2.608		07/14/31		296,752
							4,003,394

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
Corporate Obligations – (continued)
Electric(a) – 0.1%
Korea Hydro & Nuclear Power Co., Ltd.
$	630,000		4.250	%	07/27/27	$	599,067
Electrical – 1.1%
Ameren Corp.
	150,000		2.500	(e)	09/15/24		142,417
CMS Energy Corp. (5 year CMT + 2.900%)
	550,000		3.750	(e)(g)	12/01/50		409,876
DTE Energy Co.
	498,000		2.250		11/01/22		497,223
Electricite de France SA
	1,450,000		4.500	(a)(e)	09/21/28		1,354,662
GBP	650,000		6.125		06/02/34		682,880
(12 year EUR Swap + 3.794%)
EUR	100,000		5.375	(e)(g)	01/29/49		91,145
Enel Finance International NV
$	675,000		2.875	(a)(e)	07/12/41		387,646
Enel SpA(e)(g)
(-1X 5 year EUR Swap + 1.719%)
EUR	1,275,000		1.375		12/31/99		929,501
(5 year EUR Swap + 2.580%)
	235,000		3.375		11/24/81		196,666
Engie SA
	200,000		1.000	(e)	03/13/26		180,592
Pacific Gas & Electric Co.(e)
$	625,000		3.000		06/15/28		515,325
	250,000		2.500		02/01/31		182,020
	100,000		3.300		08/01/40		64,213
	200,000		3.500		08/01/50		121,888
Sempra Energy
	700,000		3.400	(e)	02/01/28		633,626
							6,389,680
Engineering & Construction(e) – 0.3%
Mexico City Airport Trust
	540,000		3.875	(a)	04/30/28		442,125
	200,000		5.500	(a)	10/31/46		124,000
	200,000		5.500		07/31/47		123,940
	430,000		5.500	(a)	07/31/47		266,471
Technip Energies NV
EUR	1,025,000		1.125		05/28/28		781,692
							1,738,228
Entertainment(a)(e) – 0.4%
Warnermedia Holdings, Inc.
$	1,875,000		4.054		03/15/29		1,621,744
	600,000		4.279		03/15/32		494,016
	483,000		5.050		03/15/42		361,520
							2,477,280
Forest Products&Paper(e) – 0.0%
Smurfit Kappa Acquisitions ULC
EUR	185,000		2.875		01/15/26		175,170
Gas(e) – 0.2%
ONE Gas, Inc.
$	963,000		1.100		03/11/24		924,076

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services(e) – 0.8%
American Medical Systems Europe BV
EUR	1,325,000		0.750	%	03/08/25	$	1,222,276
DENTSPLY SIRONA, Inc.
$	775,000		3.250		06/01/30		601,090
HCA, Inc.(a)
	250,000		3.375		03/15/29		211,547
	1,575,000		3.625		03/15/32		1,276,018
Medtronic Global Holdings SCA
EUR	400,000		0.250		07/02/25		362,293
Thermo Fisher Scientific Finance I B.V.
	675,000		0.000		11/18/25		599,211
UnitedHealth Group, Inc.
$	375,000		4.750		05/15/52		335,340
							4,607,775
Insurance(e) – 1.0%
Allianz SE(g)
(-1X 5 year EUR Swap + 2.770%)
EUR	800,000		2.625		12/31/99		503,746
(5 year CMT + 2.165%)
$	800,000		3.200	(a)	12/31/99		517,144
American International Group, Inc.
	2,150,000		3.900		04/01/26		2,056,540
Aviva PLC (5 year UK Government Bond + 2.850%)
GBP	450,000		6.125	(g)	11/14/36		463,101
CNP Assurances
EUR	700,000		0.375		03/08/28		533,399
Corebridge Financial, Inc.
$	1,450,000		3.900	(a)	04/05/32		1,223,655
Helvetia Europe SA (-1X 5 year EUR Swap + 3.950%)
EUR	550,000		2.750	(g)	09/30/41		409,456
Legal & General Group PLC (-1X 5 year UK Government Bond + 4.050%)
GBP	500,000		3.750	(g)	11/26/49		416,294
							6,123,335
Internet(e) – 0.3%
Expedia Group, Inc.
$	1,150,000		3.250		02/15/30		932,627
Prosus NV(a)
	210,000		3.680		01/21/30		158,991
	200,000		4.027		08/03/50		112,500
	200,000		3.832		02/08/51		110,500
Tencent Holdings Ltd.
	200,000		3.595		01/19/28		179,720
							1,494,338
Iron/Steel(e) – 0.2%
Steel Dynamics, Inc.
	1,275,000		1.650		10/15/27		1,046,201
Lodging(e) – 0.3%
Marriott International, Inc.
	515,000		5.000		10/15/27		497,433
	1,500,000		4.650		12/01/28		1,396,995
							1,894,428

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media(e) – 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital
$	900,000		4.500	%	02/01/24	$	889,803
	3,400,000		4.908		07/23/25		3,317,856
	650,000		4.800		03/01/50		464,893
Comcast Corp.
	1,000,000		3.700		04/15/24		983,490
							5,656,042
Mining – 0.6%
Glencore Funding LLC(a)
	1,400,000		4.125		05/30/23		1,390,494
	650,000		4.125	(e)	03/12/24		638,534
	575,000		1.625	(e)	04/27/26		498,209
	775,000		4.875	(e)	03/12/29		713,627
Newmont Corp.
	400,000		2.600	(e)	07/15/32		303,860
							3,544,724
Miscellaneous Manufacturing(e) – 0.4%
Eaton Corp.
	725,000		4.150		03/15/33		654,980
GE Capital Funding LLC
	1,500,000		4.550		05/15/32		1,390,770
							2,045,750
Multi-National – 1.9%
Asian Development Bank
GBP	4,200,000		1.125		06/10/25		4,237,816
European Investment Bank
EUR	1,240,000		0.875		01/14/28		1,108,514
	4,410,000		2.250		03/15/30		4,165,823
FMS Wertmanagement
GBP	1,100,000		1.375	(h)	03/07/25		1,123,415
The African Export-Import Bank(a)(e)
$	390,000		2.634		05/17/26		337,849
	360,000		3.798		05/17/31		291,870
							11,265,287
Oil Field Services – 0.8%
BP Capital Markets PLC(e)(g)
(-1X 5 year EUR Swap + 3.880%)
EUR	950,000		3.250		12/31/99		828,548
(-1X 5 year EUR Swap + 4.120%)
	400,000		3.625		12/31/99		317,658
Devon Energy Corp.
$	100,000		5.850	(e)	12/15/25		101,069
Occidental Petroleum Corp.
	300,000		5.550	(e)	03/15/26		300,744
	250,000		6.450		09/15/36		248,910
Pertamina Persero PT
	200,000		6.500		05/27/41		184,725
Pioneer Natural Resources Co.
	150,000		1.125	(e)	01/15/26		130,993
Qatar Energy
	820,000		3.300	(a)(e)	07/12/51		577,741

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Reliance Industries Ltd.
$	250,000		3.625	%(a)	01/12/52	$	163,797
TotalEnergies SE (5 year EUR Swap + 3.350%)
EUR	1,105,000		3.369	(e)(g)	12/29/49		996,200
Wintershall Dea Finance B.V.
	1,300,000		1.332	(e)	09/25/28		1,040,402
							4,890,787
Packaging(e) – 0.0%
Berry Global, Inc.
	270,000		1.500		01/15/27		223,469
Pharmaceuticals – 1.0%
AbbVie, Inc.
$	620,000		2.300		11/21/22		618,444
	300,000		3.750	(e)	11/14/23		296,925
	1,350,000		2.600	(e)	11/21/24		1,285,969
Bayer US Finance II LLC(a)(e)
	750,000		3.875		12/15/23		736,845
	1,000,000		4.250		12/15/25		958,840
Becton Dickinson & Co.(e)
	1,484,000		3.363		06/06/24		1,443,873
EUR	185,000		0.034		08/13/25		164,928
CVS Health Corp.
$	300,000		2.625	(e)	08/15/24		287,982
McKesson Corp.
EUR	125,000		1.500	(e)	11/17/25		115,738
							5,909,544
Pipelines – 0.8%
Abu Dhabi Crude Oil Pipeline LLC
$	1,260,000		4.600	(a)	11/02/47		1,114,549
Energy Transfer LP(e)
	250,000		5.250		04/15/29		235,797
	250,000		5.300		04/01/44		199,640
Enterprise Products Operating LLC
	500,000		3.750	(e)	02/15/25		484,470
Galaxy Pipeline Assets Bidco Ltd.
	200,000		2.625	(a)	03/31/36		154,225
	599,249		2.940		09/30/40		457,601
MPLX LP(e)
	250,000		4.500		04/15/38		200,828
	150,000		5.500		02/15/49		127,836
Sabine Pass Liquefaction LLC
	1,500,000		5.625	(e)	03/01/25		1,497,450
The Williams Cos., Inc.
	450,000		3.900	(e)	01/15/25		435,915
							4,908,311
Real Estate(e) – 0.6%
Blackstone Property Partners Europe Holdings S.a.r.l.
EUR	450,000		2.200		07/24/25		401,745
	301,000		1.250		04/26/27		239,675
	575,000		1.000		05/04/28		428,958
	600,000		1.750		03/12/29		452,913
Heimstaden Bostad Treasury BV
	300,000		1.375		07/24/28		226,300

72                    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)
Real Estate(e) – (continued)
Logicor Financing S.a.r.l.
EUR	600,000		2.250	%	05/13/25	$	550,502
	550,000		3.250		11/13/28		472,237
	325,000		1.625		01/17/30		240,594
SBB Treasury Oyj
	950,000		0.750		12/14/28		587,351
							3,600,275
Real Estate Investment Trust(e) – 0.5%
American Homes 4 Rent LP
$	125,000		2.375		07/15/31		94,465
National Retail Properties, Inc.
	375,000		3.900		06/15/24		366,821
Realty Income Corp.
	900,000		4.625		11/01/25		886,617
Simon Property Group LP
	576,000		2.750		06/01/23		568,887
Spirit Realty LP
	300,000		2.100		03/15/28		239,487
WEA Finance LLC/Westfield UK & Europe Finance PLC
	400,000		3.750	(a)	09/17/24		376,580
Weyerhaeuser Co.
	250,000		4.000		03/09/52		183,345
WP Carey, Inc.
	240,000		4.600		04/01/24		237,715
	170,000		4.000		02/01/25		164,660
							3,118,577
Retailing(e) – 0.5%
AutoNation, Inc.
	200,000		1.950		08/01/28		157,186
CK Hutchison International 20 Ltd.
	200,000		2.500	(a)	05/08/30		165,816
CK Hutchison International 21 Ltd.
	200,000		2.500	(a)	04/15/31		162,488
Dollar Tree, Inc.
	650,000		4.000		05/15/25		629,999
Lowe’s Cos., Inc.
	325,000		4.250		04/01/52		247,488
Walgreens Boots Alliance, Inc.
	1,375,000		0.950		11/17/23		1,317,759
							2,680,736
Savings&Loans(a)(e)(g) – 0.1%
Nationwide Building Society (3M USD LIBOR + 1.855%)
	500,000		3.960		07/18/30		431,300
Semiconductors(e) – 0.4%
Broadcom, Inc.(a)
	175,000		3.469		04/15/34		131,610
	2,784,000		3.137		11/15/35		1,951,946
NXP B.V./NXP Funding LLC/NXP USA, Inc.
	695,000		3.250		11/30/51		417,584
							2,501,140
Software(e) – 0.3%
Fidelity National Information Services, Inc.
EUR	400,000		0.750		05/21/23		387,128

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software(e) – (continued)
EUR	550,000		0.625	%	12/03/25	$	491,000
Oracle Corp.
$	1,125,000		2.875		03/25/31		886,219
VMware, Inc.
	250,000		1.800		08/15/28		198,097
							1,962,444
Sovereign – 1.9%
European Financial Stability Facility
EUR	1,170,000		0.875	(h)	04/10/35		883,478
European Union
	10,550,000		0.010		07/06/26		9,413,003
	820,000		0.200		06/04/36		548,887
							10,845,368
Telecommunication Services – 1.5%
AT&T, Inc.(e)
$	1,879,000		2.550		12/01/33		1,398,295
EUR	600,000		1.800		09/14/39		399,255
$	600,000		3.650		06/01/51		409,176
Deutsche Telekom International Finance B.V.
	500,000		2.485	(a)(e)	09/19/23		487,780
Telefonica Emisiones SA
EUR	500,000		1.788	(e)	03/12/29		434,128
T-Mobile USA, Inc.(e)
$	500,000		3.500		04/15/25		478,330
	900,000		3.750		04/15/27		831,870
	900,000		3.875		04/15/30		797,580
	1,675,000		2.550		02/15/31		1,326,918
	925,000		5.200		01/15/33		885,151
Vodafone Group PLC
EUR	165,000		1.875	(e)	09/11/25		155,816
$	1,000,000		4.375		05/30/28		942,340
							8,546,639
TOTAL CORPORATE OBLIGATIONS (Cost $231,962,460)						$	197,463,636
Mortgage-Backed Obligations – 28.6%
Collateralized Mortgage Obligations – 1.4%
Interest Only – 0.4%
FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%)
$	125,673		3.182	%(g)	05/15/41	$	11,497
FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%)
	135,729		3.232	(g)	03/15/44		13,495
FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%)
	471,770		3.182	(g)	05/15/46		51,920
FHLMC REMIC Series 4998, Class GI
	990,826		4.000		08/25/50		191,416
FHLMC REMIC Series 5002, Class SJ (-1X 1M USD LIBOR + 6.100%)
	1,127,833		3.016	(g)	07/25/50		129,504

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
FHLMC REMIC Series 5012, Class DI
$	189,308		4.000	%	09/25/50	$	36,761
FHLMC REMIC Series 5020, Class IH
	984,644		3.000		08/25/50		155,797
FNMA REMIC Series 2011-124, Class SC (-1X 1M USD LIBOR + 6.550%)
	130,709		3.466	(g)	12/25/41		14,555
FNMA REMIC Series 2012-5, Class SA (-1X 1M USD LIBOR + 5.950%)
	185,274		2.866	(g)	02/25/42		18,679
FNMA REMIC Series 2014-6, Class SA (-1X 1M USD LIBOR + 6.600%)
	170,507		3.516	(g)	02/25/44		19,679
FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR + 6.100%)
	367,857		3.016	(g)	05/25/47		42,195
FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR + 3.450%)
	910,894		0.366	(g)	03/25/48		15,251
FNMA REMIC Series 2020-60, Class NI
	175,811		4.000		09/25/50		34,140
GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR + 6.050%)
	533,383		3.036	(g)	08/20/49		51,016
GNMA REMIC Series 2010-20, Class SE (-1X 1M USD LIBOR + 6.250%)
	328,939		3.236	(g)	02/20/40		34,997
GNMA REMIC Series 2013-124, Class CS (-1X 1M USD LIBOR + 6.050%)
	273,622		3.036	(g)	08/20/43		29,152
GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR + 6.100%)
	92,704		3.086	(g)	06/20/43		8,871
GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%)
	169,332		3.086	(g)	10/20/43		9,627
GNMA REMIC Series 2015-111, Class IM
	271,522		4.000		08/20/45		42,333
GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR + 6.250%)
	167,230		3.236	(g)	09/20/45		19,066
GNMA REMIC Series 2015-129, Class IC
	109,385		4.500		09/16/45		20,549
GNMA REMIC Series 2015-167, Class AS (-1X 1M USD LIBOR + 6.250%)
	99,827		3.236	(g)	11/20/45		10,392
GNMA REMIC Series 2016-1, Class ST (-1X 1M USD LIBOR + 6.200%)
	123,875		3.186	(g)	01/20/46		13,075
GNMA REMIC Series 2016-138, Class GI
	291,371		4.000		10/20/46		51,723
GNMA REMIC Series 2016-27, Class IA
	129,684		4.000		06/20/45		16,576
GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR + 6.200%)
	341,732		3.186	(g)	09/20/48		35,265

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
GNMA REMIC Series 2018-137, Class SN (-1X 1M USD LIBOR + 6.150%)
$	375,814		3.136	%(g)	10/20/48	$	38,061
GNMA REMIC Series 2018-139, Class SQ (-1X 1M USD LIBOR + 6.150%)
	201,179		3.136	(g)	10/20/48		20,022
GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%)
	168,793		3.036	(g)	01/20/49		16,406
GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%)
	1,150,595		3.036	(g)	09/20/49		126,892
GNMA REMIC Series 2019-110, Class SD (-1X 1M USD LIBOR + 6.100%)
	452,903		3.086	(g)	09/20/49		41,110
GNMA REMIC Series 2019-110, Class SE (-1X 1M USD LIBOR + 6.100%)
	443,290		3.086	(g)	09/20/49		43,893
GNMA REMIC Series 2019-151, Class IA
	1,612,323		3.500		12/20/49		273,768
GNMA REMIC Series 2019-151, Class NI
	598,875		3.500		10/20/49		93,373
GNMA REMIC Series 2019-153, Class EI
	883,045		4.000		12/20/49		159,867
GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR + 3.790%)
	431,640		0.776	(g)	02/20/49		11,072
GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR + 6.100%)
	117,129		3.086	(g)	06/20/49		10,908
GNMA REMIC Series 2020-146, Class KI
	1,315,950		2.500		10/20/50		173,830
GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%)
	469,769		3.036	(g)	04/20/50		52,290
GNMA REMIC Series 2020-78, Class DI
	670,548		4.000		06/20/50		120,364
							2,259,387
Sequential Fixed Rate – 0.1%
FNMA REMIC Series 2011-52, Class GB
	189,267		5.000		06/25/41		188,955
FNMA REMIC Series 2011-99, Class DB
	177,516		5.000		10/25/41		177,368
FNMA REMIC Series 2012-111, Class B
	22,523		7.000		10/25/42		23,716
FNMA REMIC Series 2012-153, Class B
	92,086		7.000		07/25/42		96,802
GCAT 2022-NQM4 Trust Series 22-NQM4, Class A1
	174,272		5.269	(a)(i)	08/25/67		170,443
OBX Trust Series 2022-NQM7, Class A1
	178,245		5.110	(a)(i)	08/25/62		174,045
							831,329
Sequential Floating Rate(g) – 0.9%
Alternative Loan Trust Series 2005-CWALT, Class 38A1 (12M MTA + 1.500%)
	42,615		2.604		09/25/35		37,478

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(g) – (continued)
Bellemeade Re Ltd. Series 2021-2A, Class M1B (1M SOFR + 1.500%)
$	365,000		3.781	%(a)	06/25/31	$	348,907
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1M SOFR + 1.650%)
	285,000		3.931	(a)	12/25/41		258,967
Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1M SOFR + 1.550%)
	318,000		3.831	(a)	10/25/41		300,928
Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1M SOFR + 1.900%)
	289,657		4.181	(a)	04/25/42		284,642
Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1M SOFR + 3.000%)
	227,000		5.281	(a)	04/25/42		209,506
Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1 (1M USD LIBOR + 0.420%)
	147,763		3.413		03/20/46		122,726
FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2 (1M SOFR + 1.650%)
	199,716		3.931	(a)	01/25/34		194,760
FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A (1M SOFR + 1.000%)
	630,213		3.281	(a)	01/25/42		611,088
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA4, Class M3 (1M USD LIBOR + 3.800%)
	387,316		6.884		03/25/29		397,982
Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
	199,644		3.375		08/19/36		165,144
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1
	1,197,692		2.520	(a)	05/25/52		999,800
JPMorgan Mortgage Trust Series 2022-LTV1,Class A2
	384,791		3.520	(a)	07/25/52		319,899
Mill City Mortgage Loan Trust Series 2017-2, Class A3
	221,900		3.107	(a)	07/25/59		213,564
Residential Accredit Loans, Inc. Series 2005-QO5, Class A1 (12M MTA + 1.000%)
	341,368		2.104		01/25/46		288,070
Sequoia Mortgage Trust Series 2004-10, Class A3A (6M USD LIBOR + 0.660%)
	34,680		2.217		11/20/34		31,261
Verus Securitization Trust Series 2021-8, Class A1
	143,478		1.824	(a)	11/25/66		121,606
Verus Securitization Trust Series 2022-INV1, Class A1
	98,675		5.041	(a)(i)	08/25/67		96,112
							5,002,440
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							8,093,156
Commercial Mortgage-Backed Securities – 2.5%
Sequential Fixed Rate – 1.1%
3650R Commercial Mortgage Trust Series 2021-PF1, Class AS
$	850,000		2.778	%	11/15/54	$	653,552
BANK Series 2018-BN14, Class D
	350,000		3.000	(a)	09/15/60		246,933
BANK Series 2019-BN19, Class D
	200,000		3.000	(a)	08/15/61		132,307

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
BBCMS Mortgage Trust Series 2022-C17, Class A5
$	2,000,000		4.441	%	09/15/55	$	1,886,156
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	400,000		3.000	(a)	09/15/50		293,598
DOLP Trust Series 2021-NYC, Class A
	1,500,000		2.956	(a)	05/10/41		1,196,642
Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5
	1,100,000		2.626		04/15/54		895,486
Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4
	1,250,000		4.000	(g)	04/15/55		1,122,786
							6,427,460
Sequential Floating Rate(g) – 1.4%
BANK Series 2017-BNK4, Class C
	900,000		4.372		05/15/50		809,917
BANK Series 2022-BN40, Class A4
	1,150,000		3.507		03/15/64		996,735
BBCMS Mortgage Trust Series 2022-C17, Class AS
	2,500,000		4.971		09/15/55		2,334,701
BX Trust Series 2021-ARIA, Class C (1M USD LIBOR + 1.646%)
	950,000		4.464	(a)	10/15/36		897,070
BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%)
	1,200,000		5.296	(a)	08/15/39		1,199,240
Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A (1M TSFR + 2.186%)
	950,000		5.031	(a)	05/15/37		943,733
Wells Fargo Commercial Mortgage Trust Series 2016-C37, Class D
	250,000		3.338	(a)	12/15/49		191,218
Wells Fargo Commercial Mortgage Trust Series 2019-C53, Class B
	1,300,000		3.514		10/15/52		1,087,507
							8,460,121
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	14,887,581
Federal Agencies – 24.7%
FHLMC – 0.0%
$	1,829		5.000	%	01/01/33	$	1,833
	174		5.000		06/01/33		174
	2,063		5.000		07/01/33		2,068
	2,702		5.000		08/01/33		2,709
	485		5.000		10/01/33		486
	1,138		5.000		11/01/33		1,141
	593		5.000		12/01/33		595
	1,982		5.000		02/01/34		1,987
	867		5.000		03/01/34		871
	1,576		5.000		04/01/34		1,580
	2,210		5.000		05/01/34		2,216
	31,958		5.000		06/01/34		32,040
	747		5.000		11/01/34		749
	8,475		5.000		04/01/35		8,497

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	92		5.000	%	11/01/35	$	92
	3,395		5.000		02/01/37		3,401
	9,330		5.000		01/01/40		9,385
	6,018		4.000		06/01/40		5,738
	44,886		4.000		02/01/41		42,790
	3,264		4.000		11/01/41		3,152
							121,504
GNMA – 8.5%
	191,071		4.000		11/20/44		181,223
	17,942		4.000		05/20/45		17,017
	410,811		4.000		07/20/45		389,381
	284,318		4.000		01/20/46		269,309
	100,096		4.500		02/20/48		97,366
	33,624		4.500		03/20/48		32,665
	118,618		4.500		04/20/48		115,011
	266,486		4.500		05/20/48		258,218
	369,641		4.500		08/20/48		357,941
	216,376		5.000		08/20/48		215,042
	1,740,503		4.500		09/20/48		1,685,411
	249,122		5.000		09/20/48		247,587
	246,135		5.000		10/20/48		244,579
	1,011,237		5.000		11/20/48		1,004,847
	413,909		5.000		12/20/48		411,164
	1,324,929		4.500		01/20/49		1,282,266
	704,105		5.000		01/20/49		699,436
	361,935		4.500		02/20/49		350,168
	260,532		4.500		03/20/49		251,980
	394,312		5.000		03/20/49		391,574
	738,658		3.000		08/20/49		661,341
	575,403		4.500		10/20/49		554,538
	218,501		4.500		12/20/49		210,372
	864,598		3.000		07/20/51		768,580
	934,755		3.000		12/20/51		828,827
	2,000,000		2.500		TBA-30yr(j)		1,717,444
	1,000,000		3.000		TBA-30yr(j)		882,725
	6,000,000		4.000		TBA-30yr(j)		5,597,295
	16,000,000		4.500		TBA-30yr(j)		15,295,096
	15,000,000		5.000		TBA-30yr(j)		14,657,010
							49,675,413
UMBS – 5.7%
	163,680		4.500		07/01/36		160,276
	16,472		4.500		12/01/36		16,130
	4,659		4.500		05/01/38		4,568
	12,897		4.500		05/01/39		12,702
	8,959		4.500		06/01/39		8,824
	4,394		4.500		08/01/39		4,328
	6,260		4.500		09/01/39		6,134
	9,839		4.500		10/01/39		9,641
	4,101		4.500		03/01/40		4,018
	53,616		4.500		04/01/40		52,506
	5,376		4.500		12/01/40		5,264
	42,719		4.500		01/01/41		41,834
	15,525		4.500		04/01/41		15,201
	25,855		4.500		06/01/41		25,317
	24,184		4.500		07/01/41		23,681

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	36,207		4.500	%	08/01/41	$	35,464
	99,711		4.500		09/01/41		97,636
	50,413		4.500		10/01/41		49,364
	68,367		4.500		11/01/41		66,945
	52,448		4.500		12/01/41		51,357
	46,371		4.500		01/01/42		45,016
	3,349		4.500		03/01/42		3,279
	13,566		4.500		04/01/42		13,283
	58,003		3.000		12/01/42		51,910
	138,660		3.000		01/01/43		124,093
	191,521		3.000		04/01/43		171,402
	1,232,136		4.000		12/01/44		1,167,357
	230,436		4.500		06/01/45		224,991
	1,883,314		3.500		07/01/45		1,723,524
	4,350,087		4.000		08/01/45		4,126,637
	995,110		4.500		11/01/47		966,815
	2,863,816		4.000		01/01/48		2,704,302
	17,341		4.500		08/01/48		16,762
	311,099		4.500		09/01/48		301,767
	216,659		5.000		11/01/48		215,361
	951,011		3.000		02/01/49		842,007
	13,560		4.500		03/01/49		13,069
	1,144,803		3.500		07/01/49		1,045,627
	983,992		4.000		07/01/49		926,997
	745,153		3.500		08/01/49		680,599
	474,494		4.500		10/01/50		458,185
	2,757,733		3.000		12/01/50		2,430,334
	2,934,170		2.500		05/01/51		2,478,230
	2,738,715		2.500		09/01/51		2,314,166
	957,161		4.500		04/01/52		911,811
	64,487		5.000		05/01/52		63,517
	2,104,236		5.000		06/01/52		2,073,994
	4,682,570		5.000		07/01/52		4,610,719
	982,255		4.500		08/01/52		941,126
	1,058,069		5.000		08/01/52		1,039,333
							33,377,403
UMBS, 30 Year, Single Family(j) – 10.5%
	19,000,000		5.000		TBA-30yr		18,486,401
	17,000,000		4.500		TBA-30yr		16,173,902
	17,000,000		2.500		TBA-30yr		14,265,390
	15,000,000		2.000		TBA-30yr		12,137,345
							61,063,038
TOTAL FEDERAL AGENCIES						$	144,237,358
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $176,517,393)						$	167,218,095

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(g) – 5.7%
Collateralized Loan Obligations(a) – 4.1%
AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	2,100,000		3.812	%	01/15/33	$	2,056,677
Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	2,100,000		3.732		04/15/33		2,020,145
Ares LXIV CLO Ltd. Series 22-64A, Class A1 (3M TSFR LIBOR + 1.440%)
	3,225,000		2.479		04/15/35		3,119,023
Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	5,300,000		3.752		04/15/33		5,124,893
LCM 38A Ltd., Class A1A (3M SOFR + 2.100%)
	950,000		4.592		07/15/34		935,333
Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	1,800,000		3.843		04/14/33		1,722,850
OZLM Ltd.Series 2015-14A, Class CRR (3M USD LIBOR + 3.390%)
	1,700,000		5.902		07/15/34		1,417,503
Steele Creek CLO Ltd. Series 2019-1A, Class D (3M USD LIBOR + 4.100%)
	1,400,000		6.612		04/15/32		1,215,420
Venture 36 Clo Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%)
	900,000		6.860		04/20/32		775,540
Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	3,475,000		3.792		04/15/33		3,361,736
Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	2,100,000		3.572		04/15/31		2,036,893
							23,786,013
Student Loans – 1.6%
ECMC Group Student Loan Trust Series 2017-1A, Class A (1M USD LIBOR + 1.200%)
	2,661,847		4.284	(a)	12/27/66		2,630,308
Educational Services of America, Inc. Series 2015-2, Class A (1M USD LIBOR + 1.000%)
	309,785		4.084	(a)	12/25/56		310,635
Higher Education Funding I Series 2014-1, Class A (3M USD LIBOR + 1.050%)
	804,286		4.047	(a)	04/25/35		802,890
Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	161,554		1.524		02/25/42		159,636
Navient Student Loan Trust Series 2017-2A, Class A (1M USD LIBOR + 1.050%)
	4,197,153		4.134	(a)	12/27/66		4,145,579
Nelnet Student Loan Trust Series 2011-1A, Class A (1M USD LIBOR + 0.850%)
	125,046		3.934	(a)	02/25/48		123,496

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(g) – (continued)
Student Loans – (continued)
PHEAA Student Loan Trust Series 2016-1A, Class A (1M USD LIBOR + 1.150%)
$	1,447,316		4.234	%(a)	09/25/65	$	1,422,412
							9,594,956
TOTAL ASSET-BACKED SECURITIES (Cost $34,619,799)						$	33,380,969
Agency Debentures – 0.3%
Sovereign – 0.3%
FHLMC
$	1,160,000		6.750	%	03/15/31	$	1,372,454
(Cost $ 1,394,214)
TOTAL AGENCY DEBENTURES (Cost $1,394,214)						$	1,372,454
Structured Note(a)(g) – 0.2%
Banks – 0.2%
Republic of Indonesia (Issuer JPMorgan Chase Bank NA)
IDR	15,414,000,000		7.500	%	06/17/35	$	1,011,030
(Cost $1,112,905)
TOTAL STRUCTURED NOTES (Cost $1,112,905)						$	1,011,030
Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 2.1%
United States Treasury Bonds
$	1,740,000		1.875	%	02/15/41	$	1,232,410
	3,210,000		2.250		05/15/41		2,426,058
	6,230,000		1.750		08/15/41		4,258,789
	2,050,000		2.000		11/15/41		1,467,031
	2,040,000		2.750		08/15/42		1,656,225
	2,020,000		1.875		11/15/51		1,334,778
TOTAL U.S. TREASURY OBLIGATIONS (Cost $14,555,280)						$	12,375,291

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, 2022 (Unaudited)

Shares	Dividend Rate	Value
Investment Company(k) – 4.4%
Goldman Sachs Financial Square Government Fund - Institutional Shares
25,743,653	2.911%	$	25,743,653
(Cost $25,743,653)
TOTAL INVESTMENTS – 112.8% (Cost $727,862,141)		$	658,861,183
LIABILITIES IN EXCESS OF OTHER     ASSETS – ( 12.8)%			(74,881,492	)
NET ASSETS – 100.0%		$	583,979,691

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

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

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

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

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

(g) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2022.

(h) Guaranteed by a foreign government until maturity.

(i) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2022.

(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 $99,212,608 which represents approximately 17.1% of net assets as of September 30, 2022.

(k) Represents an Affiliated Issuer.

    ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, 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.	CLP	157,151,712	USD	160,564		10/27/22	$	1,101
	EUR	418,457	NOK	4,248,805		12/21/22		21,824
	EUR	418,817	NZD	706,439		12/21/22		17,650
	EUR	415,365	SGD	587,351		12/21/22		373
	EUR	4,274,319	USD	4,160,485		10/11/22		31,760
	GBP	294,142	USD	325,199		12/15/22		3,603
	GBP	1,241,681	USD	1,346,343		12/21/22		41,855
	SEK	455,591	USD	40,798		12/21/22		480
	TWD	131,721,927	USD	4,138,317		10/03/22		5,863
	USD	561,876	AUD	805,137		10/05/22		46,846
	USD	1,159,371	AUD	1,745,734		12/21/22		41,021
	USD	7,095,329	CAD	9,172,084		10/11/22		455,553
	USD	3,397,624	CAD	4,463,211		12/21/22		165,144
	USD	659,242	CHF	624,129		10/13/22		25,965
	USD	1,655,430	CHF	1,602,233		12/21/22		17,402
	USD	588,705	CLP	542,066,869		10/27/22		31,072
	USD	34,786,961	CNH	242,155,803		12/06/22		825,177
	USD	1,237,544	CNH	8,551,121		12/21/22		37,708
	USD	1,059,126	COP	4,652,094,160		10/28/22		55,723
	USD	98,322,297	EUR	96,548,848		10/11/22		3,627,349
	USD	1,012,121	EUR	1,000,310		12/21/22		25,224
	USD	14,520,188	GBP	12,669,558		12/15/22		357,721
	USD	4,499,531	GBP	3,866,538		12/21/22		176,740
	USD	87,879	HUF	35,138,129		12/21/22		8,340
	USD	2,360,101	IDR	35,611,321,465		10/13/22		34,417
	USD	90,212	IDR	1,335,158,751		11/15/22		3,189
	USD	1,760,314	ILS	5,956,212		10/03/22		89,618

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)		USD	691,635		ILS	2,331,987		12/21/22	$	32,821
		USD	1,304,253		ILS	4,594,000		12/22/22		6,260
		USD	278,000		INR	22,218,872		10/14/22		6,042
		USD	398,204		INR	32,491,820		10/27/22		862
		USD	11,697,322		JPY	1,580,524,560		10/03/22		773,838
		USD	84,566,001		JPY	11,523,757,494		10/06/22		4,900,096
		USD	163,292		JPY	23,012,430		12/21/22		2,750
		USD	33,608,967		JPY	4,783,989,757		01/06/23		159,938
		USD	3,999,969		KRW	5,232,759,550		10/13/22		361,529
		USD	994,190		KRW	1,381,001,238		12/12/22		34,130
		USD	300,170		MXN	6,042,013		12/21/22		4,602
		USD	398,450		NOK	4,022,605		10/13/22		29,004
		USD	1,904,754		NOK	19,505,391		12/21/22		109,650
		USD	136,640		NZD	216,610		10/27/22		15,406
		USD	3,814,000		NZD	6,313,539		12/21/22		278,911
		USD	84,525		PLN	396,490		12/21/22		5,672
		USD	4,196,050		SEK	43,953,827		12/21/22		213,649
		USD	1,441,299		SGD	1,974,906		11/07/22		65,735
		USD	421,612		SGD	591,264		12/21/22		9,462
		USD	1,267,522		THB	46,278,286		12/21/22		32,957
		USD	498,170		TRY	9,803,927		12/21/22		21,038
		USD	2,463,337		TWD	74,907,747		10/03/22		106,624
		USD	833,000		TWD	26,118,049		12/21/22		10,459
		USD	166,498		ZAR	2,964,626		12/21/22		3,900
TOTAL									$	13,334,053

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	978,642		USD	663,121		10/05/22	$	(37,103	)
	AUD	6,830,102		USD	4,671,140		12/21/22		(295,647	)
	CAD	2,734,749		USD	2,106,202		12/21/22		(125,561	)
	CHF	804,128		EUR	840,264		12/21/22		(6,905	)
	CHF	825,000		USD	851,203		10/13/22		(14,111	)
	CHF	3,246,393		USD	3,393,983		12/21/22		(75,065	)
	CLP	157,083,621		USD	173,650		10/27/22		(12,056	)
	CNH	5,868,883		USD	840,000		12/21/22		(16,517	)
	COP	1,719,757,298		USD	396,238		10/28/22		(25,306	)
	EUR	9,171,742		USD	9,201,047		10/11/22		(205,417	)
	EUR	676,694		USD	691,588		12/21/22		(23,967	)
	GBP	1,350,581		USD	1,546,084		12/21/22		(36,136	)
	INR	118,307,461		USD	1,480,914		10/14/22		(32,833	)
	JPY	1,824,604,912		USD	13,283,066		10/06/22		(669,228	)
	JPY	116,348,366		USD	819,863		12/21/22		(8,177	)
	MXN	8,453,018		USD	415,790		12/21/22		(2,279	)
	NOK	23,678,559		USD	2,406,597		12/21/22		(227,434	)
	NZD	1,403,587		AUD	1,243,863		12/21/22		(10,943	)
	NZD	698,755		CAD	553,547		12/21/22		(9,658	)
	NZD	1,919,000		USD	1,179,732		12/21/22		(105,242	)
	SEK	4,490,914		EUR	416,000		12/21/22		(3,526	)
	SEK	4,916,969		USD	461,686		12/21/22		(16,188	)

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, 2022 (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)	SGD	3,624,185	USD	2,597,982		12/21/22	$	(71,686	)
	TWD	18,093,566	USD	605,602		10/03/22		(36,349	)
	TWD	12,983,802	USD	420,896		10/06/22		(12,864	)
	TWD	13,029,140	USD	419,000		12/21/22		(8,671	)
	USD	159,670	BRL	869,899		10/31/22		(389	)
	USD	161,754	CLP	159,133,438		10/27/22		(1,949	)
	USD	1,929,000	CNH	13,971,392		12/21/22		(31,373	)
	USD	647,105	EUR	672,000		12/21/22		(15,884	)
	USD	1,213,155	GBP	1,125,876		12/21/22		(45,575	)
	USD	641,935	SEK	7,286,941		12/21/22		(18,292	)
	USD	2,353,000	TWD	74,907,746		10/03/22		(3,717	)
	USD	2,592,128	TWD	82,403,329		12/21/22		(3,016	)
	ZAR	2,998,131	USD	174,092		12/21/22		(9,657	)

FORWARD SALES CONTRACTS — At September 30, 2022, 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: $(1,807,695))		3.500%		TBA-30yr		10/13/22		$(2,000,000)		$(1,797,187	)

(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, 2022, 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		44		12/08/22		$  5,971,994		$   (295,015	)
10 Year U.K. Long Gilt		15		12/28/22		1,614,531		(127,810	)
10 Year U.S. Treasury Notes		99		12/20/22		11,094,188		24,937
2 Year German Euro-Schatz		176		12/08/22		18,484,764		(152,817	)
30 Year German Euro-Buxl		27		12/08/22		3,880,293		(334,586	)
Australian 10 Year Government Bonds		62		12/15/22		4,644,641		(123,544	)
Australian 3 Year Government Bonds		100		12/15/22		6,816,248		(83,147	)
Canada 10 Year Government Bonds		106		12/19/22		9,483,867		(146,798	)
French 10 Year Government Bonds		53		12/08/22		6,862,664		(314,217	)
Italian 10 Year Government Bonds		20		12/08/22		2,194,920		(96,856	)
Japan 10 Year Government Bonds		4		12/13/22		4,098,667		(840	)
Ultra Long U.S. Treasury Bonds		42		12/20/22		5,754,000		(206,186	)
Total								$(1,856,879	)
Short position contracts:
10 Year U.S. Treasury Notes		(114)		12/20/22		(13,507,219)		63,975
2 Year U.S. Treasury Notes		(99)		12/30/22		(20,333,672)		(44,545	)
20 Year U.S. Treasury Bonds		(85)		12/20/22		(10,744,531)		(17,675	)

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Short position contracts:
5 Year German Euro-Bobl		(29)		12/08/22		$  (3,403,469)		$      17,347
5 Year U.S. Treasury Notes		(280)		12/30/22		(30,102,188)		17,283
Total								$      36,385
TOTAL FUTURES CONTRACTS								$(1,820,494	)

SWAP CONTRACTS — At September 30, 2022, 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		3.271		BofA Securities LLC		12/21/31		MYR1,540		$(28,143	)		$      —			$(28,143	)
3M KLIBOR		3.735		Citibank NA		07/14/32		1,950		(20,614	)		—			(20,614	)
				JPMorgan Securities,
3.750		3M KLIBOR		Inc.		12/21/24		7,720		4,032			(1,327	)		5,359
3M KLIBOR		3.680		MS & Co. Int. PLC		07/12/32		1,940		(22,516	)		—			(22,516	)
TOTAL										$(67,241	)		$(1,327	)		$(65,914	)

(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)
3M NZDOR(a)		1.250%(b)	12/15/22	NZD	7,850	(c)	$	(12,375	)	$	(2,317	)	$	(10,058	)
1M BID Average(d)		10.565(d)	01/02/23	BRL	7,140			(15,787	)		—			(15,787	)
1M BID Average(d)		12.400(d)	01/02/23		6,350	(c)		6,793			(63	)		6,856
5.800%(d)		1M BID Average(d)	01/02/23		16,560	(c)		164,742			2,731			162,011
1M BID Average(d)		11.814(d)	01/02/24		20,820	(c)		(26,338	)		15,333			(41,671	)
3.000(a)		3M KWCDC(a)	06/15/24	KRW	4,304,120	(c)		61,623			3,509			58,114
3.250(a)		6M AUDOR(a)	08/15/24	AUD	9,750	(c)		72,681			25,064			47,617
6M EURO(b)		1.750(e)	09/21/24	EUR	2,880			(54,438	)		(21,998	)		(32,440	)
2.000(e)		6M GBP(e)	09/21/24	GBP	6,060	(c)		421,672			428,621			(6,949	)
9.200(d)		Mexico Interbank TIIE 28 Days(d)	12/18/24	MXN	27,180	(c)		20,523			210			20,313
3M CNR(a)		2.500(a)	12/21/24	CNY	35,790	(c)		22,382			39,687			(17,305	)
6M GBP(e)		2.750(e)	12/21/24	GBP	3,680	(c)		(220,870	)		(117,712	)		(103,158	)
3M STIBOR(a)		3.000(e)	12/21/24	SEK	313,560	(c)		(254,693	)		(192,760	)		(61,933	)
3M SOFR(e)		3.250(e)	12/21/24	$	11,160	(c)		(209,809	)		(159,911	)		(49,898	)
3M LIBOR(e)		3.600(e)	12/21/24		5,890	(c)		(71,694	)		(33,886	)		(37,808	)
3.750(a)		3M HIBOR(a)	12/21/24	HKD	48,210	(c)		88,756			43,299			45,457
8.750(a)		3M JIBAR(a)	12/21/24	ZAR	76,950	(c)		(28,497	)		(66,704	)		38,207
3.750(e)		3M NIBOR(b)	12/21/24	NOK	166,960	(c)		(21,660	)		11,157			(32,817	)
3M NZDOR(a)		4.000(b)	12/21/24	NZD	7,300			(57,972	)		(44,074	)		(13,898	)
3.250(a)		6M AUDOR(a)	12/21/24	AUD	8,700	(c)		94,166			74,328			19,838

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1.500%(e)	6M EURO(b)	12/21/24	EUR	10,760		$	316,916		$	253,484		$	63,432
7.500(e)	6M WIBOR(b)	12/21/24	PLN	2,050	(c)		833			(4,383	)		5,216
10.950(d)	1M BID Average(d)	01/02/25	BRL	530	(c)		1,598			(617	)		2,215
6M GBP(e)	2.500%(e)	12/21/25	GBP	4,060			(365,199	)		(202,244	)		(162,955	)
1M BID Average(d)	11.230(d)	01/04/27	BRL	190	(c)		(135	)		(1,482	)		1,347
2.350(e)	6M EURO(b)	09/09/27	EUR	5,910	(c)		119,892			47,609			72,283
6M EURO(e)	1.500(e)	12/21/27		3,380	(c)		(198,303	)		(153,549	)		(44,754	)
3M CNR(a)	2.500(a)	12/21/27	CNY	48,540	(c)		(28,753	)		1,536			(30,289	)
3M KWCDC(a)	4.000(a)	12/21/27	KRW	1,570,060	(c)		(6,482	)		19,363			(25,845	)
3M NZDOR(a)	4.000(b)	12/21/27	NZD	7,800	(c)		(97,462	)		(53,462	)		(44,000	)
6M WIBOR(a)	6.500(b)	12/21/27	PLN	1,600	(c)		(6,745	)		4,992			(11,737	)
3.750(b)	6M AUDOR(b)	12/21/27	AUD	180			2,923			1,379			1,544
1.500(e)	6M CHFOR(e)	12/21/27	CHF	5,210	(c)		64,264			66,866			(2,602	)
0.000(e)	6M JYOR(e)	12/21/27	JPY	2,780,510	(c)		282,854			268,117			14,737
6.750(e)	6M WIBOR(b)	12/21/27	PLN	1,600	(c)		3,499			1,437			2,062
3M SOFR(e)	2.500(e)	06/04/29	$	7,320	(c)		(95,440	)		(4,933	)		(90,507	)
2.350(e)	6M EURO(b)	07/04/29	EUR	1,860			63,020			51,832			11,188
2.570(e)	3M LIBOR(e)	06/04/31	$	19,310	(c)		183,749			18,851			164,898
2.250(e)	6M GBP(e)	12/21/31	GBP	4,180			758,997			392,416			366,581
6M EURO(b)	2.128(e)	05/17/32	EUR	5,310	(c)		(230,600	)		(714	)		(229,886	)
1.754(e)	6M EURO(e)	05/17/32		5,310	(c)		259,436			15,938			243,498
6M EURO(e)	2.000(b)	05/26/32		10,570	(c)		(512,927	)		(181,822	)		(331,105	)
0.500(e)	6M JYOR(e)	05/26/32	JPY	2,635,790	(c)		234,791			87,253			147,538
2.680(e)	3M LIBOR(e)	07/28/32	$	1,290	(c)		27,762			(6,446	)		34,208
2.500(e)	6M GBP(e)	08/25/32	GBP	2,290	(c)		110,358			(43,180	)		153,538
6M EURO(b)	2.500(e)	08/30/32	EUR	3,230	(c)		(92,925	)		(93,270	)		345
6M EURO(b)	2.750(e)	09/08/32		1,980	(c)		(37,551	)		4,203			(41,754	)
2.750(e)	3M STIBOR(a)	09/08/32	SEK	23,170	(c)		20,266			2,760			17,506
6M EURO(b)	2.650(e)	09/09/32	EUR	8,710	(c)		(199,433	)		(76,976	)		(122,457	)
6M EURO(b)	3.200(b)	10/04/32		4,020	(c)		3,247			3,249			(2	)
3.000(a)	3M LIBOR(a)	10/04/32	$	4,680	(c)		35,315			35,315			—
Mexico Interbank
TIIE 28 Days(d)	8.600(d)	12/08/32	MXN	10,310	(c)		(19,258	)		614			(19,872	)
6M CHFOR(e)	1.750(e)	12/21/32	CHF	1,740	(c)		(52,044	)		(64,326	)		12,282
6M GBP(e)	2.250(e)	12/21/32	GBP	1,500	(c)		(287,846	)		(149,387	)		(138,459	)
3M SOFR(e)	2.500(e)	12/21/32	$	2,220			(191,858	)		(184,311	)		(7,547	)
3M STIBOR(e)	3.000(a)	12/21/32	SEK	5,040	(c)		(6,946	)		(4,716	)		(2,230	)
3M KWCDC(a)	3.750(a)	12/21/32	KRW	1,142,820	(c)		(5,093	)		24,549			(29,642	)
3.500(e)	3M NIBOR(b)	12/21/32	NOK	10,330	(c)		1,930			10,435			(8,505	)
3M NZDOR(a)	4.000(b)	12/21/32	NZD	240	(c)		(4,859	)		(5,022	)		163
6M WIBOR(b)	6.250(e)	12/21/32	PLN	3,625	(c)		(31,715	)		12,556			(44,271	)
3.750(b)	6M AUDOR(b)	12/21/32	AUD	1,340	(c)		50,602			60,554			(9,952	)
3.250(b)	6M CDOR(b)	12/21/32	CAD	80	(c)		2,048			1,333			715
2.000(e)	6M EURO(b)	12/21/32	EUR	3,420	(c)		334,819			152,018			182,801
0.250(e)	6M JYOR(e)	12/21/32	JPY	1,867,850	(c)		387,293			344,388			42,905
3M JIBAR(a)	9.500(a)	12/21/32	ZAR	11,525	(c)		(10,387	)		12,854			(23,241	)
3M SOFR(e)	2.730(e)	06/04/33	$	12,260	(c)		(91,968	)		(10,386	)		(81,582	)
2.250(e)	6M GBP(e)	12/21/34	GBP	1,700	(c)		354,033			189,326			164,707
6M GBP(e)	3.800(e)	07/31/35		3,250	(c)		(164,306	)		(9,457	)		(154,849	)
6M EURO(b)	2.855(e)	07/04/37	EUR	2,780	(c)		(50,854	)		(52,488	)		1,634
3M LIBOR(e)	2.910(e)	07/28/37	$	3,000	(c)		(40,829	)		5,344			(46,173	)
6M EURO(b)	2.152(e)	08/09/37	EUR	4,890	(c)		(157,063	)		(60,824	)		(96,239	)

82                    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)
1.451%(e)		6M EURO(b)		08/10/42		EUR	11,060	(c)	$	190,602		$	72,401		$	118,201
2.000(e)		6M EURO(b)		12/21/42			400			52,644			25,278			27,366
2.080(e)		3M SOFR(e)		07/28/47		$	2,130	(c)		8,432			(1,355	)		9,787
6M EURO(b)		1.051%(e)		08/11/47		EUR	6,090	(c)		(47,402	)		(17,741	)		(29,661	)
6M EURO(e)		1.355(e)		05/17/52			1,680	(c)		(145,939	)		(58,369	)		(87,570	)
1.328(e)		6M EURO(b)		05/17/52			1,680	(c)		128,547			48,414			80,133
1.560(e)		6M EURO(b)		07/06/52			1,190	(c)		(6,438	)		(29,895	)		23,457
1.800(e)		6M EURO(b)		09/09/52			1,850	(c)		30,788			4,507			26,281
6M EURO(b)		1.750(e)		12/21/52			510	(c)		(69,882	)		(34,122	)		(35,760	)
6M GBP(e)		2.000(e)		12/21/52		GBP	2,420			(777,051	)		(530,129	)		(246,922	)
TOTAL									$	(23,030	)	$	210,079		$	(233,109	)

(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, 2022.

(d) Payments made at monthly.

(e) 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, 2022(b)		Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 10		3.000%		8.960%		MS & Co. Int. PLC		11/17/59		$  900		$(168,159	)		$(194,532	)	$	26,373
Markit CMBX Series 11		3.000		7.241		MS & Co. Int. PLC		11/18/54		1,400		(226,363	)		(257,209	)		30,846
TOTAL												$(394,522	)		$(451,741	)	$	57,219

(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, 2022(b)	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
Bayerische Motoren Werke Aktiengesellschaft, 0.75%, 7/12/24	(1.000)%	1.361%	12/20/27	EUR	5,850	$	96,031		$	65,352		$	30,679
Protection Sold:
CDX.NA.IG Index 34	1.000	0.975	06/20/25	$	4,175		3,813			40,353			(36,540	)
CDX.NA.IG Index 37	1.000	0.950	12/20/26		97,850		212,591			1,397,644			(1,185,053	)
CDX.NA.IG Index 38	1.000	1.348	12/20/27	EUR	5,850		(91,188	)		(60,641	)		(30,547	)

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (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, 2022(b)	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000%	0.523%	12/20/26	$	1,310	$	24,633		$	24,420		$	213
Republic of Chile, 3.240% , 2/6/28	1.000	1.686	12/20/27		3,350		(103,896	)		(65,145	)		(38,751	)
Republic of Indonesia, 4.125%, 01/15/25	1.000	1.574	12/20/27		3,340		(86,139	)		(28,645	)		(57,494	)
Republic of Panama, 8.875%, 09/30/27	1.000	1.830	12/20/27		400		(14,964	)		(10,328	)		(4,636	)
Republic of Panama, 8.875%, 09/30/27	1.000	1.720	06/20/27		890		(26,471	)		(20,641	)		(5,830	)
Unibail-Rodamco-Westfield SE, 2.375%, 02/25/21	1.000	2.259	06/20/24	EUR	1,200		(24,246	)		8,249			(32,495	)
United Mexican States, 4.150%, 03/28/27	1.000	1.952	12/20/27	$	3,370		(144,287	)		(99,845	)		(44,442	)
TOTAL						$	(154,123	)	$	1,250,773		$	(1,404,896	)

(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, 2022, 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	Citibank NA		0.459%		10/10/2022		16,090,000	$	16,090,000	$	2	$	35,173	$	(35,171)
1Y IRS	Citibank NA		0.420		10/10/2022		17,600,000		17,600,000		2		38,100		(38,098)
1Y IRS	Citibank NA		0.516		11/15/2022		17,810,000		17,810,000		91		41,822		(41,731)
1Y IRS	Citibank NA		2.400		07/28/2023		5,000,000		5,000,000		45,372		167,500		(122,129)
2Y IRS	JPMorgan Securities, Inc.		0.700		11/14/2022		10,100,000		10,100,000		1		102,227		(102,226)
9M IRS	JPMorgan Securities, Inc.		1.800		11/16/2022		44,400,000		44,400,000		9		144,300		(144,291)
1Y IRS	MS & Co. Int. PLC		0.544		11/16/2022		16,210,000		16,210,000		94		38,174		(38,080)
							127,210,000	$	127,210,000	$	45,571	$	567,296	$	(521,726)
Puts
1Y IRS	Deutsche Bank AG (London)		2.960		09/05/2023		5,040,000		5,040,000		312,768		196,207		116,561
1Y IRS	JPMorgan Securities, Inc.		2.800		08/23/2023		5,040,000		5,040,000		356,627		181,967		174,661
							10,080,000	$	10,080,000	$	669,395	$	378,174	$	291,222
Total purchased option contracts							137,290,000	$	137,290,000	$	714,966	$	945,470	$	(230,504)

84                    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 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
1M IRS	Citibank NA		3.076%		10/03/2022		(950,000	)	$	(950,000	)	$	—		$	(12,255	)	$	12,255
1M IRS	Citibank NA		2.538		10/10/2022		(970,000	)		(970,000	)		(141	)		(13,588	)		13,447
1M IRS	Citibank NA		3.270		10/19/2022		(950,000	)		(950,000	)		(3,050	)		(12,435	)		9,385
1M IRS	Citibank NA		2.723		10/24/2022		(920,000	)		(920,000	)		(2,548	)		(12,685	)		10,136
1Y IRS	Citibank NA		0.425		10/10/2022		(1,650,000	)		(1,650,000	)		—			(35,258	)		35,258
1Y IRS	Citibank NA		0.379		10/10/2022		(1,810,000	)		(1,810,000	)		—			(38,013	)		38,012
1Y IRS	Citibank NA		0.553		11/15/2022		(1,840,000	)		(1,840,000	)		(14	)		(41,823	)		41,809
1Y IRS	Citibank NA		1.750		07/28/2023		(5,000,000	)		(5,000,000	)		(16,988	)		(62,500	)		45,513
1Y IRS	Citibank NA		2.075		07/28/2023		(5,000,000	)		(5,000,000	)		(27,982	)		(105,000	)		77,018
1M IRS	Deutsche Bank AG (London)		3.625		10/26/2022		(950,000	)		(950,000	)		(15,486	)		(14,297	)		(1,189)
1M IRS	JPMorgan Securities, Inc.		3.072		10/31/2022		(930,000	)		(930,000	)		(14,925	)		(14,925	)		—
2Y IRS	JPMorgan Securities, Inc.		1.060		11/14/2022		(2,000,000	)		(2,000,000	)		—			(103,884	)		103,884
9M IRS	JPMorgan Securities, Inc.		1.290		11/16/2022		(44,400,000	)		(44,400,000	)		(4	)		(53,280	)		53,276
9M IRS	JPMorgan Securities, Inc.		1.545		11/16/2022		(44,400,000	)		(44,400,000	)		(4	)		(91,020	)		91,016
1M IRS	MS & Co. Int. PLC		3.090		10/11/2022		(950,000	)		(950,000	)		(255	)		(12,469	)		12,214
1Y IRS	MS & Co. Int. PLC		0.599		11/16/2022		(1,670,000	)		(1,670,000	)		(17	)		(38,066	)		38,050
1M IRS	UBS AG (London)		2.562		10/17/2022		(950,000	)		(950,000	)		(660	)		(13,722	)		13,062
							(115,340,000	)	$	(115,340,000	)	$	(82,074	)	$	(675,220	)	$	593,146
Puts
1M IRS	Citibank NA		3.076		10/03/2022		(950,000	)		(950,000	)		(37,709	)		(12,255	)		(25,454)
1M IRS	Citibank NA		2.538		10/10/2022		(970,000	)		(970,000	)		(47,418	)		(13,588	)		(33,830)
1M IRS	Citibank NA		3.270		10/19/2022		(950,000	)		(950,000	)		(25,506	)		(12,435	)		(13,070)
1M IRS	Citibank NA		2.723		10/24/2022		(920,000	)		(920,000	)		(33,762	)		(12,685	)		(21,077)
1M IRS	Deutsche Bank AG (London)		3.625		10/26/2022		(950,000	)		(950,000	)		(9,961	)		(14,297	)		4,337
1Y IRS	Deutsche Bank AG (London)		3.405		09/05/2023		(5,040,000	)		(5,040,000	)		(208,887	)		(120,256	)		(88,631)
1Y IRS	Deutsche Bank AG (London)		3.850		09/05/2023		(5,040,000	)		(5,040,000	)		(135,091	)		(75,951	)		(59,139)
1M IRS	JPMorgan Securities, Inc.		3.072		10/31/2022		(930,000	)		(930,000	)		(14,925	)		(14,925	)		—
1Y IRS	JPMorgan Securities, Inc.		3.660		08/23/2023		(5,040,000	)		(5,040,000	)		(161,038	)		(69,622	)		(91,416)
1Y IRS	JPMorgan Securities, Inc.		3.230		08/23/2023		(5,040,000	)		(5,040,000	)		(244,547	)		(112,345	)		(132,203)
1M IRS	MS & Co. Int. PLC		3.090		10/11/2022		(950,000	)		(950,000	)		(36,896	)		(12,469	)		(24,428)
1M IRS	UBS AG (London)		2.562		10/17/2022		(950,000	)		(950,000	)		(45,418	)		(13,722	)		(31,696)
							(27,730,000	)	$	(27,730,000	)	$	(1,001,158	)	$	(484,550	)	$	(516,607)
Total written option contracts							(143,070,000	)	$	(143,070,000	)	$	(1,083,232	)	$	(1,159,770	)	$	76,539
TOTAL							(5,780,000	)	$	(5,780,000	)	$	(368,266	)	$	(214,300	)	$	(153,965)

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Investment Abbreviations:
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTA	—Monthly Treasury Average
PLC	—Public Limited Company
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
STACR	—Structured Agency Credit Risk
TSFR	—Term Secured Overnight Financing Rate
UMBS	—Uniform Mortgage Backed Securities

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
1M IRS	—1 Month Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
2Y IRS	—1 Year Interest Rate Swaptions
9M IRS	—9 Months Interest Rate Swaptions
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CDX.NA.IG Ind 34	—CDX North America Investment Grade Index 34
CDX.NA.IG Ind 37	—CDX North America Investment Grade Index 37
CDX.NA.IG Ind 38	—CDX North America Investment Grade Index 38
CHFOR	—Swiss Franc Offered Rate
EURO	—Euro Offered Rate
HIBOR	—Hong Kong Interbank Offered Rate
JIBAR	—Johannesburg Interbank Agreed Rate
JYOR	—Japanese Yen Offered Rate
KLIBOR	—Kuala Lumpur Interbank Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
SOFR	—Secured Overnight Funding Rate
STIBOR	—Stockholm Interbank Offered Rate
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 71.7%
Advertising(a)(b) – 0.1%
CMG Media Corp.
$	127,000		8.875	%	12/15/27	$	97,056
Aerospace & Defense – 1.5%
Howmet Aerospace, Inc.
	220,000		5.950		02/01/37		199,164
The Boeing Co.(b)
	75,000		4.875		05/01/25		73,169
	90,000		5.150		05/01/30		83,339
	25,000		3.250		02/01/35		17,668
	90,000		5.805		05/01/50		78,318
TransDigm, Inc.(b)
	130,000		5.500		11/15/27		112,901
	40,000		4.625		01/15/29		32,297
	270,000		4.875		05/01/29		217,636
Triumph Group, Inc.
	367,000		7.750	(b)	08/15/25		285,974
							1,100,466
Agriculture(c) – 0.1%
MHP Lux SA
	200,000		6.950		04/03/26		101,000
Airlines(a) – 0.8%
Allegiant Travel Co.
	70,000		7.250	(b)	08/15/27		66,069
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
	55,000		5.500		04/20/26		51,687
	181,000		5.750		04/20/29		157,960
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
	150,100		6.500	(b)	06/20/27		147,015
United Airlines, Inc.
	165,000		4.375	(b)	04/15/26		147,218
							569,949
Automotive – 1.3%
Dealer Tire LLC/DT Issuer LLC
	374,000		8.000	(a)(b)	02/01/28		330,036
Ford Motor Co.
	130,000		4.750		01/15/43		86,440
Ford Motor Credit Co. LLC
	235,000		4.950	(b)	05/28/27		210,207
General Motors Co.
	175,000		6.125	(b)	10/01/25		175,392
General Motors Financial Co., Inc.
	150,000		5.650	(b)	01/17/29		141,975
Real Hero Merger Sub 2, Inc.
	40,000		6.250	(a)(b)	02/01/29		28,916
							972,966
Banks – 11.5%
Banco do Brasil SA (10 year CMT + 4.398%)
	400,000		6.250	(b)(d)	10/29/49		342,250
Banco Mercantil del Norte SA (10 Year CMT + 5.353%)
	400,000		7.625	(d)	12/31/99		355,600
Banco Santander SA
	400,000		2.749		12/03/30		283,720

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Bank of America Corp.(b)
$	275,000		4.183	%	11/25/27	$	254,801
(3M USD LIBOR + 0.990%)
	50,000		2.496	(d)	02/13/31		39,469
(3M USD LIBOR + 1.070%)
	375,000		3.970	(d)	03/05/29		338,332
(3M USD LIBOR + 1.190%)
	125,000		2.884	(d)	10/22/30		102,601
(3M USD LIBOR + 1.310%)
	100,000		4.271	(d)	07/23/29		91,231
(SOFR + 1.530%)
	200,000		1.898	(d)	07/23/31		148,980
(SOFR + 2.150%)
	275,000		2.592	(d)	04/29/31		218,474
Barclays PLC(b)
	250,000		4.337		01/10/28		223,278
(SOFR + 2.714%)
	225,000		2.852	(d)	05/07/26		204,437
BBVA Bancomer SA (5 year CMT + 2.650%)
	200,000		5.125	(b)(d)	01/18/33		165,038
BNP Paribas SA (SOFR + 1.004%)
	200,000		1.323	(a)(b)(d)	01/13/27		169,858
Citigroup, Inc.
	125,000		4.300		11/20/26		118,240
	475,000		4.125		07/25/28		429,177
(SOFR + 1.422%)
	100,000		2.976	(b)(d)	11/05/30		82,166
Credit Suisse Group AG
	250,000		4.550		04/17/26		230,242
(5 year CMT + 4.889%)
	200,000		5.250	(a)(b)(d)	12/31/99		141,104
Deutsche Bank AG (SOFR + 2.159%)
	150,000		2.222	(b)(d)	09/18/24		142,971
Fifth Third Bancorp (SOFR + 2.127%)
	100,000		4.772	(b)(d)	07/28/30		93,123
Freedom Mortgage Corp.
	315,000		7.625	(a)(b)	05/01/26		235,163
HSBC Holdings PLC (SOFR + 1.538%)
	200,000		1.645	(b)(d)	04/18/26		178,042
Itau Unibanco Holding SA (5 year CMT + 3.981%)
	200,000		6.125	(b)(d)	12/31/99		182,350
JPMorgan Chase & Co.(b)(d)
(3M USD LIBOR + 0.945%)
	375,000		3.509		01/23/29		332,197
(3M USD LIBOR + 1.245%)
	500,000		3.960		01/29/27		471,775
(SOFR + 2.515%)
	50,000		2.956		05/13/31		39,740
(SOFR + 3.125%)
	111,000		4.600		12/31/99		96,558
Macquarie Bank Ltd. (5 year CMT + 1.700%)
	200,000		3.052	(a)(b)(d)	03/03/36		147,448
Morgan Stanley(b)(d)
(3M USD LIBOR + 1.628%)
	25,000		4.431		01/23/30		23,005
(SOFR + 1.034%)
	100,000		1.794		02/13/32		73,114

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)
Banks – (continued)
(SOFR + 1.143%)
$	600,000		2.699	%	01/22/31	$	485,736
(SOFR + 1.610%)
	200,000		4.210		04/20/28		187,072
Natwest Group PLC (3M USD LIBOR + 1.762%)
	225,000		4.269	(b)(d)	03/22/25		218,664
The Bank of New York Mellon Corp. (SOFR + 1.755%)
	15,000		4.596	(b)(d)	07/26/30		14,241
The PNC Financial Services Group, Inc. (5 year CMT + 3.238%)
	310,000		6.200	(b)(d)	12/31/99		293,843
Truist Financial Corp. (10 year CMT + 4.349%)
	316,000		5.100	(b)(d)	12/31/99		283,408
Turkiye Vakiflar Bankasi TAO
	200,000		6.500	(a)	01/08/26		172,663
UBS Group AG (1 year CMT + 1.100%)
	200,000		2.746	(a)(b)(d)	02/11/33		148,598
Wells Fargo & Co.
	300,000		4.300		07/22/27		280,881
	125,000		4.150	(b)	01/24/29		114,995
(SOFR + 2.100%)
	155,000		4.897	(b)(d)	07/25/33		142,581
Yapi ve Kredi Bankasi A/S (5 year USD Swap + 11.245%)
	200,000		13.875	(a)(b)(d)	12/31/99		205,038
							8,502,204
Beverages(b) – 0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	150,000		4.700		02/01/36		135,231
Constellation Brands, Inc.
	100,000		3.150		08/01/29		86,064
Keurig Dr Pepper, Inc.
	176,000		3.200		05/01/30		150,190
							371,485
Building Materials(b) – 0.8%
Carrier Global Corp.
	150,000		2.722		02/15/30		123,805
Cornerstone Building Brands, Inc.
	167,000		6.125	(a)	01/15/29		94,206
CP Atlas Buyer, Inc.
	300,000		7.000	(a)	12/01/28		223,110
Johnson Controls International PLC/Tyco Fire & Security Finance SCA
	25,000		4.900		12/01/32		23,659
Standard Industries, Inc.
	150,000		4.375	(a)	07/15/30		114,689
							579,469
Chemicals(b) – 1.7%
ASP Unifrax Holdings, Inc.
	60,000		5.250	(a)	09/30/28		46,154
Avient Corp.
	115,000		7.125	(a)	08/01/30		106,592
Axalta Coating Systems LLC
	250,000		3.375	(a)	02/15/29		195,802

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals(b) – (continued)
Ingevity Corp.
$	125,000		3.875	%(a)	11/01/28	$	103,381
International Flavors & Fragrances, Inc.
	275,000		2.300	(a)	11/01/30		211,178
Minerals Technologies, Inc.
	210,000		5.000	(a)	07/01/28		183,181
Rayonier AM Products, Inc.
	29,000		7.625	(a)	01/15/26		25,116
The Chemours Co.
	205,000		4.625	(a)	11/15/29		152,485
The Sherwin-Williams Co.
	175,000		2.950		08/15/29		149,874
WR Grace Holdings LLC
	150,000		5.625	(a)	08/15/29		113,255
							1,287,018
Commercial Services – 1.9%
Alarm.com Holdings, Inc.
	15,000		0.000	(e)	01/15/26		12,263
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b)
	170,000		9.750		07/15/27		139,976
	170,000		6.000	(a)	06/01/29		110,303
APi Group DE, Inc.(a)(b)
	396,000		4.125		07/15/29		315,477
	32,000		4.750		10/15/29		26,204
APX Group, Inc.
	199,000		5.750	(a)(b)	07/15/29		157,503
CoStar Group, Inc.
	75,000		2.800	(a)(b)	07/15/30		59,329
DP World Crescent Ltd.
	200,000		3.750	(b)	01/30/30		179,163
Quanta Services, Inc.
	61,000		2.900	(b)	10/01/30		49,121
Verisure Holding AB
EUR	125,000		3.250	(a)(b)	02/15/27		99,572
Verisure Midholding AB(b)
	125,000		5.250	(a)	02/15/29		90,043
	200,000		5.250		02/15/29		144,069
							1,383,023
Computers(b) – 0.7%
Dell International LLC/EMC Corp.
$	300,000		6.020		06/15/26		301,200
	25,000		5.300		10/01/29		23,291
KBR, Inc.
	71,000		4.750	(a)	09/30/28		61,595
Presidio Holdings, Inc.
	25,000		8.250	(a)	02/01/28		21,556
Unisys Corp.
	80,000		6.875	(a)	11/01/27		62,755
Virtusa Corp.
	62,000		7.125	(a)	12/15/28		46,358
							516,755
Distribution & Wholesale(a)(b) – 0.3%
BCPE Empire Holdings, Inc.
	246,000		7.625		05/01/27		214,249

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services(b) – 5.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
$	175,000		6.500	%	07/15/25	$	174,867
AG Issuer LLC
	228,000		6.250	(a)	03/01/28		198,832
AG TTMT Escrow Issuer LLC
	30,000		8.625	(a)	09/30/27		28,218
Air Lease Corp.
	75,000		2.875		01/15/26		67,242
	320,000		3.750		06/01/26		292,403
Ally Financial, Inc. (7 year CMT + 3.481%)
	295,000		4.700	(d)	12/31/99		210,459
Aviation Capital Group LLC
	75,000		1.950	(a)	01/30/26		62,977
Avolon Holdings Funding Ltd.(a)
	60,000		3.950		07/01/24		56,816
	100,000		2.875		02/15/25		90,544
	50,000		4.250		04/15/26		44,973
Global Aircraft Leasing Co. Ltd.(f) (PIK 7.250%, Cash 6.500%)
	94,581		6.500	(a)	09/15/24		71,170
LD Holdings Group LLC
	215,000		6.500	(a)	11/01/25		128,548
Midcap Financial Issuer Trust
	200,000		6.500	(a)	05/01/28		170,648
Nationstar Mortgage Holdings, Inc.
	295,000		5.500	(a)	08/15/28		232,174
Navient Corp.
	455,000		5.000		03/15/27		375,416
	351,000		5.500		03/15/29		267,150
NFP Corp.
	662,000		6.875	(a)	08/15/28		516,360
OneMain Finance Corp.
	164,000		4.000		09/15/30		114,964
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.
	105,000		6.375	(a)	02/01/27		98,543
United Wholesale Mortgage LLC(a)
	175,000		5.500		11/15/25		152,742
	340,000		5.500		04/15/29		258,339
VistaJet Malta Finance PLC/XO Management Holding, Inc.(a)
	75,000		7.875		05/01/27		65,828
	275,000		6.375		02/01/30		221,842
							3,901,055
Electrical(b) – 1.0%
AES Panama Generation Holdings Srl
	400,000		4.375		05/31/30		315,000
American Electric Power Co., Inc.
	25,000		2.300		03/01/30		19,968
Pacific Gas & Electric Co.
	25,000		2.100		08/01/27		20,266
	50,000		2.500		02/01/31		36,404
Pike Corp.
	290,000		5.500	(a)	09/01/28		234,929
Vistra Operations Co. LLC(a)
	50,000		3.550		07/15/24		47,627
	60,000		4.300		07/15/29		51,226
							725,420

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical Components & Equipment(a)(b) – 0.1%
Energizer Holdings, Inc.
$	75,000		6.500	%	12/31/27	$	66,552
Electronics(a)(b) – 0.3%
Imola Merger Corp.
	245,000		4.750		05/15/29		206,978
Engineering & Construction(b) – 1.4%
Aeropuerto Internacional de Tocumen SA(a)
	210,000		4.000		08/11/41		155,177
	200,000		5.125		08/11/61		142,475
Arcosa, Inc.
	125,000		4.375	(a)	04/15/29		106,210
Cellnex Finance Co. SA
EUR	100,000		1.250		01/15/29		72,741
Global Infrastructure Solutions, Inc.(a)
$	135,000		5.625		06/01/29		100,471
	105,000		7.500		04/15/32		79,872
IHS Netherlands Holdco B.V.
	200,000		8.000		09/18/27		167,403
Mexico City Airport Trust
	400,000		5.500		10/31/46		248,000
							1,072,349
Entertainment – 0.6%
Allen Media LLC/Allen Media Co-Issuer, Inc.
	115,000		10.500	(a)(b)	02/15/28		56,977
Intelsat Jackson Holdings SA
	450,000		5.500	(g)(h)	08/01/23		—
Penn Entertainment, Inc.
	281,000		4.125	(a)(b)	07/01/29		216,393
SeaWorld Parks & Entertainment, Inc.
	190,000		5.250	(a)(b)	08/15/29		158,224
							431,594
Environmental(a)(b) – 0.9%
GFL Environmental, Inc.
	441,000		4.000		08/01/28		367,591
Waste Pro USA, Inc.
	349,000		5.500		02/15/26		308,966
							676,557
Food & Drug Retailing – 1.1%
H-Food Holdings LLC/Hearthside Finance Co., Inc.
	230,000		8.500	(a)(b)	06/01/26		147,651
Kraft Heinz Foods Co.
	205,000		6.875		01/26/39		211,054
	101,000		5.500	(b)	06/01/50		91,148
US Foods, Inc.(a)(b)
	301,000		4.750		02/15/29		257,647
	135,000		4.625		06/01/30		111,970
							819,470
Healthcare Providers & Services(b) – 2.3%
CAB SELAS
EUR	150,000		3.375	(a)	02/01/28		112,315
Chrome Holdco SASU
	200,000		5.000	(a)	05/31/29		148,323

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

GOLDMAN SACHS INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services(b) – (continued)
CHS/Community Health Systems, Inc.(a)
$	245,000		5.250	%	05/15/30	$	170,469
	149,000		4.750		02/15/31		100,195
DaVita, Inc.
	387,000		3.750	(a)	02/15/31		275,815
Laboratoire Eimer Selas
EUR	100,000		5.000	(a)	02/01/29		70,447
LifePoint Health, Inc.
$	260,000		5.375	(a)	01/15/29		182,996
Medline Borrower LP(a)
	260,000		3.875		04/01/29		208,790
	180,000		5.250		10/01/29		135,898
Pediatrix Medical Group, Inc.
	55,000		5.375	(a)	02/15/30		45,842
Stryker Corp.
	50,000		1.950		06/15/30		39,589
Tenet Healthcare Corp.(a)
	96,000		6.125		10/01/28		84,692
	99,000		6.125		06/15/30		91,056
							1,666,427
Home Builders(b) – 0.5%
KB Home
	120,000		7.250		07/15/30		108,959
LGI Homes, Inc.
	315,000		4.000	(a)	07/15/29		233,613
							342,572
Housewares(b) – 0.5%
CD&R Smokey Buyer, Inc.
	110,000		6.750	(a)	07/15/25		100,874
Newell Brands, Inc.
	120,000		5.750		04/01/46		93,886
SWF Escrow Issuer Corp.
	260,000		6.500	(a)	10/01/29		154,084
							348,844
Insurance(b) – 1.2%
Acrisure LLC/Acrisure Finance, Inc.(a)
	60,000		10.125		08/01/26		57,728
	250,000		4.250		02/15/29		197,272
	210,000		6.000		08/01/29		161,020
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
	119,000		6.750	(a)	10/15/27		103,122
American International Group, Inc.
	25,000		3.400		06/30/30		21,817
AssuredPartners, Inc.
	70,000		5.625	(a)	01/15/29		54,695
BroadStreet Partners, Inc.
	300,000		5.875	(a)	04/15/29		236,475
Equitable Holdings, Inc.
	60,000		4.350		04/20/28		56,284
							888,413
Internet(b) – 2.8%
Adevinta ASA
EUR	100,000		3.000		11/15/27		84,204

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet(b) – (continued)
Arches Buyer, Inc.
$	77,000		6.125	%(a)	12/01/28	$	59,188
Booking Holdings, Inc.
	72,000		4.625		04/13/30		67,792
Endurance International Group Holdings, Inc.
	164,000		6.000	(a)	02/15/29		108,739
Expedia Group, Inc.
	75,000		6.250	(a)	05/01/25		75,458
	167,000		4.625		08/01/27		156,813
	21,000		2.950		03/15/31		16,186
Getty Images, Inc.
	358,000		9.750	(a)	03/01/27		353,607
Match Group Holdings II LLC
	167,000		3.625	(a)	10/01/31		126,113
Meta Platforms, Inc.
	225,000		3.850	(a)	08/15/32		198,245
Prosus NV
	400,000		3.680		01/21/30		302,840
EUR	120,000		2.031	(a)	08/03/32		74,974
Uber Technologies, Inc.
$	426,000		4.500	(a)	08/15/29		358,517
United Group B.V.
EUR	175,000		4.625	(a)	08/15/28		120,889
							2,103,565
Investment Companies(b) – 0.5%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
$	215,000		4.375		02/01/29		173,800
JAB Holdings B.V.
	250,000		2.200	(a)	11/23/30		184,812
							358,612
Iron/Steel(b) – 0.2%
Metinvest B.V.
	200,000		8.500		04/23/26		90,000
Vale Overseas Ltd.
	60,000		3.750		07/08/30		48,337
							138,337
Leisure Time(a)(b) – 0.1%
TUI Cruises GmbH
EUR	125,000		6.500		05/15/26		92,621
Lodging(b) – 0.4%
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
$	230,000		5.000	(a)	06/01/29		185,552
Marriott International, Inc.
	100,000		5.000		10/15/27		96,589
Marriott Ownership Resorts, Inc.
	60,000		4.500	(a)	06/15/29		47,638
							329,779
Machinery - Construction & Mining(a)(b) – 0.3%
Vertiv Group Corp.
	244,000		4.125		11/15/28		196,574

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Machinery-Diversified(b) – 1.3%
Husky III Holding Ltd.(f)
$	30,000		13.000	%(a)	02/15/25	$	28,250
Otis Worldwide Corp.
	325,000		2.565		02/15/30		265,870
Titan Acquisition Ltd./Titan Co-Borrower LLC
	401,000		7.750	(a)	04/15/26		319,854
TK Elevator Holdco GmbH
	456,000		7.625	(a)	07/15/28		382,032
							996,006
Media – 5.1%
Altice Financing SA
	200,000		5.000	(a)(b)	01/15/28		154,538
CCO Holdings LLC/CCO Holdings Capital Corp.
	375,000		4.750	(a)(b)	02/01/32		292,635
Charter Communications Operating LLC/Charter Communications Operating Capital(b)
	850,000		4.908		07/23/25		829,464
	225,000		3.750		02/15/28		199,370
Comcast Corp.
	200,000		4.250	(b)	10/15/30		185,284
CSC Holdings LLC
	200,000		5.000	(a)(b)	11/15/31		131,916
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.
	485,000		5.875	(a)(b)	08/15/27		419,074
DISH DBS Corp.
	133,000		7.750		07/01/26		101,998
	135,000		5.250	(a)(b)	12/01/26		111,425
	180,000		7.375	(b)	07/01/28		121,082
	200,000		5.125		06/01/29		117,520
Gray Television, Inc.
	245,000		7.000	(a)(b)	05/15/27		230,109
iHeartCommunications, Inc.
	190,000		8.375	(b)	05/01/27		160,009
Scripps Escrow II, Inc.
	130,000		5.375	(a)(b)	01/15/31		98,933
Scripps Escrow, Inc.
	115,000		5.875	(a)(b)	07/15/27		100,050
Sinclair Television Group, Inc.
	110,000		5.125	(a)(b)	02/15/27		91,146
Townsquare Media, Inc.
	210,000		6.875	(a)(b)	02/01/26		192,572
Urban One, Inc.
	185,000		7.375	(a)(b)	02/01/28		157,187
Ziggo Bond Co. B.V.
EUR	100,000		3.375	(a)(b)	02/28/30		68,022
							3,762,334
Mining(b) – 0.5%
AngloGold Ashanti Holdings PLC
$	370,000		3.750		10/01/30		287,628
Glencore Funding LLC
	100,000		1.625	(a)	04/27/26		86,645
Teck Resources Ltd.
	25,000		3.900		07/15/30		21,289
							395,562

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing – 1.3%
General Electric Co.
$	125,000		5.875	%	01/14/38	$	125,239
(3M USD LIBOR + 3.330%)
	742,000		6.623	(b)(d)	12/31/99		696,293
Hillenbrand, Inc.
	154,000		3.750	(b)	03/01/31		118,387
							939,919
Multi-National(a)(b) – 0.5%
Banque Ouest Africaine de Developpement
EUR	480,000		2.750		01/22/33		345,818
Oil Field Services – 3.4%
Cenovus Energy, Inc.
$	38,000		6.750		11/15/39		37,696
Civitas Resources, Inc.
	105,000		5.000	(a)(b)	10/15/26		95,353
Ecopetrol SA
	240,000		6.875	(b)	04/29/30		201,600
Marathon Petroleum Corp.
	50,000		3.800	(b)	04/01/28		44,766
MEG Energy Corp.
	140,000		5.875	(a)(b)	02/01/29		125,541
Nabors Industries, Inc.(a)(b)
	322,000		9.000		02/01/25		321,024
	85,000		7.375		05/15/27		78,536
Noble Finance Co. (PIK 15.000%, Cash 11.000%)
	36,761		11.000	(b)	02/15/28		40,403
Occidental Petroleum Corp.
	200,000		5.550	(b)	03/15/26		200,496
Range Resources Corp.
	75,000		4.750	(a)(b)	02/15/30		65,040
Southwestern Energy Co.
	115,000		4.750	(b)	02/01/32		96,664
TechnipFMC PLC
	245,000		6.500	(a)(b)	02/01/26		235,131
Transocean Poseidon Ltd.
	70,000		6.875	(a)(b)	02/01/27		63,911
Transocean, Inc.
	479,000		11.500	(a)(b)	01/30/27		444,225
USA Compression Partners LP/USA Compression Finance Corp.
	473,000		6.875	(b)	04/01/26		435,255
							2,485,641
Packaging – 1.0%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
EUR	239,000		3.000	(b)	09/01/29		166,912
Berry Global, Inc.
$	75,000		1.570	(b)	01/15/26		65,555
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC
	228,000		6.000	(a)(b)	09/15/28		181,643
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC
	88,000		4.000	(a)(b)	10/15/27		73,882
Pactiv LLC
	135,000		8.375		04/15/27		121,603

92                    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)
Packaging – (continued)
Sealed Air Corp.
$	113,000		6.875	%(a)	07/15/33	$	107,987
							717,582
Pharmaceuticals(b) – 1.8%
AbbVie, Inc.
	225,000		3.200		11/21/29		197,415
AdaptHealth LLC(a)
	65,000		6.125		08/01/28		58,421
	120,000		4.625		08/01/29		96,166
	80,000		5.125		03/01/30		66,013
Bausch Health Cos., Inc.
	175,000		6.125	(a)	02/01/27		121,390
Becton Dickinson & Co.
	25,000		2.823		05/20/30		20,953
Cigna Corp.
	400,000		2.400		03/15/30		326,536
CVS Health Corp.
	100,000		3.250		08/15/29		87,538
	100,000		3.750		04/01/30		89,080
HLF Financing S.a.r.l. LLC/Herbalife International, Inc.
	359,000		4.875	(a)	06/01/29		256,132
Zoetis, Inc.
	50,000		2.000		05/15/30		39,667
							1,359,311
Pipelines(b) – 4.3%
CNX Midstream Partners LP
	95,000		4.750	(a)	04/15/30		74,700
CQP Holdco LP/BIP-V Chinook Holdco LLC
	360,000		5.500	(a)	06/15/31		304,870
Energy Transfer LP
	175,000		5.250		04/15/29		165,058
Global Partners LP/GLP Finance Corp.
	345,000		6.875		01/15/29		311,073
Hess Midstream Operations LP
	70,000		5.500	(a)	10/15/30		59,991
Howard Midstream Energy Partners LLC
	125,000		6.750	(a)	01/15/27		111,639
ITT Holdings LLC
	260,000		6.500	(a)	08/01/29		202,517
Kinetik Holdings LP
	175,000		5.875	(a)	06/15/30		160,158
MPLX LP
	135,000		4.000		03/15/28		123,181
	75,000		2.650		08/15/30		58,959
New Fortress Energy, Inc.
	165,000		6.750	(a)	09/15/25		156,242
NGL Energy Operating LLC/NGL Energy Finance Corp.
	260,000		7.500	(a)	02/01/26		231,444
NuStar Logistics LP
	185,000		6.375		10/01/30		158,852
ONEOK, Inc.
	50,000		6.350		01/15/31		49,061
Plains All American Pipeline LP/PAA Finance Corp.
	150,000		3.800		09/15/30		125,724

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines(b) – (continued)
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
$	265,000		5.750	%	04/15/25	$	217,069
	269,000		8.500	(a)	10/15/26		252,217
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
	50,000		6.000	(a)	12/31/30		42,495
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	160,000		4.875		02/01/31		137,554
	262,000		4.000		01/15/32		216,556
							3,159,360
Real Estate(b) – 0.3%
NE Property B.V.
EUR	200,000		3.375		07/14/27		165,236
Realogy Group LLC/Realogy Co.-Issuer Corp.
$	96,000		5.750	(a)	01/15/29		69,249
							234,485
Real Estate Investment Trust(b) – 0.9%
Agree LP
	25,000		2.900		10/01/30		19,804
Duke Realty LP
	25,000		1.750		07/01/30		19,368
Iron Mountain Information Management Services, Inc.
	245,000		5.000	(a)	07/15/32		189,993
Realty Income Corp.
	50,000		2.850		12/15/32		40,081
Regency Centers LP
	60,000		2.950		09/15/29		49,644
Spirit Realty LP
	60,000		4.000		07/15/29		51,845
Trust Fibra Uno
	200,000		4.869		01/15/30		152,287
WP Carey, Inc.
	75,000		4.250		10/01/26		70,931
	60,000		3.850		07/15/29		52,963
	25,000		2.400		02/01/31		19,207
							666,123
Retailing(b) – 3.4%
1011778 BC ULC/New Red Finance, Inc.
	237,000		4.000	(a)	10/15/30		186,590
Asbury Automotive Group, Inc.(a)
	117,000		4.625		11/15/29		93,490
	65,000		5.000		02/15/32		50,338
Carvana Co.(a)
	90,000		5.500		04/15/27		48,992
	120,000		4.875		09/01/29		58,504
eG Global Finance PLC
EUR	250,000		4.375		02/07/25		210,804
Foundation Building Materials, Inc.
$	95,000		6.000	(a)	03/01/29		70,206
Group 1 Automotive, Inc.
	70,000		4.000	(a)	08/15/28		56,519
GYP Holdings III Corp.
	115,000		4.625	(a)	05/01/29		88,380

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing(b) – (continued)
Ken Garff Automotive LLC
$	190,000		4.875	%(a)	09/15/28	$	154,409
LCM Investments Holdings II LLC
	535,000		4.875	(a)	05/01/29		415,535
Lowe’s Cos., Inc.
	225,000		1.700		10/15/30		169,814
Penske Automotive Group, Inc.
	189,000		3.750		06/15/29		151,516
Sonic Automotive, Inc.(a)
	82,000		4.625		11/15/29		64,405
	95,000		4.875		11/15/31		71,995
Specialty Building Products Holdings LLC/SBP Finance Corp.
	215,000		6.375	(a)	09/30/26		179,557
SRS Distribution, Inc.(a)
	100,000		6.125		07/01/29		80,407
	270,000		6.000		12/01/29		215,117
Tractor Supply Co.
	75,000		1.750		11/01/30		56,193
Yum! Brands, Inc.
	88,000		4.750	(a)	01/15/30		76,847
							2,499,618
Semiconductors(b) – 1.1%
Broadcom, Inc.(a)
	87,000		3.469		04/15/34		65,429
	344,000		3.137		11/15/35		241,189
	400,000		3.187		11/15/36		273,892
NXP B.V./NXP Funding LLC/NXP USA, Inc.
	165,000		3.875		06/18/26		154,080
	100,000		3.400		05/01/30		83,278
							817,868
Software(b) – 2.2%
AthenaHealth Group, Inc.
	370,000		6.500	(a)	02/15/30		292,733
Castle U.S. Holding Corp.
	362,000		9.500	(a)	02/15/28		269,715
Clarivate Science Holdings Corp.(a)
	385,000		3.875		07/01/28		318,222
	204,000		4.875		07/01/29		159,595
Elastic NV
	160,000		4.125	(a)	07/15/29		126,507
Oracle Corp.
	125,000		2.875		03/25/31		98,469
ServiceNow, Inc.
	125,000		1.400		09/01/30		92,094
TeamSystem SpA
EUR	350,000		3.500	(a)	02/15/28		283,994
							1,641,329
Telecommunication Services – 3.2%
Altice France SA(a)(b)
	100,000		2.125		02/15/25		85,784
$	374,000		5.500		10/15/29		281,375
AT&T, Inc.(b)
	75,000		1.650		02/01/28		61,723
	75,000		2.750		06/01/31		60,139

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
$	202,000		2.550	%	12/01/33	$	150,322
	175,000		4.900		08/15/37		154,672
	25,000		5.150		11/15/46		21,820
	25,000		3.650		06/01/51		17,049
	25,000		3.500		09/15/53		16,657
Bharti Airtel Ltd.
	360,000		3.250	(a)(b)	06/03/31		288,428
Frontier Communications Holdings LLC
	83,000		5.000	(a)(b)	05/01/28		71,195
Sprint Capital Corp.
	125,000		8.750		03/15/32		144,882
T-Mobile USA, Inc.(b)
	150,000		3.750		04/15/27		138,645
	250,000		2.050		02/15/28		207,485
	167,000		3.875		04/15/30		147,995
Verizon Communications, Inc.
	275,000		4.329		09/21/28		258,954
	275,000		3.150	(b)	03/22/30		233,519
							2,340,644
Transportation – 0.7%
Cargo Aircraft Management, Inc.
	80,000		4.750	(a)(b)	02/01/28		69,003
MV24 Capital B.V.
	533,340		6.748		06/01/34		449,179
XPO Logistics, Inc.
	2,000		6.250	(a)(b)	05/01/25		2,005
							520,187
TOTAL CORPORATE OBLIGATIONS (Cost $65,713,303)						$	52,943,146
Mortgage-Backed Obligations – 15.7%
Collateralized Mortgage Obligations – 1.5%
Interest Only(i) – 0.5%
GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%)
$	160,444		3.186	%(d)	09/20/48		$      17,219
GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR +6.050%)
	406,380		3.036	(d)	09/20/49		44,817
GNMA REMIC Series 2019-153, Class EI
	515,109		4.000		12/20/49		93,256
GNMA REMIC Series 2020-146, Class KI
	657,975		2.500		10/20/50		86,915
GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR +6.050%)
	200,882		3.036	(d)	02/20/50		22,247
GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR +6.050%)
	299,757		3.036	(d)	04/20/50		33,366
GNMA REMIC Series 2020-61, Class GI
	169,461		5.000		05/20/50		31,101

94                    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(i) – (continued)
GNMA REMIC Series 2020-7, Class GI
$	74,053		4.000	%	01/20/50	$	12,244
							341,165
Sequential Floating Rate(a)(d) – 1.0%
Connecticut Avenue Securities Trust Series 2022-R05, Class 2B1 (1M SOFR + 4.500%)
	95,000		6.781		04/25/42		90,624
Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1M SOFR + 3.000%)
	85,000		5.281		04/25/42		78,449
Connecticut Avenue Securities Trust Series 2022-R08, Class 1M2 (1M SOFR + 3.600%)
	30,000		5.905		07/25/42		28,205
FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (1M SOFR + 1.800%)
	37,101		4.081		01/25/51		35,813
FHLMC STACR REMIC Trust Series 2021-DNA3, Class M2 (1M SOFR + 2.100%)
	100,000		4.381		10/25/33		94,597
FHLMC STACR REMIC Trust Series 2022-DNA4, Class M1A (1M SOFR + 2.200%)
	157,765		4.481		05/25/42		156,774
FHLMC STACR Trust 2019-DNA4 Series 19-DNA4, Class B1 (1M USD LIBOR + 2.700%)
	180,000		5.784		10/25/49		170,958
FHLMC Structured Agency Credit Risk Debt Notes Series 22-HQA2, Class M1B (1M SOFR + 4.000%)
	100,000		6.281		07/25/42		95,705
							751,125
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							1,092,290
Commercial Mortgage-Backed Securities(a)(d) – 0.2%
Sequential Floating Rate – 0.2%
Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A (1M TSFR + 2.186%)
$	150,000		5.031	%	05/15/37	$	149,010
Federal Agencies – 14.0%
FNMA – 1.3%
$	1,000,000		4.500	%	TBA-30yr	$	951,406
GNMA(j) – 10.4%
	1,000,000		4.000		TBA-30yr		932,883
	4,000,000		4.500		TBA-30yr		3,823,774
	3,000,000		5.000		TBA-30yr		2,931,402
							7,688,059
UMBS, 30 Year, Single Family(j) – 2.3%
	2,000,000		2.500		TBA-30yr		1,678,281
TOTAL FEDERAL AGENCIES						$	10,317,746
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $11,752,582)						$	11,559,046

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(k) – 9.2%
Aerospace & Defense – 0.5%
ADS Tactical, Inc. (1M USD LIBOR + 5.750%)
$	371,171		8.802	%	03/19/26	$	338,927
Automotive – 0.8%
First Brands Group LLC (3M USD LIBOR + 8.500%)
	250,000		11.871	(d)	03/30/28		238,125
First Brands Group, LLC (3M SOFR + 5.000%)
	332,613		8.368		03/30/27		318,976
							557,101
Automotive - Parts – 0.3%
Holley Purchaser, Inc. (1M USD LIBOR + 3.750%)
	232,446		7.424		11/17/28		210,801
Building & Construction Materials – 0.3%
Energize HoldCo LLC
(1M LIBOR + 6.750%)
	174,125		6.865		12/08/28		162,227
(1M USD LIBOR + 6.750%)
	75,000		9.865		12/07/29		70,125
KKR Apple Bidco LLC (1M USD LIBOR + 5.750%)
	25,000		8.830	(d)	09/23/29		23,833
							256,185
Building Materials – 0.7%
Chamberlain Group Inc (1M USD LIBOR + 3.500%)
	347,375		6.615	(d)	11/03/28		314,809
Icebox Holdco III, Inc.
(3M USD LIBOR + 3.750%)
	144,275		7.424		12/22/28		134,897
(3M USD LIBOR + 6.750%)
	50,000		10.424		12/21/29		46,250
							495,956
Capital Goods - Others – 0.3%
Engineered Machinery Holdings, Inc.
(3M EUR EURIBOR + 3.750%)
EUR	74,250		4.943		05/21/28		65,431
(3M USD LIBOR + 3.750%)
$	188,190		7.424		05/19/28		180,663
							246,094
Chemicals(d) – 0.2%
Trident TPI Holdings, Inc.
(3M USD LIBOR + 4.000%)
	151,728		7.674		09/15/28		143,459
(3M USD LIBOR + 4.000%)
	13,529		7.674		09/15/28		12,791
							156,250
Commercial Services – 0.2%
Vaco Holdings LLC (1M SOFR + 5.000%)
	124,063		8.703		01/21/29		120,031
Diversified Financial Services – 1.2%
DRW Holdings, LLC (1M USD LIBOR + 3.750%)
	371,250		6.865		03/01/28		356,979
Edelman Financial Center LLC (1M USD LIBOR + 3.500%)
	370,312		6.615	(d)	04/07/28		338,991

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(k) – (continued)
Diversified Financial Services – (continued)
Syncapay, Inc. (3M USD LIBOR + 6.500%)
$	215,083		10.174	%(d)	12/10/27	$	207,220
							903,190
Diversified Manufacturing – 0.3%
Apex Tool Group, LLC (1M USD SOFR + 5.250%)
	224,438		8.098		02/08/29		197,786
Food & Beverages – 0.1%
Sigma Bidco B.V. (3M USD LIBOR + 3.000%)
	49,870		5.899		07/02/25		42,781
Home Construction(d) – 0.3%
Packers Holdings LLC (1M USD LIBOR + 3.250%)
	246,362		6.006		12/10/22		225,577
Leisure Time – 0.2%
Arcis Golf LLC (1M USD LIBOR + 4.250%)
	174,125		7.365		11/24/28		168,901
Machinery(d) – 0.0%
Clark Equipment Company (3M USD SOFR + 2.500%)
	24,875		6.153		04/20/29		24,284
Media - Cable – 0.3%
DirecTV Financing, LLC (1M USD LIBOR + 5.000%)
	204,750		8.115		08/02/27		190,239
Metals & Mining(d) – 0.2%
Grinding Media, Inc. (3M USD LIBOR + 4.000%)
	198,000		7.144		06/03/23		176,220
Packaging – 0.3%
LABL, Inc. (1M USD LIBOR + 5.000%)
	148,875		8.115		10/29/28		133,872
Pretium PKG Holdings, Inc. (3M USD LIBOR + 4.000%)
	99,250		6.293	(d)	06/10/22		88,630
							222,502
Pipelines – 0.1%
Centurion Pipeline Co. LLC (1M USD LIBOR + 4.000%)
	86,506		7.115		09/28/25		84,776
Retailers – 0.6%
New Era Cap Co., Inc. (3M USD LIBOR + 6.000%)
	170,625		8.455		07/13/27		162,094
TruGreen LP (1M USD LIBOR + 8.500%)
	310,000		11.615	(d)	11/02/28		272,800
							434,894
Retailing – 0.2%
RC Buyer, Inc.
(3M USD LIBOR + 3.500%)
	148,125		7.174		07/28/28		138,497
(3M USD LIBOR + 6.500%)
	50,000		10.174		07/30/29		47,312
							185,809
Technology - Software – 0.3%
Syndigo LLC (1M USD LIBOR + 4.500%)
	221,625		7.318		12/15/27		199,463

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(k) – (continued)
Technology - Software/Services – 1.2%
DCert Buyer, Inc. (1M USD LIBOR + 4.000%)
$	325,000		9.903	%	02/19/29	$	301,925
Epicor Software Corp. (1M USD LIBOR + 7.750%)
	50,000		10.865	(d)	07/31/28		48,600
Loyalty Ventures Inc (1M USD LIBOR + 4.500%)
	212,344		7.615		11/03/27		63,703
Syndigo LLC (1M USD LIBOR + 8.000%)
	160,000		10.510	(d)	12/15/28		139,200
Virtusa Corp. (1M USD LIBOR + 3.750%)
	374,300		6.865		02/11/28		349,813
							903,241
Telecommunications – 0.4%
Intelsat Jackson Holdings S.A. (1M SOFR + 4.250%)
	336,587		7.445		02/01/29		315,130
Transportation Services – 0.2%
LaserShip, Inc. (6M USD LIBOR + 4.500%)
	198,000		7.377		05/07/28		166,197
TOTAL BANK LOANS
(Cost $7,496,161)						$	6,822,335
Sovereign Debt Obligations – 7.4%
Euro – 1.8%
Benin Government International Bond
EUR	260,000		4.875	%(a)	01/19/32	$	172,636
Republic Of Cameroon
	220,000		5.950	(a)	07/07/32		141,400
Republic of Egypt
	200,000		4.750		04/16/26		138,187
	200,000		5.625		04/16/30		113,196
Republic of Indonesia
	100,000		1.100		03/12/33		66,570
Republic of Ivory Coast
	500,000		4.875	(a)	01/30/32		327,337
Republic of Romania
	290,000		2.875		03/11/29		217,122
	30,000		2.625	(a)	12/02/40		14,964
Republic of Senegal
	200,000		5.375	(a)	06/08/37		118,586
							1,309,998
United States Dollar – 5.6%
Dominican Republic
$	200,000		5.950		01/25/27		185,475
	240,000		4.875	(a)	09/23/32		179,070
Finance Department Government of Sharjah
	200,000		4.000	(a)	07/28/50		116,600
Kingdom of Bahrain
	200,000		7.375	(a)	05/14/30		189,662
Morocco Government International Bond
	310,000		3.000	(a)	12/15/32		216,089
National Bank of Uzbekistan
	260,000		4.850		10/21/25		229,417
Republic of Abu Dhabi
	200,000		3.875	(a)	04/16/50		161,287

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

GOLDMAN SACHS INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
United States Dollar – (continued)
Republic of Angola
$	200,000		8.250	%(a)	05/09/28	$	157,500
Republic of Argentina(b)
	13,920		1.000		07/09/29		2,666
	455,900		0.500	(l)	07/09/30		91,180
Republic of Colombia
	200,000		4.125	(b)	05/15/51		106,725
Republic of Ecuador(a)
	34,036		0.000	(e)	07/31/30		9,824
	40,000		5.500	(b)(l)	07/31/30		18,758
	46,400		1.500	(b)	07/31/40		13,494
Republic of Egypt
	200,000		8.875	(a)	05/29/50		110,500
Republic of Gabon
	200,000		7.000	(a)(b)	11/24/31		130,662
Republic of Lebanon(c)
	10,000		8.250		05/17/34		577
	10,000		6.750		11/29/27		568
	10,000		6.200		02/26/25		568
	20,000		6.850		05/25/29		1,135
	110,000		6.650		02/26/30		6,208
Republic of Nigeria
	400,000		7.625		11/21/25		341,500
Republic of Peru
	400,000		2.783	(b)	01/23/31		316,700
Republic of Turkey
	200,000		6.125		10/24/28		158,750
	200,000		7.625		04/26/29		170,000
	200,000		6.500		09/20/33		144,000
	200,000		4.875		04/16/43		112,500
Republic of Uzbekistan
	200,000		3.700	(a)	11/25/30		142,100
Russian Federation Bond
	200,000		4.750	(c)	05/27/26		96,000
Ukraine Government Bond
	190,000		7.750		09/01/25		44,175
	200,000		7.750		09/01/26		40,000
	200,000		7.750		09/01/28		41,000
United Mexican States(b)
	200,000		2.659		05/24/31		153,400
	603,000		3.500		02/12/34		457,375
							4,145,465
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $8,683,178)						$	5,455,463
Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a)(d) – 5.3%
Collateralized Loan Obligations – 5.3%
Bain Capital Credit CLO Series 2019-1A, Class DR (3M USD LIBOR + 3.450%)
$	175,000		6.188	%	04/19/34	$	156,498
Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
	200,000		6.792		01/15/32		177,731

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a)(d) – (continued)
Collateralized Loan Obligations – (continued)
Cedar Funding XII CLO Ltd. Series 2020-12A, Class DR (3M USD LIBOR + 3.150%)
$	600,000		5.933	%	10/25/34	$	515,996
Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR (3M USD LIBOR + 3.250%)
	600,000		5.762		10/15/32		542,270
Neuberger Berman Loan Advisers CLO 31, Ltd. Series 2019-31A, Class DR (3M USD LIBOR + 3.250%)
	600,000		5.960		04/20/31		541,198
Neuberger Berman Loan Advisers CLO Ltd. Series 2022-49A, Class D (3M TSFR LIBOR + 3.400%)
	650,000		4.701		07/25/34		592,623
OCP CLO Ltd. Series 2022-24A, Class D (3M TSFR LIBOR + 3.800%)
	700,000		5.461		07/20/35		630,414
THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%)
	600,000		6.460		04/18/36		529,742
Tikehau US CLO I Ltd. Series 2021-1A, Class E (3M USD LIBOR + 6.910%)
	300,000		9.650		01/18/35		240,947
							3,927,419
TOTAL ASSET-BACKED SECURITIES
(Cost $4,404,000)						$	3,927,419
Shares		Description				Value
Common Stocks – 0.3%
Communications Equipment – 0.2%
	4,207		Intelsat Emergence SA			$	109,382
Oil, Gas & Consumable Fuels – 0.1%
	6,420		Summit Midstream Partners LP				96,428
TOTAL COMMON STOCKS
(Cost $357,099)						$	205,810
Units		Expiration Date				Value
Rights – 0.0%
Communications Equipment – 0.0%
Intelsat Jackson Holdings SA
	440		12/05/25			$	1,815
	440		12/05/25				1,815
TOTAL RIGHTS
(Cost $—)						$	3,630

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 1.5%
United States Treasury Notes
$	1,110,000		4.125	%	09/30/27	$	1,113,816
(Cost $1,104,898)
TOTAL INVESTMENTS – 111.1%
(Cost $99,511,221)						$	82,030,665
LIABILITIES IN EXCESS OF OTHER ASSETS – (11.1)%							(8,190,860	)
NET ASSETS – 100.0%						$	73,839,805

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

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

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

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

(d) 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, 2022.

(e) Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.

(f) Pay-in-kind securities.

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

(h) 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.

(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 $10,317,746 which represents approximately 14.0% of net assets as of September 30, 2022.

(k) 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, 2022. 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.

(l) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2022.

      ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2022, 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)
Icebox Holdco III, Inc. (NR/B2), due 12/22/28		$30,000		$28,050		$(1,950)
Trident TPI Holdings, Inc. (B-/B2), due 09/15/28		8,087		7,646		(441)
TOTAL		$38,087		$35,696		$(2,391)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, 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    4,608,209	EUR    4,519,886	10/11/22		$175,112

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

GOLDMAN SACHS INCOME 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.	EUR    213,175	USD    221,153	10/11/22		$(12,070	)

FORWARD SALES CONTRACTS — At September 30, 2022, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount			Value
UMBS, 30 Year, Single Family		5.000	%		TBA-30yr		10/13/22	$	(3,000,000	)		$(2,918,906	)
UMBS, 30 Year, Single Family		4.500			TBA-30yr		10/13/22		(1,000,000	)		(950,273	)
(PROCEEDS RECEIVABLE: $(3,943,164))												$(3,869,179	)

(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

FUTURES CONTRACTS — At September 30, 2022, 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		42		12/30/22	$	8,626,406		$(111,045)
5 Year U.S. Treasury Notes		33		12/30/22		3,547,758		(102,671)
Total								$(213,716)
Short position contracts:
10 Year U.S. Treasury Notes		(48)		12/20/22		(5,545,969)		166,536
20 Year U.S. Treasury Bonds		(16)		12/20/22		(2,022,500)		133,842
Ultra Long U.S. Treasury Bonds		(10)		12/20/22		(1,370,000)		52,489
Total								$ 352,867
TOTAL FUTURES CONTRACTS								$ 139,151

SWAP CONTRACTS — At September 30, 2022, 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)
1.500%	6M EURO	12/21/25		EUR    540		$	23,506		$	17,488		$	6,018
1.500	6M EURO	12/21/26		160			9,224			6,567			2,657
1.500	6M EURO	12/21/27		530			38,164			26,448			11,716
1.750	6M EURO	12/21/29		1,280			107,535			65,258			42,277

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

      ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund(a)	Payments Received by Fund(b)	Termination Date	Notional Amount (000s)(c)		Market Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
2.000%	6M EURO	12/21/32		EUR    710		$  69,509		$  36,237	$33,272
TOTAL						$247,938		$151,998	$95,940

(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, 2022.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at September 30, 2022(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)%		3.955%		12/20/22		$	60		$     375		$    1,081			$       (706	)
Protection Sold:
CDX.NA.HY Index 34		5.000		4.867		06/20/25			46		214		(982	)		1,196
CDX.NA.IG Index 33		1.000		0.890		12/20/24			1,950		5,119		19,759			(14,640	)
CDX.NA.IG Index 34		1.000		0.975		06/20/25			15,350		14,407		103,528			(89,121	)
TOTAL											$20,115		$123,386			$(103,271	)

(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.

Currency Abbreviations:

EUR —Euro

USD —U.S. Dollar

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

GOLDMAN SACHS INCOME FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

Investment Abbreviations:
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
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
PIK	—Payment in kind
PLC	—Public Limited Company
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
STACR	—Structured Agency Credit Risk
TSFR	—Term Secured Overnight Financing Rate
UMBS	—Uniform Mortgage Backed Securities
WR	—Withdrawn Rating

Abbreviations:
CDX.NA.HY Index 34	—CDX North America High Yield Index 34
CDX.NA.IG Ind 33	—CDX North America Investment Grade Index 33
CDX.NA.IG Ind 34	—CDX North America Investment Grade Index 34
EURO	—Euro Offered Rate

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – 47.9%
Advertising(a) – 0.8%
CMG Media Corp. (CCC+/Caa1)
$	112,000		8.875	%(b)	12/15/27	$	85,593
Lamar Media Corp. (BB/Ba3)
	199,000		3.625		01/15/31		158,149
Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/B2)
	54,000		4.250	(b)	01/15/29		42,390
	317,000		4.625	(b)	03/15/30		247,273
							533,405
Aerospace & Defense(a) – 1.5%
Spirit AeroSystems, Inc. (CCC+/Caa1)
	383,000		4.600		06/15/28		276,691
TransDigm UK Holdings PLC (B-/B3)
	225,000		6.875		05/15/26		214,002
TransDigm, Inc. (B-/B3)
	370,000		4.625		01/15/29		298,745
	108,000		4.875		05/01/29		87,055
Triumph Group, Inc. (CCC-/Caa3)
	232,000		7.750		08/15/25		180,779
							1,057,272
Banks(a)(b) – 0.2%
Freedom Mortgage Corp. (B/B2)
	156,000		6.625		01/15/27		111,304
Building Materials(a)(b) – 0.8%
Builders FirstSource, Inc. (BB-/Ba2)
	331,000		4.250		02/01/32		254,205
CP Atlas Buyer, Inc. (CCC/Caa2)
	153,000		7.000		12/01/28		113,786
Standard Industries, Inc. (BB/B1)
	109,000		5.000		02/15/27		96,431
	110,000		4.375		07/15/30		84,105
							548,527
Chemicals(a)(b) – 1.9%
Ashland LLC (BB+/Ba1)
	178,000		3.375		09/01/31		137,647
Avient Corp. (BB-/Ba3)
	115,000		7.125		08/01/30		106,592
Axalta Coating Systems LLC (BB-/B1)
	160,000		3.375		02/15/29		125,314
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. (BB-/B1)
	183,000		4.750		06/15/27		163,644
Diamond BC BV (B/Caa1)
	38,000		4.625		10/01/29		26,977
Element Solutions, Inc. (BB/B1)
	161,000		3.875		09/01/28		129,661
Ingevity Corp. (NR/Ba3)
	285,000		3.875		11/01/28		235,709
The Chemours Co. (BB/B1)
	176,000		5.750		11/15/28		143,898
	253,000		4.625		11/15/29		188,189

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Chemicals(a)(b) – (continued)
WR Grace Holdings LLC (CCC+/B3)
$	66,000		5.625	%	08/15/29	$	49,832
							1,307,463
Commercial Services(a)(b) – 2.1%
Allied Universal Holdco LLC/Allied Universal Finance Corp. (CCC+/Caa1)
	95,000		6.000		06/01/29		61,640
APi Group DE, Inc. (B/B1)
	474,000		4.125		07/15/29		377,617
	28,000		4.750		10/15/29		22,929
APX Group, Inc. (CCC/Caa1)
171,000			5.750		07/15/29		135,341
Metis Merger Sub LLC (CCC/Caa2)
	49,000		6.500		05/15/29		38,240
MPH Acquisition Holdings LLC (B-/B3)
	149,000		5.750		11/01/28		112,183
Nielsen Finance LLC/Nielsen Finance Co. (BB/B2)
	260,000		5.625		10/01/28		258,479
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. (NR/Ba3)
	195,000		4.625		11/01/26		177,707
The Nielsen Co. Luxembourg S.a.r.l. (BB/B2)
	297,000		5.000		02/01/25		292,753
							1,476,889
Computers(a)(b) – 0.6%
Booz Allen Hamilton, Inc. (BB-/Baa3)
	254,000		3.875		09/01/28		218,326
	45,000		4.000		07/01/29		38,585
Science Applications International Corp. (BB-/B1)
	154,000		4.875		04/01/28		137,949
Virtusa Corp.(CCC+/Caa2)
	47,000		7.125		12/15/28		35,142
							430,002
Distribution & Wholesale(a)(b) – 0.8%
American Builders & Contractors Supply Co., Inc. (B+/B1)
	171,000		3.875		11/15/29		134,317
BCPE Empire Holdings, Inc. (CCC/Caa2)
	335,000		7.625		05/01/27		291,762
H&E Equipment Services, Inc. (BB-/B2)
	196,000		3.875		12/15/28		155,618
							581,697
Diversified Financial Services(a) – 3.1%
Castlelake Aviation Finance DAC (B+/B2)
	130,000		5.000	(b)	04/15/27		110,865
Coinbase Global, Inc. (BB/Ba2)
	406,000		3.375	(b)	10/01/28		254,225
Global Aircraft Leasing Co. Ltd. (NR/B1)(c) (PIK 7.250%, Cash 6.500%)
	117,074		6.500	(b)	09/15/24		88,096
Jefferies Finance LLC/JFIN Co-Issuer Corp. (BB-/B1)
	200,000		5.000	(b)	08/15/28		147,458

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)
Diversified Financial Services(a) – (continued)
LD Holdings Group LLC (CCC+/Caa1)
$	121,000		6.500	%(b)	11/01/25	$	72,346
Nationstar Mortgage Holdings, Inc. (B+/B1)
	54,000		5.125	(b)	12/15/30		39,145
Navient Corp. (B+/Ba3)
	249,000		4.875		03/15/28		190,497
	248,000		5.500		03/15/29		188,755
NFP Corp. (CCC+/Caa2)
	254,000		6.875	(b)	08/15/28		198,120
PennyMac Financial Services, Inc. (BB-/Ba3)
	215,000		5.750	(b)	09/15/31		155,114
United Wholesale Mortgage LLC (NR/Ba3)
	136,000		5.500	(b)	11/15/25		118,702
	153,000		5.500	(b)	04/15/29		116,252
VistaJet Malta Finance PLC/XO Management Holding, Inc. (B-/Caa1)
	277,000		7.875	(b)	05/01/27		243,126
	264,000		6.375	(b)	02/01/30		212,969
							2,135,670
Electrical(a)(b) – 0.8%
Clearway Energy Operating LLC (BB/Ba2)
	137,000		4.750		03/15/28		122,342
NRG Energy, Inc. (BB+/Ba2)
	57,000		3.375		02/15/29		46,204
	146,000		3.625		02/15/31		113,992
Pike Corp. (CCC+/B3)
	341,000		5.500		09/01/28		276,244
							558,782
Electrical Components & Equipment(a)(b) – 0.7%
Energizer Holdings, Inc. (B/B2)
	59,000		6.500		12/31/27		52,354
	268,000		4.375		03/31/29		200,287
WESCO Distribution, Inc. (BB/Ba3)
	202,000		7.250		06/15/28		198,811
							451,452
Electronics(a)(b) – 0.3%
Atkore, Inc. (BB/Ba2)
	123,000		4.250		06/01/31		98,382
Coherent Corp. (B+/B2)
	103,000		5.000		12/15/29		85,331
							183,713
Engineering & Construction(a) – 1.0%
AECOM (BB-/Ba3)
	329,000		5.125		03/15/27		307,644
Global Infrastructure Solutions, Inc. (BB-/B1)
	290,000		5.625	(b)	06/01/29		215,827
	200,000		7.500	(b)	04/15/32		152,136
							675,607

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Entertainment(a)(b) – 0.4%
Boyne USA, Inc. (B/B1)
$	134,000		4.750	%	05/15/29	$	112,494
Caesars Entertainment, Inc. (CCC+/Caa1)
	103,000		4.625		10/15/29		79,015
SeaWorld Parks & Entertainment, Inc. (B-/B3)
	129,000		5.250		08/15/29		107,426
							298,935
Environmental(a)(b) – 0.3%
GFL Environmental, Inc. (B-/B3)
	136,000		4.375		08/15/29		113,356
Stericycle, Inc. (BB-/NR)
	152,000		3.875		01/15/29		125,835
							239,191
Food & Drug Retailing(a)(b) – 0.8%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson’s LLC (BB/Ba3)
	219,000		3.500		03/15/29		176,843
Performance Food Group, Inc. (BB-/B2)
	107,000		4.250		08/01/29		89,086
Post Holdings, Inc. (B+/B2)
	58,000		5.500		12/15/29		50,194
US Foods, Inc. (B+/B3)
	197,000		4.750		02/15/29		168,626
	98,000		4.625		06/01/30		81,282
							566,031
Forest Products&Paper(a)(b) – 0.3%
Clearwater Paper Corp. (BB-/Ba3)
	159,000		4.750		08/15/28		139,518
Glatfelter Corp. (B/B2)
	132,000		4.750		11/15/29		75,637
							215,155
Healthcare Providers & Services(a) – 1.8%
Catalent Pharma Solutions, Inc. (BB-/B1)
	192,000		3.500	(b)	04/01/30		151,102
Charles River Laboratories International, Inc. (BB/Ba2)
	265,000		4.000	(b)	03/15/31		215,646
DaVita, Inc. (B+/B1)
	219,000		3.750	(b)	02/15/31		156,081
Encompass Health Corp. (B+/B1)
	203,000		4.500		02/01/28		175,047
HCA, Inc. (BBB-/Baa3)
	399,000		3.500		09/01/30		329,706
Medline Borrower LP (B-/Caa1)
	234,000		5.250	(b)	10/01/29		176,668
Surgery Center Holdings, Inc. (CCC/Caa2)
	47,000		6.750	(b)	07/01/25		43,732
							1,247,982
Home Builders(a) – 1.1%
Ashton Woods USA LLC/Ashton Woods Finance Co. (B+/B1)
	93,000		4.625	(b)	04/01/30		66,618

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Home Builders(a) – (continued)
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (B+/B2)
$	205,000		4.875	%(b)	02/15/30	$	152,042
Century Communities, Inc. (BB-/Ba2)
	243,000		3.875	(b)	08/15/29		186,483
KB Home (BB/Ba2)
	95,000		7.250		07/15/30		86,259
LGI Homes, Inc. (BB-/Ba2)
	124,000		4.000	(b)	07/15/29		91,962
Tri Pointe Homes, Inc. (BB-/Ba2)
	164,000		5.250		06/01/27		141,742
	39,000		5.700		06/15/28		33,204
							758,310
Household Products(a)(b) – 0.4%
Spectrum Brands, Inc. (B/B2)
	358,000		3.875		03/15/31		243,884
Housewares(a) – 0.2%
The Scotts Miracle-Gro Co. (B/Ba3)
	157,000		4.375		02/01/32		111,586
Insurance(a)(b) – 0.4%
Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	98,000		6.000		08/01/29		75,142
AssuredPartners, Inc. (CCC+/Caa2)
	24,000		5.625		01/15/29		18,753
HUB International Ltd. (CCC+/Caa2)
	183,000		7.000		05/01/26		173,654
							267,549
Internet(a)(b) – 2.9%
Arches Buyer, Inc. (CCC+/Caa1)
	30,000		6.125		12/01/28		23,060
Endurance International Group Holdings, Inc. (CCC+/Caa2)
	109,000		6.000		02/15/29		72,271
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3)
	277,000		3.500		03/01/29		226,409
GrubHub Holdings, Inc. (B-/B3)
	688,000		5.500		07/01/27		476,289
Match Group Holdings II LLC (BB/Ba3)
	133,000		5.000		12/15/27		118,705
	270,000		4.625		06/01/28		236,012
	663,000		4.125		08/01/30		543,733
Uber Technologies, Inc. (B-/B2)
	154,000		6.250		01/15/28		143,220
	161,000		4.500		08/15/29		135,496
							1,975,195
Leisure Time(a)(b) – 0.7%
MajorDrive Holdings IV LLC (CCC+/Caa2)
	99,000		6.375		06/01/29		68,629
NCL Corp. Ltd. (B-/Caa1)
	78,000		3.625		12/15/24		66,278
	18,000		5.875		03/15/26		13,805

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Leisure Time(a)(b) – (continued)
NCL Finance Ltd. (B-/Caa1)
$	121,000		6.125	%	03/15/28	$	85,543
Royal Caribbean Cruises Ltd. (B/B3)
	173,000		4.250		07/01/26		127,719
	160,000		5.500		04/01/28		112,477
							474,451
Lodging(a)(b) – 0.6%
Boyd Gaming Corp. (BB-/B3)
	144,000		4.750		06/15/31		116,591
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc (B/B2)
	153,000		5.000		06/01/29		123,433
	216,000		4.875		07/01/31		165,009
							405,033
Machinery-Diversified(a)(b) – 0.5%
Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC/Caa2)
	471,000		7.750		04/15/26		375,688
Media – 5.6%
Cable One, Inc. (BB-/B2)
	286,000		4.000	(a)(b)	11/15/30		222,648
CCO Holdings LLC/CCO Holdings Capital Corp. (BB-/B1)
	729,000		4.750	(a)(b)	03/01/30		590,599
	239,000		4.250		02/01/31		184,895
	361,000		4.250	(a)(b)	01/15/34		260,678
CSC Holdings LLC (B/B3)
	303,000		5.750	(a)(b)	01/15/30		215,469
	369,000		4.625	(a)(b)	12/01/30		250,924
DISH DBS Corp. (B/B3)
	408,000		7.375	(a)	07/01/28		274,454
	584,000		5.125		06/01/29		343,158
GCI LLC(B/B3)
	212,000		4.750	(a)(b)	10/15/28		176,280
Gray Television, Inc. (B/B3)
	304,000		4.750	(a)(b)	10/15/30		228,061
iHeartCommunications, Inc. (B-/Caa1)
	175,370		8.375	(a)	05/01/27		147,688
Nexstar Media, Inc. (B+/B2)
	296,000		4.750	(a)(b)	11/01/28		251,618
Sirius XM Radio, Inc. (BB/Ba3)(a)(b)
	59,000		3.125		09/01/26		51,821
	94,000		4.000		07/15/28		80,064
	130,000		5.500		07/01/29		117,105
	224,000		4.125		07/01/30		182,739
	175,000		3.875		09/01/31		136,036
Ziggo Bond Co. B.V. (B-/B3)
	200,000		5.125	(a)(b)	02/28/30		143,290
							3,857,527
Metal Fabricate & Hardware(a)(b) – 0.2%
Roller Bearing Co of America, Inc. (B+/B2)
	191,000		4.375		10/15/29		161,063

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)
Miscellaneous Manufacturing(a) – 0.6%
Hillenbrand, Inc. (BB+/Ba1)
$	560,000		3.750	%	03/01/31	$	430,500
Oil Field Services(a) – 3.4%
Archrock Partners LP/Archrock Partners Finance Corp. (B+/B2)
	177,000		6.250	(b)	04/01/28		155,769
California Resources Corp. (BB-/B2)
	183,000		7.125	(b)	02/01/26		172,104
Callon Petroleum Co. (B+/B3)
	84,000		7.500	(b)	06/15/30		73,597
CNX Resources Corp. (BB/B1)
	90,000		6.000	(b)	01/15/29		82,700
	102,000		7.375	(b)	01/15/31		99,933
CrownRock LP/CrownRock Finance, Inc. (BB-/B1)
	97,000		5.000	(b)	05/01/29		86,036
MEG Energy Corp. (BB-/B2)
	87,000		5.875	(b)	02/01/29		78,015
Nabors Industries, Inc. (B/B3)
	163,000		7.375	(b)	05/15/27		150,604
Nabors Industries, Ltd. (CCC/Caa1)
	374,000		7.500	(b)	01/15/28		306,590
Range Resources Corp. (BB/Ba3)
	54,000		4.750	(b)	02/15/30		46,829
Southwestern Energy Co. (BB+/NR)
	255,000		5.375		02/01/29		231,660
Southwestern Energy Co. (BB+/Ba2)
	155,000		5.375		03/15/30		139,312
	74,000		4.750		02/01/32		62,201
Sunoco LP/Sunoco Finance Corp. (BB/Ba3)
	215,000		4.500		04/30/30		176,408
TechnipFMC PLC (BB+/Ba1)
	207,000		6.500	(b)	02/01/26		198,662
Transocean, Inc. (CCC/Caa3)
	317,000		11.500	(b)	01/30/27		293,986
							2,354,406
Packaging – 1.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B-/Caa1)
	725,000		5.250	(a)(b)	08/15/27		451,218
Pactiv LLC (B-/Caa1)
	87,000		8.375		04/15/27		78,366
Trident TPI Holdings, Inc. (CCC+/Caa2)
	286,000		9.250	(a)(b)	08/01/24		262,102
							791,686
Pharmaceuticals(a)(b) – 1.1%
AdaptHealth LLC (B/B1)
	97,000		6.125		08/01/28		87,183
	45,000		4.625		08/01/29		36,062
	56,000		5.125		03/01/30		46,209
HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)
	282,000		4.875		06/01/29		201,196
Organon & Co./Organon Foreign Debt Co.-Issuer BV (BB-/B1)
	200,000		5.125		04/30/31		164,048

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Pharmaceuticals(a)(b) – (continued)
Prestige Brands, Inc. (BB-/B2)
$	109,000		5.125	%	01/15/28	$	98,371
	120,000		3.750		04/01/31		93,227
							726,296
Pipelines(a) – 2.7%
Cheniere Energy Partners LP (BB+/Ba1)
	365,000		4.500		10/01/29		322,273
Cheniere Energy, Inc. (BB+/Ba1)
	213,000		4.625		10/15/28		195,353
DT Midstream, Inc. (BB+/Ba2)
	239,000		4.375	(b)	06/15/31		197,084
EQM Midstream Partners LP (BB-/Ba3)
	183,000		7.500	(b)	06/01/27		174,811
Global Partners LP/GLP Finance Corp. (B+/B2)
	137,000		6.875		01/15/29		123,527
Hess Midstream Operations LP (BB+/Ba2)
	81,000		4.250	(b)	02/15/30		65,651
	55,000		5.500	(b)	10/15/30		47,136
Howard Midstream Energy Partners LLC (B/B3)
	86,000		6.750	(b)	01/15/27		76,808
Kinetik Holdings LP(BB+/Ba1)
	257,000		5.875	(b)	06/15/30		235,204
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)
	121,000		6.000	(b)	12/31/30		102,837
	245,000		6.000	(b)	09/01/31		207,081
Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BBB-/Baa3)
	170,000		4.875		02/01/31		146,151
							1,893,916
Real Estate(a)(b) – 0.1%
The Howard Hughes Corp. (BB-/Ba3)
	77,000		4.125		02/01/29		59,485
Real Estate Investment Trust(a) – 0.7%
Iron Mountain Information Management Services, Inc. (BB-/Ba3)
	133,000		5.000	(b)	07/15/32		103,139
SBA Communications Corp. (BB-/B1)
	497,000		3.125		02/01/29		399,628
							502,767
Retailing(a) – 3.3%
Arko Corp. (B-/B3)
	241,000		5.125	(b)	11/15/29		188,168
Asbury Automotive Group, Inc. (BB/B1)
	100,000		4.500		03/01/28		84,118
	49,000		4.625	(b)	11/15/29		39,154
	211,000		4.750		03/01/30		166,859
	28,000		5.000	(b)	02/15/32		21,684
Beacon Roofing Supply, Inc. (B/B2)
	152,000		4.125	(b)	05/15/29		123,205
Carvana Co. (CCC/Caa2)
	61,000		5.500	(b)	04/15/27		33,206
	162,000		5.875	(b)	10/01/28		83,273

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Retailing(a) – (continued)
Group 1 Automotive, Inc. (BB+/Ba2)
$	160,000		4.000	%(b)	08/15/28	$	129,187
Ken Garff Automotive LLC (BB-/B1)
	169,000		4.875	(b)	09/15/28		137,343
LCM Investments Holdings II LLC (BB-/B2)
	248,000		4.875	(b)	05/01/29		192,621
Lithia Motors, Inc. (BB+/Ba2)
	100,000		3.875	(b)	06/01/29		80,250
	364,000		4.375	(b)	01/15/31		298,105
Murphy Oil USA, Inc. (BB+/Ba2)
	29,000		3.750	(b)	02/15/31		23,279
Penske Automotive Group, Inc. (BB-/Ba3)
	317,000		3.750		06/15/29		254,129
Sonic Automotive, Inc. (BB-/B1)
	197,000		4.625	(b)	11/15/29		154,730
	71,000		4.875	(b)	11/15/31		53,807
SRS Distribution, Inc. (CCC/Caa2)
	69,000		6.125	(b)	07/01/29		55,481
Yum! Brands, Inc. (BB/Ba3)
	197,000		3.625		03/15/31		157,013
							2,275,612
Semiconductors(a)(b) – 0.1%
Qorvo, Inc. (BBB-/Ba1)
	130,000		3.375		04/01/31		97,344
Software(a)(b) – 1.3%
AthenaHealth Group, Inc. (CCC/Caa2)
	184,000		6.500		02/15/30		145,575
Castle U.S. Holding Corp. (CCC/Caa2)
	128,000		9.500		02/15/28		95,369
Clarivate Science Holdings Corp. (CCC+/Caa1)
	134,000		4.875		07/01/29		104,832
Fair Isaac Corp. (BB+/Ba2)
	189,000		4.000		06/15/28		161,537
Open Text Corp. (BB/Ba2)
	137,000		3.875		02/15/28		112,810
	182,000		3.875		12/01/29		140,149
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B+/B1)
	208,000		3.875		02/01/29		170,094
							930,366
Telecommunication Services(a)(b) – 1.1%
Level 3 Financing, Inc. (BB/Ba3)
	203,000		4.250		07/01/28		158,610
	212,000		3.625		01/15/29		157,096
	132,000		3.750		07/15/29		96,653
ViaSat, Inc. (B/Caa1)
	459,000		5.625		09/15/25		356,597
							768,956
Toys/Games/Hobbies(a)(b) – 0.1%
Mattel, Inc. (BB+/Ba1)
	38,000		5.875		12/15/27		36,636

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Transportation(a)(b) – 0.2%
Cargo Aircraft Management, Inc. (BB/Ba2)
$	191,000		4.750	%	02/01/28	$	164,745
Unknown(a) – 1.3%
Allison Transmission, Inc. (NR/Ba2)
	321,000		3.750	(b)	01/30/31		246,467
Dana, Inc. (BB/B1)
	183,000		5.625		06/15/28		152,476
	87,000		4.250		09/01/30		63,956
Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)
	120,000		8.000	(b)	02/01/28		105,894
Ford Motor Co. (BB+/Ba2)
	359,000		6.100		08/19/32		316,469
Real Hero Merger Sub 2, Inc. (CCC/Caa2)
	23,000		6.250	(b)	02/01/29		16,627
							901,889
TOTAL UNSECURED DEBT OBLIGATIONS
(Cost $40329544)						$	33,183,967
Secured Debt Obligations – 44.0%
Bank Loans – 32.4%
Aerospace & Defense(d)(e) – 0.8%
ADS Tactical, Inc. (B+/B3) (1M USD LIBOR + 5.750%)
$	603,592		8.802	%	03/19/26	$	551,158
Airlines – 0.8%
Air Canada (BB-/Ba2) (3M USD LIBOR + 3.500%)
	199,500		6.421		08/11/28		189,348
United Airlines, Inc. (BB-/Ba1) (3M USD LIBOR + 3.750%)
	394,000		6.533		04/21/28		375,340
							564,688
Automotive(d)(e) – 2.3%
First Brands Group, LLC (B+/B1) (3M SOFR + 5.000%)
	686,130		8.369		03/30/27		657,999
Holley Purchaser, Inc. (B/B2) (1M USD LIBOR + 3.750%)
	325,425		7.424		11/17/28		295,121
Mavis Tire Express Services Corp. (B-/B2) (1M USD SOFR CME + 4.000%)
	247,248		7.250		05/04/28		231,333
Truck Hero, Inc. (B-/B2) (1M USD LIBOR + 3.500%)
	295,500		6.615		01/31/28		256,840
Wheel Pros, LLC (CCC+/Caa1) (1M USD LIBOR + 4.500%)
	246,004		7.552		05/11/28		179,752
							1,621,045
Building & Construction(d)(e) – 1.0%
Brown Group Holding, LLC (B+/B1) (1M SOFR + 3.750%)
	125,000		6.784		07/02/29		120,885
DG Investment Intermediate Holdings 2, Inc. (B/B2) (1M USD LIBOR + 3.750%)
	222,195		6.865		03/31/28		206,641

106                    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)
Building & Construction(d)(e) – (continued)
Energize HoldCo LLC (Caa2/Caa2)
(1M LIBOR + 6.750%)
$	298,500		6.866	%	12/08/28	$	278,104
(1M USD LIBOR + 6.750%)
	100,000		9.865		12/07/29	$	93,500
							699,130
Building Materials(d)(e) – 0.6%
CP Atlas Buyer, Inc. (B-/B2) (1M USD LIBOR + 3.500%)
	296,569		6.615		11/23/27	$	257,125
Potters Industries LLC (B/B2) (3M USD LIBOR + 4.000%)
	187,150		7.674		12/14/27		177,793
							434,918
Capital Goods-Others(d)(e) – 0.5%
Engineered Machinery Holdings, Inc. (B-/B1)
(3M EUR EURIBOR + 3.750%)
EUR	123,750		4.943		05/21/28	$	109,052
(3M USD LIBOR + 3.750%)
$	247,612		7.424		05/19/28	$	237,708
							346,760
Chemicals(d)(e) – 0.9%
Illuminate Buyer, LLC (B+/B1) (1M USD LIBOR + 3.500%)
	672,198		6.615		06/30/27		607,499
Coal(d)(e) – 0.6%
Oxbow Carbon LLC (NR/B1) (3M USD LIBOR + 4.250%)
	385,385		7.878		10/17/25		381,292
Commercial Services(d)(e) – 2.0%
Amentum Government Services Holdings LLC (B/B1) (3M USD SOFR CME + 4.000%)
	346,507		7.207		02/15/29		330,048
Garda World Security Corp. (B/B2) (3M USD LIBOR + 4.250%)
	382,008		7.240		10/30/26		358,610
Holding Socotec (B/B2)
(1M USD LIBOR + 3.500%)
	272,250		7.674	(f)	06/02/28	$	251,831
(3M EUR EURIBOR + 3.500%)
EUR	100,000		4.693		06/02/28	$	89,797
Icebox Holdco III, Inc. (B-/B2) (3M USD LIBOR + 3.750%)
$	185,496		7.424		12/22/28		173,439
Icebox Holdco III, Inc. (Caa2/Caa2) (3M USD LIBOR + 6.750%)
	50,000		10.424		12/21/29		46,250
Vaco Holdings LLC (B/B2) (1M SOFR + 5.000%)
	124,063		8.703		01/21/29		120,031
							1,370,006
Consumer Cyclical Services(d)(e) – 0.5%
The Hertz Corp.(BB+/Ba3) (1M USD LIBOR + 3.250%)
	345,274		12.740		06/30/28		326,070
Consumer Products(d)(e) – 0.3%
Springs Windows Fashions, LLC (B-/B2) (3M USD LIBOR + 4.000%)
	298,500		7.602		10/06/28		232,233

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Distribution & Wholesale(d)(e) – 0.9%
BCPE Empire Holdings, Inc. (NR/B3) (1M USD LIBOR + 4.000%)
$	421,812		7.116	%	06/11/26	$	403,181
FCG Acquisitions Inc (B-/B2) (3M SOFR + 4.750%)
	200,000		8.303		03/31/28		195,000
							598,181
Diversified Financial Services(d)(e) – 0.4%
DRW Holdings, LLC (BB-/Ba3) (1M USD LIBOR + 3.750%)
	321,750		6.865		03/01/28		309,382
Diversified Manufacturing(d)(e) – 1.5%
Apex Tool Group, LLC (B-/B1) (1M USD SOFR + 5.250%)
	601,807		8.097		02/08/29		530,343
SPX Flow, Inc. (B-/B2) (1M SOFR + 4.500%)
	250,000		7.634		04/05/29		230,625
Vertical US Newco Inc (B+/B1) (6M USD LIBOR + 3.500%)
	309,850		6.871		07/30/27		296,424
							1,057,392
Electric(d)(e) – 0.4%
TerraForm Power Operating, LLC (BB+/Ba2) (3M USD SOFR CME + 2.750%)
	274,312		6.403		05/21/29		270,884
Entertainment(a) – 0.2%
Arcis Golf LLC (BB-/B2) (1M USD LIBOR + 4.250%)
	149,250		7.365		11/24/28		144,772
Food & Beverage(d)(e) – 0.4%
Chobani, LLC (B-/B1) (1M USD LIBOR + 3.500%)
	245,000		6.615		10/25/27		222,492
Sigma Bidco B.V. (B-/B2) (3M USD LIBOR + 3.000%)
	99,739		5.899		07/02/25		85,562
							308,054
Health Care(d)(e) – 1.8%
Jazz Financing Lux S.a.r.l. (BB-/Ba2) (1M USD LIBOR +
3.500%)
	713,027		6.615		05/05/28		688,071
Onex TSG Intermediate Corp. (B/B2) (1M USD LIBOR + 4.750%)
	296,250		7.865		02/28/28		259,714
RegionalCare Hospital Partners Holdings, Inc. (B/B1) (1M USD LIBOR + 3.750%)
	300,000		6.871		11/16/25		278,304
							1,226,089
Insurance(a) – 0.5%
Acrisure, LLC (B/B2) (1M USD LIBOR + 3.500%)
	346,447		6.615		02/15/27		315,987
Media - Non Cable(d)(e) – 1.8%
Allen Media, LLC (BB-/Ba3) (3M USD LIBOR + 5.500%)
	636,901		9.203		02/10/27		548,531
CMG Media Corp (B+/B1) (1M USD LIBOR + 3.500%)
	337,967		6.616		12/17/26		315,719

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Media - Non Cable(d)(e) – (continued)
iHeartCommunications, Inc. (BB-/B1)
(1M USD LIBOR + 3.000%)
$	142,962		6.115	%	05/01/26	$	133,975
(1M USD LIBOR + 3.250%)
	289,770		6.365		05/01/26	$	271,480
							1,269,705
Media-Cable(d)(e) – 0.7%
DirecTV Financing, LLC (BB/Ba3) (1M USD LIBOR + 5.000%)
	541,450		8.115		08/02/27	$	503,077
Midstream(d)(e) – 0.3%
M6 ETX Holdings II Midco LLC (B+/B1) (3M SOFR + 4.500%)
	200,000		7.989		09/19/29		196,000
Oil Field Services(d)(e) – 1.0%
ChampionX Corporation (BBB-/Ba2) (1M SOFR + 3.250%)
	700,000		6.004		06/07/29		697,158
Packaging(d)(e) – 2.6%
Charter NEX US, Inc. (B/B2) (3M USD LIBOR + 3.750%)
	320,113		6.556		12/01/27		303,108
Clydesdale Acquisition Holdings Inc (B/B2) (1M SOFR + 4.175%)
	648,375		7.309		04/13/29		610,646
LABL, Inc. (B-/B2) (1M USD LIBOR + 5.000%)
	397,000		8.115		10/29/28		356,990
Trident TPI Holdings, Inc. (B-/B2)
(1M SOFR + 3.250%)
	50,000		8.096	(f)	09/17/24	$	47,625
(3M USD LIBOR + 3.250%)
	502,157		6.924		09/15/28	$	488,348
							1,806,717
Pharmaceuticals(a) – 0.8%
Corgi Bidco, Inc (B-/B1)
	275,000		0.000		09/20/29		256,553
Gainwell Acquisition Corp. (B+/B2) (3M USD LIBOR + 4.000%)
	294,750		7.674		10/01/27		280,234
							536,787
Pipelines(d)(e) – 1.3%
AL NGPL Holdings, LLC (B+/Ba3) (3M USD LIBOR + 3.750%)
	348,080		6.098		04/14/28		341,338
Centurion Pipeline Co. LLC (BB/B1) (1M USD LIBOR + 4.000%)
	163,400		7.116		09/28/25		160,132
CQP Holdco LP (B+/B2) (3M USD LIBOR + 3.750%)
	395,000		7.424		06/05/28		380,515
							881,985
Restaurants(d)(e) – 0.4%
IRB Holding Corp. (B+/B2) (1M USD LIBOR + 2.750%)
	295,361		5.865		02/05/25		284,976

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Retailers(d)(e) – 0.4%
New Era Cap Co., Inc. (B+/B2) (3M USD LIBOR + 6.000%)
$	268,125		8.455	%	07/13/27	$	254,719
Retailing(a) – 0.5%
RC Buyer, Inc. (B-/B1) (3M USD LIBOR + 3.500%)
	246,875		7.174		07/28/28		230,828
RC Buyer, Inc. (CCC/Caa1) (3M USD LIBOR + 6.500%)
	100,000		10.174		07/30/29		94,625
							325,453
Technology(d)(e) – 0.3%
Syndigo LLC (B-/B2) (1M USD LIBOR + 4.500%)
	221,625		7.318		12/15/27		199,462
Technology - Software/Services(e) – 3.7%
Ahead DB Holdings, LLC (B+/B1) (3M USD LIBOR + 3.750%)
	271,563		7.430	(d)	10/18/27		258,495
Camelot U.S. Acquisition LLC (B/B1) (1M USD LIBOR +
3.000%)
	589,899		12.230	(d)	10/30/26		569,685
Castle US Holding Corp. (B-/B3) (1M USD LIBOR + 3.750%)
	293,750		6.865	(d)	01/29/27		235,000
DCert Buyer, Inc. (B-/B2) (3M USD LIBOR + 4.000%)
	407,690		6.903	(d)	10/16/26		387,986
DCert Buyer, Inc. (CCC/Caa2) (1M USD LIBOR + 4.000%)
	125,000		9.903	(d)	02/19/29		116,125
Loyalty Ventures Inc (B-/B2) (1M USD LIBOR + 4.500%)
	259,531		7.616	(d)	11/03/27		77,859
Perforce Software, Inc. (B-/B2) (1M USD LIBOR + 3.750%)
	722,976		6.866		07/01/26		672,006
Virtusa Corp. (B/B2) (1M USD LIBOR + 3.750%)
	295,500		6.865	(d)	02/11/28		276,169
							2,593,325
Telecommunications(e) – 1.9%
GoTo Group, Inc. (B/B2) (1M USD LIBOR + 4.750%)
	194,998		7.802	(d)	08/31/27		134,728
Intelsat Jackson Holdings S.A. (B+/B3) (1M SOFR + 4.250%)
	524,846		7.445	(d)	02/01/29		491,387
PUG LLC(B-/B3)
(1M USD LIBOR + 3.500%)
	665,190		6.615	(d)	02/12/27	$	575,390
(1M USD LIBOR + 4.250%)
	123,750		7.366		02/12/27	$	108,281
							1,309,786
Transportation(d)(e) – 0.3%
LaserShip, Inc. (B-/B2) (6M USD LIBOR + 4.500%)
	272,250		7.377		05/07/28		228,521
TOTAL BANK LOANS						$	22,453,211
Other Secured Debt Obligations(b) – 11.6%
Airlines – 0.4%
Allegiant Travel Co. (BB-/Ba3)
$	76,000		7.250	%(a)	08/15/27	$	71,732

108                    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)
Airlines – (continued)
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2)
$	9,842		5.500	%	04/20/26	$	9,249
	49,142		5.750		04/20/29	$	42,887
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3)
	159,159		5.750	(a)	01/20/26	$	140,647
							264,515
Chemicals(d)(e) – 1.4%
ASP Unifrax Holdings, Inc. (B-/B2)
	205,000		5.250		09/30/28		157,692
Herens Holdco S.a.r.l. (B/B2)
	245,000		4.750		05/15/28		200,435
WR Grace Holdings LLC (B/B1)
	675,000		4.875		06/15/27		581,526
							939,653
Commercial Services(d)(e) – 1.1%
Allied Universal Holdco LLC/Allied Universal Finance Corp. (B/B2)
	162,000		6.625		07/15/26		144,414
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l. (B/B2)
	354,000		4.625		06/01/28		267,068
APX Group, Inc. (B/B1)
	56,000		6.750		02/15/27		52,577
The ADT Security Corp. (BB-/Ba3)
	342,000		4.125		08/01/29		283,511
							747,570
Diversified Financial Services(d)(e) – 0.1%
NFP Corp. (B/B1)
	94,000		4.875		08/15/28		80,247
Electric(d)(e) – 0.4%
Calpine Corp. (BB+/Ba2)
	320,000		3.750		03/01/31		251,629
Entertainment(a) – 0.1%
WMG Acquisition Corp. (BB+/Ba3)
	102,000		3.000		02/15/31		78,175
Environmental(a) – 0.4%
GFL Environmental, Inc. (BB-/Ba3)
	335,000		3.500		09/01/28		282,887
Health Care(d)(e) – 0.5%
Medline Borrower LP (B+/B1)
	430,000		3.875		04/01/29		345,307
Health Care - Services(a) – 0.2%
CHS/Community Health Systems, Inc. (B/B2)
	236,000		5.250		05/15/30		164,206
Household Products(a) – 0.1%
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. (B-/B2)
	102,000		5.000		12/31/26		89,190

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Insurance(a) – 0.2%
Acrisure LLC/Acrisure Finance, Inc. (B/B2)
$	200,000		4.250	%	02/15/29	$	157,818
Internet(a) – 0.2%
Arches Buyer, Inc. (B/B1)
	200,000		4.250		06/01/28		156,058
Leisure Time – 0.6%
Carnival Corp. (B/B3)
	128,000		7.625		03/01/26	$	97,280
	101,000		5.750		03/01/27	$	70,817
	205,000		6.000		05/01/29	$	135,179
Carnival Corp. (BB-/B1)
	94,000		9.875		08/01/27		92,120
							395,396
Lodging(a) – 0.3%
Travel & Leisure Co. (BB-/Ba3)
	214,000		4.500		12/01/29		166,032
Machinery-Construction & Mining(a) – 0.2%
Vertiv Group Corp. (BB-/B1)
	172,000		4.125		11/15/28		138,568
Media(a) – 2.4%
Altice Financing SA (B/B2)
	316,000		5.000		01/15/28		244,170
Audacy Capital Corp. (CCC-/Caa1)
	63,000		6.500	(a)(b)	05/01/27		15,894
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. (BB/Ba3)
	174,000		5.875		08/15/27		150,348
DISH DBS Corp. (B+/Ba3)
	217,000		5.250		12/01/26		179,105
Scripps Escrow II, Inc. (BB/Ba3)
	342,000		3.875		01/15/29		272,937
Sinclair Television Group, Inc. (B+/Ba2)
	251,000		4.125		12/01/30		189,979
UPC Holding B.V. (B/B3)
	200,000		5.500		01/15/28		167,906
Urban One, Inc. (B-/B3)
	69,000		7.375		02/01/28		58,627
VZ Secured Financing B.V. (B+/B1)
	256,000		5.000		01/15/32		195,471
Ziggo B.V. (B+/B1)
	200,000		4.875		01/15/30		158,142
							1,632,579
Oil, Gas & Consumable Fuels(a) – 0.5%
Noble Finance Co. (NR/NR) (PIK 15.000%, Cash 11.000%)
	52,296		11.000		02/15/28		57,477
Transocean Poseidon Ltd. (CCC+/Caa1)
	51,625		6.875		02/01/27		47,135
Transocean Proteus Ltd. (CCC+/NR)
	17,100		6.250		12/01/24		16,073

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Oil, Gas & Consumable Fuels(a) – (continued)
Transocean Sentry Ltd. (CCC+/Caa1)
$	228,688		5.375	%	05/15/23	$	220,421
							341,106
Packaging(d)(e) – 0.1%
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC (B+/B1)
	101,000		4.000		10/15/27		84,797
Packaging & Containers(a) – 0.1%
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. (B+/B1)
	99,000		4.375		10/15/28		81,978
Pharmaceuticals(a) – 0.1%
Bausch Health Cos., Inc. (B/B3)
	104,000		4.875		06/01/28		67,001
Pipelines(d)(e) – 0.3%
NGL Energy Operating LLC/NGL Energy Finance Corp. (B+/B1)
	242,000		7.500		02/01/26		215,421
Retailing(a) – 0.9%
1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	213,000		4.375	(b)	01/15/28	$	184,579
	342,000		4.000	(b)	10/15/30	$	269,257
Specialty Building Products Holdings LLC/SBP Finance Corp. (B/B3)
	180,000		6.375		09/30/26		150,327
							604,163
Software(a) – 0.3%
Camelot Finance SA (B/B1)
	35,000		4.500		11/01/26		31,993
Clarivate Science Holdings Corp. (B/B1)
	214,000		3.875		07/01/28		176,882
							208,875
Telecommunication Services(a)(b) – 0.2%
Frontier Communications Holdings LLC (CCC+/Caa2)
	183,000		6.750		05/01/29		151,019
Telecommunications(e) – 0.5%
Altice France SA (B/B2)
	225,000		5.125		01/15/29	$	166,797
	264,000		5.500		10/15/29	$	198,618
							365,415
TOTAL OTHER SECURED DEBT OBLIGATIONS						$	8,009,605
TOTAL SECURED DEBT OBLIGATIONS
(Cost $ 34,076,456)						$	30,462,816

Shares		Description	Value
Common Stocks – 0.8%
Oil, Gas & Consumable Fuels – 0.8%
	12,787	Noble Corp.	$	378,239
	1,141,924	Prairie Provident Resources, Inc.*		161,201
(Cost $ 3,086,848)				539,440
Shares		Dividend Rate	Value
Investment Company(g) –1.9%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	1,306,080	2.911%	$	1,306,080
(Cost $ 1,306,080)
TOTAL INVESTMENTS – 94.6%
78,798,928)			$	65,492,303
OTHER ASSETS IN EXCESS OF LIABILITIES – 5.4%			$	3,775,070
NET ASSETS – 100.0%			$	69,267,373

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) 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) 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, 2022. 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.

(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, 2022.

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

(g) 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.

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

    ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2022, 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)
Icebox Holdco III, Inc. (NR/B2), due 12/22/28		$38,571		$—		$(2,507)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, 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    222,358	EUR    218,715	10/11/22		$7,842

SWAP CONTRACTS — At September 30, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(a)	Termination Date	Notional Amount (000s)(b)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.500%	12M SOFR	12/21/29		$	2,810		$	198,920		$	143,306	$55,614

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)			Credit Spread at September 30, 2022(b)			Termination Date		Notional Amount (000s)			Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.NA.HY Index 38		(5.000	)%		6.080	%		12/20/27		$	13,000		$	520,939		$	664,736		$	(143,797	)

(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.

Currency Abbreviations:

EUR —Euro

USD —U.S. Dollar

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

Investment Abbreviations:
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PIK	—Payment in kind
PLC	—Public Limited Company
SOFR	—Secured Overnight Funding Rate

Abbreviations:
CDX.NA.HY Ind 38	—CDX North America High Yield Index 38
SOFR	—Secured Overnight Funding Rate

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 36.0%
Collateralized Mortgage Obligations – 7.8%
Interest Only(a) – 1.7%
FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%)
$	995,957		3.182	%(b)	05/15/41	$	91,113
FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR + 6.100%)
	4,168,047		3.282	(b)	05/15/45		500,972
FHLMC REMIC Series 4989, Class EI
	1,058,700		4.000		07/25/50		205,040
FHLMC REMIC Series 5012, Class DI
	2,051,332		4.000		09/25/50		398,339
FHLMC REMIC Series 5020, Class IH
	674,791		3.000		08/25/50		106,770
FNMA REMIC Series 2011-100, Class S (-1X 1M USD LIBOR +6.450%)
	2,517,783		3.366	(b)	10/25/41		258,472
FNMA REMIC Series 2012-88, Class SB (-1X 1M USD LIBOR +6.670%)
	2,391,046		3.586	(b)	07/25/42		243,820
FNMA REMIC Series 2017-104, Class SB (-1X 1M USD LIBOR +6.150%)
	1,051,540		3.066	(b)	01/25/48		115,606
FNMA REMIC Series 2020-60, Class NI
	1,905,081		4.000		09/25/50		369,939
GNMA REMIC Series 2010-35, Class DS (-1X 1M USD LIBOR +5.680%)
	3,164,403		2.666	(b)	03/20/40		276,436
GNMA REMIC Series 2013-103, Class DS (-1X 1M USD LIBOR + 6.150%)
	3,973,441		3.136	(b)	07/20/43		400,977
GNMA REMIC Series 2013-117, Class PS (-1X 1M USD LIBOR +6.150%)
	4,826,186		3.136	(b)	04/20/43		351,154
GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR +6.100%)
	92,704		3.086	(b)	06/20/43		8,871
GNMA REMIC Series 2014-11, Class NI
	1,518,228		4.500		12/16/42		102,281
GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR +6.100%)
	4,837,009		3.086	(b)	10/20/43		274,987
GNMA REMIC Series 2014-180, Class PI
	3,137,983		4.000		08/20/44		439,932
GNMA REMIC Series 2015-111, Class SM (-1X 1M USD LIBOR + 6.200%)
	3,829,398		3.186	(b)	08/20/45		425,539
GNMA REMIC Series 2015-126, Class LS (-1X 1M USD LIBOR +6.200%)
	2,468,918		3.186	(b)	09/20/45		268,098
GNMA REMIC Series 2015-129, Class IC
	1,093,854		4.500		09/16/45		205,495
GNMA REMIC Series 2015-133, Class SA (-1X 1M USD LIBOR + 5.700%)
	1,413,566		2.686	(b)	09/20/45		125,284

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
GNMA REMIC Series 2015-133, Class SB (-1X 1M USD LIBOR + 5.700%)
$	1,820,031		2.686	%(b)	09/20/45	$	158,666
GNMA REMIC Series 2015-144, Class QS (-1X 1M USD LIBOR + 5.700%)
	4,797,282		2.686	(b)	10/20/45		398,835
GNMA REMIC Series 2015-168, Class SD (-1X 1M USD LIBOR + 6.200%)
	7,953,715		3.186	(b)	11/20/45		879,655
GNMA REMIC Series 2016-6, Class S (-1X 1M USD LIBOR + 5.650%)
	5,977,896		2.636	(b)	01/20/46		499,385
GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR +5.660%)
1,141,968			2.646	(b)	07/20/47		98,919
GNMA REMIC Series 2018-122, Class HS (-1X 1M USD LIBOR + 6.200%)
	816,524		3.186	(b)	09/20/48		88,314
GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%)
	1,674,663		3.186	(b)	09/20/48		179,729
GNMA REMIC Series 2018-139, Class SQ (-1X 1M USD LIBOR + 6.150%)
	1,116,875		3.136	(b)	10/20/48		111,155
GNMA REMIC Series 2018-67, Class PS (-1X 1M USD LIBOR +6.200%)
	1,921,354		3.186	(b)	05/20/48		191,782
GNMA REMIC Series 2018-7, Class DS (-1X 1M USD LIBOR + 5.700%)
	1,278,486		2.686	(b)	01/20/48		115,253
GNMA REMIC Series 2018-79, Class SD (-1X 1M USD LIBOR +6.200%)
	480,699		3.186	(b)	06/20/48		47,745
GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%)
	1,281,346		3.036	(b)	01/20/49		124,546
GNMA REMIC Series 2019-151, Class NI
	2,810,145		3.500		10/20/49		438,142
GNMA REMIC Series 2019-6, Class SA (-1X 1M USD LIBOR + 6.050%)
	444,588		3.036	(b)	01/20/49		44,632
GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR +6.100%)
	790,811		3.086	(b)	06/20/49		73,646
GNMA REMIC Series 2020-146, Class IM
	1,359,819		2.500		10/20/50		179,711
GNMA REMIC Series 2020-146, Class KI
	9,650,300		2.500		10/20/50		1,274,755
GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR +6.050%)
	3,400,650		3.036	(b)	02/20/50		376,613
GNMA REMIC Series 2020-61, Class SF (-1X 1M USD LIBOR +6.440%)
	5,378,496		3.426	(b)	07/20/43		594,423

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

	Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
GNMA REMIC Series 2020-7, Class GI
$		145,545		4.000	%	01/20/50	$	24,064
GNMA REMIC Series 2020-78, Class DI
		3,957,331		4.000		06/20/50		710,346
GNMA REMIC Series 2020-79, Class AI
		509,732		4.000		06/20/50		89,981
								11,869,422
Regular Floater(b) – 0.3%
FHLMC REMIC Series 3231, Class FB (1M USD LIBOR + 0.350%)
		170,871		3.168		10/15/36		170,508
FHLMC REMIC Series 3314, Class FC (1M USD LIBOR + 0.400%)
		100,069		3.218		12/15/36		99,327
FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
		160,672		3.418		09/15/37		160,615
FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
		54,544		3.668		06/15/39		55,387
FHLMC REMIC Series 3827, Class KF (1M USD LIBOR + 0.370%)
		240,773		3.188		03/15/41		240,000
FNMA REMIC Series 2006-45, Class TF (1M USD LIBOR + 0.400%)
		323,314		3.484		06/25/36		323,202
FNMA REMIC Series 2006-76, Class QF (1M USD LIBOR + 0.400%)
		388,399		3.484		08/25/36		386,232
FNMA REMIC Series 2006-79, Class PF (1M USD LIBOR + 0.400%)
		402,500		3.484		08/25/36		400,096
FNMA REMIC Series 2007-75, Class VF (1M USD LIBOR + 0.450%)
		135,579		3.534		08/25/37		135,758
FNMA REMIC Series 2009-84, Class WF (1M USD LIBOR + 1.100%)
		46,203		4.184		10/25/39		47,313
								2,018,438
Sequential Fixed Rate – 0.5%
GCAT 2022-NQM4 Trust Series 22-NQM4, Class A1
		199,168		5.269	(c)(d)	08/25/67		194,792
OBX Trust Series 2022-NQM7, Class A1
		198,050		5.110	(c)(d)	08/25/62		193,383
Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
		244,150		5.500		02/25/36		192,232
Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
		368,054		6.000		06/25/36		313,831
Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
		685,465		6.500		07/25/36		554,472
Residential Asset Securitization Trust Series 2006-A8, Class 1A1
		672,368		6.000		08/25/36		485,561

	Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
$		1,896,226		6.000	%	10/25/37	$	1,239,180
								3,173,451
Sequential Floating Rate(b) – 5.3%
Banc of America Funding Trust Series 2006-H, Class 6A1 (1M USD LIBOR + 0.380%)
		5,401,463		3.373		10/20/36		4,156,077
Banc of America Funding Trust Series 2007-2, Class 2A1
		23,973		4.112		03/25/37		21,950
Bellemeade Re Ltd. Series 2021-2A, Class M1B (1M SOFR + 1.500%)
		475,000		3.781	(c)	06/25/31		454,057
Connecticut Avenue Securities Trust Series 2019-R01, Class 2M2 (1M USD LIBOR + 2.450%)
		223,237		5.534	(c)	07/25/31		222,825
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 (1M USD LIBOR + 2.300%)
		265,882		5.384	(c)	08/25/31		265,223
Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2 (1M USD LIBOR + 2.150%)
		82,582		5.234	(c)	09/25/31		82,104
Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2 (1M SOFR + 3.000%)
		590,000		5.281	(c)	01/25/42		537,203
Connecticut Avenue Securities Trust Series 2022-R03, Class 1B1 (1M SOFR + 6.250%)
		153,000		8.531	(c)	03/25/42		151,597
Connecticut Avenue Securities Trust Series 2022-R04, Class 1B1 (1M SOFR + 5.250%)
		433,000		7.531	(c)	03/25/42		411,626
Connecticut Avenue Securities Trust Series 2022-R05, Class 2B1 (1M SOFR + 4.500%)
		392,000		6.781	(c)	04/25/42		373,941
Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1M SOFR + 3.000%)
		279,000		5.281	(c)	04/25/42		257,499
Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%)
		281,209		3.584		07/25/35		210,706
Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%)
		345,265		3.884		12/25/35		290,845
Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A2 (1M USD LIBOR + 0.400%)
		286,560		3.484		08/25/37		198,531
Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1M USD LIBOR + 0.500%)
		1,885,471		3.584		08/25/37		1,381,038
FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (1M SOFR + 2.600%)
		445,603		4.881	(c)	11/25/50		448,056

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)
FHLMC STACR Remic Trust Series 2020-DNA1, Class M2 (1M USD LIBOR + 1.700%)
$	693,404		4.784	%(c)	01/25/50	$	687,753
FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1 (1M USD LIBOR + 6.000%)
	1,516,000		9.084	(c)	08/25/50		1,573,351
FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2 (1M USD LIBOR + 3.750%)
	8,380		6.834	(c)	08/25/50		8,385
FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (1M SOFR + 4.800%)
	1,533,000		7.081	(c)	10/25/50		1,521,956
FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (1M SOFR + 2.800%)
	209,953		5.081	(c)	10/25/50		210,071
FHLMC STACR REMIC Trust Series 2020-DNA6, Class B2 (1M SOFR + 5.650%)
	600,000		7.931	(c)	12/25/50		530,215
FHLMC STACR REMIC Trust Series 2020-DNA6, Class M2 (1M SOFR + 2.000%)
	1,174,148		4.281	(c)	12/25/50		1,165,565
FHLMC STACR REMIC Trust Series 2020-HQA2, Class B1 (1M USD LIBOR + 4.100%)
	3,826,645		7.184	(c)	03/25/50		3,639,025
FHLMC STACR REMIC Trust Series 2020-HQA3, Class B1 (1M USD LIBOR + 5.750%)
	1,390,000		8.834	(c)	07/25/50		1,405,862
FHLMC STACR REMIC Trust Series 2020-HQA4, Class B1 (1M USD LIBOR + 5.250%)
	879,000		8.334	(c)	09/25/50		875,545
FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%)
	14,558		6.234	(c)	09/25/50		14,575
FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (1M SOFR + 1.800%)
	299,455		4.081	(c)	01/25/51		289,063
FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1 (1M SOFR + 3.400%)
	137,000		5.681	(c)	10/25/41		122,732
FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 (1M SOFR + 2.050%)
	410,000		4.331	(c)	12/25/33		356,940
FHLMC STACR REMIC Trust Series 2022-HQA1, Class M1B (1M SOFR + 3.500%)
	350,000		5.781	(c)	03/25/42		334,906
FHLMC STACR Trust 2019-DNA4 Series 19-DNA4, Class B1 (1M USD LIBOR + 2.700%)
	575,000		5.784	(c)	10/25/49		546,116
FNMA Connecticut Avenue Securities Series 2016-C01, Class 1M2 (1M USD LIBOR + 6.750%)
	817,330		9.834		08/25/28		865,282
FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%)
	1,266,347		8.384		10/25/28		1,309,835

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
FNMA Connecticut Avenue Securities Series 2021-R02, Class 2B1 (1M SOFR + 3.300%)
$	1,350,000		5.581	%(c)	11/25/41	$	1,203,770
Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1 (1M USD LIBOR + 0.520%)
	1,800,815		3.604		06/25/35		1,489,406
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1
	1,483,030		2.520	(c)	05/25/52		1,237,992
JPMorgan Mortgage Trust Series 2022-LTV1,Class A2
	488,028		3.520	(c)	07/25/52		405,726
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1 (12M MTA + 0.800%)
	1,002,099		1.904		12/25/46		817,813
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A (12M MTA + 0.850%)
	147,736		1.954		12/25/46		126,075
Mill City Mortgage Loan Trust Series 2017-2, Class A3
	535,698		3.107	(c)	07/25/59		515,575
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A (1M USD LIBOR + 0.480%)
	673,217		3.564		12/25/36		582,634
Residential Accredit Loans, Inc. Series 2005-QO5, Class A1 (12M MTA + 1.000%)
	1,907,391		2.104		01/25/46		1,609,589
Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1 (1M USD LIBOR + 0.540%)
	1,216,305		3.624		02/25/46		664,335
Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1 (12M MTA + 0.800%)
	2,143,190		1.904		09/25/46		1,829,721
Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.410%)
	76,014		3.494		09/25/46		70,206
							35,473,297
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							52,534,608
Commercial Mortgage-Backed Securities – 3.5%
Sequential Fixed Rate – 1.8%
3650R Commercial Mortgage Trust Series 2021-PF1, Class AS
$	1,050,000		2.778	%	11/15/54	$	807,329
Banc of America Commercial Mortgage Trust Series 2016-UBS10, Class D
	1,100,000		3.000	(c)	07/15/49		875,763
BANK Series 2018-BN10, Class D
	500,000		2.600	(c)	02/15/61		357,508
BANK Series 2018-BN13, Class D
	750,000		3.000	(c)	08/15/61		510,686
BANK Series 2018-BN14, Class D
	500,000		3.000	(c)	09/15/60		352,761
BANK Series 2021-BNK38, Class A5
	1,050,000		2.521		12/15/64		845,381
BANK Series 2021-BNK38, Class E
	300,000		2.500	(c)	12/15/64		172,560

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
BANK Series 2022-BNK39, Class A4
$	2,400,000		2.928	%	02/15/55	$	1,999,123
BBCMS Mortgage Trust Series 2022-C17, Class A5
	2,000,000		4.441		09/15/55		1,886,156
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	1,000,000		3.000	(c)	09/15/50		733,995
COMM Mortgage Trust Series 2017-COR2, Class D
	800,000		3.000	(c)	09/10/50		594,138
CSMC Trust Series 2014-USA, Class E
	1,550,000		4.373	(c)	09/15/37		1,143,893
Morgan Stanley Capital I Trust Series 2018-L1, Class D
	450,000		3.000	(c)	10/15/51		316,851
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D
	756,000		3.250	(c)	01/15/60		575,204
Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class D
	1,100,000		2.500	(c)	04/15/55		683,816
							11,855,164
Sequential Floating Rate(b) – 1.7%
BBCMS Mortgage Trust Series 2022-C17, Class AS
	2,850,000		4.971		09/15/55		2,661,559
BX Trust Series 2021-ARIA, Class F (1M USD LIBOR + 2.594%)
	2,550,000		5.412	(c)	10/15/36		2,303,612
BX Trust Series 2022-PSB, Class A (1M TSFR LIBOR + 2.451%)
	3,850,000		5.296	(c)	08/15/39		3,847,562
JPMDB Commercial Mortgage Securities Trust Series 2016-C4, Class D
	600,000		3.196	(c)	12/15/49		446,444
Octagon Finance NO 1 DAC, Class A (3M Euribor + 2.370%)
EUR	723,677		2.709	(e)	01/17/23		641,862
Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A (1M TSFR + 2.186%)
$	1,150,000		5.031	(c)	05/15/37		1,142,413
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class D
	817,000		3.183	(c)	12/15/59		620,756
							11,664,208
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	23,519,372
Federal Agencies – 24.7%
FHLMC – 0.0%
$	11,116		5.000	%	01/01/33	$	11,144
	312		5.000		03/01/33		313
	4,418		5.000		04/01/33		4,429
	536		5.000		05/01/33		537
	1,892		5.000		06/01/33		1,897
	12,539		5.000		07/01/33		12,572
	19,113		5.000		08/01/33		19,167
	2,193		5.000		09/01/33		2,201

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	4,374		5.000	%	10/01/33	$	4,386
	6,914		5.000		11/01/33		6,932
	4,141		5.000		12/01/33		4,152
	4,134		5.000		01/01/34		4,145
	12,812		5.000		02/01/34		12,844
	6,340		5.000		03/01/34		6,356
	11,220		5.000		04/01/34		11,248
	14,623		5.000		05/01/34		14,661
	194,252		5.000		06/01/34		194,757
	5,249		5.000		11/01/34		5,262
	51,514		5.000		04/01/35		51,649
	561		5.000		11/01/35		562
							369,214
GNMA – 15.0%
	9,409,950		4.500		12/20/48		9,109,157
	3,521,556		5.000		12/20/48		3,498,202
	5,275,308		4.500		01/20/49		5,105,443
	16,000,000		4.000		TBA-30yr(f)		14,926,120
	54,000,000		4.500		TBA-30yr(f)		51,620,949
	17,000,000		5.000		TBA-30yr(f)		16,611,278
							100,871,149
UMBS – 3.4%
	38		5.000		04/01/23		38
	1		5.500		05/01/25		1
	18,796		4.500		08/01/37		18,396
	3,553		4.500		04/01/39		3,500
	6,121		4.000		08/01/39		5,831
	2,494		4.000		09/01/39		2,376
	24,498		4.500		10/01/39		24,123
	2,489		4.500		05/01/41		2,453
	10,635		4.500		06/01/41		10,481
	8,877		4.500		08/01/41		8,697
	3,153		4.500		10/01/41		3,089
	706		4.500		11/01/42		691
	11,881		4.500		12/01/43		11,617
	542,193		4.500		11/01/48		523,557
	97,615		4.500		01/01/49		94,168
	820,023		4.500		06/01/49		791,281
	503,579		4.500		08/01/49		484,382
	6,351,372		5.000		10/01/49		6,275,619
	549,591		4.500		01/01/50		530,508
	8,901,224		4.500		03/01/50		8,602,460
	5,697,154		5.000		03/01/50		5,622,082
							23,015,350
UMBS, 30 Year, Single Family(f) – 6.3%
	19,000,000		4.500		TBA-30yr		18,076,714

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family(f) – (continued)
$	29,000,000		2.500	%	TBA-30yr	$	24,335,077
							42,411,791
TOTAL FEDERAL AGENCIES						$	166,667,504
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $248,891,546)						$	242,721,484
Corporate Obligations – 20.5%
Advertising(c)(g) – 0.1%
Outfront Media Capital LLC/Outfront Media Capital Corp.
$	364,000		5.000	%	08/15/27	$	316,767
Aerospace & Defense(g) – 0.1%
TransDigm, Inc.
	650,000		5.500		11/15/27		564,505
Triumph Group, Inc.
	285,000		7.750		08/15/25		222,078
							786,583
Automotive(g) – 0.5%
General Motors Financial Co., Inc.
	4,050,000		3.600		06/21/30		3,280,905
Banks – 3.5%
ABN AMRO Bank NV (-1X 5 year EUR Swap + 4.674%)
EUR	800,000		4.375	(b)(g)	12/31/99		666,434
AIB Group PLC (-1X 5 year EUR Swap + 6.629%)
	372,000		6.250	(b)(g)	12/31/99		329,557
Banco do Brasil SA (10 year CMT + 4.398%)
$	1,550,000		6.250	(b)(g)	10/29/49		1,326,219
Banco Mercantil del Norte SA (5 year CMT + 4.643%)
	640,000		5.875	(b)(c)(g)	12/31/99		520,920
Banco Santander SA (-1X 5 year EUR Swap + 4.534%)
EUR	400,000		4.375	(b)(g)	12/31/99		304,184
Bank of America Corp.(b)(g)
(SOFR + 1.830%)
$	3,750,000		4.571		04/27/33		3,365,175
(SOFR + 2.160%)
	3,525,000		5.015		07/22/33		3,279,272
CaixaBank SA (-1X 5 year EUR Swap + 6.346%)
EUR	400,000		5.875	(b)(g)	12/31/99		328,748
Citigroup, Inc. (SOFR + 2.086%)
$	3,575,000		4.910	(b)(g)	05/24/33		3,289,250
Commerzbank AG (-1X 5 year EUR Swap + 6.363%)
EUR	400,000		6.125	(b)(g)	03/31/99		330,171
Credit Suisse Group AG
$	2,875,000		4.282	(c)(g)	01/09/28		2,452,289
JPMorgan Chase & Co. (SOFR + 2.080%)
	3,525,000		4.912	(b)(g)	07/25/33		3,255,443
Morgan Stanley (SOFR + 1.290%)
	4,310,000		2.943	(b)(g)	01/21/33		3,406,495
QNB Finance Ltd.
	230,000		3.500		03/28/24		223,503

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Societe Generale SA (5 year USD Swap + 3.929%)
$	224,000		6.750	%(b)(g)	12/31/99	$	177,621
Virgin Money UK PLC (5 year UK Government Bond + 8.307%)
GBP	344,000		9.250	(b)(g)	12/31/99		353,980
							23,609,261
Beverages(g) – 1.0%
Anheuser-Busch InBev Worldwide, Inc.
$	3,700,000		3.500		06/01/30		3,301,288
Constellation Brands, Inc.
	4,025,000		2.875		05/01/30		3,336,604
							6,637,892
Biotechnology(g) – 0.5%
Amgen, Inc.
	3,625,000		4.200		03/01/33		3,284,395
Building Materials(c)(g) – 0.1%
Cemex SAB de CV
	200,000		7.375		06/05/27		199,000
Summit Materials LLC/Summit Materials Finance Corp.
	305,000		6.500		03/15/27		293,621
	438,000		5.250		01/15/29		385,396
							878,017
Chemicals – 0.7%
Ingevity Corp.
	546,000		3.875	(c)(g)	11/01/28		451,569
Sasol Financing International Ltd.
	4,008,000		4.500		11/14/22		3,977,940
							4,429,509
Commercial Services – 0.6%
Allied Universal Holdco LLC/Allied Universal Finance Corp.
	843,000		6.625	(c)(g)	07/15/26		751,484
DP World Crescent Ltd.
	200,000		4.848		09/26/28		192,288
	200,000		3.875		07/18/29		179,850
DP World Ltd.
	200,000		5.625		09/25/48		173,250
Herc Holdings, Inc.
	1,269,000		5.500	(c)(g)	07/15/27		1,142,202
The Nielsen Co. Luxembourg S.a.r.l.
	839,000		5.000	(c)(g)	02/01/25		827,002
United Rentals North America, Inc.
	604,000		3.875	(g)	02/15/31		491,698
							3,757,774
Computers(c)(g) – 0.2%
Booz Allen Hamilton, Inc.
	758,000		3.875		09/01/28		651,539
KBR, Inc.
	708,000		4.750		09/30/28		614,211
							1,265,750

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Distribution & Wholesale(c)(g) – 0.0%
Univar Solutions USA, Inc.
$		331,000		5.125	%	12/01/27	$	296,440
Diversified Financial Services – 0.9%
AerCap Holdings NV (5 year CMT + 4.535%)
		508,000		5.875	(b)(g)	10/10/79		453,725
American Express Co. (SOFR + 1.760%)
		3,625,000		4.420	(b)(g)	08/03/33		3,299,221
Global Aircraft Leasing Co. Ltd.(h) (PIK 7.250%, Cash 6.500%)
		2,008,039		6.500	(c)(g)	09/15/24		1,511,009
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
		825,000		4.750	(g)	09/15/24		773,413
Navient Corp.
		255,000		6.750		06/25/25		239,188
								6,276,556
Electrical(c) – 0.2%
Calpine Corp.
		1,048,000		4.625	(g)	02/01/29		855,797
Korea Hydro & Nuclear Power Co., Ltd.
		400,000		4.250		07/27/27		380,360
								1,236,157
Energy-Alternate Sources(c)(g) – 0.0%
Greenko Dutch B.V.
		191,000		3.850		03/29/26		152,800
Greenko Power II Ltd.
		195,500		4.300		12/13/28		151,513
								304,313
Engineering & Construction(g) – 0.1%
Mexico City Airport Trust
		320,000		4.250	(c)	10/31/26		281,600
		546,000		5.500		07/31/47		338,356
								619,956
Entertainment(c)(g) – 0.6%
Motion Bondco DAC
		567,000		6.625		11/15/27		479,807
Warnermedia Holdings, Inc.
		3,975,000		4.279		03/15/32		3,272,856
								3,752,663
Environmental(c)(g) – 0.2%
Waste Pro USA, Inc.
		1,524,000		5.500		02/15/26		1,349,182
Food & Drug Retailing(g) – 0.4%
B&G Foods, Inc.
		1,123,000		5.250		04/01/25		977,605
		243,000		5.250		09/15/27		196,813
Lamb Weston Holdings, Inc.
		686,000		4.875	(c)	05/15/28		623,698
Performance Food Group, Inc.(c)
		219,000		6.875		05/01/25		217,927

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing(g) – (continued)
$		1,041,000		5.500	%	10/15/27	$	945,811
								2,961,854
Forest Products&Paper(g) – 0.1%
Mercer International, Inc.
		601,000		5.500		01/15/26		556,893
Healthcare Providers & Services(g) – 0.6%
Centene Corp.
		2,486,000		2.625		08/01/31		1,881,952
Encompass Health Corp.
		641,000		4.500		02/01/28		552,734
Envision Healthcare Corp.
		1,175,000		8.750	(c)	10/15/26		392,180
Select Medical Corp.
		634,000		6.250	(c)	08/15/26		596,835
Tenet Healthcare Corp.
		841,000		6.125	(c)	10/01/28		741,938
								4,165,639
Insurance(c)(g) – 0.5%
Acrisure LLC/Acrisure Finance, Inc.
		1,449,000		7.000		11/15/25		1,324,792
GTCR AP Finance, Inc.
		729,000		8.000		05/15/27		671,861
USI, Inc.
		1,237,000		6.875		05/01/25		1,187,631
								3,184,284
Internet(g) – 0.6%
GrubHub Holdings, Inc.
		1,720,000		5.500	(c)	07/01/27		1,190,722
Match Group Holdings II LLC
		1,404,000		4.625	(c)	06/01/28		1,227,264
Prosus NV(c)
		850,000		3.680		01/21/30		643,535
		400,000		4.027		08/03/50		225,000
Tencent Holdings Ltd.
		200,000		3.595		01/19/28		179,720
Twitter, Inc.
		474,000		3.875	(c)	12/15/27		444,825
Uber Technologies, Inc.
		222,000		8.000	(c)	11/01/26		221,996
								4,133,062
Lodging(g) – 0.2%
Hilton Domestic Operating Co., Inc.
		110,000		5.375	(c)	05/01/25		107,639
		1,584,000		4.875		01/15/30		1,382,531
								1,490,170
Machinery - Construction & Mining(c)(g) – 0.0%
The Manitowoc Co., Inc.
		336,000		9.000		04/01/26		305,834

118                    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)
Machinery-Diversified(c)(g) – 0.1%
Titan Acquisition Ltd./Titan Co-Borrower LLC
$		646,000		7.750	%	04/15/26	$	515,275
Media – 0.8%
CCO Holdings LLC/CCO Holdings Capital Corp.
		1,334,000		4.250	(c)(g)	02/01/31		1,032,009
Cumulus Media New Holdings, Inc.
		724,000		6.750	(c)(g)	07/01/26		612,844
DISH DBS Corp.
		240,000		5.875		11/15/24		214,668
		279,000		7.750		07/01/26		213,965
		643,000		7.375	(g)	07/01/28		432,533
iHeartCommunications, Inc.
		271,665		8.375	(g)	05/01/27		228,783
Nexstar Media, Inc.
		784,000		5.625	(c)(g)	07/15/27		721,892
Scripps Escrow, Inc.
		887,000		5.875	(c)(g)	07/15/27		771,690
UPC Holding B.V.
		231,000		5.500	(c)(g)	01/15/28		193,931
Virgin Media Secured Finance PLC
		1,454,000		5.500	(c)(g)	05/15/29		1,251,560
								5,673,875
Mining(c)(g) – 0.1%
Alcoa Nederland Holding B.V.
		620,000		5.500		12/15/27		577,871
Novelis Corp.
		491,000		4.750		01/30/30		402,851
								980,722
Multi-National(c)(g) – 0.2%
The African Export-Import Bank
		550,000		2.634		05/17/26		476,454
		850,000		3.798		05/17/31		689,137
								1,165,591
Oil Field Services – 1.1%
Occidental Petroleum Corp.
		767,000		8.000	(g)	07/15/25		814,677
		589,000		6.625	(g)	09/01/30		596,763
		657,000		7.500		05/01/31		686,683
Petroleos de Venezuela SA
		137,050,000		6.000	(i)	10/28/22		2,946,575
Qatar Energy(c)(g)
		900,000		3.125		07/12/41		653,231
		900,000		3.300		07/12/51		634,106
Reliance Industries Ltd.
		310,000		3.625	(c)	01/12/52		203,108
Transocean, Inc.
		531,000		11.500	(c)(g)	01/30/27		492,450
USA Compression Partners LP/USA Compression Finance Corp.
		318,000		6.875	(g)	04/01/26		292,624
								7,320,217

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Packaging(g) – 0.4%
ARD Finance SA
(PIK 5.750%, Cash 5.000%)(h)
EUR		236,165		5.000	%	06/30/27	$	157,388
(PIK 7.250%, Cash 6.500%)(h)
$		958,594		6.500	(c)	06/30/27		656,454
Berry Global, Inc.
		524,000		4.500	(c)	02/15/26		485,009
LABL, Inc.(c)
		231,000		6.750		07/15/26		209,365
		241,000		10.500		07/15/27		206,600
Sealed Air Corp.
		277,000		4.000	(c)	12/01/27		240,220
Trivium Packaging Finance B.V.(c)
		516,000		5.500		08/15/26		465,664
		353,000		8.500		08/15/27		312,168
								2,732,868
Pharmaceuticals(g) – 1.0%
AbbVie, Inc.
		3,825,000		3.200		11/21/29		3,356,055
CVS Health Corp.
		4,300,000		2.125		09/15/31		3,306,227
								6,662,282
Pipelines – 0.7%
Buckeye Partners LP(g)
		640,000		4.350		10/15/24		602,483
		1,049,000		3.950		12/01/26		911,969
Cheniere Energy Partners LP(g)
		710,000		4.000		03/01/31		596,620
		948,000		3.250		01/31/32		728,187
Galaxy Pipeline Assets Bidco Ltd.
		240,000		2.625	(c)	03/31/36		185,070
		1,894,399		2.940		09/30/40		1,446,610
		430,000		3.250	(c)	09/30/40		314,384
Global Partners LP/GLP Finance Corp.
		215,000		7.000	(g)	08/01/27		195,902
								4,981,225
Real Estate(g)(i) – 0.0%
Zhenro Properties Group Ltd.
		200,000		6.700		08/04/26		8,000
Real Estate Investment Trust(g) – 0.2%
MPT Operating Partnership LP/MPT Finance Corp.
		1,288,000		4.625		08/01/29		1,037,510
Retailing(g) – 2.0%
CK Hutchison International 20 Ltd.
		200,000		2.500	(c)	05/08/30		165,816
CK Hutchison International 21 Ltd.
		230,000		2.500	(c)	04/15/31		186,861
Group 1 Automotive, Inc.
		314,000		4.000	(c)	08/15/28		253,530
LCM Investments Holdings II LLC
		474,000		4.875	(c)	05/01/29		368,156

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing(g) – (continued)
Lowe’s Cos., Inc.
$	3,475,000		5.000	%	04/15/33	$	3,290,929
McDonald’s Corp.
	3,471,000		4.600		09/09/32		3,318,797
Penske Automotive Group, Inc.
	942,000		3.500		09/01/25		871,322
The Home Depot, Inc.
	5,225,000		4.500		09/15/32		4,999,175
							13,454,586
Semiconductors(c)(g) – 0.5%
Broadcom, Inc.
	3,875,000		4.150		04/15/32		3,260,347
Software(c)(g) – 0.7%
Camelot Finance SA
	152,000		4.500		11/01/26		138,943
Castle U.S. Holding Corp.
	574,000		9.500		02/15/28		427,670
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
	1,713,000		5.750		03/01/25		1,705,395
MSCI, Inc.
	2,795,000		3.625		11/01/31		2,247,040
							4,519,048
Telecommunication Services – 0.9%
Altice France SA
	218,000		5.500	(c)(g)	01/15/28		172,595
Digicel International Finance Ltd./Digicel international Holdings Ltd.(h) (PIK 7.000%, Cash 6.000%)
	640,241		13.000	(c)(g)	12/31/25		512,193
Sprint Capital Corp.
	898,000		8.750		03/15/32		1,040,836
T-Mobile USA, Inc.
	4,475,000		5.200	(g)	01/15/33		4,282,217
							6,007,841
Toys/Games/Hobbies(c)(g) – 0.1%
Mattel, Inc.
	756,000		5.875		12/15/27		728,867
TOTAL CORPORATE OBLIGATIONS (Cost $198,001,316)						$	137,928,110
Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – 11.3%
Collateralized Loan Obligations(c) – 9.7%
Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
$	2,600,000		3.732	%(b)	04/15/33	$	2,501,132
Barings CLO Ltd. IV Series 2020-4A, Class D1 (3M USD LIBOR + 3.700%)
	1,000,000		6.410	(b)	01/20/32		921,629

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(c) – (continued)
Birch Grove CLO Ltd. Series 2022-4A, Class D (3M TSFR LIBOR + 3.860%)
$	1,400,000		4.568	%(b)	04/15/34	$	1,248,534
Cathedral Lake VII Ltd. Series 2021-7RA, Class C (3M USD LIBOR + 2.570%)
	400,000		5.082	(b)	01/15/32		361,158
Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
	810,000		6.792	(b)	01/15/32		719,811
CFIP CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.820%)
	2,200,000		6.560	(b)	10/18/34		1,849,690
Crown City CLO I Series 2020-1A, Class A1AR (3M USD LIBOR + 1.190%)
	2,000,000		3.900	(b)	07/20/34		1,906,958
Crown Point CLO 9, Ltd. Series 2020-9A, Class AR (3M USD LIBOR + 1.190%)
	8,900,000		3.673	(b)	07/14/34		8,523,459
Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	3,500,000		3.752	(b)	04/15/33		3,384,364
HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%)
	9,400,000		4.060	(b)	01/20/33		9,113,855
LCCM Trust Series 2021-FL2, Class A (1M USD LIBOR + 1.200%)
	1,150,000		4.018	(b)	12/13/38		1,118,639
MAN GLG US. Ltd. Series CLO 2021-1A, Class A1 (3M USD LIBOR + 1.300%)
	6,700,000		3.812	(b)	07/15/34		6,387,244
Marble Point CLO XIX Ltd. Series 2020-3A, Class D (3M USD LIBOR + 3.900%)
	1,000,000		6.638	(b)	01/19/34		866,135
MF1 Trust Series 2021-FL6, Class A (1M USD LIBOR + 1.100%)
	1,400,000		4.039	(b)	07/16/36		1,375,513
Ocean Trails CLO XI Series 21-11A, Class D (3M USD LIBOR + 3.700%)
	3,000,000		6.410	(b)	07/20/34		2,550,729
Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (3M USD LIBOR + 3.900%)
	1,600,000		6.412	(b)	07/15/29		1,386,000
Stellar Jay Ireland DAC Series 2021-1, Class A
	2,176,561		3.967		10/15/41		1,864,394
THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%)
	1,400,000		6.460	(b)	04/18/36		1,236,066
Tikehau US CLO I Ltd. Series 2021-1A, Class E (3M USD LIBOR + 6.910%)
	1,000,000		9.650	(b)	01/18/35		803,155
Tralee CLO VII Ltd. Series 2021-7A, Class D (3M USD LIBOR +3.180%)
	2,150,000		5.963	(b)	04/25/34		1,785,975

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(c) – (continued)
Venture CLO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
$	6,200,000		3.792	%(b)	04/15/33	$	5,997,917
Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	3,900,000		3.572	(b)	04/15/31		3,782,801
Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
	6,000,000		4.143	(b)	07/28/32		5,790,870
							65,476,028
Home Equity(b) – 0.3%
Lehman XS Trust Series 2007-3, Class 1BA2 (6M USD LIBOR + 0.500%)
	85,386		4.095		03/25/37		78,559
Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.340%)
	689,281		3.424		11/25/36		139,488
Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-BC3, Class 2A4 (1M USD LIBOR + 0.260%)
	247,000		3.344		05/25/47		201,824
Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1 (1M USD LIBOR + 0.430%)
	2,343,065		3.514		03/25/37		1,830,494
							2,250,365
Student Loan(b) – 1.3%
SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%)
	8,859,038		3.783		10/25/21		8,639,443
TOTAL ASSET-BACKED SECURITIES (Cost $80,823,006)						$	76,365,836
Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(j) – 3.3%
Aerospace & Defense – 0.3%
ADS Tactical, Inc. (1M USD LIBOR + 5.750%)
$	2,220,000		8.802	%	03/19/26	$	2,027,149
Building & Construction Materials(b) – 0.2%
KKR Apple Bidco LLC (1M USD LIBOR + 2.750%)
	1,488,750		5.865		09/23/28		1,418,347
Chemicals(b) – 0.5%
Momentive Performance Materials, Inc. (1M USD LIBOR + 3.250%)
	2,263,950		6.370		05/15/24		2,193,202
Starfruit Finco B.V. (1M USD LIBOR + 2.750%)
	1,294,580		5.865		10/01/25		1,212,050
							3,405,252

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(j) – (continued)
Consumer Cyclical Services – 0.5%
Asurion LLC (1M USD LIBOR + 3.250%)
$	2,634,306		6.365	%(b)	12/23/26	$	2,227,648
The Hertz Corp.
(1M USD LIBOR + 3.250%)
	1,038,637		6.370		06/30/28		980,868
(1M USD LIBOR + 3.250%)
	198,220		6.370		06/30/28		187,195
							3,395,711
Food & Drug Retailing(b) – 0.1%
B&G Foods, Inc. (1M USD LIBOR + 2.500%)
	454,208		5.615		10/10/26		428,659
Health Care(b) – 0.1%
Sotera Health Holdings LLC (1M USD LIBOR + 2.750%)
	850,000		5.865		12/11/26		743,750
Media(b) – 0.0%
Diamond Sports Group LLC (1M TSFR + 2.250%)
	199,844		10.695		05/26/26		191,101
Media - Cable(b) – 0.3%
CSC Holdings LLC (1M USD LIBOR + 2.250%)
	1,928,753		5.068		07/17/25		1,833,531
Media - Non Cable – 0.3%
CMG Media Corp (1M USD LIBOR + 3.500%)
	486,338		6.615		12/17/26		454,322
Getty Images, Inc. (3M USD LIBOR + 4.500%)
	630,288		7.625	(b)	02/19/26		623,758
iHeartCommunications, Inc. (1M USD LIBOR + 3.000%)
	1,300,000		6.115		05/01/26		1,218,282
							2,296,362
Restaurants – 0.2%
IRB Holding Corp. (1M USD LIBOR + 2.750%)
	1,329,124		5.865		02/05/25		1,282,392
Technology - Software – 0.7%
Camelot U.S. Acquisition LLC (1M USD LIBOR + 3.000%)
	2,507,991		6.115		10/30/26		2,422,419
Travelport Finance (Luxembourg) S.a.r.l. (3M USD LIBOR + 1.500%)
	2,027,176		7.250	(b)	02/28/25		2,002,687
							4,425,106
Technology - Software/Services(b) – 0.1%
The Ultimate Software Group, Inc. (1M USD LIBOR + 3.750%)
	897,250		6.865		05/04/26		853,509
TOTAL BANK LOANS (Cost $23,639,367)						$	22,300,869
Sovereign Debt Obligations – 2.2%
Euro – 0.3%
Republic of Ivory Coast
EUR	530,000		4.875	%	01/30/32	$	346,977

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Euro – (continued)
Republic of Romania
EUR	1,620,000		3.624	%(c)	05/26/30	$	1,188,082
	230,000		2.000	(c)	01/28/32		138,177
	120,000		3.375		01/28/50		60,258
	200,000		3.375	(c)	01/28/50		100,431
Ukraine Government Bond
	1,550,000		4.375	(c)	01/27/32		275,713
							2,109,638
United States Dollar – 1.9%
Hungary Government Bond
$	430,000		5.500	(c)	06/16/34		362,893
Kingdom of Bahrain
	700,000		5.625	(c)	05/18/34		543,375
Perusahaan Penerbit SBSN Indonesia III(c)
	1,730,000		4.400		06/06/27		1,660,800
	1,020,000		2.550		06/09/31		828,862
	780,000		4.700		06/06/32		733,286
Republic of Indonesia
	560,000		3.050		03/12/51		371,062
	200,000		3.350		03/12/71		123,522
Republic of Ivory Coast
	566,000		6.125		06/15/33		428,851
Republic of Nigeria
	1,030,000		7.875		02/16/32		654,050
	210,000		7.375		09/28/33		126,525
	590,000		7.696		02/23/38		348,100
Republic of Oman
	1,410,000		4.750		06/15/26		1,307,775
	1,110,000		5.375		03/08/27		1,037,850
Republic of Qatar
	470,000		3.750	(c)	04/16/30		440,037
	440,000		4.625		06/02/46		402,600
	480,000		4.400	(c)	04/16/50		420,000
Republic of Romania
	1,660,000		4.000	(c)	02/14/51		917,461
Republic of South Africa
	370,000		5.000		10/12/46		223,341
United Mexican States(g)
	1,520,000		2.659		05/24/31		1,165,840
	540,000		3.771		05/24/61		319,208
							12,415,438
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $20,651,022)						$	14,525,076
Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – 1.3%
Illinois – 1.3%
Illinois State GO Bonds Build America Series 2010
$	4,150,714		7.350	%(g)	07/01/35	$	4,402,281

Principal Amount			Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Illinois – (continued)
Illinois State GO Bonds Taxable-Pension Series 2003
$		4,280,000		5.100	%	06/01/33	$	4,076,958
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $8,772,529)							$	8,479,239
U.S. Treasury Obligations – 18.5%
United States Treasury Bonds
$		47,420,000		3.000	%(k)	02/15/47	$	39,625,337
		10,000		2.750		11/15/47		7,994
		57,700,000		2.375		11/15/49		43,410,234
		2,000,000		2.000		02/15/50		1,373,438
		47,570,000		2.875		05/15/52		39,877,039
TOTAL U.S. TREASURY OBLIGATIONS (Cost $168,792,827)							$	124,294,042
	Shares		Dividend Rate				Value
Investment Company(l) – 12.3%
Goldman Sachs Financial Square Government Fund - Institutional Shares
		83,166,914		2.911%			$	83,166,914
(Cost $83,166,914)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT – 103.2%
(Cost $812,087,505)							$	695,256,494
Principal Amount			Interest Rate			Maturity Date	Value
Short-term Investments – 9.0%
Certificates of Deposit – 2.7%
Cooperatieve Rabobank UA
$		3,953,000		1.500	%	10/17/22	$	3,949,991
Landesbank Baden-Wuerttemberg (SOFR + 0.400%)
		5,000,000		3.360	(b)	10/12/22		5,000,508
Nordea Bank Abp (SOFR + 0.530%)
		2,000,000		3.490	(b)	09/11/23		1,999,656
Royal Bank of Canada (FEDL01 + 0.430%)
		3,290,000		3.510	(b)(c)	12/23/22		3,291,280
Svenska Handelsbanken AB (SOFR + 0.510%)
		3,952,000		3.470	(b)	03/28/23		3,955,677
								18,197,112
Commercial Paper(m) – 6.3%
Alimentation Couchetard, Inc.
		2,047,000		0.000		10/03/22		2,046,423
		400,000		0.000		10/03/22		399,887
At&T, Inc.
		2,961,000		0.000		12/28/22		2,931,792

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(m) – (continued)
Bank of Montreal
$	1,395,000		0.000	%	07/12/23	$	1,346,341
Enbridge U.S., Inc
	5,000,000		0.000		01/19/23		4,933,277
Entergy Corp.
	1,748,000		0.000		06/07/22		1,745,245
Federation Des Caisses
	7,598,000		0.000		10/06/22		7,594,252
National Bank of Canada
	7,000,000		0.000		10/05/22		6,997,021
Natixis Ny
	3,602,000		0.000		11/01/22		3,591,978
Raytheon Technologies Corp.
	1,700,000		0.000		10/24/22		1,696,061
Suncor Energy, Inc.
	2,752,000		0.000		12/22/22		2,726,436
TransCanada PipeLines Ltd.
	5,000,000		0.000		05/09/22		4,998,616
Vw Cr, Inc.
	1,365,000		0.000		06/13/22		1,362,792
							42,370,121
TOTAL SHORT-TERM INVESTMENTS
(Cost $60,627,964)						$	60,567,233
TOTAL INVESTMENTS – 114.4%
(Cost $893,366,491)						$	770,348,803
LIABILITIES IN EXCESS OF OTHER ASSETS – ( 14.4)%							(97,045,763	)
NET ASSETS – 100.0%						$	673,303,040

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, 2022.

(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, 2022.

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

(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 $125,570,138 which represents approximately 18.7% of net assets as of September 30, 2022.

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

(h) Pay-in-kind securities.

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

(j) 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, 2022. 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.

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

(l) Represents an Affiliated Issuer.

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

    ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	BRL	3,106,038		USD	573,228		10/04/22	$	1,945
	CLP	530,997,078		USD	542,526		10/27/22		3,719
	CNH	63,880,437		USD	8,806,000		10/11/22		143,129
	CNH	67,928,963		USD	9,492,089		10/24/22		26,052
	CZK	14,260,092		EUR	577,589		10/11/22		1,040
	CZK	30,134,972		EUR	1,216,159		10/26/22		3,239
	EUR	1,406,500		CHF	1,352,807		10/26/22		6,708
	EUR	1,835,579		CZK	45,208,100		10/26/22		6,053

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (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)	EUR	1,378,212	NOK	13,993,679		12/21/22	$	71,879
	EUR	1,388,708	NZD	2,342,404		12/21/22		58,524
	EUR	7,394,158	PLN	35,637,213		10/26/22		101,829
	EUR	1,378,892	SGD	1,949,836		12/21/22		1,239
	EUR	162,905	USD	157,204		10/05/22		2,506
	EUR	4,755,992	USD	4,572,086		10/14/22		93,591
	EUR	3,925,232	USD	3,830,207		10/27/22		24,092
	EUR	225,843	USD	221,191		12/05/22		1,224
	EUR	225,843	USD	221,191		12/06/22		1,249
	GBP	5,180,177	USD	5,537,200		10/03/22		247,097
	GBP	2,505,650	USD	2,677,876		10/13/22		120,607
	GBP	4,610,856	USD	4,990,714		10/26/22		160,528
	GBP	14,747,098	USD	16,144,309		10/27/22		331,502
	GBP	2,240,426	USD	2,482,390		12/15/22		22,035
	GBP	4,196,627	USD	4,550,329		12/21/22		141,501
	ILS	159,200	USD	44,621		10/24/22		118
	INR	149,991,336	USD	1,832,217		10/03/22		8,538
	INR	342,370,940	USD	4,173,738		10/27/22		13,106
	SEK	19,692,228	EUR	1,806,213		10/26/22		3,103
	SEK	60,277,811	USD	5,295,958		10/20/22		140,534
	SEK	23,516,658	USD	2,099,702		10/24/22		21,673
	SEK	1,538,320	USD	137,756		12/21/22		1,622
	TWD	546,212,284	USD	17,160,317		10/03/22		24,391
	TWD	135,636,211	USD	4,254,311		10/17/22		6,916
	TWD	144,717,787	USD	4,540,745		10/26/22		6,072
	USD	4,598,584	AUD	6,594,726		10/05/22		380,070
	USD	3,880,036	AUD	5,844,294		12/21/22		136,071
	USD	5,151,774	BRL	27,346,700		10/03/22		86,371
	USD	11,758,732	BRL	60,983,029		10/04/22		465,953
	USD	325,196	BRL	1,754,186		10/31/22		2,430
	USD	897,450	BRL	4,878,985		11/03/22		295
	USD	5,718,926	CAD	7,391,048		10/11/22		368,462
	USD	11,332,353	CAD	14,886,825		12/21/22		550,569
	USD	3,596,561	CHF	3,405,001		10/13/22		141,653
	USD	5,536,029	CHF	5,358,129		12/21/22		58,197
	USD	1,659,050	CLP	1,532,787,783		10/27/22		82,249
	USD	7,215,169	CNH	50,797,514		10/11/22		98,851
	USD	7,322,254	CNH	51,691,372		10/26/22		79,092
	USD	4,877,688	CNH	33,690,246		12/21/22		150,496
	USD	3,427,666	COP	15,089,691,779		10/28/22		173,000
	USD	5,771,259	EUR	5,821,285		10/07/22		63,396
	USD	18,952,864	EUR	18,751,881		10/11/22		561,050
	USD	19,292,361	EUR	19,371,547		10/14/22		288,676
	USD	5,025,059	EUR	4,994,026		12/21/22		97,996
	USD	17,065,813	GBP	14,882,240		10/03/22		447,982
	USD	5,234,811	GBP	4,591,285		10/07/22		107,645
	USD	7,869,429	GBP	6,907,917		10/13/22		154,191
	USD	1,320,878	GBP	1,156,606		10/21/22		28,867
	USD	1,324,835	GBP	1,171,011		10/26/22		16,583
	USD	1,244,547	GBP	1,085,927		12/15/22		30,661
	USD	16,456,610	GBP	14,142,242		12/21/22		645,583
	USD	2,389,316	HUF	1,034,095,952		10/24/22		11,010
	USD	23,514	HUF	9,402,147		12/21/22		2,231
	USD	200,831	IDR	2,972,353,140		11/15/22		7,100

124                    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 GAIN (continued)

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)		USD	12,608,376		ILS	43,074,950		10/06/22	$	522,149
		USD	581,886		ILS	2,059,004		10/24/22		3,258
		USD	1,837,694		ILS	6,196,153		12/21/22		87,208
		USD	1,132,954		INR	90,593,237		10/14/22		24,099
		USD	8,453,850		INR	684,323,416		10/19/22		80,651
		USD	4,500,955		INR	364,571,078		10/27/22		42,627
		USD	4,177,210		KRW	5,819,885,062		10/06/22		124,890
		USD	4,944,410		KRW	6,994,742,735		10/17/22		83,280
		USD	2,057,634		KRW	2,852,399,689		12/12/22		74,669
		USD	1,692,000		KRW	2,353,907,016		12/21/22		54,415
		USD	1,403,046		MXN	28,476,226		12/14/22		8,368
		USD	1,338,434		MXN	26,940,844		12/21/22		20,519
		USD	4,154,203		NOK	43,357,957		10/07/22		172,347
		USD	2,664,267		NOK	26,897,438		10/13/22		193,934
		USD	5,717,095		NOK	61,028,085		10/19/22		111,752
		USD	1,158,456		NOK	12,284,461		10/24/22		30,086
		USD	6,319,563		NOK	64,686,977		12/21/22		366,352
		USD	5,032,799		NZD	8,352,298		10/03/22		358,349
		USD	20,576,917		NZD	35,619,619		10/13/22		641,366
		USD	7,308,833		NZD	12,249,289		10/14/22		453,155
		USD	3,247,854		NZD	5,609,419		10/19/22		108,352
		USD	3,227,531		NZD	5,647,474		10/25/22		66,703
		USD	4,429,572		NZD	7,572,097		10/27/22		191,541
		USD	4,245,640		NZD	7,483,177		10/28/22		57,370
		USD	15,301,526		NZD	25,280,645		12/21/22		1,146,337
		USD	3,743,650		PLN	17,860,506		10/20/22		152,353
		USD	549,338		PLN	2,576,841		12/21/22		36,866
		USD	1,441,396		SEK	15,856,334		10/20/22		11,304
		USD	13,757,734		SEK	144,068,413		12/21/22		704,532
		USD	1,432,912		SGD	2,048,204		10/19/22		6,578
		USD	9,567,922		SGD	13,549,966		10/26/22		131,343
		USD	2,161,959		SGD	3,025,369		12/21/22		53,078
		USD	2,187,143		TRY	43,037,154		12/21/22		92,638
		USD	5,561,370		TWD	170,979,281		10/03/22		182,089
		USD	22,118,660		TWD	681,336,869		10/06/22		706,824
		USD	7,954,000		TWD	251,216,529		10/17/22		61,635
		USD	1,520,474		TWD	48,364,751		10/24/22		946
		USD	10,686,150		TWD	336,577,948		10/26/22		111,373
		USD	3,131,250		TWD	98,175,647		12/21/22		39,386
		USD	3,465,666		ZAR	61,983,427		10/11/22		44,635
		USD	2,668,232		ZAR	48,028,178		10/12/22		17,680
		USD	1,158,456		ZAR	20,766,544		10/13/22		12,512
		USD	5,519,382		ZAR	97,990,856		10/14/22		112,541
		USD	6,085,255		ZAR	107,883,888		10/20/22		135,923
		USD	1,173,854		ZAR	20,951,749		10/27/22		19,220
		USD	599,622		ZAR	10,444,221		10/31/22		24,213
		USD	693,239		ZAR	12,262,210		12/21/22		20,708
		ZAR	15,730,590		USD	866,416		10/11/22		1,797
		ZAR	26,608,027		USD	1,461,578		10/31/22		4,353
TOTAL									$	14,742,395

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (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	6,766,180	USD	4,584,716		10/05/22	$	(256,526	)
	AUD	22,140,596	USD	15,141,131		12/21/22		(957,446	)
	AUD	185,854	USD	120,388		12/22/22		(1,323	)
	BRL	27,346,700	USD	5,152,956		10/03/22		(87,552	)
	BRL	57,876,991	USD	11,147,326		10/04/22		(429,719	)
	BRL	15,223,187	USD	2,834,955		10/31/22		(33,923	)
	BRL	4,124,073	USD	763,208		11/03/22		(4,867	)
	BRL	2,029,732	USD	373,937		11/16/22		(1,726	)
	CAD	8,508,807	USD	6,571,446		10/11/22		(411,824	)
	CAD	9,014,925	USD	6,942,964		12/21/22		(413,904	)
	CHF	4,698,984	EUR	4,927,565		10/26/22		(64,613	)
	CHF	2,675,590	EUR	2,795,917		12/21/22		(23,063	)
	CHF	3,562,000	USD	3,675,132		10/13/22		(60,930	)
	CHF	11,493,891	USD	12,022,943		12/21/22		(272,273	)
	CLP	281,278,984	USD	310,943		10/27/22		(21,587	)
	CNH	30,930,504	USD	4,425,915		10/11/22		(92,803	)
	CNH	19,496,968	USD	2,763,959		10/24/22		(32,063	)
	CNH	30,292,874	USD	4,263,152		10/26/22		(18,417	)
	CNH	21,211,908	USD	3,035,200		12/21/22		(58,885	)
	COP	5,621,827,222	USD	1,295,287		10/28/22		(82,726	)
	CZK	68,105,295	EUR	2,761,521		10/26/22		(5,436	)
	EUR	4,069,964	CZK	100,929,310		10/26/22		(14,034	)
	EUR	8,287,507	SEK	90,313,142		10/26/22		(10,505	)
	EUR	3,079,779	USD	3,064,054		10/07/22		(44,282	)
	EUR	9,625,559	USD	9,767,627		10/11/22		(326,897	)
	EUR	28,141,359	USD	28,139,268		10/14/22		(532,310	)
	EUR	3,220,085	USD	3,186,201		10/26/22		(24,534	)
	EUR	3,297,803	USD	3,368,766		12/21/22		(115,184	)
	GBP	9,702,063	USD	11,271,363		10/03/22		(437,831	)
	GBP	4,567,013	USD	5,244,664		10/07/22		(144,603	)
	GBP	10,461,595	USD	12,051,036		10/13/22		(366,806	)
	GBP	4,250,526	USD	4,834,774		10/21/22		(86,633	)
	GBP	2,254,749	USD	2,561,394		10/24/22		(42,507	)
	GBP	1,097,823	USD	1,239,991		10/26/22		(13,505	)
	GBP	4,489,881	USD	5,139,104		12/21/22		(119,417	)
	HUF	1,519,516,622	USD	3,692,579		10/24/22		(197,859	)
	ILS	39,180,798	USD	11,455,963		10/06/22		(462,381	)
	ILS	25,971,529	USD	7,419,047		10/24/22		(120,445	)
	INR	145,973,760	USD	1,832,000		10/03/22		(40,550	)
	INR	398,852,291	USD	4,963,700		10/14/22		(81,760	)
	INR	197,160,982	USD	2,464,512		10/19/22		(52,103	)
	INR	133,583,317	USD	1,646,534		10/27/22		(12,948	)
	JPY	72,133,500	USD	529,499		10/06/22		(30,827	)
	JPY	455,072,442	USD	3,209,851		12/21/22		(35,112	)
	KRW	9,226,777,645	USD	6,654,744		10/06/22		(230,241	)
	KRW	7,068,834,576	USD	5,049,146		10/13/22		(134,048	)
	KRW	10,188,907,751	USD	7,201,641		10/17/22		(120,666	)
	KRW	4,582,010,518	USD	3,185,494		10/31/22		(6,346	)
	MXN	17,504,276	USD	862,449		12/14/22		(5,144	)
	MXN	28,292,149	USD	1,391,645		12/21/22		(7,627	)
	NOK	43,069,308	USD	4,141,839		10/07/22		(186,492	)
	NOK	26,736,904	USD	2,755,975		10/13/22		(300,386	)
	NOK	58,528,990	USD	5,659,780		10/19/22		(283,977	)
	NOK	65,992,662	USD	6,299,105		10/24/22		(237,449	)

126                    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)	NOK	20,712,852	USD	1,980,906		10/27/22	$	(78,296	)
	NOK	2,008,178	USD	188,173		11/04/22		(3,677	)
	NOK	99,914,070	USD	10,138,873		12/21/22		(943,674	)
	NZD	4,659,819	AUD	4,129,544		12/21/22		(36,330	)
	NZD	2,318,506	CAD	1,836,698		12/21/22		(32,046	)
	NZD	21,963,425	USD	13,403,918		10/03/22		(1,111,861	)
	NZD	13,284,889	USD	7,923,079		10/13/22		(487,805	)
	NZD	8,816,047	USD	5,345,031		10/14/22		(410,868	)
	NZD	29,267,936	USD	17,011,593		10/19/22		(630,798	)
	NZD	5,623,226	USD	3,282,064		10/25/22		(134,807	)
	NZD	14,216,483	USD	8,385,774		10/27/22		(428,943	)
	NZD	15,076,399	USD	8,640,290		10/28/22		(202,159	)
	NZD	6,336,400	USD	3,891,975		12/21/22		(344,086	)
	PLN	10,837,711	EUR	2,269,369		10/26/22		(51,306	)
	PLN	22,656,999	USD	4,749,018		10/20/22		(193,268	)
	SEK	14,915,268	EUR	1,381,590		12/21/22		(11,679	)
	SEK	56,437,207	USD	5,240,224		10/20/22		(150,118	)
	SEK	32,447,997	USD	2,997,505		10/24/22		(70,459	)
	SEK	16,212,705	USD	1,522,284		12/21/22		(53,344	)
	SGD	5,247,131	USD	3,658,193		10/26/22		(3,944	)
	SGD	14,618,531	USD	10,479,234		12/21/22		(289,155	)
	TRY	59,209,900	USD	3,159,920		10/17/22		(43,797	)
	TWD	85,112,824	USD	2,820,982		10/03/22		(143,197	)
	TWD	704,594,315	USD	22,832,785		10/06/22		(690,056	)
	TWD	172,398,465	USD	5,510,284		10/17/22		(94,114	)
	TWD	73,861,426	USD	2,341,833		10/26/22		(21,217	)
	USD	539,885	BRL	2,941,348		10/31/22		(1,316	)
	USD	573,228	BRL	3,122,375		11/03/22		(919	)
	USD	545,170	CLP	536,338,630		10/27/22		(6,569	)
	USD	3,636,788	CNH	26,068,499		10/24/22		(15,905	)
	USD	2,207,200	CNH	16,007,910		10/26/22		(35,880	)
	USD	6,598,800	CNH	47,800,407		12/21/22		(108,237	)
	USD	6,506,032	EUR	6,662,604		10/11/22		(28,638	)
	USD	1,539,956	EUR	1,576,806		10/14/22		(6,907	)
	USD	4,051,379	EUR	4,208,065		10/26/22		(80,344	)
	USD	2,130,408	EUR	2,211,600		12/21/22		(51,537	)
	USD	1,239,308	GBP	1,147,821		10/07/22		(42,483	)
	USD	5,538,811	GBP	5,180,177		10/21/22		(247,818	)
	USD	8,187,549	GBP	7,578,865		10/24/22		(279,164	)
	USD	5,937,110	GBP	5,430,564		10/26/22		(129,908	)
	USD	8,192,373	GBP	7,556,767		10/27/22		(250,228	)
	USD	1,134,338	GBP	1,045,988		12/15/22		(34,903	)
	USD	4,062,618	GBP	3,770,229		12/21/22		(152,498	)
	USD	3,615,140	INR	295,965,096		10/03/22		(17,066	)
	USD	3,797,880	KRW	5,472,745,166		10/17/22		(5,508	)
	USD	2,333,067	NOK	25,582,080		10/27/22		(16,812	)
	USD	6,541,245	SEK	73,752,828		10/20/22		(110,568	)
	USD	2,192,206	SEK	24,885,065		12/21/22		(62,485	)
	USD	1,442,288	SGD	2,085,764		10/26/22		(10,297	)
	USD	14,453,286	TWD	460,345,827		10/03/22		(29,927	)
	USD	1,384,500	TWD	44,072,789		10/26/22		(201	)
	USD	7,211,269	TWD	229,123,656		12/21/22		(4,565	)
	USD	2,859,939	ZAR	51,979,388		10/13/22		(8,399	)
	ZAR	127,841,507	USD	7,267,525		10/11/22		(211,612	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (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)	ZAR	52,274,042	USD	2,956,689		10/12/22		$      (71,819	)
	ZAR	35,290,747	USD	1,983,856		10/13/22		(36,434	)
	ZAR	44,255,408	USD	2,580,490		10/14/22		(138,610	)
	ZAR	240,391,873	USD	13,516,165		10/20/22		(259,588	)
	ZAR	35,413,124	USD	1,980,879		10/27/22		(29,290	)

FORWARD SALES CONTRACTS — At September 30, 2022, the Fund had the following forward sales contracts:

Description	Interest             Rate			Maturity Date(a)		Settlement Date		Principal Amount			Value
UMBS, 30 Year, Single Family		3.000	%		TBA-30yr		11/14/22	$	(12,000,000	)	$	(10,426,874	)
UMBS, 30 Year, Single Family		3.000			TBA-30yr		11/14/22		(5,000,000	)		(4,346,875	)
(PROCEEDS RECEIVABLE: $(15,876,523))											$	(14,773,749	)

(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, 2022, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		325			12/20/22	$	36,420,313		$	(102,916	)
30 Year German Euro-Buxl		2			12/08/22		287,429			(24,798	)
Total									$	(127,714	)
Short position contracts:
10 Year German Euro-Bund		(12	)		12/08/22		(1,628,726	)		79,525
10 Year U.K. Long Gilt		(143	)		12/28/22		(15,391,864	)		2,057,522
10 Year U.S. Treasury Notes		(708	)		12/20/22		(83,886,937	)		2,121,948
2 Year U.S. Treasury Notes		(583	)		12/30/22		(119,742,735	)		1,161,061
20 Year U.S. Treasury Bonds		(539	)		12/20/22		(68,132,969	)		3,252,145
5 Year German Euro-Bobl		(19	)		12/08/22		(2,229,859	)		(18,656	)
5 Year U.S. Treasury Notes		(1,210	)		12/30/22		(130,084,454	)		717,533
Ultra Long U.S. Treasury Bonds		(949	)		12/20/22		(130,013,000	)		9,983,012
Total									$	19,354,090
TOTAL FUTURES CONTRACTS									$	19,226,376

SWAP CONTRACTS — At September 30, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund			Termination Date		Notional Amount (000s)(a)			Market Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M NZDOR(b)		1.250	%(c)		12/15/22		NZD	28,120		$    (44,332)	$	(8,307	)	$	(36,025	)

128                    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)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M BID Avg(d)	12.400%	01/02/23	BRL	25,920	$	27,728		$	(257	)	$	27,985
5.800%(d)	1M BID Avg	01/02/23		67,660		673,096			7,207			665,889
12M SOFR(e)	3.500	03/16/24	$	7,390		(76,454	)		13,504			(89,958	)
3.000(b)	3M KWCDC	06/15/24	KRW	15,125,190		216,552			14,138			202,414
3.250(b)	3M AUDOR	08/15/24	AUD	32,100		239,288			82,501			156,787
2.000(e)	12M GBP	09/21/24	GBP	20,500		1,426,448			1,449,940			(23,492	)
9.200(d)	Mexico IB TIIE 28D	12/18/24	MXN	233,440		176,266			1,796			174,470
3M CNRR (b)	2.500	12/21/24	CNY	121,190		75,788			134,382			(58,594	)
12M GBP(e)	2.750	12/21/24	GBP	13,780		(827,059	)		(440,791	)		(386,268	)
3M STIBOR(b)	3.000(e)	12/21/24	SEK	944,290		(767,011	)		(581,042	)		(185,969	)
12M SOFR(e)	3.250	12/21/24	$	36,690		(689,776	)		(525,756	)		(164,020	)
12M SOFR(e)	3.600	12/21/24		21,760		(264,865	)		(125,179	)		(139,686	)
3.250(b)	3M AUDOR	12/21/24	AUD	27,980		302,845			239,032			63,813
3.750(b)	3M HIBOR	12/21/24	HKD	177,820		327,371			159,690			167,681
8.750(b)	3M JIBAR	12/21/24	ZAR	189,000		(69,992	)		(163,843	)		93,851
3M NZDOR(b)	4.000(c)	12/21/24	NZD	24,200		(192,181	)		(146,120	)		(46,061	)
1.500(e)	6M EURO(c)	12/21/24	EUR	34,310		1,010,538			808,248			202,290
3.750(e)	6M NIBOR(c)	12/21/24	NOK	649,930		(84,317	)		47,587			(131,904	)
7.500(e)	6M WIBOR(c)	12/21/24	PLN	16,025		6,515			(34,263	)		40,778
1M BID Avg(d)	12.060	01/02/25	BRL	10,370		10,427			(118,455	)		128,882
1.500(e)	6M EURO(c)	12/21/25	EUR	4,320		188,046			158,555			29,491
2.350(e)	6M EURO(c)	09/09/27		34,190		693,587			292,014			401,573
12M EURO(e)	1.500	12/21/27		7,110		(417,141	)		(365,343	)		(51,798	)
1.500(e)	12M CHFOR	12/21/27	CHF	17,130		211,294			219,848			(8,554	)
0.000(e)	12M JYOR	12/21/27	JPY	8,711,620		886,210			841,304			44,906
2.750(e)	12M SOFR	12/21/27	$	10,060		477,998			431,918			46,080
3M CNRR (b)	2.500	12/21/27	CNY	59,420		(35,198	)		36,769			(71,967	)
3M AUDOR(c)	3.750	12/21/27	AUD	1,200		(19,484	)		(9,379	)		(10,105	)
3M NZDOR(b)	4.000(c)	12/21/27	NZD	29,320		(366,356	)		(200,962	)		(165,394	)
6M WIBOR(c)	6.500(e)	12/21/27	PLN	5,425		(22,870	)		16,925			(39,795	)
1.500(e)	6M EURO(c)	12/21/27	EUR	190		13,681			10,692			2,989
6.750(e)	6M WIBOR(c)	12/21/27	PLN	5,425		11,864			4,873			6,991
1.250(e)	6M EURO(c)	12/19/28	EUR	2,630		231,497			(49,020	)		280,517
12M SOFR(e)	2.500	06/04/29	$	47,680		(621,666	)		(32,421	)		(589,245	)
2.350(e)	6M EURO(c)	07/04/29	EUR	10,830		366,939			303,980			62,959
2.570(e)	12M SOFR	06/04/31	$	125,730		1,196,409			122,002			1,074,407
1.755(e)	12M EURO	05/17/32	EUR	27,360		1,336,757			(232,455	)		1,569,212
6M EURO(c)	2.129(e)	05/17/32		27,360		(1,188,174	)		(209,066	)		(979,108	)
0.500(e)	12M JYOR	05/26/32	JPY	9,514,970		847,577			(243,078	)		1,090,655
6M EURO(c)	2.000(e)	05/26/32	EUR	40,530		(1,966,786	)		(1,116,901	)		(849,885	)
2.680(e)	12M SOFR	07/28/32	$	25,460		547,922			(170,552	)		718,474
2.500(e)	12M GBP	08/25/32	GBP	7,490		360,952			(141,496	)		502,448
6M EURO(c)	2.500(e)	08/30/32	EUR	10,990		(316,175	)		(317,439	)		1,264
6M EURO(c)	2.750(e)	09/08/32		6,500		(123,273	)		13,777			(137,050	)
2.750(e)	3M STIBOR(b)	09/08/32	SEK	75,900		66,386			9,019			57,367
6M EURO(c)	2.650(e)	09/09/32	EUR	50,480		(1,155,841	)		(472,197	)		(683,644	)
3.000(b)	12M SOFR	10/04/32	$	15,920		120,084			120,090			(6	)
6M EURO(c)	3.200(b)	10/04/32	EUR	13,650		10,997			10,998			(1	)
Mexico IB TIIE 28D(d)	8.600	12/08/32	MXN	34,910		(65,209	)		2,077			(67,286	)
1.750(e)	12M CHFOR	12/21/32	CHF	2,380		79,577			79,577			—
0.250(e)	12M JYOR	12/21/32	JPY	6,544,740		1,357,031			1,204,419			152,612
2.500(e)	12M SOFR	12/21/32	$	27,530		2,379,220			2,021,218			358,002

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (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)
6M EURO(c)		2.000%(e)		12/21/32	EUR	190	$	(18,601	)	$	(16,216	)	$	(2,385	)
12M GBP(e)		2.250		12/21/32	GBP	10		(1,919	)		(996	)		(923	)
12M SOFR(e)		2.500		12/21/32	$	22,950		(1,983,404	)		(1,492,307	)		(491,097	)
3M STIBOR(b)		3.000(e)		12/21/32	SEK	9,750		(13,437	)		(9,123	)		(4,314	)
6M CDOR(c)		3.250		12/21/32	CAD	1,420		(36,357	)		(45,813	)		9,456
6M NIBOR(c)		3.500(e)		12/21/32	NOK	3,880		(724	)		339			(1,063	)
3.750%(b)		3M KWCDC		12/21/32	KRW	4,628,850		20,629			(96,173	)		116,802
4.000(c)		3M NZDOR(b)		12/21/32	NZD	1,010		20,449			10,016			10,433
6M WIBOR(c)		6.250(e)		12/21/32	PLN	10,925		(95,583	)		37,840			(133,423	)
3.750(c)		6M AUDOR		12/21/32	AUD	1,770		66,840			80,554			(13,714	)
2.000(e)		6M EURO(c)		12/21/32	EUR	15,820		1,548,785			842,574			706,211
3M JIBAR(b)		9.500		12/21/32	ZAR	45,650		(41,143	)		50,911			(92,054	)
12M SOFR(e)		2.730		06/04/33	$	79,810		(598,687	)		(68,109	)		(530,578	)
12M GBP(e)		3.800		07/31/35	GBP	17,450		(882,197	)		(50,832	)		(831,365	)
6M EURO(c)		2.855(e)		07/04/37	EUR	16,180		(295,978	)		(301,382	)		5,404
12M SOFR(e)		2.940		07/12/37	$	12,270		(298,147	)		15,107			(313,254	)
12M SOFR(e)		2.910		07/28/37		59,800		(813,848	)		123,024			(936,872	)
6M EURO(c)		2.152(e)		08/09/37	EUR	28,040		(900,622	)		(354,460	)		(546,162	)
12M SOFR(e)		2.720		08/11/37	$	62,090		(1,226,426	)		(587,562	)		(638,864	)
1.451(e)		6M EURO(c)		08/10/42	EUR	63,670		1,097,250			420,821			676,429
2.000(e)		6M EURO(c)		12/21/42		620		81,598			55,786			25,812
2.750(e)		12M SOFR		07/12/47	$	7,240		216,021			(19,261	)		235,282
2.080(e)		12M SOFR		07/28/47		43,020		170,299			50,564			119,735
6M EURO(c)		1.051(e)		08/11/47	EUR	35,130		(273,440	)		(103,332	)		(170,108	)
12M EURO(e)		1.355		05/17/52		8,790		(763,571	)		(255,475	)		(508,096	)
1.328(e)		6M EURO(c)		05/17/52		8,790		672,576			(18,644	)		691,220
1.560(e)		6M EURO(c)		07/06/52		6,920		(37,437	)		(171,901	)		134,464
2.170(e)		12M SOFR		08/11/52	$	27,790		501,674			298,627			203,047
1.800(e)		6M EURO(c)		09/09/52	EUR	10,720		178,407			30,188			148,219
2.500(e)		12M SOFR		12/21/52	$	3,290		341,631			276,638			64,993
TOTAL							$	3,197,368		$	1,855,161		$	1,342,207

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

(b) Payments made quarterly.

(c) Payments made semi-annually.

(d) Payments made at monthly.

(e) 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, 2022(b)		Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 10		3.000%		8.960%		MS & Co. Int. PLC		11/17/59		$2,750		$(513,625	)	$	(420,439	)		$(93,186	)
Markit CMBX Series 11		3.000		7.241		MS & Co. Int. PLC		11/18/54		1,800		(290,937	)		(482,631	)		191,694

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

GOLDMAN SACHS STRATEGIC INCOME FUND

     ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)

Reference Obligation/Index	Financing Rate Paid by the Fund(a)		Credit Spread at September 30, 2022(b)		Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Markit CMBX Series 11		3.000%		7.241%		Signature Bank		11/18/54	$	750	$	(121,266	)	$	(83,327	)		$(37,939)
TOTAL											$	(925,828	)	$	(986,397	)		$ 60,569

(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, 2022(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 37		1.000%		0.950%		12/20/26	$	209,870	$	456,038		$	2,951,423			$(2,495,385	)
CDX.NA.IG Index 38		1.000		3.339		12/20/27		3,340		(332,112	)		(264,262	)		(67,850	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.523		12/20/26		1,290		24,221			24,378			(157	)
Republic of Chile, 3.875%, 08/05/20		1.000		1.686		12/20/27		7,830		(242,841	)		(152,307	)		(90,534	)
Republic of Indonesia, 5.875%, 03/13/20		1.000		1.574		12/20/27		7,570		(195,233	)		(64,974	)		(130,259	)
Republic of Panama		1.000		1.830		12/20/27		2,500		(93,527	)		(64,568	)		(28,959	)
Republic of Panama		1.000		1.720		06/20/27		5,660		(168,356	)		(105,026	)		(63,330	)
Republic of Peru		1.000		1.563		06/20/27		3,660		(85,205	)		(65,407	)		(19,798	)
Republic of the Philippines, 10.625%, 03/16/25		1.000		1.473		12/20/27		2,630		(55,922	)		(34,089	)		(21,833	)
United Mexican States, 4.150%, 03/28/27		1.000		1.952		12/20/27		7,170		(306,983	)		(212,484	)		(94,499	)
TOTAL									$	(999,920	)	$	2,012,684			$(3,012,604	)

(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, 2022, 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	Citibank NA		0.459	%		10/10/2022		57,570,000		$  57,570,000	$	6		$    125,849		$    (125,842	)
1Y IRS	Citibank NA		0.420			10/10/2022		63,020,000		63,020,000		7		136,424		(136,417	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (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)
1Y IRS	Citibank NA		0.516	%	11/15/2022		63,450,000		$	63,450,000		$	326		$	148,996		$	(148,670	)
1Y IRS	Citibank NA		2.400		07/28/2023		15,400,000			15,400,000			139,744			515,900			(376,156	)
1Y IRS	Deutsche Bank AG (London)		2.700		04/28/2023		14,290,000			14,290,000			134,365			530,644			(396,280	)
9M IRS	Deutsche Bank AG (London)		1.850		11/22/2022		155,100,000			155,100,000			78			526,190			(526,112	)
2Y IRS	JPMorgan Securities, Inc.		0.700		11/14/2022		45,500,000			45,500,000			5			460,526			(460,521	)
9M IRS	JPMorgan Securities, Inc.		1.800		11/16/2022		155,800,000			155,800,000			31			506,350			(506,319	)
1Y IRS	MS & Co. Int. PLC		0.544		11/16/2022		57,770,000			57,770,000			335			136,047			(135,712	)
							627,900,000		$	627,900,000		$	274,897		$	3,086,926		$	(2,812,029	)
Puts
1Y IRS	Deutsche Bank AG (London)		3.000		05/05/2023		14,170,000			14,170,000			805,701			495,720			309,981
1Y IRS	Deutsche Bank AG (London)		2.960		09/05/2023		15,770,000			15,770,000			978,642			613,927			364,715
1Y IRS	JPMorgan Securities, Inc.		2.800		08/23/2023		15,770,000			15,770,000			1,115,876			569,368			546,508
							45,710,000		$	45,710,000		$	2,900,219		$	1,679,015		$	1,221,204
Total purchased option contracts							673,610,000		$	673,610,000		$	3,175,116		$	4,765,941		$	(1,590,825	)
Written option contracts
Calls
1M IRS	Citibank NA		3.076		10/03/2022		(6,160,000	)		(6,160,000	)		(1	)		(79,464	)		79,463
1M IRS	Citibank NA		2.538		10/10/2022		(5,390,000	)		(5,390,000	)		(784	)		(75,503	)		74,719
1M IRS	Citibank NA		3.270		10/19/2022		(6,160,000	)		(6,160,000	)		(19,779	)		(80,634	)		60,856
1M IRS	Citibank NA		2.723		10/24/2022		(5,280,000	)		(5,280,000	)		(14,624	)		(72,799	)		58,174
1Y IRS	Citibank NA		0.425		10/10/2022		(5,890,000	)		(5,890,000	)		(1	)		(125,861	)		125,861
1Y IRS	Citibank NA		0.379		10/10/2022		(6,500,000	)		(6,500,000	)		(1	)		(136,509	)		136,509
1Y IRS	Citibank NA		0.553		11/15/2022		(6,550,000	)		(6,550,000	)		(50	)		(148,881	)		148,830
1Y IRS	Citibank NA		1.750		07/28/2023		(15,400,000	)		(15,400,000	)		(52,322	)		(192,500	)		140,178
1Y IRS	Citibank NA		2.075		07/28/2023		(15,400,000	)		(15,400,000	)		(86,183	)		(323,400	)		237,217
1M IRS	Deutsche Bank AG (London)		3.625		10/26/2022		(6,160,000	)		(6,160,000	)		(100,417	)		(92,708	)		(7,709	)
1Y IRS	Deutsche Bank AG (London)		2.013		04/28/2023		(14,290,000	)		(14,290,000	)		(38,574	)		(202,150	)		163,576
1Y IRS	Deutsche Bank AG (London)		2.356		04/28/2023		(14,290,000	)		(14,290,000	)		(73,206	)		(328,494	)		255,288
9M IRS	Deutsche Bank AG (London)		1.599		11/22/2022		(155,100,000	)		(155,100,000	)		(31	)		(339,831	)		339,800
9M IRS	Deutsche Bank AG (London)		1.348		11/22/2022		(155,100,000	)		(155,100,000	)		(16	)		(186,359	)		186,343
1M IRS	JPMorgan Securities, Inc.		3.072		10/31/2022		(5,390,000	)		(5,390,000	)		(86,500	)		(86,500	)		—
2Y IRS	JPMorgan Securities, Inc.		1.060		11/14/2022		(8,800,000	)		(8,800,000	)		(1	)		(457,091	)		457,090
9M IRS	JPMorgan Securities, Inc.		1.290		11/16/2022		(155,800,000	)		(155,800,000	)		(16	)		(186,960	)		186,944
9M IRS	JPMorgan Securities, Inc.		1.545		11/16/2022		(155,800,000	)		(155,800,000	)		(16	)		(319,390	)		319,374
1M IRS	MS & Co. Int. PLC		3.090		10/11/2022		(6,160,000	)		(6,160,000	)		(1,653	)		(80,850	)		79,197
1Y IRS	MS & Co. Int. PLC		0.599		11/16/2022		(5,970,000	)		(5,970,000	)		(60	)		(136,081	)		136,021
1M IRS	UBS AG (London)		2.562		10/17/2022		(5,350,000	)		(5,350,000	)		(3,716	)		(77,277	)		73,560
							(760,940,000	)	$	(760,940,000	)	$	(477,951	)	$	(3,729,242	)	$	3,251,291
Puts
1M IRS	Citibank NA		3.076		10/03/2022		(6,160,000	)		(6,160,000	)		(244,511	)		(79,464	)		(165,047	)
1M IRS	Citibank NA		2.538		10/10/2022		(5,390,000	)		(5,390,000	)		(263,488	)		(75,503	)		(187,985	)
1M IRS	Citibank NA		3.270		10/19/2022		(6,160,000	)		(6,160,000	)		(165,384	)		(80,634	)		(84,750	)
1M IRS	Citibank NA		2.723		10/24/2022		(5,280,000	)		(5,280,000	)		(193,762	)		(72,799	)		(120,964	)
1M IRS	Deutsche Bank AG (London)		3.625		10/26/2022		(6,160,000	)		(6,160,000	)		(64,589	)		(92,708	)		28,119
1Y IRS	Deutsche Bank AG (London)		3.891		05/05/2023		(14,170,000	)		(14,170,000	)		(288,537	)		(182,101	)		(106,436	)
1Y IRS	Deutsche Bank AG (London)		3.446		05/05/2023		(14,170,000	)		(14,170,000	)		(497,241	)		(313,619	)		(183,622	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

     ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
1Y IRS	Deutsche Bank AG (London)		3.405	%		09/05/2023		(15,770,000	)	$	(15,770,000	)	$	(653,600	)	$	(376,278	)	$	(277,322	)
1Y IRS	Deutsche Bank AG (London)		3.850			09/05/2023		(15,770,000	)		(15,770,000	)		(422,694	)		(237,649	)		(185,045	)
1M IRS	JPMorgan Securities, Inc.		3.072			10/31/2022		(5,390,000	)		(5,390,000	)		(86,500	)		(86,500	)		—
1Y IRS	JPMorgan Securities, Inc.		3.660			08/23/2023		(15,770,000	)		(15,770,000	)		(503,883	)		(217,845	)		(286,038	)
1Y IRS	JPMorgan Securities, Inc.		3.230			08/23/2023		(15,770,000	)		(15,770,000	)		(765,181	)		(351,523	)		(413,658	)
1M IRS	MS & Co. Int. PLC		3.090			10/11/2022		(6,160,000	)		(6,160,000	)		(239,243	)		(80,850	)		(158,393	)
1M IRS	UBS AG (London)		2.562			10/17/2022		(5,350,000	)		(5,350,000	)		(255,775	)		(77,277	)		(178,498	)
								(137,470,000	)	$	(137,470,000	)	$	(4,644,388	)	$	(2,324,750	)	$	(2,319,639	)
Total written option contracts								(898,410,000	)	$	(898,410,000	)	$	(5,122,339	)	$	(6,053,992	)	$	931,652
TOTAL								(224,800,000	)	$	(224,800,000	)	$	(1,947,223	)	$	(1,288,051	)	$	(659,173	)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call USD/Put NOK	Barclays Bank PLC		10.385	%		10/17/2022		5,518,000		$      5,518,000		$    262,535		$      44,861		$    217,674
Call USD/Put ZAR	BNP Paribas SA		17.929			10/07/2022		5,519,000		5,519,000		83,243		49,174		34,069
Call USD/Put ZAR	BNP Paribas SA		18.730			10/27/2022		10,874,000		10,874,000		88,297		107,794		(19,497	)
Call USD/Put HUF	BofA Securities LLC		447.000			10/20/2022		5,437,000		5,437,000		67,522		66,619		903
Call USD/Put TWD	BofA Securities LLC		30.850			10/04/2022		11,050,000		11,050,000		325,865		37,792		288,073
Call USD/Put ZAR	BofA Securities LLC		17.965			10/10/2022		5,528,000		5,528,000		86,817		48,254		38,563
Call USD/Put ZAR	BofA Securities LLC		18.300			10/18/2022		11,086,000		11,086,000		128,143		86,803		41,340
Call USD/Put ZAR	BofA Securities LLC		18.370			10/25/2022		5,510,000		5,510,000		70,495		53,458		17,037
Call USD/Put CNH	Citibank NA		7.245			10/20/2022		10,989,000		10,989,000		40,440		42,803		(2,363	)
Call USD/Put ILS	Citibank NA		3.519			10/20/2022		11,053,000		11,053,000		211,311		74,762		136,549
Call USD/Put INR	Citibank NA		82.200			10/21/2022		8,336,000		8,336,000		37,229		26,717		10,512
Call USD/Put KRW	Citibank NA		1,481.500			10/27/2022		5,437,000		5,437,000		22,906		34,574		(11,668	)
Call USD/Put NOK	Citibank NA		10.725			10/25/2022		5,510,000		5,510,000		147,106		49,805		97,301
Call USD/Put SEK	Deutsche Bank AG (London)		11.083			10/18/2022		5,543,000		5,543,000		87,546		36,406		51,140
Call USD/Put SEK	Deutsche Bank AG (London)		11.090			10/18/2022		5,543,000		5,543,000		85,861		35,470		50,391
Call USD/Put SEK	Deutsche Bank AG (London)		11.600			10/18/2022		5,495,000		5,495,000		20,919		49,548		(28,629	)
Call USD/Put ZAR	Deutsche Bank AG (London)		18.100			10/11/2022		5,538,000		5,538,000		68,599		43,174		25,425
Call USD/Put ZAR	Deutsche Bank AG (London)		18.760			10/27/2022		5,437,000		5,437,000		42,316		52,695		(10,379	)
Call USD/Put NOK	HSBC Bank PLC		11.018			11/02/2022		10,827,000		10,827,000		120,938		120,938		—
Call USD/Put BRL	JPMorgan Securities, Inc.		5.670			10/11/2022		10,926,000		10,926,000		48,271		186,296		(138,025	)
Call USD/Put KRW	JPMorgan Securities, Inc.		1,416.500			10/13/2022		5,530,000		5,530,000		94,745		35,104		59,641
Call USD/Put NOK	JPMorgan Securities, Inc.		10.500			10/20/2022		5,538,000		5,538,000		218,635		49,023		169,612

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

     ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date	Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Call USD/Put TRY	JPMorgan Securities, Inc.		18.770	%	10/13/2022		5,550,000	$	5,550,000	$	62,443		$      72,749		$     (10,306	)
Call USD/Put TWD	JPMorgan Securities, Inc.		31.960		10/24/2022		11,115,000		11,115,000		59,321		44,594		14,727
Call USD/Put BRL	MS & Co. Int. PLC		5.623		10/27/2022		5,463,000		5,463,000		71,303		57,405		13,898
Call USD/Put KRW	MS & Co. Int. PLC		1,386.100		10/04/2022		5,530,000		5,530,000		192,378		35,414		156,964
Call USD/Put NOK	MS & Co. Int. PLC		11.350		10/25/2022		5,437,000		5,437,000		36,814		45,899		(9,085	)
Call USD/Put CNH	Standard Chartered Bank		7.130		10/20/2022		11,053,000		11,053,000		98,825		40,675		58,150
Call USD/Put INR	Standard Chartered Bank		80.950		10/17/2022		5,518,000		5,518,000		56,416		13,745		42,671
Call USD/Put KRW	Standard Chartered Bank		1,412.800		10/11/2022		8,278,000		8,278,000		153,077		58,892		94,185
Call USD/Put TWD	Standard Chartered Bank		31.400		10/13/2022		11,060,000		11,060,000		132,211		38,765		93,446
Call USD/Put NOK	UBS AG (London)		10.350		10/05/2022		5,530,000		5,530,000		268,205		32,627		235,578
Call USD/Put SEK	UBS AG (London)		11.055		10/20/2022		5,538,000		5,538,000		97,330		44,082		53,248
Call USD/Put ZAR	UBS AG (London)		17.710		10/12/2022		5,553,000		5,553,000		144,844		39,148		105,696
							247,849,000	$	247,849,000	$	3,732,906		$ 1,856,065		$ 1,876,841
Puts
Put GBP/Call USD	Barclays Bank PLC		1.110		10/20/2022		9,684,000		9,684,000		170,473		68,394		102,079
Put EUR/Call USD	BNP Paribas SA		0.995		10/12/2022		5,529,000		5,529,000		97,574		26,763		70,811
Put EUR/Call USD	BNP Paribas SA		0.976		10/24/2022		5,626,000		5,626,000		62,013		39,248		22,765
Put EUR/Call USD	BofA Securities LLC		0.974		10/24/2022		5,626,000		5,626,000		57,735		33,779		23,956
Put EUR/Call USD	BofA Securities LLC		0.947		10/24/2022		5,662,000		5,662,000		20,559		34,257		(13,698	)
Put NZD/Call USD	BofA Securities LLC		0.585		10/17/2022		9,169,000		9,169,000		228,477		40,714		187,763
Put NZD/Call USD	Citibank NA		0.543		10/26/2022		9,602,000		9,602,000		38,095		43,143		(5,048	)
Put EUR/Call USD	Credit Suisse Group AG		0.982		10/07/2022		11,038,000		11,038,000		89,193		51,141		38,052
Put GBP/Call USD	Deutsche Bank AG (London)		1.134		10/11/2022		4,821,000		4,821,000		121,357		32,283		89,074
Put GBP/Call USD	Deutsche Bank AG (London)		1.105		10/24/2022		4,905,000		4,905,000		83,826		32,873		50,953
Put EUR/Call USD	HSBC Bank PLC		0.977		10/05/2022		11,027,000		11,027,000		52,944		76,393		(23,449	)
Put NZD/Call USD	HSBC Bank PLC		0.591		10/11/2022		18,245,928		18,245,928		545,939		92,178		453,761
Put NZD/Call USD	HSBC Bank PLC		0.556		10/20/2022		14,303,000		14,303,000		96,432		54,475		41,957
Put NZD/Call USD	HSBC Bank PLC		0.572		10/25/2022		18,911,000		18,911,000		298,276		94,618		203,658
Put GBP/Call USD	MS & Co. Int. PLC		1.116		10/19/2022		7,236,592		7,236,592		143,954		64,577		79,377
Put GBP/Call USD	MS & Co. Int. PLC		1.090		10/25/2022		19,571,000		19,571,000		252,063		167,997		84,066
Put GBP/Call USD	MS & Co. Int. PLC		1.062		10/25/2022		19,571,000		19,571,000		141,120		167,230		(26,110	)
Put NZD/Call USD	MS & Co. Int. PLC		0.580		10/20/2022		13,967,000		13,967,000		294,116		68,113		226,003
Put EUR/Call USD	Standard Chartered Bank		0.998		10/12/2022		5,529,000		5,529,000		109,371		27,541		81,830
Put EUR/Call USD	Standard Chartered Bank		0.942		10/24/2022		5,651,000		5,651,000		17,230		41,173		(23,943	)
Put EUR/Call USD	Standard Chartered Bank		0.962		10/25/2022		11,228,000		11,228,000		74,233		70,143		4,090
Put GBP/Call USD	Standard Chartered Bank		1.125		10/05/2022		9,546,000		9,546,000		143,305		83,794		59,511
Put NZD/Call USD	Standard Chartered Bank		0.567		10/26/2022		9,439,000		9,439,000		121,176		48,045		73,131

134                    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 (continued)

Description	Counterparty	Exercise Rate			Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Put NZD/Call USD	UBS AG (London)		0.598	%	10/12/2022		9,093,000		$	9,093,000		$	333,806		$	33,588		$	300,218
							244,980,520		$	244,980,520		$	3,593,267		$	1,492,460		$	2,100,807
Total purchased option contracts							492,829,520		$	492,829,520		$	7,326,173		$	3,348,525		$	3,977,648
Written option contracts
Calls
Call EUR/Put CZK	Barclays Bank PLC		24.700		10/07/2022		(2,786,000	)		(2,786,000	)		(4,543	)		(19,241	)		14,698
Call USD/Put SGD	Barclays Bank PLC		1.404		10/17/2022		(2,759,000	)		(2,759,000	)		(63,468	)		(20,582	)		(42,886	)
Call EUR/Put USD	BNP Paribas SA		1.037		10/12/2022		(5,529,000	)		(5,529,000	)		(1,127	)		(23,687	)		22,560
Call USD/Put ZAR	BNP Paribas SA		18.205		10/27/2022		(5,437,000	)		(5,437,000	)		(91,809	)		(104,570	)		12,761
Call USD/Put TWD	BofA Securities LLC		30.500		10/04/2022		(5,525,000	)		(5,525,000	)		(223,746	)		(39,780	)		(183,966	)
Call USD/Put TWD	BofA Securities LLC		31.640		11/02/2022		(2,707,000	)		(2,707,000	)		(24,918	)		(24,918	)		—
Call USD/Put ZAR	BofA Securities LLC		17.965		10/10/2022		(5,528,000	)		(5,528,000	)		(63,837	)		(63,837	)		—
Call USD/Put ZAR	BofA Securities LLC		17.710		10/12/2022		(5,553,000	)		(5,553,000	)		(144,844	)		(106,795	)		(38,049	)
Call EUR/Put CZK	Citibank NA		24.710		10/26/2022		(2,831,000	)		(2,831,000	)		(14,663	)		(17,944	)		3,281
Call EUR/Put SEK	Citibank NA		10.730		10/05/2022		(2,757,000	)		(2,757,000	)		(37,504	)		(21,656	)		(15,848	)
Call USD/Put CNH	Citibank NA		7.130		10/20/2022		(11,053,000	)		(11,053,000	)		(98,825	)		(113,459	)		14,634
Call USD/Put INR	Citibank NA		80.950		10/17/2022		(5,518,000	)		(5,518,000	)		(56,416	)		(40,419	)		(15,997	)
Call USD/Put KRW	Citibank NA		1,416.500		10/13/2022		(5,530,000	)		(5,530,000	)		(94,745	)		(117,717	)		22,972
Call USD/Put NOK	Citibank NA		10.350		10/05/2022		(5,530,000	)		(5,530,000	)		(268,205	)		(95,586	)		(172,619	)
Call USD/Put SGD	Citibank NA		1.398		10/04/2022		(2,765,000	)		(2,765,000	)		(74,080	)		(18,360	)		(55,720	)
Call EUR/Put CHF	Credit Suisse Group AG		0.980		10/04/2022		(2,747,000	)		(2,747,000	)		(1,731	)		(30,333	)		28,602
Call USD/Put SEK	Credit Suisse Group AG		10.910		10/25/2022		(2,807,000	)		(2,807,000	)		(19,606	)		(20,599	)		993
Call GBP/Put USD	Deutsche Bank AG (London)		1.190		10/11/2022		(4,821,000	)		(4,821,000	)		(3,456	)		(27,031	)		23,575
Call USD/Put INR	Deutsche Bank AG (London)		79.800		10/17/2022		(2,759,000	)		(2,759,000	)		(59,192	)		(17,779	)		(41,413	)
Call USD/Put SEK	Deutsche Bank AG (London)		11.083		10/18/2022		(5,543,000	)		(5,543,000	)		(87,546	)		(163,313	)		75,767
Call USD/Put ZAR	Deutsche Bank AG (London)		18.100		10/11/2022		(5,538,000	)		(5,538,000	)		(68,599	)		(84,299	)		15,700
Call EUR/Put SEK	HSBC Bank PLC		10.688		10/17/2022		(2,759,000	)		(2,759,000	)		(50,991	)		(22,339	)		(28,652	)
Call EUR/Put USD	HSBC Bank PLC		0.981		12/01/2022		(2,772,000	)		(2,772,000	)		(58,049	)		(58,049	)		—
Call USD/Put CNH	HSBC Bank PLC		6.965		10/13/2022		(2,765,000	)		(2,765,000	)		(67,980	)		(18,027	)		(49,953	)
Call USD/Put NOK	HSBC Bank PLC		10.654		11/02/2022		(5,414,000	)		(5,414,000	)		(121,084	)		(121,084	)		—
Call USD/Put SGD	HSBC Bank PLC		1.405		10/10/2022		(2,764,000	)		(2,764,000	)		(60,421	)		(17,690	)		(42,731	)
Call USD/Put SGD	HSBC Bank PLC		1.433		10/27/2022		(2,732,000	)		(2,732,000	)		(26,913	)		(23,017	)		(3,896	)
Call EUR/Put CHF	JPMorgan Securities, Inc.		0.965		10/24/2022		(2,813,000	)		(2,813,000	)		(31,632	)		(28,193	)		(3,439	)
Call EUR/Put PLN	JPMorgan Securities, Inc.		4.735		10/13/2022		(2,761,000	)		(2,761,000	)		(77,960	)		(29,231	)		(48,729	)
Call USD/Put BRL	JPMorgan Securities, Inc.		5.408		10/11/2022		(5,463,000	)		(5,463,000	)		(91,582	)		(186,842	)		95,260
Call USD/Put CNH	JPMorgan Securities, Inc.		7.140		10/27/2022		(2,732,000	)		(2,732,000	)		(24,848	)		(22,785	)		(2,063	)
Call USD/Put KRW	JPMorgan Securities, Inc.		1,386.100		10/04/2022		(5,530,000	)		(5,530,000	)		(192,378	)		(70,801	)		(121,577	)
Call USD/Put TWD	JPMorgan Securities, Inc.		31.400		10/13/2022		(11,060,000	)		(11,060,000	)		(132,211	)		(99,938	)		(32,273	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

     ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Call USD/Put ZAR	JPMorgan Securities, Inc.		17.929	%		10/07/2022		(5,519,000	)	$	(5,519,000	)	$	(83,243	)	$	(73,789	)	$	(9,454	)
Call EUR/Put CZK	MS & Co. Int. PLC		24.600			10/13/2022		(2,761,000	)		(2,761,000	)		(12,104	)		(13,970	)		1,866
Call EUR/Put PLN	MS & Co. Int. PLC		4.735			10/07/2022		(2,786,000	)		(2,786,000	)		(74,044	)		(27,664	)		(46,380	)
Call EUR/Put SEK	MS & Co. Int. PLC		10.635			10/12/2022		(2,765,000	)		(2,765,000	)		(61,841	)		(20,709	)		(41,132	)
Call EUR/Put USD	MS & Co. Int. PLC		0.965			10/03/2022		(2,831,000	)		(2,831,000	)		(47,664	)		(21,800	)		(25,864	)
Call USD/Put INR	MS & Co. Int. PLC		79.970			10/07/2022		(2,759,000	)		(2,759,000	)		(49,604	)		(15,951	)		(33,653	)
Call USD/Put INR	MS & Co. Int. PLC		81.900			11/03/2022		(2,719,000	)		(2,719,000	)		(20,722	)		(26,406	)		5,684
Call USD/Put NOK	MS & Co. Int. PLC		10.385			10/17/2022		(5,518,000	)		(5,518,000	)		(229,245	)		(229,245	)		—
Call USD/Put NOK	MS & Co. Int. PLC		10.725			10/25/2022		(5,510,000	)		(5,510,000	)		(147,106	)		(171,978	)		24,872
Call USD/Put TWD	MS & Co. Int. PLC		30.500			10/04/2022		(2,765,000	)		(2,765,000	)		(111,974	)		(17,531	)		(94,443	)
Call USD/Put TWD	MS & Co. Int. PLC		30.980			10/13/2022		(2,775,000	)		(2,775,000	)		(65,077	)		(18,166	)		(46,911	)
Call EUR/Put USD	Standard Chartered Bank		1.040			10/12/2022		(5,529,000	)		(5,529,000	)		(889	)		(23,877	)		22,988
Call USD/Put TWD	Standard Chartered Bank		30.850			10/04/2022		(11,050,000	)		(11,050,000	)		(325,865	)		(108,545	)		(217,320	)
Call USD/Put TWD	Standard Chartered Bank		31.290			10/20/2022		(2,769,000	)		(2,769,000	)		(43,285	)		(24,949	)		(18,336	)
Call EUR/Put CHF	UBS AG (London)		0.973			10/12/2022		(2,765,000	)		(2,765,000	)		(12,969	)		(27,523	)		14,554
Call EUR/Put CHF	UBS AG (London)		0.960			10/25/2022		(2,807,000	)		(2,807,000	)		(40,561	)		(29,213	)		(11,348	)
Call NZD/Put USD	UBS AG (London)		0.629			10/12/2022		(9,093,000	)		(9,093,000	)		(56	)		(29,627	)		29,571
								(218,309,000	)	$	(218,309,000	)	$	(3,765,158	)	$	(2,750,844	)	$	(1,014,314	)
Puts
Put EUR/Call CZK	Barclays Bank PLC		24.700			10/07/2022		(2,786,000	)		(2,786,000	)		(12,492	)		(11,350	)		(1,142	)
Put GBP/Call USD	Barclays Bank PLC		1.125			10/05/2022		(9,546,000	)		(9,546,000	)		(143,305	)		(73,450	)		(69,855	)
Put USD/Call NOK	Barclays Bank PLC		9.803			10/17/2022		(5,518,000	)		(5,518,000	)		(717	)		(28,417	)		27,700
Put USD/Call SGD	Barclays Bank PLC		1.404			10/17/2022		(2,759,000	)		(2,759,000	)		(2,417	)		(16,664	)		14,247
Put EUR/Call USD	BNP Paribas SA		0.995			10/12/2022		(5,529,000	)		(5,529,000	)		(97,574	)		(70,832	)		(26,742	)
Put USD/Call ZAR	BNP Paribas SA		16.935			10/07/2022		(5,519,000	)		(5,519,000	)		(215	)		(28,975	)		28,760
Put EUR/Call USD	BofA Securities LLC		0.998			10/12/2022		(5,529,000	)		(5,529,000	)		(109,371	)		(77,752	)		(31,619	)
Put EUR/Call USD	BofA Securities LLC		0.974			10/24/2022		(5,626,000	)		(5,626,000	)		(57,735	)		(95,367	)		37,632
Put USD/Call HUF	BofA Securities LLC		388.750			10/20/2022		(5,538,000	)		(5,538,000	)		(3,395	)		(44,288	)		40,893
Put USD/Call TWD	BofA Securities LLC		31.640			11/02/2022		(2,707,000	)		(2,707,000	)		(24,918	)		(24,918	)		—
Put USD/Call ZAR	BofA Securities LLC		17.180			10/18/2022		(11,086,000	)		(11,086,000	)		(14,290	)		(74,055	)		59,765
Put EUR/Call CZK	Citibank NA		24.710			10/26/2022		(2,831,000	)		(2,831,000	)		(14,705	)		(11,482	)		(3,223	)
Put EUR/Call SEK	Citibank NA		10.730			10/05/2022		(2,757,000	)		(2,757,000	)		(600	)		(20,149	)		19,549
Put NZD/Call USD	Citibank NA		0.567			10/26/2022		(9,439,000	)		(9,439,000	)		(121,176	)		(125,903	)		4,727
Put USD/Call SGD	Citibank NA		1.398			10/04/2022		(2,765,000	)		(2,765,000	)		(11	)		(15,857	)		15,846
Put EUR/Call CHF	Credit Suisse Group AG		0.980			10/04/2022		(2,747,000	)		(2,747,000	)		(36,722	)		(25,415	)		(11,307	)
Put EUR/Call SEK	Credit Suisse Group AG		10.910			10/25/2022		(2,807,000	)		(2,807,000	)		(26,179	)		(23,947	)		(2,232	)
Put GBP/Call USD	Deutsche Bank AG (London)		1.134			10/11/2022		(4,821,000	)		(4,821,000	)		(121,357	)		(67,556	)		(53,801	)
Put USD/Call INR	Deutsche Bank AG (London)		79.800			10/17/2022		(2,759,000	)		(2,759,000	)		(1,995	)		(14,333	)		12,338
Put USD/Call SEK	Deutsche Bank AG (London)		10.493			10/18/2022		(5,543,000	)		(5,543,000	)		(6,707	)		(31,390	)		24,683
Put USD/Call SEK	Deutsche Bank AG (London)		10.500			10/18/2022		(5,543,000	)		(5,543,000	)		(6,990	)		(32,122	)		25,132
Put EUR/Call SEK	HSBC Bank PLC		10.688			10/17/2022		(2,759,000	)		(2,759,000	)		(2,839	)		(18,754	)		15,915

136                    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 (continued)

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Put EUR/Call USD	HSBC Bank PLC		0.977	%		10/05/2022		(11,027,000	)	$	(11,027,000	)	$	(52,944	)	$	(36,760	)	$	(16,184	)
Put EUR/Call USD	HSBC Bank PLC		0.981			12/01/2022		(2,772,000	)		(2,772,000	)		(58,049	)		(58,049	)		—
Put NZD/Call USD	HSBC Bank PLC		0.591			10/11/2022		(18,245,928	)		(18,245,928	)		(545,939	)		(204,686	)		(341,253	)
Put NZD/Call USD	HSBC Bank PLC		0.580			10/20/2022		(13,967,000	)		(13,967,000	)		(294,116	)		(190,126	)		(103,990	)
Put USD/Call CNH	HSBC Bank PLC		6.965			10/13/2022		(2,765,000	)		(2,765,000	)		(81,540	)		(18,028	)		(63,512	)
Put USD/Call SGD	HSBC Bank PLC		1.405			10/10/2022		(2,764,000	)		(2,764,000	)		(1,012	)		(17,690	)		16,678
Put USD/Call SGD	HSBC Bank PLC		1.433			10/27/2022		(2,732,000	)		(2,732,000	)		(20,916	)		(23,017	)		2,101
Put EUR/Call CHF	JPMorgan Securities, Inc.		0.965			10/24/2022		(2,813,000	)		(2,813,000	)		(25,782	)		(31,370	)		5,588
Put EUR/Call PLN	JPMorgan Securities, Inc.		4.735			10/13/2022		(2,761,000	)		(2,761,000	)		(2,600	)		(21,282	)		18,682
Put USD/Call CNH	JPMorgan Securities, Inc.		7.140			10/27/2022		(2,732,000	)		(2,732,000	)		(27,006	)		(22,785	)		(4,221	)
Put USD/Call NOK	JPMorgan Securities, Inc.		9.950			10/20/2022		(5,538,000	)		(5,538,000	)		(2,293	)		(34,790	)		32,497
Put EUR/Call CZK	MS & Co. Int. PLC		24.600			10/13/2022		(2,761,000	)		(2,761,000	)		(12,104	)		(13,970	)		1,866
Put EUR/Call PLN	MS & Co. Int. PLC		4.735			10/07/2022		(2,786,000	)		(2,786,000	)		(1,119	)		(27,663	)		26,544
Put EUR/Call SEK	MS & Co. Int. PLC		10.635			10/12/2022		(2,765,000	)		(2,765,000	)		(715	)		(20,709	)		19,994
Put EUR/Call USD	MS & Co. Int. PLC		0.965			10/03/2022		(2,831,000	)		(2,831,000	)		(2,225	)		(21,799	)		19,574
Put GBP/Call USD	MS & Co. Int. PLC		1.110			10/20/2022		(9,684,000	)		(9,684,000	)		(170,473	)		(426,652	)		256,179
Put GBP/Call USD	MS & Co. Int. PLC		1.105			10/24/2022		(4,905,000	)		(4,905,000	)		(79,527	)		(172,067	)		92,540
Put GBP/Call USD	MS & Co. Int. PLC		1.112			10/25/2022		(9,786,000	)		(9,786,000	)		(195,815	)		(154,795	)		(41,020	)
Put GBP/Call USD	MS & Co. Int. PLC		1.090			10/25/2022		(19,571,000	)		(19,571,000	)		(252,063	)		(344,629	)		92,566
Put NZD/Call USD	MS & Co. Int. PLC		0.598			10/12/2022		(9,093,000	)		(9,093,000	)		(333,806	)		(102,156	)		(231,650	)
Put USD/Call BRL	MS & Co. Int. PLC		5.149			10/27/2022		(5,463,000	)		(5,463,000	)		(48,402	)		(49,424	)		1,022
Put USD/Call INR	MS & Co. Int. PLC		79.970			10/07/2022		(2,759,000	)		(2,759,000	)		(546	)		(15,951	)		15,405
Put USD/Call INR	MS & Co. Int. PLC		81.900			11/03/2022		(2,719,000	)		(2,719,000	)		(27,807	)		(26,405	)		(1,402	)
Put USD/Call TWD	MS & Co. Int. PLC		30.500			10/04/2022		(2,765,000	)		(2,765,000	)		(3	)		(17,532	)		17,529
Put USD/Call TWD	MS & Co. Int. PLC		30.980			10/13/2022		(2,775,000	)		(2,775,000	)		(1,146	)		(18,165	)		17,019
Put EUR/Call USD	Standard Chartered Bank		0.982			10/07/2022		(11,038,000	)		(11,038,000	)		(89,193	)		(122,235	)		33,042
Put EUR/Call USD	Standard Chartered Bank		0.976			10/24/2022		(5,626,000	)		(5,626,000	)		(62,013	)		(129,653	)		67,640
Put NZD/Call USD	Standard Chartered Bank		0.585			10/17/2022		(9,169,000	)		(9,169,000	)		(228,477	)		(104,263	)		(124,214	)
Put USD/Call INR	Standard Chartered Bank		79.250			10/17/2022		(5,518,000	)		(5,518,000	)		(1,788	)		(12,366	)		10,578
Put USD/Call TWD	Standard Chartered Bank		31.290			10/20/2022		(2,769,000	)		(2,769,000	)		(6,352	)		(18,566	)		12,214
Put EUR/Call CHF	UBS AG (London)		0.973			10/12/2022		(2,765,000	)		(2,765,000	)		(28,987	)		(30,935	)		1,948
Put EUR/Call CHF	UBS AG (London)		0.960			10/25/2022		(2,807,000	)		(2,807,000	)		(20,558	)		(29,212	)		8,654
Put NZD/Call USD	UBS AG (London)		0.572			10/25/2022		(9,455,500	)		(9,455,500	)		(149,138	)		(93,474	)		(55,664	)
Put USD/Call SEK	UBS AG (London)		10.560			10/20/2022		(5,538,000	)		(5,538,000	)		(11,397	)		(30,791	)		19,394
Put USD/Call ZAR	UBS AG (London)		16.675			10/12/2022		(5,553,000	)		(5,553,000	)		(383	)		(34,539	)		34,156
								(315,932,428	)	$	(315,932,428	)	$	(3,641,944	)	$	(3,609,510	)	$	(32,434	)
Total written option contracts								(534,241,428	)	$	(534,241,428	)	$	(7,407,102	)	$	(6,360,354	)	$	(1,046,748	)
TOTAL								(41,411,908	)	$	(41,411,908	)	$	(80,929	)	$	(3,011,829	)	$	2,930,900

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

     ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazil Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
CNY	—Chinese Yuan Renminbi
COP	—Colombia Peso
CZK	—Czech Republic Koruna
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesia 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
SEK	—Swedish Krona
SGD	—Singapore Dollar
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand

Investment Abbreviations:
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTA	—Monthly Treasury Average
PI	—Private Investment
PIK	—Payment in kind
PLC	—Public Limited Company
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
STACR	—Structured Agency Credit Risk
TSFR	—Term Secured Overnight Financing Rate
UMBS	—Uniform Mortgage Backed Securities

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

GOLDMAN SACHS STRATEGIC INCOME FUND

     ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
1M BID Avg	—1 Month Brazilian Interbank Deposit Average
1M IRS	—1 Month Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
2Y IRS	—1 Year Interest Rate Swaptions
9M IRS	—9 Months Interest Rate Swaptions
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CDX.NA.IG Ind 37	—CDX North America Investment Grade Index 37
CDX.NA.IG Ind 38	—CDX North America Investment Grade Index 38
CHFOR	—Swiss Franc Offered Rate
EURO	—Euro Offered Rate
HIBOR	—Hong Kong Interbank Offered Rate
JIBAR	—Johannesburg Interbank Agreed Rate
JYOR	—Japanese Yen Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
SOFR	—Secured Overnight Funding Rate
STIBOR	—Stockholm Interbank Offered Rate
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 Statements of Assets and Liabilities

September 30, 2022 (Unaudited)

	Bond Fund			Core Fixed Income Fund			Global Core Fixed Income Fund
Assets:
Investments in unaffiliated issuers, at value (cost $463,057,566, $2,134,682,872 and $702,118,488, respectively)		$421,762,820			$1,902,393,101			$633,117,530
Investments in affiliated issuers, at value (cost $12,881,829, $0 and $25,743,653, respectively)		12,881,829			—			25,743,653
Purchased options, at value (premium paid $1,925,383, $1,854,878 and $945,470, respectively)		2,489,805			1,259,376			714,966
Cash		4,519,261			4,574,022			6,770,477
Foreign currencies, at value (cost $271,045, $83,345 and $620,046, respectively)		250,050			63,308			2,242,812
Unrealized gain on swap contracts		42,723			45,621			62,578
Unrealized gain on forward foreign currency exchange contracts		4,000,653			173,383			13,334,053
Variation margin on futures contracts		—			413,191			—
Receivables:
Investments sold on an extended-settlement basis		102,549,785			298,492,227			56,644,378
Collateral on certain derivative contracts(a)		5,995,950			28,028,243			11,736,467
Interest and dividends		2,433,517			10,591,113			3,425,617
Fund shares sold		703,548			2,399,268			343,584
Investments sold		435,196			364,659			350,059
Due from broker		326,978			80,587			310,676
Reimbursement from investment adviser		70,674			53,510			81,146
Due from broker - upfront		—			—			29,782
Foreign tax reclaim		—			2,714			631
Other assets		81,988			82,131			63,865
Total assets		558,544,777			2,249,016,454			754,972,274
Liabilities:
Forward sale contracts, at value (proceeds received $26,514,551, $82,368,945 and $1,807,695, respectively)		25,300,931			80,202,689			1,797,187
Unrealized loss on forward foreign currency exchange contracts		3,998,656			65,058			2,218,721
Unrealized loss on swap contracts		19,852			164,162			71,273
Variation margin on futures contracts		18,398			—			654,451
Variation margin on swaps contracts		276,083			496,226			188,712
Written option contracts, at value (premium received $2,775,599, $2,097,676 and $1,159,770, respectively)		2,766,835			1,669,566			1,083,232
Payables:
Investments purchased on an extended-settlement basis		178,238,575			608,888,670			156,415,929
Due to broker		479,154			3,090,000			3,904,968
Fund shares redeemed		450,423			16,637,633			315,822
Due to broker — upfront payment		197,797			352,142			—
Upfront payments received on swap contracts		124,815			451,350			453,068
Management fees		118,156			430,639			275,675
Investments purchased		109,091			59,417			3,053,205
Distribution and Service fees and Transfer Agency fees		47,968			103,071			32,179
Income distributions		17,804			95,162			19,882
Accrued expenses		430,006			411,286			508,279
Total liabilities		212,594,544			713,117,071			170,992,583
Net Assets:
Paid-in capital		416,074,546			1,848,831,114			664,079,608
Total distributable loss		(70,124,313	)		(312,931,731	)		(80,099,917)
NET ASSETS		$345,950,233			$1,535,899,383			$583,979,691
Net Assets:
Class A		$  49,778,440			$   125,240,949			$  38,789,724
Class C		4,167,417			6,941,473			2,198,282
Institutional		93,426,812			332,039,119			202,423,672
Service		87,936			969,788			499,215
Investor		55,384,908			186,217,250			50,814,776
Class R6		63,599,420			267,217,938			282,037,803
Class R		2,402,115			3,685,352			—
Class P		77,103,185			613,587,514			7,216,219
Total Net Assets		$345,950,233			$1,535,899,383			$583,979,691
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		5,771,586			14,040,125			3,588,516
Class C		483,665			774,136			205,374
Institutional		10,833,704			37,067,908			18,760,173
Service		10,195			108,204			46,531
Investor		6,444,719			20,857,120			4,718,340
Class R6		7,377,994			29,795,069			26,129,644
Class R		278,737			412,874			—
Class P		8,945,469			68,385,310			668,020
Net asset value, offering and redemption price per share:(b)
Class A		$8.62			$8.92			$10.81
Class C		8.62			8.97			10.70
Institutional		8.62			8.96			10.79
Service		8.63			8.96			10.73
Investor		8.59			8.93			10.77
Class R6		8.62			8.97			10.79
Class R		8.62			8.93			—
Class P		8.62			8.97			10.80

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

Fund	Futures		Swaps		TBA
Bond	$	—	$	5,005,950	$	990,000
Core Fixed Income		—		14,378,243		13,650,000
Global Core Fixed Income		2,711,031		7,725,028		1,300,408

(b) Maximum public offering price per share for Class A Shares of the Bond, Core Fixed Income and Global Core Fixed Income Funds is $8.96, $9.27 and $11.23, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

140                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, 2022 (Unaudited)

	Income Fund			Long Short Credit Strategies Fund			Strategic Income Fund
Assets:
Investments in unaffiliated issuers, at value (cost $99,511,221, $77,492,848 and $810,199,577, respectively)		$ 82,030,665			$  64,186,223			$    687,181,889
Investments in affiliated issuers, at value (cost $0, $1,306,080 and $83,166,914, respectively)		—			1,306,080			83,166,914
Purchased options, at value (premium paid $0, $0 and $8,114,466, respectively)		—			—			10,501,289
Cash		1,435,999			961,285			11,250,596
Foreign currencies, at value (cost $18,428, $0 and $994,285, respectively)		15,003			—			651,970
Unrealized gain on swap contracts		—			—			191,694
Unrealized gain on forward foreign currency exchange contracts		175,112			7,842			14,742,395
Variation margin on futures contracts		—			—			2,042,017
Variation margin on swaps contracts		—			29,824			777,409
Receivables:
Investments sold on an extended-settlement basis		3,943,164			—			89,089,492
Interest and dividends		1,105,372			865,964			4,907,895
Collateral on certain derivative contracts(a)		780,018			1,039,336			29,397,547
Investments sold		255,741			1,815,922			2,935,729
Reimbursement from investment adviser		26,892			24,998			48,517
Foreign tax reclaim		1,523			—			—
Due from broker		—			—			1,265,376
Fund shares sold		—			371			489,315
Other assets		41,773			57,031			70,361
Total assets		89,811,262			70,294,876			938,710,405
Liabilities:
Forward sale contracts, at value (proceeds received $3,943,164, $0 and $15,876,523, respectively)		3,869,179			—			14,773,749
Foreign currency overdraft, at value (identified cost $0, $93 and $0, respectively)		—			90			—
Unrealized loss on forward foreign currency exchange contracts		12,070			—			17,304,454
Unrealized loss on swap contracts		—			—			131,125
Variation margin on futures contracts		22,090			—			—
Variation margin on swaps contracts		18,527			—			—
Written option contracts, at value (premium received $0, $0 and $12,414,346, respectively)		—			—			12,529,441
Payables:
Investments purchased on an extended-settlement basis		11,761,696			—			215,521,700
Fund shares redeemed		112,904			161,262			480,214
Management fees		36,603			80,451			329,329
Income distributions		5,911			205			—
Distribution and Service fees and Transfer Agency fees		2,548			3,188			68,638
Unrealized loss on unfunded commitment		2,391			2,507			—
Investments purchased		—			600,053			579,935
Upfront payments received on swap contracts		—			—			986,397
Due to broker — upfront payment		—			—			350,885
Due to broker		—			74			1,866,504
Accrued expenses		127,538			179,673			484,994
Total liabilities		15,971,457			1,027,503			265,407,365
Net Assets:
Paid-in capital		92,177,938			122,906,568			2,719,060,471
Total distributable loss		(18,338,133	)		(53,639,195	)		(2,045,757,431)
NET ASSETS		$ 73,839,805			$  69,267,373			$    673,303,040
Net Assets:
Class A		$      517,323			$    1,193,799			$    123,573,531
Class C		174,525			152,175			11,165,808
Institutional		24,716,211			11,141,611			306,128,635
Investor		132,713			1,901,712			15,483,353
Class R6		47,078			11,271,863			18,781,961
Class R		46,296			25,682			2,441,603
Class P		48,205,659			43,580,531			195,728,149
Total Net Assets		$ 73,839,805			$  69,267,373			$    673,303,040
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		62,195			156,154			14,277,142
Class C		20,989			19,921			1,293,516
Institutional		2,972,447			1,459,001			35,337,134
Investor		15,959			248,810			1,787,547
Class R6		5,661			1,476,317			2,169,540
Class R		5,567			3,362			282,650
Class P		5,796,651			5,713,398			22,636,136
Net asset value, offering and redemption price per share:(b)
Class A		$8.32			$7.65			$8.66
Class C		8.32			7.64			8.63
Institutional		8.32			7.64			8.66
Investor		8.32			7.64			8.66
Class R6		8.32			7.64			8.66
Class R		8.32			7.64			8.64
Class P		8.32			7.63			8.65

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

Fund	Futures		Swaps		TBA
Income	$	233,718	$	546,300	$	—
Long Short Credit Strategies		—		1,039,336		—
Strategic Income		69,291		25,743,256		3,585,000

(b) Maximum public offering price per share for Class A Shares of the Income, Long Short Credit Strategies and Strategic Income Funds is $8.64, $7.95 and $9.00, 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.                141

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 Statements of Operations

For the Six Months Ended September 30, 2022 (Unaudited)

	Bond Fund			Core Fixed Income Fund			Global Core Fixed Income Fund
Investment Income:
Interest (net of foreign withholding taxes of $0, $0 and $9,198, respectively)		$   5,989,874			$   22,920,960			$   6,415,507
Dividends — affiliated issuers		178,211			325,876			151,031
Total investment income		6,168,085			23,246,836			6,566,538
Expenses:
Management fees		785,081			3,167,728			1,976,938
Custody, accounting and administrative services		205,896			165,140			301,139
Transfer Agency fees(a)		118,511			438,257			147,799
Distribution and Service (12b-1) fees(a)		93,601			214,551			62,369
Professional fees		87,517			86,418			88,051
Registration fees		66,145			83,043			51,726
Printing and mailing costs		39,073			66,564			29,300
Prime broker fees		13,297			—			16,863
Trustee fees		12,146			13,337			12,324
Service fees — Class C		6,286			10,208			3,204
Shareholder Administration fees — Service Class		115			1,317			667
Other		13,139			29,454			14,965
Total expenses		1,440,807			4,276,017			2,705,345
Less — expense reductions		(436,824	)		(808,792	)		(788,499)
Net expenses		1,003,983			3,467,225			1,916,846
NET INVESTMENT INCOME		5,164,102			19,779,611			4,649,692
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments —unaffiliated issuers		(19,066,916	)		(77,781,618	)		(33,146,905)
Purchased options		(4,472,072	)		(384,724	)		(552,133)
Futures contracts		(3,460,931	)		12,221,435			(6,186,194)
Written options		3,095,142			(2,774,452	)		(1,035,716)
Swap contracts		1,487,846			2,798,877			(1,087,750)
Forward foreign currency exchange contracts		3,943,874			1,030,880			38,788,406
Foreign currency transactions		(2,235,424	)		(119,524	)		(5,316,124)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(27,428,484	)		(132,222,647	)		(55,427,787)
Purchased options		1,278,416			366,797			473,918
Futures contracts		1,335,773			2,440,165			566,758
Written options		(236,210	)		98,389			(373,565)
Swap contracts		(2,227,162	)		(6,145,745	)		(2,945,763)
Forward foreign currency exchange contracts		(801,616	)		(205,088	)		1,130,259
Foreign currency translation		(70,252	)		(54,985	)		3,396,041
Net realized and unrealized loss		(48,858,016	)		(200,732,240	)		(61,716,555)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$(43,693,914	)		$(180,952,629	)		$(57,066,863)

(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	$	68,176	$	18,858	$	114	$	6,453	$	32,724	$	3,017	$	21,551	$	18	$	36,942	$	10,319	$	1,549	$	12,391
Core Fixed Income		172,653		30,623		1,317		9,958		82,873		4,900		74,782		210		139,495		36,206		2,390		97,401
Global Core Fixed Income		52,091		9,611		667		—		25,004		1,538		44,176		107		34,105		41,718		—		1,151

142                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, 2022 (Unaudited)

	Income Fund			Long Short Credit Strategies Fund			Strategic Income Fund
Investment Income:
Interest		$   2,302,004			$   3,383,575			$ 10,213,298
Dividends — affiliated issuers		9,399			31,972			341,246
Total investment income		2,311,403			3,415,547			10,554,544
Expenses:
Management fees		242,908			624,809			2,167,407
Professional fees		73,823			70,058			95,768
Registration fees		49,010			56,361			55,677
Custody, accounting and administrative services		30,420			48,392			242,047
Printing and mailing costs		16,752			18,171			48,368
Transfer Agency fees(a)		14,907			21,141			197,715
Trustee fees		11,876			11,906			12,456
Distribution and Service (12b-1) fees(a)		1,432			2,321			227,370
Service fees — Class C		233			207			21,753
Prime broker fees		149			—			29,751
Other		4,336			4,898			16,589
Total expenses		445,846			858,264			3,114,901
Less — expense reductions		(163,504	)		(156,338	)		(310,725)
Net expenses		282,342			701,926			2,804,176
NET INVESTMENT INCOME		2,029,061			2,713,621			7,750,368
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments —unaffiliated issuers		(2,426,157	)		(7,837,939	)		(26,990,246)
Purchased options		—			—			(10,681,453)
Futures contracts		265,139			(382	)		46,023,150
Written options		(11,568	)		—			(1,222,394)
Swap contracts		635,023			1,631,394			11,035,297
Forward foreign currency exchange contracts		704,359			26,484			8,248,025
Foreign currency transactions		(6,585	)		237			(5,384,738)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(10,621,898	)		(6,247,092	)		(52,284,116)
Securities short sales		—			—			(1,779,415)
Unfunded Loan Commitment		(1,922	)		(1,352	)		—
Purchased options		—			—			5,099,328
Futures contracts		211,179			—			11,131,891
Written options		—			—			(134,724)
Swap contracts		(373,814	)		(96,510	)		(15,554,924)
Forward foreign currency exchange contracts		(41,033	)		3,360			(4,306,841)
Foreign currency translation		(2,430	)		5			(220,627)
Net realized and unrealized loss		(11,669,707	)		(12,521,795	)		(37,021,787)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$  (9,640,646	)		$  (9,808,174	)		$(29,271,419)

(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	$	611	$	698	$	123	$	293	$	112	$	5,105	$	74	$	7	$	30	$	9,286
Long Short Credit Strategies		1,632		621		68		784		99		2,844		1,348		1,416		16		14,634
Strategic Income		155,913		65,259		6,198		74,839		10,441		66,564		10,170		2,820		1,488		31,393

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

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, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022			For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022
From operations:
Net investment income		$    5,164,102			$8,203,044			$     19,779,611			$      29,049,501
Net realized gain (loss)		(20,708,481	)		226,523			(65,009,126	)		(376,448)
Net change in unrealized loss		(28,149,535	)		(27,624,702	)		(135,723,114	)		(110,340,259)
Net decrease in net assets resulting from operations		(43,693,914	)		(19,195,135	)		(180,952,629	)		(81,667,206)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(755,271	)		(774,880	)		(1,685,411	)		(2,227,447)
Class C Shares		(50,661	)		(67,316	)		(68,807	)		(83,003)
Institutional Shares		(1,666,792	)		(2,127,192	)		(5,179,874	)		(9,865,696)
Service Shares		(1,193	)		(954	)		(11,967	)		(13,126)
Investor Shares		(929,062	)		(846,899	)		(3,119,256	)		(6,580,118)
Class R6 Shares		(1,069,655	)		(992,818	)		(3,398,086	)		(840,804)
Class R Shares		(32,521	)		(36,968	)		(43,668	)		(54,196)
Class P Shares		(1,284,852	)		(1,266,345	)		(9,038,061	)		(12,647,426)
Return of capital:
Class A Shares		—			(561,922	)		—			(4,555,386)
Class C Shares		—			(48,816	)		—			(16,969)
Institutional Shares		—			(1,542,580	)		—			(2,016,972)
Service Shares		—			(691	)		—			(2,684)
Investor Shares		—			(614,147	)		—			(1,345,258)
Class R6 Shares		—			(719,964	)		—			(171,896)
Class R Shares		—			(26,809	)		—			(11,080)
Class P Shares		—			(918,319	)		—			(2,585,677)
Total distributions to shareholders		(5,790,007	)		(10,546,620	)		(22,545,130	)		(38,917,738)
From share transactions:
Proceeds from sales of shares		44,207,754			172,000,375			365,485,621			732,747,318
Reinvestment of distributions		5,671,934			10,324,139			21,983,052			37,686,745
Cost of shares redeemed		(61,540,247	)		(248,003,732	)		(372,238,929	)		(1,028,114,245)
Net increase (decrease) in net assets resulting from share transactions		(11,660,559	)		(65,679,218	)		15,229,744			(257,680,182)
TOTAL DECREASE		(61,144,480	)		(95,420,973	)		(188,268,015	)		(378,265,126)
Net assets:
Beginning of period		407,094,713			502,515,686			1,724,167,398			2,102,432,524
End of period		$345,950,233			$ 407,094,713			$1,535,899,383			$ 1,724,167,398

144                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, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022			For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022
From operations:
Net investment income		$     4,649,692			$     5,733,480			$   2,029,061			$    3,690,256
Net realized gain (loss)		(8,536,416	)		2,702,280			(839,789	)		1,262,513
Net change in unrealized loss		(53,180,139	)		(37,705,162	)		(10,829,918	)		(7,485,753)
Net decrease in net assets resulting from operations		(57,066,863	)		(29,269,402	)		(9,640,646	)		(2,532,984)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(312,555	)		(605,407	)		(10,836	)		(23,342)
Class C Shares		(9,622	)		(18,739	)		(3,419	)		(3,386)
Institutional Shares		(1,994,090	)		(3,948,218	)		(607,584	)		(1,175,463)
Service Shares		(3,496	)		(6,215	)		—			—
Investor Shares		(497,648	)		(1,068,522	)		(2,898	)		(3,866)
Class R6 Shares		(2,536,670	)		(4,161,378	)		(1,192	)		(2,484)
Class R Shares		—			—			(1,028	)		(2,136)
Class P Shares		(69,893	)		(132,095	)		(1,476,847	)		(3,580,367)
Total distributions to shareholders		(5,423,974	)		(9,940,574	)		(2,103,804	)		(4,791,044)
Total distributions to shareholders		—			—			—			(4,791,044)
From share transactions:
Proceeds from sales of shares		140,633,448			142,376,864			8,612,290			34,552,232
Reinvestment of distributions		5,305,111			9,705,301			2,080,331			4,790,941
Cost of shares redeemed		(140,301,831	)		(158,808,386	)		(24,700,300	)		(48,301,250)
Net increase (decrease) in net assets resulting from share transactions		5,636,728			(6,726,221	)		(14,007,679	)		(8,958,077)
TOTAL DECREASE		(56,854,109	)		(45,936,197	)		(25,752,129	)		(16,282,105)
Net assets:
Beginning of period		640,833,800			686,769,997			99,591,934			115,874,039
End of period		$ 583,979,691			$ 640,833,800			$ 73,839,805			$  99,591,934

The accompanying notes are an integral part of these financial statements.                145

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, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022			For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022
From operations:
Net investment income		$    2,713,621			$    4,595,304			$     7,750,368			$   10,274,490
Net realized gain (loss)		(6,180,206	)		891,358			21,027,641			35,618,281
Net change in unrealized loss		(6,341,589	)		(6,491,288	)		(58,049,428	)		(53,811,733)
Net decrease in net assets resulting from operations		(9,808,174	)		(1,004,626	)		(29,271,419	)		(7,918,962)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(21,777	)		(56,828	)		(1,530,228	)		—
Class C Shares		(2,131	)		(9,039	)		(137,128	)		—
Institutional Shares		(259,387	)		(595,402	)		(4,580,107	)		—
Investor Shares		(39,977	)		(102,070	)		(224,425	)		—
Class R6 Shares		(176,125	)		(94,632	)		(261,780	)		—
Class R Shares		(416	)		(984	)		(27,445	)		—
Class P Shares		(1,789,352	)		(4,479,733	)		(2,908,970	)		—
Return of capital:
Class A Shares		—			—			—			(2,116,966)
Class C Shares		—			—			—			(392,043)
Institutional Shares		—			—			—			(8,013,113)
Investor Shares		—			—			—			(395,631)
Class R6 Shares		—			—			—			(341,285)
Class R Shares		—			—			—			(37,626)
Class P Shares		—			—			—			(5,063,826)
Total distributions to shareholders		(2,289,165	)		(5,338,688	)		(9,670,083	)		(16,360,490)
From share transactions:
Proceeds from sales of shares		15,830,881			31,396,955			58,200,762			183,663,272
Reinvestment of distributions		2,287,975			5,335,759			8,733,061			14,882,871
Cost of shares redeemed		(79,927,935	)		(14,904,334	)		(143,415,165	)		(302,712,932)
Net increase (decrease) in net assets resulting from share transactions		(61,809,079	)		21,828,380			(76,481,342	)		(104,166,789)
TOTAL INCREASE (DECREASE)		(73,906,418	)		15,485,066			(115,422,844	)		(128,446,241)
Net assets:
Beginning of period		143,173,791			127,688,725			788,725,884			917,172,125
End of period		$  69,267,373			$143,173,791			$ 673,303,040			$ 788,725,884

146                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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.83			$	10.54			$	10.33			$	10.06			$	9.95			$	10.14
Net investment income (a)			0.11				0.15				0.22				0.24				0.25				0.21
Net realized and unrealized gain (loss)			(1.19	)			(0.66	)			0.48				0.32				0.12				(0.19)
Total from investment operations			(1.08	)			(0.51	)			0.70				0.56				0.37				0.02
Distributions to shareholders from net investment income			(0.13	)			(0.11	)			(0.30	)			(0.29	)			(0.24	)			(0.18)
Distributions to shareholders from net realized gains			—				—				(0.19	)			—				—				—
Distributions to shareholders from return of capital			—				(0.09	)			—				—				(0.02	)			(0.03)
Total distributions			(0.13	)			(0.20	)			(0.49	)			(0.29	)			(0.26	)			(0.21)
Net asset value, end of period		$	8.62			$	9.83			$	10.54			$	10.33			$	10.06			$	9.95
Total return(b)			(10.97	)%			(4.92	)%			6.56	%			5.66	%			3.84	%			0.22%
Net assets, end of period (in 000s)		$	49,778			$	58,088			$	92,871			$	84,503			$	85,671			$	101,231
Ratio of net expenses to average net assets			0.78	%(c)			0.78	%			0.78	%			0.79	%			0.80	%			0.79%
Ratio of total expenses to average net assets			1.01	%(c)			0.96	%			0.93	%			0.95	%			1.00	%			0.93%
Ratio of net investment income to average net assets			2.45	%(c)			1.41	%			2.03	%			2.34	%			2.59	%			2.03%
Portfolio turnover rate(d)			486	%			627	%			690	%			742	%			429	%			372%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.82			$	10.53			$	10.32			$	10.05			$	9.95			$	10.14
Net investment income(a)			0.08				0.07				0.14				0.16				0.18				0.13
Net realized and unrealized gain (loss)			(1.19	)			(0.66	)			0.48				0.32				0.11				(0.18)
Total from investment operations			(1.11	)			(0.59	)			0.62				0.48				0.29				(0.05)
Distributions to shareholders from net investment income			(0.09	)			(0.07	)			(0.22	)			(0.21	)			(0.17	)			(0.12)
Distributions to shareholders from net realized gains			—				—				(0.19	)			—				—				—
Distributions to shareholders from return of capital			—				(0.05	)			—				—				(0.02	)			(0.02)
Total distributions			(0.09	)			(0.12	)			(0.41	)			(0.21	)			(0.19	)			(0.14)
Net asset value, end of period		$	8.62			$	9.82			$	10.53			$	10.32			$	10.05			$	9.95
Total return(b)			(11.32	)%			(5.55	)%			5.67	%			4.88	%			2.97	%			(0.53)%
Net assets, end of period (in 000s)		$	4,167			$	5,928			$	11,437			$	12,468			$	8,217			$	14,476
Ratio of net expenses to average net assets			1.53	%(c)			1.53	%			1.53	%			1.54	%			1.55	%			1.54%
Ratio of total expenses to average net assets			1.76	%(c)			1.70	%			1.68	%			1.70	%			1.74	%			1.68%
Ratio of net investment income to average net assets			1.68	%(c)			0.65	%			1.29	%			1.53	%			1.82	%			1.29%
Portfolio turnover rate(d)			486	%			627	%			690	%			742	%			429	%			372%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.83			$	10.53			$	10.33			$	10.05			$	9.95			$	10.14
Net investment income(a)			0.13				0.18				0.26				0.28				0.28				0.24
Net realized and unrealized gain (loss)			(1.20	)			(0.64	)			0.47				0.32				0.12				(0.18)
Total from investment operations			(1.07	)			(0.46	)			0.73				0.60				0.40				0.06
Distributions to shareholders from net investment income			(0.14	)			(0.14	)			(0.34	)			(0.32	)			(0.28	)			(0.21)
Distributions to shareholders from net realized gains			—				—				(0.19	)			—				—				—
Distributions to shareholders from return of capital			—				(0.10	)			—				—				(0.02	)			(0.04)
Total distributions			(0.14	)			(0.24	)			(0.53	)			(0.32	)			(0.30	)			(0.25)
Net asset value, end of period		$	8.62			$	9.83			$	10.53			$	10.33			$	10.05			$	9.95
Total return(b)			(10.73	)%			(4.61	)%			6.82	%			6.01	%			4.19	%			0.56%
Net assets, end of period (in 000s)		$	93,427			$	116,520			$	158,080			$	133,067			$	155,541			$	314,928
Ratio of net expenses to average net assets			0.45	%(c)			0.45	%			0.45	%			0.45	%			0.46	%			0.45%
Ratio of total expenses to average net assets			0.68	%(c)			0.63	%			0.60	%			0.62	%			0.64	%			0.59%
Ratio of net investment income to average net assets			2.76	%(c)			1.75	%			2.36	%			2.69	%			2.89	%			2.37%
Portfolio turnover rate(d)			486	%			627	%			690	%			742	%			429	%			372%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.83			$	10.54			$	10.33			$	10.05			$	9.95			$	10.14
Net investment income(a)			0.11				0.14				0.20				0.24				0.22				0.19
Net realized and unrealized gain (loss)			(1.19	)			(0.66	)			0.48				0.31				0.13				(0.18)
Total from investment operations			(1.08	)			(0.52	)			0.68				0.55				0.35				0.01
Distributions to shareholders from net investment income			(0.12	)			(0.11	)			(0.28	)			(0.27	)			(0.23	)			(0.17)
Distributions to shareholders from net realized gains			—				—				(0.19	)			—				—				—
Distributions to shareholders from return of capital			—				(0.08	)			—				—				(0.02	)			(0.03)
Total distributions			(0.12	)			(0.19	)			(0.47	)			(0.27	)			(0.25	)			(0.20)
Net asset value, end of period		$	8.63			$	9.83			$	10.54			$	10.33			$	10.05			$	9.95
Total return(b)			(11.04	)%			(5.08	)%			6.39	%			5.49	%			3.67	%			0.06%
Net assets, end of period (in 000s)		$	88			$	94			$	84			$	45			$	66			$	410
Ratio of net expenses to average net assets			0.95	%(c)			0.95	%			0.95	%			0.95	%			0.96	%			0.95%
Ratio of total expenses to average net assets			1.18	%(c)			1.13	%			1.09	%			1.12	%			1.11	%			1.09%
Ratio of net investment income to average net assets			2.28	%(c)			1.31	%			1.83	%			2.29	%			2.28	%			1.87%
Portfolio turnover rate(d)			486	%			627	%			690	%			742	%			429	%			372%

(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.

150                    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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.79			$	10.50			$	10.30			$	10.02			$	9.92			$	10.11
Net investment income(a)			0.12				0.18				0.25				0.27				0.28				0.23
Net realized and unrealized gain (loss)			(1.18	)			(0.66	)			0.47				0.32				0.11				(0.18)
Total from investment operations			(1.06	)			(0.48	)			0.72				0.59				0.39				0.05
Distributions to shareholders from net investment income			(0.14	)			(0.13	)			(0.33	)			(0.31	)			(0.27	)			(0.20)
Distributions to shareholders from net realized gains			—				—				(0.19	)			—				—				—
Distributions to shareholders from return of capital			—				(0.10	)			—				—				(0.02	)			(0.04)
Total distributions			(0.14	)			(0.23	)			(0.52	)			(0.31	)			(0.29	)			(0.24)
Net asset value, end of period		$	8.59			$	9.79			$	10.50			$	10.30			$	10.02			$	9.92
Total return(b)			(10.80	)%			(4.71	)%			6.84	%			5.82	%			4.10	%			0.47%
Net assets, end of period (in 000s)		$	55,385			$	64,096			$	68,314			$	26,436			$	33,495			$	36,267
Ratio of net expenses to average net assets			0.53	%(c)			0.53	%			0.53	%			0.54	%			0.55	%			0.54%
Ratio of total expenses to average net assets			0.76	%(c)			0.71	%			0.68	%			0.70	%			0.75	%			0.68%
Ratio of net investment income to average net assets			2.69	%(c)			1.70	%			2.24	%			2.61	%			2.85	%			2.27%
Portfolio turnover rate(d)			486	%			627	%			690	%			742	%			429	%			372%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.82			$	10.53			$	10.33			$	10.05			$	9.95			$	10.14
Net investment income(a)			0.13				0.19				0.26				0.28				0.29				0.24
Net realized and unrealized gain (loss)			(1.19	)			(0.66	)			0.47				0.32				0.11				(0.18)
Total from investment operations			(1.06	)			(0.47	)			0.73				0.60				0.40				0.06
Distributions to shareholders from net investment income			(0.14	)			(0.14	)			(0.34	)			(0.32	)			(0.28	)			(0.22)
Distributions to shareholders from net realized gains			—				—				(0.19	)			—				—				—
Distributions to shareholders from return of capital			—				(0.10	)			—				—				(0.02	)			(0.03)
Total distributions			(0.14	)			(0.24	)			(0.53	)			(0.32	)			(0.30	)			(0.25)
Net asset value, end of period		$	8.62			$	9.82			$	10.53			$	10.33			$	10.05			$	9.95
Total return(b)			(10.83	)%			(4.60	)%			6.93	%			6.03	%			4.10	%			0.58%
Net assets, end of period (in 000s)		$	63,599			$	71,588			$	72,608			$	84,920			$	71,648			$	70,350
Ratio of net expenses to average net assets			0.44	%(c)			0.44	%			0.44	%			0.44	%			0.45	%			0.44%
Ratio of total expenses to average net assets			0.67	%(c)			0.62	%			0.59	%			0.60	%			0.65	%			0.58%
Ratio of net investment income to average net assets			2.79	%(c)			1.80	%			2.39	%			2.67	%			2.95	%			2.37%
Portfolio turnover rate(d)			486	%			627	%			690	%			742	%			429	%			372%

(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.

152                    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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.82			$	10.53			$	10.32			$	10.05			$	9.94			$	10.13
Net investment income(a)			0.10				0.12				0.20				0.23				0.23				0.18
Net realized and unrealized gain (loss)			(1.18	)			(0.65	)			0.47				0.30				0.12				(0.18)
Total from investment operations			(1.08	)			(0.53	)			0.67				0.53				0.35				—
Distributions to shareholders from net investment income			(0.12	)			(0.11	)			(0.27	)			(0.26	)			(0.22	)			(0.16)
Distributions to shareholders from net realized gains			—				—				(0.19	)			—				—				—
Distributions to shareholders from return of capital			—				(0.07	)			—				—				(0.02	)			(0.03)
Total distributions			(0.12	)			(0.18	)			(0.46	)			(0.26	)			(0.24	)			(0.19)
Net asset value, end of period		$	8.62			$	9.82			$	10.53			$	10.32			$	10.05			$	9.94
Total return(b)			(11.09	)%			(5.16	)%			6.30	%			5.40	%			3.58	%			(0.03)%
Net assets, end of period (in 000s)		$	2,402			$	3,008			$	5,030			$	5,316			$	19,263			$	22,970
Ratio of net expenses to average net assets			1.03	%(c)			1.03	%			1.03	%			1.04	%			1.05	%			1.04%
Ratio of total expenses to average net assets			1.26	%(c)			1.21	%			1.18	%			1.22	%			1.25	%			1.18%
Ratio of net investment income to average net assets			2.20	%(c)			1.14	%			1.79	%			2.24	%			2.34	%			1.78%
Portfolio turnover rate(d)			486	%			627	%			690	%			742	%			429	%			372%

(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 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, 2022				Year Ended March 31,												Period Ended
	(Unaudited)				2022				2021				2020				March 31, 2019(a)
Per Share Data
Net asset value, beginning of period		$	9.82			$	10.53			$	10.33			$	10.05		$    9.87
Net investment income(b)			0.13				0.19				0.26				0.28		0.27
Net realized and unrealized gain (loss)			(1.19	)			(0.66	)			0.47				0.32		0.19
Total from investment operations			(1.06	)			(0.47	)			0.73				0.60		0.46
Distributions to shareholders from net investment income			(0.14	)			(0.14	)			(0.34	)			(0.32	)	(0.26)
Distributions to shareholders from net realized gains			—				—				(0.19	)			—		—
Distributions to shareholders from return of capital			—				(0.10	)			—				—		(0.02)
Total distributions			(0.14	)			(0.24	)			(0.53	)			(0.32	)	(0.28)
Net asset value, end of period		$	8.62			$	9.82			$	10.53			$	10.33		$  10.05
Total return(c)			(10.83	)%			(4.60	)%			6.93	%			6.03	%	4.72%
Net assets, end of period (in 000s)		$	77,103			$	87,773			$	94,092			$	81,064		$87,881
Ratio of net expenses to average net assets			0.44	%(d)			0.44	%			0.44	%			0.44	%	0.44%(d)
Ratio of total expenses to average net assets			0.67	%(d)			0.62	%			0.59	%			0.60	%	0.67%(d)
Ratio of net investment income to average net assets			2.79	%(d)			1.79	%			2.37	%			2.69	%	3.00%(d)
Portfolio turnover rate(e)			486	%			627	%			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.

154                    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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	10.11			$	10.76			$	10.79			$	10.41			$	10.23			$	10.40
Net investment income (a)			0.10				0.12				0.14				0.22				0.25				0.19
Net realized and unrealized gain (loss)			(1.17	)			(0.60	)			0.29				0.51				0.19				(0.13)
Total from investment operations			(1.07	)			(0.48	)			0.43				0.73				0.44				0.06
Distributions to shareholders from net investment income			(0.12	)			(0.14	)			(0.21	)			(0.27	)			(0.26	)			(0.23)
Distributions to shareholders from net realized gains			—				—				(0.25	)			(0.08	)			—				—
Distributions to shareholders from return of capital			—				(0.03	)			—				—				—				—
Total distributions			(0.12	)			(0.17	)			(0.46	)			(0.35	)			(0.26	)			(0.23)
Net asset value, end of period		$	8.92			$	10.11			$	10.76			$	10.79			$	10.41			$	10.23
Total return(b)			(10.57	)%			(4.52	)%			3.83	%			7.07	%			4.40	%			0.56%
Net assets, end of period (in 000s)		$	125,241			$	150,857			$	164,129			$	125,490			$	57,754			$	62,399
Ratio of net expenses to average net assets			0.71	%(c)			0.71	%			0.70	%			0.74	%			0.79	%			0.79%
Ratio of total expenses to average net assets			0.81	%(c)			0.80	%			0.81	%			0.84	%			0.86	%			0.84%
Ratio of net investment income to average net assets			2.10	%(c)			1.13	%			1.26	%			2.07	%			2.45	%			1.82%
Portfolio turnover rate(d)			397	%			489	%			575	%			693	%			396	%			273%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	10.16			$	10.82			$	10.84			$	10.46			$	10.29			$	10.46
Net investment income(a)			0.06				0.04				0.06				0.15				0.17				0.11
Net realized and unrealized gain (loss)			(1.17	)			(0.61	)			0.29				0.50				0.19				(0.13)
Total from investment operations			(1.11	)			(0.57	)			0.35				0.65				0.36				(0.02)
Distributions to shareholders from net investment income			(0.08	)			(0.07	)			(0.12	)			(0.19	)			(0.19	)			(0.15)
Distributions to shareholders from net realized gains			—				—				(0.25	)			(0.08	)			—				—
Distributions to shareholders from return of capital			—				(0.02	)			—				—				—				—
Total distributions			(0.08	)			(0.09	)			(0.37	)			(0.27	)			(0.19	)			(0.15)
Net asset value, end of period		$	8.97			$	10.16			$	10.82			$	10.84			$	10.46			$	10.29
Total return(b)			(10.95	)%			(5.20	)%			3.05	%			6.25	%			3.52	%			(0.18)%
Net assets, end of period (in 000s)		$	6,941			$	9,529			$	12,416			$	8,331			$	6,585			$	9,817
Ratio of net expenses to average net assets			1.46	%(c)			1.46	%			1.45	%			1.50	%			1.54	%			1.54%
Ratio of total expenses to average net assets			1.56	%(c)			1.55	%			1.56	%			1.60	%			1.61	%			1.59%
Ratio of net investment income to average net assets			1.34	%(c)			0.37	%			0.50	%			1.37	%			1.67	%			1.09%
Portfolio turnover rate(d)			397	%			489	%			575	%			693	%			396	%			273%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	10.15			$	10.81			$	10.83			$	10.45			$	10.27			$	10.45
Net investment income(a)			0.12				0.16				0.17				0.26				0.27				0.23
Net realized and unrealized gain (loss)			(1.18	)			(0.61	)			0.30				0.51				0.21				(0.14)
Total from investment operations			(1.06	)			(0.45	)			0.47				0.77				0.48				0.09
Distributions to shareholders from net investment income			(0.13	)			(0.17	)			(0.24	)			(0.31	)			(0.30	)			(0.27)
Distributions to shareholders from net realized gains			—				—				(0.25	)			(0.08	)			—				—
Distributions to shareholders from return of capital			—				(0.04	)			—				—				—				—
Total distributions			(0.13	)			(0.21	)			(0.49	)			(0.39	)			(0.30	)			(0.27)
Net asset value, end of period		$	8.96			$	10.15			$	10.81			$	10.83			$	10.45			$	10.27
Total return(b)			(10.48	)%			(4.18	)%			4.17	%			7.41	%			4.75	%			0.81%
Net assets, end of period (in 000s)		$	332,039			$	410,606			$	645,062			$	292,906			$	181,702			$	850,477
Ratio of net expenses to average net assets			0.38	%(c)			0.38	%			0.37	%			0.41	%			0.45	%			0.45%
Ratio of total expenses to average net assets			0.48	%(c)			0.47	%			0.47	%			0.51	%			0.51	%			0.50%
Ratio of net investment income to average net assets			2.43	%(c)			1.45	%			1.55	%			2.46	%			2.66	%			2.20%
Portfolio turnover rate(d)			397	%			489	%			575	%			693	%			396	%			273%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	10.15			$	10.81			$	10.83			$	10.46			$	10.28			$	10.45
Net investment income(a)			0.09				0.10				0.13				0.21				0.23				0.18
Net realized and unrealized gain (loss)			(1.17	)			(0.60	)			0.29				0.50				0.20				(0.14)
Total from investment operations			(1.08	)			(0.50	)			0.42				0.71				0.43				0.04
Distributions to shareholders from net investment income			(0.11	)			(0.13	)			(0.19	)			(0.26	)			(0.25	)			(0.21)
Distributions to shareholders from net realized gains			—				—				(0.25	)			(0.08	)			—				—
Distributions to shareholders from return of capital			—				(0.03	)			—				—				—				—
Total distributions			(0.11	)			(0.16	)			(0.44	)			(0.34	)			(0.25	)			(0.21)
Net asset value, end of period		$	8.96			$	10.15			$	10.81			$	10.83			$	10.46			$	10.28
Total return(b)			(10.60	)%			(4.74	)%			3.65	%			6.87	%			4.23	%			0.41%
Net assets, end of period (in 000s)		$	970			$	1,115			$	1,070			$	1,141			$	855			$	1,035
Ratio of net expenses to average net assets			0.88	%(c)			0.88	%			0.87	%			0.91	%			0.95	%			0.95%
Ratio of total expenses to average net assets			0.98	%(c)			0.97	%			0.98	%			1.01	%			1.02	%			1.00%
Ratio of net investment income to average net assets			1.94	%(c)			0.97	%			1.11	%			1.95	%			2.28	%			1.68%
Portfolio turnover rate(d)			397	%			489	%			575	%			693	%			396	%			273%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	10.11			$	10.77			$	10.80			$	10.42			$	10.24			$	10.41
Net investment income(a)			0.11				0.15				0.16				0.24				0.27				0.22
Net realized and unrealized gain (loss)			(1.16	)			(0.61	)			0.30				0.52				0.20				(0.13)
Total from investment operations			(1.05	)			(0.46	)			0.46				0.76				0.47				0.09
Distributions to shareholders from net investment income			(0.13	)			(0.17	)			(0.24	)			(0.30	)			(0.29	)			(0.26)
Distributions to shareholders from net realized gains			—				—				(0.25	)			(0.08	)			—				—
Distributions to shareholders from return of capital			—				(0.03	)			—				—				—				—
Total distributions			(0.13	)			(0.20	)			(0.49	)			(0.38	)			(0.29	)			(0.26)
Net asset value, end of period		$	8.93			$	10.11			$	10.77			$	10.80			$	10.42			$	10.24
Total return(b)			(10.46	)%			(4.37	)%			4.09	%			7.33	%			4.66	%			0.81%
Net assets, end of period (in 000s)		$	186,217			$	269,988			$	426,467			$	122,100			$	17,645			$	45,129
Ratio of net expenses to average net assets			0.46	%(c)			0.46	%			0.45	%			0.48	%			0.54	%			0.54%
Ratio of total expenses to average net assets			0.56	%(c)			0.55	%			0.56	%			0.59	%			0.60	%			0.59%
Ratio of net investment income to average net assets			2.34	%(c)			1.37	%			1.46	%			2.27	%			2.66	%			2.11%
Portfolio turnover rate(d)			397	%			489	%			575	%			693	%			396	%			273%

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

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

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements.                159

GOLDMAN SACHS 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	10.16			$	10.82			$	10.84			$	10.46			$	10.28			$	10.45
Net investment income(a)			0.20				0.17				0.19				0.27				0.29				0.26
Net realized and unrealized gain (loss)			(1.26	)			(0.62	)			0.29				0.50				0.19				(0.16)
Total from investment operations			(1.06	)			(0.45	)			0.48				0.77				0.48				0.10
Distributions to shareholders from net investment income			(0.13	)			(0.17	)			(0.25	)			(0.31	)			(0.30	)			(0.27)
Distributions to shareholders from net realized gains			—				—				(0.25	)			(0.08	)			—				—
Distributions to shareholders from return of capital			—				(0.04	)			—				—				—				—
Total distributions			(0.13	)			(0.21	)			(0.50	)			(0.39	)			(0.30	)			(0.27)
Net asset value, end of period		$	8.97			$	10.16			$	10.82			$	10.84			$	10.46			$	10.28
Total return(b)			(10.46	)%			(4.16	)%			4.18	%			7.41	%			4.76	%			0.92%
Net assets, end of period (in 000s)		$	267,218			$	187,649			$	39,378			$	152,821			$	219,927			$	8,482
Ratio of net expenses to average net assets			0.37	%(c)			0.37	%			0.36	%			0.40	%			0.44	%			0.43%
Ratio of total expenses to average net assets			0.47	%(c)			0.46	%			0.47	%			0.50	%			0.51	%			0.47%
Ratio of net investment income to average net assets			2.50	%(c)			1.56	%			1.71	%			2.51	%			2.84	%			2.50%
Portfolio turnover rate(d)			397	%			489	%			575	%			693	%			396	%			273%

(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.

160                    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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	10.11			$	10.77			$	10.79			$	10.42			$	10.24			$	10.41
Net investment income(a)			0.09				0.09				0.12				0.20				0.22				0.17
Net realized and unrealized gain (loss)			(1.16	)			(0.60	)			0.29				0.50				0.20				(0.14)
Total from investment operations			(1.07	)			(0.51	)			0.41				0.70				0.42				0.03
Distributions to shareholders from net investment income			(0.11	)			(0.13	)			(0.18	)			(0.25	)			(0.24	)			(0.20)
Distributions to shareholders from net realized gains			—				—				(0.25	)			(0.08	)			—				—
Distributions to shareholders from return of capital			—				(0.02	)			—				—				—				—
Total distributions			(0.11	)			(0.15	)			(0.43	)			(0.33	)			(0.24	)			(0.20)
Net asset value, end of period		$	8.93			$	10.11			$	10.77			$	10.79			$	10.42			$	10.24
Total return(b)			(10.69	)%			(4.75	)%			3.57	%			6.70	%			4.14	%			0.31%
Net assets, end of period (in 000s)		$	3,685			$	4,181			$	4,864			$	4,774			$	4,444			$	4,637
Ratio of net expenses to average net assets			0.96	%(c)			0.96	%			0.95	%			1.00	%			1.04	%			1.04%
Ratio of total expenses to average net assets			1.06	%(c)			1.05	%			1.06	%			1.10	%			1.11	%			1.09%
Ratio of net investment income to average net assets			1.85	%(c)			0.88	%			1.02	%			1.88	%			2.20	%			1.63%
Portfolio turnover rate(d)			397	%			489	%			575	%			693	%			396	%			273%

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

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

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements.                161

GOLDMAN SACHS 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, 2022				Year Ended March 31,												Period Ended
	(Unaudited)				2022				2021				2020				March 31, 2019(a)
Per Share Data
Net asset value, beginning of period		$	10.16			$	10.82			$	10.85			$	10.47		$    10.20
Net investment income(b)			0.12				0.16				0.18				0.27		0.28
Net realized and unrealized gain (loss)			(1.18	)			(0.61	)			0.29				0.50		0.27
Total from investment operations			(1.06	)			(0.45	)			0.47				0.77		0.55
Distributions to shareholders from net investment income			(0.13	)			(0.17	)			(0.25	)			(0.31	)	(0.28)
Distributions to shareholders from net realized gains			—				—				(0.25	)			(0.08	)	—
Distributions to shareholders from return of capital			—				(0.04	)			—				—		—
Total distributions			(0.13	)			(0.21	)			(0.50	)			(0.39	)	(0.28)
Net asset value, end of period		$	8.97			$	10.16			$	10.82			$	10.85		$    10.47
Total return(c)			(10.36	)%			(4.25	)%			4.18	%			7.41	%	5.50%
Net assets, end of period (in 000s)		$	613,588			$	690,242			$	809,047			$	704,747		$595,010
Ratio of net expenses to average net assets			0.37	%(d)			0.37	%			0.36	%			0.40	%	0.44%(d)
Ratio of total expenses to average net assets			0.47	%(d)			0.46	%			0.46	%			0.50	%	0.52%(d)
Ratio of net investment income to average net assets			2.45	%(d)			1.47	%			1.60	%			2.47	%	2.91%(d)
Portfolio turnover rate(e)			397	%			489	%			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.

162                    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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	12.00			$	12.73			$	12.72			$	12.47			$	12.17			$	12.21
Net investment income (a)			0.07				0.07				0.14				0.14				0.17				0.09
Net realized and unrealized gain (loss)			(1.17	)			(0.65	)			0.54				0.47				0.31				0.08
Total from investment operations			(1.10	)			(0.58	)			0.68				0.61				0.48				0.17
Distributions to shareholders from net investment income			(0.09	)			(0.11	)			(0.32	)			(0.20	)			(0.18	)			(0.21)
Distributions to shareholders from net realized gains			—				(0.04	)			(0.35	)			(0.16	)			—				—
Total distributions			(0.09	)			(0.15	)			(0.67	)			(0.36	)			(0.18	)			(0.21)
Net asset value, end of period		$	10.81			$	12.00			$	12.73			$	12.72			$	12.47			$	12.17
Total return(b)			(9.23	)%			(4.53	)%			5.15	%			4.88	%			3.99	%			1.38%
Net assets, end of period (in 000s)		$	38,790			$	45,557			$	52,270			$	42,358			$	63,453			$	78,752
Ratio of net expenses to average net assets			0.91	%(c)			0.94	%			1.00	%			1.01	%			1.03	%			1.03%
Ratio of total expenses to average net assets			1.19	%(c)			1.16	%			1.17	%			1.13	%			1.20	%			1.14%
Ratio of net investment income to average net assets			1.24	%(c)			0.56	%			1.07	%			1.08	%			1.39	%			0.76%
Portfolio turnover rate(d)			331	%			461	%			522	%			610	%			302	%			172%

(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.                163

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	11.88			$	12.62			$	12.61			$	12.37			$	12.07			$	12.11
Net investment income (loss)(a)			0.03				(0.03	)			0.04				0.04				0.08				0.01
Net realized and unrealized gain (loss)			(1.17	)			(0.64	)			0.54				0.46				0.31				0.07
Total from investment operations			(1.14	)			(0.67	)			0.58				0.50				0.39				0.08
Distributions to shareholders from net investment income			(0.04	)			(0.03	)			(0.22	)			(0.10	)			(0.09	)			(0.12)
Distributions to shareholders from net realized gains			—				(0.04	)			(0.35	)			(0.16	)			—				—
Total distributions			(0.04	)			(0.07	)			(0.57	)			(0.26	)			(0.09	)			(0.12)
Net asset value, end of period		$	10.70			$	11.88			$	12.62			$	12.61			$	12.37			$	12.07
Total return(b)			(9.50	)%			(5.28	)%			4.40	%			4.06	%			3.24	%			0.68%
Net assets, end of period (in 000s)		$	2,198			$	2,938			$	4,799			$	6,300			$	8,725			$	12,984
Ratio of net expenses to average net assets			1.66	%(c)			1.70	%			1.75	%			1.76	%			1.78	%			1.74%
Ratio of total expenses to average net assets			1.94	%(c)			1.91	%			1.91	%			1.88	%			1.94	%			1.89%
Ratio of net investment income (loss) to average net assets			0.49	%(c)			(0.22	)%			0.33	%			0.33	%			0.63	%			0.05%
Portfolio turnover rate(d)			331	%			461	%			522	%			610	%			302	%			172%

(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.

164                    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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	11.97			$	12.70			$	12.70			$	12.45			$	12.15			$	12.19
Net investment income(a)			0.09				0.11				0.18				0.18				0.21				0.13
Net realized and unrealized gain (loss)			(1.17	)			(0.65	)			0.53				0.47				0.31				0.08
Total from investment operations			(1.08	)			(0.54	)			0.71				0.65				0.52				0.21
Distributions to shareholders from net investment income			(0.10	)			(0.15	)			(0.36	)			(0.24	)			(0.22	)			(0.25)
Distributions to shareholders from net realized gains			—				(0.04	)			(0.35	)			(0.16	)			—				—
Total distributions			(0.10	)			(0.19	)			(0.71	)			(0.40	)			(0.22	)			(0.25)
Net asset value, end of period		$	10.79			$	11.97			$	12.70			$	12.70			$	12.45			$	12.15
Total return(b)			(9.10	)%			(4.24	)%			5.48	%			5.22	%			4.34	%			1.72%
Net assets, end of period (in 000s)		$	202,424			$	251,099			$	282,633			$	250,976			$	252,456			$	321,021
Ratio of net expenses to average net assets			0.60	%(c)			0.63	%			0.69	%			0.69	%			0.69	%			0.69%
Ratio of total expenses to average net assets			0.86	%(c)			0.83	%			0.83	%			0.79	%			0.86	%			0.80%
Ratio of net investment income to average net assets			1.55	%(c)			0.87	%			1.38	%			1.37	%			1.73	%			1.08%
Portfolio turnover rate(d)			331	%			461	%			522	%			610	%			302	%			172%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	11.91			$	12.63			$	12.62			$	12.38			$	12.09			$	12.12
Net investment income(a)			0.06				0.05				0.11				0.13				0.15				0.07
Net realized and unrealized gain (loss)			(1.17	)			(0.65	)			0.55				0.44				0.30				0.09
Total from investment operations			(1.11	)			(0.60	)			0.66				0.57				0.45				0.16
Distributions to shareholders from net investment income			(0.07	)			(0.08	)			(0.30	)			(0.17	)			(0.16	)			(0.19)
Distributions to shareholders from net realized gains			—				(0.04	)			(0.35	)			(0.16	)			—				—
Total distributions			(0.07	)			(0.12	)			(0.65	)			(0.33	)			(0.16	)			(0.19)
Net asset value, end of period		$	10.73			$	11.91			$	12.63			$	12.62			$	12.38			$	12.09
Total return(b)			(9.31	)%			(4.74	)%			4.98	%			4.71	%			3.75	%			1.31%
Net assets, end of period (in 000s)		$	499			$	567			$	653			$	196			$	1,930			$	1,799
Ratio of net expenses to average net assets			1.10	%(c)			1.13	%			1.18	%			1.19	%			1.19	%			1.19%
Ratio of total expenses to average net assets			1.36	%(c)			1.33	%			1.34	%			1.30	%			1.36	%			1.30%
Ratio of net investment income to average net assets			1.05	%(c)			0.37	%			0.85	%			1.02	%			1.24	%			0.60%
Portfolio turnover rate(d)			331	%			461	%			522	%			610	%			302	%			172%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	11.95			$	12.68			$	12.67			$	12.43			$	12.13			$	12.17
Net investment income(a)			0.09				0.10				0.17				0.17				0.20				0.12
Net realized and unrealized gain (loss)			(1.17	)			(0.65	)			0.54				0.46				0.31				0.08
Total from investment operations			(1.08	)			(0.55	)			0.71				0.63				0.51				0.20
Distributions to shareholders from net investment income			(0.10	)			(0.14	)			(0.35	)			(0.23	)			(0.21	)			(0.24)
Distributions to shareholders from net realized gains			—				(0.04	)			(0.35	)			(0.16	)			—				—
Total distributions			(0.10	)			(0.18	)			(0.70	)			(0.39	)			(0.21	)			(0.24)
Net asset value, end of period		$	10.77			$	11.95			$	12.68			$	12.67			$	12.43			$	12.13
Total return(b)			(9.07	)%			(4.31	)%			5.43	%			5.07	%			4.25	%			1.63%
Net assets, end of period (in 000s)		$	50,815			$	60,048			$	73,477			$	47,717			$	53,615			$	62,988
Ratio of net expenses to average net assets			0.66	%(c)			0.69	%			0.75	%			0.76	%			0.78	%			0.78%
Ratio of total expenses to average net assets			0.94	%(c)			0.91	%			0.92	%			0.88	%			0.95	%			0.89%
Ratio of net investment income to average net assets			1.49	%(c)			0.82	%			1.31	%			1.31	%			1.64	%			1.00%
Portfolio turnover rate(d)			331	%			461	%			522	%			610	%			302	%			172%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	11.98			$	12.71			$	12.70			$	12.45			$	12.16			$	12.19
Net investment income(a)			0.09				0.11				0.19				0.17				0.21				0.15
Net realized and unrealized gain (loss)			(1.18	)			(0.65	)			0.53				0.48				0.30				0.07
Total from investment operations			(1.09	)			(0.54	)			0.72				0.65				0.51				0.22
Distributions to shareholders from net investment income			(0.10	)			(0.15	)			(0.36	)			(0.24	)			(0.22	)			(0.25)
Distributions to shareholders from net realized gains			—				(0.04	)			(0.35	)			(0.16	)			—				—
Total distributions			(0.10	)			(0.19	)			(0.71	)			(0.40	)			(0.22	)			(0.25)
Net asset value, end of period		$	10.79			$	11.98			$	12.71			$	12.70			$	12.45			$	12.16
Total return(b)			(9.02	)%			(4.23	)%			5.49	%			5.22	%			4.35	%			1.73%
Net assets, end of period (in 000s)		$	282,038			$	272,464			$	264,049			$	311,837			$	228,163			$	268,413
Ratio of net expenses to average net assets			0.59	%(c)			0.62	%			0.68	%			0.68	%			0.68	%			0.68%
Ratio of total expenses to average net assets			0.85	%(c)			0.82	%			0.82	%			0.78	%			0.85	%			0.78%
Ratio of net investment income to average net assets			1.57	%(c)			0.89	%			1.40	%			1.36	%			1.74	%			1.25%
Portfolio turnover rate(d)			331	%			461	%			522	%			610	%			302	%			172%

(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 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, 2022				Year Ended March 31,												Period Ended
	(Unaudited)				2022				2021				2020				March 31, 2019(a)
Per Share Data
Net asset value, beginning of period		$	11.99			$	12.72			$	12.71			$	12.46		$12.10
Net investment income(b)			0.09				0.11				0.19				0.18		0.21
Net realized and unrealized gain (loss)			(1.18	)			(0.65	)			0.53				0.47		0.36
Total from investment operations			(1.09	)			(0.54	)			0.72				0.65		0.57
Distributions to shareholders from net investment income			(0.10	)			(0.15	)			(0.36	)			(0.24	)	(0.21)
Distributions to shareholders from net realized gains			—				(0.04	)			(0.35	)			(0.16	)	—
Total distributions			(0.10	)			(0.19	)			(0.71	)			(0.40	)	(0.21)
Net asset value, end of period		$	10.80			$	11.99			$	12.72			$	12.71		$12.46
Total return(c)			(9.09	)%			(4.23	)%			5.49	%			5.22	%	4.77%
Net assets, end of period (in 000s)		$	7,216			$	8,160			$	8,889			$	7,900		$8,170
Ratio of net expenses to average net assets			0.59	%(d)			0.62	%			0.68	%			0.68	%	0.69%(d)
Ratio of total expenses to average net assets			0.85	%(d)			0.82	%			0.82	%			0.78	%	0.87%(d)
Ratio of net investment income to average net assets			1.56	%(d)			0.88	%			1.40	%			1.38	%	1.82%(d)
Portfolio turnover rate(e)			331	%			461	%			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.                169

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, 2022				Year Ended March 31,								Period Ended
	(Unaudited)				2022				2021				March 31, 2020(a)
Per Share Data
Net asset value, beginning of period		$	9.55			$	10.25			$	8.88		$10.00
Net investment income (b)			0.19				0.32				0.33		0.11
Net realized and unrealized gain (loss)			(1.22	)			(0.59	)			1.43		(1.11)
Total from investment operations			(1.03	)			(0.27	)			1.76		(1.00)
Distributions to shareholders from net investment income			(0.20	)			(0.34	)			(0.35	)	(0.12)
Distributions to shareholders from net realized gains			—				(0.09	)			(0.04	)	—
Total distributions			(0.20	)			(0.43	)			(0.39	)	(0.12)
Net asset value, end of period		$	8.32			$	9.55			$	10.25		$  8.88
Total return(c)			(10.79	)%			(2.86	)%			19.94	%	(10.14)%
Net assets, end of period (in 000s)		$	517			$	501			$	501		$   142
Ratio of net expenses to average net assets			0.97	%(d)			0.97	%			0.97	%	0.98%(d)
Ratio of total expenses to average net assets			1.34	%(d)			1.30	%			1.71	%	2.58%(d)
Ratio of net investment income to average net assets			4.27	%(d)			3.12	%			3.19	%	3.44%(d)
Portfolio turnover rate(e)			99	%			139	%			363	%	110%

(a) Commenced operations on December 03, 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.

170                    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, 2022				Year Ended March 31,								Period Ended
	(Unaudited)				2022				2021				March 31, 2020(a)
Per Share Data
Net asset value, beginning of period		$	9.55			$	10.25			$	8.88		$10.00
Net investment income(b)			0.16				0.25				0.26		0.09
Net realized and unrealized gain (loss)			(1.23	)			(0.60	)			1.42		(1.12)
Total from investment operations			(1.07	)			(0.35	)			1.68		(1.03)
Distributions to shareholders from net investment income			(0.16	)			(0.26	)			(0.27	)	(0.09)
Distributions to shareholders from net realized gains			—				(0.09	)			(0.04	)	—
Total distributions			(0.16	)			(0.35	)			(0.31	)	(0.09)
Net asset value, end of period		$	8.32			$	9.55			$	10.25		$  8.88
Total return(c)			(11.24	)%			(3.59	)%			19.06	%	(10.35)%
Net assets, end of period (in 000s)		$	175			$	197			$	77		$     65
Ratio of net expenses to average net assets			1.72	%(d)			1.72	%			1.72	%	1.73%(d)
Ratio of total expenses to average net assets			2.09	%(d)			2.07	%			2.71	%	3.40%(d)
Ratio of net investment income to average net assets			3.51	%(d)			2.52	%			2.52	%	2.67%(d)
Portfolio turnover rate(e)			99	%			139	%			363	%	110%

(a) Commenced operations on December 03, 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.                171

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, 2022				Year Ended March 31,								Period Ended
	(Unaudited)				2022				2021				March 31, 2020(a)
Per Share Data
Net asset value, beginning of period		$	9.55			$	10.25			$	8.88		$  10.00
Net investment income(b)			0.21				0.36				0.37		0.12
Net realized and unrealized gain (loss)			(1.23	)			(0.60	)			1.42		(1.11)
Total from investment operations			(1.02	)			(0.24	)			1.79		(0.99)
Distributions to shareholders from net investment income			(0.21	)			(0.37	)			(0.38	)	(0.13)
Distributions to shareholders from net realized gains			—				(0.09	)			(0.04	)	—
Total distributions			(0.21	)			(0.46	)			(0.42	)	(0.13)
Net asset value, end of period		$	8.32			$	9.55			$	10.25		$    8.88
Total return(c)			(10.75	)%			(2.54	)%			20.34	%	(10.03)%
Net assets, end of period (in 000s)		$	24,716			$	25,483			$	25,710		$22,264
Ratio of net expenses to average net assets			0.64	%(d)			0.64	%			0.64	%	0.64%(d)
Ratio of total expenses to average net assets			1.01	%(d)			0.98	%			1.75	%	2.53%(d)
Ratio of net investment income to average net assets			4.59	%(d)			3.47	%			3.63	%	3.72%(d)
Portfolio turnover rate(e)			99	%			139	%			363	%	110%

(a) Commenced operations on December 03, 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.

172                    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, 2022				Year Ended March 31,								Period Ended
	(Unaudited)				2022				2021				March 31, 2020(a)
Per Share Data
Net asset value, beginning of period		$	9.55			$	10.25			$	8.88		$ 10.00
Net investment income(b)			0.20				0.35				0.36		0.12
Net realized and unrealized gain (loss)			(1.22	)			(0.60	)			1.43		(1.12)
Total from investment operations			(1.02	)			(0.25	)			1.79		(1.00)
Distributions to shareholders from net investment income			(0.21	)			(0.36	)			(0.38	)	(0.12)
Distributions to shareholders from net realized gains			—				(0.09	)			(0.04	)	—
Total distributions			(0.21	)			(0.45	)			(0.42	)	(0.12)
Net asset value, end of period		$	8.32			$	9.55			$	10.25		$   8.88
Total return(c)			(10.79	)%			(2.62	)%			20.24	%	(10.06)%
Net assets, end of period (in 000s)		$	133			$	118			$	54		$      45
Ratio of net expenses to average net assets			0.72	%(d)			0.72	%			0.72	%	0.73%(d)
Ratio of total expenses to average net assets			1.09	%(d)			1.05	%			1.81	%	2.62%(d)
Ratio of net investment income to average net assets			4.52	%(d)			3.46	%			3.54	%	3.63%(d)
Portfolio turnover rate(e)			99	%			139	%			363	%	110%

(a) Commenced operations on December 03, 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.                173

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, 2022				Year Ended March 31,								Period Ended
	(Unaudited)				2022				2021				March 31, 2020(a)
Per Share Data
Net asset value, beginning of period		$	9.55			$	10.25			$	8.88		$ 10.00
Net investment income(b)			0.21				0.36				0.37		0.12
Net realized and unrealized gain (loss)			(1.23	)			(0.60	)			1.43		(1.11)
Total from investment operations			(1.02	)			(0.24	)			1.80		(0.99)
Distributions to shareholders from net investment income			(0.21	)			(0.37	)			(0.39	)	(0.13)
Distributions to shareholders from net realized gains			—				(0.09	)			(0.04	)	—
Total distributions			(0.21	)			(0.46	)			(0.43	)	(0.13)
Net asset value, end of period		$	8.32			$	9.55			$	10.25		$   8.88
Total return(c)			(10.74	)%			(2.53	)%			20.35	%	(10.03)%
Net assets, end of period (in 000s)		$	47			$	53			$	54		$      45
Ratio of net expenses to average net assets			0.63	%(d)			0.63	%			0.63	%	0.63%(d)
Ratio of total expenses to average net assets			1.00	%(d)			0.97	%			1.72	%	2.52%(d)
Ratio of net investment income to average net assets			4.59	%(d)			3.48	%			3.64	%	3.73%(d)
Portfolio turnover rate(e)			99	%			139	%			363	%	110%

(a) Commenced operations on December 03, 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.

174                    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, 2022				Year Ended March 31,								Period Ended
	(Unaudited)				2022				2021				March 31, 2020(a)
Per Share Data
Net asset value, beginning of period		$	9.55			$	10.25			$	8.88		$ 10.00
Net investment income(b)			0.18				0.30				0.31		0.10
Net realized and unrealized gain (loss)			(1.22	)			(0.60	)			1.43		(1.11)
Total from investment operations			(1.04	)			(0.30	)			1.74		(1.01)
Distributions to shareholders from net investment income			(0.19	)			(0.31	)			(0.33	)	(0.11)
Distributions to shareholders from net realized gains			—				(0.09	)			(0.04	)	—
Total distributions			(0.19	)			(0.40	)			(0.37	)	(0.11)
Net asset value, end of period		$	8.32			$	9.55			$	10.25		$   8.88
Total return(c)			(11.01	)%			(3.11	)%			19.65	%	(10.21)%
Net assets, end of period (in 000s)		$	46			$	52			$	54		$      45
Ratio of net expenses to average net assets			1.21	%(d)			1.22	%			1.22	%	1.23%(d)
Ratio of total expenses to average net assets			1.59	%(d)			1.56	%			2.32	%	3.12%(d)
Ratio of net investment income to average net assets			4.01	%(d)			2.89	%			3.04	%	3.13%(d)
Portfolio turnover rate(e)			99	%			139	%			363	%	110%

(a) Commenced operations on December 03, 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.                175

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, 2022				Year Ended March 31,								Period Ended
	(Unaudited)				2022				2021				March 31, 2020(a)
Per Share Data
Net asset value, beginning of period		$	9.55			$	10.25			$	8.88		$  10.00
Net investment income(b)			0.21				0.36				0.36		0.12
Net realized and unrealized gain (loss)			(1.23	)			(0.60	)			1.44		(1.11)
Total from investment operations			(1.02	)			(0.24	)			1.80		(0.99)
Distributions to shareholders from net investment income			(0.21	)			(0.37	)			(0.39	)	(0.13)
Distributions to shareholders from net realized gains			—				(0.09	)			(0.04	)	—
Total distributions			(0.21	)			(0.46	)			(0.43	)	(0.13)
Net asset value, end of period		$	8.32			$	9.55			$	10.25		$    8.88
Total return(c)			(10.75	)%			(2.53	)%			20.35	%	(10.03)%
Net assets, end of period (in 000s)		$	48,206			$	73,188			$	89,424		$     809
Ratio of net expenses to average net assets			0.63	%(d)			0.63	%			0.63	%	0.60%(d)
Ratio of total expenses to average net assets			1.00	%(d)			0.97	%			1.10	%	0.63%(d)
Ratio of net investment income to average net assets			4.60	%(d)			3.48	%			3.46	%	3.76%(d)
Portfolio turnover rate(e)			99	%			139	%			363	%	110%

(a) Commenced operations on December 03, 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.

176                    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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	8.52			$	8.92			$	7.93			$	8.71			$	9.19			$	9.45
Net investment income (a)			0.16				0.28				0.28				0.33				0.38				0.32
Net realized and unrealized gain (loss)			(0.89	)			(0.35	)			0.99				(0.73	)			(0.34	)			(0.24)
Total from investment operations			(0.73	)			(0.07	)			1.27				(0.40	)			0.04				0.08
Distributions to shareholders from net investment income			(0.14	)			(0.33	)			(0.28	)			(0.38	)			(0.52	)			(0.34)
Net asset value, end of period		$	7.65			$	8.52			$	8.92			$	7.93			$	8.71			$	9.19
Total return(b)			(8.80	)%			(0.91	)%			16.07	%			(4.90	)%			0.61	%			0.86%
Net assets, end of period (in 000s)		$	1,194			$	1,486			$	1,894			$	978			$	3,169			$	6,984
Ratio of net expenses to average net assets			1.45	%(c)			1.46	%			1.46	%			1.47	%			1.47	%			1.43%
Ratio of total expenses to average net assets			1.70	%(c)			1.70	%			1.72	%			1.84	%			1.74	%			1.54%
Ratio of net investment income to average net assets			4.01	%(c)			3.14	%			3.19	%			3.74	%			4.15	%			3.40%
Portfolio turnover rate(d)			11	%			56	%			112	%			164	%			220	%			267%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	8.52			$	8.91			$	7.93			$	8.70			$	9.19			$	9.45
Net investment income(a)			0.13				0.21				0.22				0.26				0.31				0.25
Net realized and unrealized gain (loss)			(0.90	)			(0.34	)			0.97				(0.72	)			(0.34	)			(0.24)
Total from investment operations			(0.77	)			(0.13	)			1.19				(0.46	)			(0.03	)			0.01
Distributions to shareholders from net investment income			(0.11	)			(0.26	)			(0.21	)			(0.31	)			(0.46	)			(0.27)
Net asset value, end of period		$	7.64			$	8.52			$	8.91			$	7.93			$	8.70			$	9.19
Total return(b)			(9.14	)%			(1.54	)%			15.08	%			(5.50	)%			(0.25	)%			0.12%
Net assets, end of period (in 000s)		$	152			$	179			$	423			$	543			$	1,092			$	1,545
Ratio of net expenses to average net assets			2.20	%(c)			2.20	%			2.21	%			2.22	%			2.22	%			2.18%
Ratio of total expenses to average net assets			2.45	%(c)			2.45	%			2.51	%			2.60	%			2.52	%			2.29%
Ratio of net investment income to average net assets			3.25	%(c)			2.36	%			2.52	%			3.00	%			3.39	%			2.65%
Portfolio turnover rate(d)			11	%			56	%			112	%			164	%			220	%			267%

(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.

178                    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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	8.51			$	8.91			$	7.92			$	8.70			$	9.18			$	9.44
Net investment income(a)			0.18				0.31				0.31				0.35				0.41				0.35
Net realized and unrealized gain (loss)			(0.90	)			(0.36	)			0.99				(0.72	)			(0.34	)			(0.23)
Total from investment operations			(0.72	)			(0.05	)			1.30				(0.37	)			0.07				0.12
Distributions to shareholders from net investment income			(0.15	)			(0.35	)			(0.31	)			(0.41	)			(0.55	)			(0.38)
Net asset value, end of period		$	7.64			$	8.51			$	8.91			$	7.92			$	8.70			$	9.18
Total return(b)			(8.54	)%			(0.59	)%			16.47	%			(4.59	)%			0.84	%			1.32%
Net assets, end of period (in 000s)		$	11,142			$	15,884			$	14,905			$	14,592			$	22,611			$	199,256
Ratio of net expenses to average net assets			1.12	%(c)			1.12	%			1.13	%			1.13	%			1.13	%			1.09%
Ratio of total expenses to average net assets			1.37	%(c)			1.37	%			1.42	%			1.50	%			1.30	%			1.19%
Ratio of net investment income to average net assets			4.33	%(c)			3.46	%			3.57	%			4.07	%			4.45	%			3.74%
Portfolio turnover rate(d)			11	%			56	%			112	%			164	%			220	%			267%

(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.                179

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	8.52			$	8.92			$	7.93			$	8.70			$	9.19			$	9.45
Net investment income(a)			0.17				0.30				0.31				0.35				0.40				0.35
Net realized and unrealized gain (loss)			(0.90	)			(0.35	)			0.98				(0.72	)			(0.34	)			(0.24)
Total from investment operations			(0.73	)			(0.05	)			1.29				(0.37	)			0.06				0.11
Distributions to shareholders from net investment income			(0.15	)			(0.35	)			(0.30	)			(0.40	)			(0.55	)			(0.37)
Net asset value, end of period		$	7.64			$	8.52			$	8.92			$	7.93			$	8.70			$	9.19
Total return(b)			(8.68	)%			(0.66	)%			16.36	%			(4.56	)%			0.75	%			1.12%
Net assets, end of period (in 000s)		$	1,902			$	2,633			$	2,406			$	2,187			$	4,261			$	7,357
Ratio of net expenses to average net assets			1.20	%(c)			1.20	%			1.21	%			1.22	%			1.22	%			1.18%
Ratio of total expenses to average net assets			1.45	%(c)			1.45	%			1.49	%			1.59	%			1.50	%			1.28%
Ratio of net investment income to average net assets			4.24	%(c)			3.38	%			3.49	%			3.99	%			4.41	%			3.66%
Portfolio turnover rate(d)			11	%			56	%			112	%			164	%			220	%			267%

(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.

180                    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, 2022				Year Ended March 31,																Period Ended
	(Unaudited)				2022				2021				2020				2019				March 31, 2018(a)
Per Share Data
Net asset value, beginning of period		$	8.52			$	8.91			$	7.93			$	8.70			$	9.18		$  9.48
Net investment income(b)			0.18				0.31				0.31				0.35				0.40		0.13
Net realized and unrealized gain (loss)			(0.91	)			(0.34	)			0.98				(0.71	)			(0.33	)	(0.20)
Total from investment operations			(0.73	)			(0.03	)			1.29				(0.36	)			0.07		(0.07)
Distributions to shareholders from net investment income			(0.15	)			(0.36	)			(0.31	)			(0.41	)			(0.55	)	(0.23)
Net asset value, end of period		$	7.64			$	8.52			$	8.91			$	7.93			$	8.70		$  9.18
Total return(c)			(8.64	)%			(0.46	)%			16.33	%			(4.46	)%			0.85	%	(0.62)%
Net assets, end of period (in 000s)		$	11,272			$	5,353			$	1,654			$	2,218			$	1,823		$3,612
Ratio of net expenses to average net assets			1.11	%(d)			1.11	%			1.12	%			1.12	%			1.12	%	1.11%(d)
Ratio of total expenses to average net assets			1.36	%(d)			1.36	%			1.39	%			1.50	%			1.43	%	1.05%(d)
Ratio of net investment income to average net assets			4.41	%(d)			3.51	%			3.57	%			4.07	%			4.49	%	4.27%(d)
Portfolio turnover rate(e)			11	%			56	%			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.                181

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	8.52			$	8.91			$	7.93			$	8.70			$	9.19			$	9.45
Net investment income(a)			0.15				0.26				0.26				0.30				0.35				0.30
Net realized and unrealized gain (loss)			(0.90	)			(0.35	)			0.98				(0.71	)			(0.34	)			(0.24)
Total from investment operations			(0.75	)			(0.09	)			1.24				(0.41	)			0.01				0.06
Distributions to shareholders from net investment income			(0.13	)			(0.30	)			(0.26	)			(0.36	)			(0.50	)			(0.32)
Net asset value, end of period		$	7.64			$	8.52			$	8.91			$	7.93			$	8.70			$	9.19
Total return(b)			(8.92	)%			(1.04	)%			15.65	%			(5.03	)%			0.24	%			0.61%
Net assets, end of period (in 000s)		$	26			$	28			$	29			$	24			$	26			$	36
Ratio of net expenses to average net assets			1.69	%(c)			1.70	%			1.71	%			1.72	%			1.72	%			1.68%
Ratio of total expenses to average net assets			1.94	%(c)			1.94	%			1.98	%			2.09	%			2.01	%			1.78%
Ratio of net investment income to average net assets			3.76	%(c)			2.88	%			2.98	%			3.48	%			3.88	%			3.15%
Portfolio turnover rate(d)			11	%			56	%			112	%			164	%			220	%			267%

(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.

182                    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, 2022				Year Ended March 31,												Period Ended
	(Unaudited)				2022				2021				2020				March 31, 2019(a)
Per Share Data
Net asset value, beginning of period		$	8.50			$	8.90			$	7.92			$	8.69		$    9.25
Net investment income(b)			0.18				0.31				0.31				0.35		0.38
Net realized and unrealized gain (loss)			(0.90	)			(0.35	)			0.98				(0.71	)	(0.40)
Total from investment operations			(0.72	)			(0.04	)			1.29				(0.36	)	(0.02)
Distributions to shareholders from net investment income			(0.15	)			(0.36	)			(0.31	)			(0.41	)	(0.54)
Net asset value, end of period		$	7.63			$	8.50			$	8.90			$	7.92		$    8.69
Total return(c)			(8.54	)%			(0.58	)%			16.35	%			(4.47	)%	(0.07)%
Net assets, end of period (in 000s)		$	43,581			$	117,611			$	106,377			$	76,234		$87,163
Ratio of net expenses to average net assets			1.12	%(d)			1.11	%			1.12	%			1.12	%	1.12%(d)
Ratio of total expenses to average net assets			1.37	%(d)			1.36	%			1.38	%			1.49	%	1.52%(d)
Ratio of net investment income to average net assets			4.35	%(d)			3.47	%			3.55	%			4.08	%	4.55%(d)
Portfolio turnover rate(e)			11	%			56	%			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.                183

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.14			$	9.41			$	8.48			$	9.28			$	9.54			$	9.70
Net investment income (a)			0.09				0.09				0.31				0.26				0.35				0.17
Net realized and unrealized gain (loss)			(0.46	)			(0.20	)			0.99				(0.78	)			(0.31	)			(0.25)
Total from investment operations			(0.37	)			(0.11	)			1.30				(0.52	)			0.04				(0.08)
Distributions to shareholders from net investment income			(0.11	)			—				(0.35	)			—	(b)			(0.05	)			(0.05)
Distributions to shareholders from return of capital			—				(0.16	)			(0.02	)			(0.28	)			(0.25	)			(0.03)
Total distributions			(0.11	)			(0.16	)			(0.37	)			(0.28	)			(0.30	)			(0.08)
Net asset value, end of period		$	8.66			$	9.14			$	9.41			$	8.48			$	9.28			$	9.54
Total return(c)			(4.07	)%			(1.12	)%			15.12	%			(5.64	)%			0.46	%			(0.86)%
Net assets, end of period (in 000s)		$	123,574			$	127,793			$	126,488			$	115,257			$	202,337			$	311,146
Ratio of net expenses to average net assets			1.02	%(d)			1.01	%			1.02	%			1.01	%			0.99	%			0.95%
Ratio of total expenses to average net assets			1.11	%(d)			1.07	%			1.05	%			1.04	%			1.01	%			0.95%
Ratio of net investment income to average net assets			1.91	%(d)			0.94	%			3.27	%			2.84	%			3.72	%			1.81%
Portfolio turnover rate(e)			318	%			416	%			722	%			491	%			169	%			128%

(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.

184                    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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.11			$	9.39			$	8.46			$	9.25			$	9.52			$	9.71
Net investment income(a)			0.05				0.02				0.24				0.19				0.28				0.10
Net realized and unrealized gain (loss)			(0.46	)			(0.21	)			0.98				(0.77	)			(0.32	)			(0.26)
Total from investment operations			(0.41	)			(0.19	)			1.22				(0.58	)			(0.04	)			(0.16)
Distributions to shareholders from net investment income			(0.07	)			—				(0.27	)			—	(b)			(0.04	)			(0.02)
Distributions to shareholders from return of capital			—				(0.09	)			(0.02	)			(0.21	)			(0.19	)			(0.01)
Total distributions			(0.07	)			(0.09	)			(0.29	)			(0.21	)			(0.23	)			(0.03)
Net asset value, end of period		$	8.63			$	9.11			$	9.39			$	8.46			$	9.25			$	9.52
Total return(c)			(4.48	)%			(1.82	)%			14.24	%			(6.27	)%			(0.41	)%			(1.60)%
Net assets, end of period (in 000s)		$	11,166			$	22,237			$	55,099			$	89,308			$	150,514			$	252,929
Ratio of net expenses to average net assets			1.77	%(d)			1.76	%			1.77	%			1.77	%			1.74	%			1.70%
Ratio of total expenses to average net assets			1.86	%(d)			1.81	%			1.80	%			1.79	%			1.76	%			1.70%
Ratio of net investment income to average net assets			1.05	%(d)			0.18	%			2.54	%			2.10	%			2.97	%			1.01%
Portfolio turnover rate(e)			318	%			416	%			722	%			491	%			169	%			128%

(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.                185

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.15			$	9.42			$	8.49			$	9.28			$	9.55			$	9.70
Net investment income(a)			0.10				0.12				0.34				0.29				0.38				0.20
Net realized and unrealized gain (loss)			(0.47	)			(0.20	)			0.99				(0.76	)			(0.32	)			(0.25)
Total from investment operations			(0.37	)			(0.08	)			1.33				(0.47	)			0.06				(0.05)
Distributions to shareholders from net investment income			(0.12	)			—				(0.38	)			(0.01	)			(0.06	)			(0.07)
Distributions to shareholders from return of capital			—				(0.19	)			(0.02	)			(0.31	)			(0.27	)			(0.03)
Total distributions			(0.12	)			(0.19	)			(0.40	)			(0.32	)			(0.33	)			(0.10)
Net asset value, end of period		$	8.66			$	9.15			$	9.42			$	8.49			$	9.28			$	9.55
Total return(b)			(3.91	)%			(0.83	)%			15.62	%			(5.31	)%			0.71	%			(0.49)%
Net assets, end of period (in 000s)		$	306,129			$	376,645			$	437,445			$	564,586			$	950,665			$	3,849,088
Ratio of net expenses to average net assets			0.69	%(c)			0.68	%			0.69	%			0.68	%			0.65	%			0.61%
Ratio of total expenses to average net assets			0.78	%(c)			0.74	%			0.72	%			0.70	%			0.66	%			0.61%
Ratio of net investment income to average net assets			2.22	%(c)			1.28	%			3.61	%			3.18	%			4.10	%			2.08%
Portfolio turnover rate(d)			318	%			416	%			722	%			491	%			169	%			128%

(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.

186                    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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.14			$	9.42			$	8.48			$	9.28			$	9.55			$	9.70
Net investment income(a)			0.10				0.11				0.33				0.29				0.37				0.19
Net realized and unrealized gain (loss)			(0.46	)			(0.21	)			1.00				(0.78	)			(0.32	)			(0.24)
Total from investment operations			(0.36	)			(0.10	)			1.33				(0.49	)			0.05				(0.05)
Distributions to shareholders from net investment income			(0.12	)			—				(0.37	)			(0.01	)			(0.05	)			(0.07)
Distributions to shareholders from return of capital			—				(0.18	)			(0.02	)			(0.30	)			(0.27	)			(0.03)
Total distributions			(0.12	)			(0.18	)			(0.39	)			(0.31	)			(0.32	)			(0.10)
Net asset value, end of period		$	8.66			$	9.14			$	9.42			$	8.48			$	9.28			$	9.55
Total return(b)			(3.95	)%			(0.90	)%			15.52	%			(5.40	)%			0.61	%			(0.56)%
Net assets, end of period (in 000s)		$	15,483			$	18,592			$	22,711			$	25,179			$	96,019			$	189,884
Ratio of net expenses to average net assets			0.77	%(c)			0.76	%			0.77	%			0.76	%			0.74	%			0.70%
Ratio of total expenses to average net assets			0.86	%(c)			0.82	%			0.80	%			0.79	%			0.76	%			0.70%
Ratio of net investment income to average net assets			2.14	%(c)			1.19	%			3.53	%			3.15	%			3.98	%			2.01%
Portfolio turnover rate(d)			318	%			416	%			722	%			491	%			169	%			128%

(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.                187

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.14			$	9.41			$	8.48			$	9.28			$	9.55			$	9.70
Net investment income(a)			0.10				0.14				0.34				0.29				0.35				0.21
Net realized and unrealized gain (loss)			(0.46	)			(0.22	)			0.99				(0.77	)			(0.29	)			(0.26)
Total from investment operations			(0.36	)			(0.08	)			1.33				(0.48	)			0.06				(0.05)
Distributions to shareholders from net investment income			(0.12	)			—				(0.38	)			(0.01	)			(0.10	)			(0.06)
Distributions to shareholders from return of capital			—				(0.19	)			(0.02	)			(0.31	)			(0.23	)			(0.04)
Total distributions			(0.12	)			(0.19	)			(0.40	)			(0.32	)			(0.33	)			(0.10)
Net asset value, end of period		$	8.66			$	9.14			$	9.41			$	8.48			$	9.28			$	9.55
Total return(b)			(4.02	)%			(0.71	)%			15.51	%			(5.30	)%			0.70	%			(0.48)%
Net assets, end of period (in 000s)		$	18,782			$	19,883			$	4,023			$	6,779			$	25,882			$	24,628
Ratio of net expenses to average net assets			0.68	%(c)			0.67	%			0.68	%			0.67	%			0.64	%			0.60%
Ratio of total expenses to average net assets			0.77	%(c)			0.73	%			0.70	%			0.69	%			0.66	%			0.60%
Ratio of net investment income to average net assets			2.23	%(c)			1.47	%			3.63	%			3.16	%			3.73	%			2.14%
Portfolio turnover rate(d)			318	%			416	%			722	%			491	%			169	%			128%

(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.

188                    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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.12			$	9.40			$	8.47			$	9.26			$	9.53			$	9.70
Net investment income(a)			0.07				0.07				0.29				0.24				0.32				0.14
Net realized and unrealized gain (loss)			(0.45	)			(0.21	)			0.98				(0.77	)			(0.31	)			(0.25)
Total from investment operations			(0.38	)			(0.14	)			1.27				(0.53	)			0.01				(0.11)
Distributions to shareholders from net investment income			(0.10	)			—				(0.32	)			—				(0.05	)			(0.04)
Distributions to shareholders from return of capital			—				(0.14	)			(0.02	)			(0.26	)			(0.23	)			(0.02)
Total distributions			(0.10	)			(0.14	)			(0.34	)			(0.26	)			(0.28	)			(0.06)
Net asset value, end of period		$	8.64			$	9.12			$	9.40			$	8.47			$	9.26			$	9.53
Total return(b)			(4.31	)%			(1.35	)%			14.98	%			(5.89	)%			0.10	%			(1.12)%
Net assets, end of period (in 000s)		$	2,442			$	2,520			$	2,539			$	3,056			$	4,986			$	7,361
Ratio of net expenses to average net assets			1.27	%(c)			1.26	%			1.27	%			1.27	%			1.24	%			1.20%
Ratio of total expenses to average net assets			1.36	%(c)			1.32	%			1.30	%			1.29	%			1.26	%			1.20%
Ratio of net investment income to average net assets			1.65	%(c)			0.70	%			3.04	%			2.59	%			3.46	%			1.46%
Portfolio turnover rate(d)			318	%			416	%			722	%			491	%			169	%			128%

(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.                189

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, 2022				Year Ended March 31,												Period Ended
	(Unaudited)				2022				2021				2020				March 31, 2019(a)
Per Share Data
Net asset value, beginning of period		$	9.13			$	9.40			$	8.47			$	9.27		$      9.62
Net investment income(b)			0.10				0.12				0.34				0.29		0.33
Net realized and unrealized gain (loss)			(0.46	)			(0.20	)			0.99				(0.77	)	(0.35)
Total from investment operations			(0.36	)			(0.08	)			1.33				(0.48	)	(0.02)
Distributions to shareholders from net investment income			(0.12	)			—				(0.38	)			(0.01	)	(0.06)
Distributions to shareholders from return of capital			—				(0.19	)			(0.02	)			(0.31	)	(0.27)
Total distributions			(0.12	)			(0.19	)			(0.40	)			(0.32	)	(0.33)
Net asset value, end of period		$	8.65			$	9.13			$	9.40			$	8.47		$      9.27
Total return(c)			(4.02	)%			(0.71	)%			15.53	%			(5.31	)%	(0.12)%
Net assets, end of period (in 000s)		$	195,728			$	221,056			$	268,868			$	235,966		$336,979
Ratio of net expenses to average net assets			0.68	%(d)			0.67	%			0.68	%			0.67	%	0.64%(d)
Ratio of total expenses to average net assets			0.77	%(d)			0.73	%			0.70	%			0.69	%	0.68%(d)
Ratio of net investment income to average net assets			2.25	%(d)			1.27	%			3.62	%			3.18	%	3.84%(d)
Portfolio turnover rate(e)			318	%			416	%			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.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2022 (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, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination 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.

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Notes to Financial Statements (continued)

September 30, 2022 (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 that

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    3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM and GSAMI have day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM and GSAMI regularly 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 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 and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. 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.

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. 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.

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.

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    3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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 either due to broker/receivable 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.

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

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

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

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

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    3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 and GSAMI believes that such quotations do not accurately reflect fair value, the fair value of a Funds’ investments may be determined under the Valuation Procedures. GSAM and GSAMI, consistent with their procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. 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, 2022:

BOND

Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—	$	182,021,655		$	—
Corporate Obligations		—		124,858,432			—
U.S. Treasury Obligations		51,041,942		—			—
Asset-Backed Securities		—		19,779,902			—
Sovereign Debt Obligations		—		11,572,959			—
Municipal Debt Obligations		—		3,910,199			—
Investment Company		12,881,829		—			—
Short-term Investments		—		28,577,731			—
Total	$	63,923,771	$	370,720,878		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(25,300,931	)	$	—

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

BOND (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	4,000,653		$	—
Futures Contracts(a)		779,791			—			—
Interest Rate Swap Contracts(a)		—			1,386,953			—
Credit Default Swap Contracts(a)		—			69,306			—
Purchased Option Contracts		—			2,489,805			—
Total	$	779,791		$	7,946,717		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(3,998,656	)	$	—
Futures Contracts(a)		(289,822	)		—			—
Interest Rate Swap Contracts(a)		—			(1,443,962	)		—
Credit Default Swap Contracts(a)		—			(377,770	)		—
Written Option Contracts		—			(2,766,835	)		—
Total	$	(289,822	)	$	(8,587,223	)	$	—
CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	696,033,745		$	—
Corporate Obligations		—			565,580,982			—
U.S. Treasury Obligations		355,726,835			—			—
Asset-Backed Securities		—			67,029,949			—
Sovereign Debt Obligations		—			22,989,594			—
Municipal Debt Obligations		—			22,016,846			—
Agency Debentures		—			46,253,482			—
Short-term Investments		—			126,761,668			—
Total	$	355,726,835		$	1,546,666,266		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(80,202,689	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	173,383		$	—
Futures Contracts(a)		6,378,813			—			—
Interest Rate Swap Contracts(a)		—			1,763,111			—
Credit Default Swap Contracts(a)		—			46,104			—
Purchased Option Contracts		—			1,259,376			—
Total	$	6,378,813		$	3,241,974		$	—

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    3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

CORE FIXED INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(65,058	)	$	—
Futures Contracts(a)		(2,758,272	)		—			—
Interest Rate Swap Contracts(a)		—			(1,864,534	)		—
Credit Default Swap Contracts(a)		—			(2,501,527	)		—
Written Option Contracts		—			(1,669,567	)		—
Total	$	(2,758,272	)	$	(6,100,686	)	$	—
GLOBAL CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	151,302,792		$	68,993,263		$	—
Corporate Obligations		—			197,463,636			—
Mortgage-Backed Obligations		—			167,218,095			—
Asset-Backed Securities		—			33,380,969			—
U.S. Treasury Obligations		12,375,291			—			—
Structured Note		—			1,011,030			—
Agency Debentures		—			1,372,454			—
Investment Company		25,743,653			—			—
Total	$	189,421,736		$	469,439,447		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(1,797,187	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	13,334,053		$	—
Futures Contracts(a)		123,542			—			—
Interest Rate Swap Contracts(a)		—			2,396,340			—
Credit Default Swap Contracts(a)		—			96,420			—
Purchased Option Contracts		—			714,966			—
Total	$	123,542		$	16,541,779		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(2,218,721	)	$	—
Futures Contracts(a)		(1,944,036	)		—			—
Interest Rate Swap Contracts(a)		—			(2,695,363	)		—
Credit Default Swap Contracts(a)		—			(1,444,097	)		—
Written Option Contracts		—			(1,083,232	)		—
Total	$	(1,944,036	)	$	(7,441,413	)	$	—

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	52,943,146		$	—
Mortgage-Backed Obligations		—			11,559,046			—
Bank Loans		—			6,822,335			—
Sovereign Debt Obligations		—			5,455,463			—
Asset-Backed Securities		—			3,927,419			—
U.S. Treasury Obligations		1,113,816			—			—
Common Stock and/or Other Equity Investments(b)
Europe		109,382			—			—
North America		96,428			—			—
Rights		—			3,630			—
Total	$	1,319,626		$	80,711,039		$	—
Liabilities
Fixed Income
Unfunded Loan Committments	$	—		$	(2,391	)	$	—
Mortgage-Backed Obligations — Forward Sales Contracts		—			(3,869,179	)		—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	175,112		$	—
Futures Contracts		352,867			—			—
Interest Rate Swap Contracts		—			95,940			—
Credit Default Swap Contracts		—			1,196			—
Total	$	352,867		$	272,248		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(12,070	)	$	—
Futures Contracts		(213,716	)		—			—
Credit Default Swap Contracts		—			(104,467	)		—
Total	$	(213,716	)	$	(116,537	)	$	—

200                    

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

    3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

LONG SHORT CREDIT STRATEGIES
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Unsecured Debt Obligations	$	—	$	33,183,967		$	—
Bank Loans		—		22,153,755			299,456
Other Secured Debt Obligations		—		8,009,605			—
Common Stock and/or Other Equity Investments(b)
Europe		378,239		—			—
North America		161,201		—			—
Investment Company		1,306,080		—			—
Total	$	1,845,520	$	63,347,327		$	299,456
Liabilities
Secured Debt Obligations	$	—	$	(2,507	)	$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	7,842		$	—
Interest Rate Swap Contracts		—		55,614			—
Total	$	—	$	63,456		$	—
Liabilities(a)
Credit Default Swap Contracts	$	—	$	(143,797	)	$	—
STRATEGIC INCOME
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—	$	242,079,622		$	641,862
Corporate Obligations		—		137,928,110			—
U.S. Treasury Obligations		124,294,042		—			—
Asset-Backed Securities		—		76,365,836			—
Bank Loans		—		22,300,869			—
Sovereign Debt Obligations		—		14,525,076			—
Municipal Debt Obligations		—		8,479,239			—
Investment Company		83,166,914		—			—
Short-term Investments		—		60,567,233			—
Total	$	207,460,956	$	562,245,985		$	641,862
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(14,773,749	)	$	—

                201

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    3.   INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

STRATEGIC INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	14,742,395		$	—
Futures Contracts(a)		19,372,746			—			—
Interest Rate Swap Contracts(a)		—			11,472,294			—
Credit Default Swap Contracts(a)		—			191,694			—
Purchased Option Contracts		—			10,501,289			—
Total	$	19,372,746		$	36,907,672		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(17,304,454	)	$	—
Futures Contracts(a)		(146,370	)		—			—
Interest Rate Swap Contracts(a)		—			(10,130,087	)		—
Credit Default Swap Contracts(a)		—			(3,143,729	)		—
Written Option Contracts		—			(12,529,441	)		—
Total	$	(146,370	)	$	(43,107,711	)	$	—

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

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

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, 2022. 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
Credit	Variation margin on swap contracts; Receivable for unrealized gain on swap contracts	$	69,306	(a)	Variation margin on swap contracts; Payable for unrealized loss on swap contracts	$	(377,770	)(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value		5,695,442		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(5,717,700	)
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value		2,961,759	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value		(2,781,574	)(a)
Total		$	8,726,507			$	(8,877,044	)

202                    

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

    4.    INVESTMENTS IN DERIVATIVES (continued)

CORE FIXED INCOME

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Variation margin on swap contracts; Receivable for unrealized gain on swap contracts	$	45,996	(a)	Variation margin on swap contracts; Payable for unrealized loss on swap contracts	$	(2,501,419	)(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		173,383		Payable for unrealized loss on forward foreign currency exchange contracts		(65,058	)
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value		9,401,300	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value		(6,292,373	)(a)
Total		$	9,620,679			$	(8,858,850	)
GLOBAL CORE FIXED INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts	$	88,111	(a)	Variation margin on swap contracts	$	(1,435,788	)(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		13,334,053		Payable for unrealized loss on forward foreign currency exchange contracts		(2,218,721	)
Interest rate	Receivable for unrealized gain on swap contracts, Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value		3,235,819	(a)	Payable for unrealized loss on swap contracts, Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value		(5,722,631	)(a)(b)
Total		$	16,657,983			$	(9,377,140	)
INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Variation margin on swap contracts;	$	1,196		Variation margin on swap contracts;	$	(104,467	)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		175,112		Payable for unrealized loss on forward foreign currency exchange contracts		(12,070	)
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts;		448,807		Variation margin on futures contracts; Variation margin on swap contracts;		(213,716	)
Total		$	625,115			$	(330,253	)

                203

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 Notes to Financial Statements (continued)

  September 30, 2022 (Unaudited)

    4.    INVESTMENTS IN DERIVATIVES (continued)

LONG SHORT CREDIT STRATEGIES

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	—	$	—		Variation margin on swap contracts	$	(143,797	)(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		7,842		—		—
Interest rate	Variation margin on swap contracts		55,614	(a)	—		—
Total		$	63,456			$	(143,797	)
STRATEGIC INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	191,694	(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts	$	(3,143,729	)(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value		22,068,568		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(24,711,556	)
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value		34,020,156	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value		(15,398,796	)(a)
Total		$	56,280,418			$	(43,254,081	)

(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 $19,852, 164,162, 71,273 and 131,125 for the Bond, Core Fixed Income, Global Core Fixed Income and Strategic Income 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, 2022. 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.

204                    

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

    4.    INVESTMENTS IN DERIVATIVES (continued)

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)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	267,415		$	(773,566	)
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		4,523,251			(41,040	)
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		(4,196,808	)		163,806
Total		$	593,858		$	(650,800	)
CORE FIXED INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	1,104,642		$	(4,326,726	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		1,030,880			(205,088	)
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		10,756,494			1,086,332
Total		$	12,892,016		$	(3,445,482	)
GLOBAL CORE FIXED INCOME
Risk	Statement 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	$	(341,508	)	$	(2,161,551	)
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		38,951,479			1,232,184
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		(8,683,358	)		(219,026	)
Total		$	29,926,613		$	(1,148,393	)

                205

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 Notes to Financial Statements (continued)

  September 30, 2022 (Unaudited)

    4.    INVESTMENTS IN DERIVATIVES (continued)

INCOME

Risk	Statement 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	$	63,173	$	(203,150	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		704,359		(41,033	)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts		825,421		40,515
Total		$	1,592,953	$	(203,668	)
LONG SHORT CREDIT STRATEGIES
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	1,219,130	$	58,178
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		26,484		3,360
Interest rate	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on swap contracts		411,882		(154,688	)
Total		$	1,657,496	$	(93,150	)
STRATEGIC INCOME
Risk	Statement 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	$	938,305	$	(5,155,784	)
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		10,015,138		(1,190,337	)
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		42,449,182		2,580,851
Total		$	53,402,625	$	(3,765,270	)

206                    

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

    4.    INVESTMENTS IN DERIVATIVES (continued)

For the six months ended September 30, 2022, the relevant values for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units(a)
	Futures		Forward		Swap		Swap		Purchased		Purchased		Written		Written
	contracts		contracts		Contracts		Agreements		Options		Swaptions		Options		Swaptions
Bond		534	$	330,652,171	$	421,076,714	$	—		155,757,386	$	203,971,380		116,207,275	$	241,718,349
Core Fixed Income		2,350		10,909,183		—		696,367,806		—		329,823,389		2,000,000		393,228,324
Global Core Fixed Income		1,127		523,958,343		—		634,894,494		59,724,048		190,659,340		33,401,783		158,418,010
Income		144		5,587,575		—		21,459,947		—		—		100,000		—
Long Short Credit Strategies		—		233,355		—		23,880,000		—		—		—		—
Strategic Income		4,464		882,016,646		—		2,797,972,310		393,943,001		839,425,693		312,822,814		1,153,635,500

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swaptions, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the six months ended September 30, 2022.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

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

                207

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 Notes to Financial Statements (continued)

  September 30, 2022 (Unaudited)

    4.     NVESTMENTS IN DERIVATIVES (continued)

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of September 30, 2022:

Bond Fund

	Derivative Assets(1)								Derivative Liabilities(1)
					Forward							Forward									Net Derivative			Collateral
	Options				Currency							Currency			Options						Asset			(Received)			Net
Counterparty	Purchased		Swaps		Contracts		Total		Swaps			Contracts			Written			Total			(Liabilities)			Pledged(1)			Amount(2)
Barclays Bank PLC	$	100,368	$	—	$	—	$	100,368	$	—		$	—		$	(53,467	)	$	(53,467	)	$	46,901		$	—		$	46,901
BNP Paribas SA		76,323		—		—		76,323		—			—			(43,718	)		(43,718	)		32,605			—			32,605
BofA Securities LLC		229,765		—		—		229,765		—			—			(156,573	)		(156,573	)		73,192			—			73,192
Citibank NA		148,434		—		—		148,434		—			—			(320,076	)		(320,076	)		(171,642	)		60,000			(111,642	)
Credit Suisse International (London)		20,848		—		—		20,848		—			—			(19,484	)		(19,484	)		1,364			(1,364	)		—
Deutsche Bank AG (London)		596,429		—		—		596,429		—			—			(595,889	)		(595,889	)		540			—			540
HSBC Bank PLC		258,108		—		—		258,108		—			—			(335,134	)		(335,134	)		(77,026	)		—			(77,026	)
JPMorgan Securities, Inc.		392,512		—		4,000,653		4,393,165		—			(3,998,656	)		(498,071	)		(4,496,727	)		(103,562	)		103,562			—
MS & Co. Int. PLC		259,911		42,723		—		302,634		(19,852	)		—			(477,980	)		(497,832	)		(195,198	)		195,198			—
Standard Chartered Bank		210,128		—		—		210,128		—			—			(177,844	)		(177,844	)		32,284			—			32,284
UBS AG (London)		196,979		—		—		196,979		—			—			(88,599	)		(88,599	)		108,380			—			108,380
Total	$	2,489,805	$	42,723	$	4,000,653	$	6,533,181	$	(19,852	)	$	(3,998,656	)	$	(2,766,835	)	$	(6,785,343	)	$	(252,162	)	$	357,396		$	105,234

(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.

Global Core Fixed Income Fund

	Derivative Assets(1)								Derivative Liabilities(1)
					Forward							Forward									Net Derivative			Collateral
	Options				Currency							Currency			Options						Asset			(Received)			Net
Counterparty	Purchased		Swaps		Contracts		Total		Swaps			Contracts			Written			Total			(Liabilities)			Pledged(1)			Amount(2)
BofA Securities LLC	$	—	$	—	$	—	$	—	$	(28,143	)	$	—		$	—		$	(28,143	)	$	(28,143	)	$	28,143		$	—
Citibank NA		45,467		—		—		45,467		(20,614	)		—			(195,118	)		(215,732	)		(170,265	)		170,265			—
Deutsche Bank AG (London)		312,768		—		—		312,768		—			—			(369,425	)		(369,425	)		(56,657	)		—			(56,657	)
JPMorgan Securities, Inc.		356,637		5,359		13,334,053		13,696,049		—			(2,218,721	)		(435,443	)		(2,654,164	)		11,041,885			(3,250,000	)		7,791,885
MS & Co. Int. PLC		94		65,528		—		65,622		(30,825	)		—			(37,168	)		(67,993	)		(2,371	)		2,371			—
UBS AG (London)		—		—		—		—		—			—			(46,078	)		(46,078	)		(46,078	)		—			(46,078	)
Total	$	714,966	$	70,887	$	13,334,053	$	14,119,906	$	(79,582	)	$	(2,218,721	)	$	(1,083,232	)	$	(3,381,535	)	$	10,738,371		$	(3,049,221	)	$	7,689,150

(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.

208                    

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

    4.    INVESTMENTS IN DERIVATIVES (continued)

Strategic Income Fund

	Derivative Assets(1)								Derivative Liabilities(1)
					Forward							Forward									Net Derivative			Collateral
	Options				Currency							Currency			Options						Asset			(Received)			Net
Counterparty	Purchased		Swaps		Contracts		Total		Swaps			Contracts			Written			Total			(Liabilities)			Pledged(1)			Amount(2)
Barclays Bank PLC	$	433,008	$	—	$	—	$	433,008	$	—		$	—		$	(226,942	)	$	(226,942	)	$	206,066		$	—		$	206,066
BNP Paribas SA		331,127		—		—		331,127		—			—			(190,725	)		(190,725	)		140,402			—			140,402
BofA Securities LLC		985,613		—		—		985,613		—			—			(667,054	)		(667,054	)		318,559			—			318,559
Citibank NA		637,170		—		—		637,170		—			—			(1,821,820	)		(1,821,820	)		(1,184,650	)		1,184,650			—
Credit Suisse Group AG		89,193		—		—		89,193		—			—			(84,238	)		(84,238	)		4,955			(4,955	)		—
Deutsche Bank AG (London)		2,429,210		—		—		2,429,210		—			—			(2,494,747	)		(2,494,747	)		(65,537	)		65,537			—
HSBC Bank PLC		1,114,529		—		—		1,114,529		—			—			(1,442,793	)		(1,442,793	)		(328,264	)		—			(328,264	)
JPMorgan Securities, Inc.		1,599,327		—		14,742,395		16,341,722		—			(17,304,454	)		(2,133,632	)		(19,438,086	)		(3,096,364	)		1,910,000			(1,186,364	)
MS & Co. Int. PLC		1,132,083		192,009		—		1,324,092		(93,501	)		—			(2,186,088	)		(2,279,589	)		(955,497	)		955,497			—
Signature Bank		—		—		—		—		(37,939	)		—			—			(37,939	)		(37,939	)		—			(37,939	)
Standard Chartered Bank		905,844		—		—		905,844		—			—			(757,862	)		(757,862	)		147,982			—			147,982
UBS AG (London)		844,185		—		—		844,185		—			—			(523,540	)		(523,540	)		320,645			—			320,645
Total	$	10,501,289	$	192,009	$	14,742,395	$	25,435,693	$	(131,440	)	$	(17,304,454	)	$	(12,529,441	)	$	(29,965,335	)	$	(4,529,642	)	$	4,110,729		$	(418,913	)

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

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

    5.    AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2022, contractual and effective net management fees with GSAM and GSAMI were at the following rates:

	First			Next			Next			Next			Over						Effective Net Management
Fund	$1 billion			$1 billion			$3 billion			$3 billion			$8 billion			Effective Rate			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			0.55**
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			0.59

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated if any.

* GSAM 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, 2023, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

** GSAM 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, 2023, and prior to such date, GSAMI may not terminate the arrangement without the approval of the Board of Trustees.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is affiliated Underlying Fund. GSAM and GSAMI have agreed to waive a portion of their management fee payable by the Funds in an amount equal to the management fee they earn as investment advisers to the affiliated Underlying Fund in which the Funds invest, 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, 2022, GSAM waived $20,568, $32,413, $1,136, $5,284 and $34,887 of the 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, 2022, GSAMI waived $19,322 of the management fee for the Global Core Fixed Income Fund.

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

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

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

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    5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended September 30, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge			Contigent Deferred        Sales Charge
Fund	Class A			Class C
Bond		$	436		$	—
Core Fixed Income			1,223			170
Global Core Fixed Income			77			—
Income			493			—
Long Short Credit Strategies			1			—
Strategic Income			505			—

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 Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and/or shareholder administration services to their customers who are beneficial owners of such shares. The Service and/or Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C or Service Shares of the Funds, respectively.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% 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 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 Core Fixed Income, Income, Long Short Credit Strategies and Strategic Income Funds are 0.004%, 0.014%, 0.004%, 0.054%, 0.094% and 0.054%, respectively. These Other Expense limitations will remain in place through at least July 29, 2023 for the Funds, and prior

                211

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

 Notes to Financial Statements (continued)

  September 30, 2022 (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.

Fund	Management Fee Waiver		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Bond		$  20,568		$        —		$416,256		$436,824
Core Fixed Income		480,226		—		328,566		808,792
Global Core Fixed Income		293,051		10,108		485,340		788,499
Income		1,136		—		162,368		163,504
Long Short Credit Strategies		5,284		—		151,054		156,338
Strategic Income		34,887		—		275,838		310,725

G. Line of Credit Facility — As of September 30, 2022, the Funds participated in a $1,250,000,000 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, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H. Other Transactions with Affiliates — For the six months ended September 30, 2022, Goldman Sachs earned $40,936, $52,577 and $109,609 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, 2022, 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 Portfolio	Goldman Sachs VIT Multi Strategic Alternative Portfolio
Global Core Fixed Income	25%	19%	—%
Long Short Credit Strategies	—	—	16

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

    5.   AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of September 30, 2022, 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		—%		—%		—%		17%		—%		—%		—%
Income		9		26		83		—		35		100		100
Long Short Credit Strategies		—		16		—		—		—		—		96

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended ended September 30, 2022:

Fund	Underlying Fund	Market Value as of March 31, 2022		Purchases at Cost		Proceeds from Sales			Market Value as of September 30, 2022		Shares as of September 30, 2022		Dividend Income
Bond	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	—	$	211,966,141	$	(199,084,312	)	$	12,881,829		12,881,829	$	178,211
Core Fixed Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		—		511,294,777		(511,294,777	)		—		—		325,876
Global Core Fixed Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		22,389,911		268,047,844		(264,694,102	)		25,743,653		25,743,653		151,031
Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		2,658,582		15,667,578		(18,326,160	)		—		—		9,399
Long Short Credit Strategies	Goldman Sachs Financial Square Government Fund — Institutional Shares		11,874,529		50,423,229		(60,991,678	)		1,306,080		1,306,080		31,972
Strategic Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		16,817,687		354,811,917		(288,462,690	)		83,166,914		83,166,914		341,246

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

    September 30, 2022 (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, 2022, 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		$2,028,236,159		$  34,527,610		$1,948,313,814		$135,383,565
Core Fixed Income		7,067,759,197		95,453,468		6,941,799,091		247,707,013
Global Core Fixed Income		1,274,302,957		702,423,536		1,187,853,352		691,818,272
Income		81,628,714		6,885,199		76,269,664		17,720,633
Long Short Credit Strategies		—		12,339,523		—		61,777,185
Strategic Income		2,049,938,864		96,653,539		1,863,227,799		141,422,824

    7.    TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2022, 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	$	(872,329)	$	(5,863,719)	$	—	$	—	$	(29,420,016)	$	(1,193,508,000)
Perpetual Long-Term		(604,149)		—		—		—		(7,430,474)		(743,099,146)
Total capital loss carryforwards		(1,476,478)		(5,863,719)		—		—		(36,850,490)		(1,936,607,146)
Timing differences (Post October Capital Loss
Deferral/Qualified Late Year Ordinary Loss
Deferral/Defaulted Bonds/Dividends
Payable and Straddle Loss Deferrals)	$	(8,154,362)	$	(11,937,858)	$	(11,626,115)	$	(640,918)	$	(182)	$	(14,241,560)

As of September 30, 2022, 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	$	477,506,678	$	2,134,627,107	$	737,162,545	$	99,523,538	$	77,901,827	$	910,144,402
Gross unrealized gain		1,806,913		1,640,419		558,389		126,224		1,299,142		4,238,750
Gross unrealized loss		(44,668,942)		(233,874,425)		(78,859,752)		(17,619,097)		(13,708,666)		(144,034,349)
Net unrealized loss	$	(42,862,029)	$	(232,234,006)	$	(78,301,363)	$	(17,492,873)	$	(12,409,524)	$	(139,795,599)

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

    7.    TAX INFORMATION (continued)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts and net mark to market gains (losses) on foreign currency contracts, differences of tax treatments of underlying fund investments, partnership 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 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 and other similar instruments (together, referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, 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. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, 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. The use of derivatives is also subject to operational and legal risks. Operational risks refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks refer to the risks of loss resulting from insufficient documentation, or legality or enforceability of a contract. 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. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. 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.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 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 sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures,

                215

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    8.    OTHER RISKS (continued)

including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which 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.

Foreign Custody Risk — If the Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. 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. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

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    8.    OTHER RISKS (continued)

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 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.

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

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

Market and Credit Risks — In the normal course of business, 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.

                217

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    8.    OTHER RISKS (continued)

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, GSAMI believes the risk of loss under these arrangements to be remote.

    10.    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.

218                    

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

    11.     SUMMARY OF SHARE TRANSACTIONS

    Share activity is as follows:

	Bond Fund
	For the Six Months Ended
	September 30, 2022						For the Fiscal Year Ended
	(Unaudited)						March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		423,758		$	3,889,796			1,181,303		$	12,407,164
Reinvestment of distributions		77,629			712,023			119,130			1,253,813
Shares redeemed		(640,192	)		(5,910,182	)		(4,203,793	)		(44,684,511	)
		(138,805	)		(1,308,363	)		(2,903,360	)		(31,023,534	)
Class C Shares
Shares sold		17,586			163,683			137,406			1,463,763
Reinvestment of distributions		4,833			44,322			9,943			104,742
Shares redeemed		(142,475	)		(1,324,261	)		(630,223	)		(6,598,396	)
		(120,056	)		(1,116,256	)		(482,874	)		(5,029,891	)
Institutional Shares
Shares sold		1,633,091			15,444,167			8,505,122			89,955,710
Reinvestment of distributions		178,800			1,641,264			341,159			3,596,208
Shares redeemed		(2,835,602	)		(26,171,243	)		(11,995,565	)		(126,128,316	)
		(1,023,711	)		(9,085,812	)		(3,149,284	)		(32,576,398	)
Service Shares
Shares sold		833			7,686			1,630			17,250
Reinvestment of distributions		130			1,193			157			1,645
Shares redeemed		(381	)		(3,453	)		(106	)		(1,046	)
		582			5,426			1,681			17,849
Investor Shares
Shares sold		1,160,629			10,744,676			2,538,890			26,595,710
Reinvestment of distributions		101,509			928,051			139,431			1,460,867
Shares redeemed		(1,361,887	)		(12,498,868	)		(2,640,262	)		(27,772,031	)
		(99,749	)		(826,141	)		38,059			284,546
Class R6 Shares
Shares sold		897,514			8,332,975			2,498,548			26,427,623
Reinvestment of distributions		112,611			1,032,466			158,616			1,666,442
Shares redeemed		(919,846	)		(8,484,859	)		(2,264,013	)		(23,824,282	)
		90,279			880,582			393,151			4,269,783
Class R Shares
Shares sold		10,277			95,042			43,985			464,248
Reinvestment of distributions		3,030			27,763			5,297			55,758
Shares redeemed		(40,880	)		(392,373	)		(220,766	)		(2,356,841	)
		(27,573	)		(269,568	)		(171,484	)		(1,836,835	)
Class P Shares
Shares sold		599,759			5,529,729			1,372,982			14,668,907
Reinvestment of distributions		140,215			1,284,852			207,864			2,184,664
Shares redeemed		(731,028	)		(6,755,008	)		(1,580,367	)		(16,638,309	)
		8,946			59,573			479			215,262
NET DECREASE		(1,310,087	)	$	(11,660,559	)		(6,273,632	)	$	(65,679,218	)

                219

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

    September 30, 2022 (Unaudited)

    11.     SUMMARY OF SHARE TRANSACTIONS (continued)

	Core Fixed Income Fund
	For the Six Months Ended
	September 30, 2022						For the Fiscal Year Ended
	(Unaudited)						March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,971,484		$	18,786,867			3,224,618		$	34,799,985
Reinvestment of distributions		173,966			1,645,785			243,640			2,622,026
Shares redeemed		(3,034,212	)		(28,836,260	)		(3,793,091	)		(40,654,348	)
		(888,762	)		(8,403,608	)		(324,833	)		(3,232,337	)
Class C Shares
Shares sold		43,647			420,311			252,285			2,756,826
Reinvestment of distributions		6,706			63,759			8,508			92,014
Shares redeemed		(214,276	)		(2,041,874	)		(470,586	)		(5,110,034	)
		(163,923	)		(1,557,804	)		(209,793	)		(2,261,194	)
Institutional Shares
Shares sold		10,957,344			105,100,502			23,285,017			253,175,928
Reinvestment of distributions		494,408			4,696,220			995,847			10,780,125
Shares redeemed		(14,851,201	)		(142,044,620	)		(43,511,430	)		(462,368,830	)
		(3,399,449	)		(32,247,898	)		(19,230,566	)		(198,412,777	)
Service Shares
Shares sold		2,140			20,195			18,850			205,747
Reinvestment of distributions		226			2,144			320			3,456
Shares redeemed		(4,021	)		(38,551	)		(8,292	)		(89,922	)
		(1,655	)		(16,212	)		10,878			119,281
Investor Shares
Shares sold		4,010,447			38,647,272			17,109,352			184,507,679
Reinvestment of distributions		328,982			3,118,167			734,975			7,925,191
Shares redeemed		(10,175,972	)		(96,758,100	)		(30,750,264	)		(324,652,817	)
		(5,836,543	)		(54,992,661	)		(12,905,937	)		(132,219,947	)
Class R6 Shares
Shares sold		13,402,894			128,018,734			15,761,362			161,561,823
Reinvestment of distributions		356,206			3,375,298			90,359			967,397
Shares redeemed		(2,432,886	)		(23,095,681	)		(1,023,674	)		(10,924,413	)
		11,326,214			108,298,351			14,828,047			151,604,807
Class R Shares
Shares sold		56,320			544,713			83,659			907,769
Reinvestment of distributions		4,615			43,667			6,050			65,130
Shares redeemed		(61,534	)		(593,100	)		(128,025	)		(1,375,479	)
		(599	)		(4,720	)		(38,316	)		(402,580	)
Class P Shares
Shares sold		7,740,647			73,947,027			8,706,541			94,831,561
Reinvestment of distributions		949,883			9,038,012			1,406,708			15,231,406
Shares redeemed		(8,214,855	)		(78,830,743	)		(16,957,201	)		(182,938,402	)
		475,675			4,154,296			(6,843,952	)		(72,875,435	)
NET INCREASE (DECREASE)		1,510,958		$	15,229,744			(24,714,472	)	$	(257,680,182	)

220                    

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

    11.     SUMMARY OF SHARE TRANSACTIONS (continued)

	Global Core Fixed Income Fund
	For the Six Months Ended
	September 30, 2022						For the Fiscal Year Ended
	(Unaudited)						March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		250,939		$	2,860,123			736,451		$	9,379,595
Reinvestment of distributions		23,874			270,823			42,345			536,678
Shares redeemed		(484,294	)		(5,550,784	)		(1,087,931	)		(13,830,331	)
		(209,481	)		(2,419,838	)		(309,135	)		(3,914,058	)
Class C Shares
Shares sold		2,397			26,987			18,682			233,864
Reinvestment of distributions		856			9,614			1,470			18,479
Shares redeemed		(45,159	)		(511,925	)		(153,201	)		(1,941,491	)
		(41,906	)		(475,324	)		(133,049	)		(1,689,148	)
Institutional Shares
Shares sold		6,780,315			76,614,902			6,306,441			79,198,882
Reinvestment of distributions		171,629			1,943,934			302,374			3,824,836
Shares redeemed		(9,163,138	)		(104,777,938	)		(7,885,898	)		(99,740,197	)
		(2,211,194	)		(26,219,102	)		(1,277,083	)		(16,716,479	)
Service Shares
Shares sold		3,861			43,944			5,118			64,216
Reinvestment of distributions		311			3,497			495			6,215
Shares redeemed		(5,283	)		(59,993	)		(9,667	)		(122,261	)
		(1,111	)		(12,552	)		(4,054	)		(51,830	)
Investor Shares
Shares sold		748,443			8,547,325			1,512,478			19,198,800
Reinvestment of distributions		43,592			492,816			84,302			1,064,432
Shares redeemed		(1,098,557	)		(12,456,931	)		(2,367,273	)		(29,490,277	)
		(306,522	)		(3,416,790	)		(770,493	)		(9,227,045	)
Class R6 Shares
Shares sold		4,641,775			52,540,167			2,668,864			33,930,412
Reinvestment of distributions		222,192			2,514,534			326,018			4,122,567
Shares redeemed		(1,482,697	)		(16,725,736	)		(1,025,553	)		(12,944,825	)
		3,381,270			38,328,965			1,969,329			25,108,154
Class P Shares
Shares sold		—			—			29,159			371,095
Reinvestment of distributions		6,165			69,893			10,432			132,094
Shares redeemed		(18,940	)		(218,524	)		(57,827	)		(739,004	)
		(12,775	)		(148,631	)		(18,236	)		(235,815	)
NET INCREASE (DECREASE)		598,281		$	5,636,728			(542,721	)	$	(6,726,221	)

                221

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

    September 30, 2022 (Unaudited)

    11.     SUMMARY OF SHARE TRANSACTIONS (continued)

	Income Fund
	For the Six Months Ended
	September 30, 2022						For the Fiscal Year Ended
	(Unaudited)						March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		13,897		$	122,203			14,572		$	150,577
Reinvestment of distributions		1,232			10,836			2,274			23,261
Shares redeemed		(5,404	)		(48,074	)		(13,227	)		(135,519	)
		9,725			84,965			3,619			38,319
Class C Shares
Shares sold		—			—			15,146			154,488
Reinvestment of distributions		388			3,419			334			3,364
Shares redeemed		(26	)		(238	)		(2,398	)		(24,861	)
		362			3,181			13,082			132,991
Institutional Shares
Shares sold		238,726			2,167,988			107,345			1,095,863
Reinvestment of distributions		66,365			584,111			115,247			1,175,463
Shares redeemed		(1,496	)		(13,165	)		(62,528	)		(646,872	)
		303,595			2,738,934			160,064			1,624,454
Investor Shares
Shares sold		3,561			31,500			8,638			88,000
Reinvestment of distributions		330			2,898			382			3,866
Shares redeemed		(262	)		(2,285	)		(1,965	)		(19,475	)
		3,629			32,113			7,055			72,391
Class R6 Shares
Reinvestment of distributions		136			1,192			243			2,484
		136			1,192			243			2,484
Class R Shares
Reinvestment of distributions		117			1,028			209			2,136
		117			1,028			209			2,136
Class P Shares
Shares sold		721,417			6,290,599			3,220,223			33,063,304
Reinvestment of distributions		167,417			1,476,847			350,872			3,580,367
Shares redeemed		(2,756,490	)		(24,636,538	)		(4,631,794	)		(47,474,523	)
		(1,867,656	)		(16,869,092	)		(1,060,699	)		(10,830,852	)
NET DECREASE		(1,550,092	)	$	(14,007,679	)		(876,427	)	$	(8,958,077	)

222                    

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

    11.     SUMMARY OF SHARE TRANSACTIONS (continued)

	Long Short Credit Strategies Fund
	For the Six Months Ended
	September 30, 2022						For the Fiscal Year Ended
	(Unaudited)						March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		5,422		$	44,333			45,267		$	401,910
Reinvestment of distributions		2,721			21,777			6,429			56,826
Shares redeemed		(26,303	)		(218,324	)		(89,792	)		(798,665	)
		(18,160	)		(152,214	)		(38,096	)		(339,929	)
Class C Shares
Reinvestment of distributions		267			2,131			1,012			8,955
Shares redeemed		(1,417	)		(11,281	)		(27,392	)		(241,939	)
		(1,150	)		(9,150	)		(26,380	)		(232,984	)
Institutional Shares
Shares sold		130,420			1,051,470			437,273			3,848,946
Reinvestment of distributions		32,249			258,197			67,144			592,591
Shares redeemed		(569,588	)		(4,556,363	)		(311,478	)		(2,763,485	)
		(406,919	)		(3,246,696	)		192,939			1,678,052
Investor Shares
Shares sold		4,321			35,073			186,260			1,619,269
Reinvestment of distributions		4,988			39,977			11,561			102,043
Shares redeemed		(69,466	)		(560,073	)		(158,711	)		(1,365,037	)
		(60,157	)		(485,023	)		39,110			356,275
Class R6 Shares
Shares sold		1,533,519			12,579,005			432,194			3,751,830
Reinvestment of distributions		22,110			176,125			10,767			94,632
Shares redeemed		(707,871	)		(5,750,000	)		—			—
		847,758			7,005,130			442,961			3,846,462
Class R Shares
Reinvestment of distributions		52			416			112			984
		52			416			112			984
Class P Shares
Shares sold		266,845			2,121,000			2,489,379			21,775,000
Reinvestment of distributions		223,445			1,789,352			508,159			4,479,728
Shares redeemed		(8,610,878	)		(68,831,894	)		(1,119,071	)		(9,735,208	)
		(8,120,588	)		(64,921,542	)		1,878,467			16,519,520
NET INCREASE (DECREASE)		(7,759,164	)	$	(61,809,079	)		2,489,113		$	21,828,380

                223

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

    September 30, 2022 (Unaudited)

    11.     SUMMARY OF SHARE TRANSACTIONS (continued)

	Strategic Income Fund
	For the Six Months Ended
	September 30, 2022						For the Fiscal Year Ended
	(Unaudited)						March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,503,563		$	13,268,292			3,243,479		$	30,413,070
Reinvestment of distributions		152,503			1,352,431			196,343			1,843,618
Shares redeemed		(1,363,923	)		(12,142,738	)		(2,893,870	)		(27,243,940	)
		292,143			2,477,985			545,952			5,012,748
Class C Shares
Shares sold		30,890			272,332			56,324			529,137
Reinvestment of distributions		15,377			136,473			41,509			389,965
Shares redeemed		(1,192,654	)		(10,508,704	)		(3,524,261	)		(32,957,450	)
		(1,146,387	)		(10,099,899	)		(3,426,428	)		(32,038,348	)
Institutional Shares
Shares sold		1,721,220			15,364,071			10,702,189			101,067,917
Reinvestment of distributions		432,860			3,842,085			727,788			6,842,129
Shares redeemed		(7,996,789	)		(71,786,060	)		(16,696,513	)		(157,135,698	)
		(5,842,709	)		(52,579,904	)		(5,266,536	)		(49,225,652	)
Investor Shares
Shares sold		109,413			977,585			302,657			2,853,578
Reinvestment of distributions		25,277			224,358			42,065			395,468
Shares redeemed		(380,315	)		(3,384,974	)		(723,311	)		(6,811,913	)
		(245,625	)		(2,183,031	)		(378,589	)		(3,562,867	)
Class R6 Shares
Shares sold		394,772			3,502,795			2,151,812			20,412,233
Reinvestment of distributions		27,244			241,634			33,144			310,686
Shares redeemed		(427,894	)		(3,815,638	)		(436,871	)		(4,089,270	)
		(5,878	)		(71,209	)		1,748,085			16,633,649
Class R Shares
Shares sold		16,496			146,295			33,344			313,537
Reinvestment of distributions		3,061			27,110			3,966			37,179
Shares redeemed		(13,247	)		(117,073	)		(31,150	)		(292,463	)
		6,310			56,332			6,160			58,253
Class P Shares
Shares sold		2,773,884			24,669,392			2,983,532			28,073,800
Reinvestment of distributions		328,253			2,908,970			539,436			5,063,826
Shares redeemed		(4,680,071	)		(41,659,978	)		(7,909,047	)		(74,182,198	)
		(1,577,934	)		(14,081,616	)		(4,386,079	)		(41,044,572	)
NET DECREASE		(8,520,080	)	$	(76,481,342	)		(11,157,435	)	$	(104,166,789	)

224                    

    GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2022 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares 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, 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, Investor, Class R6, Class R or Class P Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 01, 2022 through September 30, 2022, 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
	Beginning		Ending			Expenses		Beginning		Ending			Expenses		Beginning		Ending			Expenses
	Account		Account			Paid for the		Account		Account			Paid for the		Account		Account			Paid for the
	Value		Value			6 months ended		Value		Value			6 months ended		Value		Value			6 months ended
Share Class	4/1/22		9/30/22			9/30/22*		4/1/22		9/30/22			9/30/22*		4/1/22		9/30/22			9/30/22*
Class A
Actual		$1,000.00		$ 890.30			$3.70		$1,000.00		$ 894.30			$3.37		$1,000.00		$ 907.70			$4.37
Hypothetical 5% return		1,000.00		1,021.20	+		3.95		1,000.00		1,021.50	+		3.60		1,000.00		1,020.50	+		4.63
Class C
Actual		1,000.00		886.80			7.24		1,000.00		890.50			6.92		1,000.00		905.00			7.95
Hypothetical 5% return		1,000.00		1,017.40	+		7.74		1,000.00		1,017.70	+		7.39		1,000.00		1,016.70	+		8.41
Institutional
Actual		1,000.00		892.70			2.14		1,000.00		895.20			1.81		1,000.00		909.00			2.89
Hypothetical 5% return		1,000.00		1,022.80	+		2.28		1,000.00		1,023.20	+		1.93		1,000.00		1,022.00	+		3.06
Service
Actual		1,000.00		889.60			4.49		1,000.00		894.00			4.18		1,000.00		906.90			5.28
Hypothetical 5% return		1,000.00		1,025.10	+		4.80		1,000.00		1,025.10	+		4.46		1,000.00		1,025.10	+		5.59
Investor
Actual		1,000.00		892.00			2.51		1,000.00		895.40			2.19		1,000.00		909.30			3.17
Hypothetical 5% return		1,000.00		1,022.40	+		2.69		1,000.00		1,022.80	+		2.33		1,000.00		1,021.70	+		3.36
Class R6
Actual		1,000.00		891.70			2.09		1,000.00		895.40			1.76		1,000.00		909.80			2.84
Hypothetical 5% return		1,000.00		1,022.90	+		2.23		1,000.00		1,023.20	+		1.88		1,000.00		1,022.10	+		3.01
Class R
Actual		1,000.00		889.10			4.88		1,000.00		893.10			4.56		—		—			—
Hypothetical 5% return		1,000.00		1,019.90	+		5.22		1,000.00		1,020.30	+		4.86		—		—			—
Class P
Actual		1,000.00		891.70			2.09		1,000.00		896.40			1.76		1,000.00		909.10			2.84
Hypothetical 5% return		1,000.00		1,022.90	+		2.23		1,000.00		1,023.20	+		1.88		1,000.00		1,022.10	+		3.01

225

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Fund Expenses — Six Month Period Ended September 30, 2022 (Unaudited) (continued)

* 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, 2022. 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		0.91		1.66		0.60		1.10		0.66		0.59		—		0.59

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

	Income Fund							Long Short Credit Strategies Fund							Strategic Income Fund
	Beginning		Ending			Expenses		Beginning		Ending			Expenses		Beginning		Ending			Expenses
	Account		Account			Paid for the		Account		Account			Paid for the		Account		Account			Paid for the
	Value		Value			6 months ended		Value		Value			6 months ended		Value		Value			6 months ended
Share Class	4/1/22		9/30/22			9/30/22		4/1/22		9/30/22			9/30/22*		4/1/22		9/30/22			9/30/22*
Class A
Actual		$1,000.00		$   892.10			$4.61		$1,000.00		$   912.00			$  6.94		$1,000.00		$   959.30			$5.02
Hypothetical 5% return		1,000.00		1,020.20	+		4.92		1,000.00		1,017.80	+		7.32		1,000.00		1,019.90	+		5.18
Class C
Actual		1,000.00		887.60			8.15		1,000.00		908.60			10.52		1,000.00		955.20			8.69
Hypothetical 5% return		1,000.00		1,016.40	+		8.70		1,000.00		1,014.00	+		11.10		1,000.00		1,016.20	+		8.97
Institutional
Actual		1,000.00		892.50			3.04		1,000.00		914.60			5.36		1,000.00		960.90			3.40
Hypothetical 5% return		1,000.00		1,021.90	+		3.25		1,000.00		1,019.50	+		5.66		1,000.00		1,021.60	+		3.51
Investor
Actual		1,000.00		892.10			3.42		1,000.00		913.20			5.75		1,000.00		960.50			3.80
Hypothetical 5% return		1,000.00		1,021.50	+		3.65		1,000.00		1,019.10	+		6.06		1,000.00		1,021.20	+		3.92
Class R6
Actual		1,000.00		892.60			2.98		1,000.00		913.60			5.30		1,000.00		959.80			3.35
Hypothetical 5% return		1,000.00		1,021.90	+		3.18		1,000.00		1,019.50	+		5.60		1,000.00		1,021.60	+		3.46
Class R
Actual		1,000.00		889.90			5.75		1,000.00		910.80			8.11		1,000.00		956.90			6.24
Hypothetical 5% return		1,000.00		1,019.00	+		6.15		1,000.00		1,016.60	+		8.56		1,000.00		1,018.70	+		6.44
Class P
Actual		1,000.00		892.50			3.00		1,000.00		914.60			5.37		1,000.00		959.80			3.35
Hypothetical 5% return		1,000.00		1,021.90	+		3.20		1,000.00		1,019.50	+		5.66		1,000.00		1,021.60	+		3.46

* 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, 2022. 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%		1.21%		0.63%
Long Short Credit Strategies		1.45		2.20		1.12		1.20		1.11		1.69		1.12
Strategic Income		1.02		1.77		0.69		0.77		0.68		1.27		0.68

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

226

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(“GSAMI”, together with GSAM, the “Investment Advisers”).

The Management Agreements were most recently approved for continuation until June 30, 2023 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 14-15, 2022 (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; 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 Agreements and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

            227

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

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

(j) 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 developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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.

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 (except for the Income Fund) ratings compiled by the Outside Data Provider as of December 31, 2021, and updated performance information prepared by the Investment Advisers using the peer

228                

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

group identified by the Outside Data Provider as of March 31, 2022. 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 noted that the Bond Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods and in the fourth quartile for the one-year period, and had outperformed the Fund’s benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2022. They observed that the Bond Fund had experienced certain portfolio management changes in 2021. The Trustees considered that the Core Fixed Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2022. They also noted that the Core Fixed Income Fund had experienced certain portfolio management changes in 2021. The Trustees observed that the Global Core Fixed Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2022. They considered that in February 2020, the Global Core Fixed Income Fund had been repositioned from the Global Income Fund, which involved changes to the Fund’s investment objective and principal investment strategy. The Trustees also noted that the Global Core Fixed Income Fund had experienced certain portfolio management changes in 2022. They observed that the Income Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-year period, and had outperformed the Fund’s benchmark index for the one-year period ended March 31, 2022. 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. They considered 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-, 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; and had outperformed the Fund’s benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2022. However, the Trustees 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 observed that the Long Short Credit Strategies Fund had experienced a benchmark index change in 2021. The Trustees observed that the Strategic Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods and in the third quartile for the five- and ten-year periods; outperformed the Fund’s Competitor Fund Average for the one- and three-year periods and underperformed for the five-year period; and had outperformed the Fund’s benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2022. They also considered that the Strategic Income Fund had experienced certain portfolio management changes and a benchmark index change in 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.

            229

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. 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 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 2021 and 2020, 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		Core Fixed	Global Core Fixed	Income	Long Short Credit	Strategic
Net Assets	Bond Fund	Income Fund	Income Fund	Fund	Strategies Fund	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 GSAM and GSAMI’s undertakings to waive a portion of their management fee for the Core Fixed Income Fund and Global Core Fixed Income Fund, respectively, and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the Global Core Fixed Income 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 GSAM had passed along savings to shareholders of the Core Fixed Income Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Advisers and Their Affiliates

The Trustees also considered the other benefits derived by the Investment Advisers and their affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (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’

230                

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

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, 2023.

            231

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachsis 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 $2.19 trillion in assets under supervision as of September 30, 2022, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ 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

∎ Large Cap Core Fund⁴

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁵

∎ 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

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth 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 John G. Chou Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Gregory G. Weaver Paul C. Wirth GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary 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, 2022 and may not be representative of future investments. Fund holdings should not be reliedon 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. © 2022 Goldman Sachs. All rights reserved. 298287-OTU-11/2022 MSFISAR-22

Goldman Sachs Funds

Semi-Annual Report	September 30, 2022
	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

Market Review	1
Fund Basics	3
Schedules of Investments	11
Financial Statements	215
Financial Highlights	219
Dynamic Municipal Income	219
High Yield Municipal	226
Municipal Income Completion	232
Short Duration Tax-Free	233
Notes to the Financial Statements	240
Other Information	258

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Goldman Sachs 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, 2022 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed during 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, 2023.

Market and Economic Review

∎ During the Reporting Period, the broad municipal bond market recorded negative returns, with high yield municipal bonds generally experiencing larger losses than investment grade municipal bonds.

∎ Municipal bonds were affected most by rising interest rates, which increased as the Federal Reserve (the “Fed”) tightened monetary policy in an effort to combat inflation.

∎ During the second quarter of 2022, when the Reporting Period started, negative performance was fueled by a May inflation report that showed higher than market expected price increases.

∎ The Fed, which had raised the targeted federal funds (“fed funds”) rate by 50 basis points at the beginning of May, was widely expected to implement another rate hike in June. (A basis point is 1/100th of a percentage point.)

∎ In mid-June, the market’s expectations were realized, as the Fed raised short-term interest rates by 75 basis points—its largest rate hike since 1994.

∎ After a brief summer rally, municipal bonds retreated, posting declines for the third calendar quarter overall.

∎ During July 2022, the municipal bond market benefited from robust summer technicals (i.e., supply and demand) and falling U.S. Treasury yields. Although the Fed raised the targeted fed funds rate another 75 basis points, Fed Chair Jerome Powell hinted at a potential deceleration in the pace of future rate hikes.

∎ In August, Powell dispelled near-term prospects of a policy pivot, stressing the Fed was committed to taming inflation.

∎ The Fed raised the targeted fed funds rate another 75 basis points during September, with many market participants anticipating further rate hikes in the near term.

∎ During August and September, as U.S. Treasury yields surged on higher than market expected inflation readings and strong employment data, municipal bonds delivered sharply negative returns.

∎ The municipal bond market saw less than historically normal new issue volumes during the Reporting Period overall, largely because of interest rate volatility. Many states and municipalities found it less economical to issue debt, especially new taxable municipal bonds.

∎ Investment flows to municipal bond mutual funds were negative throughout the Reporting Period, with investor fears of rising interest rates seeming to drive the selling.

Fund Changes and Highlights

Goldman Sachs Dynamic Municipal Income Fund

• The Fund significantly underperformed its benchmark, the Bloomberg Municipal Bond 1-10 Year Blend Index (the “Index”), during the Reporting Period.

• As interest rates moved higher, the Fund’s overweight versus the Index in the intermediate- to long-term portion of the municipal yield curve detracted from its relative performance. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

• These negative results were partially offset by the use of derivatives to hedge duration risk. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.)

1

MARKET REVIEW

• Overall credit positioning also detracted from returns.

• Specifically, the Fund’s bias toward medium- and below investment-grade municipal securities hurt relative performance.

• Though municipal credit fundamentals remained robust, credit spreads, or yield differentials, widened during the Reporting Period amid investment outflows from municipal bond mutual funds.

• On the positive side, the Fund benefited from its overweight positions in Puerto Rico and Illinois municipal securities.

Goldman Sachs Municipal Income Completion Fund

• During the Reporting Period, the Fund produced a negative absolute return and significantly lagged the Bloomberg Municipal Bond 1-10 Year Blend Index (with dividends reinvested).¹

• The Fund’s combined duration and yield curve positioning detracted most from its performance. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

• As interest rates rose during the Reporting Period, the Fund’s exposure to the intermediate- to long-term portion of the municipal yield curve hampered returns.

• These negative results were partly offset by the use of derivatives to hedge duration risk.

• The Fund was also hurt during the Reporting Period by its exposure to credit risk.

• A bias toward medium- and below investment-grade municipal securities, which tend to be of longer duration, detracted from performance.

• Additionally, the Fund was hindered by its exposure to high yield municipal bonds. Despite solid municipal credit fundamentals, high yield municipal bonds underperformed investment grade municipal bonds during the Reporting Period on the back of investment outflows from municipal bond mutual funds.

• Adding to the Fund’s returns was individual issue selection among special tax bonds and Puerto Rico credits. A modest allocation to cash also bolstered Fund performance.

Goldman Sachs Short Duration Tax-Free Fund

• The Fund underperformed its benchmark, the Bloomberg Municipal Bond 1-3 Year Blend Index (with dividends reinvested) (the “Index”), during the Reporting Period.

• The Fund’s modest exposure to taxable municipal bonds, which are not represented in the Index, was a drag on performance, as tax-exempt municipal securities outperformed taxable municipal securities during the Reporting Period.

• Overall credit positioning, especially the Fund’s bias toward medium-grade municipal securities, also hampered relative performance as spreads, or yield differentials, on BBB-rated issues widened during the Reporting Period, especially during the second quarter of 2022.

• The Fund’s yield curve positioning modestly detracted. The Fund generally has more exposure to longer maturities than the Index, which hurt its relative performance during the Reporting Period. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

• The Fund’s exposure to floating rate notes, which are not held by the Index, contributed positively to returns as interest rates rose.

¹  Because the composition of the Bloomberg Municipal Bond 1-10 Year Blend Index is not comparable to the range of instruments in which the Fund may transact, references to the Bloomberg Municipal Bond 1-10 Year Blend Index are included for informational purposes only and not an indication of how the Fund is managed. This Fund employs a benchmark agnostic strategy.

2

FUND BASICS

Dynamic Municipal Income Fund

as of September 30, 2022

PERFORMANCE REVIEW
April 1, 2022–September 30, 2022	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		-6.69	%		-3.11	%		2.95	%		2.93	%		4.98	%
Class C		-6.98			-3.11			2.27			2.25			3.84
Institutional		-6.54			-3.11			3.40			3.39			5.75
Service		-6.74			-3.11			2.87			2.85			4.85
Investor		-6.52			-3.11			3.32			3.31			5.62
Class R6		-6.47			-3.11			3.41			3.39			5.76
Class P		-6.53			-3.11			3.41			3.39			5.76

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

²  The Bloomberg 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 2021 federal income tax rate of 40.8%.

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

3

FUND BASICS

SECTOR 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.

4

FUND BASICS

High Yield Municipal Fund

as of September 30, 2022

PERFORMANCE REVIEW
April 1, 2022–September 30, 2022	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		-10.57	%		-8.63	%		-10.16	%		-6.30	%		3.74	%		3.73	%		6.33	%
Class C		-10.91			-8.63			-10.16			-6.30			3.11			3.09			5.26
Institutional		-10.43			-8.63			-10.16			-6.30			4.25			4.23			7.17
Investor		-10.45			-8.63			-10.16			-6.30			4.18			4.16			7.06
Class R6		-10.44			-8.63			-10.16			-6.30			4.26			4.24			7.20
Class P		-10.44			-8.63			-10.16			-6.30			4.26			4.24			7.20

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 2021 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.

5

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.

6

FUND BASICS

Municipal Income Completion Fund

as of September 30, 2022

PERFORMANCE REVIEW
April 1, 2022–September 30, 2022	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		-8.92	%		-3.11	%		4.23	%		4.00	%		7.14	%

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 2021 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.

7

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.

8

FUND BASICS

Short Duration Tax-Free Fund

as of September 30, 2022

PERFORMANCE REVIEW
April 1, 2022–September 30, 2022	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		-2.30	%		-1.49	%		2.08	%		2.06	%		3.51	%
Class C		-2.60			-1.49			1.68			1.66			2.84
Institutional		-2.16			-1.49			2.35			2.33			3.97
Service		-2.50			-1.49			1.85			1.83			3.12
Investor		-2.18			-1.49			2.33			2.31			3.94
Class R6		-2.26			-1.49			2.37			2.34			4.00
Class P		-2.16			-1.49			2.36			2.34			3.99

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 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 2021 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.

9

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.

10

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Municipal Bonds – 96.9%
Alabama – 1.3%
	Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A2/A-)
$	5,000,000	4.000%	09/15/2033	$	4,798,155
	Black Belt Energy Gas District Gas Supply RB Series 2021A (Aa1/NR)(a)(b)
	11,770,000	4.000	12/01/2031		11,319,243
	Black Belt Energy Gas District Gas Supply RB Series 2022 (NR/NR)(a)(b)
	12,250,000	4.000	06/01/2027		12,134,631
	Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (A2/AA)
	425,000	5.000	08/01/2025		442,211
	550,000	5.000	08/01/2027		583,486
	485,000	5.000	08/01/2028		519,750
	485,000	5.000	08/01/2029		524,698
	425,000	5.000	08/01/2030		461,347
	County of Jefferson AL Sewer Revenue (NR/NR)(c)
	14,875,000	0.000	10/01/2050		15,022,118
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-)
	4,600,000	5.750	10/01/2049		4,681,990
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+)
	1,000,000	5.000	10/01/2024		1,023,077
	1,000,000	5.000	10/01/2025		1,024,428
	2,225,000	5.000	10/01/2030		2,262,893
	Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(d)
	225,000	2.000	10/01/2024		216,591
	Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(d)
	225,000	2.000	10/01/2024		216,592
	Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (BBB/NR) (PUTABLE)(a)(b)(d)
	1,750,000	2.000	10/01/2024		1,684,601
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (A2/AA)
	740,000	5.000	10/01/2044		762,160
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (A2/AA)(c)
	4,420,000	0.000	10/01/2046		4,455,578
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB)
	13,500,000	6.000	10/01/2042		14,417,294
	10,615,000	6.500	10/01/2053		11,384,722
	Midcity Improvement District Special Assessment RB Series 2022 (NR/NR)
	200,000	3.875	11/01/2027		174,081
	500,000	4.250	11/01/2032		412,878
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A1/NR)
	3,820,000	4.000	06/01/2024		3,816,800
Municipal Bonds – (continued)
Alabama – (continued)
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A1/NR)(b)(e) (1M USD LIBOR + 0.85%)
	10,000,000	2.946	06/01/2024		9,843,307
					102,182,631
Alaska – 0.2%
	Alaska Municipal Bond Bank Authority RB Refunding Series 2016 (AMT) (NR/A+)
	1,365,000	5.000	12/01/2031		1,413,392
	2,055,000	5.000	12/01/2033		2,114,382
	Alaska Municipal Bond Bank Authority RB Refunding Series 2020 ONE (A1/A+)
	2,235,000	5.000	12/01/2029		2,416,931
	1,540,000	5.000	12/01/2030		1,669,699
	Alaska Municipal Bond Bank Authority RB Series 2017 THREE (NR/A+)
	1,240,000	5.000	12/01/2027		1,332,086
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB-)
	1,900,000	4.000	06/01/2050		1,692,361
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB+)
	145,000	0.500	06/01/2031		142,533
	State of Alaska GO Bonds Series 2016 (AA-/Aa3)
	5,460,000	5.000	08/01/2027		5,714,084
					16,495,468
American Samoa – 0.0%
	American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR)(f)
	1,790,000	2.470	09/01/2024		1,693,194
	American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)(f)
	1,500,000	3.720	09/01/2027		1,323,100
					3,016,294
Arizona – 1.7%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)(e) (3M USD LIBOR + 0.81%)
	21,670,000	3.318	01/01/2037		20,133,081
	Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)(f)
	8,000,000	6.500	11/01/2053		7,289,664
	Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-)
	425,000	3.375	07/01/2041		343,174
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A)
	1,400,000	5.000	11/01/2044		1,418,260
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+)
	570,000	5.000	01/01/2043		382,833
	3,250,000	4.500	01/01/2049		1,914,818
	2,095,000	5.000	01/01/2054		1,306,072

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (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 Second Tier Series 2019 B (NR/CCC+)
$	1,565,000		5.000	%		01/01/2037	$	1,044,096
	1,105,000		5.000			01/01/2038		725,095
	300,000		5.000			01/01/2043		184,223
	2,125,000		5.000			01/01/2049		1,239,355
	600,000		5.125			01/01/2054		345,154
	Arizona Industrial Development Authority RB for Kipp New York, Inc. Jerome Facility Series 2021 B (NR/BBB-)
	620,000		4.000			07/01/2041		516,200
	Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-)
	875,000		4.000			07/01/2041		728,508
	1,000,000		4.000			07/01/2051		765,083
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (Baa3/NR)
	365,000		5.000			05/01/2024		334,410
	300,000		5.000			05/01/2029		255,313
	650,000		5.000			05/01/2031		534,015
	Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)(f)
	530,000		3.000			12/15/2031		436,341
	City of Chandler IDA Industrial Development RB Series 2007 (A+/NR) (PUTABLE)(a)(b)(d)
	10,000,000		2.700			08/14/2023		9,875,817
	City of Chandler IDA Industrial Development RB Series 2019 (A+/NR)(a)(b)
	7,300,000		5.000			06/03/2024		7,391,861
	City of Mesa Utility System RB Refunding Series 2021 (Aa2/AA-)
	7,000,000		4.000			07/01/2035		6,890,761
	City of Phoenix Civic Improvement Corp Junior Lien Water System RB Series 2020B (AAA/NR)
	6,500,000		5.000			07/01/2044		6,844,802
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A1/A)
	1,375,000		3.000			07/01/2049		937,675
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A)
	1,115,000		5.000			07/01/2024		1,140,914
	1,215,000		5.000			07/01/2025		1,252,580
	2,980,000		5.000			07/01/2044		2,976,008
	2,290,000		3.250			07/01/2049		1,547,750
	6,125,000		5.000			07/01/2049		6,117,153
	City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/BBB+)
	2,125,000		5.000			07/01/2045		2,172,202
	City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (Aa2/AAA)
	7,000,000		5.000			07/01/2030		7,383,315
	County of Maricopa IDA Education RB Series 2021A (BB+/NR)(f)
	550,000		3.000			07/01/2031		458,610
	1,050,000		4.000			07/01/2041		841,839
Municipal Bonds – (continued)
Arizona – (continued)
	County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)(f)
	1,100,000		4.000			07/01/2026		1,088,450
	3,225,000		4.375			07/01/2031		3,196,846
	3,225,000		5.000			07/01/2044		3,196,233
	Entertainment Center Community Facilities District RB Series 2017 (NR/NR)
	4,588,000		4.000			07/01/2037		4,463,200
	Equitable National Charter School Revolving Loan Fund RB for Arizona IDA Series 2019A (NR/A)
	1,055,000		5.000			11/01/2024		1,088,357
	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		346,855
	376,000		4.100			07/01/2034		327,916
	1,102,000		4.750			07/01/2043		915,003
	Glendale City Subordinate RB Refunding Series 2017 (A1/AA)
	2,500,000		5.000			07/01/2028		2,674,655
	Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR)
	535,000		4.000			05/15/2031		481,865
	900,000		5.000			05/15/2041		834,085
	Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR)
	5,000,000		5.000			11/15/2042		4,925,330
	La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB)
	380,000		4.000			02/15/2041		303,881
	295,000		4.000			02/15/2046		223,662
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB)(f)
	300,000		4.000			07/01/2030		272,448
	600,000		5.000			07/01/2040		551,563
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB)(f)
	500,000		4.000			07/01/2051		355,816
	Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)(f)
	300,000		5.000			10/01/2026		300,693
	400,000		5.125			10/01/2030		398,832
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-)
	200,000		4.000			07/01/2025		198,406
	200,000		4.000			07/01/2026		197,415
	200,000		4.000			07/01/2027		196,420
	325,000		4.000			07/01/2028		317,439
	250,000		4.000			07/01/2029		242,740
	500,000		4.000			07/01/2034		461,751
	700,000		5.000			07/01/2039		706,928
	Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)(f)
	425,000		4.750			05/01/2030		398,433
	225,000		5.500			05/01/2040		201,619

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)
Arizona – (continued)
	Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+)
$	11,910,000	5.000 %	12/01/2037	$	11,722,383
					136,316,206
Arkansas – 0.4%
	Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A)
	5,790,000	5.000	12/01/2047		5,694,200
	4,630,000	3.200	12/01/2049		3,126,094
	Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR)
	315,000	3.000	07/01/2032		252,321
	310,000	3.125	07/01/2036		229,601
	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		4,599,468
	Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-)
	700,000	5.000	06/01/2023		704,315
	1,030,000	5.000	06/01/2024		1,042,266
	1,215,000	5.000	06/01/2025		1,237,375
	1,705,000	5.000	06/01/2026		1,745,765
	1,770,000	5.000	06/01/2027		1,821,684
	Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+)
	550,000	5.000	08/01/2026		570,323
	500,000	5.000	08/01/2028		512,663
	Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (Aa2/NR)
	5,395,000	3.000	02/01/2023		5,395,021
	5,185,000	3.000	02/01/2024		5,178,564
					32,109,660
California – 8.6%
	Airport Commission of San Francisco International Airport RB Series 2018D (A/A1)
	15,790,000	5.000	05/01/2048		15,767,602
	Airport Commission of San Francisco International Airport RB Series 2019E (AMT) (A/A1)
	10,520,000	5.000	05/01/2050		10,493,975
	Alameda Corridor Transportation Authority Current Interest Convertible Capital Appreciation Bonds Series 2022C (AGM) (Baa2/AA)
	1,900,000	5.000	10/01/2052		1,914,300
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA)(g)
	1,000,000	0.000	08/01/2037		513,233
	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		668,722
	500,000	4.000	09/01/2025		497,651
	370,000	4.000	09/01/2026		366,958
	415,000	4.000	09/01/2027		407,843
Municipal Bonds – (continued)
California – (continued)
	Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR) – (continued)
	410,000	4.000	09/01/2028		400,609
	345,000	4.000	09/01/2029		334,145
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA)
	1,000,000	5.000	05/01/2040		1,038,557
	Bay Area Toll Authority Bridge RB 2021 Series D (AA/AA)(b)(e) (SIFMA Municipal Swap Index Yield + 0.30%)
	12,750,000	2.750	04/01/2027		12,365,427
	Bay Area Toll Authority Bridge RB 2021 Series E (AA/AA)(b)(e) (SIFMA Municipal Swap Index Yield + 0.41%)
	8,450,000	2.860	04/01/2028		8,184,258
	Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR)
	205,000	4.000	09/01/2023		205,039
	210,000	4.000	09/01/2024		209,637
	220,000	4.000	09/01/2025		219,145
	230,000	4.000	09/01/2026		228,518
	235,000	4.000	09/01/2027		231,151
	255,000	4.000	09/01/2029		247,124
	275,000	4.000	09/01/2031		259,716
	290,000	4.000	09/01/2032		271,213
	300,000	5.000	09/01/2033		308,997
	215,000	5.000	09/01/2034		220,903
	330,000	5.000	09/01/2035		338,614
	345,000	3.000	09/01/2036		279,580
	360,000	3.000	09/01/2037		287,560
	370,000	3.000	09/01/2038		290,265
	380,000	3.000	09/01/2039		294,121
	1,160,000	5.000	09/01/2044		1,170,513
	1,475,000	5.000	09/01/2049		1,483,330
	California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)(a)(b)
	25,000,000	4.000	08/01/2028		24,434,865
	California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB-)
	245,000	4.000	06/01/2049		240,347
	California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR)
	270,000	5.000	06/01/2050		249,468
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+)
	950,000	4.000	06/01/2049		770,172
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-)
	225,000	5.000	06/01/2049		212,647
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)(g)
	2,375,000	0.000	06/01/2055		388,646

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+)
$	825,000		4.000	%		06/01/2049	$	668,833
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-)
	1,095,000		5.000			06/01/2049		1,034,883
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)(g)
	12,130,000		0.000			06/01/2055		1,984,958
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)(g)
	45,220,000		0.000			06/01/2055		4,363,567
	California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (Aaa/AAA)
	5,000,000		5.250			04/01/2040		5,641,093
	California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (Aaa/AAA)
	3,500,000		5.000			05/01/2045		3,824,027
	California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC – M@College Project Series 2020 A (Baa3/NR)
	450,000		5.000			08/01/2035		441,620
	575,000		5.000			08/01/2040		551,380
	550,000		5.000			08/01/2045		515,808
	California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+)(f)
	250,000		4.000			06/01/2036		211,937
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A1/AA)
	500,000		5.000			02/01/2042		508,136
	California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A1/A+)
	375,000		5.000			11/15/2028		400,814
	350,000		5.000			11/15/2029		372,814
	565,000		5.000			11/15/2030		596,313
	1,010,000		5.000			11/15/2042		1,016,766
	10,100,000		5.000			11/15/2056		10,060,479
	California Health Facilities Financing Authority RB Series 2017A (BBB+/Baa2)
	5,800,000		5.000			08/15/2042		5,706,863
	California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR)(a)(b)
	4,500,000		1.200			06/01/2028		3,738,149
	California Infrastructure & Economic Development Bank RB Series A (A-/NR)
	1,095,000		4.000			05/01/2039		994,762
	1,140,000		4.000			05/01/2040		1,031,330
	1,185,000		4.000			05/01/2041		1,069,581
	California Infrastructure & Economic Development Bank RB Series B (A-/NR)
	3,790,000		4.000			05/01/2039		3,443,059
	1,755,000		4.000			05/01/2040		1,587,704
	2,140,000		4.000			05/01/2041		1,931,565
Municipal Bonds – (continued)
California – (continued)
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/A-)
	1,300,000		5.000			02/01/2034		1,320,167
	1,150,000		5.000			02/01/2035		1,165,736
	450,000		5.000			02/01/2042		446,152
	1,450,000		5.000			02/01/2047		1,436,363
	California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (NR/NR)
	4,265,000		5.000			06/30/2028		4,377,442
	3,235,000		5.000			12/31/2028		3,319,416
	3,500,000		5.000			12/31/2043		3,404,977
	California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-)
	650,000		4.000			07/01/2031		619,856
	1,830,000		4.000			07/01/2041		1,535,043
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR)
	200,000		5.000			10/01/2026		205,446
	200,000		5.000			10/01/2027		206,095
	150,000		5.000			10/01/2028		154,892
	225,000		5.000			10/01/2029		232,328
	125,000		5.000			10/01/2030		128,265
	225,000		5.000			10/01/2031		229,682
	225,000		5.000			10/01/2032		229,139
	California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)(f)
	430,000		5.000			10/01/2034		413,857
	1,125,000		5.000			10/01/2039		1,044,627
	1,035,000		5.000			10/01/2049		911,241
	California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR)
	4,275,000		5.000			07/01/2042		4,211,742
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR)
	6,325,000		5.000			12/31/2037		6,310,932
	California Municipal Finance Authority Senior Lien RB Series 2018A (NR/NR)
	2,375,000		5.000			12/31/2038		2,370,473
	California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-1 (NR/NR)
	375,000		2.750			11/15/2027		335,286
	California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-2 (NR/NR)
	645,000		2.125			11/15/2026		589,631
	California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR)
	3,625,000		4.000			07/15/2029		3,330,099
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR)
	400,000		5.000			06/01/2035		400,762

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 Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (AMT) (NR/A-/A-2)
$	4,130,000		3.000	%		11/01/2025	$	3,998,756
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)(f)
	1,750,000		6.750			12/01/2028		1,230,383
	14,195,000		7.500			12/01/2040		9,198,955
	California Pollution Control Financing Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2015 A-1 (AMT) (NR/A-/A-2)
	10,000,000		3.375			07/01/2025		9,810,824
	California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-)
	4,000,000		4.300			07/01/2040		3,864,722
	California Pollution Control Financing Authority VRD Solid Waste RB Series 2001A (A-/A-2/NR)(a)(b)
	1,250,000		2.500			05/01/2024		1,224,617
	California Pollution Control Financing Authority VRD Solid Waste RB Series 2003A (A-/A-2/NR) (PUTABLE)(a)(b)(d)
	3,500,000		2.500			05/01/2024		3,428,928
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR)(f)
	13,845,000		5.000			07/01/2030		13,853,923
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR)(f)
	360,000		5.000			07/01/2023		362,321
	445,000		5.000			07/01/2024		450,517
	1,330,000		5.000			07/01/2029		1,351,829
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)(f)
	1,000,000		5.000			06/15/2040		910,067
	California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)(f)
	760,000		6.250			04/01/2052		719,049
	California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)(f)
	900,000		5.000			10/01/2042		863,811
	California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+)(f)
	950,000		5.250			07/01/2052		867,524
	California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-)(f)
	215,000		3.000			10/01/2030		187,893
	500,000		5.000			10/01/2040		484,593
	California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)(f)
	290,000		2.000			10/01/2025		267,898
	400,000		3.000			10/01/2031		341,879
Municipal Bonds – (continued)
California – (continued)
	California School Finance Authority RB for Classical Academy Obligated Group Series 2021 B (NR/BBB-)(f)
	125,000		2.250			10/01/2023		124,763
	California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+)(f)
	680,000		4.000			07/01/2030		625,227
	1,250,000		5.000			07/01/2040		1,172,919
	California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (ST INTERCEPT) (NR/NR)(f)
	435,000		5.000			06/01/2041		397,465
	California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR)(f)
	400,000		4.875			06/01/2027		367,671
	California School Finance Authority RB Refunding Series 2016 (NR/BBB)(f)
	3,925,000		5.000			08/01/2046		3,826,493
	California State Various Purpose GO Bonds Series 2017 (Aa2/AA-)
	1,250,000		5.000			08/01/2046		1,290,986
	California State Various Purpose GO Refunding Bonds Series 2020 (Aa2/AA-)
	16,170,000		4.000			11/01/2037		15,894,804
	6,400,000		4.000			11/01/2038		6,194,357
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	130,000		5.000			09/01/2030		132,946
	135,000		5.000			09/01/2037		136,998
	California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)(f)
	1,375,000		7.250			09/01/2050		1,246,800
	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		528,377
	530,000		4.000			09/01/2051		418,473
	California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)
	875,000		5.000			09/02/2034		903,236
	595,000		5.000			09/02/2039		608,754
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)
	2,630,000		5.000			09/02/2033		2,714,712
	875,000		5.000			09/02/2038		894,872
	350,000		5.000			09/02/2043		353,511
	1,040,000		5.000			09/02/2048		1,044,202
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR)
	3,781,000		5.000			09/02/2029		3,916,161

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR)
$	645,000		4.000	%		09/02/2023	$	643,179
	670,000		4.000			09/02/2024		665,560
	1,500,000		5.000			09/02/2034		1,543,011
	California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)(f)
	650,000		3.000			06/01/2029		561,046
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB+)
	365,000		5.000			08/01/2028		377,488
	300,000		5.000			08/01/2029		309,390
	315,000		5.000			08/01/2030		324,182
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B)(f)
	400,000		5.000			07/01/2024		397,406
	900,000		5.000			07/01/2029		858,283
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-)
	150,000		5.000			04/01/2030		155,849
	70,000		5.000			04/01/2031		72,348
	385,000		4.000			04/01/2032		364,648
	455,000		4.000			04/01/2034		423,207
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2021 A (NR/A-)
	3,235,000		3.000			04/01/2037		2,550,581
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-)
	3,835,000		5.500			12/01/2054		3,856,066
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 B (NR/BB-)
	7,000,000		6.000			12/01/2024		7,174,959
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (NR/BB-)(f)
	1,725,000		5.000			12/01/2031		1,702,719
	California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR)
	1,710,000		4.000			09/02/2028		1,646,735
	1,250,000		5.000			09/02/2040		1,243,057
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
	1,250,000		5.000			09/02/2038		1,275,792
	1,500,000		5.000			09/02/2048		1,502,250
	California Statewide Communities Development Authority Special Assessment for Statewide Community Infrastructure Program Series 2019 C (NR/NR)
	345,000		4.000			09/02/2023		344,483
	355,000		4.000			09/02/2024		353,676
	1,015,000		4.000			09/02/2029		993,062
Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR)
	450,000		5.125			09/01/2042		429,223
	California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/NR)
	5,025,000		5.000			05/15/2042		4,981,330
	1,800,000		5.000			05/15/2047		1,752,672
	California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (NON-AMT) (A-/BBB+)
	3,990,000		1.750			09/01/2029		3,313,946
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR)(g)
	22,510,000		0.000			06/01/2046		3,055,100
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	230,000		4.000			09/01/2026		228,436
	245,000		4.000			09/01/2027		242,265
	250,000		4.000			09/01/2028		244,555
	165,000		3.000			09/01/2037		124,122
	170,000		3.000			09/01/2038		125,689
	175,000		3.000			09/01/2039		127,378
	180,000		3.000			09/01/2040		127,791
	620,000		3.125			09/01/2044		424,516
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (Aa1/AA)(g)
	3,500,000		0.000			06/01/2034		2,093,441
	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		506,104
	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		702,740
	City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)(f)
	100,000		4.000			09/01/2026		98,084
	150,000		4.000			09/01/2031		141,455
	650,000		4.000			09/01/2036		577,250
	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		1,104,331
	1,275,000		4.000			09/01/2032		1,191,137
	1,030,000		4.000			09/01/2037		914,422
	485,000		4.000			09/01/2040		418,256
	City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR)(h)
	2,000,000		5.250			09/01/2042		1,987,331
	2,000,000		5.375			09/01/2047		1,984,693
	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		573,498

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)
	City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)(f)
$	1,000,000		5.000	%		09/01/2035	$	1,016,813
	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		408,193
	City of Los Angeles Department of Airports International Airport Subordinate RB 2022 Series A (AMT) (Aa3/AA-)
	180,000		5.000			05/15/2030		189,674
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	305,000		4.000			09/01/2028		298,479
	330,000		4.000			09/01/2030		315,438
	150,000		3.000			09/01/2038		109,581
	160,000		3.000			09/01/2039		114,555
	City of Oroville RB for Oroville Hospital Series 2019 (NR/B+)
	1,140,000		5.000			04/01/2024		1,140,809
	1,325,000		5.000			04/01/2027		1,324,576
	1,000,000		5.000			04/01/2029		997,770
	1,250,000		5.000			04/01/2030		1,239,850
	1,500,000		5.000			04/01/2031		1,478,279
	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		157,404
	190,000		4.000			09/01/2033		175,758
	200,000		4.000			09/01/2036		180,016
	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		660,216
	800,000		4.000			09/02/2031		755,505
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)
	100,000		5.000			09/01/2026		102,662
	100,000		5.000			09/01/2027		102,872
	95,000		5.000			09/01/2028		97,648
	95,000		5.000			09/01/2029		97,462
	135,000		5.000			09/01/2031		137,950
	245,000		5.000			09/01/2032		249,901
	225,000		5.000			09/01/2033		229,164
	145,000		5.000			09/01/2034		147,419
	150,000		5.000			09/01/2035		152,377
	680,000		5.000			09/01/2036		690,338
	270,000		5.000			09/01/2037		273,922
	245,000		5.000			09/01/2038		248,317
	485,000		5.000			09/01/2039		490,929
	City of Roseville CA ST Series 2019 (NR/NR)
	85,000		4.000			09/01/2023		84,964
	80,000		4.000			09/01/2024		79,848
	150,000		4.000			09/01/2025		149,417
	275,000		5.000			09/01/2026		284,954
	210,000		5.000			09/01/2027		219,042
	160,000		5.000			09/01/2028		168,044
	170,000		5.000			09/01/2029		179,798
	110,000		5.000			09/01/2030		115,203
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		286,220
	815,000		5.000			09/01/2034		843,756
	445,000		5.000			09/01/2039		456,606
	City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)
	70,000		4.000			09/01/2024		69,816
	95,000		4.000			09/01/2026		94,252
	65,000		5.000			09/01/2030		67,873
	190,000		4.000			09/01/2032		179,554
	225,000		4.000			09/01/2034		207,625
	265,000		4.000			09/01/2036		240,256
	305,000		4.000			09/01/2038		270,975
	330,000		4.000			09/01/2040		287,094
	City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)(f)
	495,000		4.000			09/01/2028		493,325
	City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR)
	600,000		5.000			09/01/2035		611,673
	1,000,000		5.000			09/01/2040		1,004,683
	City of Santee Community Facilities District No. 2017-1 Special Tax Bonds Series 2019 (NR/NR)
	1,420,000		4.000			09/01/2044		1,192,181
	City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR)
	320,000		2.000			09/01/2024		300,537
	330,000		2.250			09/01/2026		294,831
	350,000		2.375			09/01/2028		299,146
	380,000		2.750			09/01/2031		312,839
	405,000		3.000			09/01/2033		328,517
	415,000		3.000			09/01/2034		330,087
	270,000		3.000			09/01/2035		211,471
	900,000		3.125			09/01/2037		693,138
	740,000		3.125			09/01/2039		555,344
	810,000		3.250			09/01/2041		595,478
	City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)
	345,000		5.000			09/01/2044		344,092
	465,000		5.000			09/01/2049		459,002
	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		75,423
	700,000		3.250			09/01/2041		535,677
	600,000		3.500			09/01/2049		444,549
	Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (NR/AA)
	275,000		3.125			08/01/2035		237,093
	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		464,570
	725,000		5.000			09/01/2039		742,651

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	County of Los Angeles CA Community Facilities District NO 2021-01
$	2,250,000		5.000	%		09/01/2047	$	2,116,523
	County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A2/A+)
	1,225,000		5.000			07/01/2039		1,233,718
	Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)
	1,165,000		5.000			09/01/2027		1,198,466
	East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)
	395,000		3.125			09/01/2044		267,867
	1,630,000		3.125			09/01/2049		1,054,019
	Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2)
	3,255,000		4.000			01/15/2046		2,776,389
	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		341,158
	500,000		4.000			09/01/2050		399,872
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa2/A-)(a)
	1,300,000		3.950			01/15/2053		1,049,441
	Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR)
	15,850,000		3.850			06/01/2050		13,745,584
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)(b)
	24,130,000		5.000			06/01/2028		26,436,852
	Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (A+/Aa3)(b)
	13,395,000		5.000			06/01/2025		14,039,908
	Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2018A-1 (US TREASURY OBLIGATIONS / CASH) (NR/NR)(b)
	5,250,000		5.000			06/01/2028		5,751,905
	Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)(f)
	665,000		4.000			06/01/2036		628,665
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (NR/A-)
	1,000,000		3.678			06/01/2038		930,012
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	650,000		5.000			09/01/2025		670,502
	650,000		5.000			09/01/2026		676,153
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	480,000		5.000			09/01/2025		495,140
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	430,000		5.000			09/01/2026		447,301
Municipal Bonds – (continued)
California – (continued)
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	180,000		4.000			09/01/2025		178,277
	175,000		4.000			09/01/2026		172,415
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/NR)
	350,000		5.000			09/01/2030		366,983
	310,000		5.000			09/01/2032		320,778
	360,000		5.000			09/01/2034		367,753
	460,000		5.000			09/01/2036		465,726
	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		784,359
	2,500,000		5.000			09/01/2048		2,516,463
	Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (NR/AA)
	3,000,000		3.500			09/01/2035		2,598,787
	Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (Aa2/AA)
	2,335,000		5.000			05/15/2034		2,396,317
	Los Angeles Department of Airports Subordinated RB Series 2016 B (AMT) (Aa3/AA-)
	1,000,000		5.000			05/15/2029		1,028,820
	Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (Aa3/AA-)
	7,000,000		5.250			05/15/2048		7,084,510
	Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (Aa3/AA-)
	5,000,000		5.000			05/15/2030		5,189,549
	1,000,000		5.000			05/15/2035		1,015,552
	Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (Aa3/AA-)
	6,000,000		5.000			05/15/2030		6,285,640
	Los Angeles Unified School District 2014 GO Refunding Bonds Series C (A+/Aa3)
	4,520,000		5.000			07/01/2027		4,663,693
	Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (AGC) (Aa3/AA)(g)
	2,000,000		0.000			08/01/2037		995,707
	4,500,000		0.000			08/01/2038		2,122,151
	4,500,000		0.000			08/01/2039		2,007,689
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL) (NR/AA-)(g)
	1,205,000		0.000			08/01/2026		1,043,874
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR)(g)
	2,510,000		0.000			08/01/2035		1,423,863
	M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+)
	1,750,000		6.500			11/01/2039		2,021,552
	M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+)
	3,295,000		6.125			11/01/2029		3,579,112
	2,000,000		6.500			11/01/2039		2,312,835

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)
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA)
$	5,000,000	5.750 %		08/01/2035	$	5,322,078
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/BBB+)(e) (3M USD LIBOR + 0.72%)
	4,025,000	3.228		07/01/2027		3,906,005
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (A2/AA)
	11,335,000	5.000		11/01/2047		11,442,123
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA)
	2,150,000	0.000(g)		08/01/2031		1,449,610
	4,150,000	0.000(g)		08/01/2032		2,648,111
	3,500,000	0.000(g)		08/01/2033		2,107,992
	6,450,000	7.000		08/01/2038		7,272,316
	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		589,955
	320,000	4.000		09/01/2024		319,506
	400,000	4.000		09/01/2025		398,446
	1,490,000	4.000		09/01/2026		1,477,749
	305,000	4.000		09/01/2027		300,269
	500,000	4.000		09/01/2028		489,819
	1,780,000	4.000		09/01/2029		1,730,165
	River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR)
	1,800,000	5.000		09/01/2042		1,655,206
	River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR)
	875,000	4.000		09/01/2041		741,590
	555,000	4.000		09/01/2046		448,518
	Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (A/BBB+)
	2,230,000	4.000		06/01/2037		2,019,500
	2,965,000	4.000		06/01/2038		2,661,444
	3,845,000	4.000		06/01/2039		3,423,607
	1,755,000	4.000		06/01/2040		1,549,318
	Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)
	195,000	4.000		09/01/2027		191,586
	205,000	4.000		09/01/2028		199,729
	210,000	4.000		09/01/2029		202,490
	220,000	4.000		09/01/2030		209,115
	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		772,823
	1,075,000	5.000		09/01/2026		1,116,276
	1,000,000	5.000		09/01/2027		1,049,418
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR)
	100,000	5.000		09/01/2031		104,246
Municipal Bonds – (continued)
California – (continued)
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) – (continued)
	185,000	5.000		09/01/2032		192,326
	165,000	5.000		09/01/2033		170,791
	175,000	4.000		09/01/2034		162,385
	150,000	4.000		09/01/2035		138,113
	125,000	3.000		09/01/2036		95,921
	470,000	5.000		09/01/2039		480,581
	250,000	3.250		09/01/2041		184,474
	400,000	5.000		09/01/2045		403,664
	1,000,000	5.000		09/01/2049		1,005,277
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR)
	850,000	2.500		09/01/2037		577,348
	600,000	4.000		09/01/2041		514,962
	4,480,000	4.000		09/01/2050		3,577,382
	Sacramento City Unified School District GO RB Refunding Series 2015 (AGM) (NR/AA)
	1,000,000	5.000		07/01/2029		1,026,650
	Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)(e) (3M USD LIBOR + 0.55%)
	21,905,000	2.615		06/01/2034		20,197,602
	San Diego Community College District 2016 GO Refunding Bonds (AAA/Aaa)(b)
	5,500,000	5.000		08/01/2026		5,876,391
	San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR)
	2,850,000	4.000		07/01/2039		2,542,600
	San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR)
	10,950,000	4.000		07/01/2040		9,722,006
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (Aa2/AA-)(g)
	5,000,000	0.000		07/01/2039		2,261,776
	San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (Aa2/AA-)(b)
	3,500,000	4.000		07/01/2023		3,522,049
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 B (A1/A)
	4,650,000	5.000		05/01/2049		4,778,711
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2013 A (AMT) (A1/A)
	2,000,000	5.500		05/01/2028		2,015,104
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2020 A (AMT) (A1/A)
	1,000,000	4.000		05/01/2039		892,866
	2,800,000	4.000		05/01/2040		2,487,934
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 A (AMT) (NR/A)
	10,000,000	5.000		05/01/2023		10,097,847

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (AMT) (NR/A)
$	1,300,000		5.000	%		05/01/2027	$	1,345,077
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2016 C (NR/A-)
	1,000,000		5.000			08/01/2033		1,052,516
	San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR)
	500,000		5.000			09/01/2036		495,329
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL) (Baa2/NR)(g)
	1,715,000		0.000			01/15/2026		1,487,355
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (NR/A)(b)
	1,000,000		5.000			01/15/2025		1,039,005
	Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 1 Series 2018 B (Aa1/AA+)
	12,235,000		4.000			08/01/2050		10,799,274
	Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 2 Series 2018 B (Aa1/AA+)
	15,995,000		4.000			08/01/2050		14,118,054
	State of California GO Bonds Various Purpose GO Refunding Bonds (Aa2/AA-)
	8,000,000		5.000			11/01/2031		8,889,114
	State of California Various Purpose GO Refunding Bonds (Aa2/AA-)
	10,775,000		4.000			03/01/2037		10,596,149
	Stockton Unified School District GO Refunding Bonds Series 2016 (Aa3/A+)
	2,735,000		5.000			08/01/2025		2,852,501
	Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (NR/BBB-)
	1,760,000		4.000			06/01/2049		1,556,658
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A)
	885,000		5.000			06/01/2026		910,843
	1,180,000		5.000			06/01/2027		1,220,894
	920,000		5.000			06/01/2028		954,625
	1,780,000		5.000			06/01/2029		1,857,323
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A-)
	1,745,000		5.000			06/01/2032		1,801,412
	870,000		5.000			06/01/2034		890,895
	435,000		5.000			06/01/2035		444,356
	870,000		5.000			06/01/2036		886,242
	870,000		5.000			06/01/2039		879,685
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-)
	2,715,000		5.000			06/01/2048		2,554,181
Municipal Bonds – (continued)
California – (continued)
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)(g)
	7,975,000		0.000			06/01/2054		1,366,722
	Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR)
	475,000		2.375			09/02/2041		288,935
	1,050,000		2.500			09/02/2046		606,138
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR)
	1,265,000		5.000			10/01/2028		1,366,384
	580,000		5.000			10/01/2029		632,188
	490,000		5.000			10/01/2030		535,109
	1,025,000		5.000			10/01/2031		1,114,383
	880,000		5.000			10/01/2033		946,504
	615,000		5.000			10/01/2035		653,888
	705,000		5.000			10/01/2036		743,827
	880,000		5.000			10/01/2037		920,797
	880,000		5.000			10/01/2038		913,010
	880,000		5.000			10/01/2039		905,744
	970,000		5.000			10/01/2040		993,295
	950,000		5.000			10/01/2045		958,166
	1,035,000		2.400			10/01/2049		960,570
	995,000		5.000			10/01/2049		995,105
	University of California RB Refunding Series 2018 O (Aa3/AA-)
	3,500,000		5.500			05/15/2058		3,687,046
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL) (Baa2/AA-)(g)
	1,175,000		0.000			08/01/2025		1,067,939
	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		804,270
								698,854,538
Colorado – 4.2%
	Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (Aa2/NR)
	6,910,000		5.250			12/01/2040		7,255,510
	Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (ST AID WITHHLDG) (NR/NR)(b)
	325,000		5.250			12/01/2026		350,034
	Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR)
	1,425,000		4.700			12/01/2047		1,137,460
	Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR)
	2,975,000		5.500			12/01/2050		2,513,473
	Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)(c)(f)
	1,855,000		0.000			12/01/2049		1,498,218
	Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (NR/AA)
	14,305,000		5.000			03/01/2043		14,992,428

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)
	Board of Governors of Colorado State University System RB Refunding Series 2017 C (ST HGR ED INTERCEPT PROG) (ST HGR ED INTERCEPT PROG) (NR/NR)(b)
$	9,555,000		5.000	%		03/01/2028	$	10,338,925
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR)
	525,000		5.000			12/01/2037		496,654
	Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR)
	525,000		5.000			12/01/2035		481,233
	515,000		5.000			12/01/2040		453,279
	Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)(f)
	1,120,000		5.000			12/01/2040		1,025,980
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	1,000,000		5.250			12/01/2038		933,147
	Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)
	515,000		5.000			12/01/2041		447,503
	Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (Aa1/AA+)
	3,510,000		6.000			12/15/2029		3,954,208
	10,805,000		6.000			12/15/2030		12,128,575
	City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR)
	1,035,000		5.000			12/01/2049		884,690
	City of Denver Airport System Subordinate RB Series 2018A (AMT) (A1/A)
	11,000,000		5.250			12/01/2043		11,124,729
	City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/A+)
	5,000,000		5.500			11/15/2053		5,158,699
	Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR)
	900,000		4.000			10/01/2056		655,083
	Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR)
	150,000		4.000			05/01/2036		127,928
	150,000		4.000			05/01/2041		120,495
	Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR)(f)
	300,000		5.000			02/01/2034		272,583
	Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR)(f)
	1,300,000		5.000			10/01/2029		1,320,345
	2,500,000		5.000			10/01/2039		2,334,325
	Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (Baa3/NR)
	345,000		4.000			11/01/2029		318,805
	400,000		5.000			11/01/2039		374,025
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (MORAL OBLG) (Aa3/NR)
	325,000		5.000			06/01/2049		326,991
	350,000		5.000			06/01/2054		351,835
	Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB)
	650,000		5.000			09/01/2052		609,431
	Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (NR/Baa3)
	700,000		5.000			11/01/2049		621,493
	Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR)
	3,040,000		6.000			07/01/2036		2,924,219
	Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR)
	1,925,000		6.000			07/01/2031		1,860,177
	Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR)
	1,800,000		4.000			09/01/2050		1,424,259
	Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)(a)
	21,534,543		5.000			07/01/2057		17,330,522
	Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA)
	3,900,000		4.000			11/15/2043		3,470,502
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-)
	1,000,000		5.000			08/01/2030		1,036,234
	270,000		5.000			08/01/2035		270,607
	3,010,000		4.000			08/01/2044		2,497,157
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-)
	1,000,000		5.000			08/01/2035		1,002,248
	2,500,000		5.000			08/01/2036		2,502,175
	1,500,000		5.000			08/01/2038		1,490,723
	3,035,000		5.000			08/01/2039		3,005,854
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (NR/NR)(b)
	1,150,000		5.000			06/01/2027		1,228,081
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (NR/A+)
	1,730,000		4.000			11/01/2039		1,546,146
	7,435,000		5.000			11/01/2039		7,467,695
	10,980,000		5.000			11/01/2044		10,807,087
	Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (Aa3/AA-)
	2,640,000		4.000			01/01/2036		2,503,261
	Colorado Health Facilities Authority RB Series 2019A (NR/A+)
	1,275,000		5.000			11/01/2024		1,309,899

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority RB Series 2019A-2 (A-/Baa1)
$	3,495,000		4.000	%		08/01/2049	$	2,798,000
	Colorado Health Facilities Authority RB Series 2019B (AA/AA)(a)(b)
	6,000,000		5.000			11/19/2026		6,297,277
	Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A-/BBB+)(a)(b)
	8,500,000		5.000			08/01/2025		8,665,288
	Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR)
	775,000		5.250			12/01/2051		644,938
	Copper Ridge Metropolitan District RB Series 2019 (NR/NR)
	3,210,000		4.000			12/01/2029		2,897,964
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	500,000		4.500			12/01/2027		486,254
	Cottonwood Highlands Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	900,000		5.000			12/01/2049		785,901
	Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,255,000		5.000			12/01/2039		1,150,532
	Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) (NR/NR)(f)
	740,000		5.000			12/01/2029		665,573
	1,940,000		5.500			12/01/2039		1,630,559
	Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)(f)
	2,730,000		5.000			12/01/2029		2,469,811
	3,105,000		5.500			12/01/2039		2,636,985
	Denver City & County Airport RB Refunding Series 2018 A (AMT) (A2/A)
	1,500,000		5.000			12/01/2038		1,511,235
	Denver City & County Airport RB Series 2013 A (AMT) (A2/A)
	5,000,000		5.500			11/15/2029		5,070,176
	Denver City & County School District No. 1 GO Bonds Series 2021 (ST AID WITHHLDG) (Aa1/AA+)
	6,095,000		4.000			12/01/2045		5,450,507
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B)
	27,295,000		5.000			10/01/2032		25,976,840
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)(f)
	4,995,000		5.000			12/01/2025		5,139,102
	5,145,000		5.000			12/01/2026		5,333,382
	5,285,000		5.000			12/01/2027		5,487,278
	Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (BBB-/Baa2)
	1,235,000		5.000			12/01/2033		1,239,084
	Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-)
	640,000		5.000			12/01/2030		651,987
Municipal Bonds – (continued)
Colorado – (continued)
	Denver Health & Hospital Authority COPS Series 2018 (NR/BBB)
	765,000		5.000			12/01/2024		780,487
	205,000		5.000			12/01/2025		210,914
	Denver Health & Hospital Authority RB Series 2019 A (NR/BBB)
	880,000		5.000			12/01/2030		913,193
	1,230,000		5.000			12/01/2031		1,269,645
	3,500,000		5.000			12/01/2032		3,596,051
	Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)(f)
	4,355,000		5.250			12/01/2039		4,331,301
	E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (A2/AA)(g)
	1,500,000		0.000			09/01/2035		818,114
	E-470 Public Highway Authority RB Refunding Series 2020 A (A2/A)
	880,000		5.000			09/01/2027		940,518
	880,000		5.000			09/01/2028		948,688
	1,145,000		5.000			09/01/2034		1,223,417
	2,335,000		5.000			09/01/2036		2,486,100
	E-470 Public Highway Authority RB Series 2004 B (NATL) (A2/A)(g)
	1,350,000		0.000			09/01/2030		962,564
	E-470 Public Highway Authority RB Series 2010 A (A2/A)(g)
	6,000,000		0.000			09/01/2040		2,348,412
	Fiddler’s Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)(f)
	2,800,000		5.550			12/01/2047		2,728,147
	First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR)
	325,000		3.000			12/01/2029		277,309
	Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) (NR/NR)
	570,000		3.750			12/01/2034		444,422
	Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR)
	650,000		4.000			12/01/2031		551,837
	Hogback Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) (NR/NR)
	725,000		5.000			12/01/2041		629,980
	1,550,000		5.000			12/01/2051		1,265,900
	Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)
	900,000		5.000			12/01/2039		832,929
	Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR)(f)
	1,070,000		5.500			12/01/2050		958,502
	Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR)
	9,275,000		4.250			12/01/2046		7,347,757
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	1,375,000		5.000			12/01/2039		1,268,867
	1,000,000		5.000			12/01/2049		873,794

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)
	Mayfield Metropolitan District GO Bonds Series 2020 A (NR/NR)
$	1,185,000		5.750	%		12/01/2050	$	1,085,737
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,380,000		5.000			12/01/2039		1,250,904
	Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR)
	2,940,000		3.500			12/01/2041		2,103,377
	Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR)
	2,450,000		7.000			12/01/2052		2,449,644
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	500,000		5.500			12/01/2048		458,847
	Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-)
	215,000		4.000			12/01/2022		214,902
	160,000		4.000			12/01/2023		160,481
	175,000		4.000			12/01/2024		174,961
	100,000		4.000			12/01/2025		99,566
	315,000		4.000			12/01/2026		311,619
	290,000		4.000			12/01/2029		281,288
	205,000		4.000			12/01/2030		192,447
	225,000		4.000			12/01/2031		208,648
	Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)(f)
	500,000		4.000			12/01/2035		414,677
	500,000		5.000			12/01/2041		437,748
	Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)
	925,000		5.000			12/01/2040		841,552
	Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)
	650,000		5.000			12/01/2049		568,069
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)(b)
	1,000,000		5.625			12/01/2023		1,054,113
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A2/A-)
	2,000,000		6.250			11/15/2028		2,121,708
	Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	5,000,000		5.000			12/01/2039		4,566,497
	Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR)
	1,250,000		4.000			12/01/2036		1,004,405
	2,000,000		4.000			12/01/2041		1,482,542
	Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	900,000		5.000			12/01/2049		782,098
	Regional Transportation Distrcit Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR)
	450,000		5.000			07/15/2028		461,239
	715,000		5.000			01/15/2029		733,599
Municipal Bonds – (continued)
Colorado – (continued)
	Regional Transportation Distrcit Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1 NR) – (continued)
	400,000		5.000			07/15/2029		410,991
	500,000		5.000			01/15/2030		513,434
	350,000		5.000			07/15/2030		359,350
	Regional Transportation District RB Refunding for Denver Transit Partners LLC Series 2020 A (Baa1/NR)
	440,000		5.000			01/15/2028		450,253
	Regional Transportation District Sales Tax Revenue RB Series 2016 A (Aa2/AA+)
	19,445,000		5.000			11/01/2046		20,049,230
	Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)
	850,000		5.000			12/01/2049		747,001
	Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)
	2,875,000		5.000			12/01/2039		2,635,065
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)(b)
	386,000		4.500			12/01/2023		390,969
	Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)
	1,240,000		5.000			12/01/2049		1,167,985
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA)
	75,000		5.000			12/01/2025		77,795
	125,000		5.000			12/01/2026		130,697
	150,000		5.000			12/01/2027		157,874
	235,000		5.000			12/01/2028		249,322
	175,000		5.000			12/01/2029		186,974
	300,000		4.000			12/01/2030		304,736
	300,000		4.000			12/01/2031		303,256
	375,000		4.000			12/01/2032		377,173
	220,000		4.000			12/01/2034		220,168
	325,000		4.000			12/01/2039		302,118
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000		5.500			12/01/2048		444,066
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (Ba1/NR)
	100,000		3.000			12/01/2022		99,703
	1,000,000		5.000			12/01/2037		947,121
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (Ba1/NR)
	100,000		3.500			12/01/2027		90,996
	115,000		5.000			12/01/2037		108,919
	325,000		5.000			12/01/2047		289,605
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037		955,891
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A3/NR)
	350,000		5.000			12/01/2032		363,247
	Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2030		979,749
	6,920,000		5.000			12/01/2047		6,133,718

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR)
$	1,805,000		3.750	%		12/01/2040	$	1,392,313
	The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)
	975,000		4.150			12/01/2030		915,617
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA)
	195,000		5.000			12/01/2026		206,193
	205,000		5.000			12/01/2027		219,223
	210,000		5.000			12/01/2028		226,978
	210,000		5.000			12/01/2029		229,164
	215,000		5.000			12/01/2030		233,843
	230,000		5.000			12/01/2031		249,124
	250,000		5.000			12/01/2032		269,846
	255,000		5.000			12/01/2033		273,358
	285,000		5.000			12/01/2034		303,656
	100,000		5.000			12/01/2035		106,370
	695,000		5.000			12/01/2050		723,517
	Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (NR/AA)
	105,000		5.000			12/15/2022		105,320
	115,000		5.000			12/15/2023		117,054
	130,000		5.000			12/15/2024		134,123
	125,000		5.000			12/15/2025		130,804
	135,000		5.000			12/15/2026		143,382
	125,000		5.000			12/15/2027		132,863
	125,000		5.000			12/15/2028		132,971
	125,000		5.000			12/15/2029		133,056
	125,000		5.000			12/15/2030		133,041
	135,000		5.000			12/15/2031		143,482
	160,000		5.000			12/15/2032		169,848
	Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR)
	1,000,000		5.000			12/01/2040		876,266
	Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR)(b)
	595,000		5.000			12/01/2024		629,305
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	1,250,000		5.375			12/01/2048		1,136,719
								343,657,961
Connecticut – 1.7%
	City of New Haven GO Bonds Series 2018 A (NR/BBB+)
	450,000		5.000			08/01/2026		470,695
	965,000		5.000			08/01/2027		1,017,194
	1,165,000		5.000			08/01/2028		1,235,904
	750,000		5.500			08/01/2029		812,590
	350,000		5.500			08/01/2030		378,359
	525,000		5.500			08/01/2031		565,619
	500,000		5.500			08/01/2032		537,112
	405,000		5.500			08/01/2033		433,676
Municipal Bonds – (continued)
Connecticut – (continued)
	City of New Haven GO Refunding Bonds Series 2019 B (AGM) (A2/AA)
	1,350,000		5.000			02/01/2024		1,375,503
	1,400,000		5.000			02/01/2026		1,461,310
	600,000		5.000			02/01/2027		631,478
	1,050,000		5.000			02/01/2028		1,115,462
	Connecticut State GO Bonds Series 2018 C (Aa3/A+)
	680,000		5.000			06/15/2028		735,075
	Connecticut State GO Refunding Bonds Series 2017 B (Aa3/A+)
	5,000,000		5.000			04/15/2028		5,394,835
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR)(f)
	400,000		5.000			01/01/2030		400,836
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-1 (NR/NR)(f)
	650,000		3.250			01/01/2027		614,822
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-2 (NR/NR)(f)
	550,000		2.750			01/01/2026		521,246
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-)
	390,000		5.000			07/01/2025		390,275
	575,000		5.000			07/01/2026		574,826
	440,000		5.000			07/01/2027		439,023
	530,000		5.000			07/01/2028		527,800
	485,000		5.000			07/01/2029		481,862
	875,000		5.000			07/01/2030		864,731
	645,000		5.000			07/01/2031		632,392
	575,000		5.000			07/01/2032		558,950
	475,000		5.000			07/01/2033		457,989
	450,000		5.000			07/01/2034		429,112
	870,000		4.000			07/01/2039		696,006
	Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR)(f)
	3,675,000		4.750			10/01/2048		3,121,009
	Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (Aa3/AA)
	5,540,000		5.000			11/01/2026		5,897,914
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/CCC+)(f)
	3,750,000		7.000			02/01/2045		3,773,129
	State of Connecticut GO Bonds 2020 Series A (Aa3/A+)
	5,000,000		4.000			01/15/2036		4,694,168
	State of Connecticut GO Bonds Series 2018 (Aa3/A+)
	1,770,000		5.000			06/15/2027		1,893,428
	755,000		5.000			06/15/2029		815,719
	State of Connecticut GO Bonds Series 2018 C (Aa3/A+)
	165,000		5.000			06/15/2032		176,809
	State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/A+)
	1,500,000		5.000			04/15/2025		1,560,833
	6,395,000		5.000			04/15/2026		6,740,691

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)
Connecticut – (continued)
	State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/A+) – (continued)
$	1,350,000		5.000	%		04/15/2028	$	1,456,605
	1,000,000		5.000			04/15/2035		1,062,789
	1,000,000		5.000			04/15/2036		1,061,280
	1,000,000		5.000			04/15/2039		1,046,720
	State of Connecticut Health & Educational Facilities Authority RB Series B (AA-/AA-)(a)(b)
	2,290,000		1.800			07/01/2024		2,218,793
	State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/WR/AAA) (PUTABLE)(a)(b)(d)
	18,600,000		1.100			02/11/2025		17,434,835
	State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-)
	2,285,000		5.375			07/01/2052		2,101,450
	State of Connecticut Special Tax Obligation Bonds for Transportation Insfrastructure 2021 Series D (Aa3/AA-)
	5,000,000		4.000			11/01/2038		4,705,374
	State of Connecticut State Revolving Fund RB Series 2017 A (Aaa/AAA)
	9,655,000		5.000			05/01/2036		10,246,250
	State of Connecticut State Revolving Fund RB Series 2019 A (Aaa/AAA)
	6,910,000		5.000			02/01/2032		7,490,233
	4,000,000		5.000			02/01/2033		4,319,583
	14,215,000		5.000			02/01/2036		15,238,010
	8,640,000		5.000			02/01/2037		9,237,499
	6,295,000		5.000			02/01/2039		6,706,742
	Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)(f)
	480,000		4.000			04/01/2036		419,128
	400,000		4.000			04/01/2041		331,722
	West Haven GO Bonds Series 2017 A (Baa3/BBB)
	325,000		5.000			11/01/2025		339,231
	325,000		5.000			11/01/2026		342,444
	325,000		5.000			11/01/2027		345,217
	West Haven GO Bonds Series 2017 B (Baa3/BBB)
	645,000		5.000			11/01/2024		665,002
	240,000		5.000			11/01/2026		252,882
								139,450,171
Delaware – 0.2%
	Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR/BB)
	370,000		3.000			06/01/2032		298,002
	450,000		4.000			06/01/2042		356,601
	Delaware Economic Development Authority Charter Schools RB Series 2021 (BBB+/NR)
	1,350,000		4.000			09/01/2041		1,155,746
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB)
	700,000		5.000			06/01/2025		718,737
	760,000		5.000			06/01/2026		787,021
	725,000		5.000			06/01/2027		752,680
	600,000		5.000			06/01/2029		627,022
Municipal Bonds – (continued)
Delaware – (continued)
	Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-)
	390,000		4.000			08/01/2029		368,434
	615,000		5.000			08/01/2039		572,225
	Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+)
	530,000		4.000			09/01/2030		505,600
	1,550,000		5.000			09/01/2040		1,554,237
	Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR)
	490,000		4.000			07/01/2023		489,023
	529,000		4.000			07/01/2024		523,447
	547,000		4.000			07/01/2025		540,001
	594,000		4.000			07/01/2026		581,311
	652,000		4.000			07/01/2027		633,806
	2,166,000		4.000			07/01/2030		2,026,278
	University of Delaware RB Series 2015 (WR/AA+)(b)
	1,805,000		5.000			05/01/2025		1,883,915
								14,374,086
District of Columbia – 1.3%
	District of Columbia GO Refunding Bonds Series 2017 A (Aaa/AA+)
	10,000,000		5.000			06/01/2035		10,492,232
	1,300,000		4.000			06/01/2037		1,228,506
	District of Columbia Income Tax Secured RB Series 2022A (Aa1/AAA)
	5,660,000		5.500			07/01/2047		6,220,498
	District of Columbia Private Activity RB Series 2022A (NR/NR)
	1,750,000		5.500			02/28/2037		1,760,231
	District of Columbia RB for International School Series 2019 (NR/BBB)
	860,000		5.000			07/01/2039		823,591
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+)
	1,275,000		4.000			07/01/2039		1,116,310
	550,000		4.000			07/01/2044		460,222
	District of Columbia RB for Rocketship DC Obligated Group Series 2021A (NR/NR)(f)
	1,000,000		5.000			06/01/2051		915,175
	District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A2/A+)
	1,250,000		2.532			04/01/2029		1,060,133
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A3/A-)
	135,000		6.500			05/15/2033		137,893
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2012 C (Aa2/AA+)
	5,000,000		5.000			10/01/2030		5,000,000
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (Aa2/AA+)(a)(b)
	6,390,000		1.750			10/01/2024		6,199,864
	District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2/AA+)(a)(b)
	2,875,000		3.000			10/01/2027		2,781,003

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
District of Columbia – (continued)
	Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (AA-/Aa3)
$	7,500,000		5.000	%		10/01/2044	$	7,490,433
	Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (AMT) (AA-/Aa3)
	19,325,000		5.000			10/01/2026		20,102,957
	Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A)
	1,060,000		5.000			10/01/2031		1,141,790
	850,000		5.000			10/01/2033		907,482
	850,000		5.000			10/01/2034		902,510
	850,000		5.000			10/01/2035		898,865
	1,375,000		5.000			10/01/2036		1,448,548
	850,000		5.000			10/01/2037		893,023
	850,000		5.000			10/01/2038		891,351
	1,275,000		5.000			10/01/2039		1,335,067
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA)
	2,130,000		3.000			10/01/2050		1,486,226
	2,785,000		4.000			10/01/2053		2,386,026
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-)
	695,000		4.000			10/01/2044		597,125
	925,000		5.000			10/01/2047		918,835
	1,390,000		4.000			10/01/2049		1,163,934
	1,550,000		4.000			10/01/2053		1,280,915
	Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (Aa3/A+)(b)
	3,400,000		5.000			10/01/2022		3,400,000
	Metropolitan Washington Airports Authority RB Refunding Series 2018 A (AMT) (Aa3/A+)
	6,375,000		5.000			10/01/2034		6,521,921
	Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (AMT) (Aa3/AA-)
	5,620,000		5.000			10/01/2035		5,673,660
	Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2019B (AMT) (Aa3/AA-)
	4,000,000		5.000			10/01/2026		4,236,841
								101,873,167
Florida – 11.4%
	Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	915,000		5.375			06/15/2042		887,888
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA)
	5,000,000		3.250			05/01/2036		4,108,890
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR)
	705,000		4.000			05/01/2025		694,860
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
	75,000		4.000			05/01/2024		74,490
	215,000		4.500			05/01/2029		212,824
Municipal Bonds – (continued)
Florida – (continued)
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
$	480,000		2.875	%		05/01/2025	$	453,686
	3,400,000		3.250			05/01/2031		2,879,667
	1,420,000		3.625			05/01/2040		1,108,931
	1,725,000		4.000			05/01/2051		1,347,339
	Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/BBB) (NR/NR)
	2,250,000		4.000			10/01/2040		1,858,532
	Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	190,000		3.500			05/01/2024		186,428
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-)
	360,000		2.500			05/01/2024		352,139
	370,000		3.000			05/01/2025		351,257
	380,000		3.000			05/01/2026		356,786
	395,000		3.125			05/01/2027		367,718
	Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	185,000		4.250			05/01/2027		181,140
	335,000		4.750			05/01/2036		320,124
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	230,000		4.125			05/01/2023		229,606
	Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR)
	250,000		3.600			05/01/2029		232,499
	325,000		4.000			05/01/2036		290,224
	Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)
	210,000		3.125			11/01/2024		201,044
	990,000		3.500			11/01/2030		862,102
	1,705,000		4.000			11/01/2040		1,456,776
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)(f)
	215,000		4.200			05/01/2024		214,088
	630,000		4.550			05/01/2029		625,389
	Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)(f)
	400,000		2.500			05/01/2026		360,241
	500,000		3.000			05/01/2031		411,197
	425,000		3.200			05/01/2041		308,576
	Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)(f)
	205,000		2.500			05/01/2026		185,059
	315,000		3.000			05/01/2031		262,159
	Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR)
	105,000		3.350			11/01/2024		102,741
	200,000		3.700			11/01/2029		187,450
	695,000		4.125			11/01/2039		609,292

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)
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
$	135,000		5.000	%		05/01/2028	$	135,543
	Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR)
	200,000		3.000			05/01/2032		161,885
	225,000		3.375			05/01/2041		168,970
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	390,000		5.375			05/01/2028		394,818
	Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR)
	165,000		2.250			05/01/2026		147,160
	435,000		2.750			05/01/2031		352,809
	Avalon Park West Community Development District Special Assessment RB for Pasco County Project Area Series 2022 (NR/NR)
	500,000		5.500			05/01/2042		476,425
	Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR)
	335,000		2.500			05/01/2025		312,205
	320,000		3.250			05/01/2030		273,425
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (NR/A-)
	175,000		2.500			05/01/2023		174,144
	180,000		2.500			05/01/2024		176,850
	185,000		3.000			05/01/2025		176,630
	190,000		3.000			05/01/2026		178,289
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)(f)
	65,000		3.625			06/01/2024		63,722
	450,000		4.000			06/01/2030		426,774
	Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR)
	310,000		2.500			05/01/2025		289,219
	285,000		3.000			05/01/2030		241,720
	775,000		4.000			05/01/2040		659,940
	Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR)
	480,000		2.500			05/01/2025		447,823
	250,000		3.000			05/01/2030		212,035
	Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR)
	155,000		2.500			05/01/2025		144,609
	145,000		3.000			05/01/2030		122,981
	385,000		4.000			05/01/2040		327,841
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	205,000		5.000			11/01/2031		205,464
	100,000		5.250			11/01/2046		98,385
Municipal Bonds – (continued)
Florida – (continued)
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)(f)
$	190,000		4.000	%		11/01/2024	$	188,596
	365,000		4.500			11/01/2029		361,082
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR)
	1,250,000		4.125			05/01/2027		1,223,371
	2,000,000		4.250			05/01/2032		1,902,634
	Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR)
	360,000		2.375			05/01/2026		322,748
	Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR)
	60,000		4.500			11/01/2025		59,989
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	175,000		5.000			11/01/2036		171,368
	305,000		5.000			11/01/2048		284,820
	Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR/NR)
	350,000		3.300			05/01/2032		290,775
	1,385,000		4.000			05/01/2042		1,156,837
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-)
	525,000		4.250			05/01/2029		530,839
	465,000		4.500			05/01/2035		442,951
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)
	455,000		4.500			05/01/2025		455,247
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+)
	125,000		2.500			05/01/2023		124,311
	130,000		2.750			05/01/2024		127,945
	90,000		3.000			05/01/2025		85,887
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+)
	315,000		3.500			05/01/2023		315,058
	325,000		3.500			05/01/2024		323,848
	340,000		3.500			05/01/2025		330,588
	350,000		3.500			05/01/2026		336,627
	365,000		3.500			05/01/2027		346,696
	Bellagio Community Development District Special Assessment Bonds Series 2016 (NR/BBB)
	155,000		2.500			11/01/2022		154,774
	160,000		2.750			11/01/2023		156,998
	170,000		3.000			11/01/2025		158,693
	Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	630,000		2.625			05/01/2025		587,906
	1,075,000		3.250			05/01/2030		918,615
	Belmont II Community Development District Special Assessment Series 2020 (NR/NR)
	250,000		2.500			12/15/2025		230,030
	325,000		3.125			12/15/2030		276,128

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR)
$	75,000		3.000	%		06/15/2025	$	70,740
	465,000		3.250			06/15/2030		398,378
	Black Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	950,000		5.625			06/15/2052		908,385
	Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	165,000		3.500			06/15/2024		161,717
	1,000,000		4.000			06/15/2032		930,757
	Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR)
	295,000		2.500			05/01/2026		265,684
	455,000		3.000			05/01/2031		374,135
	Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	245,000		2.875			05/01/2025		231,733
	1,130,000		3.250			05/01/2031		957,968
	500,000		3.625			05/01/2040		392,803
	Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR/NR)
	400,000		3.000			06/15/2032		322,460
	1,095,000		3.250			06/15/2042		787,641
	Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR/NR)
	1,000,000		4.000			05/01/2042		835,261
	Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR)
	425,000		2.375			05/01/2026		379,915
	500,000		2.850			05/01/2031		408,235
	Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR)
	320,000		4.375			05/01/2027		314,668
	350,000		4.750			05/01/2032		340,823
	Broward County Port Facilities RB Series 2019B (AMT) (A1/A)
	4,700,000		4.000			09/01/2049		3,963,614
	Broward County School District GO Bonds Series 2021 (Aa2/AA-)
	6,410,000		5.000			07/01/2038		6,919,502
	4,420,000		5.000			07/01/2040		4,764,370
	Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR)
	400,000		4.750			05/01/2027		390,991
	400,000		5.250			05/01/2032		384,274
	Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR)
	665,000		5.250			05/01/2042		653,796
	Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	155,000		3.250			12/15/2024		149,100
	1,280,000		3.500			12/15/2030		1,110,741
Municipal Bonds – (continued)
Florida – (continued)
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)(f)
	28,215,000		5.250			12/01/2058		24,015,186
	Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)(f)
	610,000		4.000			07/01/2041		458,544
	760,000		4.000			07/01/2051		516,336
	Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)(f)
	230,000		3.250			06/01/2031		190,644
	Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba1/NR)(f)
	425,000		3.000			12/15/2029		371,306
	645,000		5.000			12/15/2039		597,200
	Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)(f)
	900,000		4.000			12/01/2028		820,101
	1,375,000		5.250			12/01/2043		1,238,525
	Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)(f)
	880,000		4.500			01/01/2035		774,995
	Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-)
	558,000		4.250			05/01/2031		541,230
	Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR)
	130,000		2.250			05/01/2026		115,595
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB)
	110,000		3.500			11/01/2025		105,344
	115,000		3.500			11/01/2026		108,707
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB)
	235,000		2.500			05/01/2023		233,507
	245,000		2.500			05/01/2024		239,870
	250,000		3.000			05/01/2025		237,926
	255,000		3.000			05/01/2026		239,397
	600,000		4.250			05/01/2037		534,303
	Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)
	97,000		3.875			11/01/2024		94,581
	189,000		4.200			11/01/2029		183,251
	750,000		5.000			11/01/2049		690,558
	Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	85,000		3.000			05/01/2025		80,548
	625,000		3.375			05/01/2031		553,210
	590,000		3.750			05/01/2040		470,394
	CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	290,000		2.400			05/01/2026		259,088
	650,000		2.875			05/01/2031		529,681
	740,000		3.350			05/01/2041		546,013

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)
	Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)(f)
$	350,000		2.500	%		05/01/2026	$	315,503
	260,000		3.000			05/01/2031		215,874
	Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)(f)
	370,000		2.625			05/01/2025		344,903
	595,000		3.200			05/01/2030		505,958
	Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR)
	100,000		3.250			05/01/2025		95,314
	360,000		3.750			05/01/2030		321,559
	975,000		4.250			05/01/2040		857,960
	Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR)
	1,430,000		3.250			05/01/2041		1,037,270
	Charlotte County IDA Utility System RB Series 2021A (NR/NR)(f)
	1,300,000		4.000			10/01/2051		887,831
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(f)
	1,345,000		5.500			10/01/2036		1,294,538
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)(f)
	1,000,000		5.000			10/01/2029		970,953
	1,000,000		5.000			10/01/2034		930,238
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+)
	1,000,000		4.000			10/01/2034		993,389
	City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR)
	2,000,000		5.125			06/01/2042		1,869,553
	950,000		5.250			06/01/2052		869,640
	City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR)
	1,300,000		3.250			09/01/2025		1,250,985
	City of Pompano Beach RB Series 2021B-2 (NR/BBB) (NR/NR)
	1,865,000		1.450			01/01/2027		1,621,210
	City of St. Petersburg Public Utility RB Series 2019A (NR/AA)
	6,495,000		5.000			10/01/2049		6,755,791
	City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A2/A-)
	900,000		4.000			07/01/2038		815,778
	750,000		5.000			07/01/2040		756,310
	1,420,000		4.000			07/01/2045		1,221,077
	6,460,000		5.000			07/01/2050		6,395,968
	City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR)
	415,000		5.000			01/01/2037		386,889
	1,485,000		5.000			01/01/2047		1,298,119
	1,395,000		5.000			01/01/2052		1,196,830
	City of West Palm Beach Utility System RB Series 2017 A (Aa2/AA+)
	15,000,000		5.000			10/01/2042		15,756,165
Municipal Bonds – (continued)
Florida – (continued)
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A2/AA)(c)
	5,000,000		0.000			05/01/2038		4,375,593
	Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)(f)
	105,000		3.625			06/15/2024		102,786
	295,000		4.000			06/15/2029		283,998
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	655,000		5.375			05/01/2036		655,072
	Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR)
	615,000		5.750			05/01/2042		630,899
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A)
	880,000		2.375			05/01/2023		873,839
	900,000		2.500			05/01/2024		882,499
	925,000		2.750			05/01/2025		880,353
	915,000		3.000			05/01/2026		858,854
	980,000		3.200			05/01/2027		911,010
	1,015,000		3.250			05/01/2028		938,233
	1,500,000		3.750			05/01/2046		1,193,053
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	135,000		3.200			12/15/2024		131,497
	500,000		3.500			12/15/2029		461,051
	325,000		4.000			12/15/2039		281,344
	Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR)
	315,000		4.750			05/01/2032		308,819
	250,000		5.500			05/01/2042		242,701
	Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	160,000		2.750			05/01/2025		150,182
	Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)
	940,000		3.000			05/01/2031		775,033
	820,000		3.000			05/01/2037		608,296
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(f)
	105,000		3.750			11/01/2023		103,278
	350,000		4.500			11/01/2028		343,068
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB)
	129,000		3.000			05/01/2023		128,587
	133,000		3.250			05/01/2024		131,664
	138,000		3.500			05/01/2025		133,094
	143,000		3.625			05/01/2026		136,816
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA)
	200,000		3.250			05/01/2023		200,015

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (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 (NR/AA) – (continued)
$	205,000		3.375	%		05/01/2024	$	204,009
	215,000		3.500			05/01/2025		209,494
	210,000		4.125			05/01/2035		197,626
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A)
	2,810,000		5.000			09/01/2033		2,954,740
	2,955,000		5.000			09/01/2034		3,096,918
	3,005,000		5.000			09/01/2035		3,134,582
	1,610,000		4.000			09/01/2036		1,505,670
	3,520,000		4.000			09/01/2038		3,227,154
	County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A1/A)
	7,500,000		2.600			06/01/2023		7,448,225
	County of Miami-Dade Aviation RB Series 2019 A (AMT) (NR/A-)
	4,500,000		4.000			10/01/2044		3,877,004
	10,220,000		5.000			10/01/2044		10,193,459
	County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+)
	400,000		5.000			10/01/2026		408,809
	475,000		5.000			10/01/2027		486,482
	525,000		5.000			10/01/2028		538,324
	450,000		5.000			10/01/2029		464,175
	770,000		5.000			10/01/2030		790,434
	365,000		5.000			10/01/2031		372,762
	415,000		5.000			10/01/2032		421,895
	350,000		5.000			10/01/2033		354,238
	265,000		5.000			10/01/2034		267,029
	435,000		5.000			10/01/2035		437,376
	600,000		5.000			10/01/2036		602,153
	525,000		5.000			10/01/2037		525,363
	805,000		5.000			10/01/2038		802,257
	1,000,000		5.000			10/01/2039		992,566
	3,160,000		5.000			10/01/2049		3,008,017
	1,390,000		4.000			10/01/2054		1,074,286
	County of Osceola Transportation RB Refunding Series 2019 A-2 (NR/BBB+)(g)
	155,000		0.000			10/01/2025		134,738
	275,000		0.000			10/01/2026		227,100
	360,000		0.000			10/01/2027		282,109
	500,000		0.000			10/01/2028		369,942
	700,000		0.000			10/01/2029		493,578
	Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)(f)
	345,000		3.875			11/01/2024		338,438
	740,000		4.250			11/01/2030		714,049
	Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR)(f)
	100,000		3.125			11/01/2030		85,272
	Creekview Community Development District Special Assessment RB Series 2022 (NR/NR)
	450,000		3.875			05/01/2027		418,313
	755,000		4.250			05/01/2032		706,833
	2,185,000		4.625			05/01/2042		1,978,152
Municipal Bonds – (continued)
Florida – (continued)
	Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	2,000,000		4.250			05/01/2042		1,729,924
	Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (NR/NR)
	765,000		4.000			05/01/2024		754,634
	Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR)
	180,000		2.250			05/01/2026		159,442
	400,000		2.700			05/01/2031		320,248
	Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR)
	460,000		2.625			06/15/2025		427,063
	660,000		3.000			06/15/2031		544,180
	Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)(f)
	155,000		2.625			05/01/2025		146,635
	295,000		3.250			05/01/2030		260,712
	Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	255,000		4.375			05/01/2027		248,190
	410,000		4.750			05/01/2032		393,815
	535,000		5.000			05/01/2042		489,961
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	125,000		3.750			11/01/2023		123,475
	730,000		4.500			11/01/2028		724,175
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	2,570,000		5.400			05/01/2039		2,493,649
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	1,670,000		5.300			05/01/2039		1,647,291
	DG Farms Community Development District Special Assessment Series 2020 (NR/NR)
	205,000		3.250			05/01/2030		173,520
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	2,220,000		4.600			05/01/2028		2,220,200
	745,000		4.250			12/15/2028		728,524
	2,395,000		4.750			12/15/2038		2,286,601
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA)
	690,000		3.750			05/01/2034		658,750
	955,000		4.000			05/01/2037		908,546
	DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR)
	175,000		4.500			05/01/2032		166,302
	500,000		5.125			05/01/2042		462,771
	DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)(f)
	290,000		2.375			05/01/2026		261,226
	470,000		3.000			05/01/2032		385,189

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)
	Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR)
$	150,000		4.375	%		05/01/2027	$	148,334
	Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)(f)
	185,000		3.000			05/01/2025		175,334
	440,000		3.625			05/01/2031		384,970
	East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)
	130,000		2.500			05/01/2026		116,796
	340,000		3.000			05/01/2031		280,411
	550,000		3.300			05/01/2041		404,792
	East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR)
	405,000		2.250			05/01/2026		361,331
	460,000		3.000			05/01/2032		372,336
	East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)
	155,000		3.750			11/01/2024		150,906
	East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR)
	280,000		4.125			11/01/2029		270,314
	Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	440,000		3.250			05/01/2027		397,449
	535,000		3.625			05/01/2032		451,390
	785,000		4.000			05/01/2042		655,614
	Eden Hills Community Development District Special Assessment Series 2020 (NR/NR)
	90,000		2.750			05/01/2025		84,215
	110,000		3.250			05/01/2030		94,025
	Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR)
	385,000		2.500			05/01/2026		347,746
	700,000		3.100			05/01/2031		583,993
	Edgewater East Community Development District Special Assessment RB Series 2022 (NR/NR)
	1,050,000		3.000			05/01/2027		941,904
	1,875,000		3.375			05/01/2032		1,572,005
	1,875,000		4.000			05/01/2042		1,566,516
	Enbrook Community Development District Special Assessment Series 2020 (NR/NR)(f)
	430,000		3.000			05/01/2030		363,061
	Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)(f)
	375,000		2.625			05/01/2031		301,620
	1,860,000		3.125			05/01/2041		1,334,220
	Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR) (NR/NR)
	315,000		2.450			11/01/2026		277,790
	430,000		3.100			11/01/2031		351,786
Municipal Bonds – (continued)
Florida – (continued)
	Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR)
	190,000		2.500			05/01/2026		170,713
	355,000		3.000			05/01/2031		290,690
	375,000		3.500			05/01/2041		283,645
	Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2)
	3,705,000		4.000			08/15/2045		2,954,400
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (Baa2/BBB+)
	2,640,000		5.000			08/15/2031		2,682,152
	3,080,000		5.000			08/15/2032		3,112,404
	2,595,000		5.000			08/15/2033		2,607,259
	2,125,000		5.000			08/15/2034		2,123,169
	2,760,000		5.000			08/15/2035		2,741,556
	3,960,000		5.000			08/15/2036		3,922,861
	5,280,000		5.000			08/15/2037		5,208,715
	1,200,000		5.000			08/15/2038		1,178,458
	3,605,000		5.000			08/15/2040		3,510,457
	Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (BBB/NR) (PUTABLE)(a)(b)(d)
	400,000		2.000			10/01/2024		385,052
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR)
	850,000		3.250			11/01/2025		801,343
	375,000		3.625			11/01/2030		328,780
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)
	200,000		3.250			11/01/2025		188,551
	100,000		3.625			11/01/2030		87,675
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(f)
	210,000		4.125			11/01/2024		208,184
	445,000		4.250			11/01/2029		432,597
	Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR)
	1,000,000		4.000			05/01/2052		788,152
	Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	1,355,000		2.625			05/01/2026		1,240,121
	1,220,000		3.125			05/01/2031		1,043,104
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	310,000		3.250			05/01/2023		307,665
	1,905,000		4.250			05/01/2029		1,875,156
	3,105,000		5.000			05/01/2035		3,090,822
	Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)
	355,000		3.500			05/01/2030		311,453
	165,000		4.000			05/01/2040		140,517
	Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA)
	1,450,000		2.750			11/01/2035		1,084,906

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)(f)
$	1,265,000		5.000	%		07/01/2032	$	1,170,818
	3,000,000		5.375			07/01/2042		2,639,430
	Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)(f)
	2,005,000		5.000			10/01/2042		1,814,417
	Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)(a)(b)(f)
	10,750,000		7.250			10/03/2023		10,492,511
	Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)(f)
	1,505,000		4.000			06/01/2030		1,369,757
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)(f)
	425,000		4.000			12/15/2029		404,820
	425,000		5.000			12/15/2034		424,128
	490,000		5.000			12/15/2039		480,823
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)(f)
	1,675,000		5.125			06/01/2040		1,544,002
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (NR/NR)(f)
	820,000		1.750			06/01/2026		729,098
	Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR)
	320,000		4.000			07/01/2035		276,496
	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		380,050
	Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)(f)
	4,900,000		7.375			01/01/2049		4,221,677
	Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR)
	275,000		5.000			06/01/2031		254,687
	200,000		5.000			06/01/2035		178,016
	Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)(f)
	630,000		4.000			06/30/2036		511,118
	660,000		4.000			06/30/2041		503,984
	Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)(f)
	415,000		4.000			06/01/2026		395,127
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-)
	250,000		5.000			04/01/2026		258,629
	265,000		5.000			04/01/2027		276,372
	280,000		5.000			04/01/2028		293,400
	220,000		5.000			04/01/2029		232,074
Municipal Bonds – (continued)
Florida – (continued)
	Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)(f)
	470,000		4.000			09/15/2030		430,490
	1,050,000		5.000			09/15/2040		961,423
	Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A (NR/NR)(a)(b)(f)
	20,465,000		6.500			01/01/2029		17,410,151
	Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)(a)(b)(f)
	485,000		6.250			01/01/2024		461,318
	9,090,000		6.375			01/01/2026		8,312,540
	Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (NR/BBB-)
	250,000		5.000			10/01/2022		250,000
	250,000		5.000			10/01/2023		252,204
	350,000		5.000			10/01/2024		354,854
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)(f)
	2,000,000		4.500			06/01/2033		1,857,403
	250,000		4.750			06/01/2038		227,044
	4,500,000		5.000			06/01/2048		4,033,130
	Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (NR/BBB)
	2,000,000		5.000			03/01/2044		1,881,604
	Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BBB-)
	1,700,000		5.000			03/01/2039		1,547,129
	Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB)
	2,750,000		5.000			03/01/2047		2,555,614
	Flow Way Community Development District Special Assessment Bonds for Phase 5 Project Series 2016 (NR/NR)
	1,540,000		4.875			11/01/2037		1,500,004
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	200,000		4.000			11/01/2028		193,165
	1,065,000		5.000			11/01/2038		1,034,038
	840,000		5.000			11/01/2047		790,733
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	280,000		3.350			11/01/2024		273,744
	885,000		3.700			11/01/2029		827,561
	1,790,000		4.125			11/01/2039		1,569,022
	Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)
	465,000		3.750			11/01/2039		375,016
	Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR)(f)
	525,000		2.625			05/01/2025		499,431
	495,000		3.250			05/01/2030		440,712
	Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	615,000		2.950			05/01/2031		506,151
	1,595,000		3.350			05/01/2041		1,185,510

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)
	Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR)
$	690,000		4.250	%		05/01/2026	$	683,698
	Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)
	830,000		3.250			05/01/2025		787,642
	1,360,000		4.000			05/01/2030		1,280,807
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)
	255,000		3.750			11/01/2024		247,909
	560,000		4.125			11/01/2029		540,222
	1,205,000		4.750			11/01/2039		1,137,558
	1,935,000		5.000			11/01/2050		1,782,091
	Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR)
	215,000		3.200			11/01/2031		177,019
	500,000		3.500			11/01/2041		375,450
	Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	570,000		2.500			05/01/2026		512,621
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)
	940,000		5.000			11/15/2036		904,111
	Greater Orlando Aviation Authority Airport Facilities RB Series 2019 A (AMT) (Aa3/A+)
	10,000,000		5.000			10/01/2023		10,136,771
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A1/A)
	1,290,000		5.000			10/01/2047		1,285,034
	Grove Resort Community Development District Special Assessment RB Series 2022 (NR/NR)
	170,000		3.300			05/01/2032		140,664
	440,000		3.550			05/01/2042		331,712
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	175,000		3.000			11/01/2024		166,958
	1,095,000		3.500			11/01/2030		947,597
	2,400,000		4.375			11/01/2049		2,030,255
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	490,000		3.875			05/01/2026		471,823
	Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	500,000		4.200			05/01/2027		483,012
	500,000		4.400			05/01/2032		473,001
	650,000		4.700			05/01/2042		597,618
	Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR)
	325,000		2.625			05/01/2025		303,286
	510,000		3.250			05/01/2030		438,556
Municipal Bonds – (continued)
Florida – (continued)
	Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR)
	160,000		2.375			05/01/2026		143,521
	205,000		3.000			05/01/2031		169,023
	Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	545,000		3.100			05/01/2024		530,075
	1,880,000		3.300			05/01/2029		1,694,613
	370,000		3.700			05/01/2033		320,099
	Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)
	200,000		3.100			05/01/2024		194,523
	1,150,000		3.300			05/01/2029		1,036,635
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)(f)
	265,000		4.000			05/01/2024		267,200
	265,000		4.000			05/01/2025		266,113
	140,000		4.000			05/01/2026		140,303
	Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)
	100,000		3.250			11/01/2024		96,737
	400,000		3.500			11/01/2030		355,588
	1,000,000		3.875			11/01/2039		841,877
	Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)
	125,000		3.625			11/01/2030		112,433
	Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR)
	355,000		2.600			05/01/2026		324,496
	435,000		3.200			05/01/2031		371,007
	1,000,000		3.450			05/01/2041		776,309
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	900,000		5.000			05/01/2034		898,068
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA)
	215,000		4.000			05/01/2024		216,949
	225,000		4.000			05/01/2025		228,151
	235,000		4.000			05/01/2026		239,357
	240,000		4.000			05/01/2027		244,935
	250,000		4.000			05/01/2028		255,015
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB)
	585,000		3.375			05/01/2023		584,069
	605,000		3.500			05/01/2024		600,846
	630,000		3.625			05/01/2025		611,141
	650,000		3.750			05/01/2026		626,756
	1,010,000		4.200			05/01/2031		955,590
	1,000,000		4.350			05/01/2036		914,480
	Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA)
	365,000		2.500			05/01/2030		319,623
	375,000		2.500			05/01/2031		318,619
	300,000		3.000			05/01/2032		269,310
	300,000		3.000			05/01/2033		261,516

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) – (continued)
$	245,000		3.000	%		05/01/2034	$	209,691
	255,000		3.000			05/01/2035		214,566
	200,000		3.000			05/01/2036		165,797
	Highland Meadows West Community Development District Special Assessment for Assessment Area 2 Series 2020 A (NR/NR)
	180,000		2.875			05/01/2025		169,530
	200,000		3.250			05/01/2031		169,285
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	140,000		3.250			05/01/2031		118,500
	Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)(f)
	170,000		4.000			12/15/2024		168,442
	550,000		4.250			12/15/2029		535,048
	Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB)
	1,225,000		4.250			05/01/2031		1,174,803
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)
	40,000		3.375			11/01/2025		37,813
	220,000		3.875			11/01/2031		195,333
	300,000		4.200			11/01/2039		265,485
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR)
	55,000		4.250			11/01/2022		55,001
	370,000		4.875			11/01/2027		372,857
	865,000		5.375			11/01/2037		858,276
	775,000		5.500			11/01/2047		754,822
	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		75,579
	335,000		5.500			11/01/2047		326,278
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	790,000		4.000			11/01/2028		767,495
	700,000		4.500			11/01/2038		649,530
	2,300,000		5.000			11/01/2048		2,159,177
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)(f)
	1,010,000		3.000			05/01/2025		952,020
	1,020,000		3.500			05/01/2031		881,855
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR)
	250,000		2.800			05/01/2031		202,213
	1,000,000		3.200			05/01/2041		726,062
Municipal Bonds – (continued)
Florida – (continued)
	Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR)
	90,000		4.000			11/01/2025		88,503
	165,000		4.500			11/01/2031		159,861
	170,000		5.000			11/01/2041		158,938
	Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)
	747,000		3.000			05/01/2031		611,701
	933,000		3.000			05/01/2037		689,212
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)(f)
	115,000		4.000			11/01/2024		113,870
	220,000		5.000			11/01/2039		213,390
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)(f)
	1,175,000		4.500			05/01/2038		1,088,374
	1,855,000		4.625			05/01/2048		1,642,776
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	670,000		2.750			05/01/2031		538,494
	765,000		3.125			05/01/2041		545,577
	Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)
	165,000		2.625			05/01/2025		154,631
	155,000		3.000			05/01/2030		132,021
	Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR)
	600,000		3.125			05/01/2041		432,254
	Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR)
	1,000,000		4.625			05/01/2037		945,942
	Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	455,000		2.750			06/15/2025		428,709
	485,000		3.125			06/15/2030		417,911
	375,000		4.000			06/15/2040		321,221
	Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	700,000		3.600			06/15/2041		544,414
	Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR)
	500,000		4.500			05/01/2027		482,345
	500,000		5.000			05/01/2032		471,604
	1,480,000		5.500			05/01/2042		1,350,891
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-2 (NR/NR)
	475,000		3.875			05/01/2031		428,737
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR)
	35,000		3.000			05/01/2026		32,766
	Lakeshore Ranch Community Development District Special Assessment Refunding Series 2019 A-2 (NR/NR)
	380,000		3.500			05/01/2030		332,732
	350,000		4.000			05/01/2035		314,254

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)
	Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
$	135,000		2.625	%		05/01/2026	$	121,836
	125,000		3.200			05/01/2031		103,639
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	265,000		3.125			05/01/2025		251,872
	370,000		3.400			05/01/2030		324,167
	Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)(f)
	560,000		2.500			05/01/2025		522,390
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	120,000		3.000			05/01/2024		116,178
	225,000		3.250			05/01/2029		198,621
	200,000		3.850			05/01/2039		162,907
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project – Phase 2C Series 2020 (NR/NR)
	470,000		3.000			05/01/2030		393,610
	750,000		3.500			05/01/2040		573,207
	Lakewood Ranch Stewardship District Special Assessment for Sweetwater Project Series 2021 (NR/NR)
	295,000		2.625			05/01/2031		234,701
	1,000,000		3.100			05/01/2041		710,727
	Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)
	100,000		3.600			05/01/2024		97,983
	285,000		3.800			05/01/2029		264,507
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(f)
	515,000		4.300			05/01/2027		509,729
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(f)
	105,000		2.900			05/01/2024		101,548
	570,000		3.200			05/01/2029		501,192
	455,000		4.000			05/01/2049		361,729
	Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)
	125,000		3.600			05/01/2024		122,479
	350,000		3.800			05/01/2029		324,838
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)
	705,000		4.250			05/01/2025		701,451
	1,605,000		4.875			05/01/2035		1,572,883
	905,000		4.875			05/01/2045		842,755
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	940,000		4.625			05/01/2027		941,709
	1,000,000		5.250			05/01/2037		995,927
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1A Series 2018 (NR/NR)
	80,000		3.900			05/01/2023		79,612
	535,000		4.250			05/01/2028		526,029
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1B Series 2018 (NR/NR)
	675,000		4.350			05/01/2024		674,167
Municipal Bonds – (continued)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1B Series 2018 (NR/NR) – (continued)
	1,970,000		4.750			05/01/2029		1,975,986
	2,250,000		5.300			05/01/2039		2,225,460
	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		222,902
	6,345,000		5.000			05/01/2036		6,243,095
	4,550,000		5.125			05/01/2046		4,325,527
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA)
	500,000		2.000			05/01/2028		440,303
	500,000		2.000			05/01/2029		429,488
	Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR)
	430,000		3.000			05/01/2041		311,949
	Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project – Phase 2B Series 2020 (NR/NR)(f)
	320,000		2.500			05/01/2025		297,917
	440,000		3.200			05/01/2030		376,415
	Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)
	285,000		3.500			05/01/2024		278,872
	275,000		3.875			05/01/2029		255,112
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	105,000		3.625			11/01/2023		103,483
	560,000		4.125			11/01/2028		544,530
	250,000		4.750			11/01/2048		225,590
	Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/A)
	460,000		3.000			05/01/2023		457,598
	375,000		3.000			05/01/2024		368,973
	490,000		3.000			05/01/2025		465,674
	500,000		3.000			05/01/2026		469,183
	520,000		3.000			05/01/2027		480,085
	535,000		3.000			05/01/2028		486,037
	550,000		3.000			05/01/2029		492,340
	1,605,000		3.000			05/01/2035		1,261,129
	Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)
	280,000		3.125			05/01/2024		271,496
	535,000		3.375			05/01/2030		466,850
	925,000		4.000			05/01/2038		807,835
	Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	455,000		4.375			05/01/2027		443,029
	530,000		4.750			05/01/2032		509,464
	450,000		5.000			05/01/2042		412,612

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)
$	330,000		3.500	%		05/01/2025	$	321,434
	340,000		3.500			05/01/2026		327,009
	500,000		4.000			05/01/2036		456,782
	Lee Memorial Health System Hospital Revenue & Revenue Refunding Bonds 2019 Series A-2 (A+/NR)(a)(b)
	11,700,000		5.000			04/01/2026		11,792,458
	Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR)
	800,000		3.125			05/01/2025		759,251
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
	1,325,000		5.000			05/01/2038		1,286,300
	Longleaf Community Development District (NR/NR)
	501,000		5.375			05/01/2030		488,970
	LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)
	620,000		3.000			05/01/2025		586,635
	980,000		3.400			05/01/2030		854,577
	1,420,000		4.000			05/01/2040		1,216,586
	LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR)
	1,100,000		3.250			05/01/2031		920,352
	LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR)
	360,000		2.500			05/01/2026		324,835
	700,000		3.125			05/01/2031		583,084
	775,000		3.450			05/01/2041		585,896
	Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	120,000		3.800			05/01/2024		117,650
	290,000		4.000			05/01/2029		279,297
	Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	255,000		3.250			06/15/2024		247,005
	885,000		3.625			06/15/2030		784,605
	Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR)
	350,000		4.000			05/01/2032		327,279
	1,050,000		4.250			05/01/2042		926,786
	McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	1,000,000		4.750			11/01/2029		1,003,283
	Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (NR/A)
	745,000		4.450			05/01/2030		742,318
	Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	505,000		3.000			05/01/2031		413,679
	1,785,000		3.250			05/01/2041		1,295,947
Municipal Bonds – (continued)
Florida – (continued)
	Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
	50,000		3.500			05/01/2023		49,673
	Miami Dade County Avaiation Revenue Refunding Bonds Series 2015A (AMT) (NR/A)
	10,000,000		5.000			10/01/2038		10,000,885
	Miami Dade County Educational Facilities Authority Revenue Refunding Bonds for University of Miami Series B (A2/A-)
	9,660,000		5.250			04/01/2027		10,173,054
	Miami RB Refunding for Miami Tunnel Project Series 2012 (Aa3/NR)(f)
	1,240,000		5.000			03/01/2030		1,248,726
	Miami RB Refunding for Miami Tunnel Project Series 2012 (NR/NR)(b)(f)
	8,460,000		5.000			03/01/2023		8,503,012
	Miami RB Refunding Parking System Series 2019 (BAM) (A2/AA)
	1,000,000		4.000			10/01/2037		978,116
	900,000		4.000			10/01/2038		834,506
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	125,000		4.000			11/01/2023		124,790
	1,000,000		4.750			11/01/2027		1,007,128
	850,000		5.125			11/01/2039		852,374
	2,350,000		5.250			11/01/2049		2,295,990
	Miami-Dade County Aviation Revenue Refunding Bonds Series 2019A (AMT) (A-/NR)
	11,000,000		5.000			10/01/2049		10,874,279
	Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)(f)
	430,000		5.000			07/01/2037		387,105
	670,000		5.250			07/01/2042		593,154
	Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	405,000		2.500			05/01/2026		364,116
	750,000		3.125			05/01/2031		619,454
	Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR)
	690,000		4.625			05/01/2027		682,699
	360,000		5.125			05/01/2032		354,109
	Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	180,000		3.125			12/15/2024		171,940
	675,000		3.375			12/15/2030		576,556
	1,500,000		4.000			12/15/2039		1,289,708
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	1,545,000		5.250			11/01/2035		1,553,068
	New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	500,000		3.500			05/01/2031		419,658
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)(f)
	125,000		3.500			05/01/2026		118,032
	130,000		3.500			05/01/2027		120,992

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)
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)(f) – (continued)
$	135,000		3.500	%		05/01/2028	$	124,793
	140,000		3.500			05/01/2029		127,876
	700,000		3.500			05/01/2038		563,808
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)(f)
	30,000		3.125			05/01/2025		28,441
	30,000		3.500			05/01/2031		25,845
	North AR-1 Pasco Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	350,000		2.625			05/01/2026		316,177
	385,000		3.125			05/01/2031		318,738
	North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR)
	465,000		2.450			11/01/2026		410,516
	500,000		3.000			11/01/2031		409,000
	North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)(f)
	295,000		5.250			05/01/2032		281,941
	North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR)
	390,000		2.625			05/01/2025		362,942
	495,000		3.125			05/01/2030		418,056
	430,000		3.625			05/01/2040		334,985
	North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (NR/AA)
	655,000		5.000			10/01/2030		712,178
	575,000		5.000			10/01/2031		622,940
	1,025,000		5.000			10/01/2033		1,102,505
	1,205,000		5.000			10/01/2034		1,303,345
	1,000,000		5.000			10/01/2036		1,068,798
	1,975,000		5.000			10/01/2037		2,100,570
	2,075,000		5.000			10/01/2038		2,195,717
	2,180,000		5.000			10/01/2039		2,296,186
	2,630,000		5.000			10/01/2044		2,720,944
	North Sumter County Utility Dependent District RB Refunding Series 2020 (NR/AA-)
	28,725,000		5.000			10/01/2043		30,028,727
	Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+)
	1,150,000		4.450			05/01/2031		1,122,013
	Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	170,000		2.500			06/15/2025		159,617
	300,000		3.000			06/15/2030		258,440
	315,000		4.000			06/15/2040		275,613
	Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	380,000		3.700			05/01/2024		373,750
	825,000		4.100			05/01/2029		803,629
	Orlando Utilities Commission RB Series 2021 B (Aa2/AA)(a)(b)
	4,325,000		1.250			10/01/2028		3,454,681
Municipal Bonds – (continued)
Florida – (continued)
	Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	100,000		3.250			05/01/2025		95,583
	350,000		3.500			05/01/2030		307,080
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	3,285,000		5.875			11/01/2037		3,356,148
	3,500,000		6.000			11/01/2047		3,601,338
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	195,000		4.375			11/01/2023		194,999
	640,000		4.875			11/01/2028		643,847
	Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)(f)
	160,000		2.375			05/01/2026		142,480
	180,000		2.875			05/01/2031		145,486
	365,000		3.300			05/01/2041		263,753
	Palm Beach County Health Facilities Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 B (NR/NR)
	250,000		4.000			11/15/2041		213,380
	1,030,000		5.000			11/15/2042		1,033,352
	Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR)
	2,300,000		4.000			05/15/2053		1,560,450
	1,825,000		5.000			05/15/2053		1,545,856
	Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR)
	615,000		4.000			05/15/2030		556,426
	8,190,000		4.000			05/15/2036		6,787,722
	Palm Coast Park Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	275,000		2.800			05/01/2031		221,448
	730,000		3.125			05/01/2041		518,954
	Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)
	125,000		3.400			05/01/2025		119,525
	245,000		3.750			05/01/2030		218,570
	965,000		4.150			05/01/2040		843,235
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A)
	215,000		3.500			11/01/2025		210,060
	225,000		3.500			11/01/2026		218,068
	230,000		3.500			11/01/2027		221,018
	240,000		3.500			11/01/2028		228,882
	585,000		4.000			11/01/2033		547,790
	Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)(f)
	785,000		4.000			05/01/2050		616,358
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A)
	530,000		2.750			05/01/2023		528,095
	350,000		3.750			05/01/2031		320,441
	1,045,000		4.000			05/01/2036		959,555

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-)
$	255,000		4.000	%		05/01/2027	$	249,673
	3,500,000		5.000			05/01/2039		3,453,236
	Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	820,000		2.875			11/01/2031		673,553
	1,450,000		3.150			11/01/2041		1,045,581
	Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)
	120,000		4.500			05/01/2024		119,987
	465,000		4.750			05/01/2030		460,227
	Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR)
	625,000		3.125			05/01/2030		531,965
	800,000		3.750			05/01/2040		636,843
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-)
	345,000		4.250			05/01/2031		329,695
	1,030,000		4.500			05/01/2038		937,554
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB)
	265,000		4.000			05/01/2026		260,372
	275,000		4.000			05/01/2027		268,819
	285,000		4.125			05/01/2028		278,525
	Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	255,000		2.500			05/01/2026		232,873
	335,000		3.125			05/01/2031		286,761
	Parrish Plantation Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR)
	785,000		5.375			05/01/2042		744,026
	Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR)
	250,000		2.625			05/01/2026		224,762
	375,000		3.250			05/01/2031		309,103
	885,000		3.550			05/01/2041		664,429
	Pasco County School Board Certificates of Participation Series 2021B (AGM) (AA/A+)
	3,000,000		5.000			08/01/2046		3,061,137
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-)
	445,000		4.000			05/01/2024		445,781
	480,000		4.000			05/01/2026		476,144
	520,000		4.000			05/01/2028		512,302
	1,325,000		4.500			05/01/2031		1,289,196
	Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (NR/A-)
	1,330,000		4.500			11/01/2033		1,302,173
	Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR)(f)
	225,000		3.000			12/15/2031		184,069
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA)
	545,000		2.000			05/01/2028		462,547
	555,000		2.000			05/01/2029		457,875
Municipal Bonds – (continued)
Florida – (continued)
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) – (continued)
	565,000		2.125			05/01/2030		454,078
	1,000,000		2.625			05/01/2034		756,462
	990,000		2.800			05/01/2037		721,972
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)
	425,000		2.750			05/01/2025		398,101
	Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR)
	2,200,000		5.000			07/01/2029		2,215,552
	Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)
	60,000		2.875			05/01/2025		56,573
	170,000		3.250			05/01/2031		142,929
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	1,265,000		2.800			05/01/2025		1,185,888
	3,330,000		3.200			05/01/2031		2,788,300
	1,875,000		3.500			05/01/2037		1,484,612
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	275,000		4.750			11/01/2029		275,211
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	80,000		3.250			11/01/2024		77,041
	555,000		3.500			11/01/2030		484,612
	Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR)
	205,000		2.500			05/01/2026		185,736
	Preston Cove Community Development District Special Assessment RB Series 2022 (NR/NR)
	575,000		3.250			05/01/2027		518,196
	1,820,000		4.000			05/01/2042		1,520,022
	Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR)
	150,000		2.200			12/15/2026		131,299
	490,000		2.700			12/15/2031		390,319
	735,000		3.125			12/15/2041		522,630
	Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)(f)
	60,000		4.100			05/01/2024		59,673
	185,000		4.500			05/01/2029		183,128
	Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR)
	365,000		4.250			11/01/2025		362,183
	Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR)
	475,000		5.000			05/01/2025		484,547
	Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)
	130,000		3.750			05/01/2024		127,363
	425,000		4.000			05/01/2030		402,744

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)
	Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR/NR)
$	1,150,000		3.000	%		05/01/2036	$	870,156
	Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	85,000		3.500			05/01/2024		83,331
	405,000		4.000			05/01/2030		384,921
	615,000		4.500			05/01/2040		563,820
	610,000		4.750			05/01/2050		547,287
	Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	190,000		3.000			05/01/2032		153,949
	400,000		3.300			05/01/2042		290,216
	Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	450,000		4.750			05/01/2027		443,088
	700,000		5.000			05/01/2032		674,185
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-)
	2,390,000		4.000			05/01/2031		2,276,368
	890,000		4.000			05/01/2035		814,455
	River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR)
	570,000		2.375			05/01/2026		511,848
	600,000		3.000			05/01/2031		496,788
	River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	460,000		2.750			05/01/2025		432,174
	525,000		3.250			05/01/2031		444,236
	River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-2 (NR/NR)
	400,000		3.000			05/01/2026		370,270
	1,000,000		3.000			05/01/2031		822,160
	1,000,000		3.000			05/01/2036		751,178
	River Landing Community Development District Special Assessment Series 2020 A (NR/NR)
	245,000		3.000			05/01/2025		230,454
	475,000		3.600			05/01/2030		412,212
	Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR)
	250,000		2.400			05/01/2026		223,537
	300,000		3.000			05/01/2031		245,418
	Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)(f)
	165,000		2.400			05/01/2026		147,816
	300,000		3.000			05/01/2031		246,816
	Rivington Community Development District Special Assessment RB Series 2022 (NR/NR)
	4,065,000		4.000			05/01/2052		3,149,595
	Rolling Hills Community Development District Capital Improvement and Refunding Bonds Series 2022A-2 (NR/NR)
	1,000,000		3.650			05/01/2032		839,008
	Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR/NR)
	965,000		3.750			05/01/2042		736,278
Municipal Bonds – (continued)
Florida – (continued)
	Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR/NR)
	1,000,000		2.850			05/01/2027		908,808
	1,100,000		3.200			05/01/2032		937,180
	Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	410,000		3.400			11/01/2041		305,409
	Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	350,000		2.500			06/15/2025		325,150
	320,000		3.000			06/15/2030		270,469
	290,000		4.000			06/15/2040		247,949
	Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	325,000		2.625			12/15/2027		281,877
	355,000		3.100			12/15/2032		287,836
	Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA)
	690,000		2.375			05/01/2035		511,348
	1,425,000		2.625			05/01/2040		1,019,259
	San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)
	290,000		3.375			06/15/2024		282,769
	1,000,000		3.750			06/15/2031		896,667
	Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	450,000		3.000			11/01/2031		366,138
	1,100,000		3.300			11/01/2041		806,665
	Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	595,000		3.250			05/01/2026		555,187
	1,450,000		3.750			05/01/2031		1,279,930
	Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR)
	495,000		2.750			05/01/2025		461,420
	465,000		3.250			05/01/2030		393,595
	560,000		3.750			05/01/2040		437,825
	Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	425,000		3.750			05/01/2027		391,551
	700,000		4.125			05/01/2032		651,042
	1,525,000		4.500			05/01/2042		1,359,011
	Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR)
	400,000		4.400			10/01/2027		392,970
	550,000		5.000			10/01/2032		536,077
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)
	190,000		4.000			11/01/2024		188,071
	735,000		4.500			11/01/2029		724,476
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	130,000		4.000			11/01/2023		129,555
	Shingle Creek at Bronson Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	1,000,000		3.500			06/15/2041		770,803

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
$	630,000		3.625	%		05/01/2024	$	619,915
	1,895,000		4.000			05/01/2029		1,837,642
	5,000,000		4.750			05/01/2039		4,737,803
	Siena North Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	160,000		3.300			06/15/2032		133,505
	450,000		4.000			06/15/2042		377,928
	Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	900,000		3.000			06/15/2032		728,448
	1,905,000		3.250			06/15/2042		1,442,575
	Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR)
	230,000		2.500			05/01/2026		206,290
	325,000		3.100			05/01/2031		266,575
	Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR)
	300,000		2.500			05/01/2026		269,487
	720,000		3.000			05/01/2031		590,834
	Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR)
	285,000		3.125			11/01/2025		268,017
	505,000		3.625			11/01/2031		438,309
	300,000		4.125			11/01/2040		259,122
	South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	240,000		2.375			06/15/2026		214,878
	175,000		2.875			06/15/2031		143,172
	475,000		3.250			06/15/2041		348,250
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (NR/BBB)
	420,000		3.000			05/01/2023		418,208
	435,000		3.250			05/01/2024		430,958
	445,000		3.450			05/01/2025		429,159
	465,000		3.625			05/01/2026		444,008
	975,000		4.125			05/01/2036		879,303
	South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)(f)
	360,000		4.250			11/01/2024		358,225
	730,000		4.500			11/01/2029		720,406
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	200,000		4.000			05/01/2024		198,926
	590,000		4.625			05/01/2029		588,491
	South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB)
	350,000		2.500			11/01/2023		345,695
	355,000		2.750			11/01/2024		340,013
	370,000		3.000			11/01/2025		349,105
	585,000		4.250			11/01/2037		518,947
Municipal Bonds – (continued)
Florida – (continued)
	Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR)
	425,000		2.400			05/01/2026		379,056
	Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)
	100,000		2.875			05/01/2024		96,602
	300,000		3.250			05/01/2029		266,455
	Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR)
	300,000		3.375			05/01/2025		286,980
	145,000		4.000			05/01/2030		136,397
	405,000		4.300			05/01/2040		358,619
	300,000		4.500			05/01/2046		261,345
	Southshore Bay Community Development District Special Assessment Bond for Assessment Area One Series 2021 (NR/NR)(f)
	2,320,000		3.000			05/01/2033		1,848,819
	St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR)
	900,000		4.000			12/15/2036		735,544
	Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	200,000		2.450			05/01/2026		178,665
	Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)(f)
	305,000		2.375			06/15/2026		272,746
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (NR/A-)
	265,000		2.500			05/01/2023		262,313
	270,000		2.500			05/01/2024		262,433
	280,000		3.000			05/01/2025		272,171
	290,000		3.000			05/01/2026		278,562
	Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR)(f)
	330,000		3.000			11/01/2032		264,164
	Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)(f)
	585,000		3.300			11/01/2041		427,727
	Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR)(h)
	855,000		6.375			11/01/2052		855,900
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	170,000		3.500			06/15/2024		165,791
	500,000		4.000			06/15/2030		475,564
	Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)(f)
	545,000		2.500			12/15/2025		498,004
	500,000		3.000			12/15/2030		414,530
	1,000,000		3.500			12/15/2040		762,977
	Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)
	210,000		3.125			12/15/2025		198,362

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)
	Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) – (continued)
$	500,000		3.625	%		12/15/2030	$	444,320
	870,000		4.000			12/15/2039		749,856
	Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	345,000		4.300			06/15/2027		340,080
	Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	250,000		3.000			06/15/2032		205,861
	1,000,000		3.250			06/15/2042		732,390
	Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)(f)
	240,000		2.375			06/15/2026		214,565
	225,000		2.875			06/15/2031		184,078
	275,000		3.300			06/15/2041		204,165
	Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR)
	130,000		4.250			06/15/2027		127,017
	260,000		4.500			06/15/2032		250,089
	585,000		5.000			06/15/2042		548,031
	Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	650,000		3.450			05/01/2041		482,947
	Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR)
	275,000		3.150			05/01/2031		226,217
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	225,000		3.000			05/01/2025		211,937
	470,000		3.300			05/01/2031		395,477
	780,000		3.750			05/01/2040		620,076
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR)
	200,000		2.400			05/01/2026		178,459
	195,000		3.000			05/01/2031		159,337
	Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR)(f)
	375,000		2.750			05/01/2031		302,792
	700,000		3.150			05/01/2041		503,125
	Summerstone Community Development District Special Assessment Series 2020 (NR/NR)
	165,000		3.250			05/01/2030		142,325
	Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR)
	430,000		4.200			05/01/2027		417,269
	460,000		4.600			05/01/2032		437,372
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA)
	395,000		2.500			05/01/2029		345,704
	715,000		2.875			05/01/2033		583,973
	1,440,000		3.000			05/01/2038		1,102,408
Municipal Bonds – (continued)
Florida – (continued)
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
$	940,000		3.500	%		05/01/2029	$	863,070
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (NR/A+)
	190,000		2.500			05/01/2023		189,124
	190,000		2.500			05/01/2024		186,732
	200,000		3.000			05/01/2025		191,291
	205,000		3.000			05/01/2026		192,641
	1,135,000		3.500			05/01/2031		1,018,960
	1,370,000		4.000			05/01/2036		1,245,223
	Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	315,000		2.375			05/01/2026		283,066
	285,000		3.000			05/01/2031		235,619
	Tampa-Hillsborough County Expressway Authority RB Series 2017 (A2/A+)
	6,175,000		5.000			07/01/2047		6,364,326
	Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A2/A+)
	2,025,000		5.000			07/01/2048		2,084,935
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	1,115,000		4.800			05/01/2036		1,082,157
	Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	1,655,000		3.400			06/15/2032		1,382,782
	Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR)
	650,000		2.350			12/15/2026		573,171
	750,000		3.000			12/15/2031		614,026
	2,000,000		3.300			12/15/2041		1,469,925
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+)
	205,000		3.000			05/01/2027		190,626
	210,000		3.125			05/01/2028		194,664
	230,000		3.375			05/01/2032		203,249
	Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR)
	735,000		3.600			05/01/2041		562,326
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (NR/AA)
	340,000		3.500			05/01/2032		325,345
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)(f)
	420,000		5.200			05/01/2028		423,635
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		4.625			05/01/2028		300,139

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA)
$	4,695,000		3.000	%		05/01/2033	$	4,117,626
	5,290,000		3.000			05/01/2037		4,387,627
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	275,000		3.500			05/01/2024		270,303
	765,000		3.850			05/01/2029		719,119
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (NR/AA)
	2,025,000		3.000			05/01/2033		1,763,223
	4,925,000		3.000			05/01/2040		3,860,222
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)(f)
	1,040,000		3.450			05/01/2024		1,021,993
	2,970,000		3.750			05/01/2029		2,780,054
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	520,000		4.375			11/01/2023		520,127
	1,875,000		5.000			11/01/2029		1,883,500
	95,000		5.375			11/01/2039		93,899
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	505,000		4.250			06/15/2028		496,172
	Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	260,000		3.125			12/15/2025		245,240
	735,000		3.625			12/15/2031		641,765
	450,000		4.000			12/15/2040		384,312
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (Baa1/A-)
	750,000		5.000			04/01/2030		783,946
	650,000		5.000			04/01/2031		677,428
	550,000		5.000			04/01/2033		569,813
	5,000,000		5.000			04/01/2048		5,069,543
	Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (Aaa/AAA)
	2,000,000		4.000			07/01/2043		1,832,421
	7,000,000		4.000			07/01/2047		6,383,563
	Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)
	75,000		3.500			05/01/2024		73,725
	360,000		4.000			05/01/2030		340,415
	595,000		4.375			05/01/2039		538,648
	Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)(f)
	415,000		3.125			05/01/2030		365,819
	475,000		3.625			05/01/2040		384,271
	Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR)
	385,000		2.300			05/01/2026		342,792
	Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)(f)
	210,000		4.375			11/01/2024		209,520
	500,000		5.250			11/01/2039		485,172
Municipal Bonds – (continued)
Florida – (continued)
	Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)(f)
	355,000		2.500			05/01/2025		329,785
	235,000		3.250			05/01/2030		200,280
	Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)(f)
	1,190,000		3.125			11/01/2041		847,243
	750,000		4.000			11/01/2051		584,623
	Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR)
	160,000		2.500			11/01/2026		142,235
	200,000		3.000			11/01/2031		163,211
	Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)
	160,000		3.875			05/01/2024		157,041
	490,000		4.125			05/01/2029		474,980
	Triple Creek Community Development District Special Assessment Series 2019 B (NR/NR)
	835,000		4.875			05/01/2032		825,567
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)(f)
	3,955,000		4.625			11/01/2038		3,710,817
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	155,000		4.000			11/01/2024		153,718
	495,000		4.500			11/01/2029		488,498
	TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	2,000,000		4.750			11/01/2047		1,810,216
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	305,000		3.000			11/01/2024		292,857
	700,000		3.375			11/01/2030		607,535
	100,000		4.000			11/01/2050		78,145
	TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR)
	410,000		4.375			11/01/2025		408,298
	Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR/NR)
	250,000		3.000			05/01/2027		224,263
	465,000		3.375			05/01/2032		386,731
	1,430,000		4.000			05/01/2042		1,194,349
	Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (NR/A)
	1,000,000		4.250			05/01/2031		961,740
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A)
	360,000		2.250			05/01/2023		357,549
	365,000		2.500			05/01/2024		358,613
	375,000		2.625			05/01/2025		356,456
	390,000		3.000			05/01/2026		367,680
	400,000		3.125			05/01/2027		373,488
	415,000		3.250			05/01/2028		385,200

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR)
$	160,000		4.200	%		05/01/2026	$	158,172
	Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)
	340,000		3.000			12/15/2024		327,205
	1,000,000		3.375			12/15/2030		873,965
	Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)(f)
	1,370,000		5.000			12/15/2032		1,354,821
	2,000,000		5.000			12/15/2037		1,940,812
	4,470,000		5.000			12/15/2047		4,183,791
	Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	1,440,000		5.125			05/01/2042		1,343,820
	Two Rivers West Community Development District Special Assessment Bond Anticipation Note Series 2022 (NR/NR)
	1,600,000		3.000			01/15/2023		1,588,089
	Union Park East Community Development District Special Assessment Boonds for Assessment Area 3 Project Series 2021 (NR/NR)(f)
	125,000		2.950			05/01/2031		102,007
	325,000		3.350			05/01/2041		238,117
	450,000		4.000			05/01/2051		350,441
	University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA)
	300,000		2.500			05/01/2027		279,409
	310,000		2.500			05/01/2028		284,651
	315,000		2.625			05/01/2029		288,462
	1,060,000		3.000			05/01/2034		912,730
	2,130,000		3.125			05/01/2038		1,745,531
	1,725,000		3.250			05/01/2040		1,400,549
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(f)
	345,000		3.000			05/01/2025		325,829
	525,000		3.500			05/01/2031		451,693
	875,000		4.000			05/01/2040		745,040
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	1,000,000		3.625			05/01/2041		775,643
	Ventana Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR)(f)
	220,000		4.000			05/01/2024		218,818
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(f)
	1,000,000		4.625			05/01/2029		994,649
	1,000,000		5.000			05/01/2038		964,410
	Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)
	200,000		4.000			11/01/2024		198,425
	395,000		4.500			11/01/2029		390,295
	Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR)
	185,000		4.000			11/01/2024		183,542
	375,000		4.500			11/01/2029		370,534
Municipal Bonds – (continued)
Florida – (continued)
	Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)(f)
	115,000		2.500			05/01/2026		103,767
	175,000		3.100			05/01/2031		145,584
	Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)(f)
	200,000		2.500			05/01/2026		180,464
	285,000		3.100			05/01/2031		237,095
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	1,000,000		4.250			05/01/2037		912,646
	Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR)
	1,270,000		3.750			05/01/2026		1,211,823
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB)(f)
	345,000		3.250			05/01/2024		341,587
	355,000		3.500			05/01/2025		342,379
	370,000		3.625			05/01/2026		355,149
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	365,000		4.750			11/01/2025		366,070
	Verano No 3 Community Development District Special Assessment for Phase 1 Assessment Area Series 2021 (NR/NR)
	325,000		2.375			05/01/2026		291,708
	300,000		3.000			05/01/2031		246,792
	Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR)
	250,000		3.250			05/01/2031		209,964
	235,000		4.000			05/01/2040		200,111
	Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR)
	150,000		2.875			05/01/2025		141,011
	250,000		3.250			05/01/2031		209,957
	1,050,000		4.000			05/01/2040		894,112
	Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR)
	115,000		2.875			05/01/2025		108,108
	250,000		3.250			05/01/2031		209,957
	815,000		4.000			05/01/2040		694,002
	Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (NR/A)
	495,000		4.250			05/01/2030		488,799
	Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA)
	380,000		2.000			05/01/2027		329,518
	385,000		2.000			05/01/2028		323,969
	395,000		2.000			05/01/2029		323,202
	150,000		2.125			05/01/2030		119,557
	Viera Stewardship District Special Assessment RB Series 2021 (NR/NR)
	500,000		2.300			05/01/2026		444,972
	930,000		2.800			05/01/2031		755,366

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
$	255,000		3.125	%		05/01/2025	$	244,116
	500,000		3.500			05/01/2030		441,471
	930,000		3.750			05/01/2037		767,992
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(f)
	320,000		3.250			05/01/2023		318,828
	925,000		3.800			05/01/2028		891,765
	1,855,000		4.000			05/01/2033		1,752,669
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	720,000		2.625			05/01/2024		697,689
	1,210,000		3.000			05/01/2029		1,083,331
	1,450,000		3.375			05/01/2034		1,228,717
	3,830,000		3.550			05/01/2039		3,112,726
	Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)(f)
	1,730,000		1.875			05/01/2025		1,604,016
	2,925,000		2.625			05/01/2030		2,482,422
	3,370,000		3.000			05/01/2035		2,695,195
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (NR/AA)
	1,750,000		3.500			05/01/2032		1,666,721
	2,055,000		4.000			05/01/2037		1,948,401
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR)
	315,000		4.000			05/01/2026		316,204
	310,000		4.000			05/01/2027		311,680
	315,000		4.000			05/01/2028		321,987
	330,000		4.000			05/01/2029		336,891
	Village Community Development District Special Assessment RB Series 2021 (NR/NR)
	950,000		2.550			05/01/2031		774,319
	1,900,000		2.850			05/01/2036		1,428,757
	2,400,000		3.000			05/01/2041		1,662,245
	Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR)
	185,000		4.625			05/01/2027		181,706
	235,000		4.875			05/01/2032		227,995
	610,000		5.125			05/01/2042		571,307
	Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR/NR)
	210,000		3.150			05/01/2032		168,473
	500,000		3.450			05/01/2042		364,105
	Villamar Community Development District Special Assessment Bonds for Phase 3 Project Series 2022 (NR/NR)
	215,000		3.125			11/01/2027		191,562
	Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR/NR)
	175,000		3.250			05/01/2027		157,621
	Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	75,000		3.750			05/01/2024		73,482
	220,000		4.000			05/01/2029		211,689
Municipal Bonds – (continued)
Florida – (continued)
	Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	200,000		2.625			05/01/2025		186,470
	245,000		3.200			05/01/2030		208,520
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB-)
	220,000		2.750			11/01/2024		209,343
	225,000		3.000			11/01/2025		209,892
	230,000		3.200			11/01/2026		212,253
	1,400,000		4.125			11/01/2046		1,147,309
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	625,000		5.500			05/01/2034		627,960
	925,000		5.750			05/01/2044		929,089
	Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/BBB+)
	2,145,000		4.000			05/01/2031		2,005,502
	Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	500,000		5.125			11/01/2038		485,380
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	2,360,000		5.500			11/01/2045		2,338,524
	Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)
	185,000		3.250			11/01/2024		178,718
	375,000		3.625			11/01/2029		340,623
	1,000,000		4.000			11/01/2039		861,896
	West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)(f)
	500,000		2.750			05/01/2026		454,122
	415,000		3.250			05/01/2031		346,675
	515,000		3.625			05/01/2041		394,893
	West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR)
	170,000		4.750			05/01/2032		162,183
	300,000		5.125			05/01/2042		275,979
	West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)(f)
	280,000		2.650			05/01/2025		262,520
	630,000		3.000			05/01/2031		523,760
	1,725,000		4.000			05/01/2040		1,468,177
	1,595,000		4.000			05/01/2051		1,245,800
	West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	385,000		2.400			05/01/2026		344,025
	575,000		3.000			05/01/2031		472,175
	West Villages Improvement District Unit of Development No. 3 Special Assessment Refunding Bonds Series 2017 (NR/NR)
	2,540,000		5.000			05/01/2032		2,525,850
	1,940,000		4.500			05/01/2034		1,840,321
	3,395,000		5.000			05/01/2037		3,319,869

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)
$	260,000		4.000	%		05/01/2024	$	258,642
	750,000		4.250			05/01/2029		733,326
	West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR)
	200,000		2.500			05/01/2026		180,811
	West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR)
	435,000		2.500			05/01/2026		393,263
	Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR)
	125,000		3.625			05/01/2024		123,245
	355,000		3.900			05/01/2029		335,239
	Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)(f)
	260,000		3.500			05/01/2024		255,811
	810,000		3.750			05/01/2029		762,682
	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		229,380
	650,000		3.000			05/01/2031		554,901
	1,400,000		3.250			05/01/2041		1,056,256
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)
	250,000		3.500			06/15/2024		244,390
	1,285,000		3.750			06/15/2030		1,163,248
	3,350,000		4.250			06/15/2039		2,976,815
	Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR)
	1,300,000		5.625			05/01/2042		1,275,753
	Willows Community Development District Special Assessment RB Series 2019 (NR/NR)
	130,000		3.875			05/01/2024		127,793
	500,000		4.370			05/01/2029		491,576
	Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)
	170,000		2.400			05/01/2026		151,545
	300,000		2.950			05/01/2031		243,680
	865,000		3.350			05/01/2041		630,863
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	200,000		4.250			11/01/2029		194,403
	680,000		4.875			11/01/2039		651,073
	Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR/NR)
	900,000		4.000			05/01/2042		751,735
	Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR)
	160,000		3.000			05/01/2025		150,716
	230,000		3.650			05/01/2030		201,621
Municipal Bonds – (continued)
Florida – (continued)
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	135,000		4.875			05/01/2036		131,812
	250,000		5.000			05/01/2047		234,191
	Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR)
	690,000		2.500			05/01/2025		643,201
	640,000		3.125			05/01/2030		544,306
	Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (NR/BBB+)
	1,450,000		4.500			05/01/2036		1,344,273
	Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR)
	180,000		2.500			05/01/2026		162,418
	350,000		3.000			05/01/2031		289,079
								926,546,944
Georgia – 1.8%
	Burke County Development Authority Pollution Control RB (BBB+/A-) (PUTABLE)(a)(b)(d)
	1,600,000		2.250			05/25/2023		1,583,896
	Burke County Development Authority Pollution Control RB Fifth Series 1994 (BBB+/A-) (PUTABLE)(a)(b)(d)
	3,000,000		2.150			06/13/2024		2,883,650
	Burke County Development Authority Pollution Control RB Second Series 2008 (BBB+/A-) (PUTABLE)(a)(b)(d)
	3,100,000		2.925			03/12/2024		3,031,046
	Burke County Development Authority Pollution Control RB Series 2017F (A-/BBB)(a)(b)
	9,475,000		3.000			02/01/2023		9,437,959
	City of Atlanta RB for Water & Wastewater Series 2018 B (Aa2/AA-)
	4,750,000		3.500			11/01/2043		3,963,012
	County of Fulton RB Refunding for Water & Sewerage Series 2013 A (Aa2/AA)
	7,585,000		4.000			01/01/2035		7,445,481
	Development Authority of Bartow County Pollution Control RB First Series 1997 (NR/BBB+)(a)
	5,000,000		1.800			09/01/2029		4,281,543
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR)
	465,000		5.000			03/01/2027		422,657
	George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-)
	1,215,000		2.375			01/01/2031		1,012,252
	1,800,000		4.000			01/01/2036		1,560,570
	Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (Baa1/BBB+)
	775,000		4.000			08/01/2035		669,777
	500,000		4.000			08/01/2036		440,265
	750,000		4.000			08/01/2037		653,483
	745,000		4.000			08/01/2038		643,044
	Main Street Natural Gas Gas Supply RB Series 2019B (NR/NR)(a)(b)
	14,050,000		4.000			12/02/2024		14,191,897

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Georgia – (continued)
	Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)(a)(b)
$	3,625,000		4.000	%		09/01/2027	$	3,581,363
	Main Street Natural Gas Gas Supply RB Series 2022B (NR/NR)
	1,740,000		5.000			06/01/2027		1,754,969
	Main Street Natural Gas Gas Supply RB Sub-Series 2018A (NR/NR)(a)(b)
	14,250,000		4.000			09/01/2023		14,272,345
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR)
	2,500,000		5.000			05/15/2025		2,537,346
	3,000,000		5.000			05/15/2026		3,057,945
	3,000,000		5.000			05/15/2027		3,069,300
	2,455,000		5.000			05/15/2028		2,519,916
	2,800,000		5.000			05/15/2029		2,882,102
	4,875,000		5.000			05/15/2049		4,668,550
	Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3/NR)(a)(b)
	10,295,000		4.000			12/01/2029		9,661,364
	Monroe County Development Authority Pollution Control RB First Series 2009 (BBB+/A-2/A-) (PUTABLE)(a)(b)(d)
	1,850,000		1.000			08/21/2026		1,587,787
	Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (Baa1/A)
	2,210,000		5.000			01/01/2023		2,218,377
	4,155,000		5.000			01/01/2024		4,228,768
	4,360,000		5.000			01/01/2025		4,483,420
	4,575,000		5.000			01/01/2026		4,742,408
	4,805,000		5.000			01/01/2027		4,989,613
	5,040,000		5.000			01/01/2028		5,271,670
	5,295,000		5.000			01/01/2029		5,556,176
	1,080,000		5.000			01/01/2034		1,101,832
	Municipal Electric Authority RB Refunding Series 2019 A (A2/A-)
	830,000		5.000			01/01/2024		844,736
	900,000		5.000			01/01/2025		925,476
	Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-)
	495,000		5.000			06/01/2031		524,761
	400,000		5.000			06/01/2032		420,752
	500,000		5.000			06/01/2033		523,643
	400,000		4.000			06/01/2034		374,853
	500,000		4.000			06/01/2035		459,264
	850,000		4.000			06/01/2045		709,409
	Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)(f)
	1,275,000		4.000			01/01/2038		1,124,005
	Savanah Economic Development Authority Recovery Zone Facility Revenune Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(d)
	400,000		2.000			10/01/2024		385,052
	Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB)
	1,925,000		1.900			08/01/2024		1,854,798
Municipal Bonds – (continued)
Georgia – (continued)
	State of Georgia GO Bonds Series 2021A (Aaa/AAA)
	2,675,000		4.000			07/01/2035		2,659,758
								145,212,290
Guam – 0.7%
	A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)(h)
	1,265,000		5.250			10/01/2029		1,248,672
	1,285,000		5.250			10/01/2030		1,247,371
	Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR)
	765,000		3.099			10/01/2028		661,803
	550,000		3.189			10/01/2029		465,824
	740,000		3.489			10/01/2031		613,329
	Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+)
	875,000		3.625			02/01/2025		815,505
	2,045,000		4.250			02/01/2030		1,883,669
	Guam Government Business Privilege Tax Revenue Refunding Bonds 2015D (BB/NR)
	320,000		5.000			11/15/2022		320,164
	Guam Government Business Privilege Tax Revenue Refunding Bonds 2015D (NR/NR)
	2,680,000		5.000			11/15/2022		2,685,732
	Guam Government GO Bonds Series 2019 (AMT) (Ba1/BB-)
	2,350,000		5.000			11/15/2031		2,218,911
	Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB)
	2,755,000		5.000			12/01/2025		2,764,674
	2,255,000		5.000			12/01/2026		2,262,963
	2,000,000		5.000			12/01/2027		2,004,587
	Guam Government RB Refunding Series 2021 E (Ba1/NR)
	7,795,000		3.250			11/15/2026		7,324,629
	Guam Government RB Refunding Series 2021 F (Ba1/NR)
	525,000		5.000			01/01/2028		524,303
	1,225,000		5.000			01/01/2029		1,223,090
	1,100,000		5.000			01/01/2030		1,096,682
	1,100,000		5.000			01/01/2031		1,089,278
	7,065,000		4.000			01/01/2042		5,700,843
	Guam Power Authority RB Refunding Series 2012 A (AGM) (A2/AA)
	1,500,000		5.000			10/01/2024		1,500,000
	2,790,000		5.000			10/01/2030		2,790,000
	Guam Power Authority RB Series 2014 A (AGM) (A2/AA)
	325,000		5.000			10/01/2039		332,005
	250,000		5.000			10/01/2044		254,646
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-)
	1,030,000		5.000			01/01/2046		1,037,810
	Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-)
	6,615,000		5.000			01/01/2050		6,620,214
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-)
	350,000		5.000			07/01/2025		358,167

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)
Guam – (continued)
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) – (continued)
$	560,000		5.000	%		07/01/2026	$	577,153
	350,000		5.000			07/01/2027		362,491
	370,000		5.000			07/01/2028		382,219
	725,000		5.000			07/01/2029		748,293
	700,000		5.000			07/01/2030		721,234
	700,000		5.000			07/01/2031		719,233
	700,000		5.000			07/01/2032		717,431
	Guam Waterworks Authority Water and Wastewater System RB Series 2013 (CASH) (Baa2/A-)(b)
	1,450,000		5.500			07/01/2023		1,474,830
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (Baa2/A)
	400,000		5.000			07/01/2029		416,497
	600,000		5.000			07/01/2031		621,410
	250,000		5.000			07/01/2033		256,963
	225,000		5.000			07/01/2034		230,597
	425,000		5.000			07/01/2036		434,288
	Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR)
	300,000		5.000			11/01/2027		299,647
	450,000		5.000			11/01/2028		448,907
	450,000		5.000			11/01/2029		449,177
	375,000		5.000			11/01/2030		372,196
								58,277,437
Hawaii – 0.4%
	City & County Honolulu RB for Wastewater System Series 2018 A (Aa2/NR)
	8,000,000		4.000			07/01/2042		7,305,403
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (AMT) (Baa1/NR)
	5,025,000		4.000			03/01/2037		4,537,007
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Baa1/NR)
	9,055,000		3.200			07/01/2039		6,956,989
	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		29,775
	75,000		5.000			05/15/2029		77,035
	35,000		5.000			05/15/2030		35,809
	150,000		5.000			05/15/2031		152,781
	180,000		5.000			05/15/2032		182,735
	60,000		3.000			05/15/2033		48,504
	100,000		3.000			05/15/2034		79,391
	150,000		3.000			05/15/2035		116,976
	670,000		3.250			05/15/2039		507,803
	575,000		5.000			05/15/2044		566,542
	State of Hawaii Airports System RB Series 2022A (AMT) (A1/A+)
	9,000,000		5.000			07/01/2051		8,965,904
								29,562,654
Municipal Bonds – (continued)
Idaho – 0.0%
	Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (Baa3/BBB-)
	2,000,000		2.750			10/01/2024		1,957,828
Illinois – 10.9%
	Barrington Community Unit School District GO School Bonds Series 2021 (AAA/NR)
	2,255,000		5.000			12/01/2029		2,483,244
	Berwyn Municipal Securitization Corp. RB Refunding Series 2019 (AGM-CR) (NR/AA)
	7,200,000		5.000			01/01/2035		7,682,646
	Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA)
	625,000		4.000			10/01/2043		540,212
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA)
	350,000		0.000	(g)		01/01/2026		307,850
	165,000		0.000	(g)		01/01/2027		139,111
	240,000		0.000	(g)		01/01/2028		193,935
	300,000		5.000			01/01/2029		323,481
	175,000		5.000			01/01/2030		188,340
	665,000		5.000			01/01/2031		713,167
	1,875,000		5.000			01/01/2032		2,002,726
	765,000		5.000			01/01/2033		814,161
	1,115,000		5.000			01/01/2034		1,183,754
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba3/BB)
	555,000		5.382			12/01/2023		550,980
	7,690,000		5.482			12/01/2024		7,528,633
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR)
	3,550,000		6.000			04/01/2046		3,697,158
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR)
	760,000		5.000			04/01/2034		770,678
	575,000		5.000			04/01/2035		582,142
	525,000		5.000			04/01/2036		530,897
	1,110,000		5.000			04/01/2037		1,120,369
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)(g)
	2,225,000		0.000			12/01/2026		1,838,369
	1,125,000		0.000			12/01/2027		883,649
	3,095,000		0.000			12/01/2029		2,189,408
	2,660,000		0.000			12/01/2030		1,777,958
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)(g)
	965,000		0.000			12/01/2027		757,975
	1,040,000		0.000			12/01/2028		773,895
	645,000		0.000			12/01/2030		431,121
	Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Ba1/BBB+)(g)
	670,000		0.000			01/01/2031		446,498
	Chicago Illinois Board of Education GO Bonds Series 2015 C (NR/BB)
	2,500,000		6.000			12/01/2035		2,569,775

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)(g)
$	4,705,000		0.000	%		12/01/2031	$	2,961,823
	Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL) (Baa2/BB)
	4,725,000		5.500			12/01/2026		4,910,347
	Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL) (Baa2/BB)(g)
	3,485,000		0.000			12/01/2023		3,315,959
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB)
	2,500,000		5.500			12/01/2026		2,615,552
	6,330,000		5.500			12/01/2027		6,681,715
	3,000,000		5.500			12/01/2028		3,193,268
	2,115,000		5.500			12/01/2029		2,267,854
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB)
	1,020,000		5.250			12/01/2039		1,026,430
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (Ba3/BB)
	5,225,000		5.000			12/01/2042		4,860,596
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB)
	10,380,000		6.038			12/01/2029		9,742,408
	2,500,000		6.138			12/01/2039		2,167,251
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB)
	5,160,000		7.000			12/01/2044		5,507,438
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB)
	7,125,000		6.500			12/01/2046		7,548,600
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA)
	1,825,000		5.000			12/01/2025		1,879,289
	2,250,000		5.000			12/01/2026		2,326,287
	2,375,000		5.000			12/01/2027		2,460,323
	10,295,000		5.000			12/01/2028		10,693,639
	1,500,000		5.000			12/01/2030		1,535,850
	3,350,000		5.000			12/01/2031		3,417,722
	2,550,000		5.000			12/01/2032		2,593,669
	2,800,000		5.000			12/01/2033		2,838,410
	600,000		5.000			12/01/2034		606,589
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (NR/AA)
	5,000,000		5.000			12/01/2027		5,179,627
	8,885,000		5.000			12/01/2028		9,229,041
	7,950,000		5.000			12/01/2029		8,206,733
	4,690,000		5.000			12/01/2030		4,802,091
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (NR/BB)
	2,000,000		0.000	(g)		12/01/2025		1,729,921
	2,000,000		0.000	(g)		12/01/2026		1,645,766
	300,000		0.000	(g)		12/01/2027		234,456
	2,500,000		4.000			12/01/2027		2,415,631
	5,000,000		5.000			12/01/2029		5,067,366
	5,000,000		5.000			12/01/2030		5,059,450
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (NR/BB)
	750,000		5.000			12/01/2022		751,758
	1,200,000		5.000			12/01/2023		1,212,916
	1,250,000		5.000			12/01/2024		1,271,842
	1,200,000		5.000			12/01/2025		1,226,122
	1,000,000		5.000			12/01/2026		1,023,186
	1,000,000		5.000			12/01/2027		1,020,884
	3,060,000		5.000			12/01/2028		3,118,235
	1,000,000		5.000			12/01/2029		1,013,473
	3,000,000		5.000			12/01/2030		3,035,795
	1,000,000		5.000			12/01/2031		1,006,567
	1,000,000		5.000			12/01/2032		1,002,916
	1,000,000		5.000			12/01/2033		1,000,736
	Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR NATL) (A2/AA)(g)
	1,465,000		0.000			01/01/2030		1,069,029
	Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (NATL) (Baa2/BBB+)(g)
	1,200,000		0.000			01/01/2028		947,058
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Ba1/BBB+)
	750,000		0.000			01/01/2032		470,795
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Ba1/WR/BBB+)
	330,000		5.500			01/01/2037		330,865
	3,020,000		5.500			01/01/2040		3,027,914
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (Ba1/BBB+)
	1,500,000		5.250			01/01/2033		1,491,662
	630,000		5.000			01/01/2034		617,226
	11,590,000		5.000			01/01/2036		11,304,235
	Chicago Illinois GO Bonds Series 2010 B (Ba1/BBB+)
	1,130,000		7.517			01/01/2040		1,152,347
	Chicago Illinois GO Bonds Series 2015 A (NR/BBB+)
	1,320,000		5.500			01/01/2039		1,323,459
	Chicago Illinois GO Bonds Series 2015 B (NR/BBB+)
	13,893,000		7.375			01/01/2033		14,288,182
	Chicago Illinois GO Bonds Series 2019 (NR/BBB+)
	3,760,000		5.000			01/01/2028		3,828,802
	4,890,000		5.000			01/01/2029		4,957,647
	2,720,000		5.000			01/01/2031		2,680,795
	Chicago Illinois GO Refunding Bonds Series 2012 B (Ba1/BBB+)
	2,385,000		5.432			01/01/2042		1,922,725
	Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+)
	2,575,000		5.000			01/01/2024		2,602,327

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)
Illinois – (continued)
	Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) – (continued)
$	4,435,000		5.000	%		01/01/2025	$	4,512,777
	5,600,000		5.000			01/01/2038		5,556,126
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A3/A-)
	4,235,000		5.500			01/01/2029		4,247,794
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (NR/A)
	7,040,000		5.000			01/01/2039		7,238,872
	8,955,000		5.000			01/01/2048		9,074,285
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (NR/A)
	2,605,000		5.000			01/01/2023		2,614,748
	4,760,000		5.000			01/01/2024		4,840,442
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A)
	9,105,000		5.000			01/01/2037		9,264,916
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (NR/A)
	8,955,000		5.250			01/01/2035		9,318,694
	Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (NR/NR)
	1,105,000		5.000			01/01/2025		1,144,963
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA)
	475,000		5.250			01/01/2042		488,965
	1,330,000		4.000			01/01/2052		1,168,821
	Chicago Illinois Water RB Refunding for Second Lien Project Series 2017-2 (AGM) (NR/AA)
	2,200,000		5.000			11/01/2033		2,313,006
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (NR/A/NR)
	1,645,000		5.000			11/01/2026		1,700,478
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (Baa2/A)
	15,475,000		5.000			11/01/2042		14,924,641
	Chicago Park District GO LT Refunding Bonds Series 2021C (AA-/AA-)
	4,400,000		4.000			01/01/2035		3,932,779
	Chicago Transit Authority Capital Grant Receipts RB Refunding Series 2021 (NR/A)
	1,550,000		5.000			06/01/2029		1,649,768
	Chicago Transit Authority Sales Tax Recepts RB Series 2014 (NR/AA)
	4,500,000		5.250			12/01/2049		4,588,979
	City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR)
	680,000		3.250			07/01/2029		582,761
	City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (BB/NR)
	2,000,000		5.000			12/01/2025		2,043,536
	City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (AA/NR)
	1,000,000		5.000			12/01/2029		1,032,293
Municipal Bonds – (continued)
Illinois – (continued)
	City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR/BB)
	2,250,000		4.000			12/01/2037		1,944,195
	City of Chicago GO Bonds Series 2021A (BBB+/BBB-)
	1,000,000		5.000			01/01/2028		1,018,298
	City of Chicago GO Bonds Series 2021B (BBB+/BBB-)
	5,579,000		4.000			01/01/2030		5,243,566
	2,956,000		4.000			01/01/2038		2,526,755
	5,330,000		4.000			01/01/2044		4,302,116
	City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+)
	2,745,000		5.000			01/01/2025		2,793,139
	3,430,000		5.000			01/01/2027		3,494,247
	10,115,000		5.000			01/01/2028		10,300,089
	8,480,000		5.000			01/01/2029		8,597,310
	9,315,000		5.000			01/01/2030		9,364,870
	430,000		5.000			01/01/2031		430,862
	City of Chicago IL GO Bonds Series 2019 (BBB+/NR)
	6,500,000		5.500			01/01/2049		6,536,880
	City of Chicago IL Waterworks Revenue RB Series 1999 (A/NR/Baa2/WR)
	1,560,000		5.000			11/01/2028		1,606,471
	1,780,000		5.000			11/01/2029		1,832,072
	1,000,000		5.000			11/01/2030		1,027,248
	City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (AMT) (A-/A3)
	1,000,000		5.000			01/01/2031		1,006,439
	City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+)
	3,650,000		5.000			01/01/2042		3,660,616
	2,250,000		4.500			01/01/2048		2,062,516
	City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (AMT) (NR/A+)
	2,500,000		4.000			01/01/2042		2,224,626
	City of Chicago Second Lien Wastewater Transmission Revenue Refunding Bonds Series 2008C (A/NR)
	2,015,000		5.000			01/01/2034		2,042,810
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (A2/AA)
	265,000		5.432			01/01/2042		252,478
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (A2/AA)
	5,650,000		6.314			01/01/2044		5,924,471
	City of Peoria GO Refunding Bonds Series 2019 (AGM) (A2/AA)
	880,000		5.000			01/01/2029		951,957
	1,470,000		5.000			01/01/2031		1,583,589
	Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (Aa2/NR)
	155,000		4.000			01/01/2025		156,963
	195,000		4.000			01/01/2026		198,367
	115,000		4.000			01/01/2027		117,427
	200,000		4.000			01/01/2028		205,067
	200,000		4.000			01/01/2029		206,242
	145,000		4.000			01/01/2030		148,755

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (NR/AA)
$	10,350,000		5.500	%		12/01/2036	$	11,371,257
	Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (Aa2/NR)
	840,000		4.000			12/01/2023		845,753
	County of Cook Sales Tax RB Refunding Series 2021 A (NR/AA-)
	600,000		5.000			11/15/2029		647,885
	2,330,000		5.000			11/15/2032		2,487,850
	1,025,000		5.000			11/15/2036		1,065,005
	1,445,000		5.000			11/15/2037		1,499,528
	2,080,000		5.000			11/15/2038		2,153,290
	5,155,000		4.000			11/15/2039		4,625,463
	3,540,000		4.000			11/15/2041		3,136,916
	County of Will Illinois GO Bonds Series 2019 (Aa1/AA+)
	1,500,000		4.000			11/15/2047		1,407,727
	Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+)
	605,000		5.000			12/01/2034		618,443
	775,000		5.000			12/01/2039		783,546
	1,000,000		5.000			12/01/2044		999,957
	Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (A1/AA)
	2,325,000		4.000			12/01/2036		2,252,411
	1,420,000		4.000			12/01/2037		1,347,557
	4,230,000		4.000			12/01/2042		3,839,157
	Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (Aa2/NR)
	500,000		4.000			12/01/2038		460,332
	400,000		4.000			12/01/2040		366,269
	1,085,000		4.000			12/01/2042		985,955
	Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-)
	1,000,000		5.000			03/01/2040		922,569
	685,000		5.000			03/01/2042		620,937
	Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (NR/AA+)
	815,000		4.000			12/15/2031		818,499
	1,300,000		4.000			12/15/2032		1,290,453
	3,740,000		4.000			12/15/2033		3,656,664
	1,700,000		4.000			12/15/2034		1,625,586
	1,395,000		4.000			12/15/2035		1,323,061
	2,750,000		3.000			12/15/2036		2,298,742
	2,000,000		3.000			12/15/2037		1,652,436
	Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (Aa2/AA+)
	19,555,000		4.000			07/15/2047		17,123,983
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)(f)
	5,600,000		6.125			04/01/2049		5,432,435
	Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2021 B (NR/NR)
	2,280,000		3.250			05/15/2027		1,942,666
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (NR/A)(b)
	4,000,000		4.250			01/01/2028		4,170,122
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR)
	1,425,000		4.000			05/15/2027		1,369,703
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR)
	750,000		5.000			09/01/2026		764,899
	500,000		5.000			09/01/2027		510,579
	500,000		5.000			09/01/2028		511,407
	1,600,000		5.000			09/01/2030		1,628,599
	1,000,000		5.000			09/01/2031		1,010,852
	1,000,000		5.000			09/01/2032		1,005,175
	1,035,000		5.000			09/01/2033		1,034,558
	1,150,000		5.000			09/01/2034		1,135,593
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-)
	900,000		4.000			09/01/2041		758,465
	3,875,000		5.000			09/01/2046		3,731,423
	Illinois Finance Authority RB Refunding for Lawndale Educational & Regional Network Charter School Obligated Group Series 2021 (NR/BBB)
	650,000		4.000			11/01/2041		541,445
	Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR)
	375,000		5.000			05/15/2041		326,810
	Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (Aa2/AA-)
	2,100,000		5.000			10/01/2041		2,196,614
	Illinois Finance Authority RB Refunding for University of Chicago Series 2021 A (Aa2/AA-)
	1,380,000		5.000			10/01/2037		1,482,711
	4,400,000		5.000			10/01/2038		4,723,608
	Illinois Finance Authority RB Series 2021 (NR/BB+)(f)
	375,000		4.000			10/01/2042		290,197
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (NR/AA-)
	3,515,000		5.000			01/01/2029		3,711,627
	1,130,000		5.000			01/01/2036		1,158,889
	5,290,000		4.000			01/01/2038		4,737,086
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 A (BAM-TCRS) (NR/AA)
	5,300,000		5.000			01/01/2038		5,457,918
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (NR/AA-)
	10,685,000		5.000			01/01/2026		11,059,483
	8,170,000		5.000			01/01/2027		8,532,524
	15,355,000		5.000			01/01/2028		16,134,893
	11,790,000		5.000			01/01/2029		12,449,525
	Illinois Sport Facilities Authority Sport Facilities Refunding Bonds Series 2021 (NR/BB+)
	1,500,000		5.000			06/15/2030		1,490,436
	575,000		5.000			06/15/2031		566,854

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (NR/AA)
$	4,160,000		5.000	%		06/15/2027	$	4,266,828
	Illinois State GO Bonds Series 2013 (Baa2/BBB)
	5,000,000		5.500			07/01/2024		5,054,955
	4,000,000		5.500			07/01/2025		4,041,786
	3,165,000		5.500			07/01/2027		3,195,035
	5,500,000		5.250			07/01/2028		5,537,842
	9,490,000		5.500			07/01/2038		9,511,805
	Illinois State GO Bonds Series 2017 A (Baa2/BBB)
	375,000		4.500			12/01/2041		333,080
	Illinois State GO Bonds Series 2017 C (Baa2/BBB)
	19,265,000		5.000			11/01/2029		19,613,918
	Illinois State GO Bonds Series 2017 D (Baa2/BBB)
	53,565,000		5.000			11/01/2024		54,449,980
	2,000,000		5.000			11/01/2025		2,033,813
	9,450,000		5.000			11/01/2026		9,626,624
	24,005,000		5.000			11/01/2028		24,466,772
	Illinois State GO Bonds Series 2018 A (Baa2/BBB)
	16,380,000		5.000			05/01/2031		16,617,262
	1,760,000		5.000			05/01/2042		1,686,100
	1,760,000		5.000			05/01/2043		1,681,528
	Illinois State GO Bonds Series 2019 A (Baa2/BBB)
	8,000,000		5.000			11/01/2024		8,132,173
	Illinois State GO Bonds Series 2019 C (Baa2/BBB)
	4,980,000		4.000			11/01/2042		4,088,419
	Illinois State GO Bonds Series 2020 (Baa2/BBB)
	1,525,000		5.500			05/01/2039		1,552,321
	4,100,000		5.750			05/01/2045		4,189,331
	Illinois State GO Refunding Bonds Series 2016 (AGM) (A2/AA)
	1,185,000		4.000			02/01/2031		1,143,719
	Illinois State GO Refunding Bonds Series 2018 B (Baa2/BBB)
	2,340,000		5.000			10/01/2031		2,372,587
	Illinois State Toll Highway Authority Toll Highway Senior RB 2019 Series C (AA-/Aa3)
	9,395,000		5.000			01/01/2025		9,734,779
	Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (A1/AA)
	410,000		5.000			12/01/2026		434,349
	405,000		4.000			12/01/2028		414,671
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)(g)
	5,600,000		0.000			12/15/2032		3,384,997
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/BBB+)(g)
	2,690,000		0.000			12/15/2031		1,724,935
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)
	2,000,000		5.000			12/15/2028		2,038,769
	300,000		5.000			12/15/2032		301,241
	600,000		5.000			12/15/2033		600,690
	500,000		5.000			12/15/2034		498,818
	1,260,000		0.000	(c)		12/15/2037		705,314
Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+) – (continued)
	3,500,000		0.000	(c)		12/15/2042		1,854,243
	3,850,000		0.000	(c)		12/15/2047		1,955,122
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (NR/BBB+)
	3,760,000		5.000			06/15/2050		3,510,958
	Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (A-/Baa3)(g)
	2,000,000		0.000			12/15/2034		1,069,053
	Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR)
	5,355,000		4.000			06/15/2052		4,058,683
	Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (NR/AA)
	4,430,000		5.000			07/01/2029		4,739,104
	Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-)
	2,240,000		5.000			01/01/2025		2,298,549
	1,150,000		5.000			01/01/2028		1,208,409
	Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (AA-/NR)
	1,275,000		5.000			01/01/2026		1,319,686
	4,000,000		5.000			01/01/2027		4,177,490
	Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-)
	2,200,000		5.000			01/01/2028		2,311,740
	South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (Baa1/AA)
	875,000		4.000			01/01/2032		870,103
	450,000		4.000			01/01/2033		445,094
	475,000		4.000			01/01/2034		466,782
	420,000		4.000			01/01/2035		410,307
	470,000		4.000			01/01/2037		454,086
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (NR/AA)(g)
	6,055,000		0.000			12/01/2025		5,310,670
	Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (A2/AA)
	4,000,000		3.500			03/01/2030		3,934,831
	State of Illinois GO Bonds Series 2014 (Baa2/BBB)
	570,000		5.000			02/01/2024		577,741
	State of Illinois GO Bonds Series 2016 (Baa2/BBB)
	2,820,000		4.000			06/01/2032		2,653,890
	State of Illinois GO Bonds Series 2017 A (Baa2/BBB)
	3,455,000		5.000			12/01/2027		3,532,473
	875,000		4.250			12/01/2040		757,692
	State of Illinois GO Bonds Series 2017 D (Baa2/BBB)
	925,000		3.250			11/01/2026		882,630
	State of Illinois GO Bonds Series 2021A (Baa1/BBB+)
	4,195,000		4.000			03/01/2041		3,494,975
	State of Illinois GO Bonds Series 2022A (Baa1/BBB+)
	3,875,000		5.500			03/01/2047		3,891,732
	State of Illinois GO Refunding Bonds Series 2016 (Baa2/BBB)
	3,800,000		5.000			02/01/2028		3,872,424

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Municipal Bonds – (continued)
Illinois – (continued)
	State of Illinois GO Refunding Bonds Series 2018 A (Baa2/BBB)
$	500,000	5.000 %	10/01/2028	$	511,419
	State of Illinois GO Unlimited Bonds Series 2017 A (Baa2/BBB)
	1,500,000	4.000	12/01/2033		1,359,029
	5,000,000	4.250	12/01/2037		4,442,997
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (Baa2/BBB)
	5,100,000	5.000	10/01/2027		5,211,741
	State of Illinois RB Refunding Series 2016 C (BAM-TCRS) (NR/AA)
	5,580,000	4.000	06/15/2028		5,630,910
	Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)(f)
	375,000	4.000	01/01/2031		331,243
	335,000	5.000	01/01/2045		280,782
	Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR)
	450,000	5.000	01/01/2024		450,559
	2,690,000	5.000	01/01/2030		2,621,116
	Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)
	1,500,000	4.250	01/01/2029		1,374,769
	Village of Romeoville GO Refunding Bonds Series 2019 (Aa2/NR)
	3,055,000	5.000	12/30/2027		3,294,084
	3,235,000	5.000	12/30/2028		3,529,700
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB)
	210,000	4.125	10/01/2041		183,776
	420,000	4.125	10/01/2046		354,229
	Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (Baa1/AA)
	650,000	4.000	01/01/2034		620,759
					880,227,164
Indiana – 0.8%
	City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (NR/AA)
	1,845,000	2.000	09/01/2038		1,309,266
	City of Whiting Environmental Facilities RB Series 2015 (A-/NR) (PUTABLE)(a)(b)(d)
	3,000,000	5.000	11/01/2022		3,002,236
	City of Whiting Environmental Facilities Refunding RB Series 2019A (A-/NR) (PUTABLE)(a)(b)(d)
	11,500,000	5.000	06/05/2026		11,801,322
	Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB)
	540,000	5.000	09/15/2034		545,547
	680,000	5.000	09/15/2039		678,826
	445,000	4.000	09/15/2044		365,466
	Indiana Finance Authority First Lien Wastewater Utility RB Series 2015A (AA/NR)
	16,825,000	5.000	10/01/2045		17,064,785
	Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/A-)(a)(b)
	2,300,000	2.100	11/01/2026		2,159,272
Municipal Bonds – (continued)
Indiana – (continued)
	Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR)
	185,000	4.000	07/01/2030		171,769
	300,000	5.000	07/01/2040		280,537
	Indiana Finance Authority RB for WVB East End Partners LLC Series 2013 A (NR/BBB+)(b)
	6,000,000	5.250	07/01/2023		6,076,371
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (Baa3/NR)
	2,930,000	3.000	11/01/2030		2,583,275
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Ba1/NR)
	2,110,000	3.000	11/01/2030		1,846,057
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Ba1/NR)
	2,350,000	3.000	11/01/2030		2,073,360
	Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR)
	300,000	1.670	11/15/2022		298,919
	300,000	1.720	11/15/2023		288,241
	350,000	1.990	11/15/2024		324,278
	360,000	2.450	11/15/2025		324,829
	465,000	2.520	11/15/2026		411,788
	610,000	2.920	11/15/2027		532,252
	850,000	3.210	11/15/2028		731,956
	880,000	3.260	11/15/2029		747,708
	670,000	3.300	11/15/2030		563,333
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (Aa3/AA-)(b)(e) (SIFMA Municipal Swap Index Yield + 0.55%)
	3,690,000	3.000	11/01/2023		3,691,209
	Indianapolis Local Public Improvement Bond Bank RB Refunding Series 2019 D (AMT) (A1/NR)
	2,275,000	5.000	01/01/2029		2,376,675
	Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (NR/A-)
	1,225,000	4.000	09/01/2031		1,191,780
					61,441,057
Iowa – 0.4%
	City of Coralville GO Annual Appopriation Refunding Bonds Series 2022C (NR/NR)
	11,195,000	5.000	05/01/2042		10,010,786
	City of Davenport GO Corporate Bonds Series 2019 IA (Aa3/AA)
	1,060,000	4.000	06/01/2031		1,080,354
	Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)(a)(b)
	5,800,000	4.000	12/01/2032		5,260,055
	Iowa Finance Authority RB for Gevo NW Iowa RNG LLC Series 2021 (AMT) (Aa3/VMIG1/NR)(a)(b)
	5,500,000	1.500	04/01/2024		5,322,106
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR)
	1,700,000	4.000	05/15/2055		1,138,999
	2,300,000	5.000	05/15/2055		1,935,041

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)
Iowa – (continued)
	Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR)
$	925,000		5.375	%		10/01/2052	$	922,426
	Iowa Tobacco Settlement Authority RB Refunding Series 2021 B-1 (NR/BBB)
	6,995,000		4.000			06/01/2049		6,186,831
								31,856,598
Kansas – 0.1%
	City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR)
	825,000		4.000			06/01/2036		683,432
	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		1,290,480
	1,015,000		4.000			05/15/2024		995,257
	1,060,000		5.000			05/15/2025		1,050,491
	1,165,000		5.000			05/15/2027		1,136,390
								5,156,050
Kentucky – 1.5%
	City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)(f)
	1,925,000		4.450			01/01/2042		1,739,747
	City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR)(f)
	2,250,000		3.700			01/01/2032		2,090,781
	County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A)
	4,525,000		2.125			10/01/2034		3,335,441
	County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A)
	6,100,000		2.000			02/01/2032		4,766,401
	Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-)
	180,000		4.000			03/01/2046		146,533
	110,000		4.000			03/01/2049		88,167
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA)
	1,200,000		4.000			06/01/2037		1,094,820
	400,000		4.000			06/01/2045		344,649
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (A2/AA)
	1,030,000		4.000			06/01/2037		939,721
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-)
	1,000,000		5.000			08/01/2035		1,002,248
	1,000,000		5.000			08/01/2036		1,000,870
	Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A1/A-)
	8,145,000		5.000			11/01/2025		8,499,246
	Kentucky State University COPS Series 2021 (BAM) (NR/AA)
	400,000		4.000			11/01/2046		353,591
Municipal Bonds – (continued)
Kentucky – (continued)
	Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (NR/A)
$	2,000,000		4.000	%		10/01/2034	$	1,876,852
	Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A)
	17,250,000		2.000			10/01/2033		12,746,679
	Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (Aa3/AA)
	10,000,000		4.000			05/15/2038		9,450,991
	Public Energy Authority of Kentucky Gas Supply RB 2018 Series A (NR/NR)(a)(b)
	5,500,000		4.000			04/01/2024		5,488,205
	Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (NR/NR)(a)(b)
	22,955,000		4.000			06/01/2025		22,863,460
	Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR)(a)(b)
	25,000,000		4.000			06/01/2026		24,767,132
	Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (NR/NR)(a)(b)
	16,775,000		4.000			08/01/2030		15,955,867
	University of Kentucky General Receipts Refunding Bonds Series 2015 A (ST INTERCEPT) (Aa2/AA+)
	3,260,000		4.000			04/01/2026		3,305,387
								121,856,788
Louisiana – 1.7%
	Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB)
	815,000		4.000			12/01/2022		814,948
	1,135,000		4.000			12/01/2023		1,132,296
	1,150,000		4.000			12/01/2024		1,133,589
	1,385,000		5.000			12/01/2025		1,404,425
	1,455,000		5.000			12/01/2026		1,479,281
	1,530,000		5.000			12/01/2027		1,558,673
	1,605,000		5.000			12/01/2028		1,639,246
	1,000,000		5.000			12/01/2029		1,023,204
	City of New Orleans Sewerage Service RB Series 2020 B (AGM) (NR/AA)
	275,000		4.000			06/01/2035		270,814
	310,000		4.000			06/01/2036		300,277
	285,000		4.000			06/01/2037		269,391
	310,000		4.000			06/01/2038		288,052
	355,000		4.000			06/01/2039		325,048
	310,000		4.000			06/01/2040		281,628
	City of New Orleans Sewerage Service RB Series 2020 B (NR/A)
	1,325,000		5.000			06/01/2045		1,369,029
	Lake Charles Harbor & Terminal District RB Series 2021 (AMT) (NR/NR) (PUTABLE)(a)(b)(d)
	17,000,000		1.000			12/01/2024		15,876,932
	Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)(f)
	630,000		3.625			06/01/2024		619,875
	2,540,000		3.750			06/01/2030		2,324,710
	5,070,000		4.375			06/01/2048		4,199,457

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Louisiana – (continued)
	Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR)
$	485,000		2.375	%		06/01/2026	$	440,473
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)(f)
	7,800,000		5.000			04/01/2035		7,553,439
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Ragin Cajun Facilities, Inc. Series 2017 (AGM) (NR/AA)
	1,230,000		5.000			10/01/2026		1,291,576
	2,750,000		5.000			10/01/2027		2,917,393
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (Baa2/BBB)
	14,185,000		3.500			11/01/2032		12,970,046
	Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (WR/A+)(b)
	6,250,000		4.375			02/01/2024		6,347,192
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (NR/AA)
	900,000		2.750			10/01/2023		892,498
	670,000		5.000			10/01/2023		680,867
	Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR)(f)
	420,000		5.625			06/01/2037		402,385
	Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)(f)
	400,000		6.000			06/01/2037		374,780
	Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)(f)
	300,000		6.125			06/01/2037		283,219
	Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (AGM) (NR/AA)
	3,530,000		3.000			06/01/2050		2,405,758
	Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (NR/A+)
	1,295,000		4.000			06/01/2050		1,083,898
	Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR)
	900,000		4.000			07/01/2044		761,362
	900,000		4.000			07/01/2049		737,217
	Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB)
	545,000		5.000			10/01/2032		559,100
	690,000		5.000			10/01/2034		699,675
	885,000		5.000			10/01/2035		893,662
	1,435,000		4.000			10/01/2036		1,273,520
	885,000		4.000			10/01/2037		777,865
	1,530,000		4.000			10/01/2039		1,319,054
	550,000		4.000			10/01/2041		465,358
Municipal Bonds – (continued)
Louisiana – (continued)
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A)
	3,695,000		4.000			05/15/2042		3,229,636
	600,000		5.000			05/15/2046		589,833
	Louisiana Public Facilities Authority RB Series 2021A (NR/NR)(f)
	580,000		4.000			06/01/2031		522,901
	1,235,000		4.000			06/01/2041		981,136
	Louisiana Public Facilities Authority RB Series 2021C (NR/NR)(f)
	490,000		4.000			06/01/2031		441,761
	785,000		4.000			06/01/2041		623,637
	Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A)
	2,400,000		5.000			05/15/2042		2,376,395
	New Orleans Aviation Board GARB Series 2015 B (AMT) (A2/A-)
	3,750,000		5.000			01/01/2034		3,773,875
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-)
	1,000,000		5.000			01/01/2048		977,549
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)(a)(b)(d)
	11,300,000		2.000			04/01/2023		11,216,956
	Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (NON-AMT) (NR/BBB-) (PUTABLE)(a)(b)(d)
	21,235,000		2.200			07/01/2026		19,683,467
	Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (NON-AMT) Sub-Series 2017A-2 (BBB-/BBB-) (PUTABLE)(a)(b)(d)
	15,505,000		2.100			07/01/2024		15,110,286
	Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (A2/A)(b)
	500,000		5.000			04/01/2023		503,530
								141,472,174
Maine – 0.3%
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/BBB+)
	505,000		3.000			01/01/2025		493,596
	800,000		3.000			01/01/2026		770,767
	800,000		3.000			01/01/2027		760,231
	300,000		5.000			01/01/2028		315,964
	225,000		5.000			01/01/2029		238,224
	270,000		5.000			01/01/2030		286,832
	370,000		5.000			01/01/2031		390,531
	810,000		5.000			01/01/2032		851,464
	890,000		5.000			01/01/2033		932,249
	620,000		5.000			01/01/2034		646,955
	Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (A2/AA)
	400,000		5.000			12/01/2022		401,109
	500,000		5.000			12/01/2023		508,196
	500,000		5.000			12/01/2024		513,143
	450,000		5.000			12/01/2025		464,736
	1,530,000		5.000			12/01/2026		1,584,835
	1,500,000		5.000			12/01/2027		1,560,943
	1,000,000		5.000			12/01/2028		1,038,241

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)
Maine – (continued)
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A1/A+)
$	4,655,000		4.000	%		07/01/2045	$	4,002,132
	2,355,000		4.000			07/01/2050		1,977,403
	Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM ST INTRCPT ST RES BD GTY) (A1/AA)
	500,000		2.500			07/01/2029		464,665
	1,000,000		4.000			07/01/2035		941,627
	Maine State Housing Authority RB Refunding Series 1 (Aa3/A+)
	3,445,000		5.000			06/15/2036		3,695,581
	3,345,000		5.000			06/15/2037		3,573,190
	Maine Turnpike Authority RB Refunding Series 2015 (Aa3/AA-)
	1,575,000		5.000			07/01/2026		1,647,965
								28,060,579
Maryland – 1.2%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	425,000		4.000			09/01/2027		412,623
	650,000		4.500			09/01/2033		619,545
	City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (Aa1/AA+)
	1,725,000		4.000			08/01/2027		1,781,308
	City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)(f)
	150,000		2.700			06/01/2023		147,531
	100,000		2.750			06/01/2024		96,150
	140,000		3.000			06/01/2024		134,888
	125,000		2.800			06/01/2025		117,653
	135,000		2.850			06/01/2026		124,651
	175,000		2.950			06/01/2027		158,739
	190,000		3.050			06/01/2028		168,178
	200,000		3.150			06/01/2029		174,828
	300,000		3.375			06/01/2029		264,342
	200,000		3.200			06/01/2030		171,912
	200,000		3.250			06/01/2031		169,300
	250,000		3.300			06/01/2032		208,087
	270,000		3.350			06/01/2033		221,034
	City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)
	475,000		3.000			07/01/2024		461,698
	945,000		4.000			07/01/2029		905,518
	County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR)
	440,000		4.000			01/01/2038		391,412
	525,000		4.000			01/01/2039		463,569
	1,125,000		4.000			01/01/2040		984,455
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR)
	615,000		4.000			01/01/2032		606,897
	530,000		4.000			01/01/2033		517,727
	600,000		4.000			01/01/2034		582,282
	1,065,000		4.000			01/01/2035		1,012,544
	1,170,000		4.000			01/01/2036		1,117,675
Municipal Bonds – (continued)
Maryland – (continued)
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) – (continued)
	1,310,000		4.000			01/01/2037		1,237,600
	1,240,000		4.000			01/01/2038		1,164,686
	2,430,000		4.000			01/01/2039		2,268,303
	1,530,000		4.000			01/01/2040		1,418,507
	Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (AGC) (NR/AA)
	465,000		5.700			07/01/2029		465,884
	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		1,128,889
	Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR)
	270,000		4.000			07/01/2040		233,868
	Hagerstown Stadium Authority Multi-Use Sports and Events Facility Lease RB Series 2022A (Aa2/NR)
	1,990,000		5.000			06/01/2040		2,122,209
	2,085,000		5.000			06/01/2041		2,218,807
	2,190,000		5.000			06/01/2042		2,326,135
	Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa3/NR)
	1,000,000		5.000			06/01/2044		1,007,275
	Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR)
	5,580,000		3.997			04/01/2034		4,468,119
	Maryland Health & Higher Educational Facilities Authority RB for Adventist Healthcare Obligated Group Series 2016 A (Baa3/NR)
	10,850,000		5.500			01/01/2046		10,937,001
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR)
	800,000		3.250			07/01/2039		597,071
	350,000		4.000			07/01/2040		305,489
	750,000		4.000			07/01/2045		627,062
	Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/BBB)
	305,000		4.000			10/01/2026		303,764
	425,000		4.000			10/01/2027		422,060
	440,000		4.000			10/01/2028		435,718
	355,000		4.000			10/01/2029		349,973
	475,000		4.000			10/01/2030		464,263
	795,000		3.000			10/01/2034		655,035
	475,000		4.000			10/01/2040		425,999
	Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)(f)
	650,000		5.500			05/01/2042		601,560
	Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2020B-1 (A/A2)(a)(b)
	3,325,000		5.000			07/01/2025		3,424,907

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Maryland – (continued)
	Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-)(g)
$	10,300,000		0.000	%		05/01/2051	$	2,426,021
	10,300,000		0.000			05/01/2052		2,286,972
	Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR)
	390,000		4.500			06/01/2033		371,844
	675,000		4.875			06/01/2042		629,640
	Montgomery Count GO Consolidated Public Improvement Project and Refunding Bonds of 2021 Series A (Aaa/AAA)
	6,655,000		5.000			08/01/2030		7,444,401
	Prince George’s County GO Bonds Consolidated Public Improvement Bonds Series 2014A (AAA/Aaa)
	4,010,000		4.000			09/01/2032		4,056,958
	1,545,000		4.000			09/01/2033		1,561,249
	State of Maryland Department of Transportation RB Series 2015 (Aa1/AAA)
	15,780,000		4.000			02/01/2030		15,828,326
	State of Maryland GO Bonds State and Local Facilities Loan of 2022 1st Series A Tax Exempt Bonds (AAA/Aaa)
	10,000,000		5.000			06/01/2034		11,187,327
								97,417,468
Massachusetts – 0.5%
	Commonwealth of Massachusetts Special Obligation RB for Unemployment Insurance Trust Fund 2022 Series A (Aa1/NR)
	2,500,000		3.670			01/15/2026		2,424,704
	1,500,000		3.680			07/15/2026		1,448,958
	Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA)
	5,000,000		5.000			07/15/2036		5,479,498
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR)(f)
	885,000		4.000			11/15/2023		883,085
	1,200,000		5.000			11/15/2028		1,250,802
	Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-)
	225,000		4.000			12/01/2042		192,535
	245,000		5.000			12/01/2042		241,637
	Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)(f)
	125,000		5.000			07/15/2024		126,542
	125,000		5.000			07/15/2025		127,033
	Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA)
	350,000		5.000			10/01/2026		365,669
	495,000		5.000			10/01/2027		521,436
	500,000		5.000			10/01/2028		530,634
	425,000		5.000			10/01/2029		454,546
	325,000		5.000			10/01/2030		349,167
	450,000		5.000			10/01/2031		474,893
	400,000		5.000			10/01/2032		417,812
	500,000		5.000			10/01/2033		518,323
	450,000		5.000			10/01/2034		463,255
Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+)
	825,000		5.000			07/01/2038		816,380
	1,850,000		5.000			07/01/2039		1,824,076
	Massachusetts School Building Authority RB Series 2018 B (Aa3/AA)
	10,735,000		4.000			02/15/2039		10,100,788
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)(e) (3M USD LIBOR + 0.57%)
	1,970,000		2.434			05/01/2037		1,855,279
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)(e) (3M USD LIBOR + 0.57%)
	1,735,000		2.434			05/01/2037		1,633,963
	Massachusetts State GO Bonds Consolidated Loan Series 2018 D (Aa1/AA)
	4,030,000		4.000			05/01/2039		3,880,691
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Refunding Series 2019 A (Aa2/AA)(a)(b)
	5,525,000		5.000			01/01/2023		5,542,848
								41,924,554
Michigan – 2.4%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)(a)
	50,843,183		4.000			04/01/2044		36,638,315
	City of Detroit GO Bonds Series 2020 (Ba3/BB-)
	245,000		5.000			04/01/2023		246,182
	265,000		5.000			04/01/2024		268,379
	275,000		5.000			04/01/2025		280,186
	290,000		5.000			04/01/2026		296,683
	615,000		5.000			04/01/2027		630,697
	645,000		5.000			04/01/2028		662,745
	455,000		5.000			04/01/2029		467,666
	710,000		5.000			04/01/2030		730,914
	City of Detroit GO Bonds Series 2021 A (Ba3/BB-)
	1,365,000		5.000			04/01/2030		1,405,207
	1,100,000		5.000			04/01/2032		1,110,101
	1,540,000		5.000			04/01/2034		1,533,598
	2,280,000		5.000			04/01/2036		2,245,749
	1,900,000		5.000			04/01/2038		1,852,688
	1,750,000		5.000			04/01/2039		1,699,296
	City of Detroit GO Bonds Series 2021 B (Ba3/BB-)
	365,000		2.017			04/01/2023		359,521
	400,000		2.189			04/01/2024		381,571
	500,000		2.511			04/01/2025		462,616
	675,000		2.711			04/01/2026		607,917
	City of Grand Rapids RB Refunding for Sanitary Sewerage System Series 2020 (Aa2/AA)
	1,000,000		5.000			01/01/2045		1,048,066
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA)
	1,075,000		5.000			07/01/2026		1,101,815
	1,130,000		5.000			07/01/2027		1,157,994
	1,000,000		5.000			07/01/2028		1,022,901
	1,000,000		5.000			07/01/2029		1,022,731

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)
Michigan – (continued)
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA) – (continued)
$	3,435,000		5.000	%		07/01/2033	$	3,496,208
	3,330,000		5.000			07/01/2036		3,365,269
	Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)(a)
	2,556,114		4.000			04/01/2044		1,841,972
	Great Lakes Water Authority Sewage Disposal System RB Refunding for Second Lien Series 2016 C (A2/A+)
	3,000,000		5.000			07/01/2035		3,105,519
	Great Lakes Water Authority Water Supply System Refunding Senior Lien RB Series 2016C (A1/AA-)
	8,300,000		5.250			07/01/2033		8,770,860
	17,775,000		5.250			07/01/2034		18,720,744
	Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR)
	475,000		4.000			11/15/2031		426,335
	Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR/BBB-)
	645,000		4.000			02/01/2042		510,496
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A)
	1,850,000		5.000			11/15/2048		1,839,346
	3,700,000		4.000			11/15/2050		3,152,494
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR)
	1,300,000		4.000			02/15/2047		1,106,254
	19,450,000		4.000			02/15/2050		16,346,107
	Michigan Finance Authority Hospital Revenue Refunding Bonds for Henry Ford Health System Series 2016 (A2/A)
	1,500,000		5.000			11/15/2032		1,518,098
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (NR/BB+)
	1,000,000		3.875			10/01/2023		993,968
	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 (A1/AA-)
	1,000,000		5.000			07/01/2034		1,016,975
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL) (A2/A+)
	650,000		5.000			07/01/2036		659,501
	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) (A1/AA)
	325,000		5.000			07/01/2032		331,451
	250,000		5.000			07/01/2033		254,708
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A2/A+)
	1,945,000		5.000			07/01/2033		1,990,895
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 2014 D-1 (AGM) (A1/AA)
	400,000		5.000			07/01/2035		406,857
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A1/AA-)
	1,000,000		5.000			07/01/2029		1,034,093
	Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB)
	1,120,000		3.500			09/01/2030		961,616
	Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-)
	450,000		4.000			09/01/2045		372,331
	475,000		4.000			09/01/2050		382,924
	Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (BBB+/NR)
	6,600,000		5.000			06/01/2040		6,638,588
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-)
	1,570,000		5.000			06/01/2049		1,475,363
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)(g)
	101,825,000		0.000			06/01/2065		7,781,212
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A2/AA)
	15,000,000		4.250			12/31/2038		13,243,158
	Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 1995 (Aa3/A)
	7,500,000		1.450			09/01/2030		5,938,900
	Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 2008 (Aa3/A)
	7,175,000		1.350			08/01/2029		5,767,770
	Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)(g)
	23,075,000		0.000			06/01/2058		954,354
	Universal Academy RB Refunding Series 2021 (NR/BBB-)
	425,000		2.000			12/01/2026		392,878
	450,000		4.000			12/01/2031		420,377
	Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (NR/AA)
	2,485,000		4.000			11/01/2026		2,540,100
	2,585,000		4.000			11/01/2027		2,651,474
	Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (NR/AA)
	3,705,000		5.000			05/01/2027		3,908,785
	Warren Consolidated Schools GO Bonds Series 2016 (Q-SBLF) (AA/NR)
	1,145,000		5.000			05/01/2025		1,190,456
	1,215,000		5.000			05/01/2026		1,280,152
	Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (NR/AA)
	580,000		2.019			05/01/2025		539,712

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Michigan – (continued)
	Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A1/A-)
$	400,000		5.000	%		12/01/2033	$	405,610
	1,065,000		5.000			12/01/2034		1,077,437
	650,000		5.000			12/01/2035		656,780
	800,000		5.000			12/01/2036		807,439
	880,000		5.000			12/01/2037		887,089
	Wayne County Airport Authority RB Series 2021A (NON-AMT) (NR/A)
	2,200,000		5.000			12/01/2037		2,295,066
	2,015,000		5.000			12/01/2041		2,082,986
								192,774,245
Minnesota – 0.4%
	City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB)
	1,315,000		4.000			07/01/2031		1,179,461
	City of Minneapolis GO Green Bonds Series 2019 (NR/AAA)
	2,390,000		2.000			12/01/2029		2,083,583
	2,940,000		2.000			12/01/2030		2,526,988
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR)
	3,300,000		5.000			05/01/2048		3,281,238
	City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BBB-)
	440,000		3.000			12/01/2030		380,825
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-)
	2,160,000		4.250			02/15/2048		1,893,972
	Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke’s Hospital Series 2022 (NR/BBB-)
	325,000		5.000			06/15/2027		329,170
	460,000		5.000			06/15/2028		466,745
	400,000		5.000			06/15/2029		405,358
	425,000		5.000			06/15/2030		430,316
	450,000		5.000			06/15/2031		454,141
	Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR)
	370,000		3.000			07/01/2024		361,391
	400,000		3.000			07/01/2025		385,168
	360,000		3.000			07/01/2026		341,579
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (Ba2/NR)
	630,000		3.000			03/01/2023		626,532
	650,000		3.250			03/01/2024		639,796
	Duluth Independent School District No. 709 COPS Refunding Series 2019 B (SD CRED PROG) (Aa2/NR)
	380,000		5.000			02/01/2023		382,157
	400,000		5.000			02/01/2024		408,496
	375,000		5.000			02/01/2025		388,356
	1,105,000		5.000			02/01/2027		1,170,681
	350,000		5.000			02/01/2028		374,089
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+)
	500,000		5.000			05/01/2047		453,380
Municipal Bonds – (continued)
Minnesota – (continued)
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR)
	165,000		4.000			12/01/2026		163,353
	165,000		4.000			12/01/2027		162,525
	205,000		4.000			12/01/2028		200,749
	125,000		4.000			12/01/2029		121,543
	250,000		4.000			12/01/2030		240,547
	170,000		4.000			12/01/2031		161,851
	Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (NR/NR)
	5,650,000		4.000			12/01/2026		5,599,958
	Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (Aa1/AAA)
	1,680,000		3.000			10/01/2029		1,597,304
	State of Minnesota GO State Various Purpose Bonds Series 2015A (AAA/Aa1)
	5,500,000		5.000			08/01/2035		5,692,739
								32,903,991
Mississippi – 0.3%
	Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2/BBB) (PUTABLE)(a)(b)(d)
	9,125,000		2.650			04/01/2027		8,508,826
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB for Chevron Project Series 2007E Bonds (NR/AA-)(a)
	730,000		2.400			12/01/2030		730,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB for Chevron Project Series 2009G Bonds (NR/AA-)(a)
	300,000		2.400			12/01/2030		300,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB for Chevron Project Series 2010K Bonds (NR/AA-)(a)
	460,000		2.400			11/01/2035		460,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB for Chevron Project Series 2011B Bonds (NR/AA-)(a)
	300,000		2.400			11/01/2035		300,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB for Chevron Project Series 2011C Bonds (NR/AA-)(a)
	235,000		2.400			11/01/2035		235,000
	Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)(f)
	400,000		5.000			10/01/2022		400,000
	415,000		5.000			10/01/2023		417,455
	440,000		5.000			10/01/2024		444,679
	660,000		5.000			10/01/2025		668,520
	750,000		5.000			10/01/2026		762,162
	800,000		5.000			10/01/2027		815,382
	850,000		5.000			10/01/2028		868,729
	875,000		5.000			10/01/2029		896,453
	1,225,000		5.000			10/01/2030		1,254,355
	Mississippi State GO Bonds Series 2015 F (Aa2/AA)(b)
	1,000,000		4.000			11/01/2025		1,023,085

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)
Mississippi – (continued)
	Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2018 (BBB/NR) (PUTABLE)(a)(b)(d)
$	2,700,000		2.900	%		09/01/2023	$	2,675,715
								20,760,361
Missouri – 1.1%
	Branson IDA Tax Increment RB Refunding for Branson Shoppes Redevelopment Project Series 2017 A (NR/NR)
	350,000		4.000			11/01/2022		349,722
	Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-)
	1,200,000		4.000			03/01/2041		963,483
	City of Poplar Bluff COPS Series 2021 (NR/BBB+)
	875,000		2.500			10/01/2041		550,099
	1,060,000		2.625			10/01/2046		619,867
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)(f)
	900,000		4.500			12/01/2029		866,330
	Industrial Development Authority of The City of St Louis Missouri (The)
	1,650,000		5.000			05/15/2041		1,571,152
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 A (AMT) (A2/A-)
	4,200,000		5.000			03/01/2030		4,373,127
	4,410,000		5.000			03/01/2031		4,571,830
	4,630,000		5.000			03/01/2032		4,741,410
	4,865,000		5.000			03/01/2033		4,941,543
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 C (A2/A-)
	2,000,000		5.000			03/01/2033		2,101,398
	3,200,000		5.000			03/01/2034		3,350,942
	Metropolitan St Louis Sewer District RB Refunding Series 2021 A (NR/AAA)
	1,760,000		5.000			05/01/2032		1,941,545
	Metropolitan St. Louis Sewer District RB Refunding Series 2017 A (Aa1/AAA)
	8,880,000		5.000			05/01/2047		9,211,088
	Metropolitan St. Louis Sewer District Wastewater System Improvement and Refunding RB Series 2017A (Aa1/AAA)
	11,000,000		5.000			05/01/2042		11,469,724
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-)
	830,000		5.000			09/01/2038		844,969
	Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR)
	370,000		4.000			08/01/2036		321,282
	475,000		4.000			08/01/2041		387,239
	Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR)
	320,000		5.000			09/01/2025		323,590
	860,000		5.000			09/01/2027		874,409
	1,355,000		5.000			09/01/2028		1,380,992
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR)
	420,000		4.000			02/15/2037		384,416
Municipal Bonds – (continued)
Missouri – (continued)
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR) – (continued)
	675,000		4.000			02/15/2038		612,658
	500,000		4.000			02/15/2039		450,478
	1,850,000		4.000			02/15/2044		1,602,667
	Missouri Southern State University Auxiliary Enterprise System RB Refunding Series 2021 (NR/NR)
	875,000		3.000			10/01/2026		802,849
	875,000		4.000			10/01/2031		781,145
	Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (NR/AA)
	275,000		5.000			10/01/2030		294,264
	Missouri Southern State University RB Series 2019 A (AGM) (NR/AA)
	210,000		5.000			10/01/2026		219,956
	210,000		5.000			10/01/2029		225,531
	150,000		5.000			10/01/2032		159,308
	240,000		4.000			10/01/2034		229,507
	125,000		4.000			10/01/2035		118,840
	150,000		4.000			10/01/2036		141,846
	170,000		4.000			10/01/2037		159,462
	145,000		4.000			10/01/2038		134,256
	110,000		4.000			10/01/2039		100,453
	Plaza at Noah’s Ark Community Improvement District RB Refunding Series 2021 (NR/NR)
	350,000		3.000			05/01/2024		340,235
	250,000		3.000			05/01/2026		233,965
	Springfield Public Utility RB Refunding Series 2015 (NR/AA+)
	15,750,000		3.250			08/01/2027		15,608,856
	St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (NR/A)
	1,100,000		5.000			04/01/2048		1,137,976
	St Louis Municipal Finance Corp. RB for City of St Louis Series 2020 (AGM) (A2/AA)
	1,000,000		5.000			10/01/2040		1,042,993
	St. Louis Municipal Finance Corp. Leasehold RB for Convention Center Expansion and Improvement Projects Series 2020 (AGM) (NR/AA)
	5,000,000		5.000			10/01/2049		5,046,466
	State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)(a)(b)(d)
	4,000,000		3.500			07/01/2025		3,906,859
								89,490,727
Montana – 0.0%
	City of Billings RB for Sewer System Series 2017 (Aa3/NR)
	575,000		5.000			07/01/2029		614,651
Nebraska – 0.1%
	Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR)
	415,000		4.000			01/01/2033		398,385
	1,000,000		4.000			01/01/2034		950,628
	1,000,000		4.000			01/01/2035		942,375
	1,250,000		4.000			01/01/2036		1,170,517

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Nebraska – (continued)
	Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR) – (continued)
$	1,185,000		4.000	%		01/01/2037	$	1,099,172
	1,500,000		4.000			01/01/2038		1,371,182
	2,000,000		4.000			01/01/2039		1,815,152
								7,747,411
Nevada – 1.0%
	City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)
	200,000		3.500			06/01/2025		192,095
	185,000		3.500			06/01/2026		175,013
	200,000		3.500			06/01/2027		185,803
	150,000		3.500			06/01/2028		136,824
	170,000		3.500			06/01/2029		152,054
	170,000		3.250			06/01/2030		146,413
	310,000		3.250			06/01/2031		263,177
	410,000		3.500			06/01/2032		351,587
	465,000		3.500			06/01/2033		393,930
	985,000		3.500			06/01/2034		823,164
	City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR)
	415,000		2.750			06/01/2033		323,289
	730,000		2.750			06/01/2036		535,473
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)
	240,000		4.250			06/01/2034		222,463
	285,000		4.500			06/01/2039		261,282
	235,000		4.625			06/01/2043		212,552
	375,000		4.625			06/01/2049		329,278
	City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Ba2/NR)(f)
	325,000		2.500			06/15/2024		312,590
	1,505,000		2.750			06/15/2028		1,319,014
	Clark County Jet Aviation Fuel Tax Refunding RB Series 2013A (AMT) (A+/A1)
	2,250,000		5.000			07/01/2026		2,254,688
	Clark County LT GO Stadium Improvement Bonds Series 2018A (AA+/NR)
	15,000,000		5.000			05/01/2048		15,476,305
	Clark County School District Building GO Bonds Series 2018 A (A1/A+)
	7,335,000		5.000			06/15/2033		7,796,776
	Clark County School District Building GO Bonds Series 2019 B (AGM) (A1/AA)
	8,540,000		5.000			06/15/2030		9,286,464
	Clark County School District GO Bonds Series 2018 A (A1/A+)
	5,000,000		5.000			06/15/2030		5,364,712
	11,180,000		5.000			06/15/2031		11,962,557
	Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA)
	880,000		5.000			06/15/2028		951,273
	880,000		5.000			06/15/2029		959,097
	770,000		5.000			06/15/2030		844,987
Municipal Bonds – (continued)
Nevada – (continued)
	Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA) – (continued)
	705,000		5.000			06/15/2031		768,926
	795,000		5.000			06/15/2032		863,729
	725,000		5.000			06/15/2033		782,001
	835,000		5.000			06/15/2034		894,388
	880,000		5.000			06/15/2035		937,395
	835,000		4.000			06/15/2036		827,647
	900,000		4.000			06/15/2037		874,271
	855,000		4.000			06/15/2038		807,303
	950,000		4.000			06/15/2039		880,438
	700,000		4.000			06/15/2040		637,992
	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		1,266,556
	Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (Aa3/A)
	1,250,000		5.000			07/01/2026		1,319,799
	Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A)
	715,000		5.000			07/01/2026		754,925
	Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A)
	605,000		5.000			07/01/2035		627,639
	Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A)
	2,685,000		5.000			07/01/2043		2,743,598
	Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/A)
	1,050,000		5.000			07/01/2027		1,122,406
	State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (Aa1/AA+)
	5,000,000		5.000			11/01/2026		5,216,083
	Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR)
	1,700,000		5.000			07/01/2040		1,632,780
								84,190,736
New Hampshire – 0.8%
	National Finance Authority Hospital RB Series 2021B (AGM) (AA/NR)
	3,500,000		3.000			08/15/2046		2,461,282
	National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (AMT) (NR/A-)
	8,235,000		4.000			12/01/2028		8,099,106
	New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR)
	5,450,000		4.000			01/01/2041		4,510,202
	New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (Baa1/A-) (PUTABLE)(a)(b)(d)
	2,695,000		2.800			10/02/2023		2,671,692

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 Hampshire – (continued)
	New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A)
$	8,965,000		5.000	%		08/01/2032	$	9,215,061
	3,880,000		5.000			08/01/2033		3,976,412
	4,075,000		5.000			08/01/2034		4,165,089
	4,290,000		5.000			08/01/2035		4,378,171
	4,505,000		5.000			08/01/2036		4,592,464
	4,735,000		5.000			08/01/2037		4,752,159
	4,980,000		5.000			08/01/2038		4,980,436
	5,235,000		5.000			08/01/2039		5,235,849
	5,000,000		5.000			08/01/2040		4,989,658
								64,027,581
New Jersey – 4.1%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA)
	300,000		5.000			03/01/2024		306,259
	250,000		5.000			03/01/2026		261,853
	Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (A2/AA)
	3,925,000		4.000			07/01/2047		3,320,237
	Borough of Stone Harbor GO Bonds Series 2018 (NR/AA+)
	1,345,000		4.000			11/01/2026		1,374,575
	City of Hoboken GO Bonds for Open Space Bonds and General Improvement Bonds and Parking Utility Bonds Series 2022 (NR/AA+)
	1,455,000		3.000			02/15/2049		1,033,225
	1,455,000		3.000			02/15/2050		1,024,230
	Essex County Improvement Authority RB for Friends of TEAM Academy Charter School Obligated Group Series 2021 (NR/BBB)
	470,000		4.000			06/15/2038		404,655
	Essex County Improvement Authority RB for New Jersey Institute of Technology Series 2021 A (BAM) (A1/AA)
	325,000		4.000			08/01/2046		287,121
	Hawthorne School District GO Bonds Series 2019 (BAM SCH BD RES FD) (NR/AA)
	1,100,000		3.000			09/01/2034		939,341
	1,350,000		3.000			09/01/2035		1,126,779
	1,350,000		3.000			09/01/2036		1,101,260
	1,350,000		3.000			09/01/2037		1,079,159
	1,350,000		3.000			09/01/2038		1,059,352
	1,100,000		3.000			09/01/2039		848,329
	New Jersey Economic Development Authority RB Series 2005 (AMBAC) (BBB/Baa1)
	2,680,000		5.500			09/01/2024		2,761,842
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (NR/B)
	500,000		5.000			07/01/2032		470,503
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (Baa1/BBB)
	4,000,000		5.500			06/15/2033		4,127,847
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (Baa1/BBB)
	5,805,000		5.000			06/15/2028		6,052,057
	10,295,000		5.000			06/15/2029		10,749,469
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority RB Refunding for Provident Group – Montclair Properties L.L.C. – Montclair University Student Housing Project Series 2017 (AGM) (A2/AA)
	1,300,000		5.000			06/01/2042		1,282,410
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (Baa1/BBB)
	9,340,000		5.000			06/15/2029		9,752,311
	New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (NR/A)
	785,000		3.000			06/01/2032		685,475
	1,545,000		5.000			06/01/2032		1,586,130
	New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)(b)
	5,900,000		5.500			12/15/2026		6,403,760
	New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2/NR)
	8,325,000		5.000			10/01/2047		8,037,093
	New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (Baa1/BBB)
	5,380,000		5.000			06/15/2037		5,403,955
	New Jersey Economic Development Authority Tax Exempt Private Activity Bonds Series 2013 (BBB/NR)
	10,325,000		5.375			01/01/2043		10,334,840
	New Jersey Educational Facilities Authority RB Series 2020 (BBB+/NR)
	2,200,000		5.000			07/01/2037		2,206,790
	New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Ba2/BB+)
	1,600,000		4.000			07/01/2042		1,178,660
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (NR/BBB+)
	1,090,000		5.000			07/01/2034		1,100,221
	1,130,000		5.000			07/01/2035		1,138,049
	1,095,000		5.000			07/01/2036		1,101,085
	1,980,000		5.000			07/01/2038		1,982,795
	1,610,000		5.000			07/01/2045		1,573,166
	New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (Aaa/AAA)
	2,675,000		5.000			07/01/2033		2,865,232
	New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A2/A)
	1,250,000		3.000			07/01/2040		896,457
	New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds for RWJ Barnabas Health Obligated Group Issue Series 2019B-2 (AA-/Aa3)(a)(b)
	5,700,000		5.000			07/01/2025		5,880,802
	New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (AA-/NR)
	1,320,000		0.650			05/01/2024		1,260,839
	2,555,000		0.750			11/01/2024		2,409,795
	1,910,000		0.900			11/01/2025		1,756,678
	New Jersey State Turnpike Authority RB Series 2014 A (A2/A+)
	8,095,000		5.000			01/01/2027		8,313,965

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey State Turnpike Authority RB Series 2015 E (A2/A+)
$	8,945,000		5.000	%		01/01/2032	$	9,197,770
	7,385,000		5.000			01/01/2045		7,501,500
	New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1)
	8,320,000		5.000			12/15/2033		8,460,502
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (Baa1/BBB)(g)
	24,175,000		0.000			12/15/2035		12,406,842
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)(g)
	10,025,000		0.000			12/15/2026		8,380,803
	3,530,000		0.000			12/15/2029		2,545,191
	1,325,000		0.000			12/15/2031		855,000
	5,000,000		0.000			12/15/2036		2,381,121
	1,495,000		0.000			12/15/2037		668,146
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB)
	755,000		5.000			06/15/2046		747,278
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)(g)
	7,530,000		0.000			12/15/2027		6,049,483
	18,565,000		0.000			12/15/2031		12,142,214
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2011 B (AMBAC) (Baa1/BBB)
	1,705,000		5.250			12/15/2022		1,711,543
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (Baa1/BBB)(g)
	25,925,000		0.000			12/15/2036		12,346,115
	42,640,000		0.000			12/15/2037		19,056,686
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)(g)
	10,000,000		0.000			12/15/2038		4,181,249
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB)
	1,390,000		4.000			12/15/2039		1,212,330
	1,620,000		5.000			12/15/2039		1,611,568
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (Baa1/A+)
	2,330,000		5.000			06/15/2030		2,403,338
	1,825,000		5.000			06/15/2031		1,873,906
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB)
	2,905,000		4.000			12/15/2031		2,783,468
	2,000,000		5.000			12/15/2032		2,047,105
	7,775,000		5.000			12/15/2034		7,860,328
	2,770,000		5.000			12/15/2035		2,797,861
	3,455,000		5.000			12/15/2036		3,481,418
	2,410,000		4.250			12/15/2038		2,208,001
	New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB)
	120,000		3.000			06/15/2050		79,403
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (BBB+/A3)
$	4,600,000		4.000	%		06/15/2045	$	3,887,109
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (Baa1/BBB)
	7,000,000		5.000			06/15/2029		7,293,490
	6,155,000		5.000			06/15/2030		6,392,743
	3,000,000		5.000			06/15/2032		3,075,525
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (Baa1/BBB)
	3,060,000		5.000			06/15/2034		3,095,567
	10,000,000		5.000			06/15/2037		10,052,001
	3,000,000		5.250			06/15/2043		3,032,589
	10,000,000		4.500			06/15/2049		9,172,865
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB)
	2,000,000		4.000			06/15/2044		1,698,815
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (Baa1/BBB)(g)
	8,320,000		0.000			12/15/2032		5,064,289
	New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (BBB+/A3)
	1,000,000		5.000			12/15/2028		1,042,777
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (A2/AA)
	3,200,000		5.500			12/15/2022		3,215,113
	New Jersey Turnpike Authority Turnpike RB Series 2021 A (A1/AA-)
	3,500,000		4.000			01/01/2042		3,232,243
	South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (Baa1/BB+)
	1,670,000		4.000			01/01/2023		1,673,416
	730,000		4.000			01/01/2024		731,233
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (Baa1/NR)
	1,000,000		5.000			01/01/2037		992,850
	South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1)
	1,585,000		5.000			01/01/2048		1,489,844
	South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (A2/AA)
	1,000,000		5.000			11/01/2029		1,065,479
	1,500,000		5.000			11/01/2030		1,588,409
	1,000,000		5.000			11/01/2031		1,051,417
	1,000,000		5.000			11/01/2032		1,045,374
	725,000		5.000			11/01/2033		753,201
	Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+)
	2,000,000		5.000			06/01/2046		1,841,095
	Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB+)
	5,000		3.200			06/01/2027		4,968
	Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(f)
	6,455,000		6.750			12/01/2041		5,305,707
								330,266,889

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 Mexico – 0.1%
	City of Farmington Pollution Control Refunding RB 2005 Series A (NON-AMT) (A-/BBB+)
$	8,400,000		1.800	%		04/01/2029	$	7,084,133
	Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-)
	175,000		5.000			09/01/2027		184,608
	200,000		5.000			09/01/2029		214,643
	450,000		5.000			09/01/2030		485,510
	300,000		5.000			09/01/2031		322,204
	350,000		5.000			09/01/2032		374,497
	Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR/NR)(f)
	637,000		3.750			05/01/2028		579,782
	1,035,000		4.000			05/01/2033		887,011
								10,132,388
New York – 7.1%
	Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR)
	3,330,000		1.625			11/01/2025		3,058,773
	Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-)
	100,000		4.000			06/15/2026		97,657
	100,000		4.000			06/15/2027		96,908
	100,000		4.000			06/15/2028		96,230
	Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+)
	625,000		5.000			06/15/2042		581,251
	Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-)
	585,000		5.000			07/01/2042		558,164
	Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)(f)
	1,425,000		5.000			12/01/2041		1,306,405
	Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR)
	300,000		4.000			06/15/2031		274,459
	425,000		4.000			06/15/2041		341,695
	Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR)(f)
	2,465,000		4.000			06/15/2027		2,229,826
	Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)(f)
	260,000		6.500			07/01/2032		263,050
	2,500,000		6.500			07/01/2042		2,429,389
	850,000		6.500			07/01/2052		809,730
	Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)(f)
	900,000		9.750			07/01/2032		862,355
	City of New Rochelle RB for Iona College Project Series 2015 A (Baa2/BBB)
	325,000		5.000			07/01/2025		332,584
	335,000		5.000			07/01/2026		342,316
	425,000		5.000			07/01/2027		433,897
Municipal Bonds – (continued)
New York – (continued)
	City of New York GO Bonds Fiscal 2018 Series F (Aa2/AA)
	9,725,000		5.000			04/01/2045		9,944,207
	City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (AA/Aa2)
	2,500,000		5.500			05/01/2046		2,718,177
	3,900,000		4.500			05/01/2049		3,668,107
	Dormitory Authority of the State of New York Personal Income Tax RB Series 2017A (NR/AA+)
	9,115,000		5.000			02/15/2031		9,593,899
	Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)(f)
	900,000		5.000			07/01/2040		837,774
	Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (AA+/NR)
	12,500,000		4.000			03/15/2039		11,538,946
	Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)(g)(f)
	29,200,000		0.000			06/01/2060		1,390,489
	Essex County IDA Environmental Improvement Revenue Refunding Bonds Series 2019A (AMT) (BBB/NR) (PUTABLE)(a)(b)(d)
	500,000		2.100			10/01/2024		483,191
	Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (Aaa/NR)(e)(f) (1M USD LIBOR + 0.50%)
	6,899,274		3.580			01/25/2033		6,864,542
	Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 C (NR/NR)
	1,725,000		3.000			07/01/2025		1,656,736
	Long Island Power Authority Electic System General RB Series 2019B (A/A)(a)(b)
	12,825,000		1.650			09/01/2024		12,257,469
	Long Island Power Authority Electric System General RB Series 2014C (NR/NR)(b)(e) (1M USD LIBOR + 0.75%)
	6,525,000		2.940			10/01/2023		6,525,000
	Long Island Power Authority Electric System RB Series 2014C (NR/A)(e) (1M USD LIBOR + 0.75%)
	2,475,000		2.940			05/01/2033		2,474,997
	Metropolitan Tranportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3/BBB+)
	4,750,000		4.000			11/15/2047		3,889,756
	Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A3/NR)(a)(b)
	2,500,000		5.000			05/15/2030		2,580,197
	Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+)
	625,000		5.000			11/15/2027		640,255
	850,000		5.000			11/15/2028		867,594
	Metropolitan Transportation Authority RB Green Bond Series 2019 C (AGM-CR) (A2/AA)
	10,015,000		5.000			11/15/2041		10,289,082
	Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+)
	7,475,000		4.750			11/15/2045		7,035,231
	3,250,000		5.000			11/15/2050		3,069,040
	1,800,000		5.250			11/15/2055		1,769,545

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+)
$	3,000,000	5.000 %	11/15/2028	$	3,110,634
	3,450,000	5.000	11/15/2029		3,577,101
	1,675,000	5.000	11/15/2030		1,731,490
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (A3/BBB+)
	1,340,000	5.000	11/15/2027		1,380,114
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/BBB+)
	2,465,000	4.000	11/15/2032		2,322,877
	Metropolitan Transportation Authority RB Refunding Series 2002 D-1 (A3/WR/BBB+)
	4,545,000	5.000	11/01/2025		4,550,173
	Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+)
	520,000	5.000	11/15/2027		534,304
	Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+)
	735,000	5.000	11/15/2029		750,519
	755,000	5.250	11/15/2031		776,827
	Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/BBB+)
	1,075,000	5.000	11/15/2027		1,113,083
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A3/NR/BBB+)(b)(e) (1M USD LIBOR + 0.55%)
	7,465,000	2.656	11/01/2022		7,459,367
	Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (A3/BBB+)
	4,250,000	5.250	11/15/2028		4,370,300
	Metropolitan Transportation Authority RB Series 2011 B (A3/WR/BBB+)(b)(e) (1M USD LIBOR + 0.55%)
	7,510,000	2.646	11/01/2022		7,504,333
	Metropolitan Transportation Authority RB Series 2013 B (A3/BBB+)
	2,530,000	5.000	11/15/2022		2,534,890
	Metropolitan Transportation Authority RB Series 2016 C-1 (A3/BBB+)
	580,000	5.000	11/15/2028		593,527
	Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/BBB+)
	475,000	5.000	11/15/2025		489,075
	Metropolitan Transportation Authority Transportation RB Series 2015B (BBB+/A3)
	2,000,000	5.250	11/15/2055		1,966,161
	Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (AA/A3)
	4,980,000	4.000	11/15/2047		4,413,756
	Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+)
	2,500,000	4.000	11/15/2047		2,047,240
	MTA Hudson Rail Yards Trust Obligations Series 2016A (NR/A3)
	2,500,000	5.000	11/15/2056		2,494,271
Municipal Bonds – (continued)
New York – (continued)
	Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)(g)
	82,790,000	0.000	06/01/2060		3,766,821
	New York City Housing Development Corp Multi-Family RB 2018 Series L-1 & 2018 Series L-2 (AA+/NR)(a)(b)
	3,500,000	2.750	12/29/2023		3,458,352
	New York City IDA Pilot Revenue Refunding Bonds Series 2020A (AGM) (AA/BBB+)
	1,000,000	5.000	03/01/2030		1,082,351
	New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (AGC) (NR/AA)(a)
	1,245,000	2.250	10/01/2029		1,100,891
	New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA)
	4,015,000	3.000	01/01/2039		3,107,160
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA)
	2,290,000	3.000	03/01/2036		1,843,294
	2,555,000	3.000	03/01/2040		1,882,682
	1,875,000	4.000	03/01/2045		1,639,796
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR)
	2,125,000	4.000	03/01/2045		1,794,914
	New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (ST AID WITHHLDG) (AA/Aa2)
	5,000,000	5.000	07/15/2033		5,140,510
	New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR)
	3,750,000	5.000	11/15/2026		3,888,333
	New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)(g)
	143,440,000	0.000	06/01/2060		6,202,346
	New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-)
	4,840,000	3.500	02/15/2048		4,687,599
	New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)(f)
	2,175,000	7.250	11/15/2044		2,191,197
	New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)(f)
	18,685,000	5.000	11/15/2044		16,705,954
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A2/NR)
	855,000	2.625	09/15/2069		704,355
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa2/NR)
	1,070,000	2.800	09/15/2069		877,969
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (Aa2/AA+)(b)
	1,435,000	5.000	08/15/2026		1,528,764
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (Aa2/AA+)(b)
	6,235,000	5.000	08/15/2026		6,630,729

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2020A (Aa1/NR)
$	25,000,000		4.000	%		03/15/2043	$	22,709,335
	New York State Dormitory Authority Personal Income Tax RB Series 2021E (AA+/AA+)
	9,000,000		4.000			03/15/2038		8,401,135
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa2/AA+)
	5,275,000		5.000			03/15/2026		5,585,878
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR)
	1,400,000		5.000			07/01/2033		1,423,629
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR)
	100,000		3.560			07/01/2026		93,980
	100,000		3.670			07/01/2027		93,203
	40,000		3.760			07/01/2028		36,956
	200,000		3.820			07/01/2029		181,885
	New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (NR/NR)
	1,070,000		5.000			07/01/2027		1,101,225
	1,130,000		5.000			07/01/2028		1,166,735
	1,185,000		5.000			07/01/2029		1,227,879
	745,000		5.000			07/01/2030		770,317
	100,000		4.000			07/01/2031		94,263
	New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Ba2/BB+)
	540,000		5.000			07/01/2032		496,015
	465,000		5.000			07/01/2034		422,743
	1,005,000		5.000			07/01/2035		910,036
	440,000		5.000			07/01/2036		395,669
	545,000		4.000			07/01/2040		410,660
	590,000		5.000			07/01/2041		505,341
	2,315,000		4.000			07/01/2045		1,653,171
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-)
	530,000		4.000			09/01/2036		441,747
	500,000		4.000			09/01/2037		412,710
	575,000		4.000			09/01/2038		470,128
	615,000		4.000			09/01/2039		498,136
	750,000		4.000			09/01/2040		601,740
	New York State Dormitory Authority RB Refunding for St. John’s University Series 2021 A (A3/A-)
	5,300,000		4.000			07/01/2048		4,411,067
	New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa2/NR)
	4,350,000		3.000			03/15/2038		3,462,838
	New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2021 (NR/AA+)
	5,010,000		5.000			03/15/2049		5,152,995
	New York State Dormitory Authority RB Refunding Series 2018 C (ETM) (NR/NR)
	5,000		5.000			03/15/2024		5,127
	New York State Dormitory Authority RB Series 2020 B (Aa2/NR)
	1,100,000		3.000			04/01/2042		802,339
	1,550,000		3.000			04/01/2048		1,021,446
Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (Aa2/AA+)
	425,000		4.900			03/15/2023		426,198
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/A-)(a)
	5,350,000		4.450			07/01/2034		5,350,000
	New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B/NR) (PUTABLE)(a)(b)(d)(f)
	1,440,000		2.880			12/03/2029		1,207,172
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)(a)(b)
	750,000		2.750			09/02/2025		700,545
	New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)(a)(b)
	3,050,000		1.100			05/01/2027		2,653,269
	New York State Urban Development Corp State Personal Income Tax RB Series 2020C (NR/AA+)
	2,500,000		5.000			03/15/2038		2,610,429
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (Aa2/AA+)
	5,000,000		5.000			03/15/2031		5,109,225
	New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (Aa2/NR)
	7,000,000		3.000			03/15/2050		4,882,926
	New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR)
	1,000,000		4.000			12/01/2040		880,751
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR)
	9,545,000		5.000			01/01/2023		9,562,228
	2,000,000		5.000			01/01/2027		2,008,396
	1,170,000		5.000			01/01/2029		1,165,883
	1,000,000		5.000			01/01/2031		986,070
	8,150,000		5.000			01/01/2033		7,935,292
	5,000,000		5.000			01/01/2034		4,836,819
	14,460,000		4.000			01/01/2036		12,749,602
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR)
	2,450,000		4.000			10/01/2030		2,296,355
	4,795,000		5.000			10/01/2035		4,604,128
	4,500,000		5.000			10/01/2040		4,213,071
	11,100,000		4.375			10/01/2045		9,290,815
	New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR)
	1,225,000		2.500			10/31/2031		976,305
	575,000		4.000			10/31/2034		509,011
	4,285,000		4.000			10/31/2041		3,529,289
	New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (A2/AA)
	1,500,000		4.000			07/01/2046		1,255,327

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR)
$	500,000		5.000	%		12/01/2027	$	510,752
	500,000		5.000			12/01/2028		510,938
	500,000		5.000			12/01/2029		511,908
	600,000		5.000			12/01/2036		584,346
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR)
	970,000		5.000			12/01/2028		1,007,028
	1,105,000		5.000			12/01/2029		1,136,067
	885,000		5.000			12/01/2030		922,898
	1,060,000		5.000			12/01/2031		1,091,565
	1,235,000		5.000			12/01/2032		1,263,524
	1,370,000		5.000			12/01/2033		1,391,063
	1,920,000		5.000			12/01/2034		1,940,284
	1,680,000		5.000			12/01/2035		1,694,663
	2,745,000		5.000			12/01/2036		2,764,389
	2,480,000		5.000			12/01/2037		2,491,329
	4,565,000		5.000			12/01/2038		4,541,382
	New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa3/NR)
	15,675,000		5.000			07/01/2046		14,872,166
	New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR)
	17,525,000		5.250			01/01/2050		16,989,350
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (NR/B-)
	2,250,000		5.000			08/01/2031		2,251,023
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-)
	6,470,000		5.250			08/01/2031		6,460,852
	5,675,000		5.375			08/01/2036		5,552,763
	New York Transportation Development Corp. Special Facility RB Series 2021 (NR/NR)
	3,760,000		3.000			08/01/2031		3,286,157
	New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR)
	4,520,000		5.000			08/01/2026		4,520,000
	Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA)
	420,000		4.000			12/01/2032		399,685
	505,000		4.000			12/01/2033		476,678
	420,000		4.000			12/01/2034		394,141
	420,000		4.000			12/01/2035		391,057
	525,000		4.000			12/01/2036		485,691
	425,000		4.000			12/01/2037		390,505
	420,000		4.000			12/01/2038		381,732
	1,260,000		3.000			12/01/2039		944,455
	840,000		3.000			12/01/2040		620,695
	1,680,000		4.000			12/01/2049		1,426,568
Municipal Bonds – (continued)
New York – (continued)
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR)
	345,000		4.000			07/01/2039		284,357
	4,225,000		3.000			07/01/2044		2,677,841
	Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR)
	4,720,000		4.000			07/01/2035		4,181,712
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 186 (AMT) (Aa3/A+)
	10,000,000		5.000			10/15/2044		10,056,010
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 197 (AMT) (Aa3/A+)
	4,000,000		5.000			11/15/2034		4,048,275
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 223 (AMT) (Aa3/A+)
	6,335,000		4.000			07/15/2046		5,417,848
	Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (Aa3/A+)
	2,500,000		5.000			09/01/2033		2,583,223
	2,000,000		5.000			09/01/2034		2,053,779
	Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (Aa3/A+)
	2,000,000		4.000			07/15/2045		1,719,605
	1,500,000		4.000			07/15/2050		1,262,745
	Port Authority of New York Consolidated Bonds 227th Series (Aa3/AA-)
	8,975,000		3.000			10/01/2027		8,371,292
	Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-)
	3,370,000		5.250			08/01/2047		3,456,323
	Port Authorty of New York Consolidated Bonds 227th Series (Aa3/A+)
	1,555,000		3.000			10/01/2028		1,432,580
	State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)(a)(b)
	2,295,000		5.000			05/01/2026		2,373,139
	State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3)
	6,200,000		4.250			05/01/2052		5,404,800
	5,225,000		5.000			05/01/2052		5,166,095
	State of New York Dormitory Authority Personal Income Tax RB Series 2018A (NR/Aa1)
	10,200,000		4.000			03/15/2048		9,008,872
	State of New York Dormitory Authority Personal Income Tax RB Series 2019D (NR/Aa1)
	10,000,000		4.000			02/15/2047		8,874,480
	State of New York Dormitory Authority Personal Income Tax RB Series 2021A (AA+/NR)
	8,175,000		4.000			03/15/2040		7,565,670
	State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR)
	3,550,000		4.000			03/15/2046		3,164,707
	9,200,000		4.000			03/15/2047		8,162,867
	Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-)
	3,800,000		4.000			06/01/2050		3,218,602

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (A3/BBB+)
$	600,000		5.000	%		09/01/2038	$	617,476
	820,000		5.000			09/01/2039		842,327
	805,000		4.000			09/01/2040		678,412
	Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Baa2/BBB-)
	1,000,000		5.000			11/01/2023		1,014,223
	1,000,000		5.000			11/01/2024		1,006,076
	Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)
	200,000		4.000			10/15/2029		184,237
	Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB)
	300,000		4.000			10/15/2030		273,102
								578,168,745
North Carolina – 0.7%
	Charlotte-Mecklenburg Hospital Authority Variable Rate Health Care Refunding RB for Carolina Healthcare System Series 2007C (Aa3/AA-)(a)
	7,435,000		2.230			01/15/2037		7,435,000
	Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(d)
	375,000		2.000			10/01/2024		360,986
	Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(d)
	400,000		2.000			10/01/2024		385,051
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (Baa2/BBB) (PUTABLE)(a)(b)(d)
	1,750,000		2.100			10/01/2024		1,691,169
	County of Mecklenburg GO Bonds for Public Improvement Series 2018 (Aaa/AAA)
	5,250,000		5.000			03/01/2029		5,721,264
	Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (AA/Baa2)
	5,290,000		5.500			07/01/2047		5,451,568
	North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (NR/NR)
	1,310,000		5.000			12/31/2037		1,291,995
	North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR)
	680,000		4.000			09/01/2041		581,032
	325,000		4.000			09/01/2046		266,567
	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		154,079
	190,000		4.000			03/01/2024		188,660
	235,000		4.000			03/01/2025		231,970
	220,000		5.000			03/01/2026		220,741
	270,000		5.000			03/01/2027		269,039
Municipal Bonds – (continued)
North Carolina – (continued)
	North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) – (continued)
	255,000		5.000			03/01/2028		252,138
	250,000		4.000			03/01/2029		232,010
	260,000		4.000			03/01/2030		237,112
	270,000		4.000			03/01/2031		242,003
	725,000		4.000			03/01/2036		598,558
	North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR)
	500,000		5.000			10/01/2040		476,055
	North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-)
	5,995,000		3.000			07/01/2045		4,342,820
	North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR)
	910,000		4.000			09/01/2041		751,683
	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		551,879
	1,785,000		3.000			07/01/2027		1,635,146
	1,040,000		4.000			07/01/2030		957,476
	1,080,000		5.000			07/01/2031		1,064,150
	1,110,000		5.000			07/01/2032		1,088,129
	1,375,000		5.000			07/01/2033		1,340,332
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (NR/AA)
	3,000,000		3.000			01/01/2042		2,219,957
	5,150,000		5.000			01/01/2049		5,282,244
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (NR/BBB)
	4,500,000		5.000			01/01/2043		4,364,649
	North Carolina Turnpike Authority Triangle Expressway System Senior Lien Turnpike RB Series 2019 (NR/BBB)
	5,000,000		5.000			01/01/2049		4,762,300
								54,647,762
North Dakota – 0.1%
	City of Horace GO Refunding Bonds Series 2021 (Baa2/NR)
	1,100,000		3.000			05/01/2041		822,406
	2,750,000		3.000			05/01/2046		1,932,536
	City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR)
	5,525,000		3.250			08/01/2024		5,440,105
								8,195,047
Ohio – 1.9%
	American Municipal Power Prairie State Energy Campus Project RB Refunding Series 2019B (A/A1)
	1,255,000		5.000			02/15/2024		1,282,573
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-)
	440,000		5.000			06/01/2034		452,683
	1,000,000		4.000			06/01/2037		916,259
	920,000		4.000			06/01/2038		834,770
	895,000		4.000			06/01/2039		808,699

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Ohio – (continued)
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+)
$	5,070,000		3.000	%		06/01/2048	$	3,390,655
	3,835,000		4.000			06/01/2048		3,125,989
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	23,605,000		5.000			06/01/2055		19,828,490
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)(g)
	35,885,000		0.000			06/01/2057		3,817,260
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	400,000		5.000			11/01/2022		400,020
	420,000		5.000			11/01/2023		420,506
	City of Cleveland RB Refunding for Airport System Series 2019 B (AMT) (A2/A-)
	1,235,000		5.000			01/01/2023		1,239,020
	1,365,000		5.000			01/01/2024		1,385,573
	County of Cuyahoga Hospital RB Series 2017 (Baa3/BBB-)
	1,750,000		5.000			02/15/2052		1,661,240
	County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR)
	400,000		4.000			09/01/2040		323,625
	625,000		4.000			09/01/2045		479,314
	850,000		5.000			09/01/2049		710,649
	County Of Franklin Healthcare Facilities Refunding Rb Series 2022 (NR/BBB) (NR/NR)
	4,225,000		4.000			07/01/2040		3,563,025
	County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR)
	2,480,000		5.250			11/15/2040		2,273,510
	County of Franklin RB Series OH 2019A (Aa3/AA-)
	5,275,000		4.000			12/01/2044		4,668,766
	County of Miami Ohio Hospital Facilities Improvement RB Kettering Health Network Series 2019 (A2/A+)
	5,000,000		5.000			08/01/2049		4,971,702
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa3/BBB-)
	10,000,000		8.223			02/15/2040		12,000,296
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-)
	2,865,000		5.500			02/15/2057		2,893,105
	Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+)
	3,400,000		2.000			12/01/2031		2,808,960
	Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR)
	2,000,000		3.750			12/01/2038		1,547,329
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-)
	250,000		5.000			12/01/2025		254,316
	325,000		5.000			12/01/2026		331,657
	325,000		5.000			12/01/2027		332,289
Municipal Bonds – (continued)
Ohio – (continued)
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) – (continued)
	425,000		5.000			12/01/2028		435,443
	400,000		5.000			12/01/2029		410,262
	680,000		5.000			12/01/2030		693,500
	800,000		5.000			12/01/2031		809,645
	660,000		5.000			12/01/2032		664,473
	1,170,000		5.000			12/01/2033		1,172,060
	1,200,000		5.000			12/01/2035		1,192,139
	650,000		5.000			12/01/2037		639,090
	1,630,000		5.000			12/01/2038		1,584,724
	Lakewood City School District GO Refunding Bonds Series 2014 C (Aa2/AA)
	3,215,000		5.000			12/01/2027		3,329,257
	Northeast Ohio Medical University RB Refunding Series 2021 A (Baa2/NR)
	250,000		4.000			12/01/2035		229,767
	Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(d)
	3,500,000		4.250			06/01/2027		3,438,876
	Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)(a)(b)(d)
	14,000,000		4.250			06/01/2027		13,601,470
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(f)
	700,000		4.500			01/15/2048		608,403
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Ba1/NR)
	925,000		2.875			02/01/2026		869,500
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Ba1/NR)
	2,305,000		2.875			02/01/2026		2,166,699
	Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Ba1/NR)
	3,130,000		3.250			09/01/2029		2,865,674
	Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014A (BBB+/NR)(a)(b)
	2,500,000		2.400			10/01/2029		2,176,232
	Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014B (BBB+/NR)(a)(b)
	3,500,000		2.600			10/01/2029		3,063,217
	Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014C (BBB+/NR) (PUTABLE)(a)(b)(d)
	8,000,000		2.100			10/01/2024		7,621,141
	Ohio Higher Educational Facility Commission RB for University Circle, Inc. Series 2020 (A3/NR)
	1,250,000		5.000			01/15/2035		1,252,150
	1,645,000		5.000			01/15/2036		1,644,844
	Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR)
	1,260,000		5.000			12/01/2042		1,183,730
	1,250,000		5.000			12/01/2045		1,154,775

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Ohio – (continued)
	Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR)
$	1,260,000		5.000	%		05/01/2032	$	1,325,510
	1,045,000		5.000			05/01/2034		1,090,957
	695,000		4.000			05/01/2037		608,325
	1,115,000		4.000			05/01/2038		966,361
	Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)(f)
	925,000		5.000			12/01/2033		817,623
	1,795,000		5.000			12/01/2038		1,506,779
	2,725,000		5.000			12/01/2048		2,136,595
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (NR/A-/A-2)(a)
	2,800,000		3.250			11/01/2022		2,799,149
	Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)(a)(b)
	1,500,000		4.375			06/15/2026		1,365,106
	Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)(f)
	390,000		3.750			12/01/2031		329,324
	Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)(f)
	4,375,000		7.000			12/01/2042		3,601,730
	Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR)
	3,500,000		4.000			01/01/2038		2,962,708
	960,000		4.000			01/01/2041		786,755
	Willoughby Eastlake City School District GO UT School Improvement Bonds Series 2016 (A2/NR)(b)
	1,500,000		5.000			12/01/2025		1,579,212
								151,405,485
Oklahoma – 0.3%
	City of Tulsa GO Bonds Series 2021 (AA/NR)
	3,800,000		2.000			11/01/2029		3,271,716
	Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Baa1/A-)
	925,000		4.000			09/01/2045		734,071
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A2/AA)
	3,670,000		4.000			08/15/2048		3,097,338
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+)
	2,150,000		5.000			08/15/2029		2,050,711
	5,400,000		5.500			08/15/2057		4,580,045
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-)
	2,725,000		5.500			08/15/2052		2,323,946
	Oklahoma Municipal Power Authority RB Refunding Series 2021 B (AGM) (NR/AA)
	640,000		1.602			01/01/2027		571,469
	Oklahoma Turnpike Authority RB Second Senior Series 2017 C (Aa3/AA-)
	1,400,000		4.000			01/01/2042		1,314,906
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)(a)(b)
	3,285,000		5.000			06/01/2025		3,313,711
								21,257,913
Municipal Bonds – (continued)
Oregon – 0.5%
	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		216,979
	120,000		5.250			11/15/2050		104,479
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB-)
	1,385,000		3.500			03/01/2029		1,266,527
	1,540,000		3.750			03/01/2032		1,365,939
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+)
	500,000		5.000			08/15/2028		525,242
	500,000		5.000			08/15/2029		525,604
	600,000		5.000			08/15/2030		628,513
	1,775,000		5.000			08/15/2045		1,745,994
	Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (Aa2/AA-)(b)
	8,895,000		5.000			07/01/2027		9,488,305
	Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (NR/BBB+)
	270,000		5.000			10/01/2028		280,970
	525,000		5.000			10/01/2029		547,436
	225,000		5.000			10/01/2035		227,745
	Port of Portland RB for International Airport Series 2019 25-B (AMT) (NR/A+)
	2,665,000		5.000			07/01/2032		2,749,284
	2,365,000		5.000			07/01/2033		2,424,140
	1,000,000		5.000			07/01/2034		1,021,606
	1,000,000		5.000			07/01/2035		1,018,410
	Portland Oregon Community College District GO Bonds Series 2013 (Aa1/AA+)(b)
	2,050,000		5.000			06/15/2023		2,075,525
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (Aa1/NR)
	7,090,000		4.000			04/01/2029		7,256,960
	State of Oregon GO Refunding Bonds for Higher Education Series 2021 H (Aa1/AA+)
	1,175,000		1.250			08/01/2027		1,027,086
	860,000		1.375			08/01/2028		733,523
	875,000		1.500			08/01/2029		733,802
	Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR)(f)
	190,000		5.000			11/01/2034		201,240
	500,000		5.000			11/01/2036		528,339
	Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (Aa1/NR)
	4,155,000		5.000			06/15/2029		4,429,863
	Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR)
	575,000		1.750			11/15/2026		525,541
	Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR)
	1,625,000		5.000			11/15/2051		1,285,190
								42,934,242

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Municipal Bonds – (continued)
Pennsylvania – 3.8%
	Allegheny County Airport Authority RB Series 2021 A (AMT) (A2/NR)
$	2,325,000	4.000%	01/01/2039	$	2,067,171
	1,900,000	4.000	01/01/2040		1,678,620
	Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (BBB-/NR)
	1,000,000	5.250	09/01/2035		949,412
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A)
	4,000,000	5.000	04/01/2030		4,141,225
	18,400,000	4.000	04/01/2044		15,873,189
	Allegheny County Hospital Development Authority UPMC RB Series 2019A (A/A2)
	6,230,000	4.000	07/15/2038		5,678,248
	Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-)
	1,850,000	4.875	11/01/2024		1,850,472
	1,350,000	5.125	05/01/2030		1,353,447
	Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR)
	1,525,000	1.830	05/01/2023		1,485,985
	1,560,000	2.100	05/01/2024		1,455,759
	150,000	5.000	05/01/2024		152,189
	480,000	5.000	05/01/2026		491,748
	600,000	5.000	05/01/2027		617,530
	600,000	5.000	05/01/2028		619,976
	625,000	5.000	05/01/2029		648,301
	700,000	5.000	05/01/2030		727,418
	700,000	5.000	05/01/2031		726,715
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR)(f)
	2,420,000	5.000	05/01/2027		2,425,192
	1,600,000	5.000	05/01/2032		1,562,290
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR)(f)
	200,000	5.000	05/01/2023		200,811
	750,000	5.000	05/01/2028		750,124
	Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/NR)
	900,000	5.000	05/01/2033		926,697
	1,000,000	5.000	05/01/2034		1,024,996
	900,000	5.000	05/01/2035		919,722
	1,000,000	5.000	05/01/2036		1,019,189
	Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB+)
	325,000	5.000	07/01/2025		328,714
	420,000	5.000	07/01/2026		425,301
	425,000	5.000	07/01/2027		430,128
	450,000	5.000	07/01/2028		455,052
	475,000	5.000	07/01/2029		479,475
	650,000	5.000	07/01/2030		653,069
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR)
$	100,000	5.000%	10/01/2031	$	102,213
	390,000	5.000	10/01/2032		397,582
	410,000	5.000	10/01/2033		417,422
	Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB)(f)
	900,000	6.000	10/15/2052		853,353
	Chester County IDA RB Series 2021 (Aa2/NR)
	10,000,000	4.000	12/01/2046		8,999,981
	City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+)
	500,000	4.000	05/01/2036		443,521
	595,000	4.000	05/01/2041		507,751
	280,000	5.000	05/01/2047		268,255
	City of Philadelphia Airport RB Refunding Series 2020 C (AMT) (A2/NR)
	1,250,000	5.000	07/01/2030		1,308,300
	City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (BBB-/NR)
	2,075,000	4.000	03/01/2042		1,612,935
	Coatesville School District GO Refunding Bonds Series 2017 (AGM ST AID WITHHLDG) (A1/AA)
	1,000,000	5.000	08/01/2025		1,044,060
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA)
	24,905,000	4.000	06/01/2039		23,191,954
	Commonwealth of Pennsylvania COPS Series 2018 A (A2/A)
	1,250,000	4.000	07/01/2046		1,086,286
	Commonwealth of Pennsylvania GO Bonds 1st Series 2015 (A+/Aa3)
	6,500,000	5.000	03/15/2033		6,690,620
	Commonwealth of Pennsylvania GO Bonds Series 2015 (Aa3/A+)
	3,925,000	5.000	08/15/2025		4,110,000
	Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)(f)
	2,000,000	5.875	10/15/2040		2,008,502
	6,375,000	6.250	10/15/2053		6,470,564
	Delaware County Authority RB for Villanova University Series 2015 (A1/AA-)
	4,945,000	5.000	08/01/2045		5,016,069
	Doylestown Hospital Authority RB Taxable Refunding Series 2019 B (Ba1/BBB-)
	955,000	3.950	07/01/2024		900,511
	Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)
	750,000	5.000	12/01/2038		641,780
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A1/AA-)(e) (3M USD LIBOR + 0.77%)
	15,800,000	2.634	05/01/2037		13,780,901
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (Aa3/NR)
	725,000	4.000	06/01/2044		639,447
	1,300,000	5.000	06/01/2044		1,326,495

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (Aa3/NR) – (continued)
$	3,325,000	4.000 %		06/01/2049	$	2,850,680
	2,350,000	5.000		06/01/2049		2,387,314
	Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (NR/NR)
	900,000	5.000		03/01/2040		784,196
	Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-)
	80,000	5.000		03/01/2024		80,540
	150,000	5.000		03/01/2025		151,301
	185,000	5.000		03/01/2026		186,485
	150,000	5.000		03/01/2027		150,955
	135,000	5.000		03/01/2028		135,570
	160,000	5.000		03/01/2029		160,256
	150,000	5.000		03/01/2030		149,191
	285,000	5.000		03/01/2032		279,916
	Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A2/A)
	850,000	4.000		09/01/2037		770,522
	850,000	4.000		09/01/2038		761,206
	850,000	4.000		09/01/2039		753,282
	Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR)
	900,000	5.000		11/15/2045		895,068
	Montgomery County Industrial Development Authority RB ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 C (NR/NR)
	600,000	4.000		11/15/2043		502,919
	Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/BBB+)
	400,000	4.000		10/01/2036		348,090
	400,000	4.000		10/01/2041		330,468
	North Penn Water Authority RB Refunding Series 2019 (Aa3/NR)(e) (SIFMA Municipal Swap Index Yield + 0.46%)
	1,600,000	2.910		11/01/2023		1,599,633
	Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR)
	1,000,000	5.000		11/01/2039		909,945
	Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (NR/BBB+)
	50,000	5.000		05/01/2023		50,135
	100,000	5.000		05/01/2024		100,518
	Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (NR/BBB)
	750,000	5.000		06/30/2042		720,887
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A1/A+)
$	8,250,000	3.000%		04/01/2039	$	6,269,243
	Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR)
	3,000,000	4.000		07/01/2033		2,741,106
	1,800,000	4.000		07/01/2041		1,527,829
	Pennsylvania Economic Development Financing Authority RB Refunding for UPMC Obligated Group Series 2021 A (A2/A)
	1,050,000	4.000		10/15/2040		941,525
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)(a)(b)
	6,050,000	1.100		11/02/2026		5,330,779
	Pennsylvania Economic Development Financing Authority UPMC RB Series 2021A (A2/A)
	1,220,000	4.000		10/15/2037		1,124,908
	Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A2/A)
	350,000	4.000		03/01/2037		318,231
	675,000	5.000		03/01/2038		682,098
	500,000	5.000		03/01/2039		504,478
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (WR/AA)(e) (3M USD LIBOR + 0.60%)
	930,000	3.108		07/01/2027		910,288
	Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (A2/AA)
	2,500,000	4.000		05/01/2040		2,271,460
	8,500,000	5.000		05/01/2046		8,828,498
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (Aa3/AA)
	4,000,000	5.000		09/15/2025		4,208,637
	Pennsylvania State GO Bonds Consolidated Loan of 2018 Series 2018 A (Aa3/A+)
	6,675,000	5.000		08/15/2023		6,776,873
	Pennsylvania Turnpike Commission RB Series 2013 C (A1/A+)(b)
	1,720,000	5.500		12/01/2023		1,765,963
	Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR)
	30,675,000	5.250		12/01/2044		32,593,850
	Pennsylvania Turnpike Commission RB Series 2018 A-2 (A1/NR) (Series A-2)
	4,740,000	5.000		12/01/2043		4,839,821
	Pennsylvania Turnpike Commission RB Series 2018 B (A1/NR)(e) (SIFMA Municipal Swap Index Yield + 0.70%)
	6,050,000	3.150		12/01/2023		6,053,483
	Pennsylvania Turnpike Commission RB Series 2019 A (A3/NR)
	4,250,000	5.000		12/01/2036		4,412,036
	4,275,000	5.000		12/01/2038		4,384,169
	16,160,000	5.000		12/01/2044		15,967,829
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A3/NR)
	3,500,000	5.500		12/01/2042		3,560,865

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A3/NR)
$	10,000,000		5.250	%		06/01/2047	$	10,041,384
	Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+)
	650,000		5.125			06/15/2042		586,122
	Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)
	350,000		4.000			06/15/2029		325,542
	1,000,000		5.000			06/15/2039		919,092
	Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-)
	450,000		5.000			08/01/2030		453,667
	290,000		5.000			08/01/2040		276,580
	Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)(f)
	900,000		5.000			06/15/2040		823,709
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB)
	4,500,000		5.000			07/01/2028		4,646,653
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (A2/AA)
	850,000		5.000			09/01/2034		910,292
	1,755,000		5.000			09/01/2035		1,875,039
	1,700,000		5.000			09/01/2036		1,813,770
	1,700,000		5.000			09/01/2037		1,810,081
	Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (NR/AA)
	2,125,000		4.000			09/01/2034		2,121,768
	425,000		4.000			09/01/2035		418,471
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BB+)
	450,000		5.000			11/15/2028		426,120
	State Public School Building Authority RB Refunding for Philadelphia School District Project Series 2016 A (AGM ST AID WITHHLDG) (A1/AA)
	2,525,000		5.000			06/01/2031		2,606,712
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (Baa3/NR)
	1,100,000		5.000			01/01/2035		1,102,272
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+)
	200,000		4.000			10/01/2023		198,182
	750,000		4.000			10/01/2029		689,521
	425,000		5.000			10/01/2039		382,617
	The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-)
	4,100,000		5.000			11/01/2044		2,847,283
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-2 (NR/BB-)(a)(b)
	1,915,000		5.000			02/01/2027		1,718,512
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-3 (NR/BB-)(a)(b)
	2,800,000		5.000			02/01/2030		2,356,930
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR)(f)
	200,000		6.000			07/01/2029		189,908
	Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR)
	620,000		5.000			07/01/2028		641,748
	1,725,000		5.000			07/01/2029		1,793,547
	440,000		5.000			07/01/2030		458,461
								307,443,696
Puerto Rico – 5.1%
	Puerto Rico Aqueduct & Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR)(f)
	3,230,000		4.000			07/01/2047		2,420,587
	Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR)(f)
	4,350,000		5.000			07/01/2035		4,122,259
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)(f)
	9,575,000		5.000			07/01/2047		8,482,529
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)(f)
	6,895,000		5.000			07/01/2033		6,664,211
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (WR/NR)
	1,080,000		6.125			07/01/2024		1,100,378
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)(f)
	2,750,000		5.000			07/01/2033		2,657,952
	Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)(f)
	4,650,000		4.000			07/01/2042		3,659,453
	Puerto Rico Commonwealth GO Bonds (NR/NR)*(a)(c)(i)
	18,570,358		0.000			11/01/2043		9,285,179
	Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)*(a)(c)(i)
	1,672,500		0.000			11/01/2051		612,553
	Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)(a)(c)(i)
	1,794,127		0.000			11/01/2051		807,357
	Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR)
	216		5.250			07/01/2023		217
	3,035,584		0.000	(g)		07/01/2024		2,790,090
	4,135,896		5.375			07/01/2025		4,175,888
	4,065,734		5.625			07/01/2027		4,150,164
	3,999,774		5.625			07/01/2029		4,090,942
	3,884,948		5.750			07/01/2031		3,960,714
	9,712,616		0.000	(g)		07/01/2033		5,353,533
	5,933,951		4.000			07/01/2033		5,218,323
	3,311,382		4.000			07/01/2035		2,830,679
	7,727,039		4.000			07/01/2037		6,340,655
	10,189,086		4.000			07/01/2041		7,952,179
	8,793,596		4.000			07/01/2046		6,582,011
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (A3/AA)
	930,000		5.250			07/01/2041		904,218

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate	Maturity Date	Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (WR/NR)
$	9,440,000	5.250 %	07/01/2038	$	8,960,642
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)
	3,425,000	5.250	07/01/2033		3,372,510
	165,000	5.250	07/01/2034		161,521
	5,430,000	5.250	07/01/2036		5,303,639
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (A2/AA)
	40,000	5.500	07/01/2031		40,311
	Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)*
	8,215,000	6.750	07/01/2036		6,284,475
	Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR)*
	196,972	10.000	07/01/2022		155,608
	Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)*
	1,050,000	5.250	07/01/2031		779,625
	Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)*
	1,555,000	5.000	07/01/2028		1,154,588
	Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR)*
	590,915	10.000	01/01/2021		466,823
	Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR)*
	590,915	10.000	07/01/2021		466,823
	Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR)*
	196,972	10.000	01/01/2022		155,608
	Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)*
	220,000	5.000	07/01/2025		163,350
	1,100,000	5.000	07/01/2032		816,750
	Puerto Rico Electric Power Authority Power RB Series WW (NR/NR)*
	1,435,000	5.500	07/01/2038		1,070,869
	Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)*
	10,325,000	5.250	07/01/2040		7,666,312
	Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)*
	1,000,000	5.250	07/01/2019		740,000
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)(e) (3M USD LIBOR + 0.52%)
	21,915,000	2.046	07/01/2029		20,477,692
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL) (Baa2/NR)
	350,000	5.250	07/01/2029		346,648
	215,000	5.250	07/01/2030		212,291
	1,150,000	5.250	07/01/2032		1,129,473
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (AGC) (A3/AA)
	60,000	5.250	07/01/2041		58,337
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL) (Baa2/NR)
	7,175,000	5.250	07/01/2035		6,960,376
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGC) (A3/AA)
	165,000	5.500	07/01/2031		166,283
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)
	600,000	5.250	07/01/2032		592,593
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (A2/AA)
	90,000	5.500	07/01/2029		91,433
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC FGIC) (A3/AA)
	180,000	5.250	07/01/2039		175,305
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (A3/AA)
	355,000	5.250	07/01/2034		347,515
	23,140,000	5.250	07/01/2036		22,601,511
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR AGC) (A2/AA)
	2,165,000	5.500	07/01/2029		2,199,477
	2,230,000	5.250	07/01/2034		2,182,982
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR AGC-ICC) (A2/AA)
	295,000	5.500	07/01/2026		304,870
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (WR/NR)
	2,925,000	5.250	07/01/2030		2,861,906
	2,970,000	5.250	07/01/2031		2,898,238
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL) (Baa2/NR)
	1,240,000	5.250	07/01/2032		1,217,867
	1,760,000	5.250	07/01/2033		1,720,130
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (WR/NR)*
	3,000,000	5.500	07/01/2026		600,000
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-IBC) (Baa2/NR)
	5,265,000	4.750	07/01/2038		5,074,112
	Puerto Rico Highway & Transportation Authority RB Series 2007 N (AMBAC-TCRS-BNY) (WR/NR)
	160,000	5.500	07/01/2026		160,694
	Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructed Bonds Series 2019A-2B (NR/NR) (NR/NR)
	10,435,000	4.550	07/01/2040		9,272,276
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) (g)
	329,000	0.000	07/01/2024		303,969
	16,610,000	0.000	07/01/2027		13,239,999
	3,658,000	0.000	07/01/2029		2,630,151
	25,338,000	0.000	07/01/2031		16,111,864
	21,539,000	0.000	07/01/2033		12,104,978
	37,454,000	0.000	07/01/2046		8,443,750
	16,872,000	0.000	07/01/2051		2,746,598

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
$	75,734,000		4.329	%		07/01/2040	$	65,417,053
	143,000		4.536			07/01/2053		117,740
	5,654,000		4.784			07/01/2058		4,755,515
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	19,288,000		4.500			07/01/2034		18,030,662
	1,555,000		4.550			07/01/2040		1,381,733
	17,965,000		4.750			07/01/2053		15,343,217
	44,071,000		5.000			07/01/2058		38,905,980
								413,106,743
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) (Aa3/AA)
	500,000		5.000			05/15/2024		513,046
South Carolina – 0.3%
	Clemson University Athletic Facilities RB Series 2015 (Aa3/NR)
	1,385,000		4.000			05/01/2025		1,406,306
	1,570,000		4.000			05/01/2026		1,592,168
	Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (Aa1/AA)
	2,495,000		5.000			02/01/2031		2,702,679
	Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (Aa1/AA)
	4,530,000		5.000			03/01/2031		4,820,977
	1,615,000		4.000			03/01/2032		1,642,264
	Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR)(f)
	905,000		3.000			11/01/2026		806,291
	900,000		3.625			11/01/2031		732,754
	1,170,000		3.750			11/01/2036		882,034
	South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)(f)
	1,920,000		5.125			06/15/2042		1,721,084
	South Carolina Ports Authority RB Series 2018 (AMT) (A1/A+)
	3,750,000		5.000			07/01/2037		3,800,058
	South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A2/A)
	875,000		3.056			12/01/2023		862,594
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA)
	500,000		5.000			04/15/2032		537,647
	500,000		5.000			04/15/2033		535,583
	500,000		5.000			04/15/2034		531,881
	450,000		5.000			04/15/2035		475,967
	425,000		4.000			04/15/2036		394,814
	550,000		4.000			04/15/2037		506,418
	525,000		4.000			04/15/2038		479,481
	700,000		4.000			04/15/2039		634,743
	750,000		4.000			04/15/2040		670,972
								25,736,715
Municipal Bonds – (continued)
South Dakota – 0.0%
	County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-)
	650,000		4.000			08/01/2041		517,965
	1,200,000		4.000			08/01/2051		876,001
	Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/AA+)
	630,000		5.000			01/01/2024		644,118
	1,075,000		5.000			01/01/2025		1,116,003
	730,000		5.000			01/01/2026		769,248
								3,923,335
Tennessee – 0.4%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (Baa1/A-)
	1,300,000		5.000			08/01/2035		1,302,922
	City of Clarksville RB for Water Sewer & Gas Series 2021 A (Aa2/NR)
	12,950,000		4.000			02/01/2051		11,344,333
	City of Johnson GO Refunding Bonds Series 2019 B (Aa2/NR)
	1,225,000		4.000			06/01/2037		1,170,069
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-)
	6,020,000		5.000			07/01/2034		6,023,497
	1,800,000		4.000			07/01/2040		1,583,904
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (A3/NR)
	700,000		5.000			07/01/2046		680,596
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR)
	55,000		3.000			10/01/2024		53,094
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)(f)
	650,000		4.500			06/01/2028		644,843
	Tennergy Corp. RB for Gas Supply Revenue Series 2019 A (Aa2/NR)(a)(b)
	11,325,000		5.000			10/01/2024		11,564,431
								34,367,689
Texas – 8.0%
	Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR)
	1,425,000		5.625			08/15/2052		1,247,969
	Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB)
	155,000		5.000			08/15/2023		155,798
	195,000		5.000			08/15/2024		196,471
	180,000		5.000			08/15/2025		181,229
	190,000		5.000			08/15/2026		190,849
	200,000		5.000			08/15/2027		200,330
	80,000		5.000			08/15/2028		79,674
	80,000		4.000			08/15/2029		73,946
	80,000		4.000			08/15/2030		72,992
	90,000		4.000			08/15/2031		80,976

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)
	Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+)
$	1,355,000		5.000	%		01/01/2029	$	1,359,621
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A-)
	530,000		5.000			01/01/2026		547,106
	595,000		5.000			01/01/2027		619,274
	620,000		5.000			01/01/2028		648,201
	650,000		5.000			01/01/2029		680,141
	690,000		5.000			01/01/2030		722,407
	1,010,000		5.000			01/01/2032		1,049,539
	1,115,000		5.000			01/01/2034		1,148,773
	585,000		5.000			01/01/2035		600,934
	610,000		5.000			01/01/2036		624,085
	645,000		5.000			01/01/2037		657,098
	675,000		5.000			01/01/2038		686,157
	1,420,000		5.000			01/01/2039		1,440,134
	Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds Series 2021D (A-/NR)
	1,100,000		4.000			01/01/2040		961,429
	City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)(f)
	245,000		5.750			09/01/2029		246,963
	City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)(f)
	377,000		3.250			09/15/2026		335,208
	City of Arlington Special Tax for Senior Lien Series 2018 A (AGM) (A1/AA)
	1,325,000		5.000			02/15/2037		1,385,058
	City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR)(f)(h)
	852,000		5.250			09/01/2032		843,549
	City of Austin RB for Airport System Series 2019 B (AMT) (A1/A)
	1,700,000		5.000			11/15/2032		1,754,010
	2,000,000		5.000			11/15/2033		2,049,555
	City of Austin RB Refunding for Airport System Series 2019 (AMT) (A1/A)
	1,510,000		5.000			11/15/2022		1,512,662
	1,950,000		5.000			11/15/2023		1,978,670
	4,845,000		5.000			11/15/2024		4,963,003
	1,150,000		5.000			11/15/2025		1,189,925
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)(f)
	710,000		4.000			11/01/2023		704,901
	900,000		4.500			11/01/2024		888,072
	2,815,000		4.000			11/01/2028		2,650,667
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)(f)
	375,000		2.500			09/01/2025		347,719
	140,000		3.125			09/01/2030		121,852
	180,000		3.250			09/01/2030		153,147
	355,000		4.000			09/01/2040		299,378
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)(f)
	174,000		2.500			09/01/2026		157,400
Municipal Bonds – (continued)
Texas – (continued)
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)(f) – (continued)
	158,000		3.000			09/01/2031		131,656
	329,000		3.375			09/01/2041		248,402
	City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)(f)
	430,000		4.625			09/01/2032		404,194
	704,000		4.875			09/01/2042		635,352
	City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR)(f)
	285,000		2.750			09/01/2027		245,220
	432,000		3.125			09/01/2032		339,749
	City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)(f)
	255,000		4.875			09/01/2032		247,770
	495,000		5.500			09/01/2042		476,441
	City of Celina Special Assessment RB Series 2022 (NR/NR)(f)
	215,000		2.875			09/01/2027		186,852
	250,000		3.250			09/01/2032		199,717
	1,175,000		3.500			09/01/2042		842,697
	City of Celina Special Assessment RB Series 2022 (NR/NR)(f)
	227,000		3.250			09/01/2027		200,934
	235,000		3.625			09/01/2032		196,104
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR)
	185,000		4.200			09/01/2027		180,383
	570,000		4.800			09/01/2037		536,765
	647,000		5.250			09/01/2046		618,791
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)(f)
	40,000		4.375			09/01/2023		39,919
	300,000		5.375			09/01/2038		297,925
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)
	76,000		4.625			09/01/2023		76,013
	365,000		5.000			09/01/2028		365,307
	City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)(f)
	190,000		3.250			09/01/2026		171,495
	185,000		3.750			09/01/2031		154,389
	City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(f)
	314,000		3.375			09/15/2026		281,815
	410,000		4.000			09/15/2031		358,775
	City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021A (NON-AMT) (A1/NR)
	3,975,000		4.000			11/01/2039		3,674,926
	City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (NON-AMT) (A1/A+)
	3,500,000		4.000			11/01/2041		3,195,702

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)(f)
$	268,000		4.875	%		09/01/2032	$	255,421
	765,000		5.125			09/01/2042		708,753
	City of Denton Independent School District Variable Rate UT Bonds Series 2014-B (NR/AAA)(a)(b)
	3,460,000		2.000			08/01/2024		3,353,448
	City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (NR/NR) (PUTABLE)(a)(b)(d)
	540,000		2.000			08/01/2024		529,149
	City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)(f)
	695,000		2.875			09/01/2026		613,094
	398,000		3.375			09/01/2031		315,729
	1,206,000		3.750			09/01/2041		886,661
	City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)(f)
	294,000		2.625			08/15/2025		271,513
	171,000		3.375			08/15/2030		145,386
	City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)(f)
	497,000		2.750			08/15/2026		444,483
	612,000		3.375			08/15/2031		508,119
	846,000		3.750			08/15/2041		655,881
	City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)(f)
	483,000		4.875			08/15/2027		473,965
	778,000		5.250			08/15/2032		758,603
	1,300,000		5.875			08/15/2042		1,246,588
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)(f)
	100,000		3.125			08/15/2024		96,455
	340,000		3.500			08/15/2029		307,434
	1,905,000		4.000			08/15/2039		1,634,856
	1,825,000		4.250			08/15/2049		1,505,772
	City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)(f)
	295,000		4.000			08/15/2032		267,999
	1,129,000		4.250			08/15/2042		969,450
	City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA)
	150,000		4.000			08/15/2025		151,409
	155,000		4.000			08/15/2026		156,460
	160,000		4.000			08/15/2027		161,871
	165,000		4.000			08/15/2028		166,741
	170,000		4.000			08/15/2029		171,890
	925,000		3.000			08/15/2034		757,687
	City of Fort Worth Water & Sewer System RB Refunding & Improvement Series 2015 A (Aa1/AA+)
	8,245,000		5.000			02/15/2024		8,451,686
Municipal Bonds – (continued)
Texas – (continued)
	City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)(f)
	344,000		3.625			09/15/2027		317,169
	409,000		3.875			09/15/2032		359,181
	City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)
	325,000		4.125			09/01/2027		317,335
	1,350,000		4.625			09/01/2037		1,254,903
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)
	570,000		4.500			09/01/2027		565,760
	1,800,000		4.500			09/01/2037		1,655,467
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-)
	425,000		4.000			09/01/2024		423,726
	440,000		4.000			09/01/2025		436,863
	460,000		4.000			09/01/2026		454,750
	480,000		4.000			09/01/2027		472,139
	City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR)(f)
	256,000		3.250			09/01/2031		206,883
	1,271,000		3.625			09/01/2041		938,111
	City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)(f)
	100,000		3.250			09/01/2024		96,298
	290,000		3.625			09/01/2029		263,260
	785,000		4.125			09/01/2039		679,936
	City of Horseshoe Bay Special Assessment Refunding Bonds for Public Improvement District Series 2020 (NR/NR)
	895,000		3.000			10/01/2025		837,975
	645,000		3.000			10/01/2030		539,374
	440,000		3.250			10/01/2033		359,066
	City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(f)
	221,000		2.625			09/01/2026		197,255
	206,000		3.250			09/01/2031		168,873
	City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)(f)
	939,000		3.500			09/01/2041		700,164
	City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) (NR/NR)(f)
	360,000		3.125			09/01/2031		294,461
	City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)(f)
	276,000		2.750			09/01/2026		246,745
	392,000		3.500			09/01/2031		326,481
	900,000		3.875			09/01/2041		693,899
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+)
	130,000		5.000			08/15/2024		132,162
	130,000		5.000			08/15/2025		133,156

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) – (continued)
$	150,000		5.000	%		08/15/2026	$	154,616
	100,000		5.000			08/15/2027		103,690
	125,000		5.000			08/15/2028		130,315
	150,000		5.000			08/15/2029		157,042
	200,000		5.000			08/15/2030		208,705
	280,000		5.000			08/15/2032		289,216
	300,000		5.000			08/15/2034		307,705
	175,000		5.000			08/15/2035		179,063
	250,000		5.000			08/15/2036		255,011
	250,000		5.000			08/15/2037		254,191
	300,000		5.000			08/15/2038		303,516
	300,000		5.000			08/15/2039		303,019
	City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)(f)
	503,000		2.500			09/01/2026		455,841
	768,000		3.000			09/01/2031		648,400
	1,537,000		3.375			09/01/2041		1,167,019
	City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)(f)
	315,000		2.625			09/15/2026		278,135
	230,000		3.125			09/15/2031		183,257
	City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)(f)
	431,000		3.375			09/01/2031		352,293
	628,000		3.750			09/01/2041		471,541
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)(f)
	410,000		3.875			09/01/2024		399,869
	1,180,000		4.750			09/01/2044		1,047,823
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)(f)
	210,000		2.625			09/01/2025		192,125
	610,000		3.125			09/01/2030		503,714
	City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR)(f)
	1,000,000		4.125			09/01/2041		856,965
	City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)(f)
	340,000		4.250			09/01/2029		326,982
	1,000,000		4.875			09/01/2044		903,016
	City of Kyle Special Assessment RB Series 2022 (NR/NR)
	481,000		4.375			09/01/2027		467,122
	535,000		4.750			09/01/2032		510,139
	City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR)
	470,000		2.750			09/01/2025		444,489
	430,000		3.125			09/01/2030		376,822
	City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA)
	2,055,000		3.000			09/15/2036		1,637,368
Municipal Bonds – (continued)
Texas – (continued)
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)(f)
	20,000		3.500			09/15/2024		19,394
	250,000		3.750			09/15/2029		227,439
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)(f)
	105,000		4.375			09/15/2029		101,876
	City of Lavon Special Assessment RB Series 2022 (NR/NR)(f)
	600,000		3.500			09/15/2027		543,194
	305,000		3.750			09/15/2027		272,626
	1,000,000		3.875			09/15/2032		851,189
	455,000		4.125			09/15/2032		399,250
	City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (NR/NR)(b)
	1,415,000		4.000			09/01/2023		1,424,450
	City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)(f)
	355,000		2.500			09/01/2025		326,822
	330,000		3.125			09/01/2030		277,128
	845,000		4.000			09/01/2040		711,077
	City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR)(f)
	750,000		2.625			09/01/2027		673,641
	750,000		3.125			09/01/2032		630,419
	1,772,000		3.375			09/01/2042		1,333,823
	City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(f)
	310,000		2.500			09/15/2026		269,588
	210,000		3.125			09/15/2026		184,043
	250,000		3.125			09/15/2031		200,187
	310,000		3.750			09/15/2031		254,074
	City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)(f)
	150,000		3.750			09/15/2025		144,073
	City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(f)
	350,000		3.375			09/01/2026		319,538
	350,000		3.875			09/01/2031		301,200
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)(f)
	75,000		3.500			09/15/2024		72,912
	280,000		3.750			09/15/2029		257,976
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)(f)
	185,000		2.625			09/15/2026		164,177
	480,000		3.125			09/15/2031		390,163
	City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)(f)
	400,000		5.375			09/15/2032		388,742

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)(f)
$	100,000		5.000	%		09/15/2024	$	99,588
	400,000		5.250			09/15/2029		394,707
	City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)(f)
	275,000		4.250			09/15/2024		271,672
	255,000		5.125			09/15/2024		254,065
	795,000		4.500			09/15/2029		768,676
	775,000		5.375			09/15/2029		765,882
	City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)(f)
	410,000		3.500			09/15/2031		342,969
	1,000,000		3.875			09/15/2041		778,851
	City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)(f)
	678,000		4.375			09/15/2027		652,284
	626,000		4.750			09/15/2032		589,919
	1,417,000		5.250			09/15/2042		1,294,292
	City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)(f)
	292,000		5.125			09/15/2027		282,341
	310,000		5.500			09/15/2032		294,055
	600,000		6.000			09/15/2042		563,521
	City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)(f)
	100,000		4.500			09/01/2025		97,956
	50,000		4.875			09/01/2025		49,157
	254,000		4.875			09/01/2030		238,848
	265,000		5.250			09/01/2030		256,640
	381,000		5.250			09/01/2040		353,847
	310,000		5.625			09/01/2040		292,161
	815,000		4.125			09/01/2049		658,134
	City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)(f)
	245,000		2.500			09/01/2025		226,063
	455,000		3.250			09/01/2030		390,650
	City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR)(f)
	50,000		3.125			09/01/2024		48,283
	140,000		3.500			09/01/2029		126,765
	360,000		4.000			09/01/2039		310,323
	City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)(f)
	274,000		2.375			09/01/2026		243,204
	City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)(f)
	250,000		4.000			09/01/2028		240,630
	1,585,000		4.500			09/01/2048		1,374,480
	City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)(f)
	404,000		4.875			09/15/2027		394,117
	350,000		5.250			09/15/2032		341,064
	245,000		5.750			09/15/2032		238,310
Municipal Bonds – (continued)
Texas – (continued)
	City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)(f)
	366,000		4.875			09/15/2027		357,047
	300,000		5.250			09/15/2032		292,340
	City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)(f)
	2,127,000		5.500			09/15/2048		2,009,228
	City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)(f)
	2,875,000		4.375			09/15/2051		2,228,792
	City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)(f)
	1,969,000		4.000			09/15/2051		1,490,321
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)(f)
	700,000		4.250			09/01/2042		602,976
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)(f)
	65,000		3.500			09/01/2024		63,418
	321,000		3.750			09/01/2029		296,111
	852,000		4.250			09/01/2039		761,114
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)(f)
	180,000		3.375			09/01/2030		156,414
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	145,000		4.000			09/01/2024		143,423
	415,000		4.250			09/01/2029		401,674
	655,000		4.875			09/01/2039		617,847
	1,000,000		5.000			09/01/2049		923,553
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)(f)
	289,000		3.375			09/01/2041		212,062
	City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR)(f)
	434,000		4.250			09/01/2027		424,211
	382,000		4.750			09/01/2032		368,516
	City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)(f)
	116,000		3.750			09/01/2024		113,210
	365,000		4.000			09/01/2029		344,108
	580,000		5.000			09/01/2029		574,364
	City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR)(f)
	480,000		4.250			09/01/2027		471,221
	460,000		4.750			09/01/2032		448,625
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)(f)
	305,000		3.250			09/01/2030		262,255
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)(f)
	240,000		2.375			09/01/2026		213,143
	469,000		3.250			09/01/2041		336,192

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)(f)
$	350,000		2.625	%		09/15/2026	$	309,394
	355,000		3.125			09/15/2031		285,791
	City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)(f)
	405,000		2.625			09/15/2025		380,878
	405,000		3.375			09/15/2030		356,043
	City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)(f)
	225,000		3.625			09/15/2030		196,040
	210,000		4.375			09/15/2030		195,504
	500,000		4.125			09/15/2040		424,489
	400,000		4.875			09/15/2040		358,615
	City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)(f)
	125,000		3.750			09/15/2024		122,056
	370,000		4.125			09/15/2029		355,294
	1,050,000		4.625			09/15/2039		964,158
	City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)(f)
	435,000		2.500			09/15/2025		399,267
	305,000		3.250			09/15/2030		255,896
	City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (A+/AA-)(a)(b)
	26,495,000		1.750			12/01/2024		25,432,797
	City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (A+/AA-)(a)(b)
	30,610,000		1.750			12/01/2024		29,352,155
	City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2018 (A+/AA-)(a)(b)
	2,800,000		2.750			12/01/2022		2,798,435
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2019 (Aa1/AA-)
	2,000,000		4.000			02/01/2030		2,046,266
	City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR)
	265,000		4.375			09/01/2025		263,121
	500,000		4.875			09/01/2030		480,710
	635,000		5.375			09/01/2040		602,505
	City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR)(f)
	300,000		3.750			09/01/2027		279,132
	425,000		4.000			09/01/2032		381,572
	1,221,000		4.250			09/01/2042		1,005,337
	City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR)(f)
	233,000		4.375			09/01/2027		223,054
	City of Sinton Special Assessment RB Series 2022 (NR/NR)(f)
	382,000		4.375			09/01/2027		357,869
	659,000		4.750			09/01/2032		599,941
	City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR)(f)
	1,110,000		3.375			09/15/2041		807,445
Municipal Bonds – (continued)
Texas – (continued)
	City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)(f)
	1,125,000		5.500			08/15/2052		1,060,572
	Clifton Higher Education Finance Corp. RB for YES Prep Public Schools, Inc. Series 2020 (PSF-GTD) (Aaa/NR)
	635,000		5.000			04/01/2028		677,308
	465,000		5.000			04/01/2029		500,974
	365,000		5.000			04/01/2030		396,499
	700,000		4.000			04/01/2031		708,438
	575,000		4.000			04/01/2035		559,688
	1,345,000		4.000			04/01/2037		1,276,093
	Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (NR/AAA)
	4,370,000		4.000			08/15/2036		4,237,480
	3,875,000		4.000			08/15/2037		3,685,197
	Club Municipal Management District Special Assessment RB Series 2021 (NR/NR)(f)
	470,000		3.000			09/01/2031		381,625
	961,000		3.250			09/01/2041		690,904
	Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/NR)
	1,970,000		5.000			02/01/2025		2,048,676
	2,095,000		5.000			02/01/2026		2,210,968
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-)
	475,000		2.500			10/01/2031		374,433
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)(f)
	325,000		3.500			10/01/2031		259,800
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR)
	75,000		5.000			10/01/2028		80,216
	90,000		5.000			10/01/2029		97,000
	95,000		5.000			10/01/2030		103,014
	75,000		5.000			10/01/2031		81,215
	75,000		5.000			10/01/2032		80,648
	145,000		5.000			10/01/2033		154,956
	160,000		5.000			10/01/2034		170,292
	175,000		5.000			10/01/2035		185,741
	175,000		5.000			10/01/2036		185,562
	450,000		4.000			10/01/2041		405,995
	650,000		4.000			10/01/2046		569,587
	County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)(f)
	280,000		2.500			09/15/2025		257,103
	350,000		3.250			09/15/2030		293,911
	County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)(f)
	315,000		3.500			09/01/2026		280,131
	395,000		4.125			09/01/2031		346,489
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (NR/A)
	2,500,000		5.250			11/01/2030		2,523,461

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(f)
$	125,000	3.750 %	08/15/2024	$	121,340
	235,000	4.000	08/15/2029		216,106
	775,000	4.500	08/15/2035		685,141
	575,000	5.000	08/15/2044		511,609
	Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR)
	1,175,000	3.125	08/15/2036		900,941
	950,000	3.250	08/15/2041		688,374
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(f)
	390,000	5.000	09/01/2027		380,491
	225,000	5.000	09/01/2032		213,680
	330,000	5.125	09/01/2037		306,557
	Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (NR/AA+)
	18,225,000	5.000	10/01/2037		19,124,409
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+)(c)
	2,950,000	0.000	10/01/2046		3,011,709
	4,075,000	0.000	10/01/2047		4,166,048
	Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA)
	400,000	4.000	09/01/2026		408,308
	470,000	5.000	09/01/2027		489,812
	500,000	5.000	09/01/2028		521,931
	745,000	5.000	09/01/2029		781,070
	465,000	4.000	09/01/2031		469,558
	415,000	4.000	09/01/2033		412,848
	650,000	4.000	09/01/2034		636,852
	580,000	4.000	09/01/2036		544,596
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A1/A+)(a)(b)
	7,750,000	5.000	12/01/2024		7,963,445
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2019 A (NR/A)(b)(e) (1M USD LIBOR + 0.65%)
	7,050,000	2.850	07/01/2024		7,038,085
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A1/A+)(e) (SIFMA Municipal Swap Index Yield + 0.95%)
	6,770,000	3.400	06/01/2023		6,774,097
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-)
	1,400,000	5.000	05/15/2030		1,477,414
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)(e) (3M USD LIBOR + 0.67%)
	19,920,000	2.616	08/15/2035		17,990,043
Municipal Bonds – (continued)
Texas – (continued)
	Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)(f)
	665,000	4.000	09/01/2029		633,783
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-)
	95,000	3.000	09/01/2024		91,669
	100,000	3.500	09/01/2025		96,130
	100,000	3.500	09/01/2026		94,584
	105,000	3.500	09/01/2027		97,689
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B)
	3,295,000	5.000	07/15/2028		3,293,113
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (NR/NR)
	830,000	5.000	07/01/2027		833,332
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR)
	2,480,000	5.000	07/15/2027		2,489,839
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR)
	4,250,000	5.000	07/15/2027		4,267,603
	Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A1/NR)
	360,000	5.000	07/01/2031		384,164
	325,000	5.000	07/01/2032		344,919
	Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A1/NR)
	2,000,000	5.000	07/01/2029		2,151,132
	2,175,000	5.000	07/01/2030		2,328,680
	2,185,000	5.000	07/01/2031		2,331,663
	Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-)
	440,000	3.375	10/01/2037		346,122
	Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/AAA)
	3,425,000	4.000	02/15/2042		3,153,391
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(f)
	1,315,000	5.000	09/01/2038		1,248,490
	Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR)
	145,000	2.000	09/01/2024		136,225
	150,000	2.000	09/01/2025		136,384
	150,000	2.000	09/01/2026		131,666
	150,000	2.000	09/01/2027		127,412
	155,000	2.000	09/01/2028		127,279
	160,000	2.000	09/01/2029		127,968
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)(b)(g)
	3,550,000	0.000	08/15/2024		1,601,870
	14,400,000	0.000	08/15/2024		4,933,601
	15,565,000	0.000	08/15/2024		4,706,724
	Love Field Airport Modernization Corp. RB Refunding Series 2021 (AMT) (NR/A-)
	3,615,000	5.000	11/01/2026		3,728,699

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)
Texas – (continued)
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A)
$	2,000,000		5.000	%		05/15/2030	$	2,162,411
	1,520,000		5.000			05/15/2031		1,632,907
	Lubbock Independent School District GO Bonds Series 2019 (PSF-GTD) (Aaa/AAA)
	1,250,000		4.000			02/15/2040		1,168,298
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (Baa2/A-)
	6,350,000		2.600			11/01/2029		5,454,358
	Memorial-Heights Redevelopment Authority RB for City of Houston Reinvestment Zone No. 5 Series 2021 (AGM) (NR/AA)
	2,500,000		3.000			09/01/2043		1,842,219
	1,500,000		3.000			09/01/2048		1,046,960
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)(f)
	5,575,000		4.625			10/01/2031		5,488,421
	Mitchell County Hospital District GO Bonds Series 2020 (NR/NR)
	795,000		5.250			02/15/2030		763,263
	405,000		5.375			02/15/2035		381,182
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB-)
	1,370,000		5.000			09/15/2032		1,372,103
	710,000		5.000			09/15/2033		708,955
	750,000		5.000			09/15/2034		745,068
	790,000		5.000			09/15/2035		781,593
	New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)(f)
	1,585,000		4.000			08/15/2036		1,339,909
	New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (A2/AA)
	250,000		5.000			04/01/2046		252,847
	New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR)
	675,000		2.000			01/01/2026		606,813
	1,200,000		4.000			01/01/2031		1,057,092
	New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR/NR)
	1,500,000		4.000			11/01/2055		1,120,516
	New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR)
	3,025,000		5.500			01/01/2057		2,297,534
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-)(f)
	335,000		4.000			08/15/2029		312,944
	610,000		5.000			08/15/2039		574,797
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (ETM) (WR/NR)
	765,000		5.000			04/01/2027		818,616
Municipal Bonds – (continued)
Texas – (continued)
	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)(b)
	1,000,000		5.000			04/01/2024		1,025,429
	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) (WR/NR)
	320,000		4.000			04/01/2023		321,334
	275,000		4.000			04/01/2024		277,620
	365,000		4.000			04/01/2025		370,497
	375,000		4.000			04/01/2026		382,444
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR)(b)
	250,000		5.000			04/01/2025		259,692
	North Texas Municipal Water District Water System Revenue Refunding Bonds Series 2021A (Aa1/AAA)
	5,125,000		5.000			09/01/2029		5,627,577
	North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (NR/NR)(b)(c)
	1,000,000		0.000			09/01/2031		1,193,188
	North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A)
	1,725,000		4.000			01/01/2040		1,543,543
	865,000		4.000			01/01/2041		769,011
	North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A1/A+)
	2,750,000		5.000			01/01/2038		2,851,504
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A2/A)
	2,000,000		5.000			01/01/2032		2,095,276
	1,500,000		5.000			01/01/2048		1,499,912
	North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A1/A+)(b)
	6,000,000		6.500			01/01/2025		6,399,090
	Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (AAA/NR)(a)(b)
	3,280,000		1.500			08/15/2024		3,172,240
	Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)(f)
	750,000		1.875			01/01/2026		674,174
	550,000		2.000			01/01/2027		478,788
	575,000		2.125			01/01/2028		485,057
	800,000		2.250			01/01/2029		655,221
	850,000		2.500			01/01/2030		684,686
	800,000		2.625			01/01/2031		632,240
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)(f)
	3,470,000		3.625			01/01/2035		2,793,646
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)(f)
	3,690,000		6.000			01/01/2025		3,426,664

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
	Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR)(f)
$	13,100,000	4.100 %	01/01/2028	$	10,253,886
	Round Rock Independent School District GO Refunding Bonds Series 2019 A (PSF-GTD) (Aaa/NR)
	4,630,000	4.000	08/01/2032		4,733,872
	Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR)(f)
	234,000	4.875	09/15/2027		229,965
	284,000	5.250	09/15/2032		276,700
	590,000	5.875	09/15/2042		568,524
	Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)(f)
	125,000	3.250	09/15/2024		120,293
	355,000	3.625	09/15/2029		322,019
	1,250,000	4.125	09/15/2039		1,082,481
	Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (NR/AA)
	285,000	5.000	09/01/2027		298,176
	335,000	5.000	09/01/2029		353,275
	395,000	4.000	09/01/2032		396,521
	395,000	4.000	09/01/2034		380,862
	615,000	4.000	09/01/2036		578,949
	1,040,000	2.625	09/01/2038		741,418
	1,230,000	2.750	09/01/2039		878,720
	1,200,000	2.750	09/01/2040		844,401
	State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (Aaa/AAA)
	3,005,000	4.000	08/01/2025		3,031,210
	5,905,000	5.000	08/01/2026		6,195,906
	4,590,000	5.000	08/01/2027		4,869,456
	5,010,000	5.000	08/01/2028		5,390,764
	6,835,000	5.000	08/01/2029		7,318,064
	Tarrant County Cultural Education Facilities Finance Corporation Christus Health Obligation Group RB Series 2018 B (A1/A+)
	13,655,000	5.000	07/01/2036		14,035,742
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)(e) (3M USD LIBOR + 0.70%)
	4,320,000	2.906	12/15/2026		4,216,950
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A2/A-)
	3,695,000	6.250	12/15/2026		3,839,069
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A2/A-)(e) (SIFMA Municipal Swap Index Yield + 0.55%)
	2,205,000	3.000	09/15/2027		2,132,478
	Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (A3/BBB+)
	18,035,000	5.000	12/15/2032		18,441,386
	Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A2/A-)(e) (3M USD LIBOR + 0.69%)
	65,740,000	2.863	09/15/2027		63,348,017
Municipal Bonds – (continued)
Texas – (continued)
	Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (Baa2/NR)
	7,200,000	5.000	12/31/2030		7,359,413
	10,000,000	5.000	12/31/2031		10,161,608
	7,040,000	5.000	12/31/2032		7,111,447
	7,030,000	5.000	12/31/2036		6,968,916
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR)
	17,055,000	5.000	06/30/2058		15,577,742
	Texas Transportation Commission Central Texas Turnpike System RB Second Tier Revenue Refunding Bonds Series 2015-C (A-/Baa1)
	1,525,000	5.000	08/15/2028		1,539,111
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (Baa1/A-)
	1,380,000	5.000	08/15/2042		1,371,438
	The Lakes Fresh Water Supply District of Denton County UT Road Bonds Series 2022 (AGM) (Baa2/AA)
	3,230,000	3.000	09/01/2047		2,149,592
	Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)(f)
	400,000	4.375	09/15/2027		384,997
	445,000	4.750	09/15/2032		419,677
	1,200,000	5.250	09/15/2042		1,097,386
	Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR)(f)
	139,000	3.250	09/01/2027		124,193
	205,000	3.500	09/01/2032		169,046
	Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR)(f)
	831,000	4.000	09/01/2047		654,465
	Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR)(f)
	50,000	4.750	09/01/2023		50,091
	360,000	5.250	09/01/2028		366,343
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)(f)
	265,000	4.500	09/01/2027		262,693
	Travis County Development Authority Contract Assessment RB for Turner’s Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)(f)(h)
	868,000	5.375	09/01/2042		829,176
	University Houston Consolidated RB Refunding Series 2017 C (Aa2/AA)
	8,500,000	3.250	02/15/2041		6,550,982
	University of Texas System Revenue Financing System RB Refunding Series 2017 C (Aaa/AAA)
	5,865,000	5.000	08/15/2026		6,230,516

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR)
$	655,000		5.000	%		09/01/2031	$	665,197
	320,000		4.000			09/01/2033		287,963
	950,000		3.000			09/01/2034		762,375
	Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)
	255,000		2.375			12/01/2025		231,562
	308,000		2.875			12/01/2030		251,953
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR)
	178,000		4.000			12/01/2023		176,904
	520,000		4.250			12/01/2029		500,911
	1,159,000		4.625			12/01/2035		1,086,914
	1,604,000		5.000			12/01/2045		1,481,807
	Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR)
	325,000		3.000			08/15/2034		259,073
	345,000		3.000			08/15/2036		264,675
	745,000		3.000			08/15/2039		540,786
								651,317,719
Utah – 1.0%
	Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)(f)
	1,675,000		3.250			03/01/2031		1,408,081
	1,875,000		3.500			03/01/2036		1,459,920
	1,900,000		3.750			03/01/2041		1,412,743
	Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (Aaa/NR)
	2,750,000		5.000			06/15/2027		2,962,824
	Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)(f)
	3,875,000		5.250			02/01/2040		3,107,367
	Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A2/A)
	18,635,000		5.000			07/01/2037		18,799,821
	Salt Lake City International Aiport RB Series 2018A (AMT) (A/A2)
	17,350,000		5.250			07/01/2048		17,502,890
	Salt Lake City Public Utilities RB Series 2022 (Aa1/AAA)
	9,000,000		5.000			02/01/2052		9,483,672
	Salt Lake City RB for International Airport Series 2018 A (AMT) (A2/A)
	5,000,000		5.000			07/01/2029		5,206,206
	5,500,000		5.000			07/01/2030		5,703,675
	Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)(f)
	1,610,000		5.625			06/15/2042		1,532,590
	Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB)(f)
	500,000		4.000			07/15/2037		399,906
	3,485,000		4.250			07/15/2050		2,549,521
Municipal Bonds – (continued)
Utah – (continued)
	Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022B (NR/BB)(f)
	125,000		5.750			07/15/2026		119,013
	Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR)(f)
	890,000		4.000			06/15/2041		656,598
	Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (UT CSCE) (NR/AA)
	700,000		5.000			04/15/2039		728,239
	625,000		5.000			04/15/2044		644,659
	1,150,000		5.000			04/15/2049		1,181,014
	Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (Aa2/AA)(b)
	3,065,000		4.000			06/15/2025		3,127,951
								77,986,690
Vermont – 0.1%
	University of Vermont State Agricultural College GO Bonds Series 2017 (A+/Aa3)
	1,290,000		5.000			10/01/2043		1,341,202
	Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
	745,000		5.000			05/01/2025		745,861
	585,000		5.000			05/01/2026		584,220
	Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)(a)(b)(f)
	2,175,000		5.000			06/01/2027		2,115,903
								4,787,186
Virgin Islands – 0.1%
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (Caa2/NR)(b)
	700,000		5.000			10/01/2022		700,000
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR)(f)
	4,700,000		5.000			10/01/2039		4,203,865
	Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (A2/AA)(f)
	5,000,000		5.000			10/01/2034		5,079,846
								9,983,711
Virginia – 1.6%
	City of Chesapeake IDA Pollution Control Refunding RB Series 2008A (Non-Amt) (BBB+/A) (PUTABLE)(a)(b)(d)
	1,700,000		1.900			06/01/2023		1,680,209
	City of Newport News GO Refunding Bonds Series 2021 (Aa1/AA+)
	1,885,000		3.000			02/01/2031		1,807,835
	1,890,000		4.000			02/01/2033		1,946,986
	County of Fairfax Sewer RB Refunding Series 2021 B (Aaa/AAA)
	3,195,000		4.000			07/15/2040		3,073,813
	3,370,000		4.000			07/15/2041		3,234,286
	3,545,000		4.000			07/15/2042		3,390,721
	County of Fairfax Sewer RB Series 2021 A (Aaa/AAA)
	18,500,000		4.000			07/15/2051		17,028,129

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Virginia – (continued)
	Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (NR/NR)(b)
$	1,250,000		4.000	%		10/01/2024	$	1,286,818
	Fairfax County Public Improvement Bonds Series 2022A (ST AID WITHHLDG) (Aaa/AAA)
	8,325,000		4.000			10/01/2025		8,529,450
	Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-)
	3,000,000		5.000			01/01/2040		2,824,478
	Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2/BBB+) (PUTABLE)(a)(b)(d)
	4,375,000		1.650			05/31/2024		4,224,095
	Peninsula Ports Authority of Virginia Coal Terminal Revenue Refunding Bonds Series 2003 (BBB/NR) (PUTABLE)(a)(b)(d)
	2,250,000		1.700			10/01/2022		2,250,000
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+)
	305,000		5.000			04/01/2026		312,330
	305,000		5.000			04/01/2027		313,332
	350,000		5.000			04/01/2028		360,219
	405,000		5.000			04/01/2029		417,079
	305,000		5.000			04/01/2030		313,703
	650,000		5.000			04/01/2031		664,786
	265,000		5.000			04/01/2032		269,468
	570,000		5.000			04/01/2033		576,373
	345,000		5.000			04/01/2034		347,555
	775,000		5.000			04/01/2035		778,721
	375,000		5.000			04/01/2036		376,207
	905,000		5.000			04/01/2037		905,432
	410,000		4.000			04/01/2039		353,633
	265,000		4.000			04/01/2040		226,333
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-)
	8,860,000		6.706			06/01/2046		7,722,058
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)(g)
	122,865,000		0.000			06/01/2047		26,873,217
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-)(g)
	13,500,000		0.000			06/01/2047		2,855,520
	Town of Louisa IDA Pollution Control Refunding RB Series 2008A (BBB+/A) (PUTABLE)(a)(b)(d)
	1,000,000		1.900			06/01/2023		988,358
	Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-)
	275,000		5.000			06/01/2028		279,897
	325,000		5.000			06/01/2029		331,107
	300,000		5.000			06/01/2030		304,658
	275,000		5.000			06/01/2031		277,701
	850,000		4.000			06/01/2036		739,614
	Virginia Housing Development Authority RB for Rental Housing Series 2019 E (Aa1/AA+)
	2,445,000		1.400			12/01/2023		2,387,478
Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+)
	5,000,000		3.100			12/01/2045		3,812,553
	Virginia Port Authority Commonwealth Port Fund RB Series 2015 (AMT) (AA+/Aa1)(b)
	5,000,000		5.000			07/01/2025		5,218,262
	Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (WR/A)(b)
	2,750,000		5.000			07/01/2025		2,862,712
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR)
	2,580,000		5.000			12/31/2047		2,455,523
	4,950,000		5.000			12/31/2049		4,682,283
	2,835,000		5.000			12/31/2056		2,633,677
	Virginia Small Business Financing Authority Senior Lien Revenue and Refunding Bonds Series 2022 (AMT) (Baa1/NR)
	1,875,000		5.000			12/31/2047		1,830,922
	Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR/BBB-)
	5,700,000		4.000			01/01/2048		4,613,935
	Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (B/NR)(a)(b)(f)
	300,000		5.000			07/01/2038		273,970
	York County Economic Development Authority Pollution Control Refunding RB Series 2009A (NON-AMT) (BBB+/A) (PUTABLE)(a)(b)(d)
	3,200,000		1.900			06/01/2023		3,162,747
								131,798,183
Washington – 2.3%
	City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (AA+/Aa1)
	2,525,000		4.000			09/01/2036		2,489,006
	2,590,000		4.000			09/01/2037		2,524,453
	City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (Aaa/AAA)
	5,000,000		5.000			06/01/2026		5,229,005
	City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (Aa2/AA)
	3,340,000		4.000			01/01/2033		3,370,325
	6,715,000		4.000			01/01/2034		6,715,879
	11,655,000		4.000			01/01/2043		10,637,496
	City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (Aa1/AA+)
	13,715,000		4.000			05/01/2044		12,450,618
	City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (Aa1/AA+)
	6,555,000		4.000			07/01/2035		6,609,047
	City of Seattle RB Refunding for Municipal Light & Power Series 2021 A (Aa2/AA)
	10,295,000		4.000			07/01/2036		10,047,840
	Energy Northwest Columbia Generating Station Electric Revenue Refunding Bonds Series 2021-A (Aa2/AA-)
	8,830,000		4.000			07/01/2042		8,063,339

84 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)
Washington – (continued)
	Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB)
$	7,710,000		5.000	%		04/01/2030	$	7,475,848
	Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A1/A+)
	9,295,000		5.000			04/01/2038		9,445,994
	Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1/A+)
	10,000,000		4.000			08/01/2041		8,660,071
	Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2022B (AMT) (A1/AA-)
	3,000,000		5.500			08/01/2047		3,103,983
	Port of Seattle RB Refunding for Intermediate Lien Series 2021 C (AMT) (A1/A+)
	9,000,000		5.000			08/01/2039		9,105,061
	Port of Seattle WA RB Series 2018 (A+/A1)
	5,000,000		5.000			05/01/2043		5,024,335
	State of Washington GO Bonds Various Purpose Series 2014 D (Aaa/AA+)
	15,055,000		5.000			02/01/2026		15,418,084
	State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa)
	4,085,000		5.000			07/01/2025		4,213,460
	State of Washington Various Purpose GO Refunding Bonds Series R-2022C (AA+/Aaa)
	14,500,000		4.000			07/01/2026		14,896,835
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-)
	1,200,000		5.000			08/01/2036		1,201,044
	2,000,000		5.000			08/01/2037		1,995,645
	2,000,000		5.000			08/01/2038		1,987,630
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-)
	1,525,000		5.000			08/01/2035		1,528,428
	3,250,000		5.000			08/01/2036		3,252,828
	Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (Aa3/AA-)(a)(b)
	5,000,000		4.000			10/01/2030		4,956,904
	Washington Health Care Facilities Authority RB Series 2019A-2 (A-/Baa1)
	3,260,000		5.000			08/01/2025		3,336,405
	Washington Healthcare Facilities Authority RB Series 2019B-1 (A-/BBB+)(a)(b)
	5,400,000		5.000			08/01/2024		5,469,808
	Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (NR/A)
	1,000,000		4.000			05/01/2045		836,168
	Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB-)
	320,000		5.000			07/01/2029		325,673
	6,825,000		5.000			07/01/2048		6,357,908
Municipal Bonds – (continued)
Washington – (continued)
	Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR)(f)
	745,000		5.000			01/01/2034		669,411
	1,400,000		5.000			01/01/2039		1,202,426
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (Aaa/AA+)(g)
	6,855,000		0.000			06/01/2028		5,551,681
								184,152,638
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 (NR/BBB-)
	770,000		3.000			03/01/2035		608,152
	2,165,000		3.000			03/01/2037		1,656,488
	1,635,000		3.250			03/01/2041		1,207,077
	State of West Virginia GO Bonds for State Road Series 2019 A (Aa2/AA-)
	6,145,000		5.000			06/01/2035		6,603,011
	State of West Virginia GO Bonds Series 2018 B (Aa2/AA-)
	8,740,000		5.000			06/01/2035		9,308,037
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B2/B)(a)(b)
	1,575,000		5.000			07/01/2025		1,561,774
	West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)(a)(b)(d)
	9,150,000		3.000			06/18/2027		8,386,723
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa1/BBB+)
	770,000		5.000			01/01/2033		772,355
	910,000		5.000			01/01/2034		907,296
	1,095,000		5.000			01/01/2035		1,086,696
	2,330,000		5.000			01/01/2036		2,300,953
	West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR)
	2,325,000		5.000			09/01/2029		2,423,401
	2,645,000		5.000			09/01/2030		2,725,315
	2,100,000		5.000			09/01/2031		2,151,303
	1,700,000		5.000			09/01/2032		1,735,750
								43,434,331
Wisconsin – 1.3%
	Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)(f)
	800,000		5.875			06/01/2052		731,606
	Public Finance Authority Charter School RB Series 2021A (NR/NR)(f)
	165,000		4.250			06/15/2031		139,052
	Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)(f)
	1,060,000		5.375			06/15/2042		978,192

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority Education RB Series 2022 (NR/NR)(f)
$	900,000		5.000	%		01/01/2042	$	776,076
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB)
	1,000,000		4.300			11/01/2030		981,907
	Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB)
	265,000		5.000			07/01/2035		268,064
	310,000		5.000			07/01/2036		312,651
	265,000		5.000			07/01/2037		266,218
	310,000		5.000			07/01/2038		310,254
	310,000		5.000			07/01/2039		308,759
	285,000		5.000			07/01/2040		282,100
	310,000		5.000			07/01/2041		305,722
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA)
	220,000		4.000			07/01/2026		221,231
	220,000		4.000			07/01/2027		220,921
	220,000		4.000			07/01/2028		220,969
	220,000		4.000			07/01/2029		220,400
	265,000		4.000			07/01/2030		264,729
	355,000		4.000			07/01/2031		351,601
	420,000		4.000			07/01/2032		411,981
	175,000		4.000			07/01/2033		169,207
	130,000		4.000			07/01/2034		123,862
	155,000		4.000			07/01/2035		146,668
	220,000		4.000			07/01/2036		205,661
	220,000		4.000			07/01/2037		202,682
	265,000		4.000			07/01/2038		242,173
	265,000		4.000			07/01/2039		240,457
	265,000		4.000			07/01/2040		238,613
	Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)(f)
	1,760,000		5.000			12/01/2035		1,662,468
	1,950,000		5.000			12/01/2045		1,724,073
	Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-)
	875,000		4.000			07/01/2041		692,585
	1,000,000		4.000			07/01/2051		725,975
	Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR)(f)
	470,000		4.000			06/15/2030		432,320
	815,000		5.000			06/15/2040		744,227
	Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)(f)
	1,650,000		4.000			03/01/2030		1,488,834
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)*(f)
	24,345		5.500			12/01/2048		7,547
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)*(f)
	51,733		7.250			12/01/2048		16,037
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)(f)
	6,950,000		5.625			06/01/2050		5,382,941
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)(f)
	7,575,000		6.500			06/01/2045		5,958,982
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR)
	500,000		5.200			12/01/2037		507,406
	Public Finance Authority RB for Providence St. Joseph Health Obligated Group Series 2021 (Aa3/AA-)(a)(b)
	4,400,000		4.000			10/01/2030		4,362,076
	Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)(f)
	2,470,000		6.000			07/01/2031		2,093,349
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (NR/BB)(f)
	325,000		3.000			04/01/2025		310,973
	500,000		5.000			04/01/2030		493,249
	510,000		5.000			04/01/2040		468,470
	Public Finance Authority RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)(f)
	1,180,000		4.500			01/01/2035		1,034,499
	Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A)
	635,000		5.000			01/01/2028		663,578
	750,000		5.000			01/01/2029		785,618
	1,000,000		5.000			01/01/2030		1,046,332
	1,400,000		5.000			01/01/2032		1,445,150
	950,000		5.000			01/01/2033		973,641
	900,000		5.000			01/01/2036		912,482
	500,000		5.000			01/01/2037		502,365
	1,400,000		5.000			01/01/2039		1,401,158
	500,000		5.000			01/01/2040		498,983
	Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)(f)
	370,000		5.000			06/01/2029		361,182
	710,000		5.000			06/01/2039		630,325
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR)
	1,000,000		4.000			01/01/2030		953,846
	8,955,000		4.000			01/01/2046		7,244,531
	Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)(f)
	505,000		4.000			09/01/2029		441,754
	770,000		5.000			09/01/2039		644,861
	Public Finance Authority RB Refunding for Renown Regional Medical Center Series 2020 B (AGM) (NR/AA)
	5,000,000		3.090			06/01/2050		3,290,368
	Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)(f)
	5,900,000		4.500			07/01/2048		4,567,633
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)(f)
	2,770,000		6.125			10/01/2049		2,467,498
	Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (AMT) (NR/A-/A-2)
	2,000,000		2.875			05/01/2027		1,877,974

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate	Maturity Date	Value
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR)
$	3,000,000	5.000 %	11/15/2041	$	3,015,737
	Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR)
	425,000	5.000	11/15/2044		406,353
	570,000	5.000	11/15/2049		534,620
	Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (NR/BBB+)
	6,000,000	5.250	07/01/2028		6,023,428
	Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)(f)
	630,000	4.000	07/01/2041		492,144
	2,725,000	4.000	07/01/2051		1,939,196
	Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (Baa3/NR)
	9,170,000	0.000(g)	12/15/2027		6,565,541
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/BBB)
	350,000	4.000	03/15/2030		324,747
	345,000	4.000	03/15/2040		283,118
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR)
	1,185,000	3.000	02/01/2042		852,146
	390,000	4.000	02/01/2045		330,801
	Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR)
	565,000	3.000	12/01/2031		457,649
	775,000	4.000	12/01/2041		601,331
	Wisconsin Health & Educational Facilities Authority Refunding RB Series 2021B (NR/BBB-)
	475,000	4.000	09/15/2036		416,361
	460,000	4.000	09/15/2041		386,115
	425,000	4.000	09/15/2045		341,033
	Wisconsin Health & Educational Facilities Authority Refunding RB Series 2022 (NR/BBB-)
	700,000	4.000	09/15/2036		604,195
	680,000	4.000	09/15/2041		560,168
	575,000	4.000	09/15/2045		451,953
	Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA)(b)(e) (SIFMA Municipal Swap Index Yield + 0.18%)
	2,775,000	2.630	07/01/2026		2,701,741
	Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (AA/NR)(b)(e) (SIFMA Municipal Swap Index Yield + 0.15%)
	5,500,000	2.600	12/02/2024		5,467,017
	Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/(P)BBB-)
	3,800,000	5.000	02/01/2042		3,503,359
Municipal Bonds – (continued)
Wisconsin – (continued)
	Wisconsin State Health & Educational Facilities Authority RB for Saint John’s Communities, Inc. Project Series 2018 A (NR/NR)(b)
	250,000	4.000	09/15/2023		251,580
	365,000	4.000	09/15/2023		367,204
					104,834,583
Wyoming – 0.2%
	County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A)
	22,700,000	3.625	07/15/2039		18,644,793
	TOTAL MUNICIPAL BONDS
	(Cost $8,648,185,268)			$	7,860,848,999
Corporate Bonds – 0.6%
Healthcare – Services – 0.1%
	Prime Healthcare Foundation Inc Series (NR/NR)
$	4,975,000	7.000%	12/01/27	$	4,712,498
	Tower Health Series (BB-/NR)
	4,685,000	4.451	02/01/50		2,684,505
					7,397,003
Leisure Time – 0.0%
	YMCA of Greater New York Series (BBB/Baa2)
	4,300,000	2.303	08/01/26		3,789,881
Real Estate – 0.5%
	Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)(j)
	4,432,797	9.750	12/01/39		4,186,333
	Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)(f)(j)
	2,572,163	9.750	12/01/39		2,429,151
	Benloch Ranch Improvement Association No. 2 (NR/NR)(f)(j)
	14,700,000	10.000	12/01/51		13,322,610
	Brixton Park Improvement Association No. 1 Series (NR/NR)(f)(j)
	20,500,000	6.875	12/01/51		17,796,050
					37,734,144
	TOTAL CORPORATE BONDS
	(Cost $54,525,110)			$	48,921,028
	TOTAL INVESTMENTS – 97.5%
	(Cost $8,702,710,378)			$	7,909,770,027
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.5%				202,149,527
	NET ASSETS – 100.0%			$	8,111,919,554

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

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)	Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2022. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(b)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(c)	Zero coupon bond until next reset date.
(d)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rates disclosed is that which is in effect on September 30, 2022.
(e)	Variable or floating 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, 2022.
(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)	When-issued security.
(i)	Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan.
(j)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
ABS	—Asset-Backed Security
AGC	—Insured by Assured Guaranty Corp.
AGC-ICC	—American General Contractors-Interstate Commerce Commission
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 (subject to)
BAM	—Build America Mutual Assurance Co.
BHAC	—Berkshire Hathaway Assurance Corp.
BHAC-CR	—Insured by Berkshire Hathaway Assurance Corp. Insured Custodial Receipts
CFD	—Community Facilities District
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
FHLMC	—Insured by Federal Home Loan Mortgage Corp.
FNMA	—Insured by Federal National Mortgage Association
GARB	—General Airport Revenue Bond
GNMA	—Insured by Government National Mortgage Association
GO	—General Obligation
HUD SECT 8	—Hud Section 8
IDA	—Industrial Development Agency
LIBOR	—London Interbank Offered Rates
LP	—Limited Partnership
LT	—Limited Tax
MTA	—Metropolitan Transportation Authority
MUN GOVT GTD	—Municipal Government Guaranteed NATL
NR	—Not Rated
PCRB	—Pollution Control Revenue Bond
PSF-GTD	—Guaranteed by Permanent School Fund
Q-SBLF	—Qualified School Bond Loan Fund
RB	—Revenue Bond
RMKT	—Remarketed
SCH BD GTY	—School Bond Guaranty
SCH BD RES FED	—School Board Reserve Fund
SCSDE	—South Carolina State Department of Education
SD CRED PROG	—School District Credit Program
SIFMA	—Securities Industry and Financial Markets Association
SONYMA	—State of New York Mortgage Agency
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
TCRS	—Transferable Custody Receipts
USD	—United States Dollar
UT	—Unlimited Tax
UPMC	—University of Pittsburgh Medical Center
WR	—Withdrawn Rating

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2022, 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		(4,188	)		12/20/22	$	(526,726,010	)	$	30,382,572
U.S. Treasury Ultra Bond		(1,613	)		12/20/22		(240,177,384	)		19,700,447
Total Futures Contracts									$	50,083,019

SWAP CONTRACTS — At September 30, 2022, 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, 2022(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%, 03/20/2023		1.000	%		0.370	%		JPMorgan Chase Bank NA		03/20/2023		USD  1,000	$	4,006	$	(2,311	)	$	6,317
California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023		1.000			0.370			Bank of America NA		03/20/2023		1,000		4,006		(2,311	)		6,317
TOTAL													$	8,012	$	(4,622	)	$	12,634

(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. 89

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – 96.1%
Alabama – 2.0%
	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	$	4,369,285
	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		2,664,670
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-)
	19,250,000	5.750		10/01/2049		19,593,112
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (A2/AA)(b)
	5,750,000	0.000		10/01/2038		5,806,858
	6,000,000	0.000		10/01/2042		6,053,869
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB)
	8,300,000	6.000		10/01/2042		8,863,966
	19,850,000	7.000		10/01/2051		21,384,796
	81,815,000	6.500		10/01/2053		87,747,626
	Midcity Improvement District Special Assessment RB Series 2022 (NR/NR)
	1,085,000	4.500		11/01/2042		831,479
	1,000,000	4.750		11/01/2049		745,818
	Sumter County IDA Exempt Facilities RB for Enviva Project Series 2022 (NR/B+)(c)(d)
	12,400,000	6.000		07/15/2032		11,382,725
						169,444,204
American Samoa – 0.0%
	American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR)(a)
	1,700,000	3.720		09/01/2027		1,499,513
Arizona – 1.7%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)(e) (3M USD LIBOR + 0.81%)
	43,640,000	3.318		01/01/2037		40,544,885
	Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)(a)
	17,000,000	6.500		11/01/2053		15,490,536
	Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-)
	665,000	4.000		07/01/2047		571,389
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A)
	1,500,000	4.000		11/01/2049		1,234,695
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+)
	1,000,000	5.000		01/01/2043		671,637
	5,250,000	4.500		01/01/2049		3,093,168
	3,300,000	5.000		01/01/2054		2,057,297
Municipal Bonds – (continued)
Arizona – (continued)
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+)
	275,000	5.000		01/01/2037		183,468
	200,000	5.000		01/01/2038		131,239
	650,000	5.000		01/01/2043		399,150
	3,450,000	5.000		01/01/2049		2,012,129
	1,100,000	5.125		01/01/2054		632,782
	Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-)
	3,750,000	4.000		07/01/2061		2,729,175
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (Baa3/NR)
	1,000,000	5.000		05/01/2038		747,777
	2,780,000	5.000		05/01/2043		1,970,946
	3,450,000	5.000		05/01/2048		2,349,504
	2,000,000	5.000		05/01/2051		1,335,024
	Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)(a)
	925,000	4.000		12/15/2041		735,481
	2,115,000	4.000		12/15/2051		1,544,520
	Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR)(a)
	470,000	4.000		07/15/2051		333,753
	445,000	4.000		07/15/2056		306,527
	Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+)(a)
	10,845,000	5.000		07/15/2053		9,748,346
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A1/A)
	1,625,000	3.000		07/01/2049		1,108,161
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A)
	2,710,000	3.250		07/01/2049		1,831,617
	County of Maricopa IDA Education RB Series 2021A (BB+/NR)(a)
	2,500,000	4.000		07/01/2056		1,790,998
	County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)(a)
	3,400,000	5.000		07/01/2044		3,369,672
	County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2/BB+)(a)
	8,400,000	4.000		10/15/2047		6,434,391
	Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (A/NR)
	4,325,000	4.000		11/01/2051		3,526,343
	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		548,822
	595,000	4.100		07/01/2034		518,909
	1,854,000	4.750		07/01/2043		1,539,397
	Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR)
	6,600,000	5.000		05/15/2056		5,692,623

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)
Arizona – (continued)
	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	$	1,860,000
	16,130,000		6.250			08/01/2040		9,678,000
	La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB)
	580,000		4.000			02/15/2051		424,372
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB)(a)
	700,000		5.000			07/01/2050		611,856
	1,340,000		5.000			07/01/2054		1,142,380
	Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)(a)
	1,885,000		5.250			10/01/2040		1,833,685
	1,885,000		5.500			10/01/2051		1,837,029
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-)
	1,500,000		5.000			07/01/2049		1,487,158
	1,650,000		5.000			07/01/2054		1,623,101
	Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A-/BBB+)
	4,700,000		2.400			06/01/2035		3,495,981
	Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)(a)
	250,000		5.500			05/01/2040		224,021
	950,000		5.750			05/01/2050		840,369
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A3/A-)
	3,390,000		4.000			09/01/2029		3,399,051
	Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR)
	1,520,000		5.000			12/01/2050		1,281,939
	1,900,000		5.000			12/01/2054		1,579,157
	The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (Baa3/NR)
	850,000		5.000			07/01/2037		810,684
	1,000,000		5.000			07/01/2042		924,286
								148,237,430
Arkansas – 0.2%
	Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-)(a)
	2,750,000		5.450			09/01/2052		2,477,605
	Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A)
	5,370,000		3.200			12/01/2049		3,625,729
	Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR)
	1,300,000		4.250			07/01/2041		1,070,861
	775,000		3.500			07/01/2046		513,209
	500,000		4.000			07/01/2052		361,817
Municipal Bonds – (continued)
Arkansas – (continued)
	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		4,981,126
								13,030,347
California – 9.3%
	ABC Unified School District GO Bonds Series 2001 C (NATL) (Aa2/AA-)(f)
	1,600,000		0.000			08/01/2026		1,392,316
	Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-)(b)
	1,850,000		0.000			10/01/2047		835,652
	1,850,000		0.000			10/01/2048		837,306
	2,300,000		0.000			10/01/2049		1,041,014
	1,375,000		0.000			10/01/2050		619,790
	Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (AGM) (A3/A-)(b)
	3,225,000		0.000			10/01/2051		1,470,412
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA)(f)
	4,995,000		0.000			08/01/2037		2,563,598
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A2/AA)(f)
	1,850,000		0.000			08/01/2036		944,965
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA)
	465,000		5.000			05/01/2040		482,929
	1,000,000		5.000			05/01/2043		1,033,699
	Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2019 S-8 (A1/AA-)
	2,350,000		3.000			04/01/2054		1,561,444
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (A2/AA)(f)
	1,055,000		0.000			08/01/2025		944,617
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB)
	2,755,000		5.250			05/01/2048		2,596,097
	2,850,000		5.250			05/01/2053		2,653,560
	California Community College Financing Authority Student Housing RB for Napa Valley College Project Series 2022A (NR/NR)(a)
	5,775,000		5.750			07/01/2060		5,087,518
	California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR)(a)
	2,875,000		4.000			02/01/2056		2,241,027
	California Community Housing Agency Essential Housing Junior RB Series 2021A-2 (NR/NR)(a)
	2,300,000		4.000			08/01/2050		1,546,867
	California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR)(a)
	6,450,000		4.000			02/01/2056		5,029,415
	California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-2 (NR/NR)(f)
	12,620,000		0.000			06/01/2055		2,065,142

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR)
$	1,350,000		5.000	%		06/01/2050	$	1,247,339
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-)
	730,000		5.000			06/01/2049		689,922
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)(f)
	7,375,000		0.000			06/01/2055		1,206,848
	California County Tobacco Securitization Agency RB Refunding Series 2020 A (NR/BBB+)
	875,000		4.000			06/01/2049		709,369
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-)
	485,000		5.000			06/01/2049		458,373
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)(f)
	102,910,000		0.000			06/01/2055		16,840,234
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)(f)
	145,220,000		0.000			06/01/2055		14,013,207
	California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC – M@College Project Series 2020 A (Baa3/NR)
	565,000		5.000			08/01/2050		521,171
	775,000		5.000			08/01/2055		705,453
	425,000		5.000			08/01/2057		382,853
	California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+)(a)
	625,000		4.000			06/01/2051		455,581
	595,000		4.000			06/01/2061		410,196
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (A1/AA)
	1,500,000		5.000			02/01/2042		1,524,408
	4,000,000		5.000			02/01/2047		4,014,035
	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		855,504
	California Municipal Finance Authority Charter School Leave Revenue Refunding Bonds Series 2022 (BB+/NR)
	750,000		5.000			07/01/2052		660,571
	3,725,000		5.000			07/01/2062		3,163,065
	California Municipal Finance Authority Community Facilities District Special Tax Bonds for City of Chula Vista Series 2022 (NR/NR)
	2,750,000		5.000			09/01/2052		2,509,618
	5,250,000		5.000			09/01/2057		4,687,811
	California Municipal Finance Authority RB for CHF-Riverside II LLC UCR North District Phase 1 Student Housing Project Series 2019 (Baa3/NR)
	1,400,000		5.000			05/15/2049		1,321,328
	950,000		5.000			05/15/2052		891,435
Municipal Bonds – (continued)
California – (continued)
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/A-)
	1,800,000		5.000			02/01/2042		1,784,608
	17,675,000		5.000			02/01/2047		17,508,765
	California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (NR/NR)
	4,405,000		5.000			12/31/2043		4,285,406
	California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR)(a)
	1,135,000		5.000			07/01/2052		956,332
	California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-)
	1,510,000		4.000			07/01/2051		1,176,603
	1,035,000		4.000			07/01/2055		785,962
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR)
	250,000		5.000			10/01/2034		252,627
	250,000		5.000			10/01/2036		251,832
	300,000		5.000			10/01/2037		301,535
	300,000		5.000			10/01/2038		301,129
	California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)(a)
	1,090,000		5.000			10/01/2049		959,664
	1,740,000		5.000			10/01/2054		1,506,963
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR)
	3,200,000		5.000			12/31/2037		3,192,883
	California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR)
	5,300,000		4.000			07/15/2029		4,868,835
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)(a)
	6,300,000		6.750			12/01/2028		4,429,378
	45,930,000		7.500			12/01/2040		29,764,565
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR)(a)
	15,850,000		5.000			11/21/2045		14,394,724
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)(a)
	1,540,000		5.000			06/15/2050		1,338,705
	1,030,000		5.000			06/15/2055		880,486
	California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)(a)
	4,605,000		6.375			04/01/2062		4,340,659
	California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)(a)
	2,055,000		5.000			10/01/2052		1,903,809
	3,250,000		5.000			10/01/2061		2,916,919

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)
	California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+)(a)
$	1,055,000		5.250	%		07/01/2052	$	963,408
	745,000		5.375			07/01/2056		679,876
	1,525,000		5.500			07/01/2062		1,388,615
	California School Finance Authority Charter School RB for River Springs Charter School Series 2022A (NR/BB)(a)
	1,330,000		5.000			07/01/2052		1,126,997
	4,190,000		5.000			07/01/2061		3,418,529
	California School Finance Authority Charter School RB for Valley International Prepatory High School Project Series 2022A (NR/NR)(a)
	1,230,000		5.250			03/01/2062		922,944
	California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-)(a)
	3,300,000		5.000			10/01/2050		3,071,726
	California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)(a)
	1,450,000		4.000			10/01/2046		1,135,528
	California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+)(a)
	1,300,000		5.000			07/01/2050		1,167,159
	1,000,000		5.000			07/01/2058		874,441
	California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (ST INTERCEPT) (NR/NR)(a)
	600,000		5.000			06/01/2051		524,228
	1,220,000		5.000			06/01/2061		1,024,585
	California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+)(a)
	820,000		5.000			07/01/2045		737,640
	1,240,000		5.000			07/01/2055		1,070,937
	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		480,117
	700,000		4.000			06/01/2051		515,345
	1,220,000		4.000			06/01/2061		847,401
	California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (NR/BB+)(a)
	2,420,000		5.000			07/01/2059		2,110,425
	California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (NR/BB+)(a)
	975,000		4.000			07/01/2045		758,906
	California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB-)(a)
	4,600,000		5.000			12/01/2041		4,271,648
	10,030,000		5.250			12/01/2056		9,277,531
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	750,000		5.000			09/01/2030		766,994
	800,000		5.000			09/01/2037		811,840
	California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)(a)
	2,880,000		7.250			09/01/2050		2,611,480
Municipal Bonds – (continued)
California – (continued)
	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		2,546,097
	California Statewide Communities Development Authority Community Facilities District Special Tax Bonds Series 2022 (NR/NR)
	4,500,000		5.000			09/01/2052		4,126,188
	California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)
	850,000		4.000			09/02/2044		720,511
	685,000		5.000			09/02/2049		689,815
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)
	1,495,000		5.000			09/02/2038		1,528,953
	575,000		5.000			09/02/2043		580,767
	1,785,000		5.000			09/02/2048		1,792,213
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR)
	1,345,000		5.000			09/02/2039		1,372,897
	895,000		5.000			09/02/2044		900,175
	945,000		5.000			09/02/2048		946,078
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 B (NR/NR)
	950,000		5.000			09/02/2039		968,579
	1,080,000		5.000			09/02/2044		1,082,479
	1,570,000		5.000			09/02/2049		1,563,433
	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		359,927
	475,000		5.000			06/01/2039		439,503
	1,340,000		5.000			06/01/2051		1,160,869
	California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)
	1,875,000		5.875			11/01/2043		1,888,367
	California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB-)(a)
	9,000,000		5.500			12/01/2058		8,653,359
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB+)
	500,000		5.000			08/01/2038		502,131
	3,000,000		4.000			08/01/2045		2,360,045
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B)(a)
	2,350,000		5.250			07/01/2039		2,087,837
	3,125,000		5.250			07/01/2049		2,611,688
	1,450,000		5.250			07/01/2052		1,196,250
	California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)(a)
	475,000		3.000			11/01/2022		474,721
	935,000		5.000			11/01/2032		950,877
	1,875,000		5.000			11/01/2041		1,884,099

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-)
$	1,200,000		5.000	%		04/01/2047	$	1,209,242
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-)
	12,650,000		5.500			12/01/2054		12,719,489
	California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR)
	1,230,000		4.000			09/02/2050		956,041
	945,000		5.000			09/02/2050		903,040
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
	2,135,000		5.000			09/02/2038		2,179,052
	2,500,000		5.000			09/02/2048		2,503,751
	California Statewide Communities Development Authority Special Assessment Series 2021 A (NR/NR)
	1,995,000		4.000			09/02/2051		1,514,807
	California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR)
	1,525,000		5.250			09/01/2052		1,424,095
	California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/NR)
	3,750,000		5.000			05/15/2042		3,717,410
	7,825,000		5.000			05/15/2047		7,619,256
	3,565,000		5.000			05/15/2050		3,450,758
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR)(f)
	36,600,000		0.000			06/01/2046		4,967,422
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL) (Baa2/NR)(f)
	7,000,000		0.000			09/01/2033		4,197,124
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	190,000		3.000			09/01/2037		142,928
	195,000		3.000			09/01/2038		144,173
	205,000		3.000			09/01/2039		149,214
	210,000		3.000			09/01/2040		149,089
	715,000		3.125			09/01/2044		489,563
	City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR)
	925,000		4.000			09/01/2051		731,483
	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		1,160,928
	City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR)
	865,000		4.000			09/01/2045		719,658
	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		444,128
	1,500,000		4.000			09/01/2045		1,237,023
Municipal Bonds – (continued)
California – (continued)
	City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR)(g)
	2,700,000		5.375			09/01/2052		2,658,679
	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		581,586
	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		2,805,023
	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		349,379
	500,000		4.000			09/01/2051		397,851
	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		3,014,225
	City of Oroville RB for Oroville Hospital Series 2019 (NR/B+)
	1,900,000		5.250			04/01/2034		1,879,333
	3,565,000		5.250			04/01/2039		3,429,932
	City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR)
	530,000		3.000			09/01/2031		451,419
	450,000		4.000			09/01/2041		386,709
	550,000		4.000			09/01/2051		437,636
	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		1,070,182
	City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (NR/A-)
	540,000		5.000			09/02/2030		544,704
	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		508,162
	700,000		5.000			09/01/2049		707,781
	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		293,143
	375,000		4.000			09/01/2040		323,466
	425,000		4.000			09/01/2045		351,124
	950,000		4.000			09/01/2050		760,918
	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		395,743
	640,000		4.000			09/01/2050		513,403
	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		922,189
	1,400,000		4.000			09/01/2050		1,119,641
	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		290,461
	700,000		5.000			09/01/2037		718,944
	1,745,000		5.000			09/01/2047		1,767,849

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)
California – (continued)
	City of San Francisco Improvement Area Community Facilities District Special Tax Bonds Series 2021 (NR/NR)
$	925,000		4.000	%		09/01/2046	$	750,723
	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		413,392
	650,000		4.000			09/01/2051		518,008
	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		908,790
	1,500,000		4.000			09/01/2050		1,199,615
	City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)
	405,000		5.000			09/01/2044		403,934
	535,000		5.000			09/01/2049		528,099
	CMFA Special Finance Agency Essential Housing RB Seres 2021A-1 (NR/NR)(a)
	4,465,000		3.000			12/01/2056		2,758,107
	CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR)(a)
	5,500,000		3.000			08/01/2056		3,434,343
	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		1,238,074
	200,000		4.000			09/01/2045		165,466
	1,420,000		5.000			09/01/2049		1,428,720
	County of Los Angeles CA Community Facilities District NO 2021-01
	2,775,000		5.000			09/01/2052		2,574,766
	County of Madera Community Facilities District No. 2017-1 Special Tax Series 2020 (NR/NR)
	1,985,000		4.000			09/01/2040		1,657,157
	County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR)
	695,000		3.000			09/01/2050		430,603
	CSCDA Community Improvement Authority Essential Housing RB Series 2021A-2 (NR/NR)(a)
	13,500,000		3.000			12/01/2056		8,427,040
	CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR)(a)
	4,675,000		3.600			05/01/2047		3,542,449
	CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-2 (NR/NR)(a)
	900,000		3.250			04/01/2057		587,272
	Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL) (Baa2/A-)(f)
	1,305,000		0.000			08/01/2027		1,077,363
	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		2,337,720
	6,680,000		5.000			09/01/2047		6,729,620
	East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)
	455,000		3.125			09/01/2044		308,556
Municipal Bonds – (continued)
California – (continued)
	Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2)
	2,500,000		4.000			01/15/2046		2,132,403
	El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL) (Baa2/NR)(f)
	5,400,000		0.000			08/01/2032		3,549,934
	Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (AGC) (WR/AA)(f)
	4,180,000		0.000			04/01/2029		3,228,104
	Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL) (Aa2/AA-)(f)
	3,460,000		0.000			10/01/2032		2,238,809
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (A2/AA)(f)
	12,000,000		0.000			01/15/2035		6,697,840
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa2/A-)(c)
	37,510,000		3.950			01/15/2053		30,280,401
	Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR)
	22,000,000		3.850			06/01/2050		19,079,045
	Golden State Tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR)(f)
	50,390,000		0.000			06/01/2066		4,406,369
	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		179,770
	470,000		4.000			09/01/2051		363,926
	705,000		4.000			09/01/2056		538,060
	Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)(a)
	1,825,000		4.000			06/01/2046		1,621,466
	1,250,000		4.000			06/01/2051		1,097,500
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC)(f)
	100,945,000		0.000			06/01/2036		41,199,521
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (NR/CCC)(f)
	51,235,000		0.000			06/01/2047		9,824,573
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (NR/CCC)(f)
	290,580,000		0.000			06/01/2057		16,895,396
	Irvine Community Facilities District No. 2013-3 Special Tax Series 2018 (AGM) (NR/AA)
	1,150,000		5.000			09/01/2051		1,195,546
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	1,925,000		5.000			03/01/2057		1,832,861

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

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	$	2,781,720
	Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (NR/A-)
	145,000		6.625			08/01/2024		145,321
	Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (Aa2/AA-)(f)
	49,925,000		0.000			08/01/2050		11,328,227
	Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (NR/A)
	1,340,000		6.750			09/01/2026		1,342,982
	1,500,000		7.000			09/01/2031		1,503,935
	875,000		7.250			09/01/2038		877,413
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR)(f)
	3,760,000		0.000			08/01/2035		2,132,958
	M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+)
	14,850,000		6.500			11/01/2039		17,154,313
	M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+)
	2,000,000		6.500			11/01/2039		2,310,345
	M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+)
	9,410,000		6.125			11/01/2029		10,221,380
	21,765,000		6.500			11/01/2039		25,169,420
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (Aa3/AA)
	7,000,000		5.500			08/01/2030		7,433,374
	New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (AGC) (Aa3/AA)(f)
	860,000		0.000			08/01/2025		777,097
	1,105,000		0.000			08/01/2026		961,569
	5,550,000		0.000			08/01/2030		4,124,765
	7,855,000		0.000			08/01/2032		5,315,111
	7,000,000		0.000			08/01/2034		4,263,734
	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		2,964,988
	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		261,467
	200,000		5.000			08/15/2028		210,630
	2,900,000		5.000			08/15/2047		2,925,160
	Orange County Community Facilities District Special Tax RB Series 2020 A (NR/NR)
	1,015,000		4.000			08/15/2040		860,718
	Oxnard School District GO Bonds Series B (BAM) (AA/NR)(c)
	7,800,000		4.000			08/01/2047		7,863,278
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (A2/AA)
	5,815,000		5.000			11/01/2047		5,869,955
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A2/AA)
	10,750,000		7.000			08/01/2038		12,120,526
Municipal Bonds – (continued)
California – (continued)
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL) (Aa2/AA)(f)
	1,840,000		0.000			08/01/2025		1,654,805
	Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (Aa2/AA-)(f)
	1,300,000		0.000			08/01/2040		567,251
	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		478,575
	650,000		4.000			09/01/2031		616,137
	900,000		3.000			09/01/2032		774,708
	820,000		3.000			09/01/2033		692,980
	750,000		3.000			09/01/2034		622,479
	Rancho Cordova Community Facilities District No. 2018-1 Special Tax for Grantline 208 Series 2019 (NR/NR)
	400,000		5.000			09/01/2049		403,744
	Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (Aa3/AA)(f)
	6,200,000		0.000			08/01/2036		3,168,800
	River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR)
	2,775,000		5.250			09/01/2047		2,635,531
	3,875,000		5.000			09/01/2052		3,475,418
	River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR)
	605,000		4.000			09/01/2046		488,925
	1,400,000		4.000			09/01/2051		1,098,604
	Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A)(f)
	2,220,000		0.000			10/01/2033		1,352,448
	2,220,000		0.000			10/01/2035		1,213,398
	1,840,000		0.000			10/01/2037		902,266
	5,100,000		0.000			10/01/2038		2,363,890
	8,425,000		0.000			10/01/2039		3,691,982
	13,395,000		0.000			10/01/2040		5,540,785
	7,275,000		0.000			10/01/2041		2,840,030
	6,360,000		0.000			10/01/2042		2,342,369
	Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (NR/A)(d)
	2,000,000		5.750			06/01/2023		2,035,057
	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		804,502
	1,865,000		5.000			09/01/2033		1,921,762
	2,250,000		5.000			09/01/2035		2,307,736
	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		1,005,278
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL) (A1/A+)(f)
	1,420,000		0.000			08/01/2025		1,270,723

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)
California – (continued)
	San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-)(f)
$	10,000,000		0.000	%		07/01/2030	$	7,356,733
	3,005,000		0.000			07/01/2031		2,103,713
	San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba1/NR)
	1,370,000		4.000			08/01/2032		1,243,178
	1,560,000		4.000			08/01/2033		1,394,575
	1,680,000		4.000			08/01/2034		1,482,124
	1,810,000		4.000			08/01/2035		1,579,161
	1,945,000		4.000			08/01/2036		1,679,691
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL) (Aa2/A+)(f)
	1,580,000		0.000			08/01/2024		1,483,037
	1,595,000		0.000			08/01/2025		1,442,044
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (NR/AA)
	2,000,000		5.000			07/01/2042		2,003,956
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement ABS Series 2007D (NR/NR)(f)
	27,250,000		0.000			06/01/2056		1,901,262
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)(f)
	91,400,000		0.000			06/01/2056		7,025,424
	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		4,007,978
	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		3,718,806
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-)
	3,245,000		5.000			06/01/2048		3,052,788
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)(f)
	9,510,000		0.000			06/01/2054		1,629,784
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR)
	995,000		5.000			10/01/2045		1,003,552
	1,090,000		2.400			10/01/2049		1,011,615
	1,045,000		5.000			10/01/2049		1,045,110
	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		756,685
	1,000,000		5.000			09/01/2045		1,005,011
	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		1,407,472
	William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (Aa2/AA)(f)
	8,360,000		0.000			08/01/2034		5,133,567
Municipal Bonds – (continued)
California – (continued)
	Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (Aa2/AA-)(b)
	19,135,000		0.000			08/01/2042		14,022,849
								787,135,417
Colorado – 6.1%
	Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR)
	1,575,000		4.700			12/01/2047		1,257,192
	Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	610,000		5.000			12/01/2037		561,982
	613,000		5.125			12/01/2047		533,039
	Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,480,000		5.000			12/01/2040		1,347,008
	2,610,000		5.000			12/01/2050		2,186,069
	Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR)
	4,000,000		7.750			12/15/2050		3,502,796
	Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR)(a)
	4,000,000		4.875			12/01/2051		3,002,678
	Banning Lewis Ranch Regional Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)
	4,690,000		5.750			12/01/2051		3,881,277
	Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR)
	3,250,000		5.500			12/01/2050		2,745,811
	Belford North Metropolitan District GO Bonds Series 2020 B (NR/NR)
	6,000,000		8.500			12/15/2050		5,364,424
	Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)(a)(b)
	1,930,000		0.000			12/01/2049		1,558,793
	Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR)(a)
	1,185,000		5.250			12/01/2049		1,050,638
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR)
	670,000		7.000			12/15/2047		589,576
	Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR)
	1,500,000		5.000			12/01/2050		1,219,266
	Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)(a)
	1,300,000		5.000			12/01/2049		1,141,821
	Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR)
	1,000,000		6.375			12/15/2047		932,420
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	2,250,000		5.375			12/01/2048		2,028,528
	Canyon Pines Metropolitan District Special Improvement District No. 1 Special Assessment Bond Series 2021 A-2 (NR/NR)
	9,500,000		3.750			12/01/2040		6,865,649

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
$	1,750,000		6.000	%		12/01/2037	$	1,651,775
	4,000,000		6.125			12/01/2047		3,726,264
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	2,000,000		6.125			12/01/2047		1,863,132
	Cascade Ridge Metropolitan District GO Bonds Series 2021 (NR/NR)
	2,500,000		5.000			12/01/2051		1,964,027
	Castleview Metropolitan District LT GO Bonds Series 2021A3 (NR/NR)
	4,220,000		5.000			12/01/2050		3,184,476
	Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)
	835,000		5.000			12/01/2051		681,952
	Cherry Creek South Metropolitan District Lt Go Bonds Series 2021 (NR/NR)
	9,400,000		6.000			12/01/2051		7,821,529
	Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR)
	2,575,000		5.350			12/01/2050		2,200,270
	Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR)
	500,000		7.375			12/15/2047		445,330
	Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	762,000		4.375			12/01/2032		694,137
	Clear Creek Transit Metropolitan District No. 2 GO Bonds Series 2021 A (NR/NR)
	580,000		5.000			12/01/2041		504,345
	1,000,000		5.000			12/01/2050		820,119
	Cloverleaf Metropolitan District GO LT Bonds Series 2022A (NR/NR)
	1,825,000		6.000			12/01/2051		1,742,803
	Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR)
	2,075,000		4.000			10/01/2061		1,463,190
	Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR)
	475,000		4.000			05/01/2051		349,777
	550,000		4.000			05/01/2061		383,924
	Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR)(a)
	900,000		5.000			02/01/2051		729,115
	2,335,000		5.000			02/01/2061		1,823,648
	Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR)(a)
	6,000,000		5.000			10/01/2049		5,297,264
	Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB)
	1,580,000		5.000			09/01/2057		1,441,142
	1,955,000		5.000			09/01/2062		1,747,637
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR)
	3,245,000		6.000			07/01/2036		3,121,412
	Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR)
	2,055,000		6.000			07/01/2031		1,985,799
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (NR/NR)(d)
	3,000,000		5.750			12/01/2023		3,088,628
	Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR)
	2,650,000		4.000			09/01/2050		2,096,826
	Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)(c)
	33,381,200		5.000			07/01/2057		26,864,449
	Colorado Health Facilities Authority RB Refunding for Christian Living Neighborhoods Obligated Group Series 2021 (NR/NR)
	950,000		4.000			01/01/2042		708,242
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-)
	2,135,000		3.250			08/01/2049		1,412,240
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (NR/A+)
	2,045,000		4.000			11/01/2039		1,827,670
	Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (NR/NR)
	965,000		5.000			12/31/2047		949,963
	965,000		5.000			12/31/2051		940,183
	2,980,000		5.000			12/31/2056		2,880,287
	Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)
	3,000,000		5.750			12/01/2047		2,652,056
	Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR)
	850,000		5.250			12/01/2051		707,351
	Constitution Heights Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)
	1,760,000		5.000			12/01/2049		1,531,769
	Copper Ridge Metropolitan District RB Series 2019 (NR/NR)
	4,240,000		5.000			12/01/2039		3,782,658
	1,750,000		5.000			12/01/2043		1,504,206
	Copperleaf Metropolitan District GO LT Bonds Series 2021 (NR/NR)
	3,600,000		4.875			12/01/2051		2,715,681
	Copperleaf Metropolitan District No. 3 GO Bonds Series 2017 A (NR/NR)(d)
	500,000		5.000			12/01/2022		516,451
	700,000		5.125			12/01/2022		723,169
	Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR)(d)
	506,000		7.625			12/15/2022		525,218
	Copperleaf Metropolitan District No. 6 Arapoe County Subordinate LT GO Bonds Series 2022B (NR/NR)
	725,000		6.000			12/15/2041		665,040
	Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A (NR/NR)(d)
	2,000,000		5.250			12/01/2023		2,100,961

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)
Colorado – (continued)
	Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)(d)
$	820,000		7.500	%		12/15/2023	$	880,959
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	1,000,000		5.125			12/01/2037		939,318
	2,100,000		5.250			12/01/2047		1,896,392
	Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)
	3,835,000		5.000			12/01/2049		3,310,969
	Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) (NR/NR)(a)
	2,045,000		5.500			12/01/2039		1,718,811
	5,790,000		5.750			12/01/2049		4,741,523
	Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Subordinate Bonds Series 2021B (NR/NR) (NR/NR)(a)
	2,350,000		8.000			12/15/2049		2,020,466
	Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)(a)
	5,490,000		5.500			12/01/2039		4,662,496
	10,900,000		5.750			12/01/2049		8,991,691
	Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR)(a)
	2,370,000		8.000			12/15/2049		2,058,057
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B)
	25,035,000		5.000			10/01/2032		23,825,982
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)(a)
	5,555,000		5.000			12/01/2028		5,738,822
	7,200,000		5.000			12/01/2034		7,267,680
	4,800,000		4.000			12/01/2035		4,240,858
	4,800,000		4.000			12/01/2036		4,198,767
	Denver Connection West Metropolitan District GO Bonds Series 2017 A (NR/NR)(d)
	2,470,000		5.375			12/01/2022		2,552,306
	Denver Connection West Metropolitan District GO Bonds Subordinate Series 2017 B (NR/NR)(d)
	1,223,000		8.000			12/15/2022		1,270,061
	Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-)
	665,000		5.000			12/01/2030		677,455
	2,500,000		5.000			12/01/2032		2,521,714
	Denver Health & Hospital Authority COPS Series 2018 (NR/BBB)
	425,000		5.000			12/01/2032		432,278
	1,825,000		4.000			12/01/2038		1,559,952
	1,690,000		5.000			12/01/2048		1,658,556
	Denver Health & Hospital Authority RB Series 2019 A (NR/BBB)
	1,185,000		4.000			12/01/2038		1,010,364
	1,900,000		4.000			12/01/2039		1,605,390
	950,000		4.000			12/01/2040		785,137
Municipal Bonds – (continued)
Colorado – (continued)
	Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR)
	3,715,000		5.000			06/01/2049		3,180,217
	E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL) (A2/A)(f)
	3,000,000		0.000			09/01/2039		1,254,201
	E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)(f)
	15,000,000		0.000			09/01/2028		11,757,946
	4,100,000		0.000			09/01/2034		2,338,383
	E-470 Public Highway Authority RB Series 2010 A (A2/A)(f)
	20,000,000		0.000			09/01/2040		7,828,040
	Eagle Brook Meadows Metropolitan District No. 3 GO Bonds Series 2021 (NR/NR)
	1,600,000		5.000			12/01/2051		1,296,512
	El Paso County Waterview II Metropolitan LT GO Bonds Series 2022A (NR/NR)
	2,000,000		5.000			12/01/2051		1,631,960
	Fiddler’s Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)(a)
	2,950,000		5.550			12/01/2047		2,874,298
	First Creek Village Metropolitan District GO Bonds Series 2019 A (Ba1/NR)
	1,580,000		5.000			08/01/2049		1,406,652
	First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR)
	515,000		6.750			08/01/2049		485,892
	Four Corners Business Improvement District LT Supported RB Series 2022 (NR/NR)
	2,500,000		6.000			12/01/2052		2,169,274
	Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR)
	2,370,000		4.250			12/01/2051		1,689,569
	Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR)
	4,500,000		5.750			12/01/2048		4,228,035
	Greenspire Metropolitan District GO LT Bonds Series 2022 (NR/NR)
	1,430,000		5.125			12/01/2051		1,201,063
	Greenways Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)
	1,080,000		4.625			12/01/2051		796,112
	Haskins Station Metropolitan District GO Bonds Series 2019 A (NR/NR)
	650,000		5.000			12/01/2039		590,330
	925,000		5.000			12/01/2049		787,493
	Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/NR)(a)
	1,140,000		4.625			12/01/2045		858,252
	High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL) (A2/NR)
	3,930,000		4.000			12/01/2047		3,428,928
	Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR)
	570,000		5.000			12/01/2051		454,532
	Horizon Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)(a)
	1,187,000		4.500			12/01/2051		790,534

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)
$	2,000,000		5.000	%		12/01/2049	$	1,740,646
	Jay Grove Metropolitan District GO Bonds Series 2021 (NR/NR)
	1,225,000		4.250			12/01/2051		878,269
	Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (Ba2/NR)
	580,000		4.125			12/01/2040		480,913
	900,000		4.375			12/01/2047		726,210
	Johnstown Farms East Metropolitan District GO LT Bonds Series 2021 (NR/NR)
	1,000,000		5.000			12/01/2051		790,690
	Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR)
	9,525,000		4.250			12/01/2046		7,545,810
	Johnstown Village Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,980,000		5.000			12/01/2050		1,647,020
	Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR)(b)
	7,800,000		0.000			12/01/2050		6,007,466
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	4,190,000		5.000			12/01/2049		3,661,198
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR)
	683,000		7.750			12/15/2049		606,206
	Lanterns Metropolitan District No. 2 GO Bonds Series 2021 A (NR/NR)
	2,830,000		4.500			12/01/2050		2,015,859
	Lochbuie Station Residential Metropolitan District GO Bonds Series 2020 A (NR/NR)
	1,180,000		5.750			12/01/2050		1,084,750
	Loretto Heights Community Authority RB Series 2021 (NR/NR)
	4,500,000		4.875			12/01/2051		3,403,121
	Meadowlark Metropolitan District GO Bonds Series 2020 A (NR/NR)
	525,000		4.875			12/01/2040		444,809
	750,000		5.125			12/01/2050		618,806
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	2,665,000		5.000			12/01/2049		2,264,429
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR)
	1,473,000		7.375			12/15/2049		1,276,043
	Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR)
	2,900,000		4.000			12/01/2051		2,160,242
	Mountain Sky Metropolitan District GO Bonds Series 2020 A (NR/NR)
	980,000		5.000			12/01/2049		837,988
	Muegge Farms Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR)
	3,225,000		5.000			12/01/2051		2,513,612
	Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR)
	2,550,000		7.000			12/01/2052		2,549,630
Municipal Bonds – (continued)
Colorado – (continued)
	Murphy Creek Metropolitan District GO LT Bonds Series 2021 (NR/NR)
	12,788,000		5.000			12/01/2051		10,097,756
	Murphy Creek Metropolitan District GO LT Bonds Series 2022A (NR/NR)
	2,140,000		6.000			12/01/2052		1,964,866
	Nexus North at DIA Metropolitan District GO Bonds Series 2021 (NR/NR)
	1,140,000		5.000			12/01/2051		932,826
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	1,260,000		5.500			12/01/2048		1,156,295
	North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR)
	3,270,000		5.625			12/01/2037		3,224,518
	5,380,000		5.750			12/01/2047		5,191,396
	Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-)
	330,000		4.000			12/01/2032		302,572
	320,000		4.000			12/01/2033		290,837
	190,000		4.000			12/01/2034		170,733
	550,000		4.000			12/01/2036		486,789
	215,000		4.000			12/01/2038		187,519
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR)
	4,711,000		7.250			12/15/2049		4,099,265
	Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,500,000		5.125			12/01/2049		1,315,981
	Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 A (NR/NR)
	2,140,000		5.000			12/01/2040		1,909,426
	3,335,000		5.250			12/01/2050		2,821,874
	Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 B (NR/NR)
	1,924,000		7.750			12/15/2050		1,682,765
	Patriot Park Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)
	1,050,000		4.300			12/01/2050		783,460
	Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)(a)
	1,150,000		5.000			12/01/2051		950,170
	Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)
	1,200,000		5.000			12/01/2050		1,009,613
	Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)(a)
	1,000,000		5.000			12/01/2040		919,358
	Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)
	800,000		5.000			12/01/2049		699,162
	Powhaton Community Authority LT Supported RB Series 2021 (NR/NR)
	5,460,000		5.000			12/01/2051		4,341,384
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)(d)
	2,000,000		5.625			12/01/2023		2,108,226

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)
Colorado – (continued)
	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	$	2,706,659
	Prairie Center Metropolitan District No. 7 GO Bonds Series 2020 (NR/NR)
	840,000		4.125			12/15/2036		721,328
	725,000		4.875			12/15/2044		609,412
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A2/A-)
	4,200,000		6.500			11/15/2038		4,787,292
	Pueblo Urban Renewal Authority Tax Allocation Series 2021 A (NR/NR)(a)
	5,400,000		4.750			12/01/2045		4,590,409
	Pueblo Urban Renewal Authority Tax Allocation Series 2021 B (NR/NR)(a)(f)
	150,000		0.000			12/01/2025		124,109
	Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	9,930,000		5.000			12/01/2049		8,512,077
	Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR)
	1,750,000		4.000			12/01/2051		1,155,542
	Reunion Metropolitan District RB Series 2021 A (NR/NR)
	2,250,000		3.625			12/01/2044		1,533,321
	Ridgeline Vista Metropolitan District GO Bonds Series 2021 A (NR/NR)
	1,000,000		5.250			12/01/2060		904,402
	Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,150,000		5.000			12/01/2049		1,010,649
	Riverview Metropolitan District GO Refunding Bonds Series 2021 (NR/NR)
	500,000		5.000			12/01/2051		403,712
	RRC Metropolitan District LT GO Bonds Series 2021 (NR/NR)
	5,125,000		5.250			12/01/2051		4,068,074
	Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR)(a)
	1,055,000		5.000			12/01/2050		865,761
	Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)
	3,450,000		5.000			12/01/2039		3,162,078
	5,695,000		5.000			12/01/2049		4,916,810
	Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR)
	9,375,000		5.250			12/01/2051		7,602,521
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)(d)
	550,000		5.125			12/01/2023		577,314
	1,000,000		5.125			12/01/2023		1,049,662
	Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)(d)
	635,000		7.250			12/15/2023		681,561
	Settler’s Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR)(a)
	1,000,000		5.000			12/01/2040		873,987
	1,625,000		5.125			12/01/2050		1,354,163
	Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)
	1,460,000		5.000			12/01/2049		1,375,209
Municipal Bonds – (continued)
Colorado – (continued)
	Sky Ranch Community Authority Board LT Support District Bonds Series 2022A (NR/NR)
	4,345,000		5.750			12/01/2052		3,853,639
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA)
	375,000		4.000			12/01/2039		348,598
	750,000		4.000			12/01/2044		656,989
	2,210,000		3.000			12/01/2049		1,473,916
	South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR)
	2,208,000		8.000			12/15/2048		1,973,086
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000		5.500			12/01/2048		444,066
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	2,550,000		5.125			12/01/2047		2,345,092
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A3/NR)
	650,000		5.000			12/01/2039		667,334
	Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (NR/NR)
	8,920,000		5.000			12/01/2038		8,427,641
	18,750,000		5.000			12/01/2047		16,619,539
	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		643,992
	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		1,922,589
	Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.625			12/01/2047		1,866,363
	Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (Baa3/NR)
	8,000,000		6.000			12/01/2050		8,317,386
	The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)
	1,100,000		5.000			12/01/2040		1,037,221
	1,750,000		5.000			12/01/2049		1,603,251
	Timberleaf Metropolitan District GO Bonds Series 2020 A (NR/NR)
	1,730,000		5.750			12/01/2050		1,584,371
	Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR)
	815,000		5.250			12/01/2037		771,548
	2,400,000		5.375			12/01/2047		2,170,997
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA)
	805,000		5.000			12/01/2050		838,030
	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		1,282,674

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Villages at Johnstown Metropolitan District No. 3 GO Bonds Series 2020 A (NR/NR)
$	580,000		5.000	%		12/01/2040	$	515,154
	1,020,000		5.000			12/01/2050		842,342
	Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR)
	1,500,000		5.000			12/01/2050		1,225,617
	Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2 (NR/NR)(b)
	1,000,000		0.000			12/01/2050		620,177
	Westerly Metropolitan District No. 4 GO Bonds Series 2021 B-3 (NR/NR)
	4,238,000		8.000			12/15/2050		3,590,334
	Westown Metropolitan District GO Bonds Series 2017 A (NR/NR)(d)
	863,000		5.000			12/01/2022		891,181
	Whispering Pines Metropolitan District No. 1 GO Bonds Subordinated Series 2017 B (NR/NR)
	1,467,000		7.375			12/15/2047		1,288,846
	Whispering Pines Metropolitan District No. 1 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037		937,447
	2,500,000		5.000			12/01/2047		2,206,758
	Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR)(a)
	980,000		5.000			12/01/2050		832,264
	Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 B (NR/NR)
	181,000		7.750			12/15/2050		161,822
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	3,470,000		5.375			12/01/2048		3,155,531
	Windler Public Improvement Authority RB Series 2021 A-1 (NR/NR)
	12,250,000		4.125			12/01/2051		7,734,594
	Windler Public Improvement Authority RB Series 2021 A-2 (NR/NR)(b)
	9,400,000		0.000			12/01/2051		4,567,710
	Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,500,000		6.500			12/01/2047		1,409,970
	Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR)(a)
	2,184,000		5.125			12/01/2050		1,702,539
	Woodmen Heights Metropolitan District No. 2 GO Refunding Bonds Series 2020 B-1 (NR/NR)
	1,825,000		6.250			12/15/2040		1,687,329
								520,923,806
Connecticut – 0.4%
	City of New Haven CT GO Bonds Series 2018 (BBB+/NR)
	410,000		5.500			08/01/2038		432,784
	City of New Haven GO Bonds Series 2018 A (NR/BBB+)
	900,000		5.500			08/01/2034		960,957
	500,000		5.500			08/01/2035		532,993
	420,000		5.500			08/01/2036		447,178
	400,000		5.500			08/01/2037		424,046
Municipal Bonds – (continued)
Connecticut – (continued)
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR)(a)
	1,150,000		5.000			01/01/2045		1,066,894
	1,650,000		5.000			01/01/2055		1,475,870
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-)
	1,015,000		4.000			07/01/2039		812,007
	3,500,000		4.000			07/01/2044		2,638,476
	3,500,000		4.000			07/01/2049		2,526,196
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/CCC+)(a)
	20,100,000		7.000			02/01/2045		20,223,969
	State of Connecticut GO Bonds Series 2018 C (Aa3/A+)
	450,000		5.000			06/15/2032		482,207
	State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/A+)
	500,000		4.000			04/15/2037		466,905
	State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-)
	2,455,000		5.375			07/01/2052		2,257,794
	Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)(a)
	1,125,000		4.000			04/01/2051		866,244
								35,614,520
Delaware – 0.2%
	Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR/BB)
	1,075,000		4.000			06/01/2052		783,346
	1,125,000		4.000			06/01/2057		793,274
	Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (NR/NR)
	3,785,000		5.000			11/15/2048		3,703,765
	Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (NR/AA-)
	3,130,000		4.000			07/01/2043		2,736,633
	Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-)
	855,000		5.000			08/01/2049		756,289
	795,000		5.000			08/01/2054		691,319
	Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+)
	1,900,000		5.000			09/01/2050		1,853,455
	Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR)
	5,184,000		4.000			07/01/2035		4,615,037
								15,933,118
District of Columbia – 1.0%
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+)
	655,000		4.000			07/01/2044		548,082
	1,300,000		4.000			07/01/2049		1,052,097

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)
District of Columbia – (continued)
	District of Columbia RB for Rocketship DC Obligated Group Series 2021 A (NR/NR)(a)
$	600,000		5.000	%		06/01/2061	$	530,439
	District of Columbia RB for Rocketship DC Obligated Group Series 2021A (NR/NR)(a)
	445,000		5.000			06/01/2051		407,253
	Metropolitan Washington Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (Baa1/A-)
	37,100,000		6.500			10/01/2044		40,735,351
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA)
	7,065,000		3.000			10/01/2050		4,929,666
	3,570,000		4.000			10/01/2053		3,058,568
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-)
	815,000		4.000			10/01/2044		700,226
	1,610,000		4.000			10/01/2049		1,348,154
	1,115,000		4.000			10/01/2053		921,432
	Metropolitan Washington Airports Authority Dulles Toll Road Revenue (NR/NR)
	25,000,000		6.500			10/01/2041		27,928,302
								82,159,570
Florida – 14.8%
	Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	1,385,000		5.500			06/15/2052		1,339,663
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR)
	3,595,000		4.750			05/01/2036		3,449,124
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
	625,000		5.000			05/01/2039		603,126
	1,025,000		5.100			05/01/2049		963,955
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,580,000		3.625			05/01/2040		1,233,880
	5,755,000		4.000			05/01/2051		4,495,035
	Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	500,000		3.750			05/01/2029		463,692
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-)
	1,715,000		3.500			05/01/2031		1,543,075
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA)
	3,970,000		3.500			05/01/2032		3,814,154
	6,700,000		3.700			05/01/2036		6,212,708
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	730,000		4.625			05/01/2028		725,237
	1,795,000		5.000			05/01/2036		1,750,736
Municipal Bonds – (continued)
Florida – (continued)
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR)
	3,305,000		6.900			05/01/2036		3,211,411
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR)
	860,000		6.900			05/01/2036		821,372
	Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)
	500,000		4.000			11/01/2040		427,207
	3,155,000		4.000			11/01/2050		2,484,657
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)(a)
	1,845,000		5.100			05/01/2039		1,780,883
	3,080,000		5.200			05/01/2049		2,922,779
	Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR)(a)
	270,000		2.750			05/01/2031		217,838
	515,000		3.125			05/01/2041		367,829
	Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)(a)
	500,000		3.200			05/01/2041		363,031
	1,025,000		4.000			05/01/2052		797,400
	Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)(a)
	775,000		3.200			05/01/2041		564,365
	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		559,181
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	740,000		5.750			05/01/2048		737,634
	Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR)
	250,000		3.375			05/01/2041		187,745
	475,000		4.000			05/01/2051		371,630
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	1,810,000		6.000			05/01/2048		1,856,791
	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		465,456
	Avalon Park West Community Development District Special Assessment RB for Pasco County Project Area Series 2022 (NR/NR)
	775,000		5.625			05/01/2052		733,506
	Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR)
	580,000		3.750			05/01/2040		462,405
	880,000		4.000			05/01/2051		687,338

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	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	$	830,826
	1,630,000		4.625			06/01/2049		1,439,640
	Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR)
	550,000		4.000			05/01/2051		429,195
	Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR)
	1,000,000		4.000			05/01/2050		785,499
	Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR)
	390,000		4.000			05/01/2051		304,338
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	910,000		4.750			11/01/2026		916,292
	700,000		5.000			11/01/2031		701,584
	5,995,000		5.250			11/01/2046		5,898,172
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)(a)
	935,000		5.000			11/01/2049		876,060
	750,000		5.125			11/01/2049		711,851
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR)
	3,500,000		5.000			05/01/2042		3,335,799
	4,250,000		5.000			05/01/2053		3,948,657
	Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR)
	1,880,000		4.000			05/01/2052		1,458,871
	Balm Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	1,575,000		4.000			11/01/2042		1,311,730
	1,575,000		4.125			11/01/2051		1,253,836
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	955,000		5.000			11/01/2036		935,180
	1,055,000		5.000			11/01/2048		985,198
	Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR/NR)
	2,160,000		4.000			05/01/2053		1,672,927
	Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)(a)
	705,000		3.500			05/01/2041		535,161
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-)
	1,840,000		4.250			05/01/2029		1,860,465
	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		893,458
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+)
	890,000		3.750			05/01/2031		804,245
	1,025,000		4.000			05/01/2037		915,818
Municipal Bonds – (continued)
Florida – (continued)
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+)
	1,610,000		4.250			05/01/2031		1,553,890
	2,810,000		4.250			05/01/2037		2,571,697
	Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR)(a)
	1,300,000		6.375			11/01/2049		1,285,050
	Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB)
	465,000		6.000			11/01/2027		485,702
	490,000		3.750			11/01/2031		435,236
	2,975,000		6.500			11/01/2043		3,202,592
	1,495,000		4.125			11/01/2046		1,208,039
	Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,045,000		4.000			05/01/2040		888,875
	Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)
	770,000		6.125			11/01/2033		808,220
	1,000,000		6.500			11/01/2043		1,056,199
	Belmont II Community Development District Special Assessment Series 2020 (NR/NR)
	1,285,000		3.625			12/15/2040		1,012,042
	Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR)
	1,250,000		3.625			05/01/2041		953,014
	1,500,000		4.000			05/01/2051		1,166,585
	Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	1,680,000		4.700			05/01/2036		1,612,551
	3,200,000		4.875			05/01/2047		2,957,520
	Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	325,000		3.750			06/15/2040		258,864
	950,000		4.000			06/15/2050		745,838
	Black Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	975,000		5.625			06/15/2052		932,290
	Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	900,000		4.250			06/15/2039		806,351
	Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR)
	1,165,000		3.500			05/01/2041		877,621
	1,360,000		4.000			05/01/2051		1,061,223
	Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	565,000		3.625			05/01/2040		443,867
	Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR/NR)
	1,650,000		4.000			06/15/2052		1,279,475
	Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR)
	6,370,000		5.750			05/01/2035		6,442,973

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)
	Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR/NR)
$	1,610,000		4.000	%		05/01/2052	$	1,249,372
	Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR)
	1,000,000		3.150			05/01/2041		718,750
	Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR)
	1,000,000		5.500			05/01/2042		959,585
	1,500,000		5.625			05/01/2052		1,427,657
	Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR)
	900,000		5.625			05/01/2042		845,135
	1,305,000		5.750			05/01/2052		1,214,130
	Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR)
	1,040,000		5.500			05/01/2052		1,039,950
	Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,000,000		4.000			12/15/2039		861,904
	1,350,000		4.000			12/15/2049		1,071,189
	Capital Trust Agency Educational Facilities RB Series 2021A (NR/NR)(a)
	2,210,000		5.000			12/01/2056		1,609,888
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)(a)
	61,455,000		5.250			12/01/2058		52,307,399
	Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)(a)
	595,000		4.000			07/01/2056		394,303
	Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)(a)
	3,030,000		5.000			06/01/2056		2,457,038
	Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba1/NR)(a)
	1,155,000		5.000			12/15/2049		1,012,130
	1,075,000		5.000			12/15/2054		925,921
	Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR)
	275,000		5.000			08/01/2040		267,484
	750,000		5.000			08/01/2055		692,846
	Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)(a)
	2,025,000		5.250			12/01/2043		1,824,010
	Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR)
	495,000		5.125			05/01/2038		485,302
	1,000,000		5.250			05/01/2049		965,153
	Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR)
	850,000		4.000			05/01/2051		663,670
	Centre Lake Community Development District Special Assessment Series 2016 (NR/NR)
	375,000		4.125			12/15/2027		367,321
	500,000		4.500			12/15/2032		481,901
	975,000		4.700			12/15/2037		930,384
Municipal Bonds – (continued)
Florida – (continued)
	Century Parc Community Development District Special Assessment Refunding Series 2012 (NR/A)
	1,705,000		4.500			11/01/2031		1,705,380
	Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	630,000		3.750			05/01/2040		502,285
	705,000		4.000			05/01/2050		553,799
	CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	820,000		3.350			05/01/2041		605,042
	1,165,000		4.000			05/01/2051		909,062
	Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)(a)
	730,000		3.375			05/01/2041		546,610
	1,055,000		4.000			05/01/2052		823,287
	Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)(a)
	1,720,000		3.700			05/01/2040		1,361,251
	3,010,000		4.000			05/01/2051		2,351,008
	Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR)
	1,510,000		4.375			05/01/2050		1,262,614
	Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR)
	1,055,000		4.000			05/01/2052		818,117
	Charlotte County IDA Utility System RB Series 2021A (NR/NR)(a)
	3,750,000		4.000			10/01/2051		2,561,050
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(a)
	800,000		5.500			10/01/2036		769,985
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)(a)
	5,900,000		5.000			10/01/2049		5,075,189
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+)
	1,750,000		4.000			10/01/2034		1,738,431
	City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR)
	975,000		5.250			06/01/2052		892,525
	1,750,000		5.375			06/01/2057		1,602,003
	1,375,000		5.625			06/01/2062		1,286,638
	City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A2/A-)
	1,495,000		4.000			07/01/2045		1,285,571
	City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR)
	480,000		5.000			01/01/2037		447,486
	1,725,000		5.000			01/01/2047		1,507,916
	1,615,000		5.000			01/01/2052		1,385,577
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A2/AA)(b)
	25,620,000		0.000			05/01/2046		21,614,633

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)(a)
$	500,000		4.750	%		06/15/2039	$	473,240
	1,000,000		5.000			06/15/2049		925,396
	Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR)
	900,000		5.750			05/01/2052		915,191
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A)
	2,990,000		3.500			05/01/2032		2,655,652
	1,500,000		3.625			05/01/2035		1,296,168
	1,750,000		3.750			05/01/2046		1,391,896
	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-2 (NR/NR)
	1,030,000		5.850			05/01/2035		938,145
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)(f)*
	2,939,931		0.000			05/01/2017		1,558,163
	Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)
	270,000		4.000			11/01/2029		258,727
	500,000		4.750			11/01/2038		475,247
	1,000,000		5.000			11/01/2049		916,831
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	425,000		4.000			12/15/2039		367,911
	Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR)
	495,000		5.625			05/01/2052		477,711
	Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	535,000		4.000			05/01/2040		455,616
	760,000		4.000			05/01/2050		597,004
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(a)
	2,185,000		5.125			11/01/2050		1,999,888
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB)
	782,000		4.000			05/01/2031		729,065
	1,407,000		4.250			05/01/2038		1,239,799
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA)
	940,000		3.750			05/01/2029		901,244
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A)
	4,310,000		4.000			09/01/2044		3,755,860
Municipal Bonds – (continued)
Florida – (continued)
	County of Lake RB Refunding for Waterman Communities, Inc. Series 2020 A (NR/NR)
	4,000,000		5.750			08/15/2050		3,429,275
	2,000,000		5.750			08/15/2055		1,677,670
	County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+)
	1,610,000		4.000			10/01/2054		1,244,317
	Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (NR/BBB)
	500,000		4.000			05/01/2038		443,012
	1,175,000		4.125			05/01/2048		997,474
	Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)(a)
	1,570,000		4.700			11/01/2039		1,492,403
	2,495,000		4.750			11/01/2049		2,271,027
	Creekview Community Development District Special Assessment RB Series 2022 (NR/NR)
	3,845,000		4.750			05/01/2053		3,373,418
	Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	1,675,000		4.500			05/01/2052		1,419,476
	Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	2,465,000		5.125			05/01/2052		2,275,279
	Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR)
	1,000,000		4.000			05/01/2051		781,066
	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		873,309
	Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)(a)
	1,175,000		3.875			05/01/2040		970,289
	1,210,000		4.000			05/01/2051		945,090
	Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	570,000		5.000			05/01/2042		522,014
	1,150,000		5.125			05/01/2052		1,037,042
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	3,170,000		5.125			11/01/2048		2,998,277
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,575,000		5.400			05/01/2039		1,528,209
	2,640,000		5.500			05/01/2044		2,534,791
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	2,655,000		5.400			05/01/2049		2,564,522
	DG Farms Community Development District Special Assessment Series 2020 (NR/NR)
	770,000		4.000			05/01/2051		599,644
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,000,000		4.750			12/15/2038		954,740
	2,995,000		5.000			12/15/2048		2,797,526

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)
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA)
$	3,090,000		3.750	%		05/01/2034	$	2,950,056
	4,260,000		4.000			05/01/2037		4,052,781
	DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR)
	750,000		5.250			05/01/2052		685,157
	DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)(a)
	1,035,000		3.375			05/01/2041		782,483
	Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	2,555,000		5.375			05/01/2052		2,477,649
	Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)(a)
	950,000		4.125			05/01/2040		822,702
	3,785,000		4.125			05/01/2051		3,023,882
	East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)
	785,000		4.000			05/01/2051		612,544
	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		718,233
	East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,000,000		5.000			11/01/2048		933,837
	East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/NR)
	500,000		4.750			11/01/2039		475,264
	920,000		5.000			11/01/2049		861,712
	Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	805,000		4.000			05/01/2042		672,318
	1,490,000		4.125			05/01/2052		1,183,202
	Eden Hills Community Development District Special Assessment Series 2020 (NR/NR)
	190,000		4.000			05/01/2040		161,792
	500,000		4.125			05/01/2051		398,767
	Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR)
	1,425,000		3.600			05/01/2041		1,104,411
	2,675,000		4.000			05/01/2051		2,089,351
	Edgewater East Community Development District Special Assessment RB Series 2022 (NR/NR)
	1,975,000		4.000			05/01/2042		1,650,063
	6,720,000		4.000			05/01/2052		5,211,132
	Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)(a)
	1,100,000		4.000			05/01/2052		853,423
	Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR)
	425,000		3.500			05/01/2041		321,464
	1,065,000		4.000			05/01/2051		828,275
Municipal Bonds – (continued)
Florida – (continued)
	Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2)
	12,710,000		4.000			08/15/2045		10,135,068
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (A2/AA)
	4,745,000		3.000			08/15/2050		3,029,361
	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		841,610
	3,560,000		4.125			11/01/2050		2,867,198
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)
	105,000		4.000			11/01/2040		89,715
	1,695,000		4.125			11/01/2050		1,365,140
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)
	685,000		6.375			11/01/2026		708,560
	3,235,000		7.000			11/01/2045		3,442,168
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR)
	855,000		5.250			11/01/2035		858,295
	1,305,000		5.375			11/01/2046		1,290,522
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(a)
	1,245,000		5.000			11/01/2039		1,196,397
	1,800,000		5.125			11/01/2049		1,688,710
	Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR)
	6,645,000		4.000			05/01/2052		5,237,267
	Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	1,445,000		3.375			05/01/2041		1,098,126
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	2,475,000		5.000			05/01/2035		2,463,699
	Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)
	185,000		4.000			05/01/2040		157,549
	500,000		4.200			05/01/2050		406,654
	Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (NR/A-)
	1,465,000		4.375			05/01/2034		1,399,769
	Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA)
	1,250,000		3.000			11/01/2041		887,666
	Florida Development Finance Corp. Education RB for IPS Florida Project Series 2022 (NR/NR)(a)
	2,000,000		5.250			06/15/2029		1,917,016
	Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)(a)
	5,000,000		5.500			07/01/2052		4,241,326
	3,825,000		5.625			07/01/2056		3,241,643
	Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)(a)
	3,770,000		5.125			10/01/2052		3,306,469

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
$	1,725,000		5.250	%		10/01/2056	$	1,506,954
	Florida Development Finance Corp. Educational Revenue Refunding Bonds for Central Charter School Project Series 2022 (NR/NR)(a)
	2,735,000		5.875			08/15/2052		2,433,807
	2,430,000		6.000			08/15/2057		2,154,129
	Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)(a)(c)(d)
	36,250,000		7.250			10/03/2023		35,381,722
	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		1,468,391
	2,595,000		5.000			06/01/2055		2,154,654
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)(a)
	2,005,000		5.250			06/01/2050		1,785,789
	3,560,000		5.250			06/01/2055		3,124,283
	Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR)
	600,000		4.000			07/01/2045		464,380
	800,000		4.000			07/01/2055		577,661
	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		730,426
	1,850,000		5.000			06/01/2050		1,532,576
	Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)(a)
	19,305,000		7.375			01/01/2049		16,632,545
	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		1,490,985
	Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)(a)
	830,000		4.000			06/30/2046		598,840
	2,580,000		4.000			06/30/2056		1,716,173
	Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)(a)
	1,190,000		4.000			06/01/2055		792,403
	Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-1 (NR/NR)(a)
	735,000		2.375			06/01/2027		649,767
	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		1,811,609
	Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A (NR/NR)(a)(c)(d)
	38,295,000		6.500			01/01/2029		32,578,633
	Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)(a)(c)(d)
	1,160,000		6.250			01/01/2024		1,103,359
	14,940,000		6.375			01/01/2026		13,662,194
Municipal Bonds – (continued)
Florida – (continued)
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)(a)
	1,750,000		4.750			06/01/2038		1,589,312
	3,000,000		5.000			06/01/2048		2,688,753
	Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (NR/BBB-)
	2,580,000		5.000			03/01/2044		2,265,507
	5,805,000		5.000			03/01/2049		4,965,272
	Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB)
	6,060,000		5.000			03/01/2047		5,631,644
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	725,000		5.000			11/01/2047		682,478
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	885,000		4.125			11/01/2039		775,746
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+)
	700,000		4.000			05/01/2031		654,476
	1,000,000		4.125			05/01/2038		881,612
	Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (NR/A+)
	1,850,000		3.250			11/01/2049		1,297,252
	Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)
	250,000		4.000			11/01/2049		198,392
	Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	1,400,000		4.000			05/01/2052		1,089,131
	Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)
	1,100,000		4.250			05/01/2040		967,792
	1,375,000		4.500			05/01/2052		1,164,618
	Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR)
	1,105,000		4.000			11/01/2051		860,506
	Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	750,000		4.000			05/01/2051		584,069
	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		3,172,748
	5,000,000		5.000			11/15/2036		4,809,101
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A1/A)
	3,540,000		5.000			10/01/2047		3,526,373
	Grove Resort Community Development District Special Assessment RB Series 2022 (NR/NR)
	585,000		4.000			05/01/2052		453,964
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	3,000,000		4.375			11/01/2049		2,537,819

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)
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
$	1,515,000		4.500	%		05/01/2036	$	1,426,376
	2,275,000		4.625			05/01/2046		2,035,798
	Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	670,000		4.700			05/01/2042		616,005
	2,130,000		5.000			05/01/2052		1,913,761
	Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR)
	540,000		4.000			05/01/2040		462,566
	860,000		4.000			05/01/2051		676,879
	Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR)
	525,000		3.375			05/01/2041		392,001
	Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	920,000		3.750			05/01/2034		789,798
	Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)
	2,060,000		3.875			05/01/2039		1,715,728
	1,400,000		4.100			05/01/2048		1,140,254
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)(a)
	1,725,000		4.000			05/01/2031		1,650,041
	1,335,000		4.250			05/01/2035		1,252,714
	1,810,000		4.250			05/01/2039		1,642,028
	Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)
	640,000		3.875			11/01/2039		538,801
	1,150,000		4.000			11/01/2051		921,692
	Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)
	200,000		4.000			11/01/2039		175,301
	500,000		4.250			11/01/2051		418,413
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	700,000		5.000			05/01/2034		698,497
	2,170,000		5.125			05/01/2045		2,095,587
	Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (NR/A)
	500,000		5.050			05/01/2031		503,140
	500,000		5.150			05/01/2034		502,618
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
	1,720,000		5.700			05/01/2036		1,720,797
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB)
	2,200,000		4.200			05/01/2031		2,081,483
	2,000,000		4.350			05/01/2036		1,828,959
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	475,000		3.625			05/01/2040		372,115
	665,000		4.000			05/01/2050		522,378
Municipal Bonds – (continued)
Florida – (continued)
	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		961,779
	1,000,000		5.000			12/15/2048		931,716
	Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB)
	1,000,000		4.250			05/01/2031		959,023
	2,150,000		4.250			05/01/2036		1,945,430
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)
	590,000		4.375			11/01/2050		496,345
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	2,295,000		5.000			11/01/2048		2,154,483
	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		907,975
	2,375,000		4.000			05/01/2050		1,866,354
	Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR)
	180,000		5.000			11/01/2041		168,288
	520,000		5.000			11/01/2050		476,137
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)(a)
	430,000		5.125			11/01/2049		405,568
	Islands at Doral III Community Development District Special Assessment Refunding Series 2013 (NR/A-)
	2,500,000		4.125			05/01/2035		2,339,174
	Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	985,000		5.000			11/01/2047		914,913
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	955,000		3.125			05/01/2041		681,080
	2,605,000		4.000			05/01/2051		2,034,677
	Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)
	290,000		3.500			05/01/2040		226,232
	470,000		3.750			05/01/2050		349,999
	Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR)
	2,000,000		5.000			05/01/2048		1,868,845
	Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,340,000		4.000			06/15/2040		1,147,829
	1,060,000		4.000			06/15/2050		836,432
	Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR)
	2,725,000		5.625			05/01/2053		2,447,964
	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		211,241

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR)
$	325,000		4.300	%		05/01/2051	$	266,960
	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		820,874
	Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	325,000		3.625			05/01/2041		247,430
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	1,900,000		4.000			05/01/2050		1,500,087
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR)
	525,000		3.200			05/01/2030		450,247
	525,000		3.750			05/01/2040		417,903
	670,000		3.900			05/01/2050		507,018
	Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)(a)
	1,085,000		3.625			05/01/2040		849,479
	2,500,000		3.875			05/01/2051		1,864,613
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	250,000		3.850			05/01/2039		203,634
	575,000		4.000			05/01/2049		457,130
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project – Phase 2C Series 2020 (NR/NR)
	1,275,000		4.000			05/01/2050		999,073
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)
	1,735,000		6.700			05/01/2033		1,749,952
	4,710,000		7.000			05/01/2043		4,751,307
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR)
	6,295,000		5.600			05/01/2044		6,239,751
	Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)
	530,000		4.400			05/01/2039		481,808
	1,615,000		4.500			05/01/2049		1,396,394
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(a)
	1,000,000		5.000			05/01/2037		978,699
	2,365,000		5.125			05/01/2047		2,263,644
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(a)
	575,000		3.750			05/01/2039		465,489
	555,000		4.000			05/01/2049		441,230
	Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)
	690,000		4.400			05/01/2039		627,260
	795,000		4.500			05/01/2049		687,389
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	1,125,000		4.625			05/01/2027		1,127,045
	2,500,000		5.250			05/01/2037		2,489,819
	5,815,000		5.375			05/01/2047		5,635,182
Municipal Bonds – (continued)
Florida – (continued)
	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		1,144,307
	2,545,000		5.100			05/01/2048		2,415,706
	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		3,659,129
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	925,000		4.250			05/01/2026		916,373
	5,215,000		5.000			05/01/2036		5,131,244
	13,120,000		5.125			05/01/2046		12,472,729
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA)
	1,735,000		2.500			05/01/2033		1,397,890
	1,685,000		2.625			05/01/2037		1,268,377
	Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) (NR/NR)
	585,000		4.000			05/01/2052		453,648
	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		1,674,048
	1,250,000		4.000			05/01/2050		981,914
	Lakewood Ranch Stewardship District Special Assessment The Isles at Lakewood Ranch Project Series 2021 (NR/NR)
	650,000		3.125			05/01/2041		463,307
	925,000		4.000			05/01/2051		722,486
	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		1,092,792
	2,250,000		4.875			05/01/2049		2,062,898
	Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/A)
	1,930,000		3.000			05/01/2035		1,516,499
	1,990,000		3.000			05/01/2038		1,490,705
	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		562,838
	895,000		4.000			05/01/2038		781,635
	Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	450,000		5.000			05/01/2042		412,612
	1,400,000		5.125			05/01/2052		1,264,304
	Lee County IDA Healthcare Facilities RB for Cypress Cover at Healthpark Project Series 2022A Tax Exempt Fixed Rate Bonds (NR/NR)
	955,000		5.250			10/01/2052		826,321
	4,250,000		5.250			10/01/2057		3,596,359
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)
	1,430,000		4.000			05/01/2031		1,359,097
	1,860,000		4.000			05/01/2036		1,699,229

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)
	Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR)
$	1,610,000		4.400	%		05/01/2040	$	1,444,109
	2,840,000		4.600			05/01/2051		2,459,420
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
	985,000		5.125			05/01/2048		929,409
	1,775,000		5.125			05/01/2049		1,668,384
	Longleaf Community Development District (NR/NR)
	1,109,000		5.375			05/01/2030		1,082,370
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	2,940,000		5.400			05/01/2030		2,868,584
	LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)
	3,800,000		4.000			05/01/2050		2,998,810
	LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR)
	2,650,000		3.250			05/01/2031		2,217,211
	LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR)
	835,000		3.450			05/01/2041		631,256
	Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	855,000		4.625			05/01/2039		798,412
	1,340,000		4.750			05/01/2050		1,199,893
	Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,755,000		4.000			06/15/2039		1,521,760
	2,920,000		4.375			06/15/2049		2,476,637
	Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	1,650,000		5.000			05/01/2032		1,627,098
	McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	2,800,000		5.125			11/01/2038		2,771,181
	4,750,000		5.250			11/01/2049		4,557,762
	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 2014 A (NR/NR)
	500,000		7.250			05/01/2035		510,053
	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
	Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	530,000		3.750			05/01/2052		384,169
	900,000		4.000			05/01/2052		697,919
	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		958,640
	1,700,000		5.000			05/01/2048		1,588,518
Municipal Bonds – (continued)
Florida – (continued)
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center of Florida Series 2014 (Baa1/NR)
	1,500,000		5.000			11/15/2039		1,495,651
	Miami RB Refunding for Miami Tunnel Project Series 2012 (Aa3/NR)(a)
	1,165,000		5.000			03/01/2030		1,173,198
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	315,000		4.000			11/01/2023		314,472
	600,000		4.750			11/01/2027		604,277
	4,000,000		5.125			11/01/2039		4,011,172
	4,135,000		5.250			11/01/2049		4,039,965
	Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)(a)
	1,585,000		5.250			07/01/2052		1,346,541
	2,000,000		5.500			07/01/2061		1,690,960
	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		3,447,647
	3,515,000		5.000			05/01/2037		3,500,881
	Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR)
	2,920,000		3.250			05/01/2032		2,394,886
	Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	1,875,000		3.500			05/01/2041		1,409,284
	2,455,000		4.000			05/01/2051		1,912,740
	Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR)
	1,090,000		5.600			05/01/2042		1,058,429
	1,725,000		5.750			05/01/2053		1,671,450
	Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR)
	1,550,000		5.000			05/01/2028		1,560,673
	1,200,000		5.000			05/01/2035		1,180,692
	Monterra Community Development District Special Assessment Refunding Bonds Series 2015 (AGM) (NR/AA)
	1,820,000		3.500			05/01/2036		1,650,509
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	740,000		5.250			11/01/2035		743,864
	1,230,000		5.625			11/01/2045		1,235,567
	Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,185,000		5.125			11/01/2048		1,130,247
	New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	1,250,000		3.875			05/01/2041		976,802
	2,250,000		4.125			05/01/2052		1,783,525
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)(a)
	815,000		3.500			05/01/2038		656,433
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)(a)
	30,000		3.500			05/01/2031		25,845
	100,000		4.000			05/01/2038		86,980

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	New River Community Development District Special Assessment Series 2006 B (NR/NR)*
$	3,260,000		5.000	%		05/01/2013	$	33
	North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR)
	1,200,000		3.375			11/01/2041		891,732
	2,350,000		4.000			11/01/2051		1,833,419
	North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)(a)
	1,800,000		5.625			05/01/2052		1,656,986
	North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR)
	470,000		3.625			05/01/2040		366,146
	Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	340,000		4.000			06/15/2040		297,488
	Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	2,200,000		4.850			05/01/2039		2,106,302
	3,625,000		5.000			05/01/2049		3,379,150
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (NR/NR)
	1,680,000		5.000			04/01/2024		1,694,290
	1,005,000		5.000			04/01/2026		1,005,430
	Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	840,000		4.000			05/01/2040		715,537
	905,000		4.000			05/01/2050		710,906
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,680,000		5.375			11/01/2038		1,656,972
	3,300,000		5.500			11/01/2049		3,200,675
	Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)(a)
	410,000		4.000			05/01/2051		319,291
	Palm Beach County Health Facilities Authority Hospital RB for Jupiter Medical Center Project 2022 Series A (BBB-/NR)
	1,700,000		5.000			11/01/2047		1,568,872
	Palm Beach County Health Facilities Authority RB Anticipation Notes for Green Cay Life Plan Village Project Series 2022A (NR/NR)(a)
	7,075,000		11.500			07/01/2027		6,838,277
	Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (NR/NR)
	2,700,000		4.000			05/15/2053		1,831,832
	2,175,000		5.000			05/15/2053		1,842,322
	Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR)
	1,650,000		4.000			06/01/2036		1,370,976
	2,200,000		4.250			06/01/2056		1,616,000
	Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)
	1,175,000		4.300			05/01/2050		976,952
Municipal Bonds – (continued)
Florida – (continued)
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A)
	400,000		4.000			11/01/2038		359,161
	3,290,000		4.200			11/01/2048		2,831,704
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A)
	3,155,000		3.750			05/01/2031		2,888,548
	2,040,000		4.000			05/01/2036		1,873,199
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-)
	595,000		4.000			05/01/2027		582,569
	2,380,000		5.000			05/01/2039		2,348,201
	Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (NR/AA)
	530,000		4.125			05/01/2035		532,077
	Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)
	1,855,000		5.250			05/01/2039		1,811,008
	5,095,000		5.375			05/01/2050		4,900,813
	Parkland Preserve Community Development District Special Assessment RB Series 2019 B (NR/NR)
	440,000		5.500			11/01/2032		436,197
	Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR)
	800,000		4.000			05/01/2051		624,853
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-)
	2,285,000		4.700			05/01/2049		2,025,841
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB)
	800,000		4.375			05/01/2031		747,457
	1,065,000		4.500			05/01/2034		975,276
	Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	795,000		3.500			05/01/2041		614,182
	Parrish Plantation Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR)
	1,150,000		5.500			05/01/2052		1,081,360
	Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR)
	1,400,000		4.000			05/01/2052		1,084,731
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-)
	3,190,000		4.375			05/01/2036		2,924,868
	Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR)(a)
	1,000,000		3.250			12/15/2041		727,893
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)
	650,000		3.300			05/01/2030		557,584
	695,000		3.750			05/01/2037		568,458
	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		2,134,827

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)
	Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)
$	555,000		3.625	%		05/01/2040	$	433,928
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	1,915,000		3.500			05/01/2037		1,516,284
	Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (NR/BBB)
	2,795,000		4.750			05/01/2033		2,712,849
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	1,045,000		5.375			11/01/2049		1,011,025
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	250,000		4.000			11/01/2039		216,191
	1,205,000		4.000			11/01/2050		951,348
	Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR)
	750,000		3.500			05/01/2041		577,411
	Reunion East Community Development District (NR/NR)*
	2,170,000		7.200			05/01/2022		22
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
	6,825,000		5.000			05/01/2033		6,905,207
	Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)
	470,000		4.500			05/01/2039		432,432
	1,520,000		4.625			05/01/2050		1,334,239
	Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	825,000		4.500			05/01/2040		756,344
	825,000		4.750			05/01/2050		740,183
	Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	1,000,000		4.000			05/01/2052		777,951
	Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	850,000		5.375			05/01/2042		803,469
	2,150,000		5.500			05/01/2052		2,009,847
	River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR)
	1,000,000		3.375			05/01/2041		747,588
	2,400,000		4.000			05/01/2051		1,874,558
	River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	1,030,000		3.625			05/01/2040		804,586
	1,000,000		3.875			05/01/2051		748,912
	River Landing Community Development District Special Assessment Series 2020 A (NR/NR)
	1,100,000		4.350			05/01/2051		911,807
	River Landing Community Development District Special Assessment Series 2020 B (NR/NR)
	1,060,000		4.250			11/01/2035		933,039
	Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR)
	1,040,000		3.500			05/01/2041		780,557
	910,000		4.000			05/01/2051		710,083
Municipal Bonds – (continued)
Florida – (continued)
	Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)(a)
	775,000		3.500			05/01/2041		583,655
	905,000		4.000			05/01/2051		706,181
	Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR/NR)
	2,435,000		3.450			05/01/2042		1,859,451
	Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	320,000		4.000			06/15/2040		273,599
	780,000		4.000			06/15/2050		613,409
	Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	1,315,000		4.000			12/15/2051		1,026,242
	San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)
	1,410,000		4.125			06/15/2039		1,242,119
	Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR)
	700,000		4.000			11/01/2051		545,277
	Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(a)
	375,000		3.125			05/01/2030		319,731
	980,000		3.625			05/01/2040		770,699
	950,000		3.750			05/01/2050		699,795
	Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (NR/A1)
	4,350,000		4.000			07/01/2048		3,690,584
	Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	2,880,000		4.125			05/01/2041		2,473,600
	2,555,000		4.250			05/01/2053		2,075,434
	Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR)
	620,000		3.750			05/01/2040		484,735
	1,250,000		4.000			05/01/2051		973,448
	Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	1,585,000		4.500			05/01/2042		1,412,481
	3,155,000		4.625			05/01/2053		2,718,663
	Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (Ba1/NR)(a)
	315,000		4.000			06/15/2036		263,741
	425,000		4.000			06/15/2041		336,710
	1,195,000		4.000			06/15/2051		865,754
	1,105,000		4.000			06/15/2056		771,159
	Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR)
	900,000		5.300			10/01/2037		873,304
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)
	2,200,000		5.250			11/01/2039		2,139,365
	2,815,000		5.375			11/01/2049		2,700,803
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	3,800,000		5.250			11/01/2049		3,610,999

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
$	4,000,000		5.000	%		05/01/2049	$	3,728,717
	Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	3,150,000		4.000			06/15/2052		2,449,295
	Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR)
	1,800,000		4.000			05/01/2052		1,394,654
	Six Mile Creek Community Development District Capital Improvement RB Series 2021 (NR/NR)
	655,000		4.000			05/01/2052		507,499
	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		990,031
	1,125,000		4.000			05/01/2051		875,887
	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		267,759
	950,000		4.250			11/01/2050		778,013
	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		2,024,677
	3,480,000		5.250			11/01/2049		3,320,412
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,310,000		5.000			05/01/2038		1,272,566
	2,505,000		5.375			05/01/2049		2,421,048
	South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB)
	1,345,000		4.250			11/01/2037		1,193,136
	330,000		4.125			11/01/2040		287,790
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (NR/A)
	770,000		3.500			05/01/2032		683,954
	485,000		3.625			05/01/2035		420,471
	1,695,000		3.750			05/01/2038		1,425,462
	South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR)
	475,000		4.875			05/01/2035		464,536
	95,000		5.000			05/01/2038		93,431
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)
	2,010,000		5.250			05/01/2034		2,027,842
	Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR)
	1,155,000		3.125			05/01/2041		818,212
	835,000		4.000			05/01/2048		664,089
	Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)
	365,000		3.600			05/01/2034		306,922
	600,000		4.000			05/01/2043		499,313
Municipal Bonds – (continued)
Florida – (continued)
	Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR)
	425,000		4.300			05/01/2040		376,328
	245,000		4.500			05/01/2046		213,432
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)*
	3,395,000		5.800			05/01/2035		3,044,334
	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		1,763,966
	Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR)
	425,000		4.375			05/01/2029		418,157
	1,000,000		5.000			05/01/2039		963,526
	1,750,000		5.250			05/01/2049		1,676,007
	Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(a)
	1,245,000		5.125			11/01/2037		1,216,209
	1,785,000		5.250			11/01/2047		1,715,217
	Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR)
	1,030,000		4.800			05/01/2035		982,528
	St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR)
	700,000		4.000			12/15/2041		537,637
	475,000		4.000			12/15/2046		344,412
	700,000		4.000			12/15/2050		491,675
	St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR)
	7,475,000		4.000			08/01/2055		6,105,951
	Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR)
	2,220,000		4.000			05/01/2052		1,721,535
	Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)*
	418,112		5.500			11/01/2010		225,781
	Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)
	2,150,000		5.000			05/01/2034		2,151,629
	Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)(a)
	900,000		4.000			11/01/2051		701,548
	Stoneybrook Community Development District Tax Exempt Special Assessment RB for Village of Estero Series 2022-1 (NR/AA-)
	1,750,000		4.300			05/01/2052		1,493,716
	Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR)(g)
	875,000		6.375			11/01/2052		875,921

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)
Florida – (continued)
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
$	1,100,000		4.500	%		06/15/2039	$	1,015,505
	1,100,000		4.625			06/15/2049		971,612
	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		1,756,570
	3,495,000		5.500			11/01/2044		3,500,918
	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		2,457,201
	Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)(a)
	1,500,000		3.750			12/15/2050		1,095,681
	Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)
	420,000		4.000			12/15/2039		361,999
	860,000		4.125			12/15/2049		697,983
	Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	575,000		5.200			06/15/2042		556,374
	925,000		5.375			06/15/2052		889,144
	Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	1,000,000		4.000			06/15/2052		797,696
	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		241,286
	575,000		4.000			06/15/2051		453,280
	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		368,067
	Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR)
	1,000,000		5.150			06/15/2052		926,983
	Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	925,000		4.000			05/01/2052		716,219
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	905,000		3.750			05/01/2040		719,447
	1,195,000		4.000			05/01/2050		939,199
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR)
	490,000		3.400			05/01/2041		361,824
	335,000		4.000			05/01/2051		260,839
	Summerstone Community Development District Special Assessment Series 2020 (NR/NR)
	705,000		3.750			05/01/2040		567,560
	875,000		4.000			05/01/2051		682,722
Municipal Bonds – (continued)
Florida – (continued)
	Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR)
	1,000,000		5.200			05/01/2042		921,499
	1,800,000		5.350			05/01/2052		1,636,544
	Sunbridge Stewardship District Special Assessment RB Series 2022 (NR/NR)
	1,550,000		5.500			05/01/2052		1,503,702
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,630,000		4.000			05/01/2038		1,438,297
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	785,000		3.750			05/01/2026		750,098
	1,550,000		4.000			05/01/2033		1,426,238
	Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,370,000		5.250			11/01/2034		1,374,266
	2,350,000		6.000			11/01/2044		2,370,596
	Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	715,000		3.375			05/01/2041		536,162
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	1,110,000		4.800			05/01/2036		1,077,304
	1,715,000		5.000			05/01/2046		1,611,001
	Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	3,250,000		4.000			06/15/2042		2,712,436
	6,000,000		4.000			06/15/2052		4,650,396
	Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR)
	2,050,000		3.300			12/15/2041		1,506,672
	1,875,000		4.000			12/15/2051		1,463,426
	Timber Creek Southwest Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,000,000		4.000			06/15/2040		856,251
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+)
	690,000		3.375			05/01/2032		609,746
	1,345,000		3.600			05/01/2037		1,143,579
	Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR)
	615,000		4.000			05/01/2051		479,891
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (NR/AA)
	1,630,000		3.500			05/01/2032		1,559,744
	1,760,000		3.750			05/01/2040		1,486,082
	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		376,170

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
$	300,000		5.125	%		05/01/2039	$	296,674
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,160,000		4.250			05/01/2037		1,053,105
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)(a)
	8,310,000		4.400			05/01/2040		7,498,984
	Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)
	265,000		5.750			11/01/2027		272,051
	1,955,000		6.250			11/01/2044		2,044,231
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	2,645,000		5.375			11/01/2039		2,614,331
	5,390,000		5.500			11/01/2049		5,252,318
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,560,000		4.625			06/15/2038		1,465,104
	2,440,000		4.750			06/15/2048		2,201,442
	Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	550,000		4.000			12/15/2040		469,715
	1,145,000		4.125			12/15/2049		929,020
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (Baa1/A-)
	13,300,000		5.000			04/01/2048		13,484,984
	Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)
	1,085,000		4.625			05/01/2050		952,875
	Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)(a)
	525,000		3.625			05/01/2040		424,721
	1,000,000		4.000			05/01/2051		781,066
	Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR)
	1,700,000		3.000			05/01/2041		1,188,961
	1,300,000		4.000			05/01/2052		1,008,106
	Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)(a)
	1,000,000		5.375			11/01/2049		952,795
	Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)(a)
	875,000		3.750			05/01/2040		691,655
	750,000		4.000			05/01/2051		585,190
	Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR)
	700,000		3.500			11/01/2041		526,835
	700,000		4.000			11/01/2050		548,717
	Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR)
	1,105,000		5.250			11/01/2027		1,111,793
	2,735,000		6.125			11/01/2046		2,759,951
Municipal Bonds – (continued)
Florida – (continued)
	Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)(a)
	785,000		4.700			11/01/2029		781,240
	1,525,000		5.125			11/01/2038		1,473,235
	2,170,000		5.375			11/01/2048		2,066,269
	Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)
	1,000,000		4.625			05/01/2039		933,815
	1,995,000		4.750			05/01/2050		1,781,025
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)(a)
	4,625,000		4.750			11/01/2048		4,172,205
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	1,200,000		5.000			11/01/2039		1,156,045
	1,850,000		5.125			11/01/2049		1,743,389
	TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	1,340,000		4.000			11/01/2027		1,306,100
	3,160,000		4.625			11/01/2037		2,985,277
	2,790,000		4.750			11/01/2047		2,525,251
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	900,000		4.000			11/01/2050		703,302
	TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR)
	2,425,000		5.625			11/01/2045		2,420,837
	Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR/NR)
	1,400,000		4.000			05/01/2052		1,086,410
	Tuckers Pointe Community Development District Special Assessment Revenue Note Series 2022 (NR/NR)
	4,200,000		3.625			05/01/2032		3,525,188
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (NR/A)
	2,245,000		4.375			05/01/2035		2,114,603
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A)
	1,700,000		3.500			05/01/2032		1,516,189
	2,545,000		3.625			05/01/2037		2,166,725
	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		588,569
	Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)
	2,300,000		3.750			12/15/2039		1,887,682
	3,505,000		4.000			12/15/2049		2,812,705
	Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)(a)
	2,000,000		4.000			12/15/2028		1,936,275
	1,000,000		5.000			12/15/2032		988,920
	1,705,000		5.000			12/15/2037		1,654,542
	5,330,000		5.000			12/15/2047		4,988,726

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)
Florida – (continued)
	Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR)
$	1,850,000		5.250	%		05/01/2052	$	1,689,813
	Two Rivers West Community Development District Special Assessment Bond Anticipation Note Series 2022 (NR/NR)
	1,700,000		3.000			01/15/2023		1,687,345
	Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)(a)
	2,420,000		5.500			11/01/2047		2,378,209
	University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA)
	2,800,000		3.375			05/01/2045		2,175,544
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(a)
	1,400,000		4.000			05/01/2051		1,093,492
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	2,760,000		4.000			05/01/2052		2,138,470
	Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)
	370,000		6.000			11/01/2027		383,963
	2,050,000		6.500			11/01/2043		2,230,198
	Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)
	530,000		6.375			11/01/2027		545,188
	2,295,000		7.125			11/01/2044		2,380,382
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(a)
	4,655,000		5.125			05/01/2049		4,391,562
	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		966,396
	1,700,000		5.125			11/01/2049		1,608,562
	Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR)
	980,000		5.000			11/01/2039		947,068
	1,600,000		5.125			11/01/2049		1,513,941
	Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR)
	1,215,000		5.875			11/01/2032		1,228,022
	Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)(a)
	350,000		3.600			05/01/2041		267,008
	Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)(a)
	580,000		3.600			05/01/2041		442,470
	940,000		4.000			05/01/2051		731,363
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	4,360,000		4.000			05/01/2031		4,089,735
	1,700,000		4.125			05/01/2034		1,563,241
	1,000,000		4.250			05/01/2037		912,646
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB)(a)
	1,980,000		4.000			05/01/2031		1,845,971
	2,940,000		4.000			05/01/2037		2,624,029
Municipal Bonds – (continued)
Florida – (continued)
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	735,000		5.125			11/01/2035		721,773
	990,000		5.250			11/01/2046		947,095
	Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR)
	265,000		4.000			05/01/2040		225,657
	1,700,000		4.000			05/01/2050		1,335,514
	Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR)
	370,000		4.000			05/01/2040		315,068
	2,015,000		4.000			05/01/2050		1,582,845
	Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR)
	265,000		4.000			05/01/2040		225,657
	1,740,000		4.000			05/01/2050		1,366,824
	Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA)
	1,625,000		2.600			05/01/2034		1,220,273
	Viera Stewardship District Special Assessment RB Series 2021 (NR/NR)
	1,630,000		3.125			05/01/2041		1,167,966
	1,590,000		4.000			05/01/2053		1,228,896
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	1,000,000		3.750			05/01/2037		825,798
	Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)
	3,905,000		6.000			05/01/2044		3,935,508
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(a)
	6,815,000		4.375			05/01/2050		6,267,706
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	9,675,000		3.700			05/01/2050		7,168,259
	Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)(a)
	4,200,000		3.250			05/01/2040		3,197,026
	9,325,000		3.500			05/01/2051		6,573,909
	Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (NR/NR)
	1,340,000		4.000			05/01/2033		1,229,606
	Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (NR/NR)
	1,095,000		4.000			05/01/2034		997,564
	Village Community Development District Special Assessment RB Series 2021 (NR/NR) (NR/NR)
	4,425,000		3.250			05/01/2052		2,873,134
	Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR)
	1,150,000		5.250			05/01/2053		1,061,420
	Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR/NR)
	1,130,000		4.000			05/01/2052		879,608
	Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	885,000		4.625			05/01/2039		826,426
	1,360,000		4.875			05/01/2050		1,238,530

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR)
$	555,000		3.750	%		05/01/2040	$	441,194
	1,000,000		4.000			05/01/2051		781,066
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB-)
	1,000,000		3.750			11/01/2031		874,673
	1,000,000		4.000			11/01/2036		871,227
	1,300,000		4.125			11/01/2046		1,065,358
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	2,560,000		5.500			05/01/2034		2,572,123
	3,815,000		5.750			05/01/2044		3,831,864
	Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR)
	4,040,000		5.250			05/01/2049		3,867,010
	Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (NR/BBB+)
	3,230,000		4.200			05/01/2036		2,901,300
	Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,640,000		5.125			11/01/2038		1,592,046
	2,800,000		5.250			11/01/2049		2,675,355
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	1,210,000		5.125			11/01/2035		1,209,379
	1,945,000		5.500			11/01/2045		1,927,300
	Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)
	1,215,000		4.250			11/01/2049		1,006,499
	West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)(a)
	570,000		3.625			05/01/2041		437,067
	1,545,000		4.000			05/01/2051		1,205,580
	West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR)
	550,000		5.250			05/01/2052		498,812
	West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	1,445,000		3.400			05/01/2041		1,071,302
	1,265,000		4.000			05/01/2051		985,587
	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		2,222,270
	3,790,000		5.000			05/01/2050		3,529,272
	West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR)
	1,855,000		4.000			05/01/2051		1,456,448
	Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)(a)
	480,000		5.000			05/01/2038		465,664
	600,000		5.200			05/01/2048		573,742
	Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR)
	990,000		4.625			05/01/2039		924,477
	1,590,000		4.850			05/01/2049		1,452,803
Municipal Bonds – (continued)
Florida – (continued)
	Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)(a)
	800,000		4.100			05/01/2037		717,888
	795,000		4.125			05/01/2038		707,953
	Westside Community Development District Special Assessment RB Series 2019 (NR/NR)
	1,200,000		5.000			05/01/2039		1,156,232
	2,000,000		5.200			05/01/2050		1,898,955
	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		1,283,619
	Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR)
	1,100,000		5.750			05/01/2052		1,068,006
	Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)
	1,175,000		4.000			05/01/2052		910,399
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	970,000		5.000			11/01/2049		883,052
	Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR)
	1,770,000		5.000			11/01/2045		1,669,990
	Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR/NR)
	1,260,000		4.250			05/01/2052		1,023,316
	Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR)
	1,500,000		4.400			11/01/2035		1,370,349
	625,000		4.250			05/01/2040		549,882
	500,000		4.500			05/01/2051		425,811
	Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)
	380,000		5.375			05/01/2035		382,578
	3,025,000		5.625			05/01/2045		3,041,082
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	780,000		4.875			05/01/2036		761,585
	1,445,000		5.000			05/01/2047		1,353,622
	Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR)
	1,585,000		3.700			05/01/2040		1,254,370
	1,960,000		3.875			05/01/2050		1,475,180
	Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR)
	575,000		3.375			05/01/2041		428,395
	910,000		4.000			05/01/2051		714,148
								1,254,261,896
Georgia – 1.0%
	Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A1/A)
	1,500,000		5.250			07/01/2040		1,541,575

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)
Georgia – (continued)
	Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A2/A-)
$	1,000,000		4.000	%		07/01/2040	$	914,398
	Burke County Development Authority Pollution Control RB Fifth Series 1995 (BBB+/A-2/A-)
	1,875,000		2.200			10/01/2032		1,676,709
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR)
	900,000		5.125			03/01/2052		597,765
	George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-)
	7,695,000		4.000			01/01/2054		5,865,502
	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		792,860
	940,000		5.000			01/01/2036		829,707
	3,130,000		5.000			01/01/2054		2,409,044
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR)
	6,650,000		5.000			05/15/2043		6,497,228
	24,850,000		5.000			05/15/2049		23,797,637
	Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (Baa1/A)
	2,200,000		5.000			01/01/2034		2,244,473
	6,000,000		5.000			01/01/2039		6,001,026
	29,610,000		5.000			01/01/2049		28,730,965
	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		3,085,503
								84,984,392
Guam – 0.5%
	A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)(g)
	610,000		5.125			10/01/2034		556,977
	220,000		5.250			10/01/2035		201,048
	510,000		5.250			10/01/2036		463,679
	300,000		5.375			10/01/2040		270,654
	975,000		5.375			10/01/2043		867,686
	Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (AGM) (Baa2/NR)
	1,265,000		6.125			10/01/2043		1,294,677
	Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (Baa2/NR)(d)
	2,560,000		6.375			10/01/2023		2,626,233
	Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR)
	1,500,000		3.839			10/01/2036		1,236,985
	1,925,000		4.460			10/01/2043		1,547,318
	Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+)
	6,240,000		5.000			02/01/2040		5,680,269
	Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB)
	500,000		5.000			12/01/2031		492,111
	4,515,000		5.000			12/01/2046		4,121,226
Municipal Bonds – (continued)
Guam – (continued)
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (Baa2/A-)
	9,675,000		5.000			01/01/2046		9,748,365
	Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-)
	7,170,000		5.000			01/01/2050		7,175,651
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-)
	1,165,000		5.000			07/01/2033		1,191,357
	960,000		5.000			07/01/2035		978,697
	1,920,000		5.000			07/01/2036		1,956,210
	1,365,000		5.000			07/01/2037		1,389,072
	Port Authority of Guam RB Series 2018 A (Baa2/A)
	2,500,000		5.000			07/01/2048		2,542,272
	Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR)
	1,000,000		5.000			11/01/2035		949,409
	1,400,000		5.000			11/01/2040		1,290,624
								46,580,520
Hawaii – 0.2%
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Baa1/NR)
	12,170,000		3.200			07/01/2039		9,350,255
	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		665,071
	2,750,000		5.000			05/15/2049		2,667,723
								12,683,049
Illinois – 9.3%
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba3/BB)
	1,400,000		5.382			12/01/2023		1,389,860
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR)
	16,000,000		6.000			04/01/2046		16,663,246
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR)
	1,700,000		5.000			04/01/2042		1,704,212
	1,625,000		5.000			04/01/2046		1,616,413
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)(f)
	4,415,000		0.000			12/01/2027		3,467,831
	685,000		0.000			12/01/2028		510,649
	9,125,000		0.000			12/01/2029		6,455,040
	6,905,000		0.000			12/01/2030		4,615,338
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)(f)
	125,000		0.000			12/01/2029		88,425
	775,000		0.000			12/01/2030		518,014
	Chicago Illinois Board of Education GO Bonds Series 2017 A (NR/BB)(a)
	5,500,000		7.000			12/01/2046		6,011,732

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)(f)
$	22,095,000		0.000	%		12/01/2031	$	13,908,922
	Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL) (Baa2/BB)
	5,000,000		5.500			12/01/2026		5,196,134
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB)
	8,965,000		5.500			12/01/2029		9,612,914
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB)
	20,125,000		5.250			12/01/2035		20,120,067
	10,410,000		5.250			12/01/2039		10,475,625
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (Ba3/BB)
	5,555,000		5.500			12/01/2030		5,981,743
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB)
	13,525,000		6.038			12/01/2029		12,694,227
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (Ba3/BB)
	9,025,000		4.000			12/01/2035		7,937,983
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB)
	54,375,000		7.000			12/01/2044		58,036,232
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB)
	61,035,000		6.500			12/01/2046		64,663,696
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA)
	1,250,000		5.000			12/01/2030		1,279,875
	1,025,000		5.000			12/01/2031		1,045,721
	1,000,000		5.000			12/01/2032		1,017,125
	1,250,000		5.000			12/01/2034		1,263,727
	1,000,000		5.000			12/01/2035		1,009,529
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (NR/AA)
	6,535,000		5.000			12/01/2029		6,746,037
	1,000,000		5.000			12/01/2030		1,023,900
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Ba1/BBB+)(f)
	11,545,000		0.000			01/01/2032		7,247,102
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Ba1/WR/BBB+)
	1,800,000		5.500			01/01/2037		1,804,717
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (Ba1/BBB+)
	8,375,000		5.250			01/01/2033		8,328,445
	6,295,000		5.000			01/01/2034		6,167,363
	10,500,000		5.000			01/01/2036		10,241,110
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois GO Bonds Series 2010 B (Ba1/BBB+)
	3,145,000		7.517			01/01/2040		3,207,195
	Chicago Illinois GO Bonds Series 2015 A (NR/BBB+)
	4,180,000		5.500			01/01/2039		4,190,954
	Chicago Illinois GO Bonds Series 2015 B (NR/BBB+)
	14,603,000		7.375			01/01/2033		15,018,378
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (Ba1/WR/BBB+)
	3,775,000		5.500			01/01/2042		3,783,314
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (Ba1/WR/BBB+)
	2,500,000		5.500			01/01/2042		2,506,551
	Chicago Illinois GO Refunding Bonds Series 2012 B (Ba1/BBB+)
	6,615,000		5.432			01/01/2042		5,332,842
	Chicago Illinois GO Refunding Bonds Series 2014 A (Ba1/BBB+)
	7,255,000		5.000			01/01/2035		7,092,127
	Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+)
	14,455,000		5.000			01/01/2038		14,341,749
	Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+)
	2,660,000		6.000			01/01/2038		2,749,994
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (NR/A)
	11,630,000		4.000			01/01/2044		10,271,695
	Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (NR/A)
	1,500,000		5.000			01/01/2039		1,468,058
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA)
	1,950,000		5.250			01/01/2042		2,007,330
	5,460,000		4.000			01/01/2052		4,798,317
	Chicago Park District GO Bonds Limited Tax Series 2018 A (NR/AA-)
	2,585,000		4.000			01/01/2041		2,242,917
	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		694,285
	City of Chicago Board of Eduaction UT GO Bonds Series 2018D (NR/BB)
	2,300,000		5.000			12/01/2046		2,147,143
	City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (AA/NR)
	1,500,000		5.000			12/01/2029		1,548,440
	City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (BB/NR)
	6,270,000		5.000			12/01/2025		6,406,486
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (Ba1/WR/BBB+)
	2,685,000		5.500			01/01/2037		2,692,036
	City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+)
	485,000		5.000			01/01/2031		485,973
	City of Chicago IL GO Bonds Series 2019 (BBB+/NR)
	28,265,000		5.000			01/01/2044		26,873,404
	17,105,000		5.500			01/01/2049		17,202,050

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)
Illinois – (continued)
	City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (AGM) (NR/AA)
$	6,900,000		5.500	%		01/01/2053	$	7,204,140
	City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+)
	2,400,000		4.500			01/01/2048		2,200,017
	12,000,000		5.250			01/01/2053		12,083,773
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (A2/AA)
	735,000		5.432			01/01/2042		700,269
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (A2/AA)
	7,350,000		6.314			01/01/2044		7,707,056
	Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR)
	1,818,000		5.800			03/01/2037		1,545,632
	County of Will Illinois GO Bonds Series 2019 (Aa1/AA+)
	2,500,000		4.000			11/15/2047		2,346,212
	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		1,110,002
	Illinois Finance Authority Charter School RB Series 2021A (NR/NR)(a)
	2,250,000		5.000			07/01/2051		1,624,868
	2,250,000		5.000			07/01/2056		1,576,647
	Illinois Finance Authority Multifamily Housing RB Series 2018A-1 (NR/NR)*
	653,503		5.000			12/01/2053		7
	Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB+)
	715,000		5.000			12/01/2034		730,887
	920,000		5.000			12/01/2039		930,145
	1,175,000		5.000			12/01/2044		1,174,949
	Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-)
	1,200,000		5.000			03/01/2047		1,062,974
	1,050,000		5.000			03/01/2052		911,698
	Illinois Finance Authority RB for Lake Forest College Series 2022A (BBB-/NR)
	2,250,000		5.500			10/01/2047		2,065,266
	1,925,000		5.250			10/01/2052		1,674,063
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)(a)
	12,425,000		6.125			04/01/2049		12,053,215
	Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+)
	950,000		4.000			10/01/2040		791,391
	950,000		4.000			10/01/2050		740,909
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR)
	1,645,000		4.000			05/15/2027		1,581,166
	2,825,000		5.000			05/15/2037		2,667,961
	1,055,000		5.000			05/15/2047		945,040
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR)
	1,500,000		4.000			09/01/2035		1,307,565
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR) – (continued)
	1,725,000		5.000			09/01/2036		1,691,810
	2,000,000		4.000			09/01/2037		1,706,454
	1,620,000		5.000			09/01/2038		1,572,085
	2,000,000		4.000			09/01/2039		1,669,492
	1,500,000		5.000			09/01/2040		1,442,074
	1,500,000		4.000			09/01/2041		1,226,044
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-)
	500,000		5.000			09/01/2036		502,521
	3,470,000		5.000			09/01/2046		3,341,429
	Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR)
	950,000		5.000			05/15/2051		778,515
	765,000		5.000			05/15/2056		615,086
	Illinois Finance Authority RB Series 2013 A (NR/NR)
	3,935,000		5.250			05/15/2047		3,652,941
	Illinois Finance Authority RB Series 2021 (NR BB+)(a)
	2,125,000		4.000			10/01/2042		1,644,452
	Illinois Finance Authority RB Series 2022A (NR/NR)
	5,500,000		5.500			06/01/2057		4,820,036
	Illinois State GO Bonds Series 2013 (Baa2/BBB)
	5,050,000		5.500			07/01/2038		5,061,603
	Illinois State GO Bonds Series 2014 (AGM-CR) (A2/AA)
	20,000,000		5.000			02/01/2039		19,719,856
	Illinois State GO Bonds Series 2014 (Baa2/BBB)
	2,525,000		5.000			05/01/2029		2,543,280
	10,000,000		5.000			05/01/2030		10,059,933
	5,000,000		5.000			05/01/2031		5,022,709
	5,000,000		5.000			05/01/2039		4,884,183
	Illinois State GO Bonds Series 2017 A (Baa2/BBB)
	9,500,000		5.000			12/01/2035		9,397,030
	1,770,000		4.500			12/01/2041		1,572,137
	4,730,000		5.000			12/01/2042		4,537,410
	Illinois State GO Bonds Series 2017 C (Baa2/BBB)
	44,385,000		5.000			11/01/2029		45,188,879
	Illinois State GO Bonds Series 2017 D (Baa2/BBB)
	24,325,000		5.000			11/01/2028		24,792,928
	Illinois State GO Bonds Series 2018 A (Baa2/BBB)
	350,000		5.000			05/01/2032		354,009
	1,940,000		5.000			05/01/2033		1,952,110
	5,280,000		5.000			05/01/2042		5,058,300
	5,280,000		5.000			05/01/2043		5,044,584
	Illinois State GO Bonds Series 2019 C (Baa2/BBB)
	6,305,000		4.000			11/01/2042		5,176,201
	Illinois State GO Bonds Series 2020 (Baa2/BBB)
	1,575,000		5.500			05/01/2039		1,603,217
	4,250,000		5.750			05/01/2045		4,342,599
	Illinois State GO Bonds Series 2020 C (Baa2/BBB)
	6,965,000		4.250			10/01/2045		5,785,292
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	1,658,000		6.250			03/01/2034		1,535,501
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)(f)
	15,690,000		0.000			12/15/2032		9,484,036

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL) (NR/NR)(f)
$	530,000		0.000	%		06/15/2030	$	399,674
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (NR/BBB+)(f)
	9,370,000		0.000			06/15/2030		6,546,845
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A2/AA)(f)
	6,455,000		0.000			06/15/2044		2,088,198
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/BBB+)(f)
	66,700,000		0.000			12/15/2056		8,851,797
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A2/AA)(f)
	18,400,000		0.000			12/15/2056		2,941,595
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)(f)
	70,000,000		0.000			12/15/2054		10,519,992
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (NR/BBB+)
	1,340,000		5.000			06/15/2050		1,251,246
	Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR)
	5,125,000		4.000			06/15/2052		3,884,361
	Plano Special Service Area No. 5 Special Tax Bonds for Lakewood Springs Club Series 2006 (NR/NR)
	1,538,000		6.000			03/01/2036		1,490,265
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (Baa1/NR)
	840,000		4.750			10/01/2029		840,000
	1,010,000		4.750			10/01/2032		1,010,000
	Regional Transportation Authority Illinois GO Bonds Series 2016 A (A1/AA)
	7,730,000		4.000			06/01/2046		6,947,927
	Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (NR/NR)(d)
	5,000,000		7.625			11/01/2023		5,222,238
	State of Illinois GO Bonds Series 2017 A (Baa2/BBB)
	9,500,000		4.250			12/01/2040		8,226,366
	State of Illinois GO Bonds Series 2017 D (Baa2/BBB)
	4,910,000		3.250			11/01/2026		4,685,094
	State of Illinois GO Bonds Series 2021A (Baa1/BBB+)
	4,520,000		4.000			03/01/2041		3,765,742
	State of Illinois GO Refunding Bonds Series 2018 A (Baa2/BBB)
	3,000,000		5.000			10/01/2027		3,065,730
	8,230,000		5.000			10/01/2028		8,417,960
	State of Illinois GO Unlimited Bonds Series 2017 A (Baa2/BBB)
	2,750,000		4.000			12/01/2033		2,491,554
	7,950,000		4.250			12/01/2037		7,064,365
Municipal Bonds – (continued)
Illinois – (continued)
	Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)(a)
	380,000		5.000			01/01/2045		318,499
	900,000		5.000			01/01/2055		716,606
	Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)
	2,000,000		5.000			01/01/2039		1,752,585
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB)
	540,000		4.125			10/01/2041		472,566
	1,080,000		4.125			10/01/2046		910,875
								794,300,860
Indiana – 0.3%
	Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (NR/BBB+)
	1,300,000		5.000			02/01/2029		1,305,882
	1,250,000		5.250			02/01/2034		1,256,593
	1,500,000		5.000			02/01/2039		1,485,869
	Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB)
	400,000		4.000			09/15/2049		317,213
	Indiana Finance Authority Midwestern Disaster Relieft RB Series 2012A (NR/NR)
	4,500,000		4.250			11/01/2030		4,314,368
	Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR)
	865,000		5.000			07/01/2055		758,265
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (Baa3/NR)
	3,110,000		3.000			11/01/2030		2,741,974
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Ba1/NR)
	2,250,000		3.000			11/01/2030		1,968,545
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Ba1/NR)
	2,500,000		3.000			11/01/2030		2,205,702
	Indiana Finance Authority Tax Exempt Private Activity Bonds Series 2013 A (NR/NR)(d)
	6,250,000		5.000			07/01/2023		6,318,228
	Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (WR/NR)*
	7,520,823		6.500			11/15/2031		75
	Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (NR/A-)
	3,300,000		2.500			09/01/2050		1,831,188
								24,503,902
Iowa – 0.3%
	Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (NR/BBB-)(c)(d)
	2,300,000		5.000			12/01/2042		2,075,187
	Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)
	18,500,000		5.000			12/01/2050		16,043,679

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)
Iowa – (continued)
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR)
$	2,050,000		4.000	%		05/15/2055	$	1,373,499
	2,700,000		5.000			05/15/2055		2,271,569
	Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR)
	975,000		5.375			10/01/2052		972,287
	Tobacco Settlement Authority Asset Backed Bonds Class 1 Senior Current Interest Bonds Series 2021A-2 (NR/BBB+)
	3,000,000		4.000			06/01/2049		2,439,009
								25,175,230
Kansas – 0.1%
	City of Manhattan Health Care Facilities RB Series 2022A (NR/NR)
	2,070,000		4.000			06/01/2052		1,455,447
	City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR)
	1,075,000		4.000			06/01/2046		790,924
	City of Prairie Village Special Obligation Tax Increment Revenue Refunding Bonds Series 2021 (NR/NR)
	765,000		2.875			04/01/2030		618,335
	940,000		3.125			04/01/2036		686,518
	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		1,116,010
	1,215,000		5.000			05/15/2029		1,162,798
	2,850,000		5.000			05/15/2034		2,582,806
	1,190,000		5.000			05/15/2050		963,542
								9,376,380
Kentucky – 0.6%
	City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)(a)
	4,405,000		4.700			01/01/2052		3,900,855
	City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR)(a)
	3,150,000		4.450			01/01/2042		2,846,858
	3,375,000		4.700			01/01/2052		2,988,737
	County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A)
	5,000,000		2.125			10/01/2034		3,685,570
	County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A)
	6,825,000		2.000			02/01/2032		5,332,899
	Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (A3/A)
	700,000		4.000			06/01/2046		564,013
	Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-)
	205,000		4.000			03/01/2046		166,885
	130,000		4.000			03/01/2049		104,197
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (A2/AA)
	900,000		4.000			12/01/2041		812,937
Municipal Bonds – (continued)
Kentucky – (continued)
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA)
	3,300,000		4.000			06/01/2037		3,010,755
	2,925,000		4.000			06/01/2045		2,520,248
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (A2/AA)
	1,000,000		4.000			06/01/2037		912,350
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-)
	10,030,000		5.000			08/01/2049		9,575,921
	Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2013 A (NR/A)
	5,000,000		5.750			10/01/2042		5,065,580
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (NR/A)
	6,000,000		3.000			10/01/2043		4,260,857
	Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (NR/NR)(c)(d)
	1,275,000		4.000			06/01/2025		1,269,916
								47,018,578
Louisiana – 1.4%
	Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB)
	2,125,000		5.000			12/01/2034		2,122,797
	2,375,000		5.000			12/01/2039		2,301,697
	Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR)
	1,410,000		5.500			06/01/2052		1,352,253
	Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)(a)
	1,900,000		4.125			06/01/2039		1,637,822
	2,300,000		4.375			06/01/2048		1,905,079
	Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR)
	1,810,000		3.200			06/01/2041		1,368,327
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)(a)
	8,790,000		5.000			04/01/2035		8,512,145
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (NR/AA)
	2,600,000		5.000			10/01/2039		2,712,406
	4,850,000		4.000			10/01/2041		4,387,631
	Louisiana Public Facilities Authority RB for Geo Academies Mid-City Project Series 2022 (NR/NR)(a)
	930,000		6.125			06/01/2052		873,875
	1,325,000		6.250			06/01/2062		1,235,480
	Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)(a)
	900,000		6.250			06/01/2052		826,452
	1,850,000		6.375			06/01/2062		1,677,230

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Louisiana – (continued)
	Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)(a)
$	900,000		6.375	%		06/01/2052	$	835,249
	1,850,000		6.500			06/01/2062		1,698,725
	Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (AGM) (NR/AA)
	4,710,000		3.000			06/01/2050		3,209,949
	Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A3/NR)
	5,225,000		5.000			07/01/2059		5,143,569
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A)
	12,725,000		4.000			05/15/2042		11,122,357
	4,600,000		5.000			05/15/2046		4,522,054
	Louisiana Public Facilities Authority RB Series 2021A (NR/NR)(a)
	2,470,000		4.000			06/01/2051		1,792,480
	2,070,000		4.000			06/01/2056		1,456,031
	Louisiana Public Facilities Authority RB Series 2021C (NR/NR)(a)
	1,640,000		4.000			06/01/2051		1,190,149
	1,065,000		4.000			06/01/2056		749,117
	Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A)
	12,150,000		5.000			05/15/2042		12,030,497
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A2/A-)
	30,395,000		5.000			01/01/2045		29,825,933
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-)
	4,850,000		5.000			01/01/2048		4,741,115
	Parish of St. James RB for NuStar Logistics LP Series 2008 (Ba3/BB-) (PUTABLE)(a)(c)(d)(h)
	1,400,000		6.100			06/01/2030		1,489,554
	Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba3/BB-)(a)
	2,375,000		6.350			07/01/2040		2,533,176
	Port of New Orleans Board of Commissioners RB Series 2018 A (AGM) (A2/AA)
	2,000,000		5.000			04/01/2048		2,076,792
								115,329,941
Maine – 0.2%
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/BBB+)
	850,000		4.000			01/01/2037		768,903
	1,030,000		4.000			01/01/2038		923,362
	800,000		4.000			01/01/2039		709,649
	1,400,000		4.000			01/01/2040		1,230,970
	Finance Authority of Maine RB Series 2021 (NR/NR) (NR/NR)(a)
	1,875,000		8.000			12/01/2051		1,551,382
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A1/A+)
	4,000,000		5.000			07/01/2043		3,998,545
	5,250,000		5.000			07/01/2048		5,219,857
								14,402,668
Municipal Bonds – (continued)
Maryland – 0.7%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	2,950,000		4.500			09/01/2033		2,811,779
	1,500,000		5.000			09/01/2038		1,467,683
	City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/CCC)
	1,400,000		5.000			09/01/2028		1,347,653
	860,000		5.000			09/01/2039		746,685
	6,135,000		5.000			09/01/2046		5,166,571
	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		267,347
	200,000		3.700			06/01/2039		157,869
	300,000		3.875			06/01/2046		228,059
	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		234,426
	310,000		3.450			06/01/2035		248,845
	550,000		3.500			06/01/2039		426,179
	1,650,000		3.625			06/01/2046		1,222,863
	City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)
	1,450,000		5.000			07/01/2036		1,438,606
	County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR)
	1,660,000		4.000			01/01/2045		1,402,673
	2,370,000		4.000			01/01/2050		1,953,094
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR)
	6,830,000		4.000			01/01/2045		6,138,023
	3,840,000		4.000			01/01/2050		3,377,480
	County of Prince George’s Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)(a)
	1,885,000		5.250			07/01/2048		1,766,930
	Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR)(a)
	3,765,000		4.000			07/01/2050		3,076,432
	Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (NR/BB)
	2,375,000		5.000			06/01/2058		2,067,541
	Maryland Economic Development Corp. RB for Morgan State University Project Series 2020 (NR/BBB-)
	925,000		4.000			07/01/2040		768,084
	1,400,000		4.250			07/01/2050		1,113,727
	1,175,000		5.000			07/01/2050		1,077,256
	2,265,000		5.000			07/01/2056		2,031,501
	Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa3/NR)
	3,050,000		5.000			06/01/2049		3,060,381
	Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR)
	6,205,000		3.997			04/01/2034		4,968,580
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (Baa1/NR)
	1,000,000		4.000			07/01/2050		798,535

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)
Maryland – (continued)
	Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/BBB)
$	840,000	3.000 %		10/01/2034	$	692,113
	500,000	4.000		10/01/2040		448,420
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (NR/BBB-)
	650,000	4.000		06/01/2046		530,407
	2,000,000	4.000		06/01/2051		1,585,507
	Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)(a)
	1,355,000	5.500		05/01/2052		1,210,340
	Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-)(f)
	13,800,000	0.000		05/01/2053		2,894,775
	10,125,000	0.000		05/01/2054		2,005,736
	8,750,000	0.000		05/01/2055		1,636,293
	Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR)
	1,450,000	5.000		06/01/2051		1,340,363
						61,708,756
Massachusetts – 0.2%
	Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (Aa1/AA)
	2,130,000	3.000		04/01/2044		1,589,980
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR)(a)
	1,000,000	5.000		11/15/2033		1,022,288
	900,000	5.000		11/15/2038		901,520
	2,350,000	5.125		11/15/2046		2,343,696
	Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (Baa1/BBB+)
	1,950,000	5.000		10/01/2036		1,974,959
	Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-)
	260,000	4.000		12/01/2042		222,485
	280,000	5.000		12/01/2042		276,156
	Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)(a)
	1,000,000	5.000		07/15/2046		883,028
	Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA)
	2,125,000	4.000		10/01/2045		1,811,289
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+)
	2,125,000	5.000		07/01/2044		2,009,147
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)(e) (3M USD LIBOR + 0.57%)
	1,040,000	2.434		05/01/2037		979,436
						14,013,984
Municipal Bonds – (continued)
Michigan – 2.6%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)(c)
	106,985,536	4.000		04/01/2044		77,095,286
	City of Detroit GO Bonds Series 2020 (Ba3/BB-)
	465,000	5.500		04/01/2031		484,294
	370,000	5.500		04/01/2033		382,436
	280,000	5.500		04/01/2034		288,339
	300,000	5.500		04/01/2035		307,203
	345,000	5.500		04/01/2036		352,730
	365,000	5.500		04/01/2037		372,167
	395,000	5.500		04/01/2038		401,867
	555,000	5.500		04/01/2039		563,672
	590,000	5.500		04/01/2040		598,049
	1,360,000	5.500		04/01/2045		1,366,481
	1,940,000	5.500		04/01/2050		1,959,379
	City of Detroit GO Bonds Series 2021 A (Ba3/BB-)
	2,440,000	4.000		04/01/2040		1,988,895
	660,000	4.000		04/01/2042		527,307
	900,000	5.000		04/01/2050		838,225
	City of Detroit GO Bonds Series 2021 B (Ba3/BB-)
	1,145,000	2.960		04/01/2027		1,009,243
	950,000	3.110		04/01/2028		817,056
	450,000	3.244		04/01/2029		378,285
	125,000	3.344		04/01/2030		103,388
	475,000	3.644		04/01/2034		380,783
	City of Detroit MI GO Bonds Series 2020 (BB-/Ba3)
	495,000	5.500		04/01/2032		513,541
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA)
	3,495,000	5.000		07/01/2037		3,523,843
	15,335,000	5.000		07/01/2048		15,030,242
	Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)(c)
	3,401,333	4.000		04/01/2044		2,451,049
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (A1/AA)(e) (3M USD LIBOR + 0.60%)
	4,675,000	3.108		07/01/2032		4,554,208
	Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR)
	3,200,000	5.000		05/15/2037		2,937,984
	1,400,000	5.000		05/15/2044		1,223,934
	Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (NR/A)
	1,425,000	5.000		11/01/2045		1,445,229
	Kentwood Economic Development Corp. RB for Holland Home Obligated Group Series 2021 (NR/NR)
	475,000	4.000		11/15/2045		355,091
	Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR)
	1,725,000	4.000		11/15/2043		1,318,363
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A)
	975,000	4.000		11/15/2050		830,725
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR)
	2,700,000	4.000		02/15/2047		2,297,606
	6,550,000	4.000		02/15/2050		5,504,730

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (A1/AA)
$	2,175,000		5.000	%		07/01/2032	$	2,218,169
	1,750,000		5.000			07/01/2033		1,782,957
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A2/A+)
	355,000		5.000			07/01/2033		363,377
	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) (A1/AA)
	2,600,000		5.000			07/01/2035		2,644,573
	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 (A2/A+)
	2,100,000		5.000			07/01/2034		2,146,269
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (A1/AA-)
	750,000		5.000			07/01/2035		767,306
	Michigan Finance Authority Public School Academy Limited Obligation Revenue & Revenue Refunding Bonds Series 2021 (BB+/NR)
	800,000		4.000			12/01/2041		615,404
	1,230,000		4.000			12/01/2051		861,976
	Michigan Finance Authority Public School Academy Limited Obligation Revenue Refunding Bonds Series 2021 (NR/NR)
	1,525,000		4.250			12/01/2039		1,151,074
	1,190,000		5.000			12/01/2046		924,694
	Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB)
	1,000,000		5.000			09/01/2040		885,077
	Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-)
	475,000		4.000			09/01/2045		393,016
	500,000		4.000			09/01/2050		403,078
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-)
	7,225,000		3.267			06/01/2039		5,828,576
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-)
	1,695,000		5.000			06/01/2049		1,592,828
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)(f)
	207,725,000		0.000			06/01/2065		15,873,825
	Michigan Mathematics & Science Initiative RB Refunding Series 2021 (NR/BB+)
	995,000		4.000			01/01/2031		918,873
	1,115,000		4.000			01/01/2041		911,564
	1,695,000		4.000			01/01/2051		1,273,498
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A2/AA)
	22,545,000		4.125			06/30/2035		20,194,986
Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Strategic Fund RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR)
	1,875,000		5.000			05/15/2037		1,721,475
	1,400,000		5.000			05/15/2044		1,223,934
	Michigan Strategic Fund Variable Rate Limited Obligation RB for Graphic Packaging International Coated Recycled Board Machine Project Green Bonds Series 2021 (NR/BB) (PUTABLE)(c)(d)(h)
	4,700,000		4.000			10/01/2026		4,523,579
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (NR/CCC-)(f)
	42,935,000		0.000			06/01/2052		4,175,828
	Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)(f)
	140,065,000		0.000			06/01/2058		5,792,920
	Star International Academy RB Refunding Series 2020 (NR/BBB)
	2,000,000		5.000			03/01/2030		1,984,347
	3,480,000		5.000			03/01/2033		3,388,474
	Tipton Academy Michigan Public School Academy RB Series 2021 (NR/BB)
	5,155,000		4.000			06/01/2051		3,429,997
	Universal Academy RB Refunding Series 2021 (NR/BBB-)
	1,035,000		4.000			12/01/2040		870,702
								221,064,006
Minnesota – 0.5%
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR)
	5,725,000		5.000			05/01/2048		5,692,451
	City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BBB-)
	365,000		4.000			12/01/2040		304,555
	425,000		4.000			12/01/2050		325,904
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-)
	3,265,000		4.250			02/15/2048		2,862,879
	23,575,000		5.250			02/15/2053		23,591,130
	Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR)
	1,400,000		4.000			07/01/2036		1,201,677
	875,000		4.000			07/01/2041		711,976
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (Ba2/NR)
	755,000		4.000			03/01/2029		718,385
	1,260,000		4.000			03/01/2032		1,147,692
	685,000		4.200			03/01/2034		620,532
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+)
	2,400,000		5.000			05/01/2047		2,176,224
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR)
	425,000		4.000			12/01/2034		392,060
	650,000		4.000			12/01/2040		570,366
								40,315,831

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)
Mississippi – 0.1%
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa1/A)
$	6,400,000		2.375	%		06/01/2044	$	3,874,827
	Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)(a)
	1,300,000		5.000			10/01/2031		1,327,506
	1,430,000		5.000			10/01/2032		1,433,620
	1,430,000		5.000			10/01/2033		1,426,405
	850,000		4.000			10/01/2034		716,408
	700,000		4.000			10/01/2035		581,704
	750,000		4.000			10/01/2036		614,948
	3,000,000		4.000			10/01/2041		2,293,205
								12,268,623
Missouri – 0.3%
	Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR)(a)(c)
	531,967		5.000			04/01/2043		47,830
	Branson Regional Airport Transport Development District Series 2018B & C (NR/NR)(a)(c)
	2,685,845		4.918			04/01/2043		241,488
	Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-)
	2,825,000		3.000			03/01/2046		1,728,326
	950,000		4.000			03/01/2046		731,745
	Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (Ba1/BBB-)
	1,925,000		5.000			03/01/2036		1,925,370
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)(a)
	4,750,000		5.250			12/01/2048		4,547,881
	Industrial Development Authority of The City of St Louis Missouri (The)
	2,550,000		5.000			05/15/2041		2,428,145
	Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR)
	610,000		3.500			11/01/2040		494,758
	1,150,000		4.250			11/01/2050		884,731
	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		898,130
	1,150,000		5.000			04/01/2046		959,342
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-)
	2,430,000		5.000			09/01/2043		2,437,006
	2,470,000		5.000			09/01/2048		2,455,852
	Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR)
	1,495,000		5.000			09/01/2030		1,521,723
	1,065,000		5.000			09/01/2031		1,077,806
	1,330,000		5.000			09/01/2033		1,334,981
	Missouri Southern State University RB Series 2019 A (AGM) (NR/AA)
	400,000		3.000			10/01/2044		287,589
	500,000		3.125			10/01/2049		347,705
Municipal Bonds – (continued)
Missouri – (continued)
	Plaza at Noah’s Ark Community Improvement District RB Refunding Series 2021 (NR/NR)
	475,000		3.125			05/01/2035		379,859
	St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (NR/A)
	1,195,000		5.000			04/01/2048		1,236,255
	St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,900,000		4.750			11/15/2047		1,444,332
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)*
	1,250,000		5.750			04/01/2027		325,000
								27,735,854
Nevada – 0.3%
	City of Henderson Local Improvement District No. T-21 Local Improvement Bonds Series 2022 (NR/NR)
	700,000		3.500			09/01/2045		483,633
	470,000		4.000			09/01/2051		352,051
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	290,000		4.250			06/01/2037		269,805
	415,000		4.375			06/01/2042		378,326
	480,000		4.500			06/01/2047		430,456
	City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)
	490,000		4.000			06/01/2039		424,012
	1,385,000		4.000			06/01/2044		1,138,933
	1,360,000		4.000			06/01/2049		1,087,889
	City of Las Vegas Special Improvement District No. 815 Special Assessment Series 2020 (NR/NR)
	950,000		5.000			12/01/2049		875,823
	City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR)
	600,000		3.000			06/01/2041		420,254
	1,275,000		3.125			06/01/2051		789,973
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)
	330,000		4.250			06/01/2034		305,886
	440,000		4.500			06/01/2039		403,382
	330,000		4.625			06/01/2043		298,478
	575,000		4.625			06/01/2049		504,893
	City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Ba2/NR)(a)
	375,000		2.500			06/15/2024		360,681
	1,745,000		2.750			06/15/2028		1,529,355
	Clark County Pollution Control Refunding RB 2010 Series (A-/BBB+)
	3,290,000		2.100			06/01/2031		2,641,149
	Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	2,075,000		5.125			03/01/2025		1,875,899
	Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR)
	2,200,000		4.000			09/01/2035		1,951,809

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Nevada – (continued)
	Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A)
$	700,000		5.000	%		07/01/2030	$	739,474
	Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (Aa3/A)
	635,000		5.000			07/01/2035		658,762
	Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A)
	2,795,000		5.000			07/01/2043		2,855,999
	Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/A)
	1,325,000		5.000			07/01/2029		1,444,757
	Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR)
	2,635,000		5.000			07/01/2045		2,461,201
	2,825,000		5.000			07/01/2051		2,582,257
								27,265,137
New Hampshire – 0.8%
	New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B2/B)(a)(c)
	1,800,000		2.950			04/01/2029		1,538,926
	New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B1/B)(a)(c)(d)
	2,820,000		3.625			07/02/2040		2,143,139
	New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B1/B)(a)(c)(d)
	4,890,000		3.750			07/02/2040		3,783,411
	New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR)
	12,450,000		4.000			01/01/2051		9,552,623
	New Hampshire Health and Education Facilities Authority RB for Dartmouth-Hitchcock Obligation Group Series 2020 A (NR/A)
	5,000,000		5.000			08/01/2059		4,801,759
	New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (NR/A)
	6,930,000		5.000			08/01/2034		7,083,207
	7,290,000		5.000			08/01/2035		7,439,829
	7,660,000		5.000			08/01/2036		7,808,717
	8,055,000		5.000			08/01/2037		8,084,191
	8,470,000		5.000			08/01/2038		8,470,741
	8,900,000		5.000			08/01/2039		8,901,444
								69,607,987
New Jersey – 5.6%
	Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA)
	750,000		5.000			03/01/2032		786,438
	1,010,000		5.000			03/01/2037		1,045,034
	1,205,000		5.000			03/01/2042		1,239,018
	New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (Baa2/NR)
	1,000,000		4.750			06/15/2032		975,780
	1,000,000		5.000			06/15/2037		969,526
	1,000,000		5.125			06/15/2043		954,838
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (Baa3/BB+)
	3,500,000		4.000			07/01/2032		3,319,966
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (NR/B)
	500,000		5.000			07/01/2037		454,673
	1,150,000		5.000			07/01/2047		980,309
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (Baa1/BBB)
	4,500,000		5.000			06/15/2041		4,459,382
	New Jersey Economic Development Authority RB Refunding for New Jersey Natural Gas Co. Series 2011 C (AMT) (A1/NR)
	4,725,000		3.000			08/01/2041		3,367,464
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (Ba3/B+)
	8,500,000		5.250			09/15/2029		8,407,315
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (Ba3/B+)
	5,000,000		5.625			11/15/2030		4,990,724
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (Ba3/B+)
	5,000,000		5.625			11/15/2030		4,990,724
	New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (Baa1/BBB)
	2,470,000		5.000			06/15/2047		2,443,149
	New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (Baa1/BBB)
	5,000,000		5.000			06/15/2042		4,950,602
	New Jersey Economic Development Authority Tax Exempt Private Activity Bonds Series 2013 (BBB/NR)
	1,000,000		5.375			01/01/2043		1,000,953
	New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (Ba2/BB+)
	3,450,000		4.000			07/01/2042		2,541,485
	New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (A2/AA)
	1,110,000		3.250			07/01/2049		794,162
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (NR/BBB+)
	3,350,000		3.000			07/01/2050		2,169,877
	New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (Baa2/BBB)(d)
	1,000,000		5.000			07/01/2026		1,055,839
	900,000		5.000			07/01/2026		950,255
	New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (A2/AA)
	9,700,000		4.125			07/01/2038		8,898,398
	5,600,000		5.000			07/01/2046		5,542,652

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)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB Series 2016 (A+/Baa1)
$	3,335,000		5.000	%		06/15/2030	$	3,439,971
	New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1)
	7,180,000		5.000			12/15/2033		7,301,250
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (Baa1/BBB)(f)
	134,205,000		0.000			12/15/2035		68,875,294
	63,415,000		0.000			12/15/2036		30,620,466
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (Baa1/BBB) (f)
	41,545,000		0.000			12/15/2035		21,048,753
	46,515,000		0.000			12/15/2038		19,449,080
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)(f)
	12,000,000		0.000			12/15/2026		10,031,884
	9,240,000		0.000			12/15/2029		6,662,200
	1,900,000		0.000			12/15/2034		1,022,871
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (Baa1/BBB)
	26,100,000		5.000			06/15/2038		26,099,504
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (Baa1/BBB)
	2,525,000		5.250			06/15/2041		2,537,724
	5,075,000		5.000			06/15/2045		5,019,178
	1,750,000		5.000			06/15/2046		1,732,102
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A2/AA)(f)
	11,150,000		0.000			12/15/2033		6,670,182
	25,400,000		0.000			12/15/2034		14,340,980
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)(f)
	5,000,000		0.000			12/15/2027		4,016,921
	24,445,000		0.000			12/15/2030		16,902,180
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (Baa1/BBB)(f)
	52,985,000		0.000			12/15/2036		25,232,745
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB)(f)
	2,625,000		0.000			12/15/2033		1,503,143
	1,565,000		0.000			12/15/2036		745,291
	35,240,000		0.000			12/15/2038		14,734,722
	16,135,000		0.000			12/15/2039		6,309,532
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB)
	6,120,000		4.000			12/15/2031		5,863,967
	6,070,000		5.000			12/15/2035		6,131,053
	7,585,000		5.000			12/15/2036		7,642,998
	5,275,000		4.250			12/15/2038		4,832,864
	New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB)
	935,000		3.000			06/15/2050		618,680
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (Baa1/BBB)
	5,675,000		5.000			06/15/2034		5,740,962
	20,000,000		5.250			06/15/2043		20,217,258
	South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1)
	27,340,000		5.000			01/01/2048		25,698,627
	South Jersey Transportation Authority Transportation System RB 2022 Series A (Baa2/BBB+)
	1,500,000		4.625			11/01/2047		1,420,632
	Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+)
	33,620,000		5.000			06/01/2046		30,948,814
	Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(a)
	10,055,000		6.750			12/01/2041		8,264,738
								478,965,129
New Mexico – 0.1%
	City of Santa Fe RB for El Castillo Retirement Residences Obligated Group Project Series 2019 A (NR/NR)
	500,000		5.000			05/15/2044		420,159
	1,000,000		5.000			05/15/2049		814,456
	Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-)
	450,000		4.000			09/01/2033		442,571
	375,000		4.000			09/01/2034		360,559
	300,000		4.000			09/01/2035		283,653
	1,125,000		4.000			09/01/2040		1,014,354
	Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR/NR)(a)
	2,250,000		4.250			05/01/2040		1,814,695
								5,150,447
New York – 5.9%
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A2/AA)
	1,240,000		3.000			07/15/2043		871,090
	Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR)(f)
	1,175,000		0.000			07/15/2046		274,435
	Brooklyn Arena Local Development Corp. RB Refunding for Brooklyn Events Center LLC 2016 A (Ba1/NR)
	2,125,000		5.000			07/15/2028		2,145,207
	Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+)
	1,175,000		5.000			06/15/2052		1,053,169
	950,000		5.000			06/15/2057		833,085
	Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-)
	670,000		5.000			07/01/2052		616,237
	505,000		5.000			07/01/2056		452,679
	Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)(a)
	2,975,000		5.000			12/01/2051		2,600,513
	3,080,000		5.000			12/01/2055		2,634,806

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR)
$	590,000		4.000	%		06/15/2051	$	435,775
	450,000		4.000			06/15/2056		320,429
	Build NYC Resource Corp. RB for Shefa School Series 2021 A (NR/NR)(a)
	850,000		2.500			06/15/2031		694,172
	4,965,000		5.000			06/15/2051		4,482,841
	Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)(a)
	6,125,000		6.500			07/01/2042		5,952,003
	1,900,000		6.500			07/01/2052		1,809,984
	1,850,000		6.500			07/01/2057		1,729,703
	Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)(a)
	1,900,000		9.750			07/01/2032		1,820,528
	City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (AA/Aa2)
	4,100,000		4.500			05/01/2049		3,856,215
	Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)(a)
	4,290,000		5.000			07/01/2045		3,889,256
	7,650,000		5.000			07/01/2051		6,778,709
	Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)(a)(f)
	66,000,000		0.000			06/01/2060		3,142,887
	Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB)
	645,000		5.000			07/01/2030		656,254
	865,000		5.000			07/01/2033		869,875
	815,000		5.000			07/01/2035		816,396
	640,000		5.000			07/01/2036		640,441
	455,000		5.000			07/01/2038		451,705
	Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 A (NR/NR)
	2,100,000		5.250			07/01/2056		1,673,530
	Metropolitan Transportation Authority RB 2013 B (A3/BBB+)
	800,000		5.000			11/15/2038		786,344
	Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+)
	645,000		5.000			11/15/2027		660,743
	880,000		5.000			11/15/2028		898,215
	Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+)
	7,950,000		4.750			11/15/2045		7,482,287
	3,985,000		5.000			11/15/2050		3,763,115
	2,000,000		5.250			11/15/2055		1,966,161
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-1 (A3/BBB+)
	23,425,000		5.000			11/15/2044		22,427,938
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/BBB+)
	46,815,000		4.000			11/15/2050		37,779,930
	Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+)
	4,705,000		5.000			11/15/2033		4,697,337
Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/BBB+)
	2,555,000		4.000			11/15/2032		2,407,688
	950,000		4.000			11/15/2035		850,854
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (A3/BBB+)(f)
	650,000		0.000			11/15/2040		251,243
	Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/BBB+)
	545,000		5.000			11/15/2027		559,992
	Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+)
	740,000		5.000			11/15/2029		755,624
	Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (A3/BBB+)
	3,635,000		5.000			11/15/2029		3,705,290
	Metropolitan Transportation Authority RB Series 2013 A (A3/BBB+)
	4,320,000		5.000			11/15/2043		4,149,803
	Metropolitan Transportation Authority RB Series 2014 A-1 (A3/BBB+)
	1,895,000		5.000			11/15/2044		1,814,341
	Metropolitan Transportation Authority RB Series 2016 C-1 (A3/BBB+)
	595,000		5.000			11/15/2028		608,877
	7,120,000		5.000			11/15/2034		7,106,265
	Metropolitan Transportation Authority RB Subseries 2014 D-1 (A3/BBB+)
	2,115,000		5.000			11/15/2039		2,068,496
	Metropolitan Transportation Authority Transportation RB Series 2013E (A3/BBB+)
	2,120,000		5.000			11/15/2038		2,083,812
	Metropolitan Transportation Authority Transportation RB Series 2014A-1 (A3/BBB+)
	505,000		5.250			11/15/2039		508,566
	Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AA/A3)
	1,785,000		4.000			11/15/2048		1,575,302
	Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020A-1 (A3/BBB+)
	4,435,000		4.000			11/15/2040		3,814,454
	Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2020A-1 (AA/A3)
	14,715,000		4.000			11/15/2050		12,880,087
	Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/BBB+)
	9,415,000		4.000			11/15/2045		7,794,495
	Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)(f)
	202,665,000		0.000			06/01/2060		9,220,954
	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		1,960,212
	New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA)
	5,025,000		3.000			01/01/2046		3,448,131

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)
New York – (continued)
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA)
$	2,545,000		3.000	%		03/01/2049	$	1,759,802
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR)
	1,975,000		3.000			03/01/2049		1,278,798
	New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (Baa2/BBB)(d)
	1,000,000		5.000			08/01/2025		1,047,638
	New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)(f)
	178,305,000		0.000			06/01/2060		7,709,908
	New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)(a)
	11,450,000		7.250			11/15/2044		11,535,265
	New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)(a)
	36,470,000		5.000			11/15/2044		32,607,233
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (A2/NR)
	1,250,000		2.625			09/15/2069		1,029,759
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa2/NR)
	1,430,000		2.800			09/15/2069		1,173,360
	New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2020A (Aa1/NR)
	1,695,000		4.000			03/15/2043		1,539,693
	New York State Dormitory Authority RB for Brooklyn St. Joseph’s College Series 2021 (NR/NR)
	750,000		5.000			07/01/2051		730,469
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR)
	150,000		3.560			07/01/2026		140,970
	150,000		3.670			07/01/2027		139,804
	60,000		3.760			07/01/2028		55,434
	300,000		3.820			07/01/2029		272,828
	New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (NR/NR)
	615,000		4.000			07/01/2031		579,715
	870,000		4.000			07/01/2032		811,747
	925,000		4.000			07/01/2033		854,325
	845,000		4.000			07/01/2035		762,524
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (A2/AA)
	6,645,000		3.000			09/01/2050		4,338,045
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-)
	4,160,000		4.000			09/01/2045		3,181,658
	8,495,000		4.000			09/01/2050		6,210,132
	New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B/NR) (PUTABLE)(a)(c)(d)(h)
	1,685,000		2.880			12/03/2029		1,412,559
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)(c)(d)
	2,905,000		2.750			09/02/2025		2,713,443
Municipal Bonds – (continued)
New York – (continued)
	New York State Thruway Authority Personal Income Tax RB Series 2022A (NR/AA+)
	10,000,000		5.000			03/15/2045		10,420,253
	New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR)
	975,000		4.000			12/01/2040		858,732
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR)
	1,245,000		5.000			01/01/2029		1,240,620
	7,050,000		5.000			01/01/2030		6,998,262
	5,250,000		5.000			01/01/2033		5,111,691
	5,565,000		4.000			01/01/2036		4,906,745
	10,000,000		5.000			01/01/2036		9,568,600
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR)
	6,820,000		4.000			10/01/2030		6,392,303
	7,580,000		5.000			10/01/2035		7,278,267
	15,705,000		5.000			10/01/2040		14,703,618
	15,505,000		4.375			10/01/2045		12,977,846
	New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR)
	21,505,000		4.000			04/30/2053		16,281,913
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR)
	845,000		5.000			12/01/2033		840,707
	660,000		4.000			12/01/2039		549,299
	950,000		4.000			12/01/2042		763,790
	New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa3/NR)
	10,000,000		4.000			07/01/2046		7,874,369
	7,250,000		5.000			07/01/2046		6,878,673
	New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR)
	22,400,000		5.250			01/01/2050		21,715,346
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (AGM) (A2/AA)
	5,010,000		4.000			07/01/2035		4,609,714
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa3/NR)
	9,480,000		4.000			07/01/2033		8,600,428
	5,025,000		5.000			07/01/2034		5,051,895
	2,500,000		4.000			07/01/2041		2,084,042
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-)
	7,050,000		5.250			08/01/2031		7,040,032
	5,990,000		5.375			08/01/2036		5,860,978
	New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR)
	4,590,000		5.000			08/01/2026		4,590,000
	New York Transportational Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (AMT) (NR/NR)
	4,540,000		5.000			07/01/2041		4,329,946

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA)
$	590,000		4.000	%		12/01/2033	$	556,911
	490,000		4.000			12/01/2034		459,831
	505,000		4.000			12/01/2035		470,200
	610,000		4.000			12/01/2036		564,327
	740,000		4.000			12/01/2037		679,938
	490,000		4.000			12/01/2038		445,354
	1,470,000		3.000			12/01/2039		1,101,863
	980,000		3.000			12/01/2040		724,144
	1,960,000		4.000			12/01/2049		1,664,330
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR)
	405,000		4.000			07/01/2039		333,810
	4,835,000		3.000			07/01/2044		3,064,464
	Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-)
	2,300,000		5.500			08/01/2052		2,409,394
	State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3)
	6,510,000		4.250			05/01/2052		5,675,040
	State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR)
	2,750,000		4.000			03/15/2047		2,439,987
	Triborough Bridge and Tunnel Authority General Revenue Bond Series 2022A (Aa3/AA-)
	7,500,000		5.500			11/15/2057		8,038,255
	Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (A3/BBB+)
	700,000		5.000			09/01/2038		720,388
	955,000		5.000			09/01/2039		981,003
	945,000		4.000			09/01/2040		796,397
	Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (Baa2/BBB-)
	4,375,000		5.000			11/01/2046		4,040,471
	Western Regional Off-Track Betting Corp. RB Refunding Series 2021 (NR/NR)(a)
	1,785,000		4.125			12/01/2041		1,314,687
	Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)
	475,000		5.000			10/15/2039		435,179
	610,000		5.000			10/15/2049		530,351
	530,000		5.000			10/15/2054		452,298
	Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB)
	725,000		5.000			10/15/2040		660,654
	1,325,000		5.000			10/15/2050		1,146,249
								498,647,183
North Carolina – 0.4%
	Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AA/Baa2)
	2,000,000		5.500			07/01/2052		2,056,973
	North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (NR/NR)
	1,370,000		5.000			12/31/2037		1,351,170
Municipal Bonds – (continued)
North Carolina – (continued)
	North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR)
	365,000		4.000			09/01/2046		299,375
	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		775,152
	5,575,000		4.000			03/01/2051		3,860,918
	North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR)
	950,000		5.000			10/01/2045		880,268
	1,310,000		5.000			10/01/2050		1,190,966
	North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (A2/AA-)
	6,325,000		3.000			07/01/2045		4,581,874
	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		1,208,958
	1,650,000		5.000			07/01/2039		1,563,796
	1,035,000		4.000			07/01/2044		787,409
	1,160,000		5.000			07/01/2044		1,068,913
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)(d)
	2,000,000		5.000			09/01/2024		2,062,201
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (NR/AA)
	5,000,000		5.000			01/01/2049		5,128,393
	4,250,000		4.000			01/01/2055		3,653,943
								30,470,309
Ohio – 3.5%
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+)
	7,530,000		3.000			06/01/2048		5,035,825
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	62,940,000		5.000			06/01/2055		52,870,374
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)(f)
	140,190,000		0.000			06/01/2057		14,912,683
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	2,400,000		5.250			11/01/2037		2,236,452
	2,700,000		5.250			11/01/2047		2,366,345
	2,320,000		5.250			11/01/2050		2,011,890
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/B)
	22,500,000		5.375			09/15/2027		22,206,809
	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		869,755
	Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (NR/BB)(a)
	1,445,000		4.000			12/01/2055		1,086,006

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)
Ohio – (continued)
	County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR)
$	1,800,000		5.000	%		05/15/2032	$	1,742,515
	2,775,000		5.375			05/15/2037		2,659,647
	3,910,000		5.500			05/15/2042		3,716,315
	County of Cuyahoga Hospital RB Series 2017 (Baa3/BBB-)
	6,250,000		5.000			02/15/2037		6,256,817
	County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (NR/NR)
	550,000		4.000			09/01/2040		444,985
	825,000		4.000			09/01/2045		632,695
	1,075,000		5.000			09/01/2049		898,761
	County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR)
	8,280,000		5.250			11/15/2055		7,117,006
	County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB)
	6,385,000		5.250			11/15/2048		4,738,753
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa3/BBB-)
	29,500,000		8.223			02/15/2040		35,400,873
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-)
	7,500,000		5.000			02/15/2042		7,390,388
	7,500,000		4.750			02/15/2047		6,525,405
	1,500,000		5.000			02/15/2057		1,403,547
	1,000,000		5.500			02/15/2057		1,009,810
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-)
	10,975,000		5.000			12/01/2051		10,026,576
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (NR/NR)
	2,000,000		5.000			01/01/2042		1,805,040
	1,610,000		5.000			01/01/2046		1,424,129
	Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (Ba2/BB+)
	8,000,000		5.000			02/15/2048		6,906,148
	Northeast Ohio Medical University RB Refunding Series 2021 A (Baa2/NR)
	450,000		3.000			12/01/2040		329,074
	200,000		4.000			12/01/2045		167,616
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(a)
	1,575,000		3.750			01/15/2028		1,568,416
	2,880,000		4.250			01/15/2038		2,611,132
	18,110,000		4.500			01/15/2048		15,740,247
	Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (Ba1/NR)
	4,140,000		3.250			09/01/2029		3,790,380
	Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR)
	4,790,000		5.000			12/01/2050		4,340,867
	Ohio State Higher Education Facilities RB Series 2020 (NR/NR)
	7,810,000		5.000			01/15/2050		7,419,446
Municipal Bonds – (continued)
Ohio – (continued)
	Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)(a)
	1,075,000		5.000			12/01/2033		950,210
	2,085,000		5.000			12/01/2038		1,750,214
	5,000,000		5.000			12/01/2048		3,920,359
	Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A2/A)
	6,650,000		3.000			01/15/2045		4,531,562
	Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)(c)(d)
	2,750,000		4.375			06/15/2026		2,502,695
	Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)(a)
	2,095,000		4.250			12/01/2050		1,558,470
	Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)(a)
	4,725,000		6.500			12/01/2030		4,181,351
	12,500,000		7.000			12/01/2042		10,290,658
	State of Ohio Hospital RB for University Hospital Health System Series 2021A (A/A2)
	22,915,000		4.000			01/15/2046		19,855,715
	State of Ohio Hospital RB Series 2020A (A2/A)
	5,745,000		4.000			01/15/2050		4,866,794
	Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR)
	1,475,000		4.000			01/01/2043		1,183,599
	950,000		4.000			01/01/2046		739,247
	950,000		4.000			01/01/2051		704,345
	2,520,000		4.000			01/01/2057		1,818,475
								298,516,421
Oklahoma – 0.8%
	Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Baa1/A-)
	1,075,000		4.000			09/01/2045		853,109
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (A2/AA)
	2,400,000		4.000			08/15/2052		1,999,346
	2,000,000		4.125			08/15/2057		1,681,311
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+)
	24,660,000		5.500			08/15/2057		20,915,539
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-)
	1,050,000		5.500			08/15/2052		895,466
	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		1,949,725
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)
	4,680,000		5.500			12/01/2035		4,690,044
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)
	24,300,000		5.500			12/01/2035		24,352,150

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Oklahoma – (continued)
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)(c)(d)
$	9,070,000		5.000	%		06/01/2025	$	9,149,272
								66,485,962
Oregon – 0.1%
	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		113,186
	225,000		5.375			11/15/2055		196,743
	Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (NR/BBB+)
	1,750,000		5.000			10/01/2040		1,726,081
	Oregon State Facilities Authority RB Refunding for Willamette University Series 2021 A (Baa2/BBB)
	4,700,000		4.000			10/01/2051		3,692,826
	Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR)(a)
	860,000		5.000			11/01/2039		902,418
	Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR)
	1,825,000		5.000			11/15/2051		1,443,368
								8,074,622
Pennsylvania – 3.2%
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A)
	32,000,000		4.000			04/01/2044		27,605,546
	Allegheny County IDA Penn Hills Charter School of Entrepeneurship Series A (BB/NR)
	1,305,000		4.000			06/15/2041		1,010,251
	975,000		4.000			06/15/2051		691,976
	1,070,000		4.000			06/15/2056		730,914
	Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-)
	3,900,000		4.875			11/01/2024		3,900,996
	2,500,000		5.125			05/01/2030		2,506,382
	Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR)
	7,875,000		5.000			05/01/2042		7,874,993
	Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB for City Center Project Series 2022 (NR/NR)(a)
	6,375,000		5.250			05/01/2042		5,853,736
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR)(a)
	2,000,000		5.000			05/01/2027		2,004,291
	1,400,000		5.000			05/01/2032		1,367,004
	6,950,000		5.000			05/01/2042		6,384,847
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR)(a)
	250,000		5.000			05/01/2028		250,042
	1,000,000		5.000			05/01/2033		968,040
	2,750,000		5.000			05/01/2042		2,526,570
	Berks County IDA Health System RB for Tower Health Project Series 2017 (BB-/NR)
	8,745,000		5.000			11/01/2050		5,743,938
	Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/BB-)
	950,000		5.000			11/01/2029		804,586
	1,745,000		5.000			11/01/2030		1,453,396
	1,425,000		5.000			11/01/2034		1,096,935
	7,850,000		4.000			11/01/2047		4,638,954
	Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (BB+/NR)
	11,200,000		4.000			07/01/2051		7,703,153
	Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB+)
	4,005,000		5.000			07/01/2054		3,353,707
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR)
	1,150,000		5.000			10/01/2037		1,164,677
	Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB)(a)
	2,850,000		6.000			10/15/2052		2,702,285
	Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (Ba2/NR)
	500,000		5.000			08/01/2035		475,847
	1,000,000		5.000			08/01/2045		891,251
	Clairton Municipal Authority Sewer RB Series 2012 B (NR/BBB+)
	1,000,000		5.000			12/01/2042		1,000,155
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A1/A)
	1,900,000		5.000			06/01/2034		1,968,245
	1,900,000		5.000			06/01/2035		1,964,632
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA)
	6,000,000		4.000			06/01/2039		5,587,301
	Cumberland County Municipal Authority RB Refunding Series 2015 (NR/NR)(d)
	145,000		5.000			01/01/2025		150,563
	Cumberland County Municipal Authority RB Series 2015 (CASH/ US GOVT SECURITIES) (NR/NR)(d)
	610,000		5.000			01/01/2025		633,401
	Cumberland County Municipal Authority RB Series 2015 (NR/NR)
	745,000		5.000			01/01/2038		749,334
	Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)(a)
	5,100,000		5.875			10/15/2040		5,121,680
	17,325,000		6.250			10/15/2053		17,584,709

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)
Pennsylvania – (continued)
	Doylestown Hospital Authority RB Series 2019 A (Ba1/BBB-)
$	1,250,000	4.000 %	07/01/2045	$	878,762
	2,375,000	5.000	07/01/2049		1,967,072
	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		900,734
	900,000	5.000	12/01/2048		710,444
	1,750,000	5.000	12/01/2053		1,349,784
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (A1/AA-)(e) (3M USD LIBOR + 0.77%)
	52,950,000	2.634	05/01/2037		46,183,461
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (Aa3/NR)
	2,300,000	5.000	06/01/2044		2,346,875
	5,700,000	4.000	06/01/2049		4,886,881
	4,225,000	5.000	06/01/2049		4,292,085
	Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (NR/NR)
	750,000	5.000	03/01/2045		632,160
	Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-)
	300,000	5.000	03/01/2033		293,515
	315,000	5.000	03/01/2034		305,572
	450,000	4.000	03/01/2035		385,918
	465,000	4.000	03/01/2036		392,975
	275,000	4.000	03/01/2037		229,218
	335,000	4.000	03/01/2039		272,170
	250,000	4.000	03/01/2040		200,912
	250,000	4.000	03/01/2041		198,168
	625,000	4.000	03/01/2046		469,226
	675,000	4.000	03/01/2051		487,993
	Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR)
	2,365,000	5.000	11/15/2045		2,352,041
	Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (NR/NR)
	1,900,000	5.000	11/01/2044		1,671,222
	2,100,000	5.000	11/01/2049		1,798,104
	Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (NR/BBB+)
	945,000	5.000	05/01/2044		872,283
	1,245,000	5.000	05/01/2049		1,126,664
	Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR)
	2,250,000	4.000	07/01/2046		1,823,383
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (WR/AA)(e)
	(3M USD LIBOR + 0.60%)
	7,210,000	3.108	07/01/2027		7,057,182
	(3M USD LIBOR + 0.65%)
	10,850,000	3.166	07/01/2039		9,408,280
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (NR/BB)
	5,645,000	5.000	05/01/2042		4,859,879
	Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (Baa3/NR)
	365,000	5.000	07/01/2031		357,388
	400,000	5.000	07/01/2035		375,881
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A3/NR)
	3,875,000	5.250	06/01/2047		3,891,036
	Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+)
	1,705,000	5.250	06/15/2052		1,513,516
	Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)
	2,225,000	5.000	06/15/2050		1,923,411
	Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-)
	310,000	5.000	08/01/2040		295,654
	975,000	5.000	08/01/2050		892,108
	Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)(a)
	2,860,000	5.000	06/15/2050		2,465,470
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB)
	500,000	5.000	07/01/2028		516,295
	2,000,000	5.000	07/01/2029		2,064,258
	3,000,000	5.000	07/01/2030		3,087,110
	2,615,000	5.000	07/01/2031		2,680,090
	1,000,000	5.000	07/01/2032		1,021,040
	4,425,000	5.000	07/01/2033		4,500,517
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BB+)
	2,450,000	5.000	11/15/2028		2,319,985
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (Baa3/NR)
	1,100,000	5.000	01/01/2035		1,102,272
	2,325,000	5.000	01/01/2038		2,308,514
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+)
	475,000	5.000	10/01/2039		427,631
	1,125,000	5.000	10/01/2049		951,738
	The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-)
	4,600,000	5.000	11/01/2044		3,194,513
	Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022A (NR/NR)(a)
	4,485,000	6.250	07/01/2057		4,006,664
	Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (NR/BB)
	1,000,000	5.000	07/01/2028		987,177
	1,000,000	5.000	07/01/2035		955,426

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR)
$	1,320,000		4.000	%		07/01/2037	$	1,115,249
								269,770,243
Puerto Rico – 7.8%
	Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR)(a)
	20,000,000		5.000			07/01/2035		18,952,916
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)(a)
	32,500,000		5.000			07/01/2047		28,791,873
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR)(a)
	4,100,000		2.750			07/01/2023		4,002,997
	9,400,000		3.500			07/01/2026		8,819,195
	9,400,000		3.750			07/01/2027		8,737,295
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)(a)
	7,400,000		5.000			07/01/2033		7,152,308
	4,400,000		4.000			07/01/2042		3,462,708
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR)(a)
	850,000		5.000			07/01/2033		821,549
	450,000		5.000			07/01/2037		423,278
	1,000,000		4.000			07/01/2042		786,979
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)(a)
	495,000		5.000			07/01/2025		496,911
	1,355,000		5.000			07/01/2033		1,309,645
	Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)(a)
	23,435,000		4.000			07/01/2042		18,442,855
	Puerto Rico Commonwealth GO Bonds (NR/NR)*(b)(c)(i)
	27,206,062		0.000			11/01/2043		13,603,031
	Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)*(b)(c)(i)
	5,401,530		0.000			11/01/2051		1,978,310
	Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)(b)(c)(i)
	17,849,175		0.000			11/01/2051		8,032,129
	Puerto Rico Commonwealth GO CVIs (NR/NR)(b)(c)(i)
	162,047		0.000			11/01/2051		21,066
	Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR)
	391		5.250			07/01/2023		393
	1,002,883		5.625			07/01/2027		1,023,709
	905,496		5.625			07/01/2029		926,135
	3,735,960		5.750			07/01/2031		3,808,820
	12,254,090		0.000	(f)		07/01/2033		6,754,377
	7,839,196		4.000			07/01/2033		6,893,798
	4,889,113		4.000			07/01/2035		4,179,376
	9,271,482		4.000			07/01/2037		7,607,995
	16,955,158		4.000			07/01/2041		13,232,831
	19,649,454		4.000			07/01/2046		14,707,626
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (A3/AA)
	360,000		5.250			07/01/2041		350,020
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (WR/NR)
	28,730,000		5.250			07/01/2038		27,271,105
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)
	1,860,000		5.250			07/01/2033		1,831,494
	680,000		5.250			07/01/2034		665,663
	6,675,000		5.250			07/01/2036		6,519,667
	Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (WR/NR)*
	215,000		5.000			07/01/2028		2
	Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR)*
	1,905,000		4.800			07/01/2029		1,407,319
	15,600,000		5.000			07/01/2042		11,583,000
	Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)*
	715,000		7.250			07/01/2030		550,550
	5,210,000		7.000			07/01/2033		3,998,675
	2,610,000		6.750			07/01/2036		1,996,650
	6,190,000		7.000			07/01/2040		4,750,825
	Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR)*
	1,678,950		10.000			07/01/2022		1,326,371
	Puerto Rico Electric Power Authority Power RB Series A-4 (NR/NR)*
	747,236		10.000			07/01/2019		590,316
	Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)*
	130,000		5.250			07/01/2023		96,525
	3,420,000		5.250			07/01/2031		2,539,350
	Puerto Rico Electric Power Authority Power RB Series B-4 (NR/NR)*
	747,235		10.000			07/01/2019		590,316
	Puerto Rico Electric Power Authority Power RB Series BBB (NR/NR)*
	90,000		5.400			07/01/2028		67,050
	Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)*
	80,000		5.000			07/01/2022		59,200
	90,000		4.250			07/01/2023		66,488
	60,000		4.500			07/01/2023		44,325
	50,000		4.600			07/01/2024		36,937
	210,000		4.625			07/01/2025		155,137
	900,000		5.000			07/01/2025		668,250
	25,000		5.000			07/01/2026		18,563
	65,000		4.800			07/01/2027		48,019
	4,980,000		5.000			07/01/2028		3,697,650
	Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR)*
	5,036,850		10.000			01/01/2021		3,979,111
	Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR)*
	5,036,850		10.000			07/01/2021		3,979,112
	Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR)*
	1,678,950		10.000			01/01/2022		1,326,371

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)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority Power RB Series EEE (NR/NR)*
$	1,175,000	5.950 %	07/01/2030	$	884,187
	4,620,000	6.050	07/01/2032		3,476,550
	115,000	6.250	07/01/2040		86,538
	Puerto Rico Electric Power Authority Power RB Series SS (NR/NR)*
	130,000	4.625	07/01/2030		96,038
	Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)*
	300,000	4.200	07/01/2019		218,625
	700,000	5.000	07/01/2025		519,750
	4,795,000	5.000	07/01/2032		3,560,287
	1,385,000	5.000	07/01/2037		1,028,363
	Puerto Rico Electric Power Authority Power RB Series WW (NR/NR)*
	2,000,000	5.500	07/01/2020		1,487,500
	3,765,000	5.250	07/01/2033		2,795,513
	2,200,000	5.500	07/01/2038		1,641,750
	Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)*
	20,000	4.875	07/01/2027		14,775
	12,290,000	5.250	07/01/2040		9,125,325
	Puerto Rico Electric Power Authority Power RB Series YY (NR/NR)*
	2,130,000	6.125	07/01/2040		1,602,825
	Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)*
	65,000	3.700	07/01/2017		44,931
	1,230,000	5.000	07/01/2017		910,200
	145,000	4.250	07/01/2018		105,669
	3,130,000	5.000	07/01/2019		2,316,200
	260,000	4.250	07/01/2020		189,475
	25,000	5.250	07/01/2020		18,500
	80,000	4.375	07/01/2021		58,900
	100,000	4.375	07/01/2022		73,625
	65,000	5.000	07/01/2022		48,100
	190,000	4.500	07/01/2023		140,362
	90,000	4.625	07/01/2025		66,488
	Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (NR/NR)*
	215,000	3.300	07/01/2019		148,619
	80,000	3.500	07/01/2020		55,300
	155,000	3.625	07/01/2021		107,144
	60,000	3.750	07/01/2022		41,625
	390,000	3.875	07/01/2023		271,050
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)(e) (3M USD LIBOR + 0.52%)
	52,372,000	2.046	07/01/2029		48,937,151
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL) (Baa2/NR)
	1,250,000	5.250	07/01/2032		1,227,689
	435,000	5.250	07/01/2035		421,980
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (WR/NR)*
	126,000	5.000	07/01/2024		93,555
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Series 2010 AAA (WR/NR)*
	1,489,000	5.250	07/01/2027		1,105,582
	2,119,000	5.250	07/01/2028		1,573,358
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (AGC) (A3/AA)
	2,000,000	5.250	07/01/2041		1,944,556
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL) (Baa2/NR)
	2,395,000	5.250	07/01/2035		2,323,359
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGC) (A3/AA)
	185,000	5.500	07/01/2031		186,438
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)
	470,000	5.250	07/01/2032		464,198
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (A2/AA)
	100,000	5.500	07/01/2029		101,592
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (A3/AA)
	320,000	5.250	07/01/2034		313,253
	27,260,000	5.250	07/01/2036		26,625,635
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR AGC) (A2/AA)
	2,455,000	5.500	07/01/2029		2,494,095
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR AGC-ICC) (A2/AA)
	330,000	5.500	07/01/2026		341,042
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (WR/NR)
	3,825,000	5.250	07/01/2031		3,732,579
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL) (Baa2/NR)
	1,570,000	5.250	07/01/2033		1,534,434
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (WR/NR)*
	3,400,000	5.500	07/01/2024		680,000
	5,565,000	5.500	07/01/2026		1,113,000
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-IBC) (Baa2/NR)
	4,920,000	4.750	07/01/2038		4,741,620
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (WR/NR)*
	420,000	5.000	07/01/2038		84,000
	Puerto Rico Highway & Transportation Authority RB Series 2003 G (WR/NR)*
	1,705,000	5.000	07/01/2042		341,000
	Puerto Rico Highway & Transportation Authority RB Series 2005 K (WR/NR)*
	1,900,000	5.000	07/01/2024		380,000
	9,425,000	5.000	07/01/2030		1,885,000
	Puerto Rico Highway & Transportation Authority RB Series 2007 M (WR/NR)*
	445,000	4.125	07/01/2019		89,000
	940,000	5.000	07/01/2025		188,000
	1,470,000	5.000	07/01/2026		294,000

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Highway & Transportation Authority RB Series 2007 M (WR/NR)* – (continued)
$	1,850,000		5.000	%		07/01/2027	$	370,000
	2,825,000		5.000			07/01/2037		565,000
	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR)
	1,452,000		4.329			07/01/2040		1,254,200
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(f)
	4,313,000		0.000			07/01/2031		2,742,540
	5,295,000		0.000			07/01/2033		2,975,805
	156,839,000		0.000			07/01/2046		35,358,286
	128,657,000		0.000			07/01/2051		20,944,111
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	90,556,000		4.329			07/01/2040		78,219,909
	562,000		4.536			07/01/2053		462,728
	10,379,000		4.784			07/01/2058		8,729,659
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	3,939,000		4.500			07/01/2034		3,682,226
	3,447,000		4.550			07/01/2040		3,062,917
	37,730,000		4.750			07/01/2053		32,223,744
	87,059,000		5.000			07/01/2058		76,855,885
								666,981,506
Rhode Island – 0.2%
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (NR/CCC-)(f)
	124,220,000		0.000			06/01/2052		15,263,756
South Carolina – 0.3%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	2,819,000		6.875			11/01/2035		2,820,137
	South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)(a)
	6,160,000		5.250			06/15/2052		5,369,504
	5,615,000		5.250			06/15/2057		4,787,390
	South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (NR/NR)
	2,365,000		5.000			11/15/2047		2,351,478
	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		916,231
	South Carolina Public Service Authority Revenue Obligations 2015 Tax Exempt Series E (A/NR)
	7,790,000		5.250			12/01/2055		7,676,525
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA)
	2,250,000		4.000			04/15/2045		1,929,623
	2,000,000		3.000			04/15/2049		1,318,127
								27,169,015
Municipal Bonds – (continued)
South Dakota – 0.0%
	County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-)
	1,050,000		4.000			08/01/2056		738,802
	1,450,000		4.000			08/01/2061		987,531
								1,726,333
Tennessee – 0.1%
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-)
	5,230,000		4.000			07/01/2040		4,602,120
	Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment RB Series 2021A (NR/NR)(a)
	1,150,000		4.000			06/01/2051		872,817
	Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment Revenue Capital Appreciation Bonds Series 2021B (NR/NR)(a)(f)
	2,825,000		0.000			06/01/2043		806,653
	Memphis-Shelby County Industrial Development Board Tax Allocation Refunding Bonds Series 2017 A (NR/NR)
	100,000		4.750			07/01/2027		81,938
	4,100,000		5.625			01/01/2046		2,580,925
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR)
	315,000		5.000			10/01/2029		315,742
	230,000		5.000			10/01/2034		223,614
	375,000		5.000			10/01/2039		355,459
	450,000		5.000			10/01/2048		408,150
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)(a)
	850,000		5.125			06/01/2036		848,700
								11,096,118
Texas – 6.8%
	Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)(a)
	260,000		4.250			09/01/2023		259,264
	500,000		4.625			09/01/2028		496,078
	2,340,000		5.125			09/01/2038		2,257,667
	2,580,000		5.250			09/01/2047		2,449,818
	Arlington Higher Education Finance Corp. Education RB for Legacy Traditional Schools Project Series 2022A (NR/NR)(a)
	5,500,000		6.750			02/15/2062		5,380,808
	Arlington Higher Education Finance Corp. Education RB for Texas Charter Schools Series 2021 (Ba3/NR)(a)(c)(d)
	2,325,000		4.500			06/15/2026		2,207,007
	Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR)
	1,495,000		5.625			08/15/2052		1,309,273
	1,780,000		5.750			08/15/2057		1,557,093
	Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB)
	305,000		4.000			08/15/2036		255,232
	560,000		4.000			08/15/2041		441,468
	810,000		4.000			08/15/2046		605,820

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)
	Aubrey Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (A2/AAA)
$	5,000,000		4.000	%		02/15/2052	$	4,600,015
	Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+)
	1,480,000		5.000			01/01/2029		1,485,048
	Board of Managers, Joint Guadalupe County – City of Seguin Hospital Mortgage Improvement RB Refunding Bonds Series 2015 (NR/BB)
	1,950,000		5.250			12/01/2035		1,952,208
	2,435,000		5.000			12/01/2040		2,247,780
	Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities RB for Aleon Renewable Metals Project (NR/NR)(a)(c)
	5,750,000		10.000			06/01/2042		5,629,954
	Cedar Bayou Navigation District Special Assessment Series 2020 (NR/NR)
	9,415,000		6.000			09/15/2051		7,969,048
	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		2,194,651
	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		700,145
	1,271,000		4.250			09/15/2051		994,775
	City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR)(a)(g)
	1,620,000		6.000			09/01/2045		1,586,343
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)(a)
	4,150,000		5.125			11/01/2033		3,965,665
	City of Bee Cave Special Assessment RB Series 2021 (NR/NR) (NR/NR)(a)
	563,000		4.750			09/01/2031		501,167
	1,540,000		5.000			09/01/2041		1,351,365
	1,907,000		5.250			09/01/2051		1,660,511
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)(a)
	430,000		3.750			09/01/2040		337,073
	1,451,000		4.000			09/01/2050		1,127,746
	City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)(a)
	450,000		4.250			09/01/2041		372,869
	550,000		4.500			09/01/2050		446,698
	City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)(a)
	1,021,000		5.000			09/01/2051		908,158
	City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR)(a)
	812,000		3.375			09/01/2042		571,885
	3,549,000		4.000			09/01/2052		2,696,544
	City of Celina Special Assessment RB for Parks At Wilson Creek Series 2021 (NR/NR)(a)
	120,000		2.750			09/01/2026		109,759
	221,000		3.500			09/01/2026		206,892
	240,000		3.250			09/01/2031		206,031
Municipal Bonds – (continued)
Texas – (continued)
	City of Celina Special Assessment RB for Parks At Wilson Creek Series 2021 (NR/NR)(a) – (continued)
	446,000		4.000			09/01/2031		404,465
	1,134,000		3.500			09/01/2041		893,217
	959,000		4.250			09/01/2041		814,413
	1,916,000		4.000			09/01/2051		1,504,662
	1,410,000		4.500			09/01/2051		1,157,268
	City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR)(a)
	1,215,000		5.625			09/01/2052		1,155,988
	City of Celina Special Assessment RB Series 2022 (NR/NR)(a)
	910,000		4.000			09/01/2043		732,343
	933,000		4.125			09/01/2051		726,811
	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		394,224
	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		1,130,823
	1,686,000		5.750			09/01/2047		1,687,294
	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)
	2,330,000		4.250			09/01/2049		1,887,530
	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		1,414,580
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR)
	3,710,000		7.500			09/01/2045		3,759,823
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Area #1 Project Series 2015 (NR/NR)
	1,635,000		6.250			09/01/2045		1,653,482
	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		196,804
	370,000		5.250			09/01/2041		341,485
	500,000		5.500			09/01/2050		462,532
	City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(a)
	242,000		4.125			09/15/2026		228,241
	261,000		4.750			09/15/2031		233,376
	900,000		4.250			09/15/2041		742,673
	500,000		5.000			09/15/2041		441,207
	1,400,000		4.500			09/15/2051		1,122,911
	650,000		5.250			09/15/2051		569,351
	City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (NON-AMT) (A1/A+)
	7,000,000		4.000			11/01/2045		6,115,809

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022B (NR/NR)(a)
$	1,364,000		5.750	%		09/01/2052	$	1,279,097
	City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)(a)
	1,413,000		5.250			09/01/2052		1,290,126
	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		804,999
	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		541,806
	994,000		4.125			08/15/2050		780,629
	City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)(a)
	925,000		3.750			08/15/2041		717,128
	1,656,000		4.000			08/15/2051		1,279,633
	City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)(a)
	2,275,000		6.000			08/15/2052		2,177,051
	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		1,122,109
	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		803,029
	1,920,000		4.500			08/15/2048		1,623,879
	City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)(a)
	1,000,000		4.375			08/15/2052		823,614
	City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA)
	2,050,000		3.250			08/15/2043		1,517,529
	City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)(a)
	961,000		4.125			09/15/2042		810,898
	617,000		4.250			09/15/2047		510,067
	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		4,019,533
	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		1,278,388
	2,435,000		5.000			09/01/2044		2,273,391
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-)
	2,235,000		4.500			09/01/2032		2,101,741
	4,715,000		4.500			09/01/2038		4,179,413
Municipal Bonds – (continued)
Texas – (continued)
	City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) (NR/NR)(a)
	1,852,000		4.000			09/01/2051		1,405,080
	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		2,040,982
	City of Houston Airport System Special Facilities RB Series 2021B-1 (AMT) (NR/NR)
	3,625,000		4.000			07/15/2041		2,838,641
	City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(a)
	1,000,000		4.000			09/01/2056		749,052
	City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)(a)
	2,491,000		4.000			09/01/2051		1,908,923
	City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)(a)
	2,329,000		4.000			09/01/2056		1,746,856
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+)
	1,500,000		5.000			08/15/2043		1,500,578
	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		1,585,624
	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		420,100
	445,000		4.000			09/15/2050		336,827
	City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)(a)
	700,000		3.750			09/01/2041		525,602
	900,000		4.000			09/01/2046		705,328
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)(a)
	1,405,000		4.625			09/01/2039		1,277,787
	900,000		4.750			09/01/2044		799,187
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)(a)
	1,310,000		3.625			09/01/2040		999,787
	400,000		4.000			09/01/2046		315,472
	City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Project Series 2022 (NR/NR)(a)
	212,000		4.125			09/01/2027		201,744
	501,000		4.625			09/01/2041		443,645
	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		1,106,194
	City of Kyle Special Assessment RB Series 2022 (NR/NR)
	1,950,000		5.000			09/01/2042		1,808,397
	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		782,338
	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		505,949
	2,415,000		4.500			09/15/2049		2,025,160

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)
Texas – (continued)
	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	$	761,961
	City of Lavon Special Assessment RB Series 2022 (NR/NR)(a)
	2,123,000		4.000			09/15/2042		1,741,130
	900,000		4.375			09/15/2042		750,472
	4,978,000		4.125			09/15/2052		3,881,592
	1,396,000		4.500			09/15/2052		1,125,923
	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		1,440,943
	City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR)(a)
	225,000		3.500			09/01/2027		206,877
	275,000		3.875			09/01/2032		240,537
	550,000		4.125			09/01/2042		454,832
	2,100,000		4.000			09/01/2052		1,631,345
	900,000		4.375			09/01/2052		723,367
	City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(a)
	700,000		3.500			09/15/2041		507,936
	830,000		4.125			09/15/2041		678,035
	900,000		4.000			09/15/2051		692,166
	1,125,000		4.375			09/15/2051		886,643
	City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)(a)
	295,000		4.500			09/15/2040		261,303
	525,000		4.625			09/15/2049		445,506
	City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(a)
	150,000		4.125			09/01/2026		140,546
	150,000		4.625			09/01/2031		132,695
	900,000		4.125			09/01/2041		742,207
	450,000		4.875			09/01/2041		381,232
	1,370,000		4.375			09/01/2051		1,088,936
	520,000		5.125			09/01/2051		453,876
	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		692,337
	2,950,000		4.375			09/15/2049		2,482,600
	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		436,280
	820,000		4.000			09/15/2051		627,284
	City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)(a)
	2,430,000		5.750			09/15/2052		2,293,922
	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		1,110,264
	2,055,000		6.000			09/15/2049		1,957,575
Municipal Bonds – (continued)
Texas – (continued)
	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		2,325,484
	5,200,000		5.125			09/15/2048		4,747,167
	3,830,000		6.125			09/15/2048		3,668,605
	City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)(a)
	130,000		4.125			09/15/2031		116,011
	420,000		4.500			09/15/2041		355,569
	1,540,000		4.125			09/15/2051		1,202,582
	510,000		4.750			09/15/2051		418,720
	City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)(a)
	2,310,000		5.375			09/15/2052		2,088,082
	City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)(a)
	1,300,000		6.125			09/15/2052		1,216,558
	City of New Braunfels Special Assessment RB for Solms Landing Public Improvement Project Series 2021 (NR/NR)(a)
	220,000		3.625			09/01/2026		201,975
	320,000		4.250			09/01/2031		284,562
	782,000		4.500			09/01/2041		648,531
	1,355,000		4.750			09/01/2051		1,098,188
	City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)(a)
	361,000		5.250			09/01/2040		335,272
	355,000		5.625			09/01/2040		334,571
	560,000		4.125			09/01/2049		452,215
	932,000		5.375			09/01/2050		847,084
	City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)(a)
	1,175,000		3.750			09/01/2040		936,145
	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		1,110,563
	1,465,000		4.500			09/01/2048		1,270,419
	City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)(a)
	600,000		5.500			09/15/2042		566,018
	1,350,000		5.625			09/15/2052		1,266,606
	1,928,000		6.125			09/15/2052		1,852,239
	City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)(a)
	550,000		5.500			09/15/2042		518,850
	1,200,000		5.625			09/15/2052		1,125,872
	City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)(a)
	3,701,000		6.000			09/15/2052		3,541,683
	1,480,000		6.500			09/15/2052		1,437,842

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)(a)
$	1,040,000		4.375	%		09/01/2052	$	859,231
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)(a)
	2,460,000		4.875			09/01/2048		2,238,948
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)(a)
	126,000		3.875			09/01/2040		101,153
	175,000		4.125			09/01/2050		139,436
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	400,000		4.875			09/01/2039		377,312
	835,000		5.000			09/01/2049		771,166
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)(a)
	398,000		4.000			09/01/2051		308,675
	City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR)(a)
	700,000		5.125			09/01/2042		660,762
	1,300,000		5.250			09/01/2052		1,198,281
	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		1,991,977
	1,185,000		5.500			09/01/2039		1,159,428
	1,490,000		4.750			09/01/2049		1,310,162
	2,140,000		5.750			09/01/2049		2,074,417
	City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR)(a)
	912,000		5.125			09/01/2042		871,415
	2,050,000		5.250			09/01/2052		1,940,646
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)(a)
	750,000		3.750			09/01/2040		589,729
	1,250,000		4.000			09/01/2050		971,642
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)(a)
	1,462,000		4.000			09/01/2051		1,133,345
	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		584,045
	565,000		4.000			09/15/2051		435,699
	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		967,821
	1,780,000		4.125			09/15/2050		1,407,238
	City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)(a)
	110,000		4.375			09/15/2030		102,407
	500,000		4.125			09/15/2040		424,489
	1,520,000		4.375			09/15/2050		1,248,424
	600,000		5.125			09/15/2050		530,584
Municipal Bonds – (continued)
Texas – (continued)
	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		1,563,967
	City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)(a)
	1,070,000		3.750			09/15/2040		824,084
	1,490,000		4.000			09/15/2050		1,155,190
	City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR)
	665,000		5.375			09/01/2040		630,970
	1,500,000		5.625			09/01/2050		1,417,197
	City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) (NR/NR)(a)
	1,522,000		4.500			09/01/2051		1,224,448
	City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR)
	780,000		5.000			09/01/2028		778,516
	2,035,000		5.600			09/01/2038		2,027,745
	2,470,000		5.700			09/01/2047		2,415,460
	City of Sinton Special Assessment RB Series 2022 (NR/NR)(a)
	900,000		5.125			09/01/2042		816,237
	1,150,000		5.250			09/01/2051		1,021,019
	City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)(a)
	1,171,000		5.500			08/15/2052		1,103,938
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-)
	1,175,000		4.000			10/01/2050		868,813
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)(a)
	1,100,000		5.000			10/01/2050		838,443
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR)
	575,000		4.000			10/01/2050		493,887
	County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)(a)
	800,000		3.750			09/15/2040		616,052
	1,200,000		4.000			09/15/2050		923,379
	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		809,151
	765,000		4.750			09/01/2050		622,701
	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		3,138,836
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(a)
	100,000		3.750			08/15/2024		97,072
	350,000		4.000			08/15/2029		321,860
	1,150,000		4.500			08/15/2035		1,016,660
	875,000		5.000			08/15/2044		778,537
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (Baa2/NR)
	1,545,000		4.750			05/01/2038		1,439,050
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (Baa2/NR)
	5,685,000		4.750			11/01/2042		5,151,557

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)
Texas – (continued)
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(a)
$	1,090,000	5.000 %	09/01/2027	$	1,063,424
	895,000	5.000	09/01/2032		849,970
	1,315,000	5.125	09/01/2037		1,221,584
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+)(b)
	15,140,000	0.000	10/01/2046		15,456,706
	11,100,000	0.000	10/01/2047		11,348,007
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)(e) (3M USD LIBOR + 0.67%)
	13,855,000	2.616	08/15/2035		12,512,653
	Harris County-Houston Sports Authority RB Refunding Series 2004 A (NATL) (Baa2/BB)(f)
	5,525,000	0.000	11/15/2036		2,424,836
	Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)(a)
	1,340,000	4.500	09/01/2039		1,232,731
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-)
	595,000	3.750	09/01/2032		529,043
	510,000	3.875	09/01/2037		433,876
	930,000	4.000	09/01/2047		774,281
	Hidalgo County Regional Mobility Authority Junior Lien Toll and Vehicle Registration Fee Revenue and Refunding Bonds Series 2022B (Baa3/BB+)(f)
	6,105,000	0.000	12/01/2049		1,049,410
	6,365,000	0.000	12/01/2050		1,019,839
	6,760,000	0.000	12/01/2051		1,014,932
	6,925,000	0.000	12/01/2052		965,749
	7,155,000	0.000	12/01/2053		932,183
	7,300,000	0.000	12/01/2054		890,856
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B)
	15,835,000	5.000	07/15/2028		15,825,931
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (NR/NR)
	875,000	5.000	07/01/2027		878,513
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR)
	2,750,000	5.000	07/15/2027		2,760,910
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR)
	2,780,000	5.000	07/15/2027		2,791,514
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (Ba3/B)
	10,000,000	6.625	07/15/2038		10,018,000
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (Ba3/B)
	9,250,000	5.000	07/01/2029		9,073,128
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (NR/B)
	10,500,000	5.000	07/15/2035		9,829,281
Municipal Bonds – (continued)
Texas – (continued)
	Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-)
	1,035,000	4.000	10/01/2051		774,479
	Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (NR/BB)
	1,950,000	5.000	12/01/2045		1,749,114
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(a)
	135,000	4.500	09/01/2023		134,930
	785,000	5.000	09/01/2028		784,632
	1,170,000	5.375	09/01/2038		1,138,851
	1,930,000	5.125	09/01/2047		1,792,896
	1,500,000	5.500	09/01/2047		1,437,194
	Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR)
	165,000	2.375	09/01/2031		127,972
	165,000	2.375	09/01/2032		124,658
	175,000	2.375	09/01/2033		128,862
	175,000	2.500	09/01/2034		127,350
	365,000	2.500	09/01/2036		254,702
	385,000	2.625	09/01/2038		263,609
	370,000	3.000	09/01/2041		253,915
	520,000	3.000	09/01/2046		331,477
	1,265,000	3.000	09/01/2051		774,217
	Lake Houston Redevelopment Authority RB Refunding for City of Houston Reinvestment Zone No. 10 Series 2021 (NR/BBB-)
	480,000	2.500	09/01/2041		303,842
	590,000	3.000	09/01/2044		396,055
	650,000	3.000	09/01/2047		420,752
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)(a)
	19,675,000	4.625	10/01/2031		19,369,451
	Mitchell County Hospital District GO Bonds Series 2020 (NR/NR)
	705,000	5.500	02/15/2040		658,804
	1,325,000	5.250	02/15/2045		1,177,843
	780,000	4.000	02/15/2051		551,791
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB-)
	1,850,000	5.000	09/15/2043		1,757,293
	2,800,000	5.000	09/15/2048		2,607,822
	New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)(a)
	3,120,000	4.000	08/15/2041		2,490,029
	2,850,000	4.000	08/15/2046		2,161,608
	8,205,000	4.000	08/15/2056		5,784,735
	New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR)
	1,630,000	4.000	01/01/2036		1,331,012
	1,600,000	4.000	01/01/2041		1,222,885
	New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for Army Retirement Residence Foundation Project Series 2022 (NR/BB+)
	2,325,000	5.750	07/15/2052		2,136,304
	3,055,000	6.000	07/15/2057		2,864,933

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Municipal Bonds – (continued)
Texas – (continued)
	New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for the Outlook at Windhaven Project Series 2022B-3 (NR/NR)
$	4,700,000	4.250 %	10/01/2026	$	4,600,415
	New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR/NR)
	1,400,000	4.000	11/01/2055		1,045,815
	New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR)
	8,100,000	5.500	01/01/2057		6,152,074
	New Hope Cultural Education Facilities Finance Corp. Senior Living RB Series 2021B (NR/NR)
	3,250,000	7.000	01/01/2057		2,502,555
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-)(a)
	1,465,000	5.000	08/15/2051		1,308,075
	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 (WR/NR)(d)
	335,000	5.000	04/01/2026		352,593
	300,000	5.000	04/01/2026		315,755
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR)(d)
	1,000,000	5.000	04/01/2025		1,038,769
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Texas A&M University at Galveston Collegiate Housing Project Series 2014 A (WR/NR)(d)
	1,385,000	4.750	04/01/2024		1,412,581
	North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR)(a)
	1,395,000	4.000	09/15/2041		1,157,812
	6,110,000	5.000	09/15/2051		5,473,759
	North Parkway Municipal Management Special Assessment RB for Major Improvements Project Series 2021 (NR/NR)(a)
	940,000	3.625	09/15/2026		886,767
	1,553,000	4.250	09/15/2031		1,446,362
	4,700,000	4.750	09/15/2041		4,226,794
	North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A)
	19,475,000	3.000	01/01/2046		13,874,724
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A2/A)
	3,500,000	5.000	01/01/2048		3,499,794
	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		1,175,662
	3,675,000	2.875	01/01/2041		2,399,438
	11,125,000	3.000	01/01/2050		6,583,575
	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		7,288,463
Municipal Bonds – (continued)
Texas – (continued)
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)(a)
	4,125,000	6.000	01/01/2025		3,830,620
	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		23,090,812
	Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR)
	175,000	5.750	09/15/2036		166,843
	460,000	6.000	09/15/2046		431,942
	Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR)(a)
	1,166,000	6.000	09/15/2052		1,116,070
	Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)(a)
	825,000	4.125	09/15/2039		714,438
	3,275,000	4.375	09/15/2049		2,727,962
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (NR/NR)
	7,300,000	5.000	05/15/2045		6,451,769
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)(e) (3M USD LIBOR + 0.70%)
	4,965,000	2.906	12/15/2026		4,846,564
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (Baa3/NR)
	3,900,000	5.000	12/31/2050		3,576,654
	3,900,000	5.000	12/31/2055		3,530,141
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (Baa3/NR)
	5,000,000	6.750	06/30/2043		5,102,342
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR)
	16,690,000	5.000	06/30/2058		15,244,357
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (Baa1/A-)
	2,850,000	5.000	08/15/2042		2,832,317
	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		1,209,569
	Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)(a)
	2,225,000	5.375	09/15/2052		2,014,076
	Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR)(a)
	429,000	3.750	09/01/2042		320,608
	410,000	4.000	09/01/2051		309,859

144 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)
	Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR)(a)
$	1,343,000		5.875	%		09/01/2047	$	1,362,209
	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		1,290,706
	Travis County Development Authority Contract Assessment RB for Turner’s Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)(a)(g)
	1,145,000		5.500			09/01/2052		1,084,017
	Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR)
	1,630,000		3.000			09/01/2036		1,260,843
	860,000		3.000			09/01/2037		652,653
	625,000		3.000			09/01/2039		454,122
	600,000		3.000			09/01/2040		428,436
	Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)
	390,000		3.125			12/01/2035		300,764
	457,000		3.375			12/01/2040		335,596
	786,000		3.500			12/01/2047		549,092
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)
	500,000		4.000			12/01/2027		484,391
	1,545,000		4.750			12/01/2035		1,498,295
								580,498,642
Utah – 0.7%
	Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)(a)
	2,010,000		3.750			03/01/2041		1,494,534
	7,125,000		4.000			03/01/2051		5,024,668
	Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR)(a)
	5,000,000		7.375			09/15/2051		3,877,265
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR)
	3,240,000		7.100			08/15/2023		3,233,195
	Coral Junction Public Infrastructure District Special Assessment Bonds Series 2022A-2 (NR/NR)(a)
	2,350,000		5.500			06/01/2041		2,162,079
	Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)(a)
	10,250,000		5.500			02/01/2050		8,021,539
	Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR)(a)
	1,954,000		7.875			08/15/2050		1,538,446
	Military Installation Development Authority RB Series 2021 A-1 (NR/NR)
	1,500,000		4.000			06/01/2036		1,222,535
	800,000		4.000			06/01/2041		615,039
	13,950,000		4.000			06/01/2052		9,808,443
Municipal Bonds – (continued)
Utah – (continued)
	Military Installation Development Authority RB Series 2021 A-2 (NR/NR)
	2,500,000		4.000			06/01/2036		2,037,356
	2,500,000		4.000			06/01/2041		1,905,363
	Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)(a)
	1,180,000		3.625			02/01/2035		922,299
	500,000		4.125			02/01/2041		383,640
	500,000		4.375			02/01/2051		366,772
	Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR)(a)
	600,000		7.375			08/15/2051		472,939
	ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)(a)
	1,625,000		4.250			03/01/2051		1,117,542
	Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)(a)
	6,365,000		5.750			06/15/2052		6,010,598
	Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB)(a)
	3,630,000		4.250			07/15/2050		2,655,599
	Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR)(a)
	1,220,000		4.250			06/15/2051		844,608
	Utah Charter School Finance Authority RB for Technology Academy Project Series 2021A (NR/NR)(a)
	6,600,000		4.000			10/15/2061		4,218,826
								57,933,285
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		860,811
	Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)(a)(c)(d)
	2,250,000		5.000			06/01/2027		2,188,865
								3,049,676
Virgin Islands – 0.2%
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (Caa2/NR)(d)
	6,080,000		5.000			10/01/2022		6,080,000
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR)(a)
	9,850,000		5.000			10/01/2039		8,810,228
	Virgin Islands Public Finance Authority RB Refunding Series 2014 C (AGM-CR) (A2/AA)
	3,515,000		5.000			10/01/2039		3,567,845
								18,458,073
Virginia – 1.3%
	Ablemarle County Economic Development Authority Residential Care Facility Revenue Refunding Bonds Series 2022B (NR/NR)
	4,000,000		4.000			06/01/2054		3,031,841

The accompanying notes are an integral part of these financial statements. 145

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Virginia – (continued)
	Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (NR/NR)(d)
$	2,700,000		5.000	%		10/01/2025	$	2,823,967
	Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-)
	5,000,000		5.000			01/01/2050		4,473,990
	5,000,000		5.000			01/01/2059		4,349,534
	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		440,555
	940,000		4.000			06/01/2047		665,594
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+)
	710,000		4.000			04/01/2045		578,688
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-)
	10,940,000		6.706			06/01/2046		9,534,911
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)(f)
	236,845,000		0.000			06/01/2047		51,803,094
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-)(f)
	34,250,000		0.000			06/01/2047		7,244,560
	Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-)
	1,525,000		3.000			06/01/2041		1,039,817
	1,050,000		4.000			06/01/2046		824,505
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR)
	1,375,000		5.000			12/31/2047		1,308,660
	520,000		5.000			12/31/2052		488,392
	26,545,000		5.000			12/31/2056		24,659,949
	Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (B/NR)(a)(c)(d)
	1,000,000		5.000			07/01/2038		913,233
								114,181,290
Washington – 1.1%
	Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (NR/BB)
	7,355,000		5.000			04/01/2030		7,131,629
	Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2022B (AMT) (A1/AA-)
	2,765,000		4.000			08/01/2047		2,300,438
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-)
	4,000,000		5.000			08/01/2049		3,818,912
	Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (NR/A)
	1,125,000		4.000			05/01/2050		916,860
	Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB-)
	52,425,000		5.000			07/01/2048		48,837,117
	37,700,000		4.000			07/01/2058		27,719,317
Municipal Bonds – (continued)
Washington – (continued)
	Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR)(a)
	1,350,000		5.000			01/01/2049		1,073,675
	3,800,000		5.000			01/01/2055		2,942,453
								94,740,401
West Virginia – 0.6%
	City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 A (NR/NR)(a)
	1,345,000		4.250			06/01/2042		1,020,104
	2,350,000		4.500			06/01/2050		1,726,113
	City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 B (NR/NR)(a)
	2,450,000		5.500			06/01/2032		2,067,230
	2,725,000		6.000			06/01/2037		2,211,713
	County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-)
	955,000		3.000			03/01/2035		754,267
	2,685,000		3.000			03/01/2037		2,054,352
	2,020,000		3.250			03/01/2041		1,491,312
	Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)(a)
	2,725,000		4.125			06/01/2043		2,316,597
	Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR)(a)
	1,650,000		4.875			06/01/2043		1,397,132
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B2/B)(c)(d)
	9,300,000		5.000			07/01/2025		9,221,906
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/B)(c)(d)
	4,850,000		4.125			07/01/2025		4,696,418
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa1/BBB+)
	6,120,000		5.000			01/01/2043		5,906,323
	13,000,000		4.125			01/01/2047		10,284,972
	West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (Baa1/NR)
	1,650,000		5.000			09/01/2038		1,646,947
	1,525,000		5.000			09/01/2039		1,527,138
								48,322,524
Wisconsin – 2.0%
	Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (A2/AA)
	900,000		5.000			07/01/2044		926,634
	2,350,000		4.125			07/01/2049		2,033,114
	1,300,000		5.000			07/01/2054		1,329,590
	1,600,000		5.000			07/01/2058		1,636,418
	Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)(a)
	1,400,000		6.000			06/01/2062		1,262,526

146 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 Charter School RB Series 2021A (NR/NR)(a)
$	1,250,000		5.000	%		06/15/2051	$	907,512
	Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)(a)
	1,630,000		5.500			06/15/2052		1,471,756
	2,700,000		5.750			06/15/2062		2,476,795
	Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)(a)
	250,000		4.000			06/15/2029		232,128
	385,000		5.000			06/15/2039		353,851
	495,000		5.000			06/15/2049		430,661
	430,000		5.000			06/15/2054		367,685
	Public Finance Authority Education RB for Uwharrie Charter Academy Project Series 2022A (NR/Ba2)(a)
	1,400,000		5.000			06/15/2052		1,201,705
	1,850,000		5.000			06/15/2057		1,550,776
	1,850,000		5.000			06/15/2062		1,516,563
	Public Finance Authority Education RB Series 2022 (NR/NR)(a)
	3,925,000		5.000			01/01/2057		3,111,275
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB)
	5,900,000		4.300			11/01/2030		5,793,251
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A2/AA)
	760,000		4.000			07/01/2045		654,451
	950,000		4.000			07/01/2050		799,037
	1,185,000		4.000			07/01/2055		983,740
	1,520,000		4.000			07/01/2059		1,253,886
	Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)(a)
	5,650,000		5.000			12/01/2055		4,826,327
	Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-)
	4,115,000		4.000			07/01/2061		2,821,009
	Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR)(a)
	1,300,000		5.000			06/15/2054		1,113,229
	Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (NR/BB-)(a)
	520,000		4.000			07/01/2030		469,187
	700,000		5.000			07/01/2040		624,142
	1,875,000		5.000			07/01/2055		1,549,813
	Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)(a)
	300,000		5.000			06/01/2036		272,797
	900,000		5.000			06/01/2051		741,503
	1,075,000		5.000			06/01/2061		855,270
	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		2,752,581
	7,110,000		5.250			03/01/2055		6,100,637
	Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR)(a)
	10,400,000		4.500			06/01/2056		7,087,072
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)*(a)
	41,995		5.500			12/01/2048		13,018
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)*(a)
	85,207		7.250			12/01/2048		26,414
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)(a)
	12,925,000		5.625			06/01/2050		10,010,721
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)(a)
	14,840,000		6.500			06/01/2045		11,674,098
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR)
	2,600,000		5.200			12/01/2037		2,638,510
	1,525,000		5.350			12/01/2045		1,512,552
	Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)(a)
	4,470,000		6.000			07/01/2031		3,788,369
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (NR/BB)(a)
	565,000		5.000			04/01/2040		518,992
	2,000,000		5.000			04/01/2050		1,741,940
	Public Finance Authority RB for The Foundation of The University of North Carolina at Charlotte, Inc. Series 2021 A (NR/NR)(a)
	2,825,000		4.000			09/01/2051		1,966,736
	1,875,000		4.000			09/01/2056		1,267,439
	Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A)
	1,425,000		4.000			01/01/2045		1,217,328
	1,900,000		3.000			01/01/2050		1,233,357
	Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)(a)
	1,950,000		5.000			06/01/2050		1,574,425
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR)
	12,080,000		4.000			01/01/2052		9,357,215
	Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)(a)
	1,450,000		5.000			09/01/2049		1,122,240
	1,360,000		5.000			09/01/2054		1,028,414
	Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)(a)
	9,950,000		4.500			07/01/2048		7,703,042
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)(a)
	3,205,000		6.125			10/01/2049		2,854,994
	Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (NR/BB)(a)
	1,020,000		5.000			10/01/2034		960,266
	350,000		5.000			10/01/2039		318,585
	Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR)
	575,000		5.000			11/15/2044		549,772
	765,000		5.000			11/15/2049		717,517
	Public Finance Authority Revenue and Revenue Refunding Bonds Series 2022 (NR/BB)(a)
	900,000		4.000			04/01/2042		693,905
	1,400,000		4.000			04/01/2052		988,185

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority Senior RB for Fargo-Moorhead Metropolitan Area Flood Risk Management Project Series 2021 (AMT) (NR/NR)
$	3,800,000		4.000	%		03/31/2056	$	2,710,842
	Public Finance Authority Student Housing RB for CHF- Cullowhee, LLC-Western Carolina University Project Series 2015 A (NR/BBB-)
	3,250,000		5.250			07/01/2047		3,016,403
	Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)(a)
	4,315,000		4.000			07/01/2061		2,893,441
	Public Finance Authority Student Housing RB Subordinate Series 2021B (NR/NR)(a)
	1,875,000		5.250			07/01/2061		1,353,635
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/BBB)
	385,000		4.000			03/15/2040		315,942
	1,115,000		5.000			03/15/2050		1,016,451
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR)
	1,315,000		3.000			02/01/2042		945,631
	435,000		4.000			02/01/2045		368,970
	Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR)
	950,000		4.000			12/01/2051		671,637
	950,000		4.000			12/01/2056		649,724
	Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022B (NR/NR)(a)
	32,525,000		6.000			02/01/2062		29,321,170
								168,248,801
Wyoming – 0.3%
	County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A)
	32,340,000		3.625			07/15/2039		26,562,669
	TOTAL MUNICIPAL BONDS
	(Cost $9,105,393,672)						$	8,166,887,924
Corporate Bonds – 1.1%
Healthcare – Services – 0.3%
	Prime Healthcare Foundation Inc Series (NR/NR)
$	16,525,000		7.000	%		12/01/27	$	15,653,070
	Toldeo Hospital RB Series 2022 B (Ba2/BB)
	1,000,000		5.325			11/15/28		701,798
	Tower Health Series (BB-/NR)
	8,804,000		4.451			02/01/50		5,044,692
								21,399,560
Real Estate – 0.8%
	Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)(j)
	9,257,506		9.750			12/01/39		8,742,788
Corporate Bonds – (continued)
Real Estate – (continued)
	Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)(a)(j)
	5,707,463		9.750			12/01/39		5,390,128
	Benloch Ranch Improvement Association No. 2 (NR/NR)(a)(j)
	29,700,000		10.000			12/01/51		26,917,110
	Brixton Park Improvement Association No. 1 Series (NR/NR)(a)(j)
	34,713,000		6.875			12/01/51		30,134,356
								71,184,382
	TOTAL CORPORATE BONDS
	(Cost $102,570,798)						$	92,583,942
	TOTAL INVESTMENTS – 97.2%
	(Cost $9,207,964,470)						$	8,259,471,866
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.8%							238,226,424
	NET ASSETS – 100.0%						$	8,497,698,290

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)	Variable Rate Demand Instruments - rate shown is that which is in effect on September 30, 2022. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(d)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(e)	Variable or floating 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, 2022.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	When-issued security.
(h)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rates disclosed is that which is in effect on September 30, 2022.
(i)	Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan.
(j)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

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

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Investment Abbreviations:
ABS	—Asset—Backed Security
AGC	—Insured by Assured Guaranty Corp.
AGC-ICC	—American General Contractors—Interstate Commerce Commission
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 (subject to)
BAM	—Build America Mutual Assurance Co.
BHAC	—Berkshire Hathaway Assurance Corp.
BHAC-CR	—Insured by Berkshire Hathaway Assurance Corp. Insured Custodial Receipts
CFD	—Community Facilities District
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
GO	—General Obligation
IDA	—Industrial Development Agency
LIBOR	—London Interbank Offered Rates
LP	—Limited Partnership
LT	—Limited Tax
MUN GOVT GTD	—Municipal Government Guaranteed NATL
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
USD	—United States Dollar
UT	—Unlimited Tax
WR	—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2022, 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		(2,819	)		12/20/22	$	(354,547,704	)	$	20,452,158
U.S. Treasury Ultra Bond		(1,093	)		12/20/22		(162,495,913	)		13,096,475
Total Futures Contracts									$	33,548,633

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2022, 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, 2022(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%, 03/20/2023		1.000%	0.370%		JPMorgan Chase Bank NA		03/20/2023		USD	9,000	$	36,054		$	(20,798	)	$	56,852
California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023		1.000	0.370		Bank of America NA		03/20/2023			4,000		16,023			(9,244	)		25,267
California State Various Purpose GO Bonds Series 2003, 5.000%, 09/20/2023		1.000	0.756		JPMorgan Chase Bank NA		09/20/2023			15,000		117,964			(67,715	)		185,679
California State Various Purpose GO Bonds Series 2003, 5.000%, 12/20/2023		1.000	0.922		Morgan Stanely Co., Inc.		12/20/2023			10,000		95,263			(34,547	)		129,810
Illinois State GO Bonds, Series A, 5.000%, 12/20/2023		1.000	0.303		Morgan Stanely Co., Inc.		12/20/2023			10,000		(27,207	)		(93,514	)		66,307
TOTAL											$	238,097		$	(225,818	)	$	463,915

(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.

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Municipal Bonds – 96.1%
Alabama – 1.1%
	Black Belt Energy Gas District Gas Supply RB Series 2021A (Aa1/NR)(a)(b)
$	365,000	4.000%	12/01/2031	$	351,021
	Black Belt Energy Gas District Gas Supply RB Series 2022 (NR/NR)(a)(b)
	750,000	4.000	06/01/2027		742,937
	County of Jefferson AL Sewer Revenue (NR/NR)(c)
	125,000	0.000	10/01/2050		126,236
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B1/BB-)
	200,000	5.750	10/01/2049		203,565
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+)
	125,000	5.000	10/01/2030		127,129
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (A2/AA)
	200,000	5.500	10/01/2053		206,627
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB)
	30,000	6.500	10/01/2053		32,175
	Midcity Improvement District Special Assessment RB Series 2022 (NR/NR)
	100,000	3.875	11/01/2027		87,040
	100,000	4.250	11/01/2032		82,576
					1,959,306
Alaska – 0.1%
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB-)
	100,000	4.000	06/01/2050		89,072
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (NR/BBB+)
	5,000	0.500	06/01/2031		4,915
					93,987
American Samoa – 0.1%
	American Samoa Economic Development Authority RB Refunding Series 2021 B (Ba3/NR)(d)
	100,000	2.470	09/01/2024		94,592
Arizona – 1.6%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)(e) (3M USD LIBOR + 0.81%)
	495,000	3.318	01/01/2037		459,893
	Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/NR)(d)
	485,000	6.500	11/01/2053		441,936
	Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (NR/AA-)
	25,000	3.375	07/01/2041		20,187
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+)
	180,000	4.500	01/01/2049		106,051
Municipal Bonds – (continued)
Arizona – (continued)
	Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (NR/BBB-)
	65,000	4.000	07/01/2051		49,730
	Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB)(d)
	25,000	4.000	12/15/2051		18,257
	Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR)(d)
	265,000	4.000	07/15/2041		206,504
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A1/A)
	250,000	5.000	07/01/2049		249,680
	City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/BBB+)
	100,000	5.000	07/01/2045		102,221
	County of Maricopa IDA Education RB Series 2021A (BB+/NR)(d)
	75,000	4.000	07/01/2041		60,131
	County of Maricopa IDA Education RB Taxable Convertible Series 2021B (BB+/NR)(d)
	50,000	4.000	07/01/2026		49,475
	150,000	4.375	07/01/2031		148,691
	150,000	5.000	07/01/2044		148,662
	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		82,201
	Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR)
	100,000	5.000	05/15/2041		92,676
	Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (NR/NR)
	140,000	5.000	11/15/2042		137,909
	La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB)
	50,000	4.000	02/15/2046		37,909
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB)(d)
	40,000	4.000	07/01/2051		28,465
	Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)(d)
	25,000	5.125	10/01/2030		24,927
	Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+)
	425,000	5.000	12/01/2037		418,305
					2,883,810
Arkansas – 0.1%
	Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR)
	50,000	4.250	07/01/2041		41,187
	25,000	3.500	07/01/2046		16,555

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Arkansas – (continued)
	Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR)
$	100,000	3.500 %		07/01/2038	$	97,861
	Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-)
	50,000	5.000		06/01/2027		51,460
						207,063
California – 9.0%
	Airport Commission of San Francisco International Airport RB Series 2018D (A/A1)
	175,000	5.000		05/01/2048		174,752
	Airport Commission of San Francisco International Airport RB Series 2019E (AMT) (A/A1)
	315,000	5.000		05/01/2050		314,221
	Alameda Corridor Transportation Authority Current Interest Convertible Capital Appreciation Bonds Series 2022C (AGM) (Baa2/AA)
	100,000	5.000		10/01/2052		100,753
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A2/AA)(f)
	200,000	0.000		08/01/2036		102,158
	Bay Area Toll Authority Bridge RB 2021 Series D (AA/AA)(b)(e) (SIFMA Municipal Swap Index Yield + 0.30%)
	500,000	2.750		04/01/2027		484,919
	Bay Area Toll Authority Bridge RB 2021 Series E (AA/AA)(b)(e) (SIFMA Municipal Swap Index Yield + 0.41%)
	350,000	2.860		04/01/2028		338,993
	California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)(a)(b)
	575,000	4.000		08/01/2028		562,002
	California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR)(d)
	150,000	4.000		02/01/2056		116,963
	California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (NR/BBB-)
	30,000	4.000		06/01/2049		29,430
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+)
	50,000	4.000		06/01/2049		40,535
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB-)
	20,000	5.000		06/01/2049		18,902
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)(f)
	250,000	0.000		06/01/2055		40,910
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB-)
	60,000	5.000		06/01/2049		56,706
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR)(f)
	400,000	0.000		06/01/2055		38,599
Municipal Bonds – (continued)
California – (continued)
	California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC – M@College Project Series 2020 A (Baa3/NR)
	50,000	5.000		08/01/2045		46,892
	California Health Facilities Financing Authority RB Series 2017A (BBB+/Baa2)
	250,000	5.000		08/15/2042		245,985
	California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-)
	100,000	4.000		07/01/2041		83,882
	California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR)
	150,000	5.000		07/01/2042		147,780
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR)
	825,000	5.000		12/31/2037		823,165
	California Municipal Finance Authority Senior Lien RB Series 2018A (NR/NR)
	125,000	5.000		12/31/2038		124,762
	California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-1 (NR/NR)
	50,000	2.750		11/15/2027		44,705
	California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardends Project Series 2022B-2 (NR/NR)
	75,000	2.125		11/15/2026		68,562
	California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (B+/NR)
	250,000	4.000		07/15/2029		229,662
	California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-)
	205,000	4.300		07/01/2040		198,067
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)(d)
	55,000	5.000		06/15/2040		50,054
	California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (BB-/NR)(d)
	250,000	6.250		04/01/2052		236,529
	California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (BBB-/NR)(d)
	100,000	5.000		10/01/2042		95,979
	California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-)(d)
	35,000	3.000		10/01/2031		29,914
	California School Finance Authority RB for Classical Academy Obligated Group Series 2021 B (NR/BBB-)(d)
	25,000	2.250		10/01/2023		24,953
	California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+)(d)
	365,000	3.000		07/01/2030		311,399

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)
California – (continued)
	California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)(d)
$	260,000	4.000 %		06/01/2031	$	240,822
	California School Finance Authority RB Refunding Series 2016 (NR/BBB)(d)
	125,000	5.000		08/01/2046		121,863
	California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB-)(d)
	250,000	5.250		12/01/2056		231,245
	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		97,939
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR)
	50,000	5.000		09/02/2048		50,057
	California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C (NR/AA-) (PUTABLE)(a)(b)(g)
	120,000	5.000		11/01/2029		130,561
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB-)
	550,000	5.500		12/01/2054		553,021
	California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR)
	50,000	5.125		09/01/2042		47,691
	California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (NON-AMT) (A-/BBB+)
	190,000	1.750		09/01/2029		157,807
	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		42,590
	City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)(d)
	50,000	4.000		09/01/2036		44,404
	City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR)
	185,000	4.000		09/01/2033		171,726
	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		202,610
	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		40,964
	50,000	4.000		09/01/2051		39,296
	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		21,484
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	25,000	3.000		09/01/2039		17,899
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		22,502
	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		85,173
	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		445,909
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)
	100,000	5.000		09/01/2030		102,376
	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		231,261
	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		21,750
	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		19,994
	CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR)(d)
	150,000	3.000		08/01/2056		93,664
	County of Los Angeles CA Community Facilities District NO 2021-01
	100,000	5.000		09/01/2047		94,068
	County of Madera Community Facilities District No. 2017-1 Special Tax Series 2020 (NR/NR)
	100,000	4.000		09/01/2040		83,484
	Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (A/Baa2)
	750,000	4.000		01/15/2046		639,721
	Goldan State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB-/NR)
	700,000	3.850		06/01/2050		607,060
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)(b)
	300,000	5.000		06/01/2028		328,680
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) (f)
	250,000	0.000		06/01/2036		102,035
	Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (Aa3/AA-)
	60,000	5.000		05/15/2030		62,275
	Modesto Financing Authority Domestic Project RB 2007F (NATL) (AA-/AA-)(e) (3M USD LIBOR + 0.63%)
	525,000	2.695		09/01/2037		487,460
	Needles Unified School District GO Bonds 2011 B (AGM) (A2/AA)(c)
	865,000	0.000		08/01/2041		611,461

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (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 (AGC) (A2/AA)(f)
$	50,000	0.000 %		08/01/2033	$	30,114
	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		103,747
	River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR)
	170,000	5.000		09/01/2042		156,325
	River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR)
	35,000	4.000		09/01/2046		28,285
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR)
	25,000	2.500		09/01/2037		16,981
	125,000	4.000		09/01/2041		107,284
	425,000	4.000		09/01/2050		339,372
	Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)(e) (3M USD LIBOR + 0.55%)
	1,200,000	2.615		06/01/2034		1,106,465
	San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR)
	150,000	4.000		07/01/2039		133,821
	San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR)
	590,000	4.000		07/01/2040		523,834
	San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-)(f)
	300,000	0.000		07/01/2031		210,021
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 B (A1/A)
	400,000	5.000		05/01/2049		411,072
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 E (AMT) (A1/A)
	500,000	4.000		05/01/2050		422,539
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2020 A (AMT) (A1/A)
	200,000	4.000		05/01/2040		177,710
	San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (Ba1/NR)
	100,000	4.000		08/01/2032		90,743
	Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 1 Series 2018 B (Aa1/AA+)
	100,000	4.000		08/01/2044		90,295
	450,000	4.000		08/01/2050		397,194
	Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 2 Series 2018 B (Aa1/AA+)
	550,000	4.000		08/01/2050		485,460
Municipal Bonds – (continued)
California – (continued)
	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		79,974
	Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (NR/BBB-)
	65,000	4.000		06/01/2049		57,490
	Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR)
	50,000	2.500		09/02/2046		28,864
	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		25,133
						16,455,708
Colorado – 3.9%
	Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR)
	125,000	5.350		12/01/2050		106,809
	Citadel on Colfax Business Improvement District Senior RB Series 2020 B (NR/NR)
	100,000	7.875		12/15/2050		87,567
	City of Denver Airport System Subordinate RB Series 2018A (AMT) (A1/A)
	575,000	5.250		12/01/2043		581,520
	Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (NR/NR)
	100,000	4.000		10/01/2056		72,787
	Colorado Educational and Cultural Facilities Authority Charter School RB for James Irwin Educational Foundation Project Series 2022 (NR/BBB)
	100,000	5.000		09/01/2052		93,759
	Colorado Educational and Cultural Facilities Authority Charter School RB for STEM School Project Series 2019 (NR/Baa3)
	90,000	5.000		11/01/2049		79,906
	Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR)
	695,000	6.000		07/01/2036		668,530
	Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR)
	440,000	6.000		07/01/2031		425,183
	Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Baa1/NR)
	200,000	4.000		09/01/2050		158,251
	Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR)(a)
	101,026	5.000		07/01/2057		81,304
	Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA)
	100,000	4.000		11/15/2043		88,987
	Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (Aa3/AA-)
	100,000	4.000		01/01/2036		94,821

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)
Colorado – (continued)
	Colorado Health Facilities Authority RB Series 2019A-2 (A-/Baa1)
$	885,000		4.000	%		08/01/2049	$	708,506
	Denver City & County Airport RB Refunding Series 2018 A (AMT) (A2/A)
	250,000		5.000			12/01/2038		251,873
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (NR/B)
	550,000		5.000			10/01/2032		523,439
	Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (BBB-/Baa2)
	225,000		5.000			12/01/2033		225,744
	Denver Health & Hospital Authority RB Refunding Series 2019 A (NR/BBB)
	500,000		5.000			12/01/2033		511,152
	E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)(f)
	20,000		0.000			09/01/2034		11,407
	E-470 Public Highway Authority RB Series 2004 B (NATL) (A2/A)(f)
	110,000		0.000			09/01/2030		78,431
	Fiddler’s Business Improvement District GO Refunding Bonds Series 2022 (NR/NR)(d)
	150,000		5.000			12/01/2032		148,213
	Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR)
	500,000		4.250			12/01/2046		396,106
	Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR)
	500,000		4.000			12/01/2041		370,636
	Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR)
	915,000		5.250			12/01/2051		742,006
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA)
	65,000		5.000			12/01/2026		67,962
	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		494,485
								7,069,384
Connecticut – 0.4%
	City of New Haven GO Bonds Series 2018 A (NR/BBB+)
	25,000		5.500			08/01/2029		27,086
	State of Connecticut Health & Educational Facilities Authority RB Series E (NR/BBB) (NR/NR)
	230,000		4.000			07/01/2041		191,985
	State of Connecticut Health and Educational Facilities Authority RB for University of Hartford 2022 Series P (NR/BBB-)
	55,000		5.375			07/01/2052		50,582
	State of Connecticut Special Tax Obligation Bonds for Transportation Insfrastructure 2021 Series D (Aa3/AA-)
	375,000		4.000			11/01/2038		352,903
Municipal Bonds – (continued)
Connecticut – (continued)
	Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)(d)
	100,000		4.000			04/01/2041		82,931
								705,487
Delaware – 0.1%
	Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR/BB)
	50,000		3.000			06/01/2032		40,271
	50,000		4.000			06/01/2042		39,622
	Delaware Economic Development Authority Charter Schools RB Series 2021 (BBB+/NR)
	75,000		4.000			09/01/2041		64,208
	Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR)
	100,000		4.000			07/01/2030		93,550
								237,651
District of Columbia – 1.6%
	District of Columbia Income Tax Secured RB Series 2022A (Aa1/AAA)
	340,000		5.500			07/01/2047		373,669
	District of Columbia Private Activity RB Series 2022A (NR/NR)
	100,000		5.500			02/28/2037		100,585
	District of Columbia RB Refunding for KIPP DC Obligated Group Series 2017 B (NR/BBB+)
	125,000		5.000			07/01/2037		126,308
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A3/A-)
	55,000		6.500			05/15/2033		56,178
	District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2/AA+)(a)(b)
	150,000		3.000			10/01/2027		145,096
	Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (AA-/Aa3)
	1,500,000		5.000			10/01/2044		1,498,087
	Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A)
	565,000		5.000			10/01/2039		591,618
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A2/AA)
	125,000		3.000			10/01/2050		87,220
								2,978,761
Florida – 15.8%
	Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	200,000		5.000			06/15/2032		195,480
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	100,000		3.250			05/01/2031		84,696
	AH at Turnpike South Community Development District Special Assessment Phase 3 Project Series 2021 (NR/NR)
	500,000		4.000			05/01/2051		390,533

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/BBB) (NR/NR)
$	250,000		4.000	%		10/01/2046	$	193,981
	Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	55,000		3.750			05/01/2029		51,006
	Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)(d)
	55,000		3.200			05/01/2041		39,933
	Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)(d)
	20,000		2.500			05/01/2026		18,054
	50,000		3.200			05/01/2041		36,411
	Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR)
	125,000		2.375			05/01/2026		112,065
	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		17,902
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)(d)
	40,000		3.625			06/01/2024		39,213
	Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR)
	660,000		2.875			05/01/2031		537,785
	Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)(d)
	200,000		3.000			05/01/2031		165,289
	Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB)
	40,000		6.000			11/01/2027		41,781
	Belmont II Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		3.625			12/15/2040		78,758
	Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR)
	500,000		3.125			05/01/2031		414,918
	Black Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	250,000		4.800			06/15/2027		247,397
	Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR/NR)
	100,000		3.250			06/15/2042		71,931
	Broward County Port Facilities RB Series 2019B (AMT) (A1/A)
	300,000		4.000			09/01/2049		252,997
	Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR)
	55,000		4.750			05/01/2027		53,761
	Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR)
	200,000		4.000			05/01/2027		194,720
Municipal Bonds – (continued)
Florida – (continued)
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR)(d)
	625,000		5.250			12/01/2058		531,968
	Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR)(d)
	100,000		4.000			07/01/2051		67,939
	Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR)
	200,000		4.000			08/01/2030		191,429
	Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR)(d)
	100,000		4.000			12/01/2028		91,122
	300,000		5.250			12/01/2043		270,224
	Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR)
	235,000		2.750			05/01/2031		189,547
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB)
	30,000		4.250			05/01/2037		26,715
	CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	100,000		3.350			05/01/2041		73,786
	Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)(d)
	100,000		3.375			05/01/2041		74,878
	Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)(d)
	100,000		3.700			05/01/2040		79,142
	Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR)
	200,000		2.400			05/01/2026		178,505
	Charlotte County IDA Utility System RB Series 2021A (NR/NR)(d)
	200,000		4.000			10/01/2051		136,589
	City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (NR/A-)
	145,000		4.000			11/01/2039		128,500
	City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/NR)
	100,000		5.125			06/01/2042		93,478
	City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR)
	125,000		3.250			09/01/2025		120,287
	City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A2/A-)
	200,000		5.000			07/01/2050		198,018
	Coddington Community Development District
	260,000		5.000			05/01/2032		258,622
	Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR)
	175,000		3.000			05/01/2031		144,288
	175,000		3.000			05/01/2035		133,940
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	100,000		3.500			12/15/2029		92,210

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)
Florida – (continued)
	Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
$	170,000		3.125	%		05/01/2030	$	144,916
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A1/A)
	40,000		5.000			09/01/2035		41,725
	Creekview Community Development District Special Assessment RB Series 2022 (NR/NR)
	50,000		3.875			05/01/2027		46,479
	50,000		4.250			05/01/2032		46,810
	270,000		4.625			05/01/2042		244,440
	Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	340,000		4.250			05/01/2042		294,087
	Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	200,000		4.250			05/01/2027		196,351
	260,000		4.750			05/01/2032		253,979
	Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)(d)
	190,000		2.700			05/01/2025		177,833
	310,000		3.125			05/01/2030		264,429
	Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)(d)
	80,000		2.625			05/01/2025		75,682
	DG Farms Community Development District Special Assessment Series 2020 (NR/NR)
	345,000		3.750			05/01/2040		269,732
	DW Bayview Community Development District Sepcial Assessment Bonds for Manatee County Series 2022 (NR/NR)
	175,000		4.300			05/01/2027		170,318
	DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)(d)
	50,000		3.375			05/01/2041		37,801
	Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	235,000		4.875			05/01/2032		232,513
	East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)
	50,000		3.300			05/01/2041		36,799
	Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	75,000		3.625			05/01/2032		63,279
	Eden Hills Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		4.000			05/01/2040		85,154
	Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR)
	130,000		3.600			05/01/2041		100,753
	Edgewater East Community Development District Special Assessment RB Series 2022 (NR/NR)
	125,000		3.375			05/01/2032		104,800
	Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)(d)
	265,000		2.125			05/01/2026		236,323
Municipal Bonds – (continued)
Florida – (continued)
	Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (BBB+/Baa2)
	760,000		4.000			08/15/2045		606,031
	Eureka Grove Community Development District Special Assessment Bonds for 2021 Project Series 2021 (NR/NR)
	685,000		3.500			05/01/2041		517,078
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(d)
	100,000		5.000			11/01/2039		96,096
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	195,000		5.000			05/01/2035		194,110
	Florida Development Finance Corp. Educational Facilities RB Series 2022A (NR/Ba2)(d)
	100,000		5.000			07/01/2032		92,555
	135,000		5.375			07/01/2042		118,774
	Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+)(d)
	100,000		5.000			10/01/2042		90,495
	Florida Development Finance Corp. RB for Brightline Passenger Rail Expansion Project Series 2022A (NR/NR)(a)(b)(d)
	500,000		7.250			10/03/2023		488,024
	Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)(d)
	100,000		4.000			06/01/2030		91,014
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR)(d)
	100,000		5.125			06/01/2040		92,179
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (NR/NR)(d)
	100,000		1.750			06/01/2026		88,914
	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		90,488
	Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)(d)
	500,000		7.375			01/01/2049		430,783
	Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (Ba2/NR)(d)
	100,000		4.000			06/30/2041		76,361
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-)
	100,000		5.000			04/01/2028		104,786
	Florida Development Finance Corp. Surface Transportation Facility RB for Virgin Trains USA Passenger Rail Project Series 2019A (NR/NR)(a)(b)(d)
	400,000		6.500			01/01/2029		340,291
	Florida Development Finance Corp. Surface Transportation Facility RB Series 2019A (NR/NR)(a)(b)(d)
	100,000		6.375			01/01/2026		91,447

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB)
$	150,000		5.000	%		03/01/2047	$	139,397
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	110,000		3.700			11/01/2029		102,861
	Forest Lake Community Development District Special Assessment Bonds Series 2022 (NR/NR)(d)
	110,000		4.750			05/01/2027		108,574
	200,000		5.000			05/01/2032		193,491
	Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	165,000		2.950			05/01/2031		135,797
	75,000		3.350			05/01/2041		55,745
	Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)
	100,000		4.000			05/01/2030		94,177
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)
	35,000		3.750			11/01/2024		34,027
	50,000		4.750			11/01/2039		47,201
	Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR)
	60,000		3.500			11/01/2041		45,054
	Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	710,000		3.750			05/01/2041		549,028
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)
	50,000		5.000			11/15/2036		48,091
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	100,000		3.500			11/01/2030		86,539
	50,000		4.375			11/01/2049		42,297
	Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	45,000		4.200			05/01/2027		43,471
	Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR)
	125,000		3.450			05/01/2041		97,039
	Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA)
	60,000		3.000			05/01/2036		49,739
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	60,000		2.875			05/01/2025		56,510
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	95,000		5.000			11/01/2048		89,183
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)(d)
	25,000		3.500			05/01/2031		21,614
Municipal Bonds – (continued)
Florida – (continued)
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR)
	180,000		2.375			05/01/2026		160,446
	Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)
	125,000		3.000			05/01/2037		92,338
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	100,000		3.125			05/01/2041		71,317
	Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)
	100,000		3.500			05/01/2040		78,011
	Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR)
	100,000		2.700			05/01/2031		80,851
	Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	50,000		3.600			06/15/2041		38,887
	Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR)
	200,000		5.500			05/01/2042		182,553
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	85,000		3.400			05/01/2030		74,471
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR)
	100,000		3.200			05/01/2030		85,761
	Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)(d)
	100,000		2.500			05/01/2025		93,284
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	125,000		3.250			05/01/2029		110,345
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(d)
	100,000		4.000			05/01/2049		79,501
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA)
	60,000		2.000			05/01/2028		52,836
	70,000		2.000			05/01/2029		60,129
	Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR)
	185,000		2.300			05/01/2026		168,149
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)
	100,000		4.750			11/01/2048		90,236
	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		65,500
	Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	100,000		4.750			05/01/2032		96,125
	50,000		5.000			05/01/2042		45,846

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)
Florida – (continued)
	Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR)
$	110,000		3.125	%		05/01/2025	$	104,397
	LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR)
	75,000		3.250			05/01/2031		62,751
	LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR)
	50,000		3.450			05/01/2041		37,800
	Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR)
	75,000		4.250			05/01/2042		66,199
	Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	160,000		3.250			05/01/2041		116,163
	Miami RB Refunding Parking System Series 2019 (BAM) (A2/AA)
	100,000		4.000			10/01/2038		92,723
	Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (NR/Ba2)(d)
	100,000		5.000			07/01/2037		90,024
	100,000		5.250			07/01/2042		88,531
	Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR)
	100,000		3.250			05/01/2032		82,017
	Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	100,000		3.500			05/01/2041		75,162
	100,000		4.000			05/01/2051		77,912
	North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR)
	200,000		3.375			11/01/2041		148,622
	North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR)(d)
	280,000		4.750			05/01/2027		273,472
	North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		3.625			05/01/2040		77,903
	Ocala Preserve Community Development District Capital Improvement RB Series 2021 (NR/NR)
	200,000		2.375			11/01/2026		175,587
	330,000		2.875			11/01/2031		266,112
	Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR)
	175,000		4.000			06/01/2036		145,407
	Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)(d)
	30,000		3.250			05/01/2024		29,208
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A)
	100,000		4.000			05/01/2036		91,823
	Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	50,000		3.150			11/01/2041		36,055
Municipal Bonds – (continued)
Florida – (continued)
	Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR)
	155,000		3.750			05/01/2040		123,388
	Parrish Plantation Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR)
	200,000		4.375			05/01/2027		196,017
	Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR)
	100,000		3.550			05/01/2041		75,077
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA)
	210,000		2.625			05/01/2034		158,857
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	125,000		3.500			05/01/2037		98,974
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	100,000		3.500			11/01/2030		87,318
	Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR)
	250,000		3.000			05/01/2031		208,096
	Preston Cove Community Development District Special Assessment RB Series 2022 (NR/NR)
	675,000		3.600			05/01/2032		566,658
	Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR)
	50,000		2.200			12/15/2026		43,766
	Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR/NR)
	100,000		3.000			05/01/2036		75,666
	Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	90,000		3.300			05/01/2042		65,299
	Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR/NR)
	310,000		3.125			05/01/2027		275,615
	365,000		3.400			05/01/2032		300,748
	Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	200,000		2.450			11/01/2026		177,225
	Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA)
	100,000		2.625			05/01/2040		71,527
	Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR)(d)
	55,000		2.625			05/01/2025		51,390
	Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	85,000		3.300			11/01/2041		62,333
	Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (NR/A1)
	250,000		4.000			07/01/2048		212,103
	Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	100,000		3.750			05/01/2031		88,271

The accompanying notes are an integral part of these financial statements. 159

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR)
$	50,000		3.750	%		05/01/2040	$	39,092
	Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	50,000		4.125			05/01/2032		46,503
	75,000		4.500			05/01/2042		66,837
	Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR)
	100,000		5.000			10/01/2032		97,469
	Siena North Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	50,000		4.000			06/15/2042		41,992
	Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	100,000		3.000			06/15/2032		80,938
	100,000		3.250			06/15/2042		75,726
	Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR)
	235,000		4.000			05/01/2052		182,080
	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		149,439
	Somerset Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR)
	435,000		4.000			05/01/2023		434,450
	South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	25,000		3.250			06/15/2041		18,329
	South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB)
	25,000		4.000			11/01/2031		23,239
	St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (NR/NR)
	100,000		4.000			12/15/2036		81,727
	St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR)
	150,000		4.000			08/01/2055		122,527
	Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	470,000		3.000			05/01/2031		382,776
	Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR)(d)
	130,000		3.000			11/01/2032		104,064
	Stonewater Community Development District Special Assestment RB Series 2021 (NR/NR) (NR/NR)(d)
	50,000		3.300			11/01/2041		36,558
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	50,000		4.500			06/15/2039		46,159
	Storey Creek Community Development District
	240,000		5.000			06/15/2032		237,802
Municipal Bonds – (continued)
Florida – (continued)
	Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	100,000		3.000			06/15/2032		82,344
	Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)(d)
	25,000		2.875			06/15/2031		20,453
	Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)(d)
	60,000		3.750			06/15/2029		55,210
	Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	75,000		3.450			05/01/2041		55,725
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	80,000		3.750			05/01/2040		63,598
	Summerstone Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		2.500			05/01/2025		93,339
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	50,000		4.000			05/01/2033		46,008
	Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	50,000		3.375			05/01/2041		37,494
	Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR)
	50,000		3.300			12/15/2041		36,748
	Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR)
	85,000		2.500			05/01/2026		76,565
	Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)(d)
	75,000		3.625			05/01/2040		60,674
	Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR)
	540,000		2.700			05/01/2031		433,661
	Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)(d)
	100,000		3.250			05/01/2030		85,226
	Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)(d)
	390,000		2.375			11/01/2026		342,523
	Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR)
	40,000		2.500			11/01/2026		35,559
	50,000		3.000			11/01/2031		40,802
	40,000		3.500			11/01/2041		30,105
	50,000		4.000			11/01/2050		39,194
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	100,000		3.375			11/01/2030		86,791

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)
Florida – (continued)
	Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR/NR)
$	75,000		4.000	%		05/01/2042	$	62,641
	Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR)
	100,000		5.125			05/01/2042		93,321
	Two Rivers West Community Development District Special Assessment Bond Anticipation Note Series 2022 (NR/NR)
	100,000		3.000			01/15/2023		99,256
	University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA)
	85,000		3.375			05/01/2045		66,043
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	250,000		3.625			05/01/2041		193,911
	Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)(d)
	25,000		3.600			05/01/2041		19,072
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	50,000		4.125			05/01/2034		45,978
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	100,000		3.750			05/01/2037		82,580
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	50,000		2.625			05/01/2024		48,451
	Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)(d)
	35,000		1.875			05/01/2025		32,451
	50,000		2.625			05/01/2030		42,435
	50,000		3.000			05/01/2035		39,988
	Village Community Development District Special Assessment RB Series 2021 (NR/NR)
	50,000		2.550			05/01/2031		40,754
	100,000		2.850			05/01/2036		75,198
	100,000		3.000			05/01/2041		69,260
	Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR)
	100,000		5.125			05/01/2042		93,657
	Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR/R)
	45,000		3.450			05/01/2042		32,770
	Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR/NR)
	670,000		4.000			05/01/2042		559,569
	Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	100,000		3.750			05/01/2040		79,494
	West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR)
	60,000		5.125			05/01/2042		55,196
Municipal Bonds – (continued)
Florida – (continued)
	West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)(d)
	125,000		4.000			05/01/2040		106,390
	100,000		4.000			05/01/2051		78,106
	West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	100,000		2.400			05/01/2026		89,357
	25,000		3.000			05/01/2031		20,530
	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		47,484
	West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR)
	60,000		3.500			05/01/2041		45,618
	West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR)
	100,000		3.500			05/01/2041		76,031
	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		75,447
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)(d)
	150,000		4.250			06/15/2039		133,290
	Willow Walk Community Development District Special Assessment Series 2017 (NR/NR)
	25,000		3.500			05/01/2023		24,809
	Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR)
	135,000		5.625			05/01/2042		132,482
	Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)
	50,000		2.400			05/01/2026		44,572
	150,000		2.950			05/01/2031		121,840
	75,000		3.350			05/01/2041		54,699
	Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR/NR)
	100,000		4.000			05/01/2042		83,526
	Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		3.700			05/01/2040		79,140
	Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR)
	25,000		3.375			05/01/2041		18,626
								28,949,742
Georgia – 0.6%
	George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-)
	35,000		2.375			01/01/2031		29,160
	50,000		4.000			01/01/2036		43,349
	80,000		4.000			01/01/2054		60,980
	Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)(a)(b)
	225,000		4.000			09/01/2027		222,291

The accompanying notes are an integral part of these financial statements. 161

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Georgia – (continued)
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR)
$	75,000		5.000	%		05/15/2049	$	71,824
	Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3/NR)(a)(b)
	500,000		4.000			12/01/2029		469,226
	Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-)
	150,000		4.000			06/01/2045		125,190
								1,022,020
Guam – 0.8%
	A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR)(h)
	100,000		5.250			10/01/2029		98,709
	100,000		5.250			10/01/2030		97,072
	Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR)
	50,000		4.460			10/01/2043		40,190
	Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba2/B+)
	25,000		3.625			02/01/2025		23,300
	60,000		4.250			02/01/2030		55,267
	Guam Government Business Privilege Tax Revenue Refunding Bonds 2015D (BB/NR)
	5,000		5.000			11/15/2022		5,002
	Guam Government Business Privilege Tax Revenue Refunding Bonds 2015D (NR/NR)
	65,000		5.000			11/15/2022		65,139
	Guam Government RB Refunding Series 2021 E (Ba1/NR)
	275,000		3.250			11/15/2026		258,406
	Guam Government RB Refunding Series 2021 F (Ba1/NR)
	100,000		5.000			01/01/2029		99,844
	350,000		4.000			01/01/2042		282,420
	Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-)
	370,000		5.000			01/01/2050		370,292
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-)
	75,000		5.000			07/01/2037		76,323
	Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Ba1/NR)
	50,000		5.000			11/01/2035		47,470
								1,519,434
Illinois – 10.4%
	Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA)
	25,000		4.000			10/01/2043		21,608
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)(f)
	175,000		0.000			12/01/2027		137,457
	220,000		0.000			12/01/2030		147,049
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)(f)
	245,000		0.000			12/01/2029		173,313
	215,000		0.000			12/01/2030		143,707
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB)(f)
	100,000		0.000			12/01/2031		62,951
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba3/BB)
	30,000		5.500			12/01/2026		31,387
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa2/BB)(f)
	295,000		0.000			12/01/2025		255,952
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba3/BB)
	500,000		6.038			12/01/2029		469,287
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB)
	100,000		7.000			12/01/2044		106,733
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB)
	100,000		6.500			12/01/2046		105,945
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA)
	455,000		5.000			12/01/2026		470,427
	Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+)
	875,000		6.000			01/01/2038		904,603
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A)
	55,000		5.000			01/01/2037		55,966
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (Baa2/A)
	55,000		5.000			11/01/2042		53,044
	Chicago Transit Authority Sales Tax Recepts RB Series 2014 (NR/AA)
	250,000		5.250			12/01/2049		254,943
	City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR)
	35,000		3.750			07/01/2041		26,557
	City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (BB/NR)
	500,000		5.000			12/01/2025		510,884
	City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (AA/NR)
	450,000		5.000			12/01/2029		464,532
	City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR/BB)
	750,000		4.000			12/01/2037		648,065

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)
Illinois – (continued)
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (Ba1/WR/BBB+)
$	200,000		5.500	%		01/01/2037	$	200,524
	City of Chicago GO Bonds Series 2021A (BBB+/BBB-)
	50,000		5.000			01/01/2028		50,915
	City of Chicago GO Bonds Series 2021B (BBB+/BBB-)
	301,000		4.000			01/01/2028		293,218
	826,000		4.000			01/01/2049		645,667
	City of Chicago GO Refunding Bonds Series B (Ba1/BBB+)
	1,000,000		5.765			01/01/2028		976,321
	City of Chicago IL GO Bonds Series 2019 (BBB+/NR)
	250,000		5.000			01/01/2044		237,692
	City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+)
	200,000		5.000			01/01/2042		200,582
	150,000		4.500			01/01/2048		137,501
	City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (AMT) (NR/A+)
	100,000		4.000			01/01/2042		88,985
	City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR/NR)(d)
	270,000		3.040			12/01/2028		237,063
	Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-)
	165,000		5.000			03/01/2040		152,224
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)(d)
	100,000		6.125			04/01/2049		97,008
	Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+)
	305,000		5.000			10/01/2033		307,799
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa2/A-)
	200,000		5.000			09/01/2046		192,590
	Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR)
	25,000		5.000			05/15/2041		21,787
	Illinois Finance Authority RB Series 2015A (NR/NR)
	1,060,000		5.000			05/15/2028		1,047,198
	Illinois Finance Authority RB Series 2021 (NR/BB+)(d)
	250,000		4.000			10/01/2042		193,465
	Illinois State GO Bonds Series 2017 A (Baa2/BBB)
	35,000		4.500			12/01/2041		31,087
	Illinois State GO Bonds Series 2017 C (Baa2/BBB)
	400,000		5.000			11/01/2029		407,245
	Illinois State GO Bonds Series 2017 D (Baa2/BBB)
	600,000		5.000			11/01/2028		611,542
	Illinois State GO Bonds Series 2018 A (Baa2/BBB)
	750,000		5.000			05/01/2032		758,592
	Illinois State GO Bonds Series 2020 (Baa2/BBB)
	1,000,000		5.500			05/01/2030		1,055,613
	50,000		5.500			05/01/2039		50,896
	290,000		5.750			05/01/2045		296,318
	Illinois State GO Bonds Series 2020 C (Baa2/BBB)
	1,000,000		4.000			10/01/2041		830,116
	175,000		4.250			10/01/2045		145,359
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Refunding Bonds Series 2018 B (Baa2/BBB)
	375,000		5.000			10/01/2031		380,222
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/BBB+)(f)
	135,000		0.000			12/15/2032		81,603
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/BBB+)(f)
	35,000		0.000			12/15/2054		5,260
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (NR/BBB+)
	785,000		5.000			06/15/2050		733,006
	Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (A-/Baa3)(f)
	1,000,000		0.000			12/15/2034		534,526
	Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (A-/NR)
	30,000		4.000			06/15/2052		22,738
	State of Illinois GO Bonds Series 2016 (BBB/Baa2)
	1,000,000		4.000			06/01/2033		913,930
	State of Illinois GO Bonds Series 2017 A (Baa2/BBB)
	580,000		4.250			12/01/2040		502,241
	State of Illinois GO Bonds Series 2017 D (Baa2/BBB)
	30,000		3.250			11/01/2026		28,626
	State of Illinois GO Bonds Series 2021B (Baa1/BBB+)
	1,000,000		5.000			03/01/2026		1,017,334
	State of Illinois GO Bonds Series 2022A (Baa1/BBB+)
	625,000		5.500			03/01/2047		627,699
								19,158,902
Indiana – 0.4%
	Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (NON-AMT) (BB-/NR)
	250,000		4.125			12/01/2026		241,864
	Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/A-)(a)(b)
	35,000		2.100			11/01/2026		32,859
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (Baa3/NR)
	100,000		3.000			11/01/2030		88,166
	Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR)
	50,000		2.520			11/15/2026		44,278
	50,000		2.920			11/15/2027		43,627
	50,000		3.210			11/15/2028		43,056
	50,000		3.260			11/15/2029		42,484
	50,000		3.300			11/15/2030		42,040
	Indiana Municipal Power Agency RB Refunding Series 2016 A (A1/A+)
	160,000		5.000			01/01/2042		163,841
	Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (NR/A-)
	50,000		4.000			09/01/2031		48,644
								790,859

The accompanying notes are an integral part of these financial statements. 163

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Iowa – 0.6%
	City of Coralville GO Annual Appopriation Refunding Bonds Series 2022C (NR/NR)
$	575,000		5.000	%		05/01/2042	$	514,176
	Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (BBB-/NR)(a)(b)
	300,000		4.000			12/01/2032		272,072
	Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (BBB+/NR)
	310,000		5.000			10/01/2034		314,361
								1,100,609
Kansas – 0.0%
	City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR)
	50,000		4.000			06/01/2036		41,420
Kentucky – 1.7%
	City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR)(d)
	200,000		4.450			01/01/2042		180,753
	County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A1/A)
	150,000		2.125			10/01/2034		110,567
	County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A1/A)
	150,000		2.000			02/01/2032		117,206
	County of Trimble RB for Louisville Gas and Electric Co. Series 2016 A (AMT) (A1/A/A-2) (PUTABLE)(a)(b)(g)
	250,000		1.300			09/01/2027		202,309
	Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-)
	100,000		4.000			03/01/2046		81,407
	90,000		4.000			03/01/2049		72,137
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (A2/AA)
	75,000		4.000			06/01/2045		64,622
	Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1 (NR/A)(a)(b)
	1,000,000		4.000			06/01/2025		993,529
	Kentucky State University COPS Series 2021 (BAM) (NR/AA)
	40,000		4.000			11/01/2046		35,359
	Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A)
	500,000		2.000			10/01/2033		369,469
	Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (NR/NR)(a)(b)
	955,000		4.000			08/01/2030		908,367
								3,135,725
Louisiana – 1.2%
	Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR)
	275,000		4.450			06/01/2027		270,672
	250,000		5.000			06/01/2032		245,109
Municipal Bonds – (continued)
Louisiana – (continued)
	Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR)
	695,000		2.875			06/01/2031		578,290
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+)(d)
	250,000		5.000			04/01/2035		242,098
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (Baa2/BBB)
	125,000		3.500			11/01/2032		114,294
	Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR)(d)
	100,000		6.000			06/01/2037		93,695
	Louisiana Public Facilities Authority RB for Lincoln Prepatory School Project Series 2022A (NR/NR)(d)
	100,000		6.125			06/01/2037		94,406
	Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB)
	100,000		4.000			10/01/2039		86,213
	100,000		4.000			10/01/2041		84,610
	Louisiana Public Facilities Authority RB Series 2021A (NR/NR)(d)
	100,000		4.000			06/01/2041		79,444
	Louisiana Public Facilities Authority RB Series 2021C (NR/NR)(d)
	100,000		4.000			06/01/2041		79,444
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A2/A-)
	200,000		5.000			01/01/2048		195,510
								2,163,785
Maine – 0.5%
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A1/A+)
	400,000		4.000			07/01/2045		343,900
	Maine Health and Higher Education Facilities Authority RB Series 2021A (AA/A1)
	375,000		4.000			07/01/2037		348,227
	325,000		4.000			07/01/2041		293,173
								985,300
Maryland – 1.1%
	City of Gaithersburg Economic Development Project RB Series 2022 (NR/NR)
	75,000		5.000			01/01/2037		74,100
	100,000		5.125			01/01/2042		97,893
	County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR)
	50,000		4.000			01/01/2040		43,754
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR)
	250,000		4.000			01/01/2039		233,364
	Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR)
	90,000		4.000			07/01/2040		77,956

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)
Maryland – (continued)
	Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Baa3/NR)
$	200,000	3.997 %	04/01/2034	$	160,148
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (Baa3/NR)
	865,000	4.000	01/01/2038		768,916
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (NR/BBB-)
	100,000	4.000	06/01/2046		81,601
	Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR)(d)
	100,000	5.500	05/01/2042		92,548
	Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-)(f)
	700,000	0.000	05/01/2051		164,875
	700,000	0.000	05/01/2052		155,425
	Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR)
	100,000	4.875	06/01/2042		93,280
					2,043,860
Massachusetts – 0.1%
	Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/BB+)(d)
	120,000	5.000	07/15/2023		120,808
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)(e) (3M USD LIBOR + 0.57%)
	30,000	2.434	05/01/2037		28,253
					149,061
Michigan – 2.2%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)(a)
	1,665,000	4.000	04/01/2044		1,199,822
	City of Detroit GO Bonds Series 2020 (Ba3/BB-)
	205,000	5.500	04/01/2045		205,977
	205,000	5.500	04/01/2050		207,048
	City of Detroit GO Bonds Series 2021 A (Ba3/BB-)
	45,000	5.000	04/01/2030		46,326
	40,000	5.000	04/01/2032		40,367
	150,000	5.000	04/01/2034		149,376
	60,000	5.000	04/01/2036		59,099
	50,000	5.000	04/01/2038		48,755
	City of Detroit GO Bonds Series 2021 B (Ba3/BB-)
	50,000	2.711	04/01/2026		45,031
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA)
	250,000	5.000	07/01/2048		245,032
	Detroit Financial Recovery Bonds LT Series B-2 (NR/NR)(a)
	400,000	4.000	04/01/2044		288,246
Municipal Bonds – (continued)
Michigan – (continued)
	Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR)
	100,000	5.000	05/15/2037		91,812
	Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR)
	25,000	4.000	11/15/2031		22,439
	Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR/BBB-)
	100,000	4.000	02/01/2042		79,147
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A)
	100,000	5.000	11/15/2048		99,424
	Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (BBB+/NR)
	225,000	5.000	06/01/2040		226,315
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-)
	325,000	3.267	06/01/2039		262,185
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB-)
	60,000	5.000	06/01/2049		56,383
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)(f)
	4,505,000	0.000	06/01/2065		344,261
	Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR)(f)
	1,150,000	0.000	06/01/2058		47,563
	Star International Academy RB Refunding Series 2020 (NR/BBB)
	100,000	5.000	03/01/2030		99,217
	100,000	5.000	03/01/2033		97,370
	Universal Academy RB Refunding Series 2021 (NR/BBB-)
	50,000	4.000	12/01/2031		46,708
					4,007,903
Minnesota – 0.7%
	City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB)
	75,000	4.000	07/01/2031		67,270
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-)
	100,000	4.250	02/15/2048		87,684
	Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke’s Hospital Series 2022 (NR/BBB-)
	380,000	4.000	06/15/2037		325,080
	390,000	4.000	06/15/2038		329,120
	250,000	4.000	06/15/2039		208,275
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (Ba2/NR)
	25,000	4.000	03/01/2032		22,771
	Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (NR/NR)
	330,000	4.000	12/01/2026		327,077
					1,367,277

The accompanying notes are an integral part of these financial statements. 165

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Mississippi – 0.4%
	Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2/BBB) (PUTABLE)(a)(b)(g)
$	375,000		2.650	%		04/01/2027	$	349,678
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa1/A)
	200,000		2.375			06/01/2044		121,088
	Mississippi Development Bank Special Obligation Bonds Series 2021 (BB/NR)(d)
	100,000		5.000			10/01/2033		99,749
	200,000		4.000			10/01/2041		152,880
	Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE)(a)(b)(g)
	75,000		1.600			06/16/2025		70,398
								793,793
Missouri – 0.3%
	Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (Ba1/BBB-)
	50,000		4.000			03/01/2041		40,145
	Industrial Development Authority of The City of St Louis Missouri (The)
	100,000		5.000			05/15/2041		95,222
	Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR)
	25,000		3.500			11/01/2040		20,277
	25,000		4.250			11/01/2050		19,233
	Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (NR/NR)
	25,000		4.000			08/01/2036		21,708
	25,000		4.000			08/01/2041		20,381
	St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (NR/A)
	100,000		5.000			04/01/2048		103,452
	State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)(a)(b)(g)
	250,000		3.500			07/01/2025		244,179
								564,597
Nevada – 0.4%
	City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR)
	50,000		3.125			06/01/2051		30,979
	Clark County LT GO Stadium Improvement Bonds Series 2018A (AA+/NR)
	500,000		5.000			05/01/2048		515,877
	Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR)
	100,000		5.000			07/01/2040		96,046
								642,902
New Hampshire – 0.5%
	National Finance Authority Hospital RB Series 2021B (AGM) (AA/NR)
	500,000		3.000			08/15/2046		351,612
Municipal Bonds – (continued)
New Hampshire – (continued)
	National Finance Authority Pollution Control Refunding RB for New York State Electric & Gas Corp. Project Series 2022A (AMT) (NR/A-)
	400,000		4.000			12/01/2028		393,399
	New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR)
	225,000		4.000			01/01/2041		186,201
	New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (Baa1/A-) (PUTABLE)(a)(b)(g)
	40,000		2.800			10/02/2023		39,654
								970,866
New Jersey – 2.9%
	Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA)
	40,000		5.000			03/01/2032		41,943
	Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (A2/AA)
	125,000		4.000			07/01/2047		105,740
	New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (Baa3/BB+)
	100,000		4.000			07/01/2032		94,856
	New Jersey Economic Development Authority RB Series 2021 QQQ (Baa1/BBB)
	450,000		4.000			06/15/2046		378,321
	New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)(b)
	300,000		5.500			12/15/2026		325,615
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (Ba3/B+)
	200,000		5.250			09/15/2029		197,819
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (Ba3/B+)
	100,000		5.625			11/15/2030		99,814
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (NR/BBB+)
	25,000		5.000			07/01/2035		25,178
	100,000		5.000			07/01/2045		97,712
	New Jersey Health Care Facilities Financing Authority RB for St.. Joseph’s Healthcare System Obligated Group Issue Series 2016 (BBB-/Baa3)
	325,000		5.000			07/01/2041		302,420
	New Jersey Transportation Trust Fund Authority RB Series 2018 (BBB/Baa1)
	215,000		5.000			12/15/2033		218,631
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (Baa1/BBB)(f)
	1,000,000		0.000			12/15/2035		506,650
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)(f)
	200,000		0.000			12/15/2026		167,198
	120,000		0.000			12/15/2032		73,043

166 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 Program Bonds Series 2015 AA (Baa1/BBB)
$	20,000		5.000	%		06/15/2046	$	19,795
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)(f)
	190,000		0.000			12/15/2027		152,643
	240,000		0.000			12/15/2030		165,945
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (Baa1/BBB) (f)
	155,000		0.000			12/15/2033		88,757
	235,000		0.000			12/15/2038		98,259
	40,000		0.000			12/15/2039		15,642
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (Baa1/BBB)
	90,000		4.000			12/15/2031		86,235
	140,000		5.000			12/15/2032		143,297
	New Jersey Transportation Trust Fund Authority RB Series 2020 AA (Baa1/BBB)
	75,000		3.000			06/15/2050		49,627
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (Baa1/BBB)
	400,000		3.500			06/15/2046		302,930
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (Baa1/BBB)(f)
	110,000		0.000			12/15/2032		66,956
	New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (BBB+/A3)
	1,000,000		5.000			12/15/2028		1,042,777
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (Baa1/NR)
	20,000		5.000			01/01/2037		19,857
	South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (AMT) (NR/Baa1)
	100,000		5.000			01/01/2048		93,996
	Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BB+)
	250,000		5.000			06/01/2046		230,137
	Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(d)
	200,000		6.750			12/01/2041		164,391
								5,376,184
New Mexico – 0.4%
	City of Farmington Pollution Control Refunding RB 2005 Series A (NON-AMT) (A-/BBB+)
	400,000		1.800			04/01/2029		337,340
	Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Recepits Tax Increment Bonds Series 2022 (NR/NR)(d)
	500,000		4.250			05/01/2040		403,265
								740,605
New York – 9.9%
	Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR)
	100,000		1.625			11/01/2025		91,855
Municipal Bonds – (continued)
New York – (continued)
	Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-)
	110,000		4.000			06/15/2029		104,866
	Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+)
	100,000		5.000			06/15/2042		93,000
	Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-)
	15,000		5.000			07/01/2042		14,312
	Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)(d)
	100,000		5.000			12/01/2041		91,678
	Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR)
	100,000		4.000			06/15/2041		80,399
	Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR)(d)
	100,000		4.000			06/15/2027		90,459
	Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR)(d)
	100,000		6.500			07/01/2032		101,173
	150,000		6.500			07/01/2042		145,764
	100,000		6.500			07/01/2052		95,262
	Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR)(d)
	100,000		9.750			07/01/2032		95,817
	Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BB+)(d)
	100,000		5.000			07/01/2040		93,086
	100,000		5.000			07/01/2051		88,611
	Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (AA+/NR)
	500,000		4.000			03/15/2039		461,558
	Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)(d)(f)
	800,000		0.000			06/01/2060		38,096
	Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (BBB+/NR)
	250,000		5.000			12/01/2041		240,889
	Metropolitan Tranportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3/BBB+)
	250,000		4.000			11/15/2047		204,724
	Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/BBB+)
	1,415,000		5.250			11/15/2056		1,391,176
	Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/BBB+)
	75,000		4.750			11/15/2045		70,588
	75,000		5.000			11/15/2050		70,824
	75,000		5.250			11/15/2055		73,731
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-1 (A3/BBB+)
	100,000		5.000			11/15/2044		95,744
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/BBB+)
	185,000		4.000			11/15/2050		149,296

The accompanying notes are an integral part of these financial statements. 167

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+)
$	100,000		5.000	%		11/15/2028	$	103,688
	100,000		5.000			11/15/2029		103,684
	100,000		5.000			11/15/2030		103,372
	Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/BBB+)
	175,000		5.250			11/15/2031		180,059
	Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/BBB+)
	250,000		5.000			11/15/2032		251,402
	Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (A3/BBB+)
	200,000		5.250			11/15/2028		205,661
	Metropolitan Transportation Authority RB Series 2012 B (A3/BBB+)(b)
	200,000		4.000			11/15/2022		200,197
	Metropolitan Transportation Authority RB Series 2013 B (A3/BBB+)
	100,000		5.000			11/15/2022		100,193
	Metropolitan Transportation Authority Transportation RB Series 2015B (BBB+/A3)
	340,000		5.250			11/15/2055		334,247
	Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/BBB+)
	500,000		4.000			11/15/2047		409,448
	Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR)(f)
	2,255,000		0.000			06/01/2060		102,599
	New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A2/AA)
	150,000		3.000			01/01/2046		102,929
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (A2/AA)
	75,000		3.000			03/01/2036		60,370
	50,000		4.000			03/01/2045		43,728
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/NR)
	50,000		4.000			03/01/2045		42,233
	New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)(f)
	3,500,000		0.000			06/01/2060		151,340
	New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-)
	100,000		3.500			02/15/2048		96,851
	New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR)(d)
	150,000		7.250			11/15/2044		151,117
	New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)(d)
	1,190,000		5.000			11/15/2044		1,063,960
	New York State Dormitory Authority Personal Income Tax RB Series 2021E (AA+/AA+)
	1,000,000		4.000			03/15/2038		933,459
	New York State Dormitory Authority RB for Brooklyn St. Joseph’s College Series 2021 (NR/NR)
	200,000		4.000			07/01/2035		180,479
	225,000		4.000			07/01/2040		193,545
Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (NR/NR)
	100,000		4.000			07/01/2031		94,263
	New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Ba2/BB+)
	200,000		5.000			07/01/2035		181,102
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-)
	250,000		4.000			09/01/2037		206,355
	New York State Dormitory Authority RB Refunding for St. John’s University Series 2021 A (A3/A-)
	200,000		4.000			07/01/2048		166,455
	New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa2/NR)
	100,000		3.000			03/15/2038		79,605
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B2/B)(a)(b)
	250,000		2.750			09/02/2025		233,515
	New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)(a)(b)
	150,000		1.100			05/01/2027		130,489
	New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (AA/NR)
	75,000		4.000			12/01/2040		66,056
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR)
	25,000		5.000			01/01/2023		25,045
	150,000		5.000			01/01/2027		150,630
	200,000		5.000			01/01/2028		199,960
	45,000		5.000			01/01/2029		44,842
	200,000		5.000			01/01/2030		198,532
	545,000		5.000			01/01/2031		537,408
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (Baa3/NR)
	130,000		4.000			10/01/2030		121,847
	20,000		5.000			10/01/2035		19,204
	585,000		5.000			10/01/2040		547,699
	845,000		4.375			10/01/2045		707,274
	New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR)
	25,000		2.500			10/31/2031		19,925
	25,000		4.000			10/31/2034		22,131
	135,000		4.000			10/31/2041		111,191
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR)
	490,000		5.000			12/01/2026		499,478
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR)
	25,000		5.000			12/01/2034		25,264
	25,000		5.000			12/01/2035		25,218
	75,000		5.000			12/01/2036		75,530
	50,000		5.000			12/01/2037		50,228
	95,000		5.000			12/01/2038		94,509

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR)
$	400,000		5.250	%		01/01/2050	$	387,774
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (NR/B-)
	15,000		5.375			08/01/2036		14,677
	New York Transportation Development Corp. Special Facility RB Series 2021 (NR/NR)
	550,000		3.000			08/01/2031		480,688
	New York Transportation Development Corp. Special Facility Revenue Refunding Bonds for American Airlines John F. Kennedy International Airport Project Series 2016 (B-/NR)
	410,000		5.000			08/01/2026		410,000
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR)
	135,000		3.000			07/01/2044		85,564
	Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR)
	250,000		4.000			07/01/2035		221,489
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 223 (AMT) (Aa3/A+)
	500,000		4.000			07/15/2051		419,955
	Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (Aa3/A+)
	130,000		5.000			09/01/2034		133,496
	State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)(a)(b)
	500,000		5.000			05/01/2026		517,024
	State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A-/A3)
	325,000		4.250			05/01/2052		283,316
	385,000		5.000			05/01/2052		380,660
	State of New York Dormitory Authority Personal Income Tax RB Series 2021E (AA+/NR)
	1,000,000		4.000			03/15/2047		887,268
	Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-)
	200,000		4.000			06/01/2050		169,400
								18,122,535
North Carolina – 0.4%
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (NR/BBB) (PUTABLE)(a)(b)(g)
	75,000		1.375			06/16/2025		69,789
	Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (AA/Baa2)
	275,000		5.500			07/01/2047		283,399
	North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR)
	50,000		4.000			09/01/2041		42,723
	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		61,920
	100,000		4.000			03/01/2051		69,254
Municipal Bonds – (continued)
North Carolina – (continued)
	North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR)
	50,000		4.000			09/01/2041		41,301
	North Carolina Turnpike Authority RB Refunding Series 2018 (AGM) (NR/AA)
	225,000		5.000			01/01/2035		234,740
								803,126
North Dakota – 0.2%
	City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR)
	325,000		3.250			08/01/2024		320,006
Ohio – 2.4%
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-)
	50,000		4.000			06/01/2039		45,179
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	1,205,000		5.000			06/01/2055		1,012,215
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)(f)
	1,800,000		0.000			06/01/2057		191,474
	County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR)
	310,000		5.375			05/15/2037		297,114
	County of Cuyahoga Hospital RB Series 2017 (Baa3/BBB-)
	250,000		5.000			02/15/2052		237,320
	County Of Franklin Healthcare Facilities Refunding Rb Series 2022 (NR/BBB) (NR/NR)
	200,000		4.000			07/01/2040		168,664
	County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR)
	100,000		5.250			11/15/2040		91,674
	County of Franklin RB Series OH 2019A (Aa3/AA-)
	225,000		4.000			12/01/2044		199,142
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-)
	20,000		5.000			02/15/2042		19,708
	20,000		5.500			02/15/2057		20,196
	Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+)
	150,000		2.000			12/01/2031		123,925
	Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR)
	170,000		3.750			12/01/2038		131,523
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-)
	175,000		5.000			12/01/2035		173,853
	125,000		5.000			12/01/2051		114,198
	Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(g)
	250,000		4.250			06/01/2027		245,634

The accompanying notes are an integral part of these financial statements. 169

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Ohio – (continued)
	Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)(a)(b)(g)
$	750,000		4.250	%		06/01/2027	$	728,650
	Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR)
	100,000		5.000			12/01/2042		93,947
	100,000		5.000			12/01/2045		92,382
	Ohio State Higher Education Facilities RB Series 2020 (NR/NR)
	100,000		5.000			01/15/2050		94,999
	Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR)(a)(b)
	100,000		4.375			06/15/2026		91,007
	Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)(d)
	100,000		4.250			12/01/2050		74,390
	Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)(d)
	100,000		6.500			12/01/2030		88,494
	Toledo-Lucas County Port Authority Parking System RB Series 2021 (NR/NR)
	175,000		4.000			01/01/2038		148,135
								4,483,823
Oklahoma – 0.3%
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Baa3/BB+)
	35,000		5.000			08/15/2038		29,846
	50,000		5.500			08/15/2057		42,408
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba2/BB-)
	375,000		5.500			08/15/2052		319,809
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (NR/B-)(a)(b)
	100,000		5.000			06/01/2025		100,874
								492,937
Oregon – 0.3%
	City of Medford Asante Health System Obligated Group Hospital Facilities Authority Revenue Refunding Bond Series 2020A (A+/NR)
	500,000		5.000			08/15/2025		517,744
	Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR)
	15,000		1.750			11/15/2026		13,710
	Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR)
	125,000		5.000			11/15/2051		98,861
								630,315
Pennsylvania – 1.7%
	Allegheny County Airport Authority RB Series 2021 A (AMT) (A2/NR)
	125,000		4.000			01/01/2039		111,138
	100,000		4.000			01/01/2040		88,349
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (BBB-/NR)
	90,000		5.250			09/01/2035		85,447
	Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR)
	100,000		1.830			05/01/2023		97,442
	100,000		2.100			05/01/2024		93,318
	75,000		5.000			05/01/2029		77,796
	50,000		5.000			05/01/2030		51,958
	50,000		5.000			05/01/2031		51,908
	Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (WR/BB-)
	100,000		4.000			11/01/2047		59,095
	Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (BB+/NR)
	275,000		4.000			07/01/2051		189,140
	City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+)
	100,000		5.000			05/01/2047		95,805
	City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (BBB-/NR)
	100,000		4.000			03/01/2042		77,732
	Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB)(d)
	100,000		5.875			10/15/2040		100,425
	200,000		6.250			10/15/2053		202,998
	Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (NR/NR)
	100,000		5.000			03/01/2040		87,133
	Lancaster County Hospital Authority RB Series 2020 (NR/NR)
	250,000		5.000			03/01/2050		205,026
	Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-)
	250,000		4.000			03/01/2038		205,969
	Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communitiies Obligated Group Series 2020C (NR/NR)
	100,000		5.000			11/15/2045		99,452
	Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR)
	100,000		4.000			07/01/2033		91,370
	55,000		4.000			07/01/2041		46,684
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)(a)(b)
	260,000		1.100			11/02/2026		229,091
	Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR)
	80,000		5.250			12/01/2044		85,004
	Philadelphia Authority for Industrial Development Charter School RB for Green Woods Charter School Project Series 2022A (NR/BB+)
	100,000		5.125			06/15/2042		90,173
	Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+)(d)
	140,000		5.000			06/15/2030		138,319

170 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)
Pennsylvania – (continued)
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB)
$	95,000		5.000	%		07/01/2033	$	96,621
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+)
	100,000		5.000			10/01/2049		84,599
	The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (WR/BB-)
	290,000		5.000			11/01/2040		206,278
	Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR)(d)
	30,000		6.000			07/01/2029		28,486
	Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa1/NR)
	50,000		5.000			07/01/2030		52,098
								3,128,854
Puerto Rico – 8.6%
	Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR)(d)
	250,000		5.000			07/01/2035		236,911
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)(d)
	850,000		5.000			07/01/2047		753,018
	Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR)(d)
	350,000		4.000			07/01/2042		275,443
	Puerto Rico Commonwealth GO Bonds (NR/NR)*(a)(c)(i)
	734,631		0.000			11/01/2043		367,315
	Puerto Rico Commonwealth GO Clawback Bonds (NR/NR)*(a)(c)(i)
	148,470		0.000			11/01/2051		54,377
	Puerto Rico Commonwealth GO Clawback CVIs (NR/NR)(a)(c)(i)
	98,677		0.000			11/01/2051		44,405
	Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR)
	169,722		5.250			07/01/2023		170,482
	48,994		0.000	(f)		07/01/2024		45,032
	163,993		5.375			07/01/2025		165,579
	162,509		5.625			07/01/2027		165,884
	159,871		5.625			07/01/2029		163,515
	155,281		5.750			07/01/2031		158,309
	514,493		0.000	(f)		07/01/2033		283,585
	322,248		4.000			07/01/2033		283,385
	132,356		4.000			07/01/2035		113,142
	223,596		4.000			07/01/2037		183,479
	729,448		4.000			07/01/2041		569,305
	435,624		4.000			07/01/2046		326,065
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (WR/NR)
	670,000		5.250			07/01/2038		635,978
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)
	275,000		5.250			07/01/2036		268,600
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority Power RB Series 2012A (NR/NR)*
	250,000		5.050			07/01/2042		185,000
	Puerto Rico Electric Power Authority Power RB Series 2013A (NR/NR)*
	150,000		7.000			07/01/2040		115,125
	Puerto Rico Electric Power Authority Power RB Series AAA (NR/NR)*
	100,000		5.250			07/01/2031		74,250
	Puerto Rico Electric Power Authority Power RB Series CCC (NR/NR)*
	340,000		5.250			07/01/2027		252,450
	415,000		5.000			07/01/2028		308,138
	Puerto Rico Electric Power Authority Power RB Series TT (NR/NR)*
	100,000		5.000			07/01/2032		74,250
	Puerto Rico Electric Power Authority Power RB Series XX (NR/NR)*
	300,000		5.250			07/01/2040		222,750
	Puerto Rico Electric Power Authority Power RB Series ZZ (NR/NR)*
	145,000		4.250			07/01/2020		105,669
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)
	115,000		5.250			07/01/2032		113,580
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (A3/AA)
	200,000		5.250			07/01/2034		195,783
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR AGC) (A2/AA)
	250,000		5.500			07/01/2029		253,981
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR AGC-ICC) (A2/AA)
	435,000		5.500			07/01/2026		449,555
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (WR/NR)*
	165,000		5.500			07/01/2026		33,000
	Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restricted Bonds Series 2019A-2B (NR/NR)
	325,000		4.550			07/01/2040		288,787
	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR)
	70,000		4.329			07/01/2040		60,464
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(f)
	13,000		0.000			07/01/2024		12,011
	27,000		0.000			07/01/2027		21,522
	91,000		0.000			07/01/2029		65,430
	608,000		0.000			07/01/2033		341,698
	1,776,000		0.000			07/01/2046		400,387
	190,000		0.000			07/01/2051		30,930
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	2,906,000		4.329			07/01/2040		2,510,127
	15,000		4.536			07/01/2053		12,351
	15,000		4.784			07/01/2058		12,616

The accompanying notes are an integral part of these financial statements. 171

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
$	245,000		4.500	%		07/01/2034	$	229,029
	37,000		4.550			07/01/2040		32,877
	1,465,000		4.750			07/01/2053		1,251,200
	3,320,000		5.000			07/01/2058		2,930,904
								15,847,673
South Carolina – 0.6%
	Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR)(d)
	100,000		3.625			11/01/2031		81,417
	100,000		3.750			11/01/2036		75,387
	South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR)(d)
	100,000		5.125			06/15/2042		89,640
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A3/AA)
	75,000		5.000			04/15/2035		79,328
	175,000		4.000			04/15/2036		162,570
	795,000		3.000			04/15/2049		523,956
								1,012,298
South Dakota – 0.0%
	County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (NR/BBB-)
	50,000		4.000			08/01/2051		36,500
Texas – 7.4%
	Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR)
	100,000		5.625			08/15/2052		87,577
	Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB)
	25,000		5.000			08/15/2025		25,171
	Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (NR/B)
	35,000		5.000			01/01/2023		34,951
	Central Texas Regional Mobility Authority RB Series 2021 C (Baa1/BBB+)
	100,000		5.000			01/01/2027		102,870
	City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)(d)
	301,000		3.750			09/15/2031		246,698
	157,000		4.500			09/15/2031		139,919
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)(d)
	50,000		3.375			09/01/2041		37,751
	City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)(d)
	50,000		4.250			09/01/2041		41,430
	55,000		4.500			09/01/2050		44,670
	City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR)(d)
	100,000		4.875			09/01/2042		90,249
	City of Celina Special Assessment RB Series 2022 (NR/NR)(d)
	100,000		3.625			09/01/2032		83,449
Municipal Bonds – (continued)
Texas – (continued)
	City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (NON-AMT) (A1/A+)
	500,000		4.000			11/01/2041		456,529
	City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR)(d)
	428,000		4.625			09/01/2027		414,650
	City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)(d)
	100,000		3.375			08/15/2030		85,021
	City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR)(d)
	100,000		3.375			08/15/2031		83,026
	City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR)(d)
	317,000		5.875			08/15/2042		303,976
	City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR)(d)
	75,000		4.250			08/15/2042		64,401
	City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR)(d)
	100,000		3.625			09/15/2027		92,200
	City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR)(d)
	100,000		2.625			09/01/2026		88,642
	City of Houston Airport System Special Facilities RB Series 2021B-1 (AMT) (NR/NR)
	300,000		4.000			07/15/2041		234,922
	City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(d)
	519,000		3.625			09/01/2041		390,200
	City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR)(d)
	100,000		3.500			09/01/2041		74,565
	City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR)(d)
	100,000		3.875			09/01/2041		77,100
	City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR)(d)
	100,000		3.375			09/01/2031		81,738
	City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR)(d)
	200,000		4.125			09/01/2041		171,393
	City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA)
	500,000		2.500			09/15/2039		332,757
	City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR)(d)
	430,000		5.000			09/15/2027		422,462
	City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA)
	50,000		2.500			09/15/2035		35,862
	City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)(d)
	100,000		3.875			09/15/2041		77,885

172 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)
	City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR)(d)
$	100,000		5.250	%		09/15/2042	$	91,340
	City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR)(d)
	150,000		6.000			09/15/2042		140,880
	City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)(d)
	265,000		2.750			09/01/2031		212,539
	City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR)(d)
	100,000		5.750			09/15/2032		97,270
	100,000		5.500			09/15/2042		94,336
	City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR)(d)
	100,000		5.500			09/15/2042		94,336
	City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR)(d)
	350,000		5.375			09/15/2027		346,848
	410,000		5.625			09/15/2032		404,771
	City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)(d)
	125,000		4.375			09/15/2051		96,904
	City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)(d)
	125,000		4.000			09/15/2051		94,612
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR)(d)
	52,000		4.250			09/01/2042		44,792
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)(d)
	98,000		2.875			09/01/2025		92,050
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	100,000		4.875			09/01/2039		94,328
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)(d)
	25,000		3.375			09/01/2041		18,344
	City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR)(d)
	75,000		5.125			09/01/2042		70,796
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)(d)
	150,000		2.750			09/01/2025		140,315
	100,000		3.750			09/01/2040		78,631
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)(d)
	50,000		3.250			09/01/2041		35,841
Municipal Bonds – (continued)
Texas – (continued)
	City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)(d)
	409,000		3.375			09/15/2041		295,271
	City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)(d)
	75,000		2.625			09/15/2025		70,533
	50,000		3.375			09/15/2030		43,956
	City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)(d)
	100,000		3.250			09/15/2030		83,900
	City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR)(d)
	291,000		4.625			09/01/2032		272,051
	City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR)(d)
	136,000		2.625			09/15/2026		120,424
	City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR)(d)
	302,000		5.125			08/15/2032		295,129
	Club Municipal Management District Special Assessment RB Series 2021 (NR/NR)(d)
	50,000		3.250			09/01/2041		35,947
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/BBB-)
	25,000		2.500			10/01/2031		19,707
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (NR/BB-)(d)
	100,000		3.500			10/01/2031		79,939
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (A2/NR)
	50,000		4.000			10/01/2041		45,111
	50,000		4.000			10/01/2046		43,814
	County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)(d)
	100,000		4.500			09/01/2041		82,147
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(d)
	100,000		5.000			08/15/2044		88,976
	Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR)
	75,000		3.125			08/15/2036		57,507
	70,000		3.250			08/15/2041		50,722
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (A1/AA-)
	175,000		5.000			05/15/2030		184,677
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (NR/B)
	200,000		5.000			07/15/2028		199,885
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (NR/NR)
	100,000		5.000			07/15/2027		100,397
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (NR/NR)
	150,000		5.000			07/15/2027		150,621

The accompanying notes are an integral part of these financial statements. 173

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Houston Airport System Subordinate Lien RB Series 2020 A (AMT) (A1/A)
$	540,000		4.000	%		07/01/2047	$	460,569
	Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR)
	320,000		2.250			09/01/2030		253,694
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A)
	35,000		5.000			05/15/2030		37,842
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (NR/BB-)(d)
	100,000		4.625			10/01/2031		98,447
	Mitchell County Hospital District GO Bonds Series 2020 (NR/NR)
	100,000		5.250			02/15/2030		96,008
	New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (BB+/NR)(d)
	75,000		4.000			08/15/2036		63,403
	New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2021 (NR/NR)
	100,000		4.000			11/01/2055		74,701
	New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR)
	225,000		5.500			01/01/2057		170,891
	North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR)(d)
	200,000		3.000			09/15/2026		183,078
	300,000		3.625			09/15/2031		258,175
	North Texas Tollway Authority RB for Second Tier Series 2021 B (A2/A)
	50,000		4.000			01/01/2040		44,740
	25,000		4.000			01/01/2041		22,226
	Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)(d)
	100,000		1.875			01/01/2026		89,890
	150,000		2.500			01/01/2030		120,827
	175,000		3.000			01/01/2050		103,562
	Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR)(d)
	500,000		4.100			01/01/2028		391,370
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (Baa3/NR)
	800,000		5.000			06/30/2058		730,706
	Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)(d)
	645,000		2.625			09/01/2026		575,994
	Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR)(d)
	200,000		5.250			09/15/2042		182,898
	Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR)(d)
	281,000		2.875			09/01/2031		223,527
Municipal Bonds – (continued)
Texas – (continued)
	Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (Baa2/NR)
	100,000		3.000			09/01/2034		80,250
	Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)
	50,000		2.875			12/01/2030		40,901
	Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR)
	285,000		2.000			08/15/2028		240,773
								13,536,183
Utah – 1.5%
	Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)(d)
	500,000		3.500			03/01/2036		389,312
	Salt Lake City International Aiport RB Series 2018A (AMT) (A/A2)
	500,000		5.250			07/01/2048		504,406
	Salt Lake City International Airport RB Series 2021A (AMT’) (A/NR)
	1,500,000		4.000			07/01/2051		1,261,498
	Salt Lake City Public Utilities RB Series 2022 (Aa1/AAA)
	210,000		5.000			02/01/2052		221,286
	Utah Charter School Finance Authority Charter School RB Series 2022A (BB+/NR)(d)
	250,000		5.750			06/15/2052		236,080
	Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB)(d)
	100,000		4.000			07/15/2037		79,981
								2,692,563
Vermont – 0.1%
	Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B/NR)(a)(b)(d)
	150,000		5.000			06/01/2027		145,924
Virginia – 0.5%
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-)(f)
	300,000		0.000			06/01/2047		65,617
	Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB-)
	25,000		4.000			06/01/2036		21,753
	Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+)
	250,000		3.100			12/01/2045		190,628
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (Baa3/NR)
	50,000		5.000			12/31/2049		47,296
	200,000		5.000			12/31/2056		185,797
	Virginia Small Business Financing Authority Senior Lien Revenue and Refunding Bonds Series 2022 (AMT) (Baa1/NR)
	125,000		5.000			12/31/2047		122,061

174 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)
Virginia – (continued)
	Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR/BBB-)
$	300,000	4.000 %		01/01/2048	$	242,839
						875,991
Washington – 1.3%
	City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (AA+/Aa1)
	125,000	4.000		09/01/2036		123,218
	150,000	4.000		09/01/2037		146,204
	Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A1/A+)
	200,000	5.000		04/01/2038		203,249
	Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1/A+)
	700,000	4.000		08/01/2041		606,205
	Port of Seattle WA RB Series 2018 (A+/A1)
	220,000	5.000		05/01/2043		221,071
	State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa)
	200,000	5.000		07/01/2025		206,289
	State of Washington Various Purpose GO Refunding Bonds Series R-2022C (AA+/Aaa)
	750,000	4.000		07/01/2026		770,526
	Washington State Convention Center Public Facilities District Lodging Tax RB Series 2018 (BAM-TCRS) (Baa3/AA)
	120,000	4.000		07/01/2058		95,357
						2,372,119
West Virginia – 0.3%
	Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)(d)
	100,000	4.125		06/01/2043		85,013
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/B)(a)(b)
	100,000	4.125		07/01/2025		96,833
	West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)(a)(b)(g)
	500,000	3.000		06/18/2027		458,291
						640,137
Wisconsin – 1.6%
	Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR)(d)
	100,000	5.875		06/01/2052		91,451
	Public Finance Authority Charter School RB Series 2021A (NR/NR)(d)
	510,000	5.000		06/15/2041		403,143
	Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR)(d)
	360,000	5.000		06/15/2032		342,424
	Public Finance Authority Education RB Series 2022 (NR/NR)(d)
	100,000	5.000		01/01/2042		86,231
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (Baa3/BBB)
	190,000	4.300		11/01/2030		186,562
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB)
	25,000	5.000		07/01/2038		25,021
	25,000	5.000		07/01/2041		24,655
	Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba1/NR)(d)
	50,000	5.000		12/01/2045		44,207
	Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)(d)
	100,000	5.000		06/01/2061		79,560
	Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)(d)
	100,000	4.000		03/01/2030		90,232
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR)(d)
	250,000	5.625		06/01/2050		193,631
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR)(d)
	290,000	6.500		06/01/2045		228,133
	Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB+)(d)
	100,000	6.000		07/01/2031		84,751
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (NR/BB)(d)
	100,000	5.000		04/01/2040		91,857
	Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB+)(d)
	150,000	4.500		07/01/2048		116,126
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB)(d)
	25,000	6.125		10/01/2049		22,270
	Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR)
	205,000	5.000		11/15/2041		206,075
	Public Finance Authority Student Housing RB Series 2021A-1 (NR/NR)(d)
	50,000	4.000		07/01/2041		39,059
	150,000	4.000		07/01/2051		106,745
	Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR)
	50,000	3.000		12/01/2031		40,500
	75,000	4.000		12/01/2041		58,193
	Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA)(b)(e) (SIFMA Municipal Swap Index Yield + 0.18%)
	175,000	2.630		07/01/2026		170,380
	Wisconsin Public Finance Authority Hotel RB for Grand Hyatt San Antonion Hotel Acquisition Project Senior Lien Series 2022A (NR/(P)BBB-)
	200,000	5.000		02/01/2042		184,387
						2,915,593
	TOTAL MUNICIPAL BONDS
	(Cost $204,397,485)				$	176,267,170

The accompanying notes are an integral part of these financial statements. 175

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Bonds – 0.9%
Healthcare – Services – 0.0%
	Tower Health Series (BB-/NR)
$	50,000		4.451	%		02/01/50	$	28,650
Real Estate – 0.9%
	Benloch Ranch Improvement Association No. 1 Series 2020 (NR/NR)(j)
	76,100		9.750			12/01/39		71,869
	Benloch Ranch Improvement Association No. 1 Series 2021 (NR/NR)(d)(j)
	76,100		9.750			12/01/39		71,868
	Benloch Ranch Improvement Association No. 2 (NR/NR)(d)(j)
	700,000		10.000			12/01/51		634,410
	Brixton Park Improvement Association No. 1 Series (NR/NR)(d)(j)
	1,000,000		6.875			12/01/51		868,100
								1,646,247
	TOTAL CORPORATE BONDS (Cost $1,851,743)						$	1,674,897
	TOTAL INVESTMENTS – 97.0% (Cost $206,249,228)						$	177,942,067
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.0%							5,477,327
	NET ASSETS – 100.0%						$	183,419,394

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)	Variable Rate Demand Instruments - rate shown is that which is in effect on September 30, 2022. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(b)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(c)	Zero coupon bond until next reset date.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	Variable or floating 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, 2022.

(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rates disclosed is that which is in effect on September 30, 2022.
(h)	When-issued security.
(i)	Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan.
(j)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
ABS	—Asset-Backed Security
AGC	—Insured by Assured Guaranty Corp.
AGC-ICC	—American General Contractors-Interstate Commerce Commission
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 (subject to)
BAM	—Build America Mutual Assurance Co.
CFD	—Community Facilities District
COPS	—Certificates of Participation
GO	—General Obligation
HUD SECT 8	—Hud Section 8
IDA	—Industrial Development Agency
LIBOR	—London Interbank Offered Rates
LT	—Limited Tax
NR	—Not Rated
RB	—Revenue Bond
SD CRED PROG	—School District Credit Program
SIFMA	—Securities Industry and Financial Markets Association
SONYMA	—State of New York Mortgage Agency
ST AID WITHHLDG	—State Aid Withholding
TCRS	—Transferable Custody Receipts
USD	—United States Dollar
UT	—Unlimited Tax
WR	—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2022, 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		(82	)		12/20/22	$	(10,313,197	)	$	594,916
U.S. Treasury Ultra Bond		(48	)		12/20/22		(7,154,030	)		593,030
Total Futures Contracts									$	1,187,946

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – 98.6%
Alabama – 1.1%
	Alabama Federal Aid Highway Finance Authority Special Obligation Revenue Refunding Bonds Series 2017B (NR/AAA)
$	1,375,000	5.000%		09/01/2026	$	1,465,231
	Alabama Public School & College Authority RB Refunding for Capital Improvement Series 2015 A (Aa1/AA)
	3,385,000	5.000		05/01/2023		3,421,991
	Black Belt Energy Gas District RB Project 4 Series 2019 A-1 (A1/NR)(a)(b)
	30,170,000	4.000		12/01/2025		29,887,968
	Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (A2/AA)
	225,000	5.000		08/01/2023		227,681
	485,000	5.000		08/01/2024		498,505
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+)
	85,000	4.000		10/01/2022		85,000
	Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)
	225,000	2.000		10/01/2024		216,592
	Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)
	675,000	2.000		10/01/2024		649,775
	Industrial Development Board City of Selma Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)
	6,500,000	1.375		06/16/2025		6,048,353
	Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (BBB/NR) (PUTABLE)(a)(b)(c)
	1,875,000	2.000		10/01/2024		1,804,929
	Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A1/A-) (PUTABLE)(a)(b)(c)
	3,335,000	1.000		06/26/2025		3,100,981
	Jacksonville State University RB Refunding Series 2020 (A2/A-)
	475,000	3.000		12/01/2022		474,719
	315,000	3.000		12/01/2023		311,442
	275,000	4.000		12/01/2024		276,578
	375,000	4.000		12/01/2025		377,348
	550,000	4.000		12/01/2026		553,470
	Jefferson County RB Refunding Warrants Series 2017 (NR/AA)
	2,000,000	5.000		09/15/2023		2,033,489
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (A2/AA)
	6,780,000	5.500		10/01/2053		7,004,655
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (NR/BBB)
	1,745,000	5.000		10/01/2022		1,745,000
	3,825,000	6.500		10/01/2053		4,102,361
Municipal Bonds – (continued)
Alabama – (continued)
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A1/NR)(b)(d) (1M USD LIBOR + 0.85%)
	25,105,000	2.946		06/01/2024		24,711,622
	Troy University Facilities RB Series 2019-A (BAM) (AA/NR)
	850,000	4.000		11/01/2022		850,567
						89,848,257
Alaska – 0.1%
	Alaska Municipal Bond Bank Authority RB Refunding Series 2020 ONE (A1/A+)
	640,000	5.000		12/01/2022		641,877
	Alaska Municipal Bond Bank GO Refunding Bonds 2016 Series 4 (AMT) (NR/A+)
	1,755,000	5.000		12/01/2030		1,821,982
	1,960,000	5.000		12/01/2032		2,021,161
	Borough of North Slope GO Bonds for Schools Series 2019 B (Aa2/AA)
	990,000	5.000		06/30/2023		1,003,234
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 A-1 (NR/A)
	1,000,000	5.000		06/01/2025		1,026,428
	1,100,000	5.000		06/01/2026		1,134,432
						7,649,114
Arizona – 2.2%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)(d) (3M USD LIBOR + 0.81%)
	83,860,000	3.318		01/01/2037		77,912,330
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (NR/A)
	250,000	5.000		11/01/2022		250,308
	755,000	5.000		11/01/2023		767,256
	340,000	5.000		11/01/2025		355,697
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CCC+)
	600,000	5.000		01/01/2023		594,728
	575,000	5.000		01/01/2024		551,030
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/CCC+)
	505,000	5.000		01/01/2023		499,545
	560,000	5.000		01/01/2024		531,354
	City of Chandler IDA Industrial Development RB for Intel Corp. Project Series 2022 (NR/A+)(a)(b)
	25,000,000	5.000		09/01/2027		25,870,780
	City of Chandler IDA Industrial Development RB Series 2019 (A+/NR)(a)(b)
	20,365,000	5.000		06/03/2024		20,621,267
	City of Phoenix Civic Improvement Corporation Junior Lien Airport Revenue Refunding Bonds Series 2015B (NON-AMT) (A1/A)
	1,740,000	5.000		07/01/2034		1,779,110

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, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Municipal Bonds – (continued)
Arizona – (continued)
	County of Pinal IDA Correctional Facility Contract Refunding Bonds Series 2020A (BBB/NR)
$	3,900,000	2.000%	10/01/2024	$	3,723,649
	1,540,000	2.000	10/01/2025		1,432,799
	Maricopa County Community College District GO Refunding Bonds Series 2016 (Aaa/AAA)
	16,400,000	5.000	07/01/2023		16,628,518
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (Ba2/AA-)
	125,000	4.000	07/01/2023		125,222
	135,000	4.000	07/01/2024		134,818
	Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE)(a)(b)(c)
	3,750,000	0.875	10/01/2026		3,222,172
	Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 B (Baa2/BBB) (PUTABLE)(a)(b)(c)
	1,790,000	0.875	10/01/2026		1,538,050
	Maricopa County Pollution Control Revenue Refunding Bonds 2003 Series A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)
	10,000,000	3.000	06/01/2024		9,860,426
	University of Arizona Board of Regents Speed Revenue Refunding Bonds Tax Exempt Series 2020C (Aa3/A+)
	1,000,000	5.000	08/01/2025		1,048,466
	University of Arizona Board of Regents System Revenue Refunding Bonds Tax Exempt Series 2021A (Aa2/AA-)
	2,000,000	5.000	06/01/2025		2,091,082
	Water Infrastructure Finance Authority of Arizona Water Quality Revenue Refunding Bonds Series 2014A (AAA/Aaa)
	10,000,000	5.000	10/01/2026		10,347,366
					179,885,973
Arkansas – 0.0%
	Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (NR/BBB+)
	235,000	5.000	08/01/2023		237,418
	400,000	5.000	08/01/2024		408,503
	Fort Smith School District No. 100 GO Bonds for Arkansas Construction Series 2018 A (ETM) (ST AID WITHHLDG) (Aa2/NR)
	1,510,000	3.000	02/01/2023		1,509,693
					2,155,614
California – 6.3%
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA)
	300,000	5.000	05/01/2023		302,936
	265,000	5.000	05/01/2024		271,227
	Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (Aa3/AA)(b)(d) (SIFMA Municipal Swap Index Yield + 0.45%)
	7,000,000	2.900	04/01/2026		6,885,269
Municipal Bonds – (continued)
California – (continued)
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (Aa3/WR/AA)(b)(d) (SIFMA Municipal Swap Index Yield + 0.90%)
	10,000,000	3.350	05/01/2023		10,002,801
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (Aa3/AA)(b)(d) (SIFMA Municipal Swap Index Yield + 0.90%)
	7,000,000	3.350	05/01/2023		7,001,961
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (NR/AA)(b)(d) (SIFMA Municipal Swap Index Yield + 1.25%)
	15,000,000	3.700	04/01/2027		15,133,897
	California Community Choice Financing Authority Clean Energy Project RB Series 2022A (NR/NR)(a)(b)
	19,150,000	4.000	08/01/2028		18,717,107
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (NR/BB)
	1,000,000	5.000	05/01/2023		1,004,635
	535,000	5.000	05/01/2024		540,464
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/A)
	450,000	5.000	06/01/2026		465,230
	California County Tobacco Securitization Agency RB Refunding Senior Series 2020 A (NR/A)
	700,000	5.000	06/01/2025		722,034
	California Health Facilities Financing Authority RB Refunding for Lucile Salter Packard Children’s Hospital Series 2022 A (A1/A+)
	795,000	5.000	05/15/2026		834,724
	285,000	5.000	05/15/2027		302,688
	California Health Facilities Financing Authority Refunding RB for Sutter Health Series 2015A (A1/A)(b)
	8,810,000	5.000	08/15/2025		9,259,930
	California Infrastructure & Economic Development Bank RB Refunding for California Academy of Sciences Series 2018 B (A2/NR)(b)(d) (SIFMA Municipal Swap Index Yield + 0.35%)
	32,000,000	2.800	08/01/2024		31,654,643
	California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (A3/NR)(a)(b)
	20,000,000	1.200	06/01/2028		16,613,994
	California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (A3/NR)(b)(d) (SIFMA Municipal Swap Index Yield + 0.70%)
	5,000,000	3.150	06/01/2026		4,900,414
	California Municipal Finance Authority RB for Waste Management, Inc. Series 2009 A (NR/A-/A-2) (PUTABLE)(a)(b)(c)(e)
	1,800,000	1.300	02/03/2025		1,692,465
	California Municipal Finance Authority RB for Waste Management, Inc. Series 2017 A (AMT) (NR/A-/A-2) (PUTABLE)(a)(b)(c)
	17,860,000	0.700	12/01/2023		17,255,828
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR)
	250,000	5.000	10/01/2022		250,000

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)
California – (continued)
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) – (continued)
$	225,000		5.000	%		10/01/2023	$	227,529
	275,000		5.000			10/01/2024		280,446
	275,000		5.000			10/01/2025		281,174
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (NR/NR)
	860,000		5.000			12/31/2023		872,439
	685,000		5.000			06/30/2024		694,652
	800,000		5.000			12/31/2024		815,903
	1,000,000		5.000			06/30/2025		1,023,834
	1,790,000		5.000			12/31/2025		1,839,535
	1,385,000		5.000			06/30/2026		1,418,226
	2,570,000		5.000			12/31/2026		2,638,459
	2,005,000		5.000			06/30/2027		2,054,840
	3,005,000		5.000			12/31/2027		3,085,916
	California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (Baa1/A) (PUTABLE)(a)(b)(c)
	2,490,000		0.600			09/01/2023		2,418,100
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR)(e)
	3,500,000		5.000			11/21/2045		3,281,602
	California Public Finance Authority RB Refunding for Henry Mayo Newhall Hospital Obligated Group Series 2021 A (NR/BBB-)
	240,000		4.000			10/15/2022		240,030
	290,000		4.000			10/15/2023		290,884
	380,000		4.000			10/15/2024		379,653
	390,000		4.000			10/15/2025		388,190
	415,000		4.000			10/15/2026		411,013
	California State University RB Refunding Series 2016 B-2 (Aa2/AA-)(a)(b)
	12,100,000		0.550			11/01/2026		10,176,266
	California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (NR/BBB+)
	500,000		5.000			01/01/2023		501,810
	California Statewide Community Development Authority Pollution Control Refunding RB 2006 Series B (NON-AMT) (A-/BBB+)
	8,500,000		1.450			04/01/2028		7,206,120
	Campbell Union High School District GO Bonds 2016 Series B (AAA/Aa1)(b)
	5,500,000		4.000			08/01/2026		5,669,413
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	210,000		3.000			09/01/2023		206,931
	215,000		3.000			09/01/2024		208,283
	225,000		4.000			09/01/2025		224,065
	Chula Vista Elementary School District GO Bonds Anticipation Notes Series 2019 (NR/AA-)(f)
	2,515,000		0.000			08/01/2023		2,444,711
Municipal Bonds – (continued)
California – (continued)
	City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR)(g)
	1,080,000		4.000			09/01/2025		1,076,918
	1,285,000		5.000			09/01/2030		1,327,412
	City of Los Angeles 2022 Tax and Revenue Anticipation Notes (SP-1+/MIG 1)
	17,000,000		4.000			06/29/2023		17,115,770
	City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA)
	1,610,000		5.000			05/15/2025		1,658,916
	3,750,000		5.000			05/15/2026		3,888,348
	3,150,000		5.000			05/15/2028		3,316,350
	City of Los Angeles Department of Airports International Airports Senior Refunding RB 2018 Series B (AMT) (AA/Aa2)
	4,340,000		5.000			05/15/2026		4,500,115
	City of Los Angeles Department of Airports Senior RB Series 2015 (NON-AMT) (AA-/Aa3)
	1,000,000		5.000			05/15/2028		1,044,213
	City of Los Angeles Department of Airports Subordinate RB 2022 Series A (AMT) (AA-/Aa3)
	7,415,000		5.000			05/15/2026		7,688,560
	City of Montebello RB Series 2020 (AGM) (NR/AA)
	1,000,000		2.403			06/01/2024		958,909
	1,000,000		2.503			06/01/2025		933,226
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	170,000		4.000			09/01/2024		169,367
	250,000		4.000			09/01/2026		247,059
	City of San Francisco Infrastructure and Revitalization Financing District Tax Increment RB Series 2022A (NR/NR)(e)
	355,000		5.000			09/01/2027		359,859
	Coachella Valley Water District Drinking Water System Revenue Notes Series 2022A (NR/AA+)
	12,015,000		1.375			06/01/2025		11,166,569
	County of Riverside 2022 Tax and Revenue Anticipation Note (NR/NR)
	13,000,000		5.000			06/30/2023		13,183,267
	Eastern Foothill Transportation Corridor Agency Toll Road RB Series 1995A (NR/AA+)(f)
	20,915,000		0.000			01/01/2024		20,069,392
	El Dorado Irrigation District Refunding RB Series 2014A (AA/Aa3)(b)
	5,000,000		5.250			03/01/2024		5,144,293
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2017 A-1 (NR/NR)
	6,000,000		5.000			06/01/2023		6,074,129
	Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (A+/Aaa)(b)
	5,725,000		5.000			06/01/2025		6,000,632
	Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (NR/Aaa)(b)
	6,070,000		5.000			06/01/2025		6,362,243
	Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (A+/Aa3)(b)
	1,840,000		5.000			06/01/2025		1,928,588

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, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (US TREASURY OBLIGATIONS) (NR/A+)(b)
$	2,100,000	5.000 %		06/01/2025	$	2,201,105
	Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2017A-1 (NR/NR)
	11,505,000	5.000		06/01/2024		11,861,792
	Golden State Tobacco Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (BBB+/NR)
	3,615,000	1.850		06/01/2031		3,540,251
	Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA)(e)
	555,000	4.000		06/01/2027		558,711
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (NR/A-)
	2,810,000	3.678		06/01/2038		2,613,335
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	1,135,000	5.000		09/01/2023		1,147,564
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	600,000	4.000		09/01/2023		598,894
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	520,000	4.000		09/01/2023		519,042
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	415,000	4.000		09/01/2023		414,235
	Kern Community College District Facilities Improvement District No. 1 GO Bonds Series 2020 (MIG1/SP-1+)(f)
	5,190,000	0.000		08/01/2023		5,053,144
	Long Beach California Natural Gas Finance Authority RB Series 2007A (A-/NR)
	7,000,000	5.000		11/15/2024		7,109,260
	Los Angeles Unified School District GO Bonds for Qualified School Construction Series 2010 J-2 (Aa3/A+)
	27,900,000	5.720		05/01/2027		28,722,433
	Modesto Financing Authority Domestic Project RB 2007F (NATL) (AA-/AA-)(d) (3M USD LIBOR + 0.63%)
	7,000,000	2.695		09/01/2037		6,499,461
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/BBB+)(d) (3M USD LIBOR + 0.72%)
	7,975,000	3.228		07/01/2027		7,739,227
	Ohlone Community College District Election of 2010 GO Bonds Series B (Aa1/AA+)(b)
	13,000,000	4.000		08/01/2024		13,198,520
	Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)
	195,000	4.000		09/01/2024		194,061
	205,000	4.000		09/01/2025		203,304
	210,000	4.000		09/01/2026		207,476
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	1,835,000	5.000		09/01/2023		1,854,165
Municipal Bonds – (continued)
California – (continued)
	Sacramento City Financing Authority RB Series 2007B (NATL) (AA-/WD)(d) (3M USD LIBOR + 0.57%)
	10,000,000	2.635		06/01/2039		8,579,357
	Sacramento County Financing Authority RB Series 2007B (NATL) (AA-/Aa3)(d) (3M USD LIBOR + 0.55%)
	14,610,000	2.615		06/01/2034		13,471,215
	San Diego Community College District GO Bonds Series 2013 (AAA/NR)(b)(h)
	42,620,000	0.000		08/01/2023		23,811,854
	San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR)
	2,000,000	5.000		07/01/2027		2,071,377
	San Diego Unified School District Tax and Revenue Anticipation Notes Series 2022A (NR/NR)
	2,500,000	4.000		06/30/2023		2,517,071
	San Gorgonio Memorial Healthcare District 2020 GO Refunding Bonds (NR/NR)
	385,000	4.000		08/01/2023		382,714
	855,000	4.000		08/01/2024		843,422
	930,000	4.000		08/01/2025		909,298
	1,020,000	3.000		08/01/2026		952,491
	San Joaquin Hills Transportation Corridor Agency Toll Road Revenue Junior Lien RB (AA+/Aaa) (f)
	20,000,000	0.000		01/01/2024		19,203,110
	Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR)
	260,000	4.000		07/01/2023		260,613
	240,000	4.000		07/01/2024		240,678
	300,000	4.000		07/01/2025		300,069
	320,000	4.000		07/01/2026		319,801
	Southern California Tobacco Securitization Settlement Asset Backed Refunding Bonds Series 2019 (A/NR)
	1,750,000	5.000		06/01/2024		1,780,108
	State of California Public Works Board Lease RB 2013 Series I (Aa3/A+)
	1,825,000	5.000		11/01/2025		1,859,472
	State of California Various Purpose GO Bonds (AA-/Aa2)
	5,000,000	5.000		11/01/2024		5,188,619
	8,500,000	5.000		11/01/2026		9,099,391
	State of California Various Purpose GO Refunding Bonds (AA-/Aa2)
	11,655,000	4.000		11/01/2024		11,853,831
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR)
	1,200,000	5.000		10/01/2026		1,268,756
	Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (NR/NR)
	175,000	5.000		07/01/2023		176,833
	200,000	5.000		07/01/2024		203,665
	225,000	5.000		07/01/2025		230,838
	250,000	5.000		07/01/2026		258,271
						507,325,240

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)
Colorado – 3.8%
	City of Aurora COPS Refunding Series 2019 (Aa1/AA)
$	375,000	5.000 %		12/01/2022	$	376,160
	285,000	5.000		12/01/2023		290,649
	City of Denver GO Better Denver and Zoo Refunding Bonds Series 2019B (AAA/Aaa)
	9,225,000	5.000		08/01/2025		9,687,394
	City of Denver GO Better Denver Refunding Bonds Series 2020B (Aaa/AAA)
	7,565,000	5.000		08/01/2026		8,065,817
	City of Denver GO Evelvate Denver Bonds Series 2019A (AAA/Aaa)
	9,195,000	5.000		08/01/2025		9,655,890
	City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/A+)
	500,000	5.000		11/15/2024		513,099
	1,735,000	5.000		11/15/2025		1,796,783
	10,050,000	5.000		11/15/2026		10,464,954
	Colorado Bridge Enterprise Senior RB Series 2017 (AMT) (NR/A-)
	1,580,000	4.000		06/30/2025		1,576,896
	Colorado Health Facilities Authority Hospital RB for Adventist Health System Series 2018B (Aa2/AA)(a)(b)
	10,000,000	5.000		11/20/2025		10,393,423
	Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022B (Aa1/AA+)(a)(b)
	50,000,000	5.000		08/17/2026		52,323,220
	Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+)(a)(b)
	13,500,000	5.000		08/15/2028		14,377,410
	Colorado Health Facilities Authority RB Refunding for Boulder Community Health Obligated Group Series 2020 (A3/A-)
	450,000	5.000		10/01/2022		450,000
	300,000	5.000		10/01/2024		307,212
	475,000	5.000		10/01/2027		495,540
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-)
	3,965,000	5.000		08/01/2025		4,057,928
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (Baa1/A-)
	4,335,000	5.000		08/01/2025		4,436,599
	Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (Aa3/AA-)
	810,000	5.000		01/01/2023		813,564
	Colorado Health Facilities Authority RB Series 2013A (AA+/Aa3)(b)
	5,200,000	5.000		01/01/2024		5,310,783
	Colorado Health Facilities Authority RB Series 2019B Series 2019B-1 (A-/BBB+)(a)(b)
	29,475,000	5.000		08/01/2025		30,048,162
	Colorado Health Facilities Authority Taxable RB Refunding for Sanford Obligated Group Series 2019 B (NR/A+)
	1,275,000	2.237		11/01/2022		1,273,532
	1,250,000	2.396		11/01/2023		1,223,050
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (NR/NR)
	17,500,000	5.000		12/31/2056		16,914,438
	Denver City & County School District No. 1 GO Bonds Series 2012 B (ST AID WITHHLDG) (Aa1/AA+)(b)
	14,395,000	5.000		12/01/2022		14,439,997
	10,000,000	5.000		12/01/2022		10,031,259
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB)(e)
	4,315,000	5.000		12/01/2022		4,324,883
	4,530,000	5.000		12/01/2023		4,598,070
	4,760,000	5.000		12/01/2024		4,856,363
	Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-)
	2,970,000	5.000		12/01/2024		3,018,442
	1,100,000	5.000		12/01/2025		1,124,851
	Denver Health & Hospital Authority COPS Series 2018 (NR/BBB)
	300,000	5.000		12/01/2022		300,687
	E-470 Public Highway Authority RB Refunding Series 2020 A (A2/A)
	2,800,000	5.000		09/01/2040		2,843,988
	E-470 Public Highway Authority RB Refunding Series 2021 B (A2/A)(b)(d) (SOFR + 0.35%)
	7,250,000	2.394		09/01/2024		7,176,363
	E-470 Public Highway Authority RB Series 2004 A (NATL) (A2/A)(f)
	20,115,000	0.000		09/01/2028		15,767,406
	E-470 Public Highway Authority Senior RB Series 2000 B (A/A2)(f)
	9,000,000	0.000		09/01/2025		8,040,951
	Jefferson County School District R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (Aa1/AA)(b)
	2,065,000	4.000		12/15/2022		2,068,919
	1,000,000	4.000		12/15/2022		1,001,898
	2,860,000	4.000		12/15/2022		2,865,427
	2,040,000	5.000		12/15/2022		2,047,957
	Regional Tranportation District Tax Exempt NON-AMT Private Activity Bonds Series 2020A Taxable Private Activity Bonds Series 2020B (NR/A-)
	50,000	3.000		07/15/2023		49,805
	385,000	5.000		01/15/2024		391,216
	325,000	5.000		07/15/2024		327,457
	325,000	5.000		01/15/2025		329,229
	400,000	5.000		07/15/2025		406,192
	350,000	3.000		01/15/2026		334,667
	Regional Tranportation District Tax Exempt Private Activity Bonds Series 2020 (NR/NR)
	250,000	5.000		07/15/2026		254,830
	500,000	5.000		01/15/2027		510,284
	500,000	5.000		07/15/2027		511,218
	South Sloan Lake Metropolitan District LT GO Refunding & Improvement Bonds Series 2019 (AGM) (AA/NR)
	50,000	5.000		12/01/2022		50,122
	150,000	5.000		12/01/2024		153,943

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	University of Colorado Regents Enterprise Refunding RB Series 2021C3A (NR/AA+) (PUTABLE)(a)(b)(c)
$	4,225,000		2.000	%		10/15/2025	$	4,020,354
	University of Colorado Regents Enterprise Refunding RB Series 2021C3B (NR/AA+) (PUTABLE)(a)(b)(c)
	5,000,000		2.000			10/15/2026		4,668,056
	University of Colorado Regents Enterprise Revenue & Refunding RB Series 2019C (NR/AA+) (PUTABLE)(a)(b)(c)
	21,205,000		2.000			10/15/2024		20,487,154
	Vauxmont Metropolitan District Senior LT GO & Special Revenue Refunding Bonds Series 2020 (AGM) (AA/NR)
	165,000		5.000			12/01/2022		165,423
	195,000		5.000			12/01/2023		198,419
	200,000		5.000			12/01/2024		206,306
	180,000		5.000			12/01/2025		188,073
								302,612,712
Connecticut – 1.6%
	City of Bridgeport GO Bonds 2014 Series A (AGM) (A3/AA)
	2,485,000		5.000			07/01/2025		2,551,171
	City of New Haven GO Bonds Series 2018 A (NR/BBB+)
	1,000,000		5.000			08/01/2023		1,012,734
	945,000		5.000			08/01/2024		967,942
	600,000		5.000			08/01/2025		621,842
	City of New Haven GO Bonds Series 2019 A (AGM) (A2/AA)
	1,500,000		5.000			08/01/2023		1,519,346
	City of West Haven GO Bonds 2017 Series A (BBB/NR)
	415,000		5.000			11/01/2022		415,555
	400,000		5.000			11/01/2023		406,833
	City of West Haven GO Bonds 2017 Series B (BBB/NR)
	790,000		5.000			11/01/2022		791,056
	Connecticut State GO Bonds Series 2013 A (Aa3/A+)
	5,355,000		5.000			10/15/2023		5,456,551
	Connecticut State GO Bonds Series 2015 F (Aa3/A+)
	5,695,000		5.000			11/15/2022		5,707,810
	4,545,000		5.000			11/15/2023		4,637,803
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BBB-)
	415,000		5.000			07/01/2023		415,571
	375,000		5.000			07/01/2024		375,541
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2015 A (Aaa/AAA) (PUTABLE)(a)(b)(c)
	47,125,000		0.375			07/12/2024		44,116,012
	State of Connecticut Health & Educational Facilities Authority RB Series 2017C-2 (AAA/NR) (PUTABLE)(a)(b)(c)
	25,775,000		5.000			02/01/2023		25,933,081
	State of Connecticut Health & Educational Facilities Authority RB Series B (AA-/AA-)(a)(b)
	15,245,000		1.800			07/01/2024		14,770,963
	State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/WR/AAA) (PUTABLE)(a)(b)(c)
	21,750,000		1.100			02/11/2025		20,387,508
Municipal Bonds – (continued)
Connecticut – (continued)
	State of Connecticut Special Tax Obligation Bonds for Transportation Infrastructure 2013 Series A (AA-/Aa3)
	1,035,000		5.000			10/01/2029		1,052,166
	Town of Hamden GO Refunding Bonds Series 2013 (AGM) (Baa3/AA)
	500,000		5.000			08/15/2023		506,861
								131,646,346
Delaware – 0.3%
	Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2020 (A2/A) (PUTABLE)(a)(b)(c)
	5,425,000		1.050			07/01/2025		5,032,041
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB)
	475,000		5.000			06/01/2023		479,007
	305,000		5.000			06/01/2024		310,788
	Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (NR/BBB-)(a)(b)
	14,650,000		1.250			10/01/2025		13,090,610
	Delaware State GO Bonds Series 2018 A (Aaa/AAA)
	1,750,000		5.000			02/01/2023		1,761,476
	Delaware State Health Facilities Authority RB Refunding for Christiana Care Health System Obligated Group Series 2020 (Aa2/AA+)
	560,000		1.730			10/01/2022		560,000
	State of Delaware GO Custodial Receipts Series 2017A (NR/NR)(h)
	1,030,000		0.000			03/15/2049		59,115
								21,293,037
District of Columbia – 2.2%
	District of Columbia Housing Finance Agency Collateralized Multifamily Housing RB for Paxton Project Series 2022 (NR/NR)(a)(b)
	3,750,000		4.000			09/01/2025		3,751,420
	District of Columbia Income Tax Secured Revenue Refunding Bonds Series 2020B (AAA/Aa1)
	28,120,000		5.000			10/01/2025		29,566,574
	District of Columbia Income Tax Secured Revenue Refunding Bonds Series 2022C (Aa1/AAA)
	21,000,000		5.000			12/01/2024		21,799,688
	6,750,000		5.000			12/01/2025		7,114,764
	5,250,000		5.000			12/01/2026		5,614,286
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+)
	200,000		5.000			07/01/2023		201,364
	District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A2/A+)
	520,000		1.558			04/01/2023		512,148
	560,000		1.667			04/01/2024		534,169
	735,000		1.817			04/01/2025		676,937
	800,000		2.136			04/01/2026		722,321
	District of Columbia RB Refunding Series 2019 C (Aa1/AAA)
	10,000,000		5.000			10/01/2022		10,000,000

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)
District of Columbia – (continued)
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (Aa2/AA+)(a)(b)
$	12,250,000		1.750	%		10/01/2024	$	11,885,498
	District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2/AA+)(a)(b)
	3,300,000		3.000			10/01/2027		3,192,107
	Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (AMT) (AA-/Aa3)
	9,155,000		5.000			10/01/2024		9,382,182
	19,185,000		5.000			10/01/2029		19,916,818
	Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2022A (AMT) (NR/Aa3)
	875,000		5.000			10/01/2023		887,395
	1,050,000		5.000			10/01/2024		1,076,056
	760,000		5.000			10/01/2025		786,134
	1,100,000		5.000			10/01/2026		1,144,282
	2,395,000		5.000			10/01/2027		2,504,071
	Metropolitan Washington Airports Authority Dulles Toll Road RB 3rd Senior Lien Series 2009C (AA-/Baa1)(b)
	19,985,000		6.500			10/01/2026		22,325,885
	Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (Aa3/A+)(b)
	4,100,000		5.000			10/01/2022		4,100,000
	Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2014A (AMT) (Aa3/AA-)
	9,160,000		5.000			10/01/2027		9,577,158
	4,500,000		5.000			10/01/2028		4,578,816
	Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (AMT) (Aa3/AA-)
	5,735,000		5.000			10/01/2035		5,789,758
								177,639,831
Florida – 3.5%
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA)
	900,000		5.000			05/01/2023		907,369
	945,000		5.000			05/01/2024		964,438
	990,000		5.000			05/01/2025		1,017,231
	1,045,000		5.000			05/01/2026		1,083,203
	1,095,000		5.000			05/01/2027		1,139,912
	1,155,000		5.000			05/01/2028		1,208,592
	1,195,000		2.375			05/01/2029		1,035,305
	1,225,000		2.625			05/01/2030		1,043,931
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-)
	350,000		2.500			05/01/2023		347,365
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA)
	1,150,000		2.500			05/01/2023		1,141,279
	Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR)
	215,000		4.500			11/01/2025		214,961
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A-)
	455,000		3.250			05/01/2023		454,443
Municipal Bonds – (continued)
Florida – (continued)
	Beach Road Golf Estates Community Development District Special Assessment Series 2015 (NR/NR)
	2,500,000		4.700			11/01/2029		2,497,043
	Bexley Community Development District Special Assessment RB for Pasco County Series 2016 (NR/NR)
	400,000		4.100			05/01/2026		394,257
	Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (NR/A-)
	190,000		2.500			05/01/2023		188,900
	Brookstone Community Development District Special Assessment RB for Manatee County Series 2018 (NR/NR)(e)
	210,000		3.875			11/01/2023		207,421
	Broward County School Board Certificates of Participation Series 2022A (Aa3/A+)
	11,195,000		5.000			07/01/2026		11,779,878
	5,340,000		5.000			07/01/2028		5,729,350
	Broward County School Board COPS Series 2017 C (Aa3/NR)
	2,205,000		5.000			07/01/2023		2,230,691
	Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (A2/AA)
	975,000		2.250			09/01/2023		964,225
	Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-)
	87,000		3.500			05/01/2023		87,100
	40,000		4.000			05/01/2024		40,307
	Carlton Lakes Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR)
	150,000		4.000			05/01/2024		149,194
	Centre Lake Community Development District Special Assessment Bonds Series 2021 (NR/NR) (NR/NR)
	210,000		2.750			05/01/2023		207,787
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB)
	100,000		3.000			11/01/2022		99,926
	105,000		3.000			11/01/2023		104,093
	105,000		3.500			11/01/2024		101,954
	Century Parc Community Development District Special Assessment Refunding Bonds for Miami Dade County Series 2012 (NR/A)
	215,000		3.875			11/01/2022		215,089
	25,000		4.000			11/01/2023		25,014
	City of Fort Myers Utility System Refunding RB Series 2020A (AGM) (Aa3/AA)
	2,705,000		5.000			10/01/2026		2,885,982
	City of Ft. Lauderdale Special Assessment Bonds for Las Olas Isles Undergrounding Project Series 2022 (NR/NR)(e)
	165,000		5.000			07/01/2023		166,280
	175,000		5.000			07/01/2024		177,287
	180,000		5.000			07/01/2025		183,028
	190,000		5.000			07/01/2026		193,029
	200,000		5.000			07/01/2027		203,189
	210,000		5.000			07/01/2028		213,228
	City of Jacksonville Special Revenue Refunding Bonds Series 2019A (NR/AA)
	2,740,000		5.000			10/01/2026		2,903,286

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	City of Jacksonville Special Revenue Refunding Bonds Series 2022A (NR/AA)
$	1,775,000		5.000	%		10/01/2025	$	1,863,205
	1,250,000		5.000			10/01/2027		1,346,772
	City of Jacksonville Taxable RB Refunding Series 2020 C (NR/AA)
	330,000		0.594			10/01/2023		317,438
	650,000		0.819			10/01/2024		599,241
	690,000		0.939			10/01/2025		611,992
	City of Orlando Community Redevelopment Agency Tax Increment Revenue Refunding Bonds Series 2012 (NR/NR)
	1,765,000		5.000			04/01/2025		1,765,812
	City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (NR/NR)
	670,000		3.250			09/01/2023		662,316
	1,380,000		3.250			09/01/2024		1,346,295
	City of Tallahassee Blueprint Intergovernmental Agency Sale Tax RB Series 2022 (Aa2/NR)
	3,925,000		5.000			10/01/2026		4,172,472
	Cityplace Community Development District Special Assessment Revenue Refunding Bonds Series 2012 (NR/NR)
	2,350,000		5.000			05/01/2026		2,404,202
	Collier County Educational Facilities Authority RB for Hodges University Project (NR/NR)(b)
	2,035,000		6.125			11/01/2023		2,096,340
	Copper Creek Community Development District Special Assessment Bonds for City of Port St. Lucie Series 2019 (NR/NR)(e)
	135,000		3.875			11/01/2024		131,557
	Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR)
	172,000		3.000			05/01/2023		170,496
	100,000		3.000			05/01/2024		97,329
	183,000		3.000			05/01/2025		174,262
	Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)
	150,000		3.000			05/01/2023		148,599
	325,000		3.000			05/01/2024		316,247
	150,000		3.000			05/01/2025		142,130
	315,000		3.000			05/01/2026		291,534
	Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (NR/A+)
	160,000		3.000			05/01/2024		158,221
	County of Broward RB for Airport System Series 2019 A (AMT) (A1/A)
	740,000		5.000			10/01/2022		740,000
	625,000		5.000			10/01/2023		633,487
	945,000		5.000			10/01/2024		966,808
	County of Broward RB Refunding for Airport System Series 2019 B (AMT) (A1/A)
	285,000		5.000			10/01/2022		285,000
	215,000		5.000			10/01/2023		217,920
	355,000		5.000			10/01/2024		363,192
Municipal Bonds – (continued)
Florida – (continued)
	County of Miami-Dade Aviation RB Refunding Series 2012 A (AMT) (A2/A-)(b)
	7,530,000		5.000			10/01/2022		7,530,000
	9,015,000		5.000			10/01/2022		9,015,000
	Cypress Shadows Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR)
	34,000		4.000			11/01/2024		33,819
	37,000		4.000			11/01/2026		36,398
	Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (NR/BBB)
	130,000		3.000			05/01/2023		129,584
	Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (BBB/NR) (PUTABLE)(a)(b)(c)
	425,000		2.000			10/01/2024		409,117
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	2,635,000		4.250			05/01/2029		2,593,719
	Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA)
	260,000		2.000			11/01/2022		259,525
	265,000		2.000			11/01/2023		258,925
	270,000		2.000			11/01/2024		254,763
	275,000		2.000			11/01/2025		252,430
	280,000		2.000			11/01/2026		249,710
	290,000		2.000			11/01/2027		251,071
	295,000		2.000			11/01/2028		247,880
	300,000		2.000			11/01/2029		245,967
	305,000		2.125			11/01/2030		240,452
	Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Expansion Project Series 2021A (NR/NR)(a)(b)
	20,000,000		2.900			04/04/2023		19,838,674
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR)(e)
	275,000		2.625			12/15/2024		263,045
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (Baa1/A-)
	350,000		5.000			04/01/2023		352,983
	530,000		5.000			04/01/2024		541,612
	200,000		5.000			04/01/2025		205,152
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+)
	245,000		2.500			05/01/2023		243,650
	245,000		2.500			05/01/2024		239,906
	255,000		2.750			05/01/2025		242,000
	260,000		3.000			05/01/2026		243,510
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)(e)
	250,000		3.500			05/01/2023		250,202
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA)
	205,000		4.000			05/01/2023		205,790

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)
Florida – (continued)
	Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA)
$	230,000		2.500 %		05/01/2023	$	227,688
	200,000		2.500		05/01/2024		194,749
	175,000		2.500		05/01/2025		167,122
	200,000		2.500		05/01/2026		187,769
	Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB)
	305,000		2.500		05/01/2023		303,165
	315,000		2.750		05/01/2024		309,595
	320,000		3.000		05/01/2025		304,330
	Hillsborough County Aviation Authority RB Series 2015-A (STATE AND LOCAL GOVT SERIES) (NR/NR)(b)
	3,250,000		5.000		10/01/2024		3,330,021
	Hillsborough County Aviation Authority Revenue Refunding Bonds Series 2015-A (AA-/Aa3)(a)(b)
	12,165,000		5.000		10/01/2024		12,464,525
	Hillsborough County Aviation Authority Revenue Refunding Bonds Series 2015-A (NR/AA-)
	6,750,000		5.000		10/01/2040		6,750,334
	Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)
	123,000		3.000		05/01/2023		121,893
	130,000		3.000		05/01/2024		126,470
	132,000		3.000		05/01/2025		125,341
	139,000		3.000		05/01/2026		128,730
	JEA Water & Sewer System RB Series 2006 B (NATL) (Aa3/AA+)(d) (MUNI-CPI + 1.00%)
	670,000		9.263		10/01/2022		670,000
	Lake Frances Community Development District Special Assessment Refunding Series 2018 (NR/BBB-)
	82,000		3.000		05/01/2023		81,807
	81,000		3.000		05/01/2024		79,904
	84,000		3.000		05/01/2025		79,915
	Lakeshore Ranch Community Development District Senior Special Assessment Refunding Series 2019 A-1 (NR/A)
	270,000		3.000		05/01/2023		268,909
	355,000		3.000		05/01/2024		350,198
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA)
	460,000		5.000		05/01/2023		464,212
	485,000		5.000		05/01/2024		494,603
	335,000		5.000		05/01/2025		344,215
	355,000		4.500		05/01/2026		360,095
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-)
	305,000		3.500		05/01/2023		305,160
	320,000		3.500		05/01/2024		319,447
	Miami Dade County Avaiation Revenue Refunding Bonds Series 2015B (NON-AMT) (NR/A)
	5,035,000		5.000		10/01/2026		5,244,682
	Miami Dade County Avaiation Revenue Refunding Bonds Series 2016A (NON-AMT) (NR/A)
	1,285,000		5.000		10/01/2026		1,351,280
Municipal Bonds – (continued)
Florida – (continued)
	Miami Dade County Avaiation Revenue Refunding Bonds Series 2017B (AMT) (NR/A)
	11,760,000		5.000		10/01/2040		11,761,437
	Miami Dade County Expressway Authority Toll System RB Series 2014A (A3/A)
	1,610,000		5.000		07/01/2030		1,642,228
	1,015,000		5.000		07/01/2031		1,033,943
	Miami Dade County Expressway Authority Toll System Revenue and Refunding RB Series 2014B (A3/A)
	1,835,000		5.000		07/01/2030		1,871,732
	1,500,000		5.000		07/01/2031		1,527,995
	Miami Dade County School District GO Bonds Series 2014A (Aa3/AA-)
	2,045,000		5.000		03/15/2027		2,090,545
	Miami-Dade County Aviation Revenue Refunding Bonds Series 2014A (AMT) (A-/A2)
	20,000,000		5.000		10/01/2035		20,088,494
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/BBB)(e)
	115,000		3.500		05/01/2023		114,652
	120,000		3.500		05/01/2024		118,546
	125,000		3.500		05/01/2025		119,794
	Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+)
	185,000		3.750		05/01/2024		184,485
	Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (BBB+/BBB-)
	250,000		5.000		10/01/2022		250,000
	640,000		5.000		10/01/2023		645,589
	780,000		5.000		10/01/2024		791,298
	275,000		5.000		10/01/2025		280,131
	Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (NR/NR)
	1,105,000		4.000		05/15/2026		1,065,293
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018A-1 (A/NR)
	195,000		3.000		11/01/2022		194,934
	205,000		3.000		11/01/2023		203,869
	210,000		3.000		11/01/2024		204,845
	Parkway Center Community Development District Special Assessment Bonds Series 2018-2 (A-/NR)
	90,000		3.500		05/01/2023		89,824
	90,000		3.500		05/01/2024		89,328
	Parkway Center Community Development District Special Assessment Refunding Bonds Series 2018-1 (BBB/NR)
	235,000		3.500		05/01/2023		234,170
	245,000		3.500		05/01/2024		242,068
	255,000		3.500		05/01/2025		244,992
	Paseo Community Development District Capital Improvement Revenue Refunding Bonds Series 2018 (A-/NR)
	425,000		4.000		05/01/2023		425,340
	Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (AA/NR)
	500,000		3.000		05/01/2024		491,737
	515,000		2.000		05/01/2025		479,619

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (AA/NR) – (continued)
$	520,000		2.000	%		05/01/2026	$	470,843
	535,000		2.000			05/01/2027		469,557
	Polk County School Board Refunding Certificates of Participation Series 2019B (NR/NR)
	200,000		5.000			01/01/2025		206,445
	Reedy Creek Improvement District Ad Valorem Tax Bonds Series 2013A (AA-/Aa3)(b)
	31,045,000		5.000			06/01/2023		31,410,263
	Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR)
	1,935,000		5.000			05/01/2025		1,973,891
	Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR/NR)
	195,000		3.000			05/01/2023		193,411
	225,000		3.000			05/01/2024		219,237
	225,000		3.000			05/01/2025		214,867
	285,000		3.000			05/01/2026		265,451
	390,000		3.000			05/01/2027		353,547
	River Bend Community Development District Senior Special Assessment Revenue Refunding Bonds Series 2016A-1 (A-/NR)
	395,000		2.500			05/01/2023		393,112
	405,000		2.500			05/01/2024		397,913
	415,000		2.750			05/01/2025		394,688
	425,000		3.000			05/01/2026		399,758
	River Glen Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021 (BBB+/NR)
	132,000		2.500			05/01/2023		130,426
	136,000		2.500			05/01/2024		131,589
	139,000		2.500			05/01/2025		130,924
	143,000		2.500			05/01/2026		130,710
	146,000		2.500			05/01/2027		130,275
	148,000		2.500			05/01/2028		128,910
	157,000		2.500			05/01/2030		129,588
	River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-1 (NR/NR)
	175,000		3.000			05/01/2023		173,375
	235,000		3.000			05/01/2024		228,413
	180,000		3.000			05/01/2025		170,859
	225,000		3.000			05/01/2026		208,238
	Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR)(e)
	230,000		2.625			05/01/2025		214,905
	Sarasota National Community Development District Special Assessment Refunding Bonds Series 2020 (NR/NR)
	395,000		3.000			05/01/2023		391,345
	380,000		3.000			05/01/2024		369,432
	240,000		3.000			05/01/2025		227,893
	South Kendall Community Development District Special Assessment Refunding Bonds Series 2016 (BBB/NR)
	335,000		2.250			11/01/2022		334,588
Municipal Bonds – (continued)
Florida – (continued)
	South Village Community Development District Capital Improvement Revenue & Refunding Bonds Series 2016A-1 (A/NR)
	100,000		2.375			05/01/2023		99,188
	95,000		2.500			05/01/2024		92,968
	100,000		2.750			05/01/2025		95,230
	95,000		3.000			05/01/2026		89,167
	South Village Community Development District Capital Improvement Revenue Refunding Bonds Series 2016A-2 (NR/NR)
	190,000		4.350			05/01/2026		188,825
	Spencer Creek Community Development District Special Assessment RB for Hillsborough County Series 2019 (NR/NR)
	145,000		3.750			05/01/2024		142,480
	State of Florida Department of Transportation Full Faith and Credit Right of Way Acquisition and Bridge Construction Refunding Bonds Series 2016A (AAA/Aaa)
	15,845,000		5.000			07/01/2026		16,867,418
	Summerville Community Development District Special Assessment Refunding Series 2020 (NR/NR)
	118,000		3.000			05/01/2024		114,229
	121,000		3.000			05/01/2025		114,276
	725,000		3.500			05/01/2031		630,034
	Tampa Bay Water Utility System Refunding RB Series 2015A (AA+/Aa1)
	12,050,000		4.000			10/01/2028		12,231,583
	4,225,000		4.000			10/01/2029		4,287,373
	Tapestry Community Development District Special Assessment RB for City of Kissimmee Series 2016 (NR/NR)
	360,000		4.250			05/01/2026		356,597
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2018A-1 (AGM) (AA/NR)
	1,030,000		2.500			05/01/2023		1,021,838
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2022A (NR/AA)
	765,000		3.000			05/01/2025		749,236
	1,605,000		3.000			05/01/2027		1,543,178
	Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (A-/NR)
	125,000		4.000			05/01/2023		125,047
	135,000		4.125			05/01/2024		135,083
	140,000		4.150			05/01/2025		140,060
	145,000		4.250			05/01/2026		145,065
	Two Lakes Community Development District Special Assessment Bonds for City of Hialeah Series 2017 (NR/NR)(e)
	395,000		3.250			12/15/2022		393,983
	Ventana Community Development District Special Assessment RB for Hillsborough County Series 2018 (NR/NR)(e)
	140,000		4.000			05/01/2024		139,248
	Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR)
	1,995,000		3.750			05/01/2026		1,903,611
	Verano Community Development District Senior Special Assessment Refunding Bonds Series 2017A-1 (BBB/NR)(e)
	335,000		3.100			05/01/2023		333,985

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)
Florida – (continued)
	Viera East Community Development District Special Revenue Assessment Bonds Series 2020 (AGM) (AA/NR)
$	475,000		2.000	%		05/01/2023	$	467,474
	490,000		2.000			05/01/2024		475,015
	500,000		2.000			05/01/2025		461,469
	795,000		2.000			05/01/2026		711,513
	Villa Portofino West Community District Special Assessment Refunding Series 2020 (NR/NR)
	165,000		3.000			05/01/2023		163,319
	171,000		3.000			05/01/2024		165,572
	177,000		3.000			05/01/2025		167,180
	973,000		3.500			05/01/2030		851,347
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR)
	350,000		4.000			05/01/2023		350,952
	370,000		4.000			05/01/2024		371,155
	295,000		4.000			05/01/2025		295,951
	Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (AA/NR)
	1,250,000		5.000			05/01/2023		1,260,449
	1,310,000		5.000			05/01/2024		1,338,041
	1,375,000		5.000			05/01/2025		1,423,041
	1,450,000		5.000			05/01/2026		1,515,321
	Vizcaya Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	210,000		2.250			11/01/2022		209,766
	215,000		2.500			11/01/2023		211,955
	Volusia County School Board Certificates of Participation Series 2019 (NR/NR)
	100,000		5.000			08/01/2023		101,339
	Watergrass Community Development District Special Assessment Revenue Refunding Bonds Series 2021 (NR/NR) (NR/NR)
	470,000		2.000			05/01/2026		413,532
	Waterset Central Community Development District Special Assessment Bonds for Hillsborough County Series 2018 (NR/NR)(e)
	270,000		4.000			11/01/2024		267,732
	Winding Cypress Community Development District Special Assessment Bonds for Collier County Series 2015 (NR/NR)
	330,000		4.375			11/01/2025		328,467
								284,891,110
Georgia – 3.8%
	Burke County Development Authority Pollution Control RB (BBB+/A-) (PUTABLE)(a)(b)(c)
	2,115,000		2.250			05/25/2023		2,093,713
	Burke County Development Authority Pollution Control RB Fifth Series 1994 (BBB+/A-) (PUTABLE)(a)(b)(c)
	4,055,000		2.150			06/13/2024		3,897,733
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Series 2013 A (Baa1/BBB+) (PUTABLE)(a)(b)(c)
	2,000,000		1.500			02/03/2025		1,845,601
	Burke County Development Authority Pollution Control RB Second Series 2008 (BBB+/A-) (PUTABLE)(a)(b)(c)
	4,700,000		2.925			03/12/2024		4,595,457
Municipal Bonds – (continued)
Georgia – (continued)
	Burke County Development Authority Pollution Control RB Series 2017F (A-/BBB)(a)(b)
	29,150,000		3.000			02/01/2023		29,036,044
	City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (A3/BBB)
	500,000		5.000			12/01/2022		501,185
	500,000		5.000			12/01/2023		507,912
	Cobb County Kennestone Hospital Authority RB Refunding for WellStar Health System Obligated Group Series 2021 (A2/A+)
	950,000		5.000			04/01/2025		978,115
	County of DeKalb Water & Sewerage RB Series 2011 (Aa3/A+)
	12,775,000		5.250			10/01/2041		12,786,140
	De Kalb County School District GO Sales Tax Bonds Series 2017 (ST AID WITHHLDG) (Aa1/AA+)
	18,845,000		4.000			10/01/2022		18,845,000
	Development Authority of Bartow County Pollution Control RB 1st Series 2009 (BBB+/NR) (PUTABLE)(a)(b)(c)
	2,100,000		2.750			03/15/2023		2,090,178
	Development Authority of Bartow County Pollution Control RB for Georgia Power Company Plant Bowen Project First Series 2013 (NR/BBB+) (PUTABLE)(a)(b)(c)
	6,000,000		2.875			08/19/2025		5,797,430
	Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (NR/BBB+) (PUTABLE)(a)(b)(c)
	4,850,000		2.875			08/19/2025		4,705,440
	Gwinnett County School District GO Sales Tax Bonds Series 2022B (AAA/Aaa)
	17,500,000		5.000			08/01/2025		18,377,170
	Main Street Natural Gas Gas Supply RB Series 2019B (NR/NR)(a)(b)
	60,465,000		4.000			12/02/2024		61,075,660
	Main Street Natural Gas Gas Supply RB Series 2021A (NR/NR)(a)(b)
	21,495,000		4.000			09/01/2027		21,236,248
	Main Street Natural Gas Gas Supply RB Sub-Series 2018A (NR/NR)(a)(b)
	61,500,000		4.000			09/01/2023		61,596,438
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A3/NR)
	1,500,000		5.000			05/15/2023		1,507,190
	1,500,000		5.000			05/15/2024		1,515,113
	Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3/NR)
	1,000,000		4.000			12/01/2023		994,159
	1,100,000		4.000			12/01/2024		1,086,556
	1,500,000		4.000			12/01/2025		1,470,882
	2,185,000		4.000			12/01/2026		2,125,045
	Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR/BBB-)(e)
	3,255,000		4.000			11/01/2023		3,224,376
	2,800,000		4.000			11/01/2024		2,743,353
	1,705,000		4.000			11/01/2025		1,651,952
	3,665,000		4.000			11/01/2026		3,515,335
	3,810,000		4.000			11/01/2027		3,601,714

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Georgia – (continued)
	Mercer University RB Project Series 2021 (NR/NR)
$	625,000		5.000	%		10/01/2026	$	655,341
	535,000		5.000			10/01/2027		565,565
	Monroe County Development Authority Pollution Control RB First Series 2009 (BBB+/A-2/A-) (PUTABLE)(a)(b)(c)
	2,275,000		1.000			08/21/2026		1,952,549
	Municipal Electric Authority of Georgia RB Refunding for Combined Cycle Project Series 2020 A (A1/A-)
	800,000		4.000			11/01/2025		807,245
	800,000		5.000			11/01/2026		838,916
	Municipal Electric Authority RB Refunding Series 2019 A (A2/A-)
	900,000		5.000			01/01/2023		903,412
	Savanah Economic Development Authority Recovery Zone Facility Revenune Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)
	425,000		2.000			10/01/2024		409,117
	Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (Baa2/BBB)
	6,090,000		1.900			08/01/2024		5,867,905
	State of Georgia GO Refunding Bonds Series 2022C (AAA/Aaa)
	20,000,000		4.000			07/01/2024		20,299,466
	The Dalton City Board of Water Light & Sinking Fund Commissioners RB Series 2020 (A2/A-)
	400,000		5.000			03/01/2025		412,578
								306,113,233
Guam – 0.2%
	A.B. Won Pat International Airport Authority RB Refunding General Series 2019 A (AMT) (ETM) (Baa2/BB)
	1,000,000		5.000			10/01/2022		1,000,000
	825,000		5.000			10/01/2023		835,560
	A.B. Won Pat International Airport Authority Taxable Refunding RB General Series 2019 B (ETM) (Baa2/BB)
	2,000,000		3.319			10/01/2025		1,930,843
	Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2019 B (Baa2/NR)
	1,100,000		3.133			10/01/2024		1,052,974
	Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2019 B (ETM) (Baa2/NR)
	2,250,000		3.133			10/01/2024		2,187,175
	Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR)
	1,120,000		2.499			10/01/2025		1,027,893
	1,650,000		2.899			10/01/2027		1,448,739
	Guam Power Authority RB Refunding Series 2012 A (AGM) (A2/AA)(b)
	1,535,000		5.000			10/01/2030		1,535,000
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-)
	500,000		5.000			07/01/2023		503,775
	400,000		5.000			07/01/2024		406,385
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (Baa2/A)
	500,000		5.000			07/01/2023		503,592
								12,431,936
Municipal Bonds – (continued)
Hawaii – 0.3%
	City & County of Honolulu HI GO Bonds Series 2012 (NR/Aa1)(a)(b)
	3,620,000		5.000			11/01/2022		3,625,366
	Hawaii State GO Bonds Series 2013 EH (NR/NR)(b)
	6,125,000		5.000			08/01/2023		6,216,019
	Honolulu City & County GO Bonds Series 2012 B (Aa1/NR)
	3,060,000		5.000			11/01/2022		3,064,606
	State of Hawaii Airports System Revenue COPS Series 2013 (AMT) (A2/A)
	3,065,000		5.000			08/01/2023		3,090,316
	State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (NR/NR)
	10,735,000		3.100			05/01/2026		10,328,011
								26,324,318
Illinois – 8.7%
	Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Ba2/AA)
	325,000		5.000			10/01/2025		336,176
	250,000		5.000			10/01/2026		260,533
	325,000		5.000			10/01/2027		340,550
	325,000		5.000			10/01/2028		342,955
	Carol Stream Park District GO Refunding Park Bonds Series 2016 (BAM) (NR/AA)(b)
	6,155,000		5.000			01/01/2037		6,408,032
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA)(f)
	100,000		0.000			01/01/2023		99,139
	385,000		0.000			01/01/2024		367,322
	480,000		0.000			01/01/2025		439,895
	Champaign County Community Unit School District No. 4 Champaign GO Refunding Bonds Series 2020 B (NR/AA)
	550,000		5.000			01/01/2023		552,299
	270,000		5.000			01/01/2024		275,388
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB)(f)
	540,000		0.000			12/01/2026		446,166
	450,000		0.000			12/01/2027		353,459
	460,000		0.000			12/01/2029		325,405
	Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB)(f)
	9,285,000		0.000			12/01/2024		8,443,785
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa2/BB)(f)
	4,300,000		0.000			12/01/2022		4,272,832
	550,000		0.000			12/01/2025		477,199
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA)
	500,000		5.000			12/01/2022		501,266
	5,000,000		5.000			12/01/2023		5,079,116
	7,675,000		5.000			12/01/2024		7,852,716
	3,500,000		5.000			12/01/2025		3,604,115
	1,270,000		5.000			12/01/2026		1,313,060

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)
Illinois – (continued)
	Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (Ba1/BBB+)(f)
$	4,645,000		0.000	%		01/01/2023	$	4,599,152
	Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL) (Baa2/BBB+)
	3,560,000		5.500			01/01/2023		3,577,985
	Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (Ba1/WR/BBB+)
	4,995,000		5.000			01/01/2023		5,016,249
	Chicago Illinois GO Bonds Series 2019 (NR/BBB+)
	3,775,000		5.000			01/01/2027		3,845,709
	Chicago Illinois Midway Airport RB Refunding for Second Lien Series 2016 A (AMT) (NR/A-)
	3,240,000		5.000			01/01/2024		3,280,963
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2014 B (A3/A-)
	5,055,000		5.000			01/01/2027		5,135,936
	Chicago Illinois O’Hare International Airport RB Refunding Series 2015 A (AMT) (NR/A)
	7,025,000		5.000			01/01/2034		7,069,725
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Series 2017 B (NR/A)
	100,000		5.000			01/01/2023		100,411
	Chicago O’Hare International Airport Customer Facility Charge RB Series 2013 (Baa1/BBB)
	1,025,000		5.750			01/01/2038		1,028,257
	Chicago O’Hare International Airport Passenger Facility Charge RB Refunding Series 2012 A (A2/A)
	1,195,000		5.000			01/01/2026		1,196,377
	Chicago O’Hare International Airport Passenger Facility Charge RB Refunding Series 2012 B (AMT) (A2/A)
	5,000,000		5.000			01/01/2026		5,003,161
	2,980,000		4.000			01/01/2027		2,980,020
	5,790,000		5.000			01/01/2030		5,792,639
	Chicago O’Hare International Airport RB Refunding Series 2015 A (AMT) (NR/A)
	11,000,000		5.000			01/01/2031		11,125,708
	Chicago Park District GO Refunding Bonds Series 2020 F-2 (NR/AA-)
	350,000		5.000			01/01/2025		357,258
	475,000		5.000			01/01/2026		487,274
	City of Chicago GO Bonds Series 2015 A (BBB+/BBB-)
	2,700,000		5.250			01/01/2028		2,717,993
	City of Chicago GO Bonds Series 2021A (BBB+/BBB-)
	600,000		5.000			01/01/2024		606,368
	City of Chicago GO Bonds Series 2021A (BBB+/NR)
	1,260,000		5.000			01/01/2027		1,283,601
	City of Chicago GO Refunding Bonds Series 2014 A (Ba1/BBB+)
	500,000		5.000			01/01/2024		505,306
	City of Chicago GO Refunding Bonds Series 2016 C (ETM) (NR/NR)
	5,020,000		5.000			01/01/2023		5,041,967
	City of Chicago GO Refunding Bonds Series 2016 C (NR/BBB+)
	10,040,000		5.000			01/01/2023		10,083,934
Municipal Bonds – (continued)
Illinois – (continued)
	City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+)
	4,675,000		5.000			01/01/2026		4,767,857
	City of Chicago GO Refunding Bonds Series B (Ba1/BBB+)
	23,000,000		5.765			01/01/2028		22,455,378
	City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2014A (AMT) (A-/A3)
	16,030,000		5.000			01/01/2029		16,186,812
	City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2013D (NON-AMT) (A2/A+)(b)
	4,775,000		5.000			01/01/2023		4,796,478
	City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (AMT) (NR/A+)
	7,000,000		5.000			01/01/2029		7,121,474
	City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022C (AMT) (NR/A+)
	2,000,000		5.000			01/01/2024		2,035,020
	2,000,000		5.000			01/01/2025		2,047,083
	3,500,000		5.000			01/01/2026		3,590,439
	City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (AMT) (NR/A+)
	3,000,000		5.000			01/01/2025		3,104,553
	3,805,000		5.000			01/01/2026		3,991,622
	City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR/NR)(e)
	267,000		1.570			12/01/2022		265,881
	282,000		1.990			12/01/2023		273,108
	319,000		2.270			12/01/2024		301,894
	336,000		2.530			12/01/2025		311,340
	305,000		2.690			12/01/2026		277,112
	255,000		2.870			12/01/2027		227,837
	City of Joliet Waterworks and Sewerage Senior Lien RB Anticipation Notes Series 2022 (NR/NR)
	16,750,000		5.000			01/01/2024		17,016,734
	8,245,000		5.000			01/01/2025		8,437,320
	Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (Aa2/NR)
	190,000		4.000			01/01/2024		191,640
	Cook County GO Refunding Bonds Series 2022A (A2/A+)
	5,000,000		5.000			11/15/2024		5,143,311
	Cook County Sales Tax RB Refunding Series 2022A (NR/AA-)
	650,000		5.000			11/15/2024		671,176
	590,000		5.000			11/15/2026		620,775
	Cook County Sales Tax RB Refunding Series 2022B (NR/AA-)
	550,000		5.000			11/15/2024		567,918
	360,000		5.000			11/15/2026		378,778
	Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (Aa2/NR)
	800,000		4.000			12/01/2022		801,227
	Cook County Township High School District GO LT School Bonds Series 2017C (BAM) (AA/NR)
	2,300,000		5.000			12/01/2025		2,413,694

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, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Cook Kane Lake & McHenry Counties Community College District No. 512 GO Refunding Bonds for William Rainey Harper College Series 2017 B (Aaa/NR)
$	9,000,000	5.000 %		12/01/2022	$	9,028,567
	Illinois Development Finance Authority RB for United Community & Housing Development Corp. Series 1991 A (ETM) (NR/AA+)(f)
	19,705,000	0.000		07/15/2023		19,208,134
	Illinois Development Finance Authority Retirement RB for Lincolnwood Regency Park Series 1991 B (REFCORP STRIPS) (NR/AA+)(f)
	14,615,000	0.000		07/15/2025		13,209,692
	Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (NR/BBB)
	300,000	5.000		12/01/2022		300,399
	450,000	5.000		12/01/2023		453,806
	Illinois Finance Authority RB for OSF Healthcare System Series 2020B-1 (A3/A)(a)(b)
	4,560,000	5.000		11/15/2024		4,642,272
	Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (NR/NR)(b)(d) (SIFMA Municipal Swap Index Yield + 0.70%)
	2,250,000	3.150		05/01/2026		2,180,578
	Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+)
	250,000	5.000		10/01/2024		255,143
	250,000	5.000		10/01/2025		256,532
	500,000	5.000		10/01/2026		516,766
	Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (Baa1/A) (PUTABLE)(a)(b)(c)
	1,890,000	0.700		09/01/2023		1,836,441
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Baa3/NR)
	1,000,000	5.000		09/01/2024		1,012,229
	600,000	5.000		09/01/2025		609,833
	Illinois Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2015 A (NR/NR)
	540,000	5.000		05/15/2026		539,971
	Illinois Finance Authority RB Series 2017B (AA+/NR)(a)(b)
	8,390,000	5.000		12/15/2022		8,417,624
	Illinois Finance Authority RB Series 2020B-2 (A/A)(a)(b)
	9,940,000	5.000		11/15/2026		10,323,704
	Illinois Municipal Electric Agency Power Supply System Revenue Refunding Bonds Series 2015A (A1/A)
	2,535,000	5.000		02/01/2028		2,634,195
	Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (WR/BB+)(f)
	10,665,000	0.000		06/15/2023		10,370,909
	3,235,000	0.000		06/15/2025		2,884,409
	Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (NR/AA)
	10,150,000	5.250		06/15/2032		10,372,907
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Bonds Series 2013 (Baa2/BBB)
	4,100,000	5.500		07/01/2024		4,145,064
	2,210,000	5.500		07/01/2026		2,232,004
	3,425,000	5.500		07/01/2027		3,457,503
	Illinois State GO Bonds Series 2014 (Baa2/BBB)
	3,255,000	5.000		05/01/2024		3,303,784
	Illinois State GO Bonds Series 2016 (Baa2/BBB)
	5,000,000	5.000		01/01/2024		5,065,161
	Illinois State GO Bonds Series 2017 A (Baa2/BBB)
	1,615,000	5.000		12/01/2025		1,642,445
	Illinois State GO Bonds Series 2017 D (Baa2/BBB)
	62,245,000	5.000		11/01/2023		62,982,666
	18,505,000	5.000		11/01/2024		18,810,732
	8,695,000	5.000		11/01/2025		8,842,000
	53,660,000	5.000		11/01/2026		54,662,927
	Illinois State GO Bonds Series 2019 A (Baa2/BBB)
	6,000,000	5.000		11/01/2024		6,099,130
	Illinois State GO Bonds Series 2020 (Baa2/BBB)
	2,000,000	5.375		05/01/2023		2,019,478
	2,100,000	5.500		05/01/2024		2,147,340
	Illinois State GO Bonds Series 2020 D (Baa2/BBB)
	13,000,000	5.000		10/01/2024		13,212,176
	Illinois State GO Bonds Series 2021 B (Baa2/BBB)
	4,500,000	5.000		03/01/2025		4,576,878
	Illinois State GO Bonds Series 2021 C (Baa2/BBB)
	1,500,000	4.000		03/01/2025		1,491,639
	Illinois State GO Refunding Bonds Series 2016 (Baa2/BBB)
	2,360,000	5.000		02/01/2023		2,370,876
	10,000,000	5.000		02/01/2025		10,169,734
	Illinois State GO Refunding Bonds Series 2018 A (Baa2/BBB)
	2,000,000	5.000		10/01/2024		2,032,642
	Illinois State GO Refunding Bonds Series 2019 B (Baa2/BBB)
	7,095,000	5.000		09/01/2025		7,215,013
	Illinois State RB Refunding Series 2016 C (NR/BBB+)
	460,000	4.000		06/15/2024		462,182
	Illinois State Sales Tax RB for Build Junior Obligation Series 2013 (NR/BBB+)
	1,770,000	5.000		06/15/2023		1,786,920
	115,000	5.000		06/15/2024		116,021
	Illinois State Toll Highway Authority RB Refunding Senior Series 2018 A (Aa3/AA-)
	2,250,000	5.000		01/01/2023		2,260,010
	Illinois State Toll Highway Authority Toll Highway Senior RB 2019 Series C (AA-/Aa3)
	14,015,000	5.000		01/01/2026		14,728,788
	Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (A1/AA)
	440,000	4.000		12/01/2022		440,569
	520,000	5.000		12/01/2023		528,228
	Lake County Community College District No. 532 GO LT Refunding Bodns Series 2021C (Aaa/NR)
	1,470,000	4.000		12/01/2026		1,507,134
	McHenry & Kane Counties Community Consolidated School District No. 158 Huntley GO Refunding Bonds Series 2020 (NR/AA)
	400,000	1.045		02/15/2025		368,771

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)
Illinois – (continued)
	Metropolitan Water Reclamation District of Greater Chicago GO UT Capital Improvement Bonds 2014 Series A (NR/AA+)(b)
$	16,000,000	5.000 %		12/01/2024	$	16,609,285
	Regional Transportation Authority of Illinois GO Bonds Series 2014A (A1/AA)(b)
	1,500,000	5.000		06/01/2024		1,544,553
	Rockford School District GO School Bonds for Winnebago and Boone Counties Series 2013 (NR/AA-)
	10,960,000	4.000		02/01/2032		10,993,565
	Sales Tax Securitization Corp Bonds Series 2017A (AA-/AA-)
	1,500,000	5.000		01/01/2023		1,505,540
	Sales Tax Securitization Corp Bonds Series 2018C (AA-/AA-)
	4,180,000	5.000		01/01/2025		4,289,256
	Sales Tax Securitization Corp Second Lien Bonds Series 2020A (AA-/AA-)
	4,355,000	5.000		01/01/2026		4,507,632
	Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (AA-/NR)
	6,000,000	5.000		01/01/2027		6,266,236
	Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-)
	7,945,000	5.000		01/01/2028		8,348,533
	State of Illinois Build Illinois Bonds Junior Obligation Tax Exempt Refunding Series C 2021 (NR/BBB+)
	2,000,000	5.000		06/15/2025		2,063,519
	State of Illinois Build Illinois Junior Obligation Bonds Series 2021A (NR/A-)
	5,000,000	4.000		06/15/2025		5,031,714
	State of Illinois GO Bonds Series 2014 (Baa2/BBB)
	3,300,000	5.000		02/01/2023		3,315,208
	State of Illinois GO Bonds Series 2016 (Baa2/BBB)
	15,000,000	5.000		06/01/2023		15,126,645
	State of Illinois GO Bonds Series 2017 A (Baa2/BBB)
	10,490,000	5.000		12/01/2023		10,620,661
	State of Illinois GO Bonds Series 20217D (Baa1/BBB+)
	21,720,000	5.000		11/01/2027		22,201,426
	State of Illinois GO Bonds Series 2021B (Baa1/BBB+)
	1,600,000	5.000		03/01/2026		1,627,734
	State of Illinois GO Refunding Bonds Series 2012 (Baa2/BBB)
	6,275,000	5.000		08/01/2023		6,337,628
	State of Illinois GO Refunding Bonds Series 2021C (Baa1/BBB+)
	6,550,000	4.000		03/01/2024		6,553,541
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (Baa2/BBB)
	2,000,000	5.000		10/01/2025		2,033,615
	State of Illinois Tax Exempt GO Bonds Refunding Series 2019B (Baa2/BBB)
	8,690,000	5.000		09/01/2023		8,783,070
	Western Illinois University Board of Trustees Auxiliary Facilities System Refunding RB Series 2020 (BAM) (AA/NR)
	1,000,000	4.000		04/01/2023		1,002,810
						707,417,959
Municipal Bonds – (continued)
Indiana – 1.3%
	City of Rockport Pollution Control Revenue Refunding Bonds for AEP Generating Company Project Series 1995 (NON-AMT) (NR/A-)
	4,150,000	3.125		07/01/2025		4,035,519
	City of Rockport Pollution Control Revenue Refunding Bonds Series 1995 (NON-AMT) (NR/A-)
	3,335,000	3.125		07/01/2025		3,243,001
	City of Rockport Pollution Control Revenue Refunding Bonds Series 2009 B (NON-AMT) (A-/NR)
	10,000,000	3.050		06/01/2025		9,832,172
	City of Rockport Pollution Control Revenue Refunding Bonds Series D (A-/A)
	11,000,000	0.750		04/01/2025		9,865,144
	City of Whiting Environmental Facilities Refunding RB Series 2019A (A-/NR) (PUTABLE)(a)(b)(c)
	11,990,000	5.000		06/05/2026		12,304,161
	Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A2/A-) (PUTABLE)(a)(b)(c)
	3,000,000	0.750		04/01/2026		2,516,439
	Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A2/A-) (PUTABLE)(a)(b)(c)
	4,525,000	0.950		04/01/2026		3,837,261
	Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2021 (A2/A-)
	3,000,000	0.650		08/01/2025		2,662,216
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (Aa3/AA-)(b)(d) (SIFMA Municipal Swap Index Yield + 0.55%)
	7,150,000	3.000		11/01/2023		7,152,342
	Indiana Finance Authority State Revolving Fund Program Bond Series 2016D (AAA/Aaa)(b)
	8,650,000	5.000		08/01/2026		9,206,584
	9,310,000	5.000		08/01/2026		9,909,052
	Indiana Finance Authority State Revolving Fund Program Bonds Series 2015A (AAA/Aaa)(b)
	6,885,000	5.000		02/01/2025		7,158,396
	Indiana Finance Authority Tax Exempt Private Activity Bonds Series 2013 A (NR/NR)(b)
	10,000,000	5.000		07/01/2023		10,109,165
	Indiana Finance Authority Tax Exempt Private Activity Bonds Series 2013 A (US TREASURY OBLIGATIONS) (NR/NR)(b)
	6,500,000	5.000		07/01/2023		6,570,957
	Indiana Municipal Power Agency Power Supply System RB 2022 Series A (A1/A+)
	625,000	5.000		01/01/2024		638,162
	450,000	5.000		01/01/2025		463,325
	Indianapolis Local Public Improvement Bond Bank Refunding Bonds Series 2019D (AMT) (A1/NR)
	5,625,000	5.000		01/01/2026		5,782,383
	Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (ST INTERCEPT) (NR/AA+)
	300,000	5.000		01/15/2023		301,667
	375,000	3.000		07/15/2023		374,403
						105,962,349

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Iowa – 0.0%
	Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (A1/NR)
$	630,000		5.000	%		02/15/2023	$	634,216
	Iowa Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 A (NR/NR)
	2,105,000		4.000			05/15/2026		2,036,095
								2,670,311
Kansas – 0.4%
	City of Manhattan GO Temporary Notes Series 2022-01 (Aa3/NR)
	17,740,000		1.750			06/15/2025		16,567,938
	Seward County Unified School District GO Refunding Bonds Series 2017-B (A+/A1)(b)
	1,000,000		5.000			09/01/2025		1,048,954
	State of Kansas Department of Transportation RB Refunding Series 2015 A (Aa2/AA)
	15,840,000		2.750			09/01/2023		15,751,892
	Wyandotte County Taxable Utility System Refunding RB Series 2020-B (A/A)
	775,000		1.129			09/01/2024		725,350
								34,094,134
Kentucky – 1.9%
	City of Owensboro Electric Light & Power System Refunding RB 2019 Series (A-/NR)
	800,000		4.000			01/01/2023		801,345
	1,400,000		5.000			01/01/2024		1,426,738
	2,700,000		4.000			01/01/2025		2,731,288
	Commonwealth of Kentucky State Property and Buildings Commission Revenue Refunding Bonds Series B (A-/A1)
	2,900,000		5.000			11/01/2026		3,051,159
	County of Boone Pollution Control Revenue Refunding Bonds Series 2008A (NON-AMT) (NR/NR)
	5,000,000		3.700			08/01/2027		4,819,070
	County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (A/NR) (PUTABLE)(a)(b)(c)
	1,665,000		0.700			09/01/2023		1,617,818
	Kentucky Economic Development Finance Authority Healthcare Facilities Refunding RB Series 2022 (NR/NR)
	3,570,000		4.500			10/01/2027		3,551,081
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (Baa2/NR)
	1,000,000		5.000			06/01/2023		1,008,502
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (Baa1/A-)
	685,000		5.000			08/01/2025		701,054
	Kentucky Public Energy Authority Gas Supply RB 2018 Series B (NR/NR)(a)(b)
	32,255,000		4.000			01/01/2025		32,138,356
	Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1 (NR/A)(b)
	2,420,000		4.000			12/01/2022		2,421,082
	3,765,000		4.000			06/01/2023		3,769,615
	7,385,000		4.000			12/01/2023		7,388,922
	34,035,000		4.000			06/01/2025		33,814,749
Municipal Bonds – (continued)
Kentucky – (continued)
	Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2014 A (Aa3/A-)
	2,995,000		5.000			07/01/2023		3,032,980
	Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2001 A (A1/A)
	3,800,000		0.900			09/01/2026		3,271,254
	Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2020C (NR/A)(a)(b)
	5,000,000		5.000			10/01/2026		5,149,092
	Public Energy Authority of Kentucky Gas Supply RB 2018 Series A (NR/NR)(a)(b)
	27,620,000		4.000			04/01/2024		27,560,766
	Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (NR/NR)(a)(b)
	2,000,000		4.000			06/01/2025		1,992,024
	Public Energy Authority of Kentucky Gas Supply RB Series 2019C (NR/NR)(a)(b)
	9,350,000		4.000			02/01/2028		9,097,371
	Public Energy Authority of Kentucky Gas Supply RB Series 2020A (NR/NR)(a)(b)
	7,050,000		4.000			06/01/2026		6,984,331
								156,328,597
Louisiana – 2.5%
	Lake Charles Harbor & Terminal District RB Series 2021 (AMT) (NR/NR) (PUTABLE)(a)(b)(c)
	11,800,000		1.000			12/01/2024		11,020,459
	Louisiana Local Government Community Development Authority Subordinate Lien Revenue Refunding Bonds Series 2020B (A+/A+)(a)(b)
	35,000,000		0.875			02/01/2025		32,102,053
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (NR/AA)
	800,000		2.500			10/01/2022		800,000
	950,000		5.000			10/01/2022		950,000
	Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB)
	435,000		5.000			10/01/2026		447,971
	Louisiana Stadium & Exposition District RB Series 2020 (NR/NR)
	15,000,000		5.000			07/03/2023		15,034,035
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE)(a)(b)(c)
	12,395,000		2.000			04/01/2023		12,303,909
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-1 (Baa3/BBB-) (PUTABLE)(a)(b)(c)
	12,500,000		2.125			07/01/2024		12,187,010
	Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (NON-AMT) (NR/BBB-) (PUTABLE)(a)(b)(c)
	950,000		2.200			07/01/2026		880,588

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)
Louisiana – (continued)
	Parish of St. John The Baptist Revenue Refunding Bonds Series 2017 (NON-AMT) Sub-Series 2017A-2 (BBB-/BBB-) (PUTABLE)(a)(b)(c)
$	23,150,000	2.100 %		07/01/2024	$	22,560,666
	State of Louisiana Gasoline & Fuels Tax RB Refunding First Lien Series 2015 A (Aa2/AA-)(b)
	80,000,000	4.000		05/01/2025		81,476,560
	State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 A (Aa3/NR)(a)(b)
	3,075,000	0.600		05/01/2023		3,008,947
	State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 D-1 (Aa3/NR)(a)(b)
	4,615,000	0.600		05/01/2023		4,515,868
	State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2022 Series A (Aa3/AA-)(b)(d) (SOFR + 0.50%)
	4,415,000	2.635		05/01/2026		4,247,499
						201,535,565
Maine – 0.1%
	Maine Turnpike Authority Turnpike Revenue Refunding Bonds Series 2022 (Aa3/AA-)
	2,000,000	5.000		07/01/2028		2,172,855
	State of Maine GO Bonds Series 2018 D (Aa2/AA)
	4,290,000	5.000		06/01/2023		4,344,689
						6,517,544
Maryland – 1.5%
	Anne Arundel County Consolidated General Improvements Series 2019 (Aaa/AAA)
	7,205,000	5.000		10/01/2025		7,586,173
	City of Baltimore Refunding RB Series 2013B (AA-/Aa2)(b)
	5,000,000	5.000		01/01/2024		5,109,592
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR)
	815,000	4.000		01/01/2023		814,850
	1,050,000	4.000		01/01/2024		1,051,822
	2,805,000	4.000		01/01/2025		2,818,592
	County of Montgomery GO Bonds for Consolidated Public Improvement Series 2013 A (Aaa/AAA)(b)
	14,350,000	5.000		11/01/2023		14,631,742
	Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR)
	470,000	2.625		07/01/2024		451,703
	Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 A (NR/A-)
	815,000	5.000		07/01/2023		823,837
	1,000,000	5.000		07/01/2024		1,024,092
	750,000	5.000		07/01/2025		777,553
	1,250,000	5.000		07/01/2026		1,306,374
	1,250,000	5.000		07/01/2027		1,319,377
	Howard County Consolidated Public Improvement Refunding Bonds 2017 Series D (AAA/Aaa)
	17,825,000	5.000		02/15/2027		19,139,305
Municipal Bonds – (continued)
Maryland – (continued)
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (Baa3/NR)
	815,000	4.000		01/01/2024		813,380
	Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/BBB)
	165,000	4.000		10/01/2022		165,000
	340,000	4.000		10/01/2023		340,873
	350,000	4.000		10/01/2024		350,557
	390,000	4.000		10/01/2025		389,308
	Maryland Health & Higher Educational Facilities Authority RB Series 2020B-2 (A/NR)(a)(b)
	7,000,000	5.000		07/01/2027		7,321,766
	Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program RB Series 2016 (ST INTERCEPT) (Aa3/AA-)(b)
	1,050,000	5.000		05/01/2026		1,113,570
	State of Maryland Department of Transportation Third Issue RB Series 2015 (Aa1/AAA)
	9,855,000	4.000		12/15/2026		9,946,061
	State of Maryland GO Bonds State and Local Facilities Loan of 2022 1st Series A (AAA/Aaa)
	25,000,000	5.000		06/01/2028		27,322,243
	Town of Chestertown Economic Development Refunding RB Series 2021A (BBB/NR)
	1,035,000	5.000		03/01/2026		1,071,278
	1,215,000	5.000		03/01/2027		1,264,275
	University of Maryland Auxiliary Facility & Tuition RB 2018 Series A (AA+/AA+)
	1,075,000	5.000		04/01/2023		1,085,212
	University System of Maryland Auxiliary Facility and Tuition RB 2016 Series A (Aa1/AA+)
	3,455,000	5.000		04/01/2027		3,655,123
	Washington Suburban Sanitary District Consolidated Public Improvement Refunding Bonds Series 2020 (AAA/Aaa)
	9,870,000	5.000		06/01/2025		10,337,476
						122,031,134
Massachusetts – 2.5%
	Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series C (Aa1/AA)
	8,085,000	5.000		07/01/2040		8,290,982
	Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2016 Series A (Aa1/AA)
	10,900,000	5.000		03/01/2037		11,096,803
	Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series E (Aa1/AA)
	12,500,000	5.000		05/01/2031		12,819,527
	Commonwealth of Massachusetts Special Obligation RB for Unemployment Insurance Trust Fund 2022 Series A (Aa1/NR)
	2,500,000	3.670		01/15/2026		2,424,704
	1,500,000	3.680		07/15/2026		1,448,958
	Massachusetts Clean Water Trust RB Refunding Series 2006 (Aaa/AAA)(d) (MUNI-CPI + 0.99%)
	2,050,000	9.590		08/01/2023		2,059,101

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, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Clean Water Trust RB State Revolving Green Bonds Series 2017 (Aaa/AAA)
$	3,795,000	5.000 %		02/01/2023	$	3,820,259
	Massachusetts Development Finance Agency Beth Israel Lahey Health Obligated Group RB Refunding Series 2019 K (A3/A)
	750,000	5.000		07/01/2023		758,407
	500,000	5.000		07/01/2024		511,706
	Massachusetts Development Finance Agency RB for President & Trustees of Williams College Series 2011 (Aa1/AA+)(a)(b)
	3,500,000	0.450		07/01/2025		3,155,883
	Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA)
	275,000	5.000		10/01/2022		275,000
	300,000	5.000		10/01/2023		304,103
	350,000	5.000		10/01/2024		358,618
	300,000	5.000		10/01/2025		310,574
	Massachusetts Development Finance Agency RB Series 2016A (AAA/Aaa)
	10,000,000	5.000		07/15/2030		10,662,360
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB+)
	725,000	5.000		07/01/2023		732,064
	Massachusetts Health and Educational Facilities Authority Variable Rate Demand RB for Umass Series A (Aa2/AA-/NR) (PUTABLE)(a)(b)(c)
	7,000,000	2.450		04/01/2026		6,733,101
	Massachusetts Housing Finance Agency RB Refunding Series 2020 216 (GNMA/FNMA/FHLMC) (Aa1/AA+)(a)(b)
	5,250,000	1.850		06/01/2025		4,936,598
	Massachusetts Port Authority RB Series 2019-A (AMT) (Aa2/AA)
	10,105,000	5.000		07/01/2026		10,506,953
	Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa2/AA+)
	3,500,000	5.000		11/15/2039		3,629,390
	Massachusetts State Development Finance Agency RB Mass General Brigham, Inc. Series 2019 T 1 (Aa3/AA-)(b)(d)(e) (SIFMA Municipal Swap Index Yield + 0.60%)
	6,250,000	3.050		01/29/2026		6,196,272
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL) (Aa1/AA)(d) (3M USD LIBOR + 0.57%)
	13,055,000	2.434		05/01/2037		12,294,755
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR FGIC) (Aa1/AA+)(d) (3M USD LIBOR + 0.57%)
	11,560,000	2.434		05/01/2037		10,886,807
	Massachusetts State GO Bonds Series 2014 F (Aa1/AA)
	58,940,000	4.000		11/01/2031		58,967,796
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Refunding Series 2019 A (Aa2/AA)(a)(b)
	20,000,000	5.000		01/01/2023		20,064,608
	Massachusetts Water Pollution Abatement Trust State Revolving Fund Bonds Series 17 (Aaa/AAA)
	7,405,000	5.000		02/01/2043		7,450,053
						200,695,382
Municipal Bonds – (continued)
Michigan – 1.5%
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (NR/AA)
	900,000	5.000		07/01/2023		910,420
	22,500,000	5.000		07/01/2048		22,052,848
	Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (NR/AA)
	1,500,000	5.000		07/01/2023		1,517,367
	500,000	5.000		07/01/2024		512,898
	550,000	5.000		07/01/2025		564,845
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (A1/AA)(d) (3M USD LIBOR + 0.60%)
	28,240,000	3.108		07/01/2032		27,510,340
	Great Lakes Water Authority Sewage Disposal System RB Refunding Series 2020 A (A1/AA-)
	200,000	1.654		07/01/2025		185,300
	Lansing Board of Water & Light Utility System RB Series 2021B (AA-/NR)(a)(b)
	5,000,000	2.000		07/01/2026		4,495,290
	Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR/BBB-)
	185,000	4.000		02/01/2027		177,349
	Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2015B (NR/A1)
	1,215,000	5.000		05/15/2034		1,233,807
	Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2022B (AA/Aa3)(b)(d) (SIFMA Municipal Swap Index Yield + 0.75%)
	5,845,000	3.200		04/15/2027		5,794,532
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (NR/BB+)
	500,000	3.800		10/01/2022		500,000
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewage Department Sewage Disposal System Project Series 2015C (A2/A+)
	4,600,000	5.000		07/01/2034		4,701,352
	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) (A1/AA)
	5,000,000	5.000		07/01/2023		5,065,983
	Michigan Finance Authority State Aid Revenue Notes Series 2022A (ST AID WITHHLDG) (NR/NR)
	18,550,000	5.000		07/20/2023		18,785,791
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A)
	10,000,000	1.476		06/01/2025		8,945,270
	Michigan State Hospital Finance Authority Refunding And Project RB Series 2010F-5 (AA+/A-1+/AA+/F1+)(a)(b)
	4,400,000	2.400		03/15/2023		4,379,411
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (Baa2/NR)
	2,210,000	5.000		12/31/2023		2,250,856
	2,685,000	5.000		06/30/2024		2,704,443
	3,500,000	5.000		12/31/2024		3,527,741

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)
Michigan – (continued)
	Star International Academy Refunding Bonds Series 2020 (BBB/NR)
$	665,000		4.000 %		03/01/2023	$	664,481
	690,000		4.000		03/01/2024		685,812
	720,000		4.000		03/01/2025		703,933
	745,000		4.000		03/01/2026		720,061
	775,000		4.000		03/01/2027		741,787
	Wayne County Airport Authority RB Series 2018C (NON-AMT) (A-/A)
	500,000		5.000		12/01/2022		501,475
	Western Michigan University Board of Trustees General RB Series 2019A (A/NR)
	160,000		5.000		11/15/2023		163,232
							119,996,624
Minnesota – 0.4%
	City of Minneapolis GO Refunding Bonds Series 2020 (NR/AAA)
	5,730,000		2.000		12/01/2029		4,990,872
	Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2022 (NR/BBB-)
	275,000		5.000		06/15/2025		277,683
	Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke’s Hospital Series 2022 (NR/BBB-)
	300,000		5.000		06/15/2023		302,765
	265,000		5.000		06/15/2024		268,828
	360,000		5.000		06/15/2026		364,504
	Duluth Independent School District Refunding Certificates of Participation Series 2019A (Baa3/NR)
	640,000		3.250		03/01/2025		621,489
	660,000		4.000		03/01/2026		647,413
	Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corp. Series 2017 (Baa1/NR)
	575,000		5.000		05/01/2023		579,970
	Minneapolis Metropolitan Airports Commission Subordinate Airport RB Series 2022B (AMT) (NR/A+)
	1,565,000		5.000		01/01/2024		1,589,160
	1,025,000		5.000		01/01/2025		1,049,130
	Minneapolis-St. Paul Metropolitan Airports Commission RB Refunding Series 2019 B (AMT) (NR/A)
	2,810,000		5.000		01/01/2024		2,853,379
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR)
	100,000		3.000		12/01/2022		99,846
	100,000		3.000		12/01/2023		98,777
	100,000		4.000		12/01/2024		99,610
	180,000		4.000		12/01/2025		178,903
	Regents of University of Minnesota GO Bonds Series 2013A (AA/Aa1)
	3,185,000		4.000		02/01/2029		3,187,506
	State of Minnesota GO State Various Purpose Bonds Series 2015A (AAA/Aa1)
	11,210,000		5.000		08/01/2025		11,756,399
	State of Minnesota GO State Various Purpose Bonds Series 2015A (Aaa/AAA)
	2,000,000		5.000		08/01/2029		2,092,520
Municipal Bonds – (continued)
Minnesota – (continued)
	Western Minnesota Municipal Power Agency Power Supply Revenue Refunding Bonds 2022 Series A (NR/NR)(g)
	250,000		5.000		01/01/2024		255,258
	375,000		5.000		01/01/2025		388,545
	825,000		5.000		01/01/2026		865,961
	640,000		5.000		01/01/2027		680,366
							33,248,884
Mississippi – 0.6%
	City of Jackson GO Refunding Bonds Series 2021 (Baa3/A+)
	325,000		5.000		03/01/2023		327,301
	500,000		5.000		03/01/2024		511,262
	1,000,000		5.000		03/01/2025		1,040,825
	830,000		5.000		03/01/2026		876,733
	Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (NON-AMT) (Baa2/BBB) (PUTABLE)(a)(b)(c)
	10,500,000		2.650		04/01/2027		9,790,978
	Mississippi Business Finance Corp Solid Waste Disposal RB Series 2002 (A-/A-2/NR) (PUTABLE)(a)(b)(c)
	1,000,000		2.200		06/03/2024		971,434
	Mississippi Hospital Equipment & Facilities Authority Revenue Refunding Bonds Series 2020A-1 (BBB+/NR)(a)(b)
	7,750,000		5.000		09/01/2025		7,982,067
	Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2018 (BBB/NR) (PUTABLE)(a)(b)(c)
	8,225,000		2.900		09/01/2023		8,151,020
	Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)
	9,085,000		1.375		06/16/2025		8,453,737
	Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020C (NON-AMT) (BBB/NR)(a)(b)
	9,300,000		1.375		06/16/2025		8,676,375
	Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE)(a)(b)(c)
	1,175,000		1.600		06/16/2025		1,102,906
							47,884,638
Missouri – 0.3%
	Kansas City Municipal Assistance Corp. Revenue Leasehold Bonds Series 2004 B-1 (AA-/A2)(f)
	3,720,000		0.000		04/15/2026		3,270,280
	Metropolitan St. Louis Sewer District RB Refunding Series 2015 B (Aa1/AAA)
	8,770,000		5.000		05/01/2038		9,011,227
	Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (NR/NR)
	570,000		5.000		09/01/2023		574,633
	600,000		5.000		09/01/2024		604,930
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR)
	575,000		5.000		02/15/2023		578,115
	400,000		5.000		02/15/2024		407,394

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Missouri – (continued)
	Missouri Southern State University RB Series 2019 A (AGM) (NR/AA)
$	105,000		5.000	%		10/01/2024	$	107,829
	125,000		5.000			10/01/2025		129,693
	Southeast Missouri State University System Facilities Refunding RB Series 2020 (A/NR)
	1,410,000		5.000			04/01/2025		1,453,422
	2,795,000		5.000			04/01/2026		2,900,710
	State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (A/NR) (PUTABLE)(a)(b)(c)
	4,000,000		3.500			07/01/2025		3,906,859
								22,945,092
Montana – 0.1%
	Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A3/A-)
	8,790,000		2.000			08/01/2023		8,648,581
	Gallatin County High School District No. 7 GO Bonds for School Building Series 2017 A (Aa2/NR)
	470,000		5.000			12/01/2022		471,485
	Montana Facility Finance Authority RB for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (Aa3/AA-)
	500,000		5.000			01/01/2023		502,200
								9,622,266
Nebraska – 0.1%
	Douglas County Hospital Authority No. 2 RB for Children’s Hospital Obligated Group Series 2020 B (A1/NR)(a)(b)
	2,100,000		5.000			11/15/2025		2,178,580
	Douglas County Hospital Authority No. 2 RB Refunding for Children’s Hospital Obligated Group Series 2020 A (A1/NR)
	110,000		5.000			11/15/2023		111,798
	175,000		5.000			11/15/2025		181,545
	Washington County Wastewater & Solid Waste Disposal Facilities Revenue Refunding Bonds Series 2012 (A/NR) (PUTABLE)(a)(b)(c)
	4,700,000		0.895			09/01/2025		4,353,347
								6,825,270
Nevada – 0.4%
	City of Las Vegas Special Improvement District Local Improvement Refunding Bonds Series 2013 (NR/NR)
	220,000		5.000			06/01/2023		221,541
	200,000		4.250			06/01/2024		200,386
	95,000		5.000			06/01/2024		96,413
	Clark County Airport System Subordinate Lien Refunding RB Series 2019D (NON-AMT) (Aa3/A)
	14,325,000		5.000			07/01/2026		15,124,898
	Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA)
	325,000		3.000			06/15/2025		321,644
	Clark County School District GO LT Building Bonds Series 2022A (A+/A1)
	6,875,000		5.000			06/15/2025		7,168,793
Municipal Bonds – (continued)
Nevada – (continued)
	County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A1/A-)
	12,000,000		1.450			12/01/2024		11,296,639
	Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/A)
	700,000		5.000			07/01/2025		729,436
	Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/A)
	200,000		5.000			07/01/2024		205,501
								35,365,251
New Hampshire – 0.3%
	National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-1 (A-/A-2/NR)(a)(b)
	1,250,000		2.150			07/01/2024		1,216,756
	National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-2 (A-/A-2/NR)(a)(b)
	5,000,000		2.150			07/01/2024		4,867,025
	National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-3 (A-/A-2/NR)(a)(b)
	5,000,000		2.150			07/01/2024		4,867,025
	National Finance Authority Solid Waste Disposal Refunding RB Series 2019A-4 (A-/A-2/NR)(a)(b)
	3,000,000		2.150			07/01/2024		2,915,292
	New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR)
	220,000		4.000			01/01/2024		218,726
	285,000		4.000			01/01/2025		281,799
	265,000		4.000			01/01/2026		260,403
	250,000		4.000			01/01/2027		243,514
	New Hampshire Housing Finance Authority Multi-Family Housing RB 2022 Series 1 (NON-AMT) (NR/Aaa)
	1,010,000		2.650			08/01/2024		994,738
	5,575,000		2.800			02/01/2025		5,479,655
	New Hampshire Municipal Bond Bank RB 2021 C (NR/AA+)
	5,440,000		5.000			08/15/2026		5,797,350
								27,142,283
New Jersey – 5.2%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (Baa1/AA)
	500,000		5.000			03/01/2023		503,335
	City of Newark GO Refunding Bonds Series 2020 A (AGM ST AID WITHHLDG) (A2/AA)
	800,000		5.000			10/01/2024		822,487
	650,000		5.000			10/01/2025		676,085
	750,000		5.000			10/01/2026		788,116
	City of Newark GO Refunding Bonds Series 2020 A (ST AID WITHHLDG) (Baa1/NR)
	750,000		5.000			10/01/2022		750,000
	City of Newark GO Refunding Bonds Series 2020 B (AGM SCH BD RES FD) (A2/AA)
	650,000		5.000			10/01/2024		668,270
	600,000		5.000			10/01/2025		624,079

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 Jersey – (continued)
	City of Newark GO Refunding Bonds Series 2020 B (SCH BD RES FD) (A3/NR)
$	580,000		5.000	%		10/01/2022	$	580,000
	County of Cape May GO Bonds Series 2019 (Aa1/NR)
	2,450,000		4.000			10/01/2022		2,450,000
	County of Morris GO Bonds for General Improvement and County College Series 2021 (Aaa/AAA)
	4,615,000		2.000			02/01/2027		4,207,753
	Hudson County Improvement Authority County Guaranteed Pooled Notes Series B-1 (CNTY GTD) (NR/NR)
	11,915,000		3.000			08/04/2023		11,874,241
	New Jeresy Transportation Trust Fund Authority Transportation Program Bonds 2014 Series AA (A3/BBB)
	25,000,000		5.000			06/15/2024		25,529,975
	New Jersey Economic Development Authority RB Series 2005 (AMBAC) (BBB/Baa1)
	12,350,000		5.500			09/01/2024		12,727,146
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (NR/B)
	270,000		4.000			01/01/2023		269,166
	275,000		4.000			07/01/2023		272,533
	320,000		4.000			01/01/2024		314,743
	325,000		4.000			07/01/2024		317,616
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2014 UU (Baa1/BBB)
	10,070,000		5.000			06/15/2040		9,979,306
	New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 A (A1/A+)
	1,375,000		1.000			06/01/2023		1,344,491
	New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 B (AMT) (A1/A+) (PUTABLE)(a)(b)(c)
	8,645,000		1.200			06/01/2023		8,499,926
	New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 C (AMT) (A1/A+)
	2,550,000		1.150			06/01/2023		2,497,168
	New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 E (AMT) (A1/A+)
	3,100,000		0.850			12/01/2025		2,753,558
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (Baa1/BBB)(d) (SIFMA Municipal Swap Index Yield + 1.25%)
	13,315,000		3.700			09/01/2025		13,325,902
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2015 XX (Baa1/BBB)
	6,900,000		5.000			06/15/2025		7,074,647
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (Baa1/BBB)
	2,345,000		5.000			06/15/2023		2,369,854
	6,500,000		5.000			06/15/2024		6,631,344
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority RB Series 2021 QQQ (Baa1/BBB)
	250,000		5.000			06/15/2023		252,650
	300,000		5.000			06/15/2024		306,062
	385,000		5.000			06/15/2025		394,745
	555,000		5.000			06/15/2026		573,559
	445,000		5.000			06/15/2027		461,143
	New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (BBB+/A3)(b)
	6,470,000		5.500			12/15/2026		7,022,429
	New Jersey Economic Development Authority State Lease RB for Health Department and Taxation Division Office Project 2018 Series A (A3/BBB+)
	1,955,000		5.000			06/15/2024		1,994,504
	New Jersey Educational Facilities Authority Princeton University RB 2014 Series A (AAA/Aaa)
	8,220,000		5.000			07/01/2026		8,477,079
	New Jersey Educational Facilities Authority Princeton University RB 2022 Series A (AAA/Aaa)
	20,870,000		5.000			03/01/2027		22,432,059
	New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (AA-/NR)
	1,260,000		0.500			11/01/2023		1,219,990
	1,595,000		0.650			05/01/2024		1,523,514
	3,085,000		0.750			11/01/2024		2,909,674
	2,310,000		0.900			11/01/2025		2,124,568
	New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2017 Series A (NON-AMT) (NR/AA-)
	1,830,000		2.850			11/01/2025		1,795,840
	New Jersey Housing and Mortgage Finance Agency Single Family Housing RB 2022 Series I (NON-AMT) (Aa2/AA)
	2,705,000		2.800			10/01/2025		2,643,872
	2,635,000		2.900			04/01/2026		2,565,503
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A2/A+)(d) (1M USD LIBOR + 0.60%)
	15,565,000		2.790			01/01/2023		15,555,868
	New Jersey State Turnpike Authority RB Refunding Series 2017 D-1 (A2/A+)(d) (1M USD LIBOR + 0.70%)
	5,000,000		2.900			01/01/2024		5,035,262
	New Jersey State Turnpike Authority RB Series 2014 A (A2/A+)
	8,650,000		5.000			01/01/2027		8,883,977
	New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes 2016 Subseries A-1 (A3/A+)
	4,395,000		5.000			06/15/2027		4,595,023
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (Baa1/BBB)(f)
	28,575,000		0.000			12/15/2028		21,691,060
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (Baa1/BBB)(f)
	25,055,000		0.000			12/15/2025		21,994,128

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, 2022 (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 2006 C (BHAC-CR AMBAC) (Aa1/AA+)(f)
$	1,130,000		0.000 %		12/15/2026	$	965,890
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (Baa1/BBB)(f)
	34,235,000		0.000		12/15/2027		27,503,858
	320,000		0.000		12/15/2031		209,292
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (Baa1/BBB)
	3,435,000		5.000		12/15/2023		3,495,120
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (Baa1/BBB)
	8,105,000		5.000		12/15/2024		8,295,757
	12,030,000		5.000		12/15/2025		12,384,389
	New Jersey Transportation Trust Fund Authority RB Refund for Transportation System Bonds Series 2018 A (Baa1/BBB)
	2,000,000		5.000		12/15/2023		2,035,004
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (Baa1/BBB)
	27,745,000		5.250		12/15/2023		28,311,170
	New Jersey Transportation Trust Fund Authority RB Series 2004 A (NATL) (Baa1/BBB)
	4,920,000		5.750		06/15/2023		5,000,733
	New Jersey Transportation Trust Fund Authority RB Series 2006 C (AMBAC) (Baa1/BBB)(f)
	3,500,000		0.000		12/15/2026		2,938,015
	New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (Baa1/A+)
	11,250,000		5.000		06/15/2023		11,356,812
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (A2/AA)
	30,330,000		5.500		12/15/2022		30,473,246
	State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (A3/BBB+)
	11,650,000		5.000		06/01/2026		12,226,176
	8,350,000		5.000		06/01/2027		8,861,484
	State of New Jersey GO Bonds Series 2021 (A3/BBB+)
	10,000,000		2.000		06/01/2026		9,218,988
	Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB+)
	25,000		3.200		06/01/2027		24,840
	Tobacco Settlement Financing Corp. Tobacco Settlement Bonds Series 2018A (A/NR)
	1,495,000		5.000		06/01/2027		1,549,859
	Union County Utilities Authority Resource Recovery Facility Lease Revenue Refunding Bonds for Covanta Union Series 2011A (AMT) (CNTY GTD) (NR/AA+)
	4,730,000		5.250		12/01/2031		4,734,553
							421,889,436
New Mexico – 1.8%
	City of Farmington Pollution Control Revenue Refunding Bonds 2010 Series B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)
	12,500,000		3.000		06/01/2024		12,329,476
Municipal Bonds – (continued)
New Mexico – (continued)
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 A (Baa2/BBB) (PUTABLE)(a)(b)(c)
	3,330,000		0.875		10/01/2026		2,862,386
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 C (Baa2/BBB) (PUTABLE)(a)(b)(c)
	10,000,000		1.150		06/01/2024		9,501,583
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 D (Baa2/BBB) (PUTABLE)(a)(b)(c)
	14,760,000		1.100		06/01/2023		14,466,371
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 E (Baa2/BBB) (PUTABLE)(a)(b)(c)
	11,500,000		1.150		06/01/2024		10,926,821
	New Mexico Finance Authority State Transportation Refunding RB for State Transportation Commission Subordinate Lien Series 2018A (NR/NR)
	32,455,000		5.000		06/15/2024		33,423,837
	New Mexico Finance Authority State Transportation Refunding RB Series 2022A (AA+/Aa1)
	16,320,000		5.000		06/15/2025		17,081,878
	11,815,000		5.000		06/15/2026		12,531,004
	Santa Fe County GO Improvement and Refunding Bonds Series 2021 (NR/AAA)
	1,625,000		4.000		07/01/2025		1,660,554
	State of New Mexico Severance Tax Bonds Series 2022A (AA-/Aa2)
	10,000,000		5.000		07/01/2024		10,304,163
	10,000,000		5.000		07/01/2025		10,468,629
	10,000,000		5.000		07/01/2026		10,616,212
	Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-)
	100,000		4.000		09/01/2023		100,285
	100,000		4.000		09/01/2024		100,520
	175,000		4.000		09/01/2025		176,251
	150,000		5.000		09/01/2026		156,755
							146,706,725
New York – 16.5%
	Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (NR/NR)
	4,420,000		1.625		11/01/2025		4,059,993
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (Ba1/NR)
	500,000		5.000		07/15/2023		503,008
	Broome County Local Development Corp. RB Refunding for United Health Services Hospitals Obligated Group Series 2020 (AGM) (NR/AA)
	520,000		5.000		04/01/2025		537,894
	500,000		5.000		04/01/2026		522,068
	Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-)
	120,000		4.000		06/15/2023		119,574
	120,000		4.000		06/15/2024		119,089
	110,000		4.000		06/15/2025		108,287
	Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-)
	300,000		3.400		07/01/2027		286,760

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)
	Chautauqua County Capital Resource Corporation Exempt Facilities Revenue Refunding Bonds Series 2020 (NON-AMT) (Baa3/BBB-)(a)(b)
$	2,500,000	1.300 %		04/03/2023	$	2,456,558
	City of New York GO Bonds 2022 Series B and C Tax Exempt Bonds (Aa2/AA)
	5,000,000	5.000		08/01/2024		5,158,940
	10,000,000	5.000		08/01/2025		10,465,355
	City of New York GO Bonds Fiscal 2014 Series D Subseries D-3 (Aa2/WR/AA)
	42,105,000	5.000		08/01/2038		42,623,982
	City of New York GO Bonds Series 2012 B (Aa2/AA)
	6,675,000	5.000		08/01/2023		6,683,928
	County of Nassau GO General Improvement Bonds 2022 Series A (AA-/A1)
	1,175,000	5.000		04/01/2024		1,204,016
	1,080,000	5.000		04/01/2025		1,122,133
	1,000,000	5.000		04/01/2026		1,049,491
	County of Suffolk Public Improvement Serial Bonds 2022 Series C (NR/A+)
	5,490,000	5.000		09/01/2025		5,718,435
	County of Suffolk Refunding Serial Bonds 2017 Series A (AGM) (AA/BBB+)
	7,035,000	4.000		02/01/2023		7,051,289
	County of Suffolk Refunding Serial Bonds 2017 Series B (AGM) (AA/BBB+)
	6,360,000	4.000		10/15/2023		6,399,242
	Dormitory Authority of the State of New York School Districts RB Financing Program RB Series 2020A (Aa3/AA)
	550,000	5.000		10/01/2022		550,000
	Dormitory Authority of the State of New York School Districts RB Financing Program RB Series 2022C (Aa3/NR)
	2,300,000	5.000		10/01/2024		2,380,795
	1,385,000	5.000		10/01/2025		1,448,188
	Dutchess County Local Development Corp. RB for Health QuestSystems Obligated Group Series 2016 B (Baa2/A-)
	24,725,000	5.000		07/01/2046		22,978,082
	Empire State Development Corp. State Personal Income Tax RB Series 2022A (NR/NR)(g)
	21,000,000	5.000		09/15/2028		22,770,651
	Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (BBB+/NR)
	125,000	5.000		12/01/2022		125,194
	125,000	5.000		12/01/2023		126,255
	175,000	5.000		12/01/2024		178,071
	200,000	5.000		12/01/2025		204,935
	275,000	5.000		12/01/2026		283,581
	Long Island Power Authority Electic System General RB Series 2019B (A/A)(a)(b)
	13,675,000	1.650		09/01/2024		13,069,855
	Long Island Power Authority Electric System General RB Series 2014C (NR/NR)(b)(d) (1M USD LIBOR + 0.75%)
	24,655,000	2.940		05/01/2033		24,655,000
	Long Island Power Authority Electric System General RB Series 2022B (A2/A)(a)(b)
	21,450,000	5.000		09/01/2027		22,837,264
Municipal Bonds – (continued)
New York – (continued)
	Long Island Power Authority Electric System RB Series 2014C (NR/A)(d) (1M USD LIBOR + 0.75%)
	9,345,000	2.940		05/01/2033		9,344,990
	Long Island Power Authority RB Refunding Series 2015 C (A2/A)(b)(d) (1M USD LIBOR + 0.75%)
	28,500,000	2.940		10/01/2023		28,499,969
	Long Island Power Authority RB Refunding Series 2020 B (A2/A)(a)(b)
	8,000,000	0.850		09/01/2025		7,131,148
	Long Island Power Authority RB Refunding Series 2021 B (A2/A)(a)(b)
	15,000,000	1.500		09/01/2026		13,373,733
	Long Island Power Authority RB Series 2012 B (A2/A)(b)
	10,000,000	5.000		10/31/2022		10,014,060
	Long Island Power Authority RB Series 2021 (A2/A)
	14,000,000	1.000		09/01/2025		12,427,983
	Metropolitan Tranportation Authority Revenue Transportation RB Series 2012H (NR/NR)(b)
	1,455,000	5.000		11/15/2022		1,458,281
	2,235,000	5.000		11/15/2022		2,240,040
	Metropolitan Tranportation Authority Transportation RB Series 2012H (A3/BBB+)(b)
	115,000	5.000		11/15/2022		115,246
	875,000	5.000		11/15/2022		876,872
	Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (AA/NR)
	1,345,000	5.000		11/15/2026		1,432,588
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020 A-1 (MIG2/SP-2)
	41,265,000	5.000		02/01/2023		41,493,200
	Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/BBB+)
	4,250,000	4.000		11/15/2026		4,247,933
	3,750,000	5.000		11/15/2027		3,882,849
	Metropolitan Transportation Authority RB Refunding Series 2012 D (A3/BBB+)(b)
	4,750,000	5.000		11/15/2022		4,758,509
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A3/NR/BBB+)(b)(d) (1M USD LIBOR + 0.55%)
	26,460,000	2.656		11/01/2022		26,440,033
	Metropolitan Transportation Authority RB Series 2011 B (A3/WR/BBB+)(b)(d) (1M USD LIBOR + 0.55%)
	26,625,000	2.646		11/01/2022		26,604,909
	Metropolitan Transportation Authority RB Subseries 2014 D-2 (A3/BBB+)(b)(d) (SIFMA Municipal Swap Index Yield + 0.45%)
	15,000,000	2.900		11/15/2022		14,986,179
	Metropolitan Transportation Authority Transportation RB Series 2012E (A3/BBB+)
	1,895,000	4.000		11/15/2038		1,656,318
	Metropolitan Transportation Authority Transportation RB Series 2013E (A3/BBB+)
	4,895,000	5.000		11/15/2038		4,811,443
	Metropolitan Transportation Authority Transportation RB Series 2014A-1 (A3/BBB+)
	1,540,000	5.250		11/15/2039		1,550,873

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, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/BBB+)
$	490,000	5.000 %		11/15/2025	$	504,519
	Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015D-1 (BBB+/A3)
	10,000,000	5.000		11/15/2033		9,983,714
	Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017B (A3/BBB+)
	1,655,000	5.000		11/15/2025		1,707,806
	Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/BBB+)
	2,765,000	5.000		11/15/2027		2,862,954
	Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds for Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1H (A3/WR/BBB+)(d) (SOFR + 0.60%)
	16,750,000	2.637		11/01/2026		15,797,215
	Metropolitan Transportational Authority Revenue Green Bonds Series 2019A (BBB+/A-)(a)(b)
	56,070,000	5.000		11/15/2024		57,410,465
	Monroe County Industrial Development Corp. RB Refunding for Rochester Regional Health Obligated Group Series 2020 A (NR/BBB+)
	300,000	5.000		12/01/2022		300,735
	250,000	5.000		12/01/2023		254,041
	600,000	5.000		12/01/2024		610,531
	750,000	5.000		12/01/2025		768,504
	New York City GO Bonds Subseries 2006 C-4 (AGM) (Aa2/AA)(a)
	300,000	2.640		01/01/2032		300,000
	New York City Housing Development Corp Multi-Family RB 2018 Series L-1 & 2018 Series L-2 (AA+/NR)(a)(b)
	7,010,000	2.750		12/29/2023		6,926,585
	New York City Housing Development Corp. RB Green Bond Series 2020 A-3 (Aa2/AA+)(a)(b)
	10,500,000	1.125		11/01/2024		9,901,038
	New York City Housing Development Corp. RB Series 2020 D-2 (FHA 542 (C)) (Aa2/AA+)(a)(b)
	2,000,000	0.700		11/01/2024		1,862,743
	New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (Baa1/NR)(d) (MUNI-CPI + 0.87%)
	2,505,000	9.133		03/01/2025		2,519,232
	(MUNI-CPI + 0.88%)
	2,610,000	9.143		03/01/2026		2,628,302
	(MUNI-CPI + 0.89%)
	2,725,000	9.153		03/01/2027		2,746,388
	New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (NATL) (Baa1/NR)(d) (MUNI-CPI + 0.86%)
	2,405,000	9.123		03/01/2024		2,414,333
	New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (Aa3/AA)
	15,000,000	5.000		07/15/2032		15,517,288
Municipal Bonds – (continued)
New York – (continued)
	New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2014 Series D (Aa1/AAA)
	26,940,000	5.000		02/01/2031		27,431,404
	New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series B (Aa1/AAA)
	14,315,000	5.000		11/01/2024		14,814,148
	5,150,000	5.000		11/01/2025		5,415,445
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2007 C-3 (AGM) (Aa1/AAA)(a)
	200,000	2.640		11/01/2027		200,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-2 (Aa1/AAA)
	23,565,000	2.570		11/01/2023		23,147,803
	25,580,000	2.640		11/01/2024		24,552,224
	17,885,000	2.740		11/01/2025		16,864,002
	New York City Transitional Finance Authority Future Tax Secured Tax Exempt Subordinate Bonds Fiscal 2019 Series C-4 (Aa1/AAA)(a)
	12,385,000	2.280		11/01/2044		12,385,000
	New York City Transitional Finance Authority Future Tax Secured Tax Exempt Subordinate Bonds Fiscal 2021 Subseries F-1 (AAA/Aa1)
	9,425,000	5.000		11/01/2026		10,019,111
	New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2016 B (Baa2/NR)
	1,370,000	5.000		11/15/2022		1,372,399
	540,000	5.000		11/15/2023		548,412
	New York Convention Center Development Corp. RB Refunding for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR)
	860,000	5.000		11/15/2022		861,815
	25,000	5.000		11/15/2024		25,747
	270,000	5.000		11/15/2025		281,146
	New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR)
	2,250,000	5.000		11/15/2026		2,333,000
	3,755,000	5.000		11/15/2030		3,870,798
	New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR)
	705,000	5.000		11/15/2040		713,323
	New York State Dormitory Authority Personal Income Tax General Purpose RB Series 2022A (NR/NR)
	3,535,000	5.000		03/15/2027		3,782,105
	New York State Dormitory Authority Personal Income Tax RB Series 2022A (NR/AA+)
	3,700,000	5.000		03/15/2027		3,941,208
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa2/AA+)
	37,425,000	5.000		03/15/2023		37,750,987
	New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (NR/NR)
	925,000	5.000		07/01/2024		938,365
	970,000	5.000		07/01/2025		990,363
	1,025,000	5.000		07/01/2026		1,051,031

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)
New York – (continued)
	New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Revenue Series 2015 E (Aa2/AA+)
$	30,000,000	3.250 %		03/15/2035	$	26,373,525
	New York State Dormitory Authority Sales Tax RB Refunding Series 2018 E Group 1 (Aa2/AA+)
	31,875,000	5.000		03/15/2023		32,152,644
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (Aa2/AA+)
	730,000	4.900		03/15/2023		732,058
	New York State Dormitory Authority State Personal Income Tax RB Refunding for General Purpose Series 2012 A (Aa2/AA+)(b)
	5,125,000	5.000		12/15/2022		5,142,079
	New York State Energy Research & Development Authority Pollution Control RB 2004 Series C (A-/A-) (PUTABLE)(a)(b)(c)
	17,000,000	2.625		07/03/2023		16,833,918
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/A-)(a)
	27,750,000	4.450		07/01/2034		27,750,000
	New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (NR/NR)(a)(b)
	3,710,000	1.100		05/01/2027		3,227,420
	New York State Housing Finance Agency Affordable Housing 2022 Series D-2 (NR/Aa2)(a)(b)
	22,000,000	3.100		11/01/2027		20,888,602
	New York State Housing Finance Agency RB Series 2021 D-2 (SONYMA) (Aa2/NR)(a)(b)
	8,500,000	0.650		11/01/2025		7,584,593
	New York State Housing Finance Agency RB Series 2021 E-2 (SONYMA) (Aa2/NR)(a)(b)
	5,000,000	0.650		11/01/2025		4,435,012
	New York State Thruway Authority Personal Income Tax RB Series 2021A-1 (AA+/NR)
	9,285,000	5.000		03/15/2025		9,669,895
	New York State Thruway Authority Personal Income Tax RB Series 2021A-1 (NR/AA+)
	40,000,000	5.000		03/15/2028		43,096,252
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (Aa2/AA+)
	28,250,000	2.860		03/15/2024		27,675,135
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (Aa2/AA+)
	20,015,000	2.980		03/15/2025		19,320,576
	New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2022 (NR/NR)
	9,360,000	5.000		12/01/2026		9,544,616
	12,000,000	5.000		12/01/2027		12,258,053
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR)
	5,300,000	5.000		01/01/2023		5,309,566
	13,975,000	5.000		01/01/2024		14,048,218
	8,000,000	5.000		01/01/2025		8,056,088
Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) – (continued)
	3,425,000	5.000		01/01/2026		3,447,618
	3,000,000	5.000		01/01/2028		2,999,395
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR)
	250,000	5.000		12/01/2022		250,392
	1,850,000	5.000		12/01/2024		1,878,265
	2,315,000	5.000		12/01/2025		2,346,788
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (Baa1/NR)
	1,000,000	5.000		12/01/2024		1,025,032
	830,000	5.000		12/01/2025		853,945
	1,000,000	5.000		12/01/2026		1,028,896
	1,100,000	5.000		12/01/2027		1,136,942
	1,000,000	5.000		12/01/2028		1,038,173
	New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (NR/NR)
	14,275,000	5.250		01/01/2050		13,838,686
	New York Transportational Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (AMT) (NR/NR)
	6,150,000	5.000		07/01/2041		5,865,455
	New Yorl City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2015 Series B Tax Exempt Bonds (AAA/Aa1)
	6,655,000	5.000		08/01/2039		6,800,006
	North Syracuse Central School District Onondaga County Bond Anticipation Notes Series 2022 (ST AID WITHHLDG) (NR/NR)
	35,000,000	3.750		08/04/2023		35,085,992
	Onondaga County IDA Multifamily Housing RB for Baldwinsville Senior Housing Preservation Project Series 2022 (NR/NR)(a)(b)
	7,087,000	4.000		12/01/2023		7,086,785
	Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR)
	1,020,000	5.000		07/01/2025		1,040,617
	1,080,000	5.000		07/01/2026		1,105,927
	1,090,000	5.000		07/01/2027		1,118,047
	Port Authority of New York & New Jersey Consolidated Bonds 177th Series (A+/A+)
	2,715,000	4.000		07/15/2031		2,685,807
	Port Authority of New York & New Jersey Consolidated Bonds Series 186 (A+/A+)
	8,345,000	5.000		10/15/2033		8,454,603
	Port Authority of New York Consolidated Bonds 185th Series (AMT) (Aa3/AA-)
	2,495,000	5.000		09/01/2028		2,534,655
	Port Authority of New York Consolidated Bonds 194th Series (Aa3/AA-)
	2,500,000	5.000		10/15/2029		2,619,804

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, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Port Authorty of New York Consolidated Bonds 227th Series (Aa3/A+)
$	17,380,000	3.000 %		10/01/2028	$	16,011,735
	State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2019B-3 (A-/A3)(a)(b)
	4,080,000	5.000		05/01/2026		4,218,914
	State of New York Dormitory Authority Wagner College RB Series 2022 (NR/NR)
	675,000	5.000		07/01/2026		688,864
	705,000	5.000		07/01/2027		721,625
	740,000	5.000		07/01/2028		759,518
	Suffolk Tobacco Asset Securitization Settlement Asset Backed Bonds Series 2021B-1 (A/NR)
	420,000	0.450		06/01/2031		416,248
	Town of Oyster Bay Public Improvement Refunding Serial Bonds 2020 (BAM) (AA/NR)
	750,000	4.000		11/01/2025		763,929
	800,000	4.000		11/01/2026		817,739
	675,000	4.000		11/01/2027		692,991
	Triborough Bridge & Tunnel Authority General RB Series 2012A (AA-/AA-)
	5,000,000	4.000		11/15/2036		4,744,506
	Triborough Bridge & Tunnel Authority General RB Series 2014A (AA-/AA-)
	10,000,000	5.000		11/15/2039		10,175,712
	Triborough Bridge & Tunnel Authority General Revenue Variable Rate Refunding Bonds Subseries 2005B-4A (AA-/AA-)(b)(d) (SOFR + 0.38%)
	6,430,000	2.417		02/01/2024		6,378,049
	Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021B (AA+/AA+)(a)(b)
	47,000,000	5.000		05/15/2026		49,121,002
	Triborough Bridge and Tunnel Authority Payroll Mobility Tax Senior Lien Refunding Bonds Series 2022B (AA+/NR)
	1,220,000	5.000		05/15/2023		1,233,923
	1,280,000	5.000		05/15/2024		1,313,805
	1,350,000	5.000		05/15/2025		1,407,771
	14,425,000	4.000		05/15/2026		14,768,677
	Triborough Bridge and Tunnel Payroll Mobility Tax Bond Anticipation Notes Series 2022A (NR/NR)
	45,000,000	5.000		08/15/2024		46,508,837
	Triborough Bridge and Tunnel Payroll Mobility Tax Senior Lien Refunding Bonds Series 2022B (NR/AA+)
	20,000,000	5.000		05/15/2027		21,381,888
	Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2013 (NR/NR)
	1,350,000	5.000		01/01/2028		1,350,561
	2,235,000	5.000		01/01/2034		2,235,929
	Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR)(g)
	275,000	5.000		01/01/2027		281,270
						1,337,784,871
Municipal Bonds – (continued)
North Carolina – 0.7%
	Charlotte-Mecklenburg Hospital Authority RB Series 2018E (AA-/NR)(a)(b)
	6,500,000	0.800		10/31/2025		5,945,271
	Charlotte-Mecklenburg Hospital Authority Variable Rate Health Care RB for Atrium Health Series 2021B (Aa3/AA-) (PUTABLE)(a)(b)(c)
	24,390,000	5.000		12/02/2024		25,077,854
	Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)
	425,000	2.000		10/01/2024		409,117
	Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)
	450,000	2.000		10/01/2024		433,183
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (Baa2/BBB) (PUTABLE)(a)(b)(c)
	2,150,000	2.100		10/01/2024		2,077,722
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (NR/BBB) (PUTABLE)(a)(b)(c)
	4,550,000	1.375		06/16/2025		4,233,847
	Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AA/Baa2)
	750,000	5.000		07/01/2027		776,766
	1,000,000	5.000		07/01/2028		1,041,792
	North Carolina Capital Facilities Finance Agency RB Refunding for Campbell University, Inc. Series 2021 A (Baa2/NR)
	760,000	5.000		10/01/2026		785,202
	North Carolina Capital Facilities Finance Agency RB Refunding for High Point University Series 2021 (NR/A-)
	240,000	5.000		05/01/2025		248,268
	275,000	5.000		05/01/2026		287,201
	North Carolina Turnpike Authority RB Series 2020 (NR/BBB)
	16,355,000	5.000		02/01/2024		16,670,357
						57,986,580
North Dakota – 0.4%
	Cass County Joint Water Resource District GO Bonds Series 2021 A (Aa3/NR)
	18,895,000	0.480		05/01/2024		17,640,914
	City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa2/NR)
	125,000	5.000		12/01/2024		127,634
	165,000	5.000		12/01/2025		169,810
	225,000	5.000		12/01/2026		233,064
	1,125,000	5.000		12/01/2027		1,169,117
	City of Horace Temporary Refunding Improvement Bonds Series 2022A (Baa2/NR)
	5,725,000	3.250		08/01/2024		5,637,032
	City of Williston Airport RB Series 2018 (A+/NR)
	1,815,000	5.000		11/01/2022		1,817,427
	1,655,000	5.000		11/01/2023		1,683,798
	2,000,000	4.000		11/01/2024		2,016,485
						30,495,281

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)
Ohio – 2.1%
	Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (WR/NR)
$	125,000	5.000 %		11/15/2025	$	128,636
	175,000	5.000		11/15/2026		181,417
	American Municipal Power Prairie State Energy Campus Project RB Refunding Series 2019B (A/A1)
	6,965,000	5.000		02/15/2025		7,231,444
	Bon Secours Mercy Health Hospital Facilities RB Series 2022B-1 (A1/A+)(a)(b)
	20,000,000	5.000		08/03/2027		21,268,480
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-1 Class 1 (NR/A)
	6,345,000	1.650		06/01/2023		6,236,926
	5,935,000	1.709		06/01/2024		5,653,538
	7,500,000	1.809		06/01/2025		6,903,122
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2018 A (Aaa/AAA)
	5,000,000	5.000		04/01/2023		5,047,986
	Cleveland GO Bonds Series 2020 A (A1/AA+)
	125,000	2.000		12/01/2022		124,679
	County of Cuyahoga Hospital RB Series 2017 (Baa3/BBB-)
	2,200,000	5.000		02/15/2037		2,202,400
	County of Cuyahoga OH RB Series 2017 (BBB-/Baa3)
	3,000,000	5.000		02/15/2024		3,054,251
	County of Montgomery Ohio Hospital Facilities RB Refunding for Miami Valley Hospital Series 2019 A (Baa1/NR)
	1,950,000	5.000		11/15/2024		1,995,500
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa3/BBB-)
	1,750,000	5.000		02/15/2023		1,759,289
	1,500,000	5.000		02/15/2025		1,537,781
	Lancaster Port Authority Gas Supply Revenue Refunding Bonds Series 2019 (NR/NR)(a)(b)
	12,140,000	5.000		02/01/2025		12,387,848
	Ohio Air Quality Development Authority Air Quality Development Refunding Bonds for Duke Energy Corp. Project Series 2022B (NON-AMT) (BBB/NR) (PUTABLE)(a)(b)(c)
	6,500,000	4.000		06/01/2027		6,372,433
	3,750,000	4.250		06/01/2027		3,684,510
	Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (AMT) (BBB+/NR) (PUTABLE)(a)(b)(c)
	15,250,000	4.250		06/01/2027		14,815,887
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Ba1/NR)
	1,075,000	2.875		02/01/2026		1,010,500
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Ba1/NR)
	2,695,000	2.875		02/01/2026		2,533,299
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2005 A (AMT) (NR/BBB+) (PUTABLE)(a)(b)(c)
	3,750,000	2.100		10/01/2024		3,572,410
Municipal Bonds – (continued)
Ohio – (continued)
	Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014D (BBB+/NR) (PUTABLE)(a)(b)(c)
	5,000,000	1.900		10/01/2024		4,748,946
	Ohio Higher Educational Facility Commission RB for University of Dayton RMKT 08/04/06 Series 2003 B (FGIC) (A2/A+)(d) (MUNI-CPI + 1.10%)
	155,000	6.490		12/01/2022		155,108
	(MUNI-CPI + 1.12%)
	165,000	6.510		12/01/2023		165,570
	Ohio Higher Educational Facility Commission RB for University of Dayton Series 2006 A (AMBAC) (A2/A+)(d) (MUNI-CPI + 1.10%)
	710,000	6.490		12/01/2022		710,496
	(MUNI-CPI + 1.12%)
	480,000	6.510		12/01/2023		481,656
	Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR)
	425,000	5.000		05/01/2023		428,965
	985,000	5.000		05/01/2024		1,005,867
	650,000	5.000		05/01/2026		676,626
	Ohio State GO Refunding Bonds for Higher Education Series 2014 B (Aa1/AA+)
	7,485,000	5.000		08/01/2023		7,602,365
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2020 B (A2/A)(a)(b)
	5,335,000	5.000		01/15/2025		5,489,637
	Ohio State RB Refunding for Premier Health Partners Obligated Group Series 2020 (Baa1/NR)
	140,000	5.000		11/15/2024		142,896
	280,000	5.000		11/15/2025		288,145
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (NR/A-/A-2)(a)
	8,250,000	3.250		11/01/2022		8,247,494
	State of Ohio Common Schools GO Bonds Series 2017A (AA+/Aa1)
	6,245,000	5.000		03/15/2037		6,357,514
	State of Ohio Higher Educational Facility Revenue Refunding Bonds Series 2021B (AA-/NR)(b)(d) (SIFMA Municipal Swap Index Yield + 0.23%)
	4,400,000	2.680		12/01/2026		4,310,198
	State of Ohio Hospital RB Series 2018D (A/NR)(a)(b)
	11,775,000	5.000		09/15/2023		11,962,231
	State of Ohio Major New Infrastructure Project RB Series 2019-1 (AA/NR)
	1,000,000	5.000		12/15/2022		1,003,752
	State of Ohio Turnpike Junior Lien Revenue Refunding Bonds 2022 Series A (Aa3/A+)(g)
	2,500,000	5.000		02/15/2024		2,556,021
	3,000,000	5.000		02/15/2025		3,105,187
	2,250,000	5.000		02/15/2026		2,357,463
	2,255,000	5.000		02/15/2027		2,392,134
						171,890,607
Oklahoma – 1.0%
	City of Tulsa GO Bonds Series 2021 (AA/NR)
	9,300,000	1.000		11/01/2026		8,065,938

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, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Oklahoma – (continued)
	Independent School District Combined Purpose GO Bonds Series 2020B (AA/NR)
$	7,300,000	2.000 %		08/01/2024	$	7,057,453
	Independent School District Combined Purpose GO Bonds Series 2021B (AA/NR)
	13,125,000	1.000		09/01/2025		11,864,190
	Independent School District GO Combined Purposed Bonds Series 2020 (AA+/NR)
	7,700,000	2.000		03/01/2023		7,641,720
	Independent School District GO Combined Purposed Bonds Series 2021 (AA+/NR)
	8,840,000	1.250		06/01/2026		7,884,576
	Oklahoma County Independent School District Combined Purpose GO Bonds Series 2020A (AA/NR)
	16,520,000	1.250		07/01/2024		15,716,333
	Oklahoma Development Finance Authority Health System RB Series 2018B (BB+/NR)
	500,000	5.000		08/15/2023		494,121
	500,000	5.000		08/15/2024		487,186
	Oklahoma Development Finance Authority Limited Obligation RB Series 2020 (NR/NR)
	17,390,000	1.625		07/06/2023		16,933,210
						76,144,727
Oregon – 0.5%
	City of Portland Second Lien Sewer System RB 2020 Series A (Aa2/AA)
	5,185,000	5.000		03/01/2025		5,402,796
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB-)
	385,000	5.000		03/01/2023		386,394
	200,000	5.000		03/01/2024		201,885
	200,000	5.000		03/01/2025		202,432
	Multnomah County Hospital Facilities Authority Refunding RB for Adventist Health System Series 2019 (A/NR)(a)(b)
	8,845,000	5.000		03/01/2025		8,841,957
	Oregon Facilities Authority Revenue Refunding Bonds 2020 Series A (BBB+/NR)
	400,000	5.000		10/01/2024		409,231
	125,000	5.000		10/01/2026		129,798
	Port of Portland International Airport RB Series 28 (AMT) (NR/AA-)
	2,000,000	5.000		07/01/2024		2,043,086
	State of Oregon Business Development Commission Recovery Zone Facility Bonds Series 232 (A+/NR) (PUTABLE)(a)(b)(c)
	13,050,000	2.400		08/14/2023		12,917,023
	State of Oregon GO Bonds 2021 Series H (AA+/AA+)
	1,330,000	1.000		08/01/2026		1,178,913
	Washington & Multnomah Counties School District NO 48j Beaverton
	1,000,000	5.000		06/15/2024		1,030,186
	1,555,000	5.000		06/15/2025		1,627,593
	1,285,000	5.000		06/15/2026		1,365,177
						35,736,471
Municipal Bonds – (continued)
Pennsylvania – 3.2%
	Abington School District GO Bonds Series 2017 (ST AID WITHHLDG) (NR/AA)
	1,950,000	5.000		10/01/2022		1,950,000
	Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2022A (NR/AA)(b)(d) (SOFR + 0.29%)
	5,330,000	2.425		08/01/2027		5,111,741
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (NR/A)
	2,250,000	5.000		04/01/2023		2,267,527
	4,000,000	5.000		04/01/2024		4,087,056
	Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A2/A)
	1,510,000	5.000		07/15/2023		1,528,181
	Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (NR/Baa3)
	500,000	5.000		05/01/2025		509,452
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR)
	545,000	5.000		10/01/2022		545,000
	760,000	5.000		10/01/2023		768,643
	City of Philadelphia Airport Revenue Refunding Bonds Series 2017B (AMT) (A-/A2)
	9,290,000	5.000		07/01/2025		9,545,634
	City of Philadelphia Airport Revenue Refunding Bonds Series 2021 (AMT) (A2/NR)
	5,750,000	5.000		07/01/2026		5,932,164
	7,100,000	5.000		07/01/2027		7,353,388
	City of Philadelphia Gas Works Revenue Refunding Bonds 13th Series (A/A3)
	2,000,000	5.000		08/01/2030		2,055,474
	City of Philadelphia GO Refunding Bonds Series 2015A (A/A2)
	1,905,000	5.000		08/01/2025		1,981,625
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A1/A)
	2,270,000	5.000		06/01/2023		2,288,857
	Commonwealth Financing Authorty RB Series 2015 (AGM) (A1/AA)
	3,000,000	5.000		06/01/2025		3,120,292
	Commonwealth of Pennsylvania GO Bonds First Series 2013 (A+/AA-)
	13,100,000	4.000		04/01/2032		13,112,213
	County of Lehigh Purpose Authority RB Refunding for Lehigh Valley Health Network Obligated Group Series 2019 A (A2/A+)
	925,000	5.000		07/01/2023		934,690
	1,735,000	5.000		07/01/2024		1,775,324
	County of Westmoreland GO Bonds Tax Exempt 2013 Series A (NR/NR)
	55,000	5.000		12/01/2024		55,633
	Cumberland County Municipal Authority RB Refunding for Messiah College Series 2020 SS3 (NR/A-)
	2,195,000	2.345		11/01/2026		1,976,185

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)
	Delaware County Authority RB Refunding for Neumann University Series 2020 (NR/BBB)
$	195,000	4.000 %		10/01/2022	$	195,000
	235,000	5.000		10/01/2023		235,937
	Delaware Valley Regional Finance Authority Local Government RB 2022 Series B (A1/A+)(b)(d) (SIFMA Municipal Swap Index Yield + 0.40%)
	17,860,000	2.850		03/01/2026		17,535,946
	Delaware Valley Regional Finance Authority Local Government RB 2022 Series C (NR/A+)(b)(d) (SOFR + 0.49%)
	13,580,000	2.534		03/01/2027		12,806,141
	Erie City Water Authority Water RB Series 2016 (A2/NR)(b)
	2,375,000	5.000		12/01/2026		2,530,266
	Geisinger Authority Health System RB Refunding for Geisinger Health System Series 2020 B (A1/AA-)(a)(b)
	17,900,000	5.000		02/15/2027		18,783,263
	General Authority of Southcentral Pennsylvania RB Series 2019B (NR/AA-)(b)(d) (SIFMA Municipal Swap Index Yield + 0.60%)
	15,000,000	3.050		06/01/2024		14,939,092
	Hospitals & Higher Education Facilities Authority of Philadelphia Hospital RB Series 2017 (BBB/BBB)
	1,750,000	5.000		07/01/2023		1,762,189
	Lancaster School District GO Bonds Series 2016 (NR/AA)
	1,285,000	5.000		06/01/2030		1,335,861
	Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (NR/A-)
	735,000	4.000		11/01/2024		735,454
	525,000	4.000		11/01/2025		524,310
	570,000	4.000		11/01/2026		568,455
	Lehigh County IDA Pollution Control Revenue Refunding Bonds for PPL Electric Utilities Corp. Project Series 2016B (NON-AMT) (NR/A+)
	19,615,000	2.625		02/15/2027		18,325,947
	Monroeville Finance Authority UPMC RB Series 2022B (A/A2)
	400,000	5.000		02/15/2024		408,144
	Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A2/A)
	550,000	5.000		09/01/2023		556,925
	650,000	5.000		09/01/2024		665,008
	Municipal Authority of Westmoreland County Municipal Servce RB Series 2013 (A+/NR)(b)
	1,990,000	5.000		08/15/2023		2,021,816
	Pennsylvania Economic Development Financing Authority Pollution Control Revenue Refunding Bonds Series 2008 (NON-AMT) (A/NR)
	25,180,000	0.400		10/01/2023		24,105,748
	Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR)
	1,600,000	4.000		07/01/2030		1,516,936
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2009 (A-/A-2/NR) (PUTABLE)(a)(b)(c)
	14,680,000	0.950		12/01/2026		12,617,249
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2019A (A-/A-2/NR)(a)(b)
	6,500,000	1.750		08/01/2024		6,246,029
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal Refunding RB Series 2021B (A-/A-2/NR)(a)(b)
	7,440,000	1.100		11/02/2026		6,555,537
	Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB Series 2015 (BBB/NR)
	1,800,000	5.000		12/31/2024		1,821,147
	Pennsylvania Economic Development Financing Authority UPMC RB Series 2013A (A/A)
	2,040,000	5.000		07/01/2038		2,036,188
	Pennsylvania Economic Financing Development Authority Sewage Sludge Disposal Revenue Refunding Bonds Series 2020 (NR/BBB+)
	370,000	3.000		01/01/2023		369,582
	430,000	3.000		01/01/2024		426,614
	505,000	3.000		01/01/2025		492,562
	615,000	4.000		01/01/2026		610,947
	Pennsylvania Higher Educational Facilities Authority Drexel University RB Series 2020A (AGM) (AA/NR)
	300,000	5.000		05/01/2024		307,189
	350,000	5.000		05/01/2025		362,320
	Pennsylvania Turnpike Commission Oil Franchise Tax Senior Revenue Refunding Bonds Series 2016A (NR/AA)
	1,000,000	5.000		12/01/2022		1,003,013
	Pennsylvania Turnpike Commission RB Series 2018 B (A1/NR)(d) (SIFMA Municipal Swap Index Yield + 0.70%)
	11,750,000	3.150		12/01/2023		11,756,764
	Pennsylvania Turnpike Commission Revenue Refunding Bonds Motor License Fund Enhanced Turnpike Subordinate Special Revenue Refunding Bonds 1st Series 2016 (NR/A1)
	1,875,000	5.000		12/01/2026		1,990,835
	Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Refunding Bonds Series 2020 (NR/A-)
	895,000	2.013		12/01/2024		841,346
	Philadelphia Authority for Industrial Development University Refunding RB Series 2020C (A-/NR)
	250,000	4.000		11/01/2022		250,163
	535,000	4.000		11/01/2024		537,449
	Philadelphia School District GO Bonds Series 2015A (ST AID WITHHLDG) (NR/A+)
	2,415,000	5.000		09/01/2027		2,520,247
	Philadelphia School District GO Bonds Series 2019A (ST AID WITHHLDG) (NR/A+)
	845,000	5.000		09/01/2023		856,927
	Pittsburgh Water & Sewer Authority System First Lien RB Series 2019A (A/NR)
	270,000	5.000		09/01/2023		274,126
	Pittsburgh Water & Sewer Authority System First Lien RB Series 2019A (AGM) (AA/NR)
	275,000	5.000		09/01/2024		283,501
	Pittsburgh Water & Sewer Authority System First Lien Revenue Refunding Bonds Series 2017C (AGM) (AA/NR)(b)(d) (SIFMA Municipal Swap Index Yield + 0.65%)
	11,605,000	3.100		12/01/2023		11,608,051

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, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Sports And Exhibition Authority of Pittsburgh & Allegheny County Parking System RB Series 2017 (A/NR)
$	280,000	5.000 %		12/15/2022	$	280,911
	Susquehanna Area Regional Airport Authority Airport System RB (NR/Baa3)
	3,050,000	5.000		01/01/2027		3,051,415
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (NR/BB-)
	1,400,000	5.000		02/01/2023		1,385,698
	450,000	5.000		02/01/2024		437,339
	Westmoreland County IDA Health System Tax Exempt RB Series 2020A (NR/NR)
	350,000	4.000		07/01/2023		349,797
	450,000	4.000		07/01/2024		449,019
	575,000	4.000		07/01/2025		572,034
	625,000	4.000		07/01/2026		617,811
	York Suburban School District GO Bonds Series 2019A (BAM ST AID WITHHLDG) (AA/NR)
	2,070,000	4.000		02/15/2024		2,090,602
						259,453,929
Puerto Rico – 1.5%
	Puerto Rico Commonwealth GO Bonds (NR/NR)*(a)(h)(i)
	3,154,733	0.000		11/01/2043		1,577,366
	Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR)
	253,518	5.250		07/01/2023		254,653
	151,061	0.000(f)		07/01/2024		138,845
	505,630	5.375		07/01/2025		510,519
	501,051	5.625		07/01/2027		511,456
	492,922	5.625		07/01/2029		504,157
	478,771	5.750		07/01/2031		488,108
	584,255	0.000(f)		07/01/2033		322,038
	454,000	4.000		07/01/2033		399,248
	408,086	4.000		07/01/2035		348,846
	350,245	4.000		07/01/2037		287,404
	476,200	4.000		07/01/2041		371,655
	495,242	4.000		07/01/2046		370,689
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A2/AA)(d) (3M USD LIBOR + 0.52%)
	55,400,000	2.046		07/01/2029		51,766,558
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (A2/AA)
	25,000	5.250		07/01/2032		24,691
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(f)
	16,644,000	0.000		07/01/2024		15,377,721
	34,314,000	0.000		07/01/2027		27,352,036
	15,126,000	0.000		07/01/2029		10,875,795
	484,000	0.000		07/01/2031		307,765
	732,000	0.000		07/01/2033		411,386
	4,705,000	0.000		07/01/2046		1,060,711
	3,833,000	0.000		07/01/2051		623,975
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	1,862,000	4.329		07/01/2040		1,608,347
	56,000	4.536		07/01/2053		46,108
	747,000	4.784		07/01/2058		628,293
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	362,000	4.500		07/01/2034		338,402
	183,000	4.550		07/01/2040		162,609
	1,345,000	4.750		07/01/2053		1,148,713
	3,400,000	5.000		07/01/2058		3,001,528
						120,819,622
Rhode Island – 0.0%
	City of Providence GO Refunding Bonds 2021 Series A (BBB+/NR)
	425,000	5.000		01/15/2023		426,737
	400,000	5.000		01/15/2024		406,659
	440,000	5.000		01/15/2025		453,630
	450,000	5.000		01/15/2026		468,476
						1,755,502
South Carolina – 0.6%
	Charleston County School District GO Bonds Series 2018 (SCSDE) (Aa1/NR)
	4,015,000	5.000		03/01/2023		4,047,515
	Patriots Energy Group Financing Agency Gas Supply RB Series 2018A (NR/NR)(a)(b)
	1,500,000	4.000		02/01/2024		1,503,209
	Piedmont Municipal Power Agency Electric RB Series 2015A (A-/A3)
	3,000,000	5.000		01/01/2026		3,083,778
	South Carolina Public Service Authority RB Series 2016 D (A2/A)
	6,756,000	2.388		12/01/2023		6,609,804
	South Carolina Public Service Authority Revenue Obligations Tax Exempt Refunding Series 2021A (A/A-)
	625,000	5.000		12/01/2026		652,751
	South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A2/A)
	1,050,000	3.056		12/01/2023		1,035,113
	South Carolina State Ports Authority RB Series 2015 (AMT) (A1/A+)(b)
	20,000,000	5.250		07/01/2025		21,003,000
	South Carolina Transportation Insfrastructure Bank Revenue Refunding Bonds Series 2021B (Aa3/NR)
	5,000,000	5.000		10/01/2025		5,236,825
	Spartanburg Regional Health Services District Hospital RB Series 2020A (AGM) (AA/NR)
	835,000	5.000		04/15/2024		854,362
	925,000	5.000		04/15/2025		958,415
	1,010,000	5.000		04/15/2026		1,055,010
	700,000	5.000		04/15/2027		738,870

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 Carolina – (continued)
	Spartanburg Regional Health Services District Hospital Revenue Refunding Bonds Series 2022 (A3/A)
$	1,200,000	5.000 %	04/15/2023	$	1,210,212
					47,988,864
South Dakota – 0.1%
	South Dakota Health & Educational Facitlites Authority RB Series 2019A (AA-/NR)(a)(b)
	7,725,000	5.000	07/01/2024		7,894,256
Tennessee – 0.7%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (Baa1/A-)
	1,000,000	5.000	08/01/2025		1,023,437
	City of Memphis GO Bonds Series 2018 (Aa2/AA)
	8,405,000	5.000	06/01/2028		8,901,639
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2013 A (Aa2/AA)
	9,625,000	5.000	01/01/2023		9,670,408
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2015 C (Aa2/AA)
	5,500,000	5.000	07/01/2023		5,575,826
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2018 (Aa2/AA)
	17,965,000	5.000	07/01/2023		18,212,674
	Montgomery County GO Bonds Series 2022A (AA/Aa2)
	4,850,000	5.000	04/01/2027		5,202,481
	Town of Greeneville Health and Educational Facilities Board Hospital RB for Ballad Health Series 2018A (A3/A-)
	1,555,000	5.000	07/01/2025		1,565,150
	Williamson County GO Public Improvement and School Bonds Series 2018 (NR/Aaa)
	3,475,000	5.000	04/01/2025		3,630,887
					53,782,502
Texas – 8.3%
	Alief Independent School District UT School Rebuilding and Refunding Bonds Series 2019 (PSF-GTD) (Aa2/NR)
	2,595,000	5.000	02/15/2025		2,691,874
	1,300,000	5.000	02/15/2026		1,367,221
	Alvin Independent School District GO Bonds RMKT 08/17/20 Series 2014 B (PSF-GTD) (Aaa/NR)(a)(b)
	4,250,000	0.450	08/15/2023		4,152,582
	Arlington Higher Education Finance Corp. RB for Riverwalk Education Foundation, Inc. Series 2019 (PSF-GTD) (NR/AAA)
	325,000	5.000	08/15/2023		329,904
	325,000	5.000	08/15/2024		334,706
	475,000	5.000	08/15/2025		495,801
	Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (NR/B)
	750,000	5.000	01/01/2023		748,951
	Baytown Municipal Development District RB for Baytown Convention Center Hotel Series 2021 C (NR/AA-)
	1,515,000	5.000	10/01/2039		1,584,765
Municipal Bonds – (continued)
Texas – (continued)
	Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (Aa1/NR)
	175,000	3.750	02/01/2035		163,003
	Brazosport Independent School District UT School Building Bonds Series 2019 (PSF-GTD) (Aa2/NR)
	1,775,000	5.000	02/15/2026		1,872,569
	Burleson Independent School District UT Refunding Bonds Series 2022 (NR/Aa3)
	1,880,000	5.000	02/01/2024		1,922,632
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 B (A3/A-)
	250,000	5.000	01/01/2025		255,777
	240,000	5.000	01/01/2026		247,746
	Central Texas Regional Mobility Authority RB Series 2021 C (Baa1/BBB+)
	19,005,000	5.000	01/01/2027		19,550,377
	City of Austin RB for Airport System Series 2019 B (AMT) (A1/A)
	1,000,000	5.000	11/15/2023		1,014,703
	City of Celina Special Assessment Bonds for The Lake at Mustang Ranch Public Improvement District Phase#1 Project Series 2020 (BAM) (NR/AA)
	280,000	4.000	09/01/2023		280,226
	305,000	4.000	09/01/2025		307,981
	320,000	4.000	09/01/2026		323,142
	335,000	4.000	09/01/2027		337,596
	350,000	4.000	09/01/2028		350,897
	City of Dallas Housing Finance Corp. Multifamily Housing RB for Highpoint at Wynnewood Series 2022 (NR/NR)(a)(b)
	2,900,000	3.500	02/01/2026		2,811,871
	City of Dallas Waterworks and Sewer System Revenue Refunding Bonds Series 2015A (AAA/Aa2)
	1,750,000	5.000	10/01/2026		1,837,473
	City of Denton Independent School District Variable Rate UT Bonds Series 2014-B (NR/AAA)(a)(b)
	4,320,000	2.000	08/01/2024		4,186,964
	City of Denton Independent School District Variable Rate UT Building Bonds Series 2014-B (CASH) (NR/NR) (PUTABLE)(a)(b)(c)
	680,000	2.000	08/01/2024		666,335
	City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (NR/AA)
	135,000	4.000	08/15/2023		135,074
	140,000	4.000	08/15/2024		140,158
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)(f)
	70,000	0.000	09/01/2023		67,126
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (NR/BBB-)
	405,000	4.000	09/01/2023		406,442
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+)
	75,000	5.000	08/15/2023		75,595

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA)
$	310,000		3.000	%		09/15/2024	$	306,344
	320,000		3.000			09/15/2025		313,518
	City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA)
	285,000		4.000			09/15/2025		287,892
	295,000		4.000			09/15/2026		297,366
	305,000		4.000			09/15/2027		308,059
	320,000		4.000			09/15/2028		322,970
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)(e)
	109,000		2.500			09/01/2026		97,484
	City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (A+/AA-)(a)(b)
	27,875,000		1.750			12/01/2024		26,757,472
	City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (A+/AA-)(a)(b)
	36,630,000		1.750			12/01/2024		35,124,778
	City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2018 (A+/AA-)(a)(b)
	5,200,000		2.750			12/01/2022		5,197,094
	City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2020 (A+/AA-)(a)(b)
	10,750,000		1.750			12/01/2025		10,119,180
	City of San Antonio Electric and Gas Systems Fixed and Variable Rate Junior Lien Revenue Refunding Bonds Series 2022 (Aa3/A+)(a)(b)
	12,000,000		2.000			12/01/2027		10,908,631
	City of San Antonio Water System Variable Rate Junior Lien RB Series 2013F (AA/NR)(a)(b)
	20,000,000		1.000			11/01/2026		17,693,270
	City of San Antonio Water System Variable Rate Junior Lien RB Series 2014B (AA/AA)(a)(b)
	5,750,000		2.000			11/01/2022		5,745,213
	City of San Antonio Water System Variable Rate Junior Lien RB Series 2019A (AA/AA)(a)(b)
	15,000,000		2.625			05/01/2024		14,870,066
	Clear Creek Independent School District GO Bonds RMKT 08/14/20 Series 2013 B (PSF-GTD) (NR/AAA)(a)(b)
	15,000,000		0.500			08/15/2023		14,523,996
	Cypress Fairbanks Independent School District UT School Building and Refunding Bonds Series 2016 (PSF-GTD) (Aa1/AAA)
	3,570,000		5.000			02/15/2029		3,754,600
	Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Refunding Bonds Series 2016A (Aa2/AA+)(b)
	8,325,000		5.000			12/01/2025		8,751,839
	Eanes Independent School District UT School Building Bonds Series 2019A (PSF-GTD) (NR/AAA)
	2,470,000		5.000			08/01/2026		2,630,766
	Ector County Hospital District GO Refunding Bonds Series 2020 (Baa2/BBB-)
	425,000		5.000			09/15/2023		428,629
	450,000		5.000			09/15/2024		456,362
Municipal Bonds – (continued)
Texas – (continued)
	Ector County Hospital District GO Refunding Bonds Series 2020 (Baa2/BBB-) – (continued)
	450,000		5.000			09/15/2025		458,587
	620,000		5.000			09/15/2026		635,128
	Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/AAA)(a)(b)
	6,105,000		0.875			08/01/2025		5,471,144
	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		3,563,569
	Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (NR/AA)
	300,000		4.000			09/01/2024		303,865
	Hale Center Education Facilities Corp. Revenue Improvement and Revenue Refunding Bonds Series 2022 (NR/BBB+)
	500,000		5.000			03/01/2023		502,217
	450,000		5.000			03/01/2024		456,105
	475,000		5.000			03/01/2025		482,585
	675,000		5.000			03/01/2026		687,217
	990,000		5.000			03/01/2027		1,008,492
	Harris County Cultural Education Facilities Finance Corp. Hospital RB for Memorial Hermann Health System Series 2019A (A1/A+)
	4,700,000		5.000			12/01/2024		4,846,214
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A1/A+)(a)(b)
	8,000,000		5.000			12/01/2024		8,220,330
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2020 (NR/A)
	700,000		1.447			11/15/2022		698,193
	500,000		1.841			11/15/2024		471,474
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 A (A1/A+)
	2,000,000		5.000			12/01/2022		2,005,481
	2,500,000		5.000			12/01/2023		2,546,119
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2020 C-3 (A1/A+)(a)(b)
	8,700,000		5.000			12/01/2026		9,076,095
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A1/A+)(d) (SIFMA Municipal Swap Index Yield + 1.05%)
	5,685,000		3.500			06/01/2024		5,719,763
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children’s Hospital Obligated Group Series 2019 B (Aa2/AA)(a)(b)
	28,835,000		5.000			10/01/2024		29,606,362
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (A1/AA-)(a)(b)
	8,940,000		0.900			05/15/2025		8,103,781

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)
	Harris County Toll Road First Lien Revenue Refunding Bonds Series 2022A (NR/Aa2)
$	3,000,000	5.000 %		08/15/2025	$	3,149,789
	4,500,000	5.000		08/15/2026		4,790,544
	3,000,000	5.000		08/15/2027		3,232,492
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (Aa1/AA-)(d) (3M USD LIBOR + 0.67%)
	45,255,000	2.616		08/15/2035		40,870,451
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-)
	95,000	3.000		09/01/2023		94,472
	Houston Independent School District Variable Rate LT Schoolhouse Bonds Series 2014A-2 (PSF-GTD) (Aaa/AAA)(a)(b)
	10,000,000	3.500		06/01/2025		9,945,036
	Hunt Memorial Hospital District Charitable Health GO Refunding Bonds Series 2020 (A2/BBB+)
	325,000	5.000		02/15/2023		326,642
	275,000	5.000		02/15/2024		278,983
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (PSF-GTD) (NR/NR)(b)(f)
	18,135,000	0.000		08/15/2024		6,213,254
	12,500,000	0.000		08/15/2024		3,779,894
	Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (AMT) (NR/A-)
	3,620,000	5.000		11/01/2027		3,756,766
	Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2022A (NR/NR)(g)
	500,000	5.000		05/15/2024		512,702
	250,000	5.000		05/15/2025		259,838
	1,000,000	5.000		05/15/2026		1,052,147
	680,000	5.000		05/15/2027		723,904
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (Baa2/A-) (PUTABLE)(a)(b)(c)
	3,375,000	0.900		09/01/2023		3,283,277
	Metropolitan Transit Authority of Harris County Sales and Use Tax Contractual Obligations RB Series 2018 (Aa2/AAA)
	3,020,000	5.000		11/01/2022		3,024,523
	1,110,000	5.000		11/01/2023		1,132,148
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A2/A)
	1,215,000	5.000		01/01/2024		1,219,794
	North Texas Tollway Authority System Revenue Refunding Bonds Second Tier Bonds Series 2022B (A2/A+)(g)
	10,000,000	5.000		01/01/2025		10,330,413
	4,000,000	5.000		01/01/2026		4,182,624
	Northside Independent School District UT Refunding Bonds Series 2016 (NR/Aa1)
	2,390,000	5.000		06/15/2027		2,522,033
	Northside Independent School District Variable Rate UT School Building Bonds Series 2020 (PSF-GTD) (NR/AAA)(a)(b)
	32,150,000	0.700		06/01/2025		28,656,272
Municipal Bonds – (continued)
Texas – (continued)
	Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (AAA/NR)(a)(b)
	3,845,000	1.500		08/15/2024		3,718,678
	Pflugerville Independent School District Variable Rate UT School Building Bonds Series 2019B (PSF-GTD) (AAA/NR)(a)(b)
	7,500,000	2.500		08/15/2023		7,446,622
	San Antonio Housing Trust Public Facility Corp. Multifamily Housing RB for Country Club Village Series 2022 (NR/NR) (PUTABLE)(a)(b)(c)
	3,625,000	4.000		08/01/2025		3,628,621
	San Antonio Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (Aaa/NR)
	1,250,000	5.000		08/15/2024		1,290,994
	525,000	5.000		08/15/2025		550,772
	Southwest Houston Redevelopment Authority Tax Increment Contract RB Series 2020 (AGM) (AA/NR)
	300,000	5.000		09/01/2025		309,796
	State of Texas Toll Parkway Authority First Tier RB Series 2002-A (AMBAC) (A/A)(f)
	6,950,000	0.000		08/15/2023		6,732,176
	Tarrant County College District GO Bonds Series 2022 (NR/AAA)
	1,750,000	5.000		08/15/2024		1,807,070
	3,500,000	5.000		08/15/2025		3,666,923
	3,060,000	5.000		08/15/2026		3,251,847
	Tarrant County Cultural Education Facilities Finance Corp Hospital RB Taxable Series 2021 (AGM) (AA/NR)
	700,000	1.356		09/01/2024		656,809
	600,000	1.386		09/01/2025		543,344
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A2/A-)(d) (3M USD LIBOR + 0.70%)
	8,385,000	2.906		12/15/2026		8,184,983
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A2/A-)(d) (SIFMA Municipal Swap Index Yield + 0.55%)
	7,535,000	3.000		09/15/2027		7,287,175
	Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A2/A-)(d) (3M USD LIBOR + 0.69%)
	109,575,000	2.863		09/15/2027		105,588,059
	Texas Municipal Gas Acquisition and Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (NR/BBB+)
	5,715,000	5.000		12/15/2028		5,877,788
	Texas Municipal Gas Acqusition & Supply Corp Gas Supply Revenue Refunding Bonds Series 2021 (BBB+/NR)
	2,450,000	5.000		12/15/2024		2,481,867
	2,835,000	5.000		12/15/2025		2,885,277
	Texas Public Finance Authority RB Refunding for Southern University Series 2021 (NR/NR)
	350,000	5.000		05/01/2024		357,038
	490,000	5.000		05/01/2025		498,904
	520,000	5.000		05/01/2026		532,380
	640,000	5.000		05/01/2027		657,895
	Texas Transportation Commission State Highway Fund First Tier RB Series 2016-B (AAA/NR)
	46,000,000	0.560		04/01/2026		39,931,482

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, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Texas Transportation Commission State of Texas GO Mobility Fund Refunding Bonds Series 2015-A (Aaa/AAA)
$	10,000,000	5.000 %		10/01/2029	$	10,479,465
	Texas Water Development Board State Revolving Fund RB Series 2022 (AAA/NR)
	750,000	5.000		08/01/2024		773,841
	700,000	5.000		08/01/2025		732,961
	875,000	5.000		08/01/2026		929,033
	925,000	5.000		08/01/2027		994,035
	Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2022 (NR/NR)(g)
	500,000	5.000		04/15/2024		513,266
	1,090,000	5.000		10/15/2024		1,127,890
	1,300,000	5.000		04/15/2025		1,354,779
	1,625,000	5.000		10/15/2025		1,706,552
	1,265,000	5.000		04/15/2026		1,336,798
	1,850,000	5.000		10/15/2026		1,969,129
	1,200,000	5.000		04/15/2027		1,284,316
	1,450,000	5.000		10/15/2027		1,561,822
	Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B (PSF-GTD) (AAA/NR)(a)(b)
	4,700,000	0.260		08/15/2024		4,417,663
	Tomball Independent School District Variable Rate UT School Building Bonds Series 2014B-1 (PSF-GTD) (AAA/NR)(a)(b)
	2,675,000	0.450		08/15/2023		2,613,684
	Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) (NR/NR)(e)
	237,000	2.375		09/01/2026		208,163
	Travis County Development Authority Contract Assessment RB for Turner’s Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR)(e)(g)
	386,000	4.375		09/01/2027		378,340
	Trinity River Authority Regional Wastewater System RB Series 2022 (NR/AAA)
	525,000	5.000		08/01/2024		541,877
	450,000	5.000		08/01/2025		471,189
	315,000	5.000		08/01/2026		334,452
	University of Houston Board of Regents System Consolidated Revenue Refunding Bonds Series 2022A (AA/Aa2)
	500,000	5.000		02/15/2024		511,389
	375,000	5.000		02/15/2025		389,345
	650,000	5.000		02/15/2026		684,034
	600,000	5.000		02/15/2027		639,702
	2,000,000	5.000		02/15/2028		2,153,711
	Westside 211 Special Improvement Project District LT & Subordinate Lien Sales & Use Tax Road Bonds Series 2021 (NR/NR)
	260,000	2.000		08/15/2024		246,838
	270,000	2.000		08/15/2026		241,879
						672,238,392
Utah – 0.5%
	State of Utah GO Refunding Bonds Series 2015 (AAA/Aaa)(b)
	21,970,000	3.500		01/01/2025		22,082,155
	University of Utah Board of Regents General Revenue Series 2015B (AA+/NR)
	5,370,000	5.000		08/01/2023		5,451,119
Municipal Bonds – (continued)
Utah – (continued)
	University of Utah Board of Regents General Revenue Series 2016B-1 (AA+/NR)
	2,415,000	5.000		08/01/2023		2,451,481
	Utah Board of Higher Education General RB Series 2022B (AA+/Aa1)
	2,210,000	5.000		08/01/2026		2,348,108
	1,430,000	5.000		08/01/2027		1,536,724
	Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2015A (AA-/Aa3)(b)
	5,000,000	5.000		06/15/2025		5,234,835
						39,104,422
Virgin Islands – 0.0%
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (NR/NR)
	170,000	4.000		10/01/2022		170,000
	Virgin Islands Public Finance Authority Revenue Refunding Bonds Series 2012A (AGM-CR) (AA/NR)
	100,000	4.000		10/01/2022		100,000
						270,000
Virginia – 2.3%
	Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (Baa2/BBB)
	46,325,000	5.000		11/01/2023		46,817,870
	City of Chesapeake IDA Pollution Control Refunding RB Series 2008A (Non-Amt) (BBB+/A) (PUTABLE)(a)(b)(c)
	2,250,000	1.900		06/01/2023		2,223,807
	City of Salem Economic Development Authority Educational Facilities RB Series 2020 (BBB+/NR)
	250,000	5.000		04/01/2023		251,328
	270,000	5.000		04/01/2024		273,872
	270,000	5.000		04/01/2025		275,210
	Commonwealth of Virginia Transportation Board Revenue Refunding Bonds (AA+/AA+)
	2,345,000	5.000		05/15/2023		2,372,047
	Halifax County IDA Recovery Zone Facility RB Series 2010A (NON-AMT) (A2/BBB+) (PUTABLE)(a)(b)(c)
	5,000,000	1.650		05/31/2024		4,827,537
	Henry County Industrial Development Authority Grant Anticipation RB Series 2019 B (A1/NR)
	8,365,000	2.000		11/01/2023		8,201,795
	Loudown County GO Public Improvement Bonds Series 2021A (AAA/Aaa)
	7,555,000	5.000		12/01/2025		7,958,614
	Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) (PUTABLE)(a)(b)(c)
	2,500,000	0.750		09/02/2025		2,285,749
	Peninsula Ports Authority of Virginia Coal Terminal Revenue Refunding Bonds Series 2003 (BBB/NR) (PUTABLE)(a)(b)(c)
	2,400,000	1.700		10/01/2022		2,400,000
	Town of Louisa IDA Pollution Control Refunding RB Series 2008A (BBB+/A) (PUTABLE)(a)(b)(c)
	1,325,000	1.900		06/01/2023		1,309,575

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)
Virginia – (continued)
	University of Virginia Rector & Visitors General Revenue Pledge Refunding Bonds Series 2015A (AAA/AAA)
$	20,705,000	5.000 %		04/01/2045	$	21,203,798
	Virginia College Building Authority Educational Facilities RB for 21st Century College and Equipment Programs Series 2022A (AA+/Aa1)
	13,500,000	5.000		02/01/2025		14,042,227
	16,620,000	5.000		02/01/2026		17,534,627
	Virginia College Building Authority Educational Facilities RB Series 2014A (AA+/AA+)(b)
	7,880,000	4.000		02/01/2024		7,964,515
	Virginia College Building Authority Educational Facilities RB Series 2021 (BBB-/NR)
	175,000	5.000		06/01/2023		176,419
	250,000	5.000		06/01/2024		253,899
	270,000	5.000		06/01/2025		274,280
	340,000	5.000		06/01/2026		345,841
	300,000	5.000		06/01/2027		305,511
	Virginia Housing Development Authority RB for Rental Housing Series 2019 E (Aa1/AA+)
	2,535,000	1.400		12/01/2023		2,475,361
	Virginia Housing Development Authority Rental Housing Bonds 2018 Series E-NON-AMT (AA+/NR)
	5,660,000	2.500		12/01/2022		5,653,642
	11,625,000	0.670		03/01/2025		10,878,246
	Virginia Port Authority Commonwealth Port Fund RB Series 2015 (AMT) (Aa1/AA+)(b)
	2,150,000	5.000		07/01/2025		2,243,853
	Virginia Port Authority Commonwealth Port Fund Revenue Refunding Bonds Series 2015A (AMT) (A/NR)(b)
	2,000,000	5.000		07/01/2025		2,081,972
	Virginia Small Business Financing Authority RB Refunding National Senior Campuses, Inc. Obligated Group Series 2020 A (NR/NR)
	700,000	5.000		01/01/2025		714,668
	1,250,000	5.000		01/01/2026		1,286,122
	Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (BBB+/NR) (PUTABLE)(a)(b)(c)
	12,500,000	0.750		09/02/2025		11,428,748
	Wise County IDA Solid Waste & Sewage Disposal RB Series 2010A (NON-AMT) (BBB+/NR) (PUTABLE)(a)(b)(c)
	6,895,000	1.200		05/31/2024		6,607,801
	York County Economic Development Authority Pollution Control Refunding RB Series 2009A (NON-AMT) (BBB+/A) (PUTABLE)(a)(b)(c)
	4,250,000	1.900		06/01/2023		4,200,524
						188,869,458
Washington – 3.5%
	City of Seattle Light and Power Improvement and Refunding RB Series 2022 (AA/Aa2)
	18,495,000	5.000		07/01/2024		19,051,204
	19,635,000	5.000		07/01/2025		20,513,101
	City of Seattle LT GO Improvement and Refunding Bonds Series 2021A (Aaa/AAA)
	5,035,000	5.000		12/01/2025		5,314,846
Municipal Bonds – (continued)
Washington – (continued)
	City of Seattle Municipal Light & Power Refunding RB 2021 Series B (AA/NR)(b)(d) (SIFMA Municipal Swap Index Yield + 0.25%)
	10,000,000	2.700		11/01/2026		9,733,220
	King County Housing Authority RB Refunding Series 2020 (NR/AA)
	225,000	3.000		06/01/2024		222,032
	280,000	3.000		06/01/2025		273,046
	King County Junior Lien Sewer RB Refunding Series 2020 A (Aa2/AA)(a)(b)
	15,845,000	0.625		01/01/2024		15,047,204
	King County Junior Lien Sewer Revenue Refunding Bonds 2021 Series A (AA/NR)(b)(d) (SIFMA Municipal Swap Index Yield + 0.23%)
	11,250,000	2.680		01/01/2027		11,049,924
	King County Sewer RB Series 2014 A (AGM) (Aa1/AA+)
	20,000,000	5.000		01/01/2047		20,481,844
	Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2022B (AMT) (A1/AA-)
	5,970,000	5.000		08/01/2024		6,114,933
	5,855,000	5.000		08/01/2025		6,060,180
	1,500,000	5.000		08/01/2026		1,566,259
	2,000,000	5.000		08/01/2028		2,105,709
	Puyallup School District UT GO Refunding Bonds Series 2022B (SCH BD GTY) (Aa2/NR)
	2,500,000	5.000		06/01/2025		2,615,153
	1,270,000	5.000		12/01/2025		1,338,630
	State of Washington Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2015B (AA+/Aaa)
	4,460,000	5.000		07/01/2025		4,600,252
	State of Washington Various Purpose GO Refunding Bonds Series R-2013C (Aaa/AA+)
	19,000,000	4.000		07/01/2026		19,117,201
	State of Washington Various Purpose GO Refunding Bonds Series R-2015E (AA+/Aaa)
	8,000,000	5.000		07/01/2030		8,284,065
	State of Washington Various Purpose GO Refunding Bonds Series R-2022C (AA+/Aaa)
	49,910,000	5.000		07/01/2024		51,462,356
	16,000,000	4.000		07/01/2026		16,437,886
	State of Washington Various Purpose GO Refunding Bonds Series R-2022D (AA+/Aaa)
	25,000,000	4.000		07/01/2028		25,890,748
	University of Washington General Revenue Refunding Bonds Series 2022C (Aaa/AA+)(a)(b)
	20,000,000	4.000		08/01/2027		20,449,296
	Washington Health Care Facilities Authority RB Series 2019B-3 (A-/Baa1)(a)(b)
	5,025,000	5.000		08/01/2026		5,149,918
	Washington Healthcare Facilities Authority RB Series 2019B-1 (A-/BBB+)(a)(b)
	12,295,000	5.000		08/01/2024		12,453,942
						285,332,949

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, 2022 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
West Virginia – 0.2%
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (A-/A-) (PUTABLE)(a)(b)(c)
$	4,645,000	0.625 %		12/15/2025	$	4,049,163
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2011A (A-/A-) (PUTABLE)(a)(b)(c)
	5,650,000	1.000		09/01/2025		5,043,510
	West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds for Wheeling Power Company Project Series 2013A (NR/A-) (PUTABLE)(a)(b)(c)
	10,350,000	3.000		06/18/2027		9,486,621
	West Virginia Hospital Finance Authority Hospital Refunding & Improvement RB 2018 Series A (BBB+/NR)
	550,000	5.000		01/01/2023		551,589
						19,130,883
Wisconsin – 1.5%
	County of Dane GO Bonds Series 2020 A (NR/AAA)
	3,290,000	2.000		04/01/2026		3,065,989
	Public Finance Authority Healthcare Facilities Revenue & Refunding RB Series 2020A (A/NR)
	300,000	5.000		01/01/2023		301,086
	300,000	5.000		01/01/2024		305,070
	300,000	5.000		01/01/2025		308,036
	Public Finance Authority Hospital RB Series 2020A (A+/A+)
	300,000	5.000		06/01/2026		313,265
	Public Finance Authority Pollution Control Revenue Refunding Bonds for Duke Energy Progress Project Series 2022A (NON-AMT) (NR/A) (PUTABLE)(a)(b)(c)
	5,145,000	3.300		10/01/2026		5,037,284
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR)
	1,925,000	4.000		01/01/2026		1,913,345
	2,000,000	4.000		01/01/2027		1,974,567
	1,720,000	4.000		01/01/2028		1,677,008
	1,790,000	4.000		01/01/2029		1,731,255
	Public Finance Authority Student Housing RB Series 2020A (AGM) (AA/NR)
	160,000	4.000		07/01/2024		160,909
	265,000	4.000		07/01/2025		266,567
	Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (Baa3/NR)(f)
	9,579,000	0.000		12/15/2027		6,858,377
	State of Wisconsin GO Bonds 2015 Series A (AA+/AA+)(b)
	5,170,000	5.000		05/01/2023		5,225,315
	16,330,000	5.000		05/01/2023		16,504,718
	19,360,000	5.000		05/01/2023		19,567,136
	State of Wisconsin GO Bonds 2016 Series A (AA+/Aa1)
	5,000,000	5.000		05/01/2033		5,167,282
	5,000,000	5.000		05/01/2034		5,157,342
	State of Wisconsin GO Refunding Bonds 2021 Series 2 (AA+/Aa1)
	11,485,000	5.000		05/01/2024		11,813,631
	Waushara County Note Anticipation Notes Series 2022A (A+/NR)
	5,260,000	4.500		06/01/2027		5,369,659
Municipal Bonds – (continued)
Wisconsin – (continued)
	Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (AA/AA)(b)(d) (SIFMA Municipal Swap Index Yield + 0.65%)
	4,000,000	3.100		07/31/2024		3,990,232
	Wisconsin Health & Educational Facilities Authority RB Series 2020 for Hmong American Peace Academy (BBB/NR)
	115,000	4.000		03/15/2023		114,573
	120,000	4.000		03/15/2024		118,344
	125,000	4.000		03/15/2025		121,916
	Wisconsin Health & Educational Facilities Authority RB Series 2020B-1 (A-/A-)(a)(b)
	8,500,000	5.000		02/15/2025		8,713,558
	Wisconsin Health & Educational Facilities Authority Series 2019A RB (AA+/AA+)
	930,000	5.000		11/15/2022		931,952
	Wisconsin Health & Educational Facilities RB Series 2020 (NR/NR)
	290,000	4.000		02/01/2023		290,061
	Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA)(b)(d) (SIFMA Municipal Swap Index Yield + 0.18%)
	3,315,000	2.630		07/01/2026		3,227,486
	Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (AA/NR)(b)(d) (SIFMA Municipal Swap Index Yield + 0.15%)
	6,755,000	2.600		12/02/2024		6,714,490
						116,940,453
	TOTAL MUNICIPAL BONDS
	(Cost $8,272,035,846)				$	7,982,315,934
Corporate Bonds – 0.1%
Commercial Services – 0.1%
	Howard University Series (AA/NR)
$	2,030,000	2.416%		10/01/24	$	1,913,762
	Howard University Series (BBB-/NR)
	1,500,000	2.738		10/01/22		1,500,000
	1,500,000	2.801		10/01/23		1,459,347
						4,873,109
	TOTAL CORPORATE BONDS (Cost $5,030,000)				$	4,873,109
	TOTAL INVESTMENTS – 98.7%
	(Cost $8,277,065,846)				$	7,987,189,043
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%					109,133,736
	NET ASSETS – 100.0%				$	8,096,322,779

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

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)	Variable Rate Demand Instruments - rate shown is that which is in effect on September 30, 2022. Certain variable rate securities are not based on published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(b)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(c)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rates disclosed is that which is in effect on September 30, 2022.
(d)	Variable or floating 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, 2022.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	When-issued security.
(h)	Zero coupon bond until next reset date.
(i)	Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan.

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:
ABS	—Asset-Backed Security
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 (subject to)
BAM	—Build America Mutual Assurance Co.
BHAC	—Berkshire Hathaway Assurance Corp.
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.
FHA	—Federal Housing Administration
FHLMC	—Insured by Federal Home Loan Mortgage Corp.
FNMA	—Insured by Federal National Mortgage Association
GNMA	—Insured by Government National Mortgage Association
GO	—General Obligation
HUD SECT 8	—Hud Section 8
IDA	—Industrial Development Agency
LIBOR	—London Interbank Offered Rates
LP	—Limited Partnership
LT	—Limited Tax
NR	—Not Rated
PCRB	—Pollution Control Revenue Bond
PSF-GTD	—Guaranteed by Permanent School Fund
RB	—Revenue Bond
RMKT	—Remarketed
SCH BD GTY	—School Bond Guaranty
SCH BD RES FED	—School Board Reserve Fund
SCSDE	—South Carolina State Department of Education
SD CRED PROG	—School District Credit Program
SIFMA	—Securities Industry and Financial Markets Association
SOFR	—Secured Overnight Financing Rate
SONYMA	—State of New York Mortgage Agency
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
USD	—United States Dollar
UT	—Unlimited Tax
UPMC	—University of Pittsburgh Medical Center
WR	—Withdrawn Rating

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, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2022, 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, 2022(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%, 03/20/2023	1.000%		0.370	%		JPMorgan Chase Bank NA		03/20/2023		USD  10,000	$	40,060	$	(23,109	)	$	63,169
California State Various Purpose GO Bonds Series 2003, 5.000%, 03/20/2023	1.000		0.370			Bank of America NA		03/20/2023		5,000		20,029		(11,555	)		31,584
TOTAL											$	60,089	$	(34,664	)	$	94,753

(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.

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

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Assets and Liabilities

September 30, 2022 (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 $8,702,710,378, $9,207,964,470, $206,249,228 and $8,277,065,846, respectively)	$	7,909,770,027		$	8,259,471,866		$	177,942,067		$	7,987,189,043
Cash		73,123,520			93,869,600			1,772,842			170,907,529
Receivables:
Interest		102,342,478			129,219,515			2,387,434			79,031,523
Investments sold		53,148,198			59,937,397			549,699			149,430,536
Collateral on certain derivative contracts(a)		24,574,838			16,597,554			603,204			—
Fund shares sold		13,530,980			38,876,459			921,709			11,536,724
Reimbursement from investment adviser		124,697			130,230			34,979			148,488
Unrealized gain on swap contracts		12,634			463,915			—			94,753
Variation margin on futures contracts		4,715,125			3,185,625			119,000			—
Other assets		581,163			413,134			41,125			285,569
Total assets		8,181,923,660			8,602,165,295			184,372,059			8,398,624,165
Liabilities:
Payables:
Fund shares redeemed		30,849,847			48,709,488			30,146			67,949,806
Investment purchased on an extended-settlement basis		22,253,101			8,601,739			653,656			142,932,905
Investments purchased		10,650,555			40,058,718			91,439			85,499,491
Management fees		2,480,089			3,687,622			—			2,417,807
Income distribution		1,865,854			1,062,047			—			1,622,059
Distribution and Service fees and Transfer Agency fees		773,675			445,388			—			278,512
Upfront payments received on swap contracts		4,622			225,818			—			34,664
Due to broker(a)		—			430,000			—			250,000
Accrued expenses		1,126,363			1,246,185			177,424			1,316,142
Total liabilities		70,004,106			104,467,005			952,665			302,301,386
Net Assets:
Paid-in capital		9,223,624,317			9,746,155,454			216,124,863			8,707,682,997
Total distributable loss		(1,111,704,763	)		(1,248,457,164	)		(32,705,469	)		(611,360,218	)
NET ASSETS	$	8,111,919,554		$	8,497,698,290		$	183,419,394		$	8,096,322,779
Net Assets:
Class A	$	1,080,062,473		$	451,995,074		$	—		$	175,332,485
Class C		120,683,848			59,401,270			—			9,703,209
Institutional		3,746,701,940			1,428,516,946			—			1,673,039,049
Separate Account Institutional		—			—			183,419,394			—
Service		22,320			—			—			122,879
Investor		1,265,375,013			440,605,522			—			141,856,466
Class R6		132,568,171			13,415,783			—			278,113,384
Class P		1,766,505,789			6,103,763,695			—			5,818,155,307
Total Net Assets	$	8,111,919,554		$	8,497,698,290		$	183,419,394		$	8,096,322,779
Shares outstanding $0.001 par value (unlimited number of shares authorized):
Class A		74,532,818			52,216,582			—			17,316,916
Class C		8,324,750			6,860,661			—			959,396
Institutional		258,680,900			164,994,986			—			165,496,499
Separate Account Institutional		—			—			20,302,352			—
Service		1,533			—			—			12,151
Investor		87,418,943			50,845,910			—			14,028,360
Class R6		9,149,173			1,550,938			—			27,524,423
Class P		121,901,579			705,644,718			—			575,729,041
Net asset value, offering and redemption price per share:(b)
Class A		$14.49			$8.66			$—			$10.12
Class C		14.50			8.66			—			10.11
Institutional		14.48			8.66			—			10.11
Separate Account Institutional		—			—			9.03			—
Service		14.56			—			—			10.11
Investor		14.47			8.67			—			10.11
Class R6		14.49			8.65			—			10.10
Class P		14.49			8.65			—			10.11

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

Fund	Futures		Swaps
Dynamic Municipal Income	$	24,574,838	$	—
High Yield Municipal		16,597,554		(430,000	)
Municipal Income Completion		603,204		—
Short Duration Tax-Free		—		(250,000	)

(b) Maximum public offering price per share for Class A Shares of the Dynamic Municipal Income Fund, High Yield Municipal Fund and Short Duration Tax-Free Fund is $15.05, $9.07 and $10.27, 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. 215

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Operations

For the Six Months Ended September 30, 2022 (Unaudited)

	Dynamic Municipal Income Fund			High Yield Municipal Fund			Municipal Income Completion Fund			Short Duration Tax-Free Fund
Investment income:
Interest	$	144,840,186		$	224,634,845		$	3,438,789		$	90,244,354
Expenses:
Management fees		16,036,128			23,689,254			—			16,413,939
Transfer Agency fees(a)		2,761,487			1,983,094			20,022			1,683,470
Distribution and/or Service (12b-1) fees(a)		2,029,650			876,118			—			279,829
Custody, accounting and administrative services		579,233			687,329			51,830			787,373
Service fees — Class C		166,650			84,663			—			12,801
Printing and mailing costs		98,716			44,013			13,283			29,410
Professional fees		88,508			84,687			90,154			88,361
Registration fees		47,863			55,204			5,123			33,403
Trustee fees		21,839			22,782			14,491			22,762
Shareholder Administration fees — Service Shares		29			—			—			157
Other		60,724			60,124			3,577			63,184
Total expenses		21,890,827			27,587,268			198,480			19,414,689
Less — expense reductions		(717,091	)		(871,174	)		(198,480	)		(923,442	)
Net expenses		21,173,736			26,716,094			—			18,491,247
NET INVESTMENT INCOME		123,666,450			197,918,751			3,438,789			71,753,107
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(201,814,452	)		(211,491,713	)		(7,383,175	)		(236,329,113	)
Futures contracts		81,390,768			72,645,451			2,016,907			—
Swap contracts		10,194			364,008			—			113,564
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(657,151,412	)		(1,129,293,242	)		(16,442,878	)		(43,794,989	)
Futures contracts		28,199,363			13,946,950			635,974			—
Swap contracts		(12,291	)		(299,201	)		—			(92,187	)
Net realized and unrealized loss		(749,377,830	)		(1,254,127,747	)		(21,173,172	)		(280,102,725	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(625,711,380	)	$	(1,056,208,996	)	$	(17,734,383	)	$	(208,349,618	)

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

	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Fund	Class A		Class C		Service		Class A		Class C		Institutional		Service		Investor		Class R6		Separate Account Institutional		Class P
Dynamic Municipal Income	$	1,529,670	$	499,951	$	29	$	734,241	$	79,992	$	797,162	$	6	$	804,106	$	22,269	$	—	$	323,711
High Yield Municipal		622,130		253,988		—		298,622		40,638		321,930		—		300,924		2,109		—		1,018,871
Municipal Income Completion		—		—		—		—		—		—		—		—		—		20,022		—
Short Duration Tax-Free		241,268		38,404		157		115,809		6,145		392,163		26		90,611		43,346		—		1,035,370

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

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Changes in Net Assets

	Dynamic Municipal Income Fund						High Yield Municipal Fund
	For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022			For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022
From operations:
Net investment income	$	123,666,450		$	235,936,167		$	197,918,751		$	365,528,269
Net realized gain (loss)		(120,413,490	)		(4,754,054	)		(138,482,254	)		17,054,849
Net change in unrealized loss		(628,964,340	)		(649,257,122	)		(1,115,645,493	)		(766,583,040	)
Net decrease in net assets resulting from operations		(625,711,380	)		(418,075,009	)		(1,056,208,996	)		(383,999,922	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(14,796,627	)		(29,300,108	)		(8,882,647	)		(17,014,419	)
Class C Shares		(1,113,644	)		(1,777,553	)		(953,428	)		(1,689,750	)
Institutional Shares		(54,812,164	)		(103,386,729	)		(31,203,822	)		(56,301,601	)
Service Shares		(263	)		(438	)		—			—
Investor Shares		(17,898,914	)		(30,246,921	)		(9,567,221	)		(17,889,848	)
Class R6 Shares		(2,049,091	)		(2,966,047	)		(274,589	)		(436,851	)
Class P Shares		(29,760,344	)		(59,975,154	)		(132,141,636	)		(256,470,548	)
Total distributions to shareholders		(120,431,047	)		(227,652,950	)		(183,023,343	)		(349,803,017	)
From share transactions:
Proceeds from sales of shares		2,730,888,325			4,299,824,031			2,560,520,629			3,198,061,591
Reinvestment of distributions		109,888,855			207,625,254			176,562,775			336,893,717
Cost of shares repurchased		(4,400,851,866	)		(2,793,672,561	)		(3,662,316,673	)		(2,499,520,898	)
Net increase (decrease) in net assets resulting from share transactions		(1,560,074,686	)		1,713,776,724			(925,233,269	)		1,035,434,410
TOTAL INCREASE (DECREASE)		(2,306,217,113	)		1,068,048,765			(2,164,465,608	)		301,631,471
Net Assets:
Beginning of period		10,418,136,667			9,350,087,902			10,662,163,898			10,360,532,427
End of period	$	8,111,919,554		$	10,418,136,667		$	8,497,698,290		$	10,662,163,898

The accompanying notes are an integral part of these financial statements. 217

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Changes in Net Assets (continued)

	Municipal Income Completion Fund						Short Duration Tax-Free Fund
	For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022			For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022
From operations:
Net investment income	$	3,438,789		$	4,277,524		$	71,753,107		$	123,606,752
Net realized loss		(5,366,268	)		(23,852	)		(236,215,549	)		(75,269,218	)
Net change in unrealized loss		(15,806,904	)		(14,090,246	)		(43,887,176	)		(421,211,676	)
Net decrease in net assets resulting from operations		(17,734,383	)		(9,836,574	)		(208,349,618	)		(372,874,142	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			—			(1,132,898	)		(1,498,577	)
Class C Shares		—			—			(39,705	)		(28,450	)
Institutional Shares		—			—			(14,246,439	)		(24,044,693	)
Separate Account Institutional Shares		(3,294,810	)		(4,214,312	)		—			—
Service Shares		—			—			(606	)		(592	)
Investor Shares		—			—			(1,074,460	)		(1,711,710	)
Class R6 Shares		—			—			(2,132,330	)		(767,506	)
Class P Shares		—			—			(50,330,550	)		(91,321,891	)
Total distributions to shareholders		(3,294,810	)		(4,214,312	)		(68,956,988	)		(119,373,419	)
From share transactions:
Proceeds from sales of shares		41,674,440			129,003,913			1,695,226,038			7,425,473,026
Reinvestment of distributions		3,243,318			4,201,498			59,980,704			104,978,590
Cost of shares repurchased		(45,383,681	)		(19,410,287	)		(5,118,716,118	)		(7,286,187,538	)
Net increase (decrease) in net assets resulting from share transactions		(465,923	)		113,795,124			(3,363,509,376	)		244,264,078
TOTAL INCREASE (DECREASE)		(21,495,116	)		99,744,238			(3,640,815,982	)		(247,983,483	)
Net Assets:
Beginning of period		204,914,510			105,170,272			11,737,138,761			11,985,122,244
End of period	$	183,419,394		$	204,914,510		$	8,096,322,779		$	11,737,138,761

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Municipal Income Fund
	Class A Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	15.72		$	16.63		$	15.59		$	16.02		$	15.59		$	15.46
Net investment income(a)		0.19			0.33			0.36			0.37			0.44			0.47
Net realized and unrealized gain (loss)		(1.24	)		(0.92	)		1.03			(0.43	)		0.42			0.11
Total from investment operations		(1.05	)		(0.59	)		1.39			(0.06	)		0.86			0.58
Distributions to shareholders from net investment income		(0.18	)		(0.32	)		(0.35	)		(0.37	)		(0.43	)		(0.45	)
Net asset value, end of period	$	14.49		$	15.72		$	16.63		$	15.59		$	16.02		$	15.59
Total Return(b)		(6.69	)%		(3.66	)%		9.00	%		(0.43	)%		5.62	%		3.81	%
Net assets, end of period (in 000’s)	$	1,080,062		$	1,389,169		$	1,521,711		$	1,330,377		$	769,894		$	315,142
Ratio of net expenses to average net assets		0.73	%(c)		0.72	%		0.72	%		0.73	%		0.74	%		0.76	%
Ratio of total expenses to average net assets		0.75	%(c)		0.74	%		0.75	%		0.76	%		0.78	%		0.85	%
Ratio of net investment income to average net assets		2.49	%(c)		1.97	%		2.21	%		2.25	%		2.78	%		2.98	%
Portfolio turnover rate(d)		15	%		15	%		6	%		23	%		16	%		12	%

(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. 219

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, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	15.72		$	16.64		$	15.60		$	16.03		$	15.60		$	15.47
Net investment income(a)		0.13			0.20			0.24			0.24			0.32			0.35
Net realized and unrealized gain (loss)		(1.22	)		(0.93	)		1.03			(0.42	)		0.42			0.12
Total from investment operations		(1.09	)		(0.73	)		1.27			(0.18	)		0.74			0.47
Distributions to shareholders from net investment income		(0.13	)		(0.19	)		(0.23	)		(0.25	)		(0.31	)		(0.34	)
Net asset value, end of period	$	14.50		$	15.72		$	16.64		$	15.60		$	16.03		$	15.60
Total Return(b)		(6.98	)%		(4.44	)%		8.19	%		(1.17	)%		4.83	%		3.03	%
Net assets, end of period (in 000’s)	$	120,684		$	144,456		$	153,277		$	141,952		$	83,931		$	47,379
Ratio of net expenses to average net assets		1.48	%(c)		1.47	%		1.47	%		1.48	%		1.49	%		1.51	%
Ratio of total expenses to average net assets		1.50	%(c)		1.49	%		1.50	%		1.51	%		1.53	%		1.60	%
Ratio of net investment income to average net assets		1.74	%(c)		1.22	%		1.46	%		1.50	%		2.04	%		2.23	%
Portfolio turnover rate(d)		15	%		15	%		6	%		23	%		16	%		12	%

(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.

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Municipal Income Fund
	Institutional Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	15.71		$	16.62		$	15.58		$	16.02		$	15.59		$	15.46
Net investment income(a)		0.21			0.38			0.41			0.42			0.49			0.52
Net realized and unrealized gain (loss)		(1.23	)		(0.92	)		1.03			(0.43	)		0.43			0.12
Total from investment operations		(1.02	)		(0.54	)		1.44			(0.01	)		0.92			0.64
Distributions to shareholders from net investment income		(0.21	)		(0.37	)		(0.40	)		(0.43	)		(0.49	)		(0.51	)
Net asset value, end of period	$	14.48		$	15.71		$	16.62		$	15.58		$	16.02		$	15.59
Total Return(b)		(6.54	)%		(3.35	)%		9.37	%		(0.16	)%		5.97	%		4.17	%
Net assets, end of period (in 000’s)	$	3,746,702		$	4,492,546		$	4,188,941		$	3,206,615		$	1,858,949		$	1,296,146
Ratio of net expenses to average net assets		0.40	%(c)		0.39	%		0.39	%		0.39	%		0.40	%		0.42	%
Ratio of total expenses to average net assets		0.42	%(c)		0.41	%		0.42	%		0.42	%		0.44	%		0.51	%
Ratio of net investment income to average net assets		2.82	%(c)		2.30	%		2.54	%		2.59	%		3.14	%		3.32	%
Portfolio turnover rate(d)		15	%		15	%		6	%		23	%		16	%		12	%

(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. 221

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, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	15.79		$	16.71		$	15.67		$	16.10		$	15.66		$	15.54
Net investment income(a)		0.18			0.30			0.34			0.34			0.42			0.44
Net realized and unrealized gain (loss)		(1.24	)		(0.93	)		1.03			(0.42	)		0.43			0.11
Total from investment operations		(1.06	)		(0.63	)		1.37			(0.08	)		0.85			0.55
Distributions to shareholders from net investment income		(0.17	)		(0.29	)		(0.33	)		(0.35	)		(0.41	)		(0.43	)
Net asset value, end of period	$	14.56		$	15.79		$	16.71		$	15.67		$	16.10		$	15.66
Total Return(b)		(6.74	)%		(3.87	)%		8.79	%		(0.58	)%		5.50	%		3.58	%
Net assets, end of period (in 000’s)	$	22		$	24		$	26		$	203		$	38		$	36
Ratio of net expenses to average net assets		0.90	%(c)		0.90	%		0.89	%		0.89	%		0.90	%		0.92	%
Ratio of total expenses to average net assets		0.92	%(c)		0.92	%		0.92	%		0.92	%		0.93	%		1.01	%
Ratio of net investment income to average net assets		2.32	%(c)		1.79	%		2.06	%		2.09	%		2.65	%		2.83	%
Portfolio turnover rate(d)		15	%		15	%		6	%		23	%		16	%		12	%

(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.

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
	Investor Shares(a)
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data:
Net asset value, beginning of period	$	15.70		$	16.61		$	15.57		$	16.00		$	15.57		$	15.45
Net investment income(b)		0.21			0.37			0.40			0.41			0.48			0.50
Net realized and unrealized gain (loss)		(1.24	)		(0.92	)		1.03			(0.43	)		0.42			0.11
Total from investment operations		(1.03	)		(0.55	)		1.43			(0.02	)		0.90			0.61
Distributions to shareholders from net investment income		(0.20	)		(0.36	)		(0.39	)		(0.41	)		(0.47	)		(0.49	)
Net asset value, end of period	$	14.47		$	15.70		$	16.61		$	15.57		$	16.00		$	15.57
Total Return(c)		(6.52	)%		(3.43	)%		9.28	%		(0.19	)%		5.88	%		4.01	%
Net assets, end of period (in 000’s)	$	1,265,375		$	1,469,286		$	1,193,082		$	904,160		$	480,724		$	160,475
Ratio of net expenses to average net assets		0.48	%(d)		0.47	%		0.47	%		0.48	%		0.49	%		0.51	%
Ratio of total expenses to average net assets		0.50	%(d)		0.49	%		0.50	%		0.51	%		0.53	%		0.59	%
Ratio of net investment income to average net assets		2.74	%(d)		2.22	%		2.46	%		2.50	%		3.03	%		3.22	%
Portfolio turnover rate(e)		15	%		15	%		6	%		23	%		16	%		12	%

(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 NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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. 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
	Class R6 Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2018(a)
				2022			2021			2020			2019
Per Share Data:
Net asset value, beginning of period	$	15.72		$	16.63		$	15.59		$	16.02		$	15.59		$	15.56
Net investment income(b)		0.22			0.38			0.41			0.42			0.49			0.17
Net realized and unrealized gain (loss)		(1.24	)		(0.92	)		1.04			(0.42	)		0.43			0.03
Total from investment operations		(1.02	)		(0.54	)		1.45			—	(c)		0.92			0.20
Distributions to shareholders from net investment income		(0.21	)		(0.37	)		(0.41	)		(0.43	)		(0.49	)		(0.17	)
Net asset value, end of period	$	14.49		$	15.72		$	16.63		$	15.59		$	16.02		$	15.59
Total Return(d)		(6.47	)%		(3.39	)%		9.37	%		(0.08	)%		5.98	%		1.27	%
Net assets, end of period (in 000’s)	$	132,568		$	163,855		$	97,337		$	69,532		$	44,934		$	10
Ratio of net expenses to average net assets		0.39	%(e)		0.38	%		0.38	%		0.38	%		0.39	%		0.40	%(e)
Ratio of total expenses to average net assets		0.41	%(e)		0.40	%		0.41	%		0.41	%		0.42	%		0.43	%(e)
Ratio of net investment income to average net assets		2.83	%(e)		2.31	%		2.55	%		2.61	%		3.11	%		3.28	%(e)
Portfolio turnover rate(f)		15	%		15	%		6	%		23	%		16	%		12	%

(a) Commencement of 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.

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
	Class P Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2019(a)
				2022			2021			2020
Per Share Data:
Net asset value, beginning of period	$	15.72		$	16.63		$	15.59		$	16.02		$	15.65
Net investment income(b)		0.22			0.38			0.41			0.43			0.46
Net realized and unrealized gain (loss)		(1.24	)		(0.92	)		1.04			(0.43	)		0.36
Total from investment operations		(1.02	)		(0.54	)		1.45			—	(c)		0.82
Distributions to shareholders from net investment income		(0.21	)		(0.37	)		(0.41	)		(0.43	)		(0.45	)
Net asset value, end of period	$	14.49		$	15.72		$	16.63		$	15.59		$	16.02
Total Return(d)		(6.53	)%		(3.33	)%		9.37	%		(0.08	)%		5.35	%
Net assets, end of period (in 000’s)	$	1,766,506		$	2,758,800		$	2,195,715		$	1,683,366		$	1,193,566
Ratio of net expenses to average net assets		0.39	%(e)		0.38	%		0.38	%		0.38	%		0.39	%(e)
Ratio of total expenses to average net assets		0.41	%(e)		0.40	%		0.41	%		0.41	%		0.43	%(e)
Ratio of net investment income to average net assets		2.83	%(e)		2.31	%		2.55	%		2.61	%		3.11	%(e)
Portfolio turnover rate(f)		15	%		15	%		6	%		23	%		16	%

(a) Commencement of 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. 225

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, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	9.86		$	10.49		$	9.59		$	9.91		$	9.55		$	9.35
Net investment income(a)		0.18			0.31			0.33			0.37			0.38			0.38
Net realized and unrealized gain (loss)		(1.21	)		(0.65	)		0.89			(0.34	)		0.35			0.18
Total from investment operations		(1.03	)		(0.34	)		1.22			0.03			0.73			0.56
Distributions to shareholders from net investment income		(0.17	)		(0.29	)		(0.32	)		(0.35	)		(0.37	)		(0.36	)
Net asset value, end of period	$	8.66		$	9.86		$	10.49		$	9.59		$	9.91		$	9.55
Total Return(b)		(10.57	)%		(3.36	)%		12.87	%		0.13	%		7.79	%		6.10	%
Net assets, end of period (in 000’s)	$	451,995		$	539,203		$	594,728		$	419,784		$	377,942		$	250,436
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		0.89	%(c)		0.88	%		0.89	%		0.91	%		0.92	%		0.92	%
Ratio of net investment income to average net assets		3.89	%(c)		2.90	%		3.23	%		3.61	%		3.97	%		4.00	%
Portfolio turnover rate(d)		13	%		13	%		7	%		20	%		16	%		16	%

(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.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Municipal Fund
	Class C Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	9.86		$	10.49		$	9.59		$	9.91		$	9.55		$	9.35
Net investment income(a)		0.15			0.23			0.25			0.29			0.31			0.31
Net realized and unrealized gain (loss)		(1.22	)		(0.65	)		0.89			(0.34	)		0.35			0.18
Total from investment operations		(1.07	)		(0.42	)		1.14			(0.05	)		0.66			0.49
Distributions to shareholders from net investment income		(0.13	)		(0.21	)		(0.24	)		(0.27	)		(0.30	)		(0.29	)
Net asset value, end of period	$	8.66		$	9.86		$	10.49		$	9.59		$	9.91		$	9.55
Total Return(b)		(10.91	)%		(4.09	)%		12.03	%		(0.62	)%		6.99	%		5.30	%
Net assets, end of period (in 000’s)	$	59,401		$	76,559		$	80,215		$	77,387		$	60,899		$	59,381
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		1.64	%(c)		1.63	%		1.64	%		1.66	%		1.67	%		1.67	%
Ratio of net investment income to average net assets		3.13	%(c)		2.15	%		2.50	%		2.85	%		3.22	%		3.25	%
Portfolio turnover rate(d)		13	%		13	%		7	%		20	%		16	%		16	%

(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. 227

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, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	9.86		$	10.49		$	9.59		$	9.91		$	9.55		$	9.36
Net investment income(a)		0.20			0.34			0.36			0.40			0.41			0.41
Net realized and unrealized gain (loss)		(1.22	)		(0.64	)		0.89			(0.34	)		0.35			0.17
Total from investment operations		(1.02	)		(0.30	)		1.25			0.06			0.76			0.58
Distributions to shareholders from net investment income		(0.18	)		(0.33	)		(0.35	)		(0.38	)		(0.40	)		(0.39	)
Net asset value, end of period	$	8.66		$	9.86		$	10.49		$	9.59		$	9.91		$	9.55
Total Return(b)		(10.43	)%		(3.06	)%		13.22	%		0.43	%		8.10	%		6.29	%
Net assets, end of period (in 000’s)	$	1,428,517		$	1,808,838		$	1,416,246		$	894,702		$	699,635		$	5,026,846
Ratio of net expenses to average net assets		0.54	%(c)		0.54	%		0.54	%		0.55	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.56	%(c)		0.55	%		0.56	%		0.57	%		0.58	%		0.58	%
Ratio of net investment income to average net assets		4.19	%(c)		3.21	%		3.54	%		3.91	%		4.27	%		4.29	%
Portfolio turnover rate(d)		13	%		13	%		7	%		20	%		16	%		16	%

(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.

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
	Investor Shares(a)
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	9.87		$	10.50		$	9.60		$	9.92		$	9.56		$	9.37
Net investment income(b)		0.19			0.33			0.35			0.39			0.41			0.41
Net realized and unrealized gain (loss)		(1.21	)		(0.64	)		0.89			(0.34	)		0.34			0.17
Total from investment operations		(1.02	)		(0.31	)		1.24			0.05			0.75			0.58
Distributions to shareholders from net investment income		(0.18	)		(0.32	)		(0.34	)		(0.37	)		(0.39	)		(0.39	)
Net asset value, end of period	$	8.67		$	9.87		$	10.50		$	9.60		$	9.92		$	9.56
Total Return(c)		(10.45	)%		(3.12	)%		13.14	%		0.38	%		8.05	%		6.26	%
Net assets, end of period (in 000’s)	$	440,606		$	565,860		$	496,140		$	331,991		$	202,256		$	85,209
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		0.64	%(d)		0.63	%		0.65	%		0.66	%		0.66	%		0.67	%
Ratio of net investment income to average net assets		4.12	%(d)		3.15	%		3.48	%		3.85	%		4.21	%		4.26	%
Portfolio turnover rate(e)		13	%		13	%		7	%		20	%		16	%		16	%

(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 NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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. 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 R6 Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	9.85		$	10.48		$	9.58		$	9.91		$	9.55		$	9.46
Net investment income(b)		0.20			0.34			0.35			0.40			0.41			0.14
Net realized and unrealized gain (loss)		(1.22	)		(0.64	)		0.90			(0.35	)		0.35			0.08
Total from investment operations		(1.02	)		(0.30	)		1.25			0.05			0.76			0.22
Distributions to shareholders from net investment income		(0.18	)		(0.33	)		(0.35	)		(0.38	)		(0.40	)		(0.13	)
Net asset value, end of period	$	8.65		$	9.85		$	10.48		$	9.58		$	9.91		$	9.55
Total Return(c)		(10.44	)%		(3.06	)%		13.24	%		0.32	%		8.09	%		2.33	%
Net assets, end of period (in 000’s)	$	13,416		$	10,354		$	11,001		$	11		$	11		$	10
Ratio of net expenses to average net assets		0.53	%(d)		0.53	%		0.53	%		0.54	%		0.55	%		0.57	%(d)
Ratio of total expenses to average net assets		0.55	%(d)		0.54	%		0.55	%		0.57	%		0.55	%		0.60	%(d)
Ratio of net investment income to average net assets		4.24	%(d)		3.22	%		3.44	%		3.92	%		4.28	%		4.36	%(d)
Portfolio turnover rate(e)		13	%		13	%		7	%		20	%		16	%		16	%

(a) Commencement of 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.

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
	Class P Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2019(a)
				2022			2021			2020
Per Share Data
Net asset value, beginning of period	$	9.85		$	10.48		$	9.58		$	9.90		$	9.60
Net investment income(b)		0.20			0.34			0.36			0.40			0.39
Net realized and unrealized gain (loss)		(1.22	)		(0.64	)		0.89			(0.34	)		0.28
Total from investment operations		(1.02	)		(0.30	)		1.25			0.06			0.67
Distributions to shareholders from net investment income		(0.18	)		(0.33	)		(0.35	)		(0.38	)		(0.37	)
Net asset value, end of period	$	8.65		$	9.85		$	10.48		$	9.58		$	9.90
Total Return(c)		(10.44	)%		(3.06	)%		13.24	%		0.44	%		7.14	%
Net assets, end of period (in 000’s)	$	6,103,764		$	7,661,350		$	7,762,203		$	6,139,055		$	5,961,922
Ratio of net expenses to average net assets		0.53	%(d)		0.53	%		0.53	%		0.54	%		0.55	%(d)
Ratio of total expenses to average net assets		0.55	%(d)		0.54	%		0.55	%		0.56	%		0.57	%(d)
Ratio of net investment income to average net assets		4.20	%(d)		3.22	%		3.56	%		3.93	%		4.27	%(d)
Portfolio turnover rate(e)		13	%		13	%		7	%		20	%		16	%

(a) Commencement of 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. 231

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, 2022 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2020(a)
				2022			2021
Per Share Data
Net asset value, beginning of period	$	10.08		$	10.68		$	9.65		$	10.00
Net investment income(b)		0.17			0.27			0.31			0.35
Net realized and unrealized gain (loss)		(1.06	)		(0.60	)		1.03			(0.34	)
Total from investment operations		(0.89	)		(0.33	)		1.34			0.01
Distributions to shareholders from net investment income		(0.16	)		(0.27	)		(0.31	)		(0.36	)
Net asset value, end of period	$	9.03		$	10.08		$	10.68		$	9.65
Total Return(c)		(8.92	)%		(3.22	)%		14.11	%		(0.10	)%
Net assets, end of period (in 000’s)	$	183,419		$	204,915		$	105,170		$	17,651
Ratio of net expenses to average net assets		—	%(d)		—	%		—	%		—	%
Ratio of total expenses to average net assets		0.20	%(d)		0.20	%		0.45	%		6.51	%
Ratio of net investment income to average net assets		3.43	%(d)		2.53	%		2.96	%		3.40	%
Portfolio turnover rate(e)		37	%		14	%		8	%		7	%

(a) Commencement of operations on April 1, 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.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Tax-Free Fund
	Class A Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.43		$	10.83		$	10.63		$	10.66		$	10.48		$	10.52
Net investment income(a)		0.06			0.07			0.11			0.16			0.16			0.12
Net realized and unrealized gain (loss)		(0.31	)		(0.40	)		0.20			(0.03	)		0.17			(0.04	)
Total from investment operations		(0.25	)		(0.33	)		0.31			0.13			0.33			0.08
Distributions to shareholders from net investment income		(0.06	)		(0.07	)		(0.11	)		(0.16	)		(0.15	)		(0.12	)
Net asset value, end of period	$	10.12		$	10.43		$	10.83		$	10.63		$	10.66		$	10.48
Total Return(b)		(2.30	)%		(3.08	)%		2.92	%		1.18	%		3.20	%		0.74	%
Net assets, end of period (in 000’s)	$	175,332		$	206,175		$	255,472		$	134,986		$	119,675		$	97,703
Ratio of net expenses to average net assets		0.68	%(c)		0.68	%		0.68	%		0.68	%		0.69	%		0.68	%
Ratio of total expenses to average net assets		0.74	%(c)		0.72	%		0.73	%		0.74	%		0.75	%		0.75	%
Ratio of net investment income to average net assets		1.23	%(c)		0.66	%		1.05	%		1.45	%		1.51	%		1.18	%
Portfolio turnover rate(d)		36	%		41	%		20	%		29	%		44	%		35	%

(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. 233

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, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.42		$	10.82		$	10.62		$	10.65		$	10.47		$	10.51
Net investment income(a)		0.04			0.03			0.08			0.11			0.12			0.09
Net realized and unrealized gain (loss)		(0.31	)		(0.41	)		0.19			(0.03	)		0.17			(0.05	)
Total from investment operations		(0.27	)		(0.38	)		0.27			0.08			0.29			0.04
Distributions to shareholders from net investment income		(0.04	)		(0.02	)		(0.07	)		(0.11	)		(0.11	)		(0.08	)
Net asset value, end of period	$	10.11		$	10.42		$	10.82		$	10.62		$	10.65		$	10.47
Total Return(b)		(2.60	)%		(3.47	)%		2.51	%		0.78	%		2.80	%		0.34	%
Net assets, end of period (in 000’s)	$	9,703		$	10,700		$	12,988		$	17,180		$	15,681		$	19,813
Ratio of net expenses to average net assets		1.08	%(c)		1.08	%		1.08	%		1.08	%		1.09	%		1.08	%
Ratio of total expenses to average net assets		1.49	%(c)		1.47	%		1.48	%		1.50	%		1.50	%		1.50	%
Ratio of net investment income to average net assets		0.84	%(c)		0.26	%		0.70	%		1.04	%		1.10	%		0.81	%
Portfolio turnover rate(d)		36	%		41	%		20	%		29	%		44	%		35	%

(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.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Tax-Free Fund
	Institutional Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.41		$	10.82		$	10.62		$	10.64		$	10.47		$	10.50
Net investment income(a)		0.08			0.10			0.15			0.19			0.19			0.16
Net realized and unrealized gain (loss)		(0.30	)		(0.41	)		0.19			(0.02	)		0.16			(0.04	)
Total from investment operations		(0.22	)		(0.31	)		0.34			0.17			0.35			0.12
Distributions to shareholders from net investment income		(0.08	)		(0.10	)		(0.14	)		(0.19	)		(0.18	)		(0.15	)
Net asset value, end of period	$	10.11		$	10.41		$	10.82		$	10.62		$	10.64		$	10.47
Total Return(b)		(2.16	)%		(2.89	)%		3.23	%		1.58	%		3.42	%		1.15	%
Net assets, end of period (in 000’s)	$	1,673,039		$	2,223,538		$	2,424,423		$	1,646,398		$	1,488,011		$	4,936,410
Ratio of net expenses to average net assets		0.39	%(c)		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of total expenses to average net assets		0.41	%(c)		0.39	%		0.40	%		0.40	%		0.41	%		0.41	%
Ratio of net investment income to average net assets		1.51	%(c)		0.96	%		1.36	%		1.75	%		1.77	%		1.52	%
Portfolio turnover rate(d)		36	%		41	%		20	%		29	%		44	%		35	%

(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. 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
	Service Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.42		$	10.82		$	10.62		$	10.64		$	10.47		$	10.50
Net investment income(a)		0.05			0.05			0.10			0.14			0.14			0.11
Net realized and unrealized gain (loss)		(0.31	)		(0.40	)		0.19			(0.02	)		0.16			(0.04	)
Total from investment operations		(0.26	)		(0.35	)		0.29			0.12			0.30			0.07
Distributions to shareholders from net investment income		(0.05	)		(0.05	)		(0.09	)		(0.14	)		(0.13	)		(0.10	)
Net asset value, end of period	$	10.11		$	10.42		$	10.82		$	10.62		$	10.64		$	10.47
Total Return(b)		(2.50	)%		(3.28	)%		2.71	%		1.07	%		2.90	%		0.65	%
Net assets, end of period (in 000’s)	$	123		$	126		$	133		$	179		$	293		$	287
Ratio of net expenses to average net assets		0.89	%(c)		0.88	%		0.88	%		0.88	%		0.89	%		0.88	%
Ratio of total expenses to average net assets		0.90	%(c)		0.89	%		0.90	%		0.91	%		0.91	%		0.91	%
Ratio of net investment income to average net assets		1.03	%(c)		0.46	%		0.91	%		1.27	%		1.31	%		1.03	%
Portfolio turnover rate(d)		36	%		41	%		20	%		29	%		44	%		35	%

(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.

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
	Investor Shares(a)
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.41		$	10.82		$	10.62		$	10.64		$	10.47		$	10.51
Net investment income(b)		0.08			0.10			0.14			0.18			0.19			0.16
Net realized and unrealized gain (loss)		(0.31	)		(0.42	)		0.20			(0.02	)		0.16			(0.05	)
Total from investment operations		(0.23	)		(0.32	)		0.34			0.16			0.35			0.11
Distributions to shareholders from net investment income		(0.07	)		(0.09	)		(0.14	)		(0.18	)		(0.18	)		(0.15	)
Net asset value, end of period	$	10.11		$	10.41		$	10.82		$	10.62		$	10.64		$	10.47
Total Return(c)		(2.18	)%		(2.94	)%		3.18	%		1.53	%		3.37	%		1.01	%
Net assets, end of period (in 000’s)	$	141,856		$	154,004		$	175,488		$	111,743		$	65,719		$	21,605
Ratio of net expenses to average net assets		0.43	%(d)		0.43	%		0.43	%		0.43	%		0.44	%		0.43	%
Ratio of total expenses to average net assets		0.49	%(d)		0.47	%		0.48	%		0.49	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		1.48	%(d)		0.91	%		1.31	%		1.69	%		1.79	%		1.48	%
Portfolio turnover rate(e)		36	%		41	%		20	%		29	%		44	%		35	%

(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 NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes 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
	Class R6 Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2018(a)
				2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	10.41		$	10.81		$	10.61		$	10.64		$	10.46		$	10.45
Net investment income(b)		0.08			0.10			0.15			0.19			0.21			0.06
Net realized and unrealized gain (loss)		(0.31	)		(0.40	)		0.19			(0.03	)		0.15			—	(c)
Total from investment operations		(0.23	)		(0.30	)		0.34			0.16			0.36			0.06
Distributions to shareholders from net investment income		(0.08	)		(0.10	)		(0.14	)		(0.19	)		(0.18	)		(0.05	)
Net asset value, end of period	$	10.10		$	10.41		$	10.81		$	10.61		$	10.64		$	10.46
Total Return(d)		(2.26	)%		(2.79	)%		3.24	%		1.50	%		3.51	%		0.61	%
Net assets, end of period (in 000’s)	$	278,113		$	303,269		$	8,393		$	5,992		$	5,014		$	10
Ratio of net expenses to average net assets		0.38	%(e)		0.37	%		0.37	%		0.37	%		0.38	%		0.36	%(e)
Ratio of total expenses to average net assets		0.40	%(e)		0.39	%		0.39	%		0.39	%		0.40	%		0.38	%(e)
Ratio of net investment income to average net assets		1.54	%(e)		0.97	%		1.37	%		1.75	%		1.96	%		1.64	%(e)
Portfolio turnover rate(f)		36	%		41	%		20	%		29	%		44	%		35	%

(a) Commencement of 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.

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
	Class P Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2019(a)
				2022			2021			2020
Per Share Data
Net asset value, beginning of period	$	10.41		$	10.81		$	10.61		$	10.64		$	10.46
Net investment income(b)		0.08			0.10			0.15			0.19			0.18
Net realized and unrealized gain (loss)		(0.30	)		(0.40	)		0.19			(0.03	)		0.17
Total from investment operations		(0.22	)		(0.30	)		0.34			0.16			0.35
Distributions to shareholders from net investment income		(0.08	)		(0.10	)		(0.14	)		(0.19	)		(0.17	)
Net asset value, end of period	$	10.11		$	10.41		$	10.81		$	10.61		$	10.64
Total Return(c)		(2.16	)%		(2.79	)%		3.24	%		1.50	%		3.42	%
Net assets, end of period (in 000’s)	$	5,818,155		$	8,839,327		$	9,108,224		$	5,572,014		$	4,965,675
Ratio of net expenses to average net assets		0.38	%(d)		0.37	%		0.37	%		0.37	%		0.38	%(d)
Ratio of total expenses to average net assets		0.40	%(d)		0.38	%		0.39	%		0.39	%		0.40	%(d)
Ratio of net investment income to average net assets		1.52	%(d)		0.97	%		1.36	%		1.75	%		1.86	%(d)
Portfolio turnover rate(e)		36	%		41	%		20	%		29	%		44	%

(a) Commencement of 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. 239

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements

September 30, 2022 (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, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination 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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GOLDMAN SACHS MUNICIPAL FUNDS

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designees). GSAM has 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. 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

241

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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 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

242

GOLDMAN SACHS MUNICIPAL FUNDS

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.

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. 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.

243

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2022:

DYNAMIC MUNICIPAL INCOME FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bonds	$	—	$	7,860,848,999	$	—
Corporate Bonds		—		11,186,884		37,734,144
Total	$	—	$	7,872,035,883	$	37,734,144
Derivative Type
Assets(a)
Futures Contracts	$	50,083,019	$	—	$	—
Credit Default Swap Contracts		—		12,634		—
Total	$	50,083,019	$	12,634	$	—
HIGH YIELD MUNICIPAL FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bonds	$	—	$	8,166,887,924	$	—
Corporate Bonds		—		21,399,560		71,184,382
Total	$	—	$	8,188,287,484	$	71,184,382
Derivative Type
Assets(a)
Futures Contracts	$	33,548,633	$	—	$	—
Credit Default Swap Contracts		—		463,915		—
Total	$	33,548,633	$	463,915	$	—
MUNICIPAL INCOME COMPLETION FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bonds	$	—	$	176,267,170	$	—
Corporate Bonds		—		28,650		1,646,247
Total	$	—	$	176,295,820	$	1,646,247
Derivative Type
Assets(a)
Futures Contracts	$	1,187,946	$	—	$	—

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

244

GOLDMAN SACHS MUNICIPAL FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATION TAX-FREE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bonds	$	—	$	7,982,315,934	$	—
Corporate Bonds		—		4,873,109		—
Total	$	—	$	7,987,189,043	$	—
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—	$	94,753	$	—

(a) Amount shown represents unrealized gain 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, 2022. 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	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	12,634	—	$	—
Interest Rate	Variation margin on futures contracts(a)		50,083,019	—		—
Total		$	50,095,653		$	—
High Yield Municipal
Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	463,915	—	$	—
Interest Rate	Variation margin on futures contracts(a)		33,548,633	—		—
Total		$	34,012,548		$	—

(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, 2022 is reported within the Statements of Assets and Liabilities.

245

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Municipal Income Completion
Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Interest Rate	Variation margin on futures contracts(a)	$	1,187,946	—	$	—
Short Duration Tax-Free
Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	94,753	—	$	—

(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, 2022 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, 2022. 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) from Derivatives Contracts		Net Change in Unrealized Gain (Loss) on Derivatives Contracts
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	10,194	$	(12,291	)
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts		81,390,768		28,199,363
Total		$	81,400,962	$	28,187,072
High Yield Municipal
Risk	Statements of Operations	Net Realized Gain (Loss) from Derivatives Contracts		Net Change in Unrealized Gain (Loss) on Derivatives Contracts
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	364,008	$	(299,201	)
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on futures contracts		72,645,451		13,946,950
Total		$	73,009,459	$	13,647,749

246

GOLDMAN SACHS MUNICIPAL FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

Municipal Income Completion
Risk	Statements of Operations	Net Realized Gain (Loss) from Futures Contracts		Net Change in Unrealized Gain (Loss) on Futures Contracts
Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	2,016,907	$	635,974
Short Duration Tax-Free
Risk	Statements of Operations	Net Realized Gain (Loss) from Swap Contracts		Net Change in Unrealized Gain (Loss) on Swap Contracts
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	113,564	$	(92,187	)

For the six months ended September 30, 2022, 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		3,011	$	1,166,667
High Yield Municipal		2,282		28,000,000
Municipal Income Completion		66		—
Short Duration Tax-Free		—		8,750,000

(1) Amounts disclosed represent average number of contracts for futures contracts or notional amounts for swap agreements, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended September 30, 2022.

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.

247

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2022, 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	%		0.36	%		0.36	%
High Yield Municipal		0.55			0.55			0.50			0.48			0.47			0.50			0.50
Short Duration Tax-Free		0.39			0.35			0.33			0.33			0.32			0.35			0.35

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.

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, 2022, 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, 2023. 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, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Dynamic Municipal Income	$	7,985	$	—
High Yield Municipal		10,807		—
Short Duration Tax-Free		347		—

248

GOLDMAN SACHS MUNICIPAL FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal and Short Duration Tax-Free Funds, respectively. Goldman Sachs also agreed to reduce or limit its transfer agency fee to 0.00% as an annual percentage rate of the average daily net assets attributable to Separate Account Institutional Shares of the Municipal Income Completion Fund. These arrangements will remain in effect through at least July 29, 2023, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Trustees. Prior to July 29, 2022, Goldman Sachs waived a portion of the transfer agency fee equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor shares of the Short Duration Tax-Free 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 is 0.004% for Dynamic Municipal Income, High Yield Municipal, 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, 2023, 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, 2022, 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 Reimbursements		Total Expense Reductions
Dynamic Municipal Income	$	—	$	—		$	717,091	$	717,091
High Yield Municipal		—		106,697	(a)		764,477		871,174
Municipal Income Completion		—		20,022			178,458		198,480
Short Duration Tax-Free		17,922		71,159	(a)		834,361		923,442

(a) Applicable to Class A, Class C and Investor Shares.

G.  Line of Credit Facility — As of September 30, 2022, the Funds participated in a $1,250,000,000 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

249

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H.  Other Transactions with Affiliates — As of September 30, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Service
Dynamic Municipal Income		16	%

A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees.

For the six months ended September 30, 2022, the purchase and sale transactions and related net realized gain (loss) for the Funds with an affiliated fund in compliance with Rule 17a-7 under the Act were as follows:

Fund	Purchases		Sales		Net Realized Gain (Loss)
Dynamic Municipal Income	$	266,480,920	$	381,147,989	$	(20,026,313	)
High Yield Municipal		16,543,600		202,664,565		(9,320,257	)
Municipal Income Completion		9,597,807		15,647,315		(1,419,251	)
Short Duration Tax-Free		516,395,992		242,523,460		(11,842,974	)

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, 2022, 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	$	—	$	1,291,103,498	$	—	$	2,764,350,073
High Yield Municipal		—		1,239,343,051		—		2,134,484,396
Municipal Income Completion		—		77,806,399		—		72,245,418
Short Duration Tax-Free		24,757,896		3,324,015,803		24,587,807		6,594,497,061

250

GOLDMAN SACHS MUNICIPAL FUNDS

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2022, 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	$	(254,051,738	)	$	(310,682,673	)	$	—		$	(26,578,110	)
Perpetual Long-Term		—			(76,796,044	)		—			(27,159,408	)
Total capital loss carryforwards	$	(254,051,738	)	$	(387,478,717	)	$	—		$	(53,737,518	)
Timing differences (Post October Loss Deferral, Defaulted Bond Income and Distributions Payable)	$	(9,495,443	)	$	(10,508,783	)	$	(207,703	)	$	(69,726,022	)

As of September 30, 2022, the Funds’ aggregate securities unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Dynamic Municipal Income			High Yield Municipal			Municipal Income Completion			Short Duration Tax-Free
Tax Cost	$	8,714,382,113		$	9,182,943,661		$	206,716,180		$	8,259,753,997
Gross unrealized gain		25,952,185			164,245,160			85,795			6,574,801
Gross unrealized loss		(830,564,271	)		(1,087,716,955	)		(28,859,908	)		(279,139,755	)
Net unrealized gain (loss)	$	(804,612,086	)	$	(923,471,795	)	$	(28,774,113	)	$	(272,564,954	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, differences in the tax treatment of swap transactions, and market discount accretion and premium amortization.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (together, referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, 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. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for 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. The use of derivatives is also subject to operational and legal risks. Operational risks refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks refer to the risks of loss resulting from insufficient documentation, or legality or enforceability of a contract. 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.

251

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

8. OTHER RISKS (continued)

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a Designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. 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.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June, 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. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. 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. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time

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. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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GOLDMAN SACHS MUNICIPAL FUNDS

8. OTHER RISKS (continued)

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.

10. 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.

253

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Dynamic Municipal Income Fund
	For the Six Months Ended September 30, 2022 (Unaudited)						For the Fiscal Year Ended March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		11,172,568		$	169,597,949			24,035,764		$	401,861,311
Reinvestment of distributions		873,581			13,197,537			1,565,685			26,033,103
Shares redeemed		(25,894,969	)		(392,688,603	)		(28,708,626	)		(476,003,236	)
		(13,848,820	)		(209,893,117	)		(3,107,177	)		(48,108,822	)
Class C Shares
Shares sold		724,542			10,965,012			1,601,928			26,838,276
Reinvestment of distributions		61,076			922,712			88,184			1,466,160
Shares redeemed		(1,647,815	)		(24,925,118	)		(1,714,939	)		(28,559,585	)
		(862,197	)		(13,037,394	)		(24,827	)		(255,149	)
Institutional Shares
Shares sold		102,998,887			1,560,634,690			106,361,167			1,772,929,202
Reinvestment of distributions		3,082,800			46,532,311			5,259,511			87,346,842
Shares redeemed		(133,371,250	)		(2,022,044,494	)		(77,630,429	)		(1,280,276,972	)
		(27,289,563	)		(414,877,493	)		33,990,249			579,999,072
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		3			43			4			69
Shares redeemed		—			—			—			—
		3			43			4			69
Investor Shares
Shares sold		37,062,731			561,241,347			41,956,371			698,566,082
Reinvestment of distributions		1,186,511			17,895,904			1,823,620			30,243,937
Shares redeemed		(44,414,960	)		(672,770,915	)		(22,008,256	)		(362,246,818	)
		(6,165,718	)		(93,633,664	)		21,771,735			366,563,201
Class R6 Shares
Shares sold		2,546,767			38,608,164			6,346,136			105,873,398
Reinvestment of distributions		104,580			1,579,306			154,463			2,563,437
Shares redeemed		(3,928,055	)		(59,487,532	)		(1,927,583	)		(31,819,908	)
		(1,276,708	)		(19,300,062	)		4,573,016			76,616,927
Class P Shares
Shares sold		25,624,634			389,841,163			77,180,945			1,293,755,762
Reinvestment of distributions		1,968,742			29,761,042			3,612,672			59,971,706
Shares redeemed		(81,209,939	)		(1,228,935,204	)		(37,285,771	)		(614,766,042	)
		(53,616,563	)		(809,332,999	)		43,507,846			738,961,426
NET INCREASE/(DECREASE)		(103,059,566	)	$	(1,560,074,686	)		100,710,846		$	1,713,776,724

254

GOLDMAN SACHS MUNICIPAL FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	High Yield Municipal Fund
	For the Six Months Ended September 30, 2022 (Unaudited)						For the Fiscal Year Ended March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		12,858,035		$	119,712,771			15,718,918		$	166,920,047
Reinvestment of distributions		814,991			7,527,694			1,367,738			14,444,007
Shares redeemed		(16,167,389	)		(150,716,012	)		(19,085,592	)		(201,344,310	)
		(2,494,363	)		(23,475,547	)		(1,998,936	)		(19,980,256	)
Class C Shares
Shares sold		783,736			7,300,018			1,645,557			17,550,032
Reinvestment of distributions		94,424			872,503			147,891			1,560,160
Shares redeemed		(1,783,693	)		(16,487,254	)		(1,674,075	)		(17,601,320	)
		(905,533	)		(8,314,733	)		119,373			1,508,872
Institutional Shares
Shares sold		87,836,727			818,531,550			99,816,354			1,058,131,502
Reinvestment of distributions		2,846,901			26,294,677			4,394,598			46,313,315
Shares redeemed		(109,192,610	)		(1,015,663,141	)		(55,724,676	)		(581,805,532	)
		(18,508,982	)		(170,836,914	)		48,486,276			522,639,285
Investor Shares
Shares sold		22,361,999			208,515,820			25,312,083			268,864,000
Reinvestment of distributions		1,033,015			9,551,765			1,693,533			17,880,365
Shares redeemed		(29,903,612	)		(277,025,688	)		(16,908,475	)		(177,331,196	)
		(6,508,598	)		(58,958,103	)		10,097,141			109,413,169
Class R6 Shares
Shares sold		877,113			8,125,597			642,556			6,871,403
Reinvestment of distributions		22,825			210,001			35,546			373,752
Shares redeemed		(400,276	)		(3,581,114	)		(676,174	)		(6,745,802	)
		499,662			4,754,484			1,928			499,353
Class P Shares
Shares sold		151,080,654			1,398,334,873			158,138,125			1,679,724,607
Reinvestment of distributions		14,307,814			132,106,135			24,314,923			256,322,118
Shares redeemed		(237,669,903	)		(2,198,843,464	)		(145,195,767	)		(1,514,692,738	)
		(72,281,435	)		(668,402,456	)		37,257,281			421,353,987
NET INCREASE/(DECREASE)		(100,199,249	)	$	(925,233,269	)		93,963,063		$	1,035,434,410

255

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Municipal Income Completion Fund
	For the Six Months Ended September 30, 2022 (Unaudited)						For the Fiscal Year Ended March 31, 2022
	Shares			Dollars			Shares			Dollars
Separate Account Institutional Shares
Shares sold		4,353,156		$	41,674,440			11,899,829		$	129,003,913
Reinvestment of distributions		340,347			3,243,318			391,488			4,201,498
Shares redeemed		(4,714,344	)		(45,383,681	)		(1,812,740	)		(19,410,287	)
NET INCREASE/(DECREASE)		(20,841	)	$	(465,923	)		10,478,577		$	113,795,124

256

GOLDMAN SACHS MUNICIPAL FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Tax-Free Fund
	For the Six Months Ended September 30, 2022 (Unaudited)						For the Fiscal Year Ended March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		4,476,199		$	46,162,943			7,084,774		$	76,358,080
Reinvestment of distributions		84,886			874,676			104,902			1,130,045
Shares redeemed		(7,014,322	)		(72,381,504	)		(11,004,539	)		(118,652,801	)
		(2,453,237	)		(25,343,885	)		(3,814,863	)		(41,164,676	)
Class C Shares
Shares sold		174,927			1,798,706			218,073			2,363,659
Reinvestment of distributions		3,165			32,548			2,034			21,882
Shares redeemed		(245,829	)		(2,534,422	)		(393,378	)		(4,245,678	)
		(67,737	)		(703,168	)		(173,271	)		(1,860,137	)
Institutional Shares
Shares sold		60,309,602			621,926,582			140,049,807			1,509,919,118
Reinvestment of distributions		724,272			7,452,435			991,377			10,656,424
Shares redeemed		(109,086,372	)		(1,124,011,044	)		(151,648,001	)		(1,628,592,534	)
		(48,052,498	)		(494,632,027	)		(10,606,817	)		(108,016,992	)
Service Shares
Shares sold		—			—			2,304			25,000
Reinvestment of distributions		59			606			55			592
Shares redeemed		(16	)		(169	)		(2,568	)		(27,841	)
		43			437			(209	)		(2,249	)
Investor Shares
Shares sold		8,329,936			85,834,734			14,258,158			153,466,994
Reinvestment of distributions		104,381			1,074,153			159,020			1,709,206
Shares redeemed		(9,192,301	)		(94,918,335	)		(15,852,805	)		(169,359,133	)
		(757,984	)		(8,009,448	)		(1,435,627	)		(14,182,933	)
Class R6 Shares
Shares sold		7,954,407			81,996,294			36,272,487			388,483,591
Reinvestment of distributions		20,887			214,649			13,123			140,126
Shares redeemed		(9,590,777	)		(98,778,847	)		(7,922,010	)		(83,867,771	)
		(1,615,483	)		(16,567,904	)		28,363,600			304,755,946
Class P Shares
Shares sold		83,139,305			857,506,779			490,367,780			5,294,856,584
Reinvestment of distributions		4,891,890			50,331,637			8,501,219			91,320,315
Shares redeemed		(361,509,280	)		(3,726,091,797	)		(492,116,679	)		(5,281,441,780	)
		(273,478,085	)		(2,818,253,381	)		6,752,320			104,735,119
NET INCREASE/(DECREASE)		(326,424,981	)	$	(3,363,509,376	)		19,085,133		$	244,264,078

257

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Fund Expenses — Six Month Period Ended September 30, 2022 (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, 2022 through September 30, 2022, 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 4/1/22		Ending Account Value 9/30/22			Expenses Paid for the 6 months ended 9/30/2022*		Beginning Account Value 4/1/22		Ending Account Value 9/30/22			Expenses Paid for the 6 months ended 9/30/2022*		Beginning Account Value 4/1/22		Ending Account Value 9/30/22			Expenses Paid for the 6 months ended 9/30/2022*		Beginning Account Value 4/1/22		Ending Account Value 9/30/22			Expenses Paid for the 6 months ended 9/30/2022*
Class A
Actual	$	1,000.00	$	933.07		$	3.54	$	1,000.00	$	894.27		$	4.05		N/A		N/A			N/A	$	1,000.00	$	977.00		$	3.37
Hypothetical 5% return		1,000.00		1,021.41	+		3.70		1,000.00		1,020.79	+		4.32		N/A		N/A			N/A		1,000.00		1,021.66	+		3.44
Class C
Actual		1,000.00		930.20			7.16		1,000.00		890.90			7.60		N/A		N/A			N/A		1,000.00		974.05			5.34
Hypothetical 5% return		1,000.00		1,017.65	+		7.49		1,000.00		1,017.03	+		8.11		N/A		N/A			N/A		1,000.00		1,019.66	+		5.46
Institutional
Actual		1,000.00		934.57			1.94		1,000.00		895.67			2.58		N/A		N/A			N/A		1,000.00		978.36			1.93
Hypothetical 5% return		1,000.00		1,023.06	+		2.03		1,000.00		1,022.34	+		2.75		N/A		N/A			N/A		1,000.00		1,023.12	+		1.97
Separate Account Institutional
Actual		N/A		N/A			N/A		N/A		N/A			N/A	$	1,000.00	$	910.85		$	0.00		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,025.07	+		0.00		N/A		N/A			N/A
Service
Actual		1,000.00		932.61			4.38		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		974.97			4.40
Hypothetical 5% return		1,000.00		1,020.54	+		4.58		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,020.61	+		4.50
Investor
Actual		1,000.00		934.79			2.33		1,000.00		895.52			2.87		N/A		N/A			N/A		1,000.00		978.17			2.13
Hypothetical 5% return		1,000.00		1,022.66	+		2.44		1,000.00		1,022.05	+		3.06		N/A		N/A			N/A		1,000.00		1,022.92	+		2.18
Class R6
Actual		1,000.00		935.26			1.90		1,000.00		895.59			2.53		N/A		N/A			N/A		1,000.00		977.44			1.88
Hypothetical 5% return		1,000.00		1,023.11	+		1.98		1,000.00		1,022.40	+		2.70		N/A		N/A			N/A		1,000.00		1,023.17	+		1.92
Class P
Actual		1,000.00		934.67			1.90		1,000.00		895.59			2.54		N/A		N/A			N/A		1,000.00		978.41			1.88
Hypothetical 5% return		1,000.00		1,023.11	+		1.99		1,000.00		1,022.39	+		2.71		N/A		N/A			N/A		1,000.00		1,023.17	+		1.93

+ 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, 2022. 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 Shares			Class C Shares			Institutional Shares			Separate Account Institutional Shares			Service Shares			Investor Shares			Class R6 Shares			Class P Shares
Dynamic Municipal Income		0.73	%		1.48	%		0.40	%		N/A			0.90	%		0.48	%		0.39	%		0.39	%
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			0.00	%		N/A			N/A			N/A			N/A
Short Duration Tax-Free		0.68			1.08			0.39			N/A			0.89			0.43			0.38			0.38

258

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, 2023 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 14-15, 2022 (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; and

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

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

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

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

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

259

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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 developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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, 2021, 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, 2022. 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

260

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

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 for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2022. They noted that the High Yield Municipal Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the 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 three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2022. The Trustees observed that the Special 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, 2021, and had outperformed the Fund’s benchmark index for the one- and three-year periods ended March 31, 2022. They noted that the Short Duration Tax-Free Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the 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 five- and ten-year periods and underperformed for the one- and three-year periods ended March 31, 2022.

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. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Short Duration Tax-Free Fund that would have the effect of decreasing expenses of Class A, Class C, and Investor Shares of the Fund, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds (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 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 or if they are dissatisfied with the performance of the Fund.

261

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Statement Regarding Basis for Approval of Management Agreements (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 2021 and 2020, 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

262

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

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, 2023.

263

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 $2.19 trillion in assets under supervision as of September 30, 2022, 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

∎ 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

∎ Large Cap Core Fund⁴

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁵

∎ 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

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth 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 John G. Chou Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Gregory G. Weaver Paul C. Wirth	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, 2022 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.

© 2022 Goldman Sachs. All rights reserved. 297964-OTU-11/2022 TFFISAR-22

Goldman Sachs Short Duration and Government

Fixed Income Funds

∎ ENHANCED INCOME

∎ GOVERNMENT INCOME

∎ INFLATION PROTECTED SECURITIES

∎ SHORT DURATION BOND

∎ SHORT DURATION GOVERNMENT

∎ SHORT-TERM CONSERVATIVE INCOME

TABLE OF CONTENTS

Market Review	1
Fund Basics	5
Schedules of Investments	17
Financial Statements	66
Financial Highlights	75
Enhanced Income	75
Government Income	82
Inflation Protected Securities	90
Short Duration Bond	97
Short Duration Government	104
Short-Term Conservative Income	111
Notes to Financial Statements	118
Other Information	146

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, 2022 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during 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, 2023.

Market and Economic Review

∎ During the Reporting Period, the performance of the global fixed income markets was broadly influenced by central bank monetary policy, rising interest rates, inflationary trends, slowing economic growth and geopolitical pressures.

∎ The broad global investment grade bond market, as represented by the Bloomberg Global Aggregate Index (Gross, USD, hedged)ⁱ, returned -7.49%.

∎ The Bloomberg U.S. Aggregate Bond Indexⁱⁱ, representing the broad U.S. fixed income market, returned -9.22%.

∎ Global economic activity moderated during the Reporting Period, as central banks grew increasingly hawkish and financial conditions tightened. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

∎ Inflationary pressures were persistent, with food and energy prices reaching a four-decade high during September 2022 amid continued supply and demand imbalances driven by geopolitical turmoil, including the Russia/Ukraine war, and COVID-19 flareups in China.

∎ Higher inflation led to weaker consumer purchasing power and less favorable consumer sentiment, which, in turn, weighed on consumption. However, job creation remained strong, especially in the U.S.

∎ Many central banks around the world tightened monetary policy during the Reporting Period in an effort to tame inflation.

∎ The People’s Bank of China was a notable exception as policymakers engaged in measured and selective easing to address economic growth headwinds from a property market downturn and ongoing COVID-19 restrictions in the country.

∎ In the U.S., the Federal Reserve (the “Fed”), which had initially raised the targeted federal funds (“fed funds”) rate by 25 basis points in March 2022, continued on its rate hiking path. (A basis point is 1/100th of a percentage point.)

∎ In May 2022, policymakers lifted the targeted fed funds rate by 50 basis points to a range between 0.75% and 1.00%.

∎ On June 1st, the Fed began to reduce the size of its balance sheet.

∎ In mid-June, policymakers raised the targeted fed funds rate by 75 basis points to a range between 1.50% to 1.75%—the largest single rate increase since 1994—and signaled they would continue tightening monetary policy at an aggressive pace.

∎ During July, the Fed hiked the targeted fed funds rate another 75 basis points, though comments by Fed Chair Jerome Powell suggested a potential deceleration in the pace of future rate hikes.

∎ At the Fed’s Jackson Hole symposium in August, Powell dispelled near-term prospects of a policy pivot, stressing that Fed officials remained committed to “restoring price stability” and acknowledging this might require “a restrictive policy stance for some time.”

∎ During September, the Fed raised the targeted fed funds rate an additional 75 basis points—to a range of 3.00% to 3.25%, with many market participants anticipating further rate hikes in the months ahead.

∎ The Reporting Period closed on a volatile note as markets responded to the hawkish Fed monetary policy outlook, heightened geopolitical uncertainty, energy disruptions in Europe and proposed budget from the U.K. government that sought to support economic growth through personal and corporate tax cuts and supply-side reforms. (Supply-side economics is a theory that maintains that increasing the supply of goods and services is the engine for economic growth.) (After the end of the Reporting Period, the proposed U.K. budget was withdrawn as concerns about U.K. fiscal policy and its inflationary implications drove a sharp rise in U.K. government bond yields and further tightening of global financial conditions.)

ⁱ  The Bloomberg Global Aggregate Index is a flagship measure of global investment grade debt from 28 local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

ⁱⁱ  The Bloomberg U.S. Aggregate Bond Index is a broad-based fixed income index that includes bonds of investment grade quality or better, including corporate bonds, U.S. Treasury securities, mortgage-backed securities, asset backed securities and municipal bonds.

                1

∎ For the Reporting Period overall, U.S. Treasury yields rose significantly across the yield curve, or spectrum of maturities, though shorter-term U.S. Treasury yields rose more dramatically than intermediate- and longer-term U.S. Treasury yields.

∎ During the Reporting Period as a whole, spread, or non-government bond, sectors generated negative absolute returns. External and local emerging markets debt were among the worst performers, followed by U.S. investment grade corporate bonds, Treasury inflation protected securities, U.S. high yield corporate bonds and U.S. mortgage-backed securities—with each sector underperforming U.S. Treasuries during the Reporting Period. High yield loans, asset-backed securities and commercial mortgage-backed securities also recorded negative returns, though to a lesser extent and outperformed U.S. Treasuries during the Reporting Period.

Fund Changes and Highlights

Goldman Sachs Enhanced Income Fund

∎ In June 2022, David Fishman, Managing Director and Head of Liquidity Solutions within Goldman Sachs Asset Management, L.P. (“GSAM”), announced his intention to retire from GSAM, effective December 31, 2022. As of October 1, 2022, just after the close of the Reporting Period, Mr. Fishman no longer served as a portfolio manager for the Fund. John Olivo, Managing Director and Global Head of Short Duration Strategies within GSAM, continues to serve as portfolio manager for the Fund.

∎ The Fund’s increased allocation to corporate obligations generally and to investment grade corporate credit more specifically during the Reporting Period was implemented given our view that valuations were attractive and fundamentals remained strong for the sector, despite elevated macro uncertainties.

∎ Technical, or supply and demand, dynamics also turned favorable during the Reporting Period, in our opinion, given a widely anticipated slowdown in new supply and increased demand from yield-oriented investors seeking high quality fixed income assets.

Goldman Sachs Government Income Fund

∎ Effective at the close of business on March 31, 2022, Raghavan Gopalsamy, Vice President, and Jon Calluzzo, Vice President, began serving as portfolio managers for the Funds. Peter Stone, Managing Director, continues to serve as a portfolio manager for the Funds.

∎ The Fund’s increased allocation to Federal agencies generally and to agency mortgage-backed securities more specifically during the Reporting Period was based on our view of investment opportunities available and of forward-looking return potential for these securities.

∎ Agency mortgage-backed securities spreads, or yield differentials to duration-equivalent U.S. Treasuries, had widened significantly during the Reporting Period.

∎ We developed a constructive view on the sector given historically wide valuations, elevated carry and our expectations for favorable supply and demand dynamics ahead. (Carry is the yield advantage of holding an asset.)

Goldman Sachs Inflation Protected Securities Fund

∎ Effective at the close of business on March 31, 2022, Raghavan Gopalsamy, Vice President, and Jon Calluzzo, Vice President, began serving as portfolio managers for the Funds. Peter Stone, Managing Director, continues to serve as a portfolio manager for the Funds.

2                

Goldman Sachs Short Duration Bond Fund

∎ In June 2022, David Fishman, Managing Director and Head of Liquidity Solutions within Goldman Sachs Asset Management, L.P. (“GSAM”), announced his intention to retire from GSAM, effective December 31, 2022. As of October 1, 2022, just after the close of the Reporting Period, Mr. Fishman no longer served as a portfolio manager for the Fund. John Olivo, Managing Director and Global Head of Short Duration Strategies within GSAM, continues to serve as portfolio manager for the Fund.

∎ The Fund underperformed its benchmark, the Goldman Sachs Short Duration Bond Fund Composite Index (the “Short Duration Bond Composite”), comprised 50% of the Bloomberg U.S. 1-3 Year Corporate Bond Index and 50% of the Bloomberg U.S. 1-3 Year Government Bond Index, during the Reporting Period.

∎ The Fund’s cross-sector strategy detracted most from relative results, driven primarily by significant exposures to collateralized loan obligations (“CLOs”) and high yield corporate bonds.

∎ CLO spreads, or yield differentials to duration-equivalent U.S. Treasuries, widened during the Reporting Period to levels seen during the peak of the COVID-19 crisis, driven by concerns around market volatility and risk-averse investor sentiment.

∎ Weakness among high yield corporate bonds was driven by significant moves in the rates markets, hawkish narratives by global central banks and resurfacing recessionary fears. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

∎ Also within the cross-sector strategy, the Fund’s barbell strategy within its U.S. rates positioning, used to hedge credit beta risk, detracted. More specifically, the Fund had exposure to the seven-year portion of the U.S. Treasury yield curve, which hurt. (A barbell strategy is one in which investments are heavily weighted at both ends of a maturity timeline with less, if any, in intermediate-term maturities. Beta is a measure of the volatility–or systematic risk–of a security or portfolio compared to the market as a whole.)

∎ Overall, the Fund’s issue selection added value to relative results, especially among specific high yield industrial securities within corporate bond selection. However, individual issue selection among CLOs and mortgage-backed securities detracted from the Fund’s performance during the Reporting Period.

∎ The Fund’s duration and yield curve positioning strategy contributed positively to relative performance during the Reporting Period, driven primarily by its exposure to the one-year and five-year segments of the U.S. Treasury yield curve.

Goldman Sachs Short Duration Government Fund

∎ In June 2022, David Fishman, Managing Director and Head of Liquidity Solutions within Goldman Sachs Asset Management, L.P. (“GSAM”), announced his intention to retire from GSAM, effective December 31, 2022. As of October 1, 2022, just after the close of the Reporting Period, Mr. Fishman no longer served as a portfolio manager for the Fund. John Olivo, Managing Director and Global Head of Short Duration Strategies within GSAM, continues to serve as portfolio manager for the Fund.

∎ The Fund underperformed its benchmark, the ICE BofA Two-Year U.S. Treasury Note Index (“Two-Year U.S. Treasury Note Index”) during the Reporting Period.

∎ The Fund’s cross-sector strategy detracted most from relative results, driven primarily by significant exposures to mortgage-backed securities.

∎ During the Reporting Period, we increased the Fund’s exposure to mortgage-backed securities, which hurt, as the sector suffered in August and September 2022 from numerous headwinds, including persistent rate volatility and reduced investor demand.

∎ Heightened market volatility amid rising interest rates and risk-averse investor sentiment pressured mortgage-backed securities, and securitized credit spreads widened to levels seen during the peak of the COVID-19 crisis.

∎ Overall, the Fund’s issue selection added value to relative results, especially among specific agency securities within the government/swaps sector. However, individual issue selection among mortgage-backed securities within the securitized sector dampened the Fund’s performance during the Reporting Period.

∎ The Fund’s duration and yield curve positioning strategy contributed positively to relative performance during the Reporting Period, driven primarily by its exposure to the two-year segment of the U.S. Treasury yield curve.

                3

∎ During the Reporting Period, we increased the Fund’s allocation to Federal agencies generally, but within the sector, we increased exposure to mortgage-backed securities and reduced exposure to agency securities. This positioning was based on our view of investment opportunities available and of forward-looking return potential for mortgage-backed securities.

∎ During the Reporting Period, mortgage-backed securities as a whole suffered many headwinds, including persistent rate volatility and reduced investor demand. However, these securities tend to exhibit resilience as the economy slows and the technical, or supply/demand, backdrop, is balanced.

∎ The rate-sensitive housing market had begun to slow toward the end of the Reporting Period in response to higher interest rates, and we expected home prices to moderate in the near term.

∎ Further, we developed a constructive view on mortgage-backed securities given historically wide valuations and the elevated level of spreads, or yield differentials to duration-equivalent U.S. Treasuries, that enables the Fund to benefit from the carry of these securities. Our expectations for favorable supply and demand dynamics ahead also buoyed our view. (Carry is the yield advantage of holding an asset.)

Goldman Sachs Short-Term Conservative Income Fund

∎ In June 2022, David Fishman, Managing Director and Head of Liquidity Solutions within Goldman Sachs Asset Management, L.P. (“GSAM”), announced his intention to retire from GSAM, effective December 31, 2022. As of October 1, 2022, just after the close of the Reporting Period, Mr. Fishman no longer served as a portfolio manager for the Fund. John Olivo, Managing Director and Global Head of Short Duration Strategies within GSAM, continues to serve as portfolio manager for the Fund.

4                

FUND BASICS

Enhanced Income Fund

    as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1			ICE BofAML One-Year U.S. Treasury Note Index2			Enhanced Income Fund Composite3			ICE BofAML Six-Month U.S. Treasury Bill Index2			30-Day Standardized Subsidized Yield4			30-Day Standardized Unsubsidized Yield4
Class A		-1.35	%		-0.94	%		-0.23	%		0.49	%		3.45	%		3.43	%
Administration		-1.25			-0.94			-0.23			0.49			3.42			3.41
Institutional		-1.24			-0.94			-0.23			0.49			3.68			3.66
Service		-1.49			-0.94			-0.23			0.49			3.17			3.16
Investor		-1.28			-0.94			-0.23			0.49			3.60			3.58
Class R6		-1.23			-0.94			-0.23			0.49			3.69			3.67
Class P		-1.23			-0.94			-0.23			0.49			3.69			3.67

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 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.

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%).

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.

                5

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 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.

~ “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.

6                

FUND BASICS

Government Income Fund

    as of September 30, 2022

PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1			30-Day Standardized Unsubsidized Yield2			Bloomberg U.S. Government/ Mortgage Index3			30-Day Standardized Subsidized Yield2
Class A		-8.92	%		2.57	%		-8.37	%		2.87	%
Class C		-9.27			1.90			-8.37			2.21
Institutional		-8.80			3.00			-8.37			3.29
Service		-9.04			2.50			-8.37			2.79
Investor		-8.81			2.92			-8.37			3.23
Class R6		-8.79			3.02			-8.37			3.31
Class R		-9.12			2.41			-8.37			2.73
Class P		-8.79			3.02			-8.37			3.31

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

²  The 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.

³  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.

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.

                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 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.

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

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

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

8                

FUND BASICS

Inflation Protected Securities Fund

    as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1			30-Day Standardized Unsubsidized Yield2			Bloomberg U.S. TIPS Index3			30-Day Standardized Subsidized Yield2
Class A		-11.09	%		1.05	%		-10.92	%		1.10	%
Class C		-11.51			0.30			-10.92			0.36
Institutional		-10.96			1.45			-10.92			1.51
Investor		-10.99			1.37			-10.92			1.42
Class R6		-10.95			1.46			-10.92			1.51
Class R		-11.26			0.83			-10.92			0.88
Class P		-10.94			1.46			-10.92			1.51

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 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.

³  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.

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.

                9

FUND BASICS

    FUND COMPOSITION *

     Percentage of Net Assets

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

** “U.S. Treasury Obligations” percentages are grouped by effective maturity. The weighted average maturity was 8.26% and 9.64% years, respectively, at September 30, 2022 and March 31, 2022.

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

    as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–      September 30, 2022	Fund Total Return (based on NAV)1			Bloomberg U.S. 1-3 Year Government Bond Index2			Goldman Sachs Short Duration Bond Fund Composite Index3			Bloomberg U.S. 1-3 Year Corporate 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		-3.99	%		-2.05	%		-2.14	%		-2.23	%		-3.46	%		-3.85	%		-3.07	%		3.79	%		3.73	%
Class C		-4.18			-2.05			-2.14			-2.23			-3.46			-3.85			-3.07			3.44			3.02
Institutional		-3.83			-2.05			-2.14			-2.23			-3.46			-3.85			-3.07			4.16			4.12
Investor		-3.86			-2.05			-2.14			-2.23			-3.46			-3.85			-3.07			4.10			4.04
Class R6		-3.83			-2.05			-2.14			-2.23			-3.46			-3.85			-3.07			4.17			4.13
Class R		-4.10			-2.05			-2.14			-2.23			-3.46			-3.85			-3.07			3.59			3.53
Class P		-3.82			-2.05			-2.14			-2.23			-3.46			-3.85			-3.07			4.15			4.10

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

²  The 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.

³  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%).

⁴  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.

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%).

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 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.

                11

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 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.

‡ “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, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)g			30-Day Standardized Unsubsidized Yield1			ICE BofAML Two-Year U.S. Treasury Note Index2			30-Day Standardized Subsidized Yield1
Class A		-3.59	%		2.69	%		-2.14	%		2.78	%
Class C		-3.72			1.97			-2.14			2.41
Institutional		-3.35			3.06			-2.14			3.15
Service		-3.59			2.56			-2.14			2.65
Investor		-3.47			2.98			-2.14			3.07
Class R6		-3.44			3.07			-2.14			3.16
Class P		-3.34			3.07			-2.14			3.16

^g  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.

¹  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.

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.

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 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 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.

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

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

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

14                

FUND BASICS

Short-Term Conservative Income Fund

    as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1			30-Day Standardized Subsidized Yield2			Bloomberg Short-Term Government/ Corporate Index3			ICE BofAML 3-6 Month US Treasury Bill Index4			30-Day Standardized Unsubsidized Yield2
Class A		0.23	%		2.49	%		0.05	%		0.51	%		2.41	%
Administration		0.46			2.73			0.05			0.51			2.65
Preferred		0.36			2.73			0.05			0.51			2.65
Institutional		0.45			2.72			0.05			0.51			2.64
Investor		0.41			2.65			0.05			0.51			2.57
Class R6		0.46			2.73			0.05			0.51			2.65
Class P		0.45			2.72			0.05			0.51			2.64

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 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.

³  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.

⁴  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.

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.

                15

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 and certificate of deposit. 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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 63.5%
Aerospace & Defense(a) – 1.4%
Howmet Aerospace, Inc.
$	821,000		5.125	%	10/01/24	$	802,281
Teledyne Technologies, Inc.
	2,700,000		0.650		04/01/23		2,638,575
The Boeing Co.
	4,925,000		1.167		02/04/23		4,866,097
	2,550,000		1.950		02/01/24		2,445,756
TransDigm, Inc.
	1,365,000		8.000	(b)	12/15/25		1,384,806
							12,137,515
Agriculture(b) – 0.0%
Cargill, Inc.
	500,000		1.375		07/23/23		486,945
Airlines(a)(b) – 0.1%
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
	985,000		8.000		09/20/25		991,639
Apparel(a) – 0.1%
NIKE, Inc.
	725,000		2.400		03/27/25		686,793
Automotive – 3.6%
BMW US Capital LLC (SOFR + 0.840%)
	1,389,000		3.811	(b)(c)	04/01/25		1,386,028
Dana Financing Luxembourg S.a.r.l.
	1,405,000		5.750	(a)(b)	04/15/25		1,339,021
Ford Motor Credit Co. LLC
	1,429,000		2.300	(a)	02/10/25		1,274,911
General Motors Co.
	3,423,000		4.875		10/02/23		3,408,521
	1,522,000		5.400		10/02/23		1,521,893
General Motors Financial Co., Inc.
	4,925,000		1.050		03/08/24		4,624,673
	2,425,000		1.200		10/15/24		2,226,490
	5,415,000		3.800		04/07/25		5,157,896
Hyundai Capital America
	2,375,000		1.000	(b)	09/17/24		2,170,180
PACCAR Financial Corp.
	400,000		2.650		04/06/23		395,788
The Goodyear Tire & Rubber Co.
	1,330,000		9.500	(a)	05/31/25		1,381,551
Toyota Motor Credit Corp.
	3,222,000		1.350		08/25/23		3,126,435
Volkswagen Group of America Finance LLC(b)
	1,225,000		0.750		11/23/22		1,218,900
	2,775,000		3.950		06/06/25		2,669,633
							31,901,920
Banks – 15.7%
ANZ New Zealand International Ltd.(b) (SOFR + 0.600%)
	1,150,000		3.308	(c)	02/18/25		1,138,994
Banco Santander SA
	1,200,000		3.892		05/24/24		1,169,196
	1,400,000		2.706		06/27/24		1,337,938
	3,400,000		5.147		08/18/25		3,307,248

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(1 Year CMT + 0.450%)
$	5,400,000		0.701	%(a)(c)	06/30/24	$	5,190,966
Bank of America Corp.
	1,200,000		4.100		07/24/23		1,196,208
	2,500,000		4.000		01/22/25		2,421,250
(3M USD LIBOR + 0.790%)
	4,125,000		3.004	(a)(c)	12/20/23		4,104,127
(3M USD LIBOR + 0.940%)
	1,300,000		3.864	(a)(c)	07/23/24		1,281,592
(SOFR + 0.670%)
	9,975,000		1.843	(a)(c)	02/04/25		9,485,028
Bank of Montreal
	4,440,000		4.700	(a)	09/14/27		4,290,594
Banque Federative du Credit Mutuel SA
	950,000		0.650	(b)	02/27/24		893,694
BNP Paribas SA
	2,475,000		3.500	(b)	03/01/23		2,458,516
BPCE SA
	649,000		4.000	(b)	09/12/23		639,713
Canadian Imperial Bank of Commerce
	1,175,000		0.950		06/23/23		1,142,840
(SOFR + 0.940%)
	2,165,000		3.137	(c)	04/07/25		2,138,760
Citigroup, Inc.(c)
(SOFR + 0.686%)
	1,225,000		0.776	(a)	10/30/24		1,164,938
(SOFR + 0.694%)
	3,925,000		3.141	(a)	01/25/26		3,824,363
(SOFR + 1.372%)
	3,295,000		4.140	(a)	05/24/25		3,221,291
(SOFR + 1.546%)
	4,460,000		5.610		09/29/26		4,435,381
Citizens Bank NA
	900,000		2.250	(a)	04/28/25		835,065
Cooperatieve Rabobank UA
	1,050,000		0.375		01/12/24		991,715
Credit Suisse AG
	4,995,000		3.700		02/21/25		4,689,905
Danske Bank A/S
	1,175,000		1.226	(a)(b)	06/22/24		1,086,593
Deutsche Bank AG
	2,105,000		4.162		05/13/25		2,025,389
Federation des Caisses Desjardins du Quebec
	4,840,000		4.400	(b)	08/23/25		4,680,667
Fifth Third Bancorp
	325,000		1.625	(a)	05/05/23		319,345
Fifth Third Bank NA
	1,125,000		1.800	(a)	01/30/23		1,115,595
First Horizon Corp.
	1,000,000		3.550	(a)	05/26/23		989,870
HSBC Holdings PLC
	1,300,000		3.600		05/25/23		1,287,871
ING Groep NV
	900,000		4.100		10/02/23		888,246

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
JPMorgan Chase & Co.(a)(c)
(SOFR + 0.420%)
$	2,750,000		0.563	%	02/16/25	$	2,572,570
(SOFR + 1.455%)
	2,225,000		1.514		06/01/24		2,172,913
(TSFR3M + 0.600%)
	850,000		0.653		09/16/24		811,019
KeyBank NA
	725,000		1.250		03/10/23		714,843
Mitsubishi UFJ Financial Group, Inc.
	1,550,000		3.761		07/26/23		1,532,857
(1 year CMT + 1.550%)
	4,550,000		5.063	(a)(c)	09/12/25		4,500,951
Mizuho Financial Group, Inc. (-1x SOFR + 1.251%)
	1,275,000		1.241	(a)(c)	07/10/24		1,233,154
Morgan Stanley
	1,400,000		3.125		01/23/23		1,396,164
(3M USD LIBOR + 0.847%)
	1,125,000		3.737	(a)(c)	04/24/24		1,113,165
(SOFR + 0.466%)
	1,550,000		0.560	(a)(c)	11/10/23		1,541,955
(SOFR + 0.625%)
	7,125,000		3.129	(a)(c)	01/24/25		6,986,632
(SOFR + 0.745%)
	725,000		0.864	(a)(c)	10/21/25		657,452
(SOFR + 1.669%)
	1,590,000		4.679	(a)(c)	07/17/26		1,547,944
MUFG Union Bank NA
	650,000		2.100	(a)	12/09/22		647,784
Natwest Group PLC(a)(c)
(1 Year CMT + 2.150%)
	1,200,000		2.359		05/22/24		1,172,136
(3M USD LIBOR + 1.550%)
	5,170,000		4.519		06/25/24		5,109,563
NatWest Markets PLC
	795,000		2.375	(b)	05/21/23		778,392
Royal Bank of Canada
	1,125,000		1.950		01/17/23		1,117,958
	1,475,000		0.500		10/26/23		1,412,519
Santander Holdings USA, Inc. (SOFR + 1.380%)
	2,315,000		4.260	(a)(c)	06/09/25		2,225,039
Santander UK Group Holdings PLC (SOFR + 0.787%)
	1,425,000		1.089	(a)(c)	03/15/25		1,315,603
Skandinaviska Enskilda Banken AB
	1,175,000		0.550	(b)	09/01/23		1,127,342
Societe Generale SA
	4,885,000		4.351	(b)	06/13/25		4,747,390
Standard Chartered PLC(a)(b)(c)
(1 Year CMT + 0.780%)
	875,000		0.991		01/12/25		816,165
(3M USD LIBOR + 1.080%)
	1,400,000		3.885		03/15/24		1,388,128
Sumitomo Mitsui Financial Group, Inc.
	325,000		0.508		01/12/24		306,352
	725,000		0.948		01/12/26		629,148

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Sumitomo Mitsui Trust Bank Ltd.
$	2,250,000		0.800	%(b)	09/12/23	$	2,160,765
Synovus Financial Corp.
	2,310,000		5.200	(a)	08/11/25		2,266,687
The Bank of New York Mellon Corp.
	1,375,000		0.350	(a)	12/07/23		1,309,784
The Toronto-Dominion Bank
	1,810,000		4.693		09/15/27		1,750,071
Truist Bank
	1,700,000		1.250	(a)	03/09/23		1,677,101
UBS AG
	1,775,000		0.450	(b)	02/09/24		1,668,589
Wells Fargo & Co.(a)
	500,000		3.750		01/24/24		492,475
(SOFR + 1.560%)
	2,390,000		4.540	(c)	08/15/26		2,314,285
(SOFR + 1.600%)
	3,125,000		1.654	(c)	06/02/24		3,051,156
							140,018,949
Beverages – 1.1%
Constellation Brands, Inc.
	7,830,000		3.600		05/09/24		7,664,239
JDE Peet’s NV
	2,625,000		0.800	(a)(b)	09/24/24		2,404,684
							10,068,923
Biotechnology – 0.4%
Gilead Sciences, Inc.
	131,000		0.750	(a)	09/29/23		125,913
Illumina, Inc.
	2,475,000		0.550		03/23/23		2,425,426
Royalty Pharma PLC
	1,200,000		0.750		09/02/23		1,149,192
							3,700,531
Building Materials(a)(b) – 0.1%
JELD-WEN, Inc.
	1,435,000		4.625		12/15/25		1,162,967
Chemicals(a) – 0.1%
Celanese US Holdings LLC
	350,000		3.500		05/08/24		336,346
Westlake Corp.
	975,000		0.875		08/15/24		909,919
							1,246,265
Commercial Services – 0.3%
Global Payments, Inc.(a)
	1,150,000		3.750		06/01/23		1,139,374
	525,000		1.200		03/01/26		451,747
PayPal Holdings, Inc.
	1,475,000		1.350		06/01/23		1,446,340
							3,037,461

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)
Computers(a) – 1.1%
Dell International LLC/EMC Corp.
$	1,447,000		5.450	%	06/15/23	$	1,450,560
	1,075,000		5.850		07/15/25		1,083,503
Hewlett Packard Enterprise Co.
	1,400,000		2.250		04/01/23		1,383,634
	2,175,000		4.450		10/02/23		2,164,234
	3,625,000		1.450		04/01/24		3,441,901
							9,523,832
Diversified Financial Services – 5.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	5,600,000		4.125	(a)	07/03/23		5,554,472
	3,375,000		1.150		10/29/23		3,211,582
AIG Global Funding(b)
	2,100,000		0.800		07/07/23		2,037,483
	1,525,000		0.450		12/08/23		1,449,192
	5,075,000		0.650		06/17/24		4,716,959
Air Lease Corp.
	500,000		2.250		01/15/23		496,300
	1,150,000		2.750	(a)	01/15/23		1,141,846
	5,549,000		4.250	(a)	02/01/24		5,451,393
	825,000		2.300	(a)	02/01/25		756,880
Ally Financial, Inc.
	3,075,000		1.450	(a)	10/02/23		2,966,944
Aviation Capital Group LLC(a)(b)
	1,200,000		5.500		12/15/24		1,161,360
	550,000		1.950		01/30/26		461,830
Avolon Holdings Funding Ltd.
	675,000		2.875	(a)(b)	02/15/25		611,172
Capital One Financial Corp.(a)
	725,000		2.600		05/11/23		716,554
(3M USD LIBOR + 0.720%)
	1,300,000		3.526	(c)	01/30/23		1,299,103
(SOFR + 0.690%)
	3,400,000		3.542	(c)	12/06/24		3,318,332
LD Holdings Group LLC
	1,490,000		6.500	(a)(b)	11/01/25		890,871
Nasdaq, Inc.
	1,450,000		0.445	(a)	12/21/22		1,435,427
Navient Corp.
	1,395,000		5.500		01/25/23		1,395,181
Nomura Holdings, Inc.
	1,390,000		5.099		07/03/25		1,369,720
OneMain Finance Corp.
	1,380,000		5.625		03/15/23		1,376,233
Synchrony Financial
	3,085,000		4.875	(a)	06/13/25		2,979,771
United Wholesale Mortgage LLC
	1,460,000		5.500	(a)(b)	11/15/25		1,274,303
USAA Capital Corp.
	150,000		1.500	(b)	05/01/23		147,416
							46,220,324

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – 4.8%
American Electric Power Co., Inc.
$	1,750,000		2.031	%	03/15/24	$	1,673,245
Avangrid, Inc.
	650,000		3.200	(a)	04/15/25		614,712
Berkshire Hathaway Energy Co.
	650,000		4.050	(a)	04/15/25		639,470
Dominion Energy, Inc.
	1,200,000		2.450	(b)	01/15/23		1,193,220
	2,025,000		1.450	(a)	04/15/26		1,779,854
DTE Energy Co.
	575,000		1.050	(a)	06/01/25		513,987
Dte Energy Co. Sr Unsecured 11/24 Var
	4,810,000		4.220	(a)(d)	11/01/24		4,712,357
Enel Finance International NV
	2,575,000		1.375	(a)(b)	07/12/26		2,178,707
Entergy Louisiana LLC(a)
	559,000		0.620		11/17/23		534,952
	2,000,000		0.950		10/01/24		1,853,840
Eversource Energy
	2,405,000		4.200		06/27/24		2,371,330
FirstEnergy Corp.
	400,000		2.050	(a)	03/01/25		364,564
Florida Power & Light Co.
	375,000		2.850	(a)	04/01/25		358,748
Georgia Power Co.
	1,000,000		2.100		07/30/23		977,160
NextEra Energy Capital Holdings, Inc.
	2,150,000		0.650		03/01/23		2,115,621
	3,510,000		4.255		09/01/24		3,458,789
	2,370,000		4.450		06/20/25		2,330,800
NRG Energy, Inc.
	1,225,000		3.750	(a)(b)	06/15/24		1,176,502
PPL Electric Utilities Corp.(a)(c)
(3M USD LIBOR + 0.250%)
	275,000		3.891		09/28/23		272,685
(SOFR + 0.330%)
	1,930,000		3.303		06/24/24		1,905,489
Public Service Enterprise Group, Inc.(a)
	1,725,000		0.841		11/08/23		1,648,324
	675,000		2.875		06/15/24		649,593
	675,000		0.800		08/15/25		593,730
Southern Power Co.
	500,000		0.900	(a)	01/15/26		434,065
The Southern Co.(a)
	1,400,000		2.950		07/01/23		1,381,576
	3,575,000		4.475	(d)	08/01/24		3,529,061
Vistra Operations Co. LLC
	875,000		3.550	(a)(b)	07/15/24		833,481
WEC Energy Group, Inc.
	725,000		0.550		09/15/23		694,601
Xcel Energy, Inc.
	1,948,000		0.500	(a)	10/15/23		1,855,489
							42,645,952

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment(a)(b) – 0.4%
Banijay Entertainment SASU
$	1,410,000		5.375	%	03/01/25	$	1,321,085
Caesars Resort Collection LLC/CRC Finco, Inc.
	2,600,000		5.750		07/01/25		2,509,416
							3,830,501
Environmental(a) – 0.2%
GFL Environmental, Inc.
	1,415,000		3.750	(b)	08/01/25		1,305,706
Waste Management, Inc.
	625,000		0.750		11/15/25		551,756
							1,857,462
Food & Drug Retailing – 1.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson’s LLC
	1,430,000		3.250	(a)(b)	03/15/26		1,260,431
B&G Foods, Inc.
	1,415,000		5.250	(a)	04/01/25		1,231,800
Danone SA
	7,000,000		2.589	(a)(b)	11/02/23		6,841,520
Mondelez International Holdings Netherlands B.V.(b)
	2,500,000		0.750		09/24/24		2,294,950
	3,250,000		4.250		09/15/25		3,181,197
Mondelez International, Inc.
	525,000		1.500	(a)	05/04/25		479,913
US Foods, Inc.
	1,385,000		6.250	(a)(b)	04/15/25		1,364,585
							16,654,396
Forest Products & Paper(b) – 0.1%
Georgia-Pacific LLC
	1,125,000		0.625		05/15/24		1,044,754
Gaming(a) – 0.1%
MGM Resorts International
	1,375,000		6.750		05/01/25		1,353,674
Gas(a) – 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.
	1,290,000		5.875		08/20/26		1,174,751
NiSource, Inc.
	1,025,000		0.950		08/15/25		910,056
The East Ohio Gas Co.
	250,000		1.300	(b)	06/15/25		224,213
							2,309,020
Healthcare Providers & Services – 2.6%
Aetna, Inc.(a)
	975,000		2.800		06/15/23		961,838
	2,250,000		3.500		11/15/24		2,187,810
Baxter International, Inc.
	4,000,000		0.868		12/01/23		3,818,400
DH Europe Finance II S.a.r.l.
	3,025,000		2.200	(a)	11/15/24		2,861,226

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
Elevance Health, Inc.
$	2,875,000		0.450	%	03/15/23	$	2,821,525
Humana, Inc.
	2,525,000		0.650	(a)	08/03/23		2,439,504
PerkinElmer, Inc.
	1,700,000		0.850	(a)	09/15/24		1,576,291
Thermo Fisher Scientific, Inc.
	4,050,000		1.215	(a)	10/18/24		3,770,266
Zimmer Biomet Holdings, Inc.
	3,000,000		1.450	(a)	11/22/24		2,777,520
							23,214,380
Home Builders(a) – 0.4%
D.R. Horton, Inc.
	3,199,000		4.750		02/15/23		3,197,880
Insurance – 3.0%
Athene Global Funding(b)
	1,090,000		2.800		05/26/23		1,073,476
	875,000		1.200		10/13/23		837,979
	2,225,000		0.950		01/08/24		2,099,109
	375,000		2.500		01/14/25		349,778
	600,000		1.450		01/08/26		521,370
Equitable Financial Life Global Funding
	700,000		1.400	(b)	07/07/25		630,315
Great-West Lifeco US Finance 2020 LP
	425,000		0.904	(a)(b)	08/12/25		374,331
Jackson Financial, Inc.
	2,325,000		1.125		11/22/23		2,217,492
Metropolitan Life Global Funding I(b)
	575,000		1.950		01/13/23		570,400
	600,000		0.900		06/08/23		585,510
New York Life Global Funding
	1,200,000		1.100	(b)	05/05/23		1,178,328
Pacific Life Global Funding II(b)
	4,025,000		0.500		09/23/23		3,854,581
(SOFR + 0.800%)
	5,400,000		3.771	(c)	03/30/25		5,315,544
Principal Life Global Funding II
	2,150,000		0.500	(b)	01/08/24		2,032,911
Protective Life Global Funding(b)
	2,225,000		1.082		06/09/23		2,169,820
	2,100,000		0.631		10/13/23		2,013,543
	600,000		0.473		01/12/24		565,440
Reliance Standard Life Global Funding II
	275,000		2.150	(b)	01/21/23		272,663
							26,662,590
Internet(a)(b) – 0.4%
Prosus NV
	2,260,000		3.257		01/19/27		1,892,750
Uber Technologies, Inc.
	1,365,000		7.500		05/15/25		1,362,065
							3,254,815

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)
Iron/Steel – 0.2%
Nucor Corp.
$	730,000		3.950	%	05/23/25	$	708,151
Steel Dynamics, Inc.
	1,240,000		2.400	(a)	06/15/25		1,146,306
							1,854,457
Leisure Time(a)(b) – 0.3%
NCL Corp. Ltd.
	930,000		5.875		02/15/27		774,337
Royal Caribbean Cruises Ltd.
	1,585,000		11.500		06/01/25		1,684,078
							2,458,415
Machinery-Diversified – 0.2%
John Deere Capital Corp.
	400,000		1.200		04/06/23		393,968
Rockwell Automation, Inc.
	1,250,000		0.350	(a)	08/15/23		1,205,413
							1,599,381
Media – 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital
	2,700,000		4.500	(a)	02/01/24		2,669,409
CSC Holdings LLC
	1,370,000		5.250		06/01/24		1,271,949
Sky Ltd.
	1,550,000		3.125	(b)	11/26/22		1,547,504
The Walt Disney Co.
	825,000		3.350		03/24/25		796,315
Time Warner Entertainment Co. LP
	2,200,000		8.375		03/15/23		2,230,932
							8,516,109
Mining(a)(b) – 0.2%
Glencore Funding LLC
	1,175,000		3.000		10/27/22		1,173,954
	675,000		1.625		09/01/25		605,624
							1,779,578
Miscellaneous Manufacturing – 1.3%
Hillenbrand, Inc.
	1,380,000		5.750	(a)	06/15/25		1,358,155
Parker-Hannifin Corp.
	4,745,000		3.650		06/15/24		4,641,179
Siemens Financieringsmaatschappij NV
	6,150,000		0.650	(b)	03/11/24		5,806,030
							11,805,364
Office & Business Equipment(a)(b) – 0.1%
Xerox Holdings Corp.
	1,385,000		5.000		08/15/25		1,246,126
Oil Field Services – 1.1%
Canadian Natural Resources Ltd.
	825,000		2.050	(a)	07/15/25		754,133

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Chevron Corp.
$	950,000		1.141	%	05/11/23	$	931,826
Exxon Mobil Corp.
	900,000		2.992	(a)	03/19/25		864,999
Phillips 66
	950,000		0.900	(a)	02/15/24		900,486
Qatar Energy
	2,520,000		1.375	(a)(b)	09/12/26		2,198,700
Range Resources Corp.
	2,130,000		5.000	(a)	03/15/23		2,122,864
SA Global Sukuk Ltd.
	2,520,000		1.602	(a)	06/17/26		2,233,350
							10,006,358
Packaging – 0.8%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
	557,000		6.000	(a)(b)	06/15/27		527,462
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
	1,395,000		5.250	(a)(b)	04/30/25		1,305,064
Ball Corp.
	2,065,000		4.000		11/15/23		2,026,054
Berry Global, Inc.(a)
	2,100,000		0.950		02/15/24		1,972,929
	550,000		1.570		01/15/26		480,739
Mauser Packaging Solutions Holding Co.
	1,160,000		5.500	(a)(b)	04/15/24		1,100,620
							7,412,868
Pharmaceuticals(a) – 2.8%
AbbVie, Inc.
	7,750,000		2.600		11/21/24		7,382,418
AstraZeneca PLC
	2,000,000		3.500		08/17/23		1,982,500
Bristol-Myers Squibb Co.
	1,450,000		0.537		11/13/23		1,389,303
Cigna Corp.
	4,000,000		3.050		11/30/22		3,993,160
	1,310,000		3.000		07/15/23		1,293,926
	1,357,000		3.750		07/15/23		1,345,995
	3,170,000		0.613		03/15/24		2,987,186
GlaxoSmithKline Capital PLC
	875,000		0.534		10/01/23		840,770
Herbalife Nutrition Ltd./HLF Financing, Inc.
	2,940,000		7.875	(b)	09/01/25		2,665,874
PRA Health Sciences, Inc.
	1,435,000		2.875	(b)	07/15/26		1,263,518
							25,144,650
Pipelines – 2.5%
Enbridge, Inc.
	4,000,000		4.000	(a)	10/01/23		3,961,560
	1,150,000		0.550		10/04/23		1,098,917
(SOFR + 0.400%)
	600,000		3.090	(c)	02/17/23		598,644

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
(SOFR + 0.630%)
$	1,950,000		3.304	%(c)	02/16/24	$	1,929,603
Enterprise Products Operating LLC
	649,000		3.350	(a)	03/15/23		644,477
Kinder Morgan, Inc.
	4,850,000		5.625	(a)(b)	11/15/23		4,854,850
MPLX LP
	4,874,000		4.500	(a)	07/15/23		4,844,902
NuStar Logistics LP
	1,360,000		6.000	(a)	06/01/26		1,251,458
The Williams Cos., Inc.
	1,100,000		3.700	(a)	01/15/23		1,099,318
TransCanada PipeLines Ltd.
	2,275,000		1.000	(a)	10/12/24		2,098,619
							22,382,348
Real Estate(a)(b) – 0.3%
Realogy Group LLC/Realogy Co-Issuer Corp.
	2,745,000		4.875		06/01/23		2,695,480
Real Estate Investment Trust – 0.9%
American Tower Corp.
	1,125,000		3.500		01/31/23		1,120,781
	1,675,000		3.000		06/15/23		1,653,225
	750,000		0.600		01/15/24		708,382
Crown Castle, Inc.
	700,000		1.350	(a)	07/15/25		628,383
VICI Properties LP
	3,715,000		4.375		05/15/25		3,531,405
							7,642,176
Retailing(a) – 0.9%
7-Eleven, Inc.(b)
	950,000		0.625		02/10/23		936,197
	4,325,000		0.800		02/10/24		4,091,363
	400,000		0.950		02/10/26		345,068
Genuine Parts Co.
	1,375,000		1.750		02/01/25		1,271,077
Penske Automotive Group, Inc.
	1,515,000		3.500		09/01/25		1,401,330
							8,045,035
Savings & Loans(b) –0.3%
Nationwide Building Society
	1,325,000		2.000		01/27/23		1,314,188
(3M USD LIBOR + 1.064%)
	1,001,000		3.766	(a)(c)	03/08/24		991,270
							2,305,458
Semiconductors(a) – 1.0%
Broadcom Corp./Broadcom Cayman Finance Ltd.
	3,600,000		3.625		01/15/24		3,531,816
Broadcom, Inc.
	5,225,000		3.625		10/15/24		5,082,044

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors(a) – (continued)
NXP B.V./NXP Funding LLC/NXP USA, Inc.
$	275,000		2.700	%	05/01/25	$	255,368
							8,869,228
Software – 2.8%
Fidelity National Information Services, Inc.(a)
	1,050,000		1.150		03/01/26		907,778
	3,950,000		4.700		07/15/27		3,803,060
Fiserv, Inc.(a)
	825,000		3.800		10/01/23		816,626
	7,950,000		2.750		07/01/24		7,633,351
Infor, Inc.
	1,225,000		1.450	(a)(b)	07/15/23		1,186,400
Intuit, Inc.
	500,000		0.950	(a)	07/15/25		450,790
Oracle Corp.
	1,400,000		2.500	(a)	04/01/25		1,306,018
Take-Two Interactive Software, Inc.
	6,205,000		3.300		03/28/24		6,048,200
VMware, Inc.
	2,600,000		1.000	(a)	08/15/24		2,407,080
							24,559,303
Telecommunication Services – 2.6%
At&T, Inc.
	5,400,000		0.900	(a)	03/25/24		5,115,582
The Bell Telephone Co. of Canada/Bell Canada
	4,275,000		0.750		03/17/24		4,026,110
T-Mobile USA, Inc.
	8,800,000		3.500	(a)	04/15/25		8,418,608
Verizon Communications, Inc.
	4,525,000		0.750		03/22/24		4,277,256
	1,450,000		0.850	(a)	11/20/25		1,272,172
							23,109,728
Transportation(a) – 0.7%
Canadian Pacific Railway Co.
	5,375,000		1.350		12/02/24		4,979,669
United Parcel Service, Inc.
	1,000,000		3.900		04/01/25		982,370
							5,962,039
Trucking & Leasing(a)(b) – 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,025,000		1.200		11/15/25		889,085
TOTAL CORPORATE OBLIGATIONS (Cost $593,163,998)						$	565,492,674

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 – 22.0%
Automotive – 7.1%
Ford Credit Auto Owner Trust Series 2019-1, Class A
$	2,600,000		3.520	%(b)	07/15/30	$	2,558,335
Ford Credit Auto Owner Trust Series 2020-1, Class A
	6,835,000		2.040	(b)	08/15/31		6,359,048
Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2 (1M USD LIBOR + 0.500%)
	1,500,000		3.318	(c)	09/15/25		1,502,828
Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A
	3,200,000		1.060		09/15/27		2,866,238
Ford Credit Floorplan Master Owner Trust Series 2018-2, Class A
	6,900,000		3.170		03/15/25		6,851,741
Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A
	3,625,000		2.440		09/15/26		3,454,009
GM Financial Consumer Automobile Receivables Trust 2021-4, Class A3
	5,700,000		0.680		09/16/26		5,369,953
GMF Floorplan Owner Revolving Trust Series 2019-2, Class A
	1,500,000		2.900	(b)	04/15/26		1,455,132
GMF Floorplan Owner Revolving Trust Series 2020-2, Class A
	1,500,000		0.690	(b)	10/15/25		1,438,887
Hyundai Auto Lease Securitization Trust Series 2021-B, Class A3
	1,550,000		0.330	(b)	06/17/24		1,511,946
Hyundai Auto Lease Securitization Trust Series 2021-C, Class A3
	7,600,000		0.380	(b)	09/16/24		7,327,650
Hyundai Auto Receivables Trust Series 2021-A, Class A3
	900,000		0.380		09/15/25		869,765
Mercedes-Benz Auto Lease Trust Series 2021-B, Class A3
	2,550,000		0.400		11/15/24		2,463,810
NextGear Floorplan Master Owner Trust Series 2021-1A, Class A
	5,500,000		0.850	(b)	07/15/26		5,108,608
Tesla Auto Lease Trust Series 2021-A, Class A3
	500,000		0.560	(b)	03/20/25		482,547
Tesla Auto Lease Trust Series 2021-A, Class A4
	1,800,000		0.660	(b)	03/20/25		1,716,877
Tesla Auto Lease Trust Series 2021-B, Class A3
	5,300,000		0.600	(b)	09/22/25		4,973,161
Toyota Auto Receivables Owner Trust Series 2021-D, Class A3
	3,800,000		0.710		04/15/26		3,592,527
Toyota Lease Owner Trust Series 2021-A, Class A3
	1,975,000		0.390	(b)	04/22/24		1,938,306
Toyota Lease Owner Trust Series 2021-A, Class A4
	375,000		0.500	(b)	08/20/25		361,823
Toyota Lease Owner Trust Series 2021-B, Class A3
	1,550,000		0.420	(b)	10/21/24		1,492,645
							63,695,836
Collateralized Loan Obligations(b)(c) – 9.3%
AIG CLO Series 2021-1A, Class A (3M USD LIBOR + 1.100%)
	2,066,436		3.859		04/22/34		1,971,037
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M
USD LIBOR + 1.200%)
	1,300,000		3.910		07/20/34		1,245,100

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(c) – (continued)
Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 (3M
USD LIBOR + 1.150%)
$	4,000,000		3.662	%	04/15/34	$	3,840,520
Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M
USD LIBOR + 1.050%)
	3,600,000		3.843		01/28/31		3,542,710
Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1 (3M USD LIBOR + 1.140%)
	5,000,000		3.899		01/22/35		4,741,775
BSPDF Issuer Ltd. Series 2021-FL1, Class A (1M USD LIBOR +
1.200%)
	1,000,000		4.018		10/15/36		973,998
CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD
LIBOR + 1.180%)
	2,600,000		3.890		07/20/34		2,488,416
CBAM Ltd. Series 2017-2A, Class AR (3M USD LIBOR + 1.190%)
	5,000,000		3.930		07/17/34		4,744,280
Cedar Funding VII CLO Ltd. Series 2018-7A, Class A1 (3M USD
LIBOR + 1.000%)
	3,000,000		3.710		01/20/31		2,934,711
Dryden 64 CLO, Ltd. Series 2018-64A Class A (3M USD LIBOR + 0.970%)
	5,950,000		3.710		04/18/31		5,779,170
ICG Rhinebeck CLO Ltd. Series 2021-4A, Class A1 (3M USD LIBOR + 1.210%)
	12,000,000		3.976		10/26/34		11,475,876
Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,005,474		3.262		04/15/29		4,896,089
Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR (3M USD LIBOR + 1.070%)
	1,000,000		3.582		07/15/33		969,438
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%)
	5,000,000		4.084		05/20/32		4,764,205
OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	2,600,000		3.846		04/26/31		2,537,338
Octagon 54 Ltd. Series 2021-1A, Class A1 (3M USD LIBOR + 1.120%)
	1,000,000		3.632		07/15/34		957,521
OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%)
	2,500,000		3.850		07/02/35		2,407,745
Pikes Peak CLO 2 Series 2018-2A, Class AR (3M USD LIBOR + 1.190%)
	6,700,000		3.930		10/18/34		6,346,970
Trysail CLO Ltd. Series 2021-1A, Class A1 (3M USD LIBOR + 1.320%)
	1,400,000		4.030		07/20/32		1,348,775
Wellfleet CLO Ltd. Series 2021-3A, Class A (3M USD LIBOR + 1.190%)
	15,000,000		3.702		01/15/35		14,250,930

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(c) – (continued)
Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
$	475,000		4.143	%	07/28/32	$	458,444
							82,675,048
Credit Card – 3.8%
Barclays Dryrock Issuance Trust Series 2021-1, Class A
	6,200,000		0.630		07/15/27		5,726,513
CARDS II Trust Series 2021-1A, Class A
	4,075,000		0.602	(b)	04/15/27		3,836,349
Citibank Credit Card Issuance Trust Series 2017-A5, Class A5
(1M USD LIBOR + 0.620%)
	8,100,000		3.672	(c)	04/22/26		8,109,073
Citibank Credit Card Issuance Trust Series 2018-A2, Class A2
(1M USD LIBOR + 0.330%)
	960,000		3.323	(c)	01/20/25		960,130
Evergreen Credit Card Trust Series 2021-1, Class A
	8,275,000		0.900	(b)	10/15/26		7,643,822
Master Credit Card Trust II Series 2020-1A, Class A
	3,600,000		1.990	(b)	09/21/24		3,558,681
Master Credit Card Trust Series 2021-1A, Class A
	3,900,000		0.530	(b)	11/21/25		3,629,472
							33,464,040
Student Loan(c) –1.8%
Access Group, Inc. Series 2013-1, Class A (1M USD LIBOR +
0.500%)
	678,495		3.584	(b)	02/25/36		664,961
ECMC Group Student Loan Trust Series 2017-1A, Class A (1M
USD LIBOR + 1.200%)
	1,359,241		4.284	(b)	12/27/66		1,343,136
Educational Services of America, Inc. Series 2014-1, Class A (1M
USD LIBOR + 0.700%)
	1,241,148		3.784	(b)	02/25/39		1,228,966
Goal Capital Funding Trust Series 2010-1, Class A (3M USD
LIBOR + 0.700%)
	17,399		3.697	(b)	08/25/48		17,367
Illinois Student Assistance Commission Series 2010-1, Class A3
(3M USD LIBOR + 0.900%)
	1,292,200		3.683		07/25/45		1,278,261
Kentucky Higher Education Student Loan Corp. Series 2021-1,
Class A1B (1M USD LIBOR + 0.780%)
	813,652		3.864		03/25/51		796,251
Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	530,822		1.524		02/25/42		524,517
Massachusetts Educational Financing Authority Series 2008-1,
Class A1 (3M USD LIBOR + 0.950%)
	191,409		3.733		04/25/38		190,998
Navient Student Loan Trust Series 2017-2A, Class A (1M USD
LIBOR + 1.050%)
	2,178,269		4.134	(b)	12/27/66		2,151,503
Navient Student Loan Trust Series 2017-4A, Class A2 (1M USD
LIBOR + 0.500%)
	303,942		3.584	(b)	09/27/66		303,751

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
Nelnet Student Loan Trust Series 2012-3A, Class A (1M USD
LIBOR + 0.700%)
$	2,265,825		3.784	%(b)	02/25/45	$	2,265,796
PHEAA Student Loan Trust Series 2014-3A, Class A (1M USD LIBOR + 0.590%)
	3,106,244		3.674	(b)	08/25/40		3,058,931
Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%)
	698,104		3.273		07/01/31		697,406
SLC Student Loan Trust Series 2007-1, Class A4 (3M USD LIBOR + 0.060%)
	1,379,575		2.965		05/15/29		1,357,358
SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%)
	281,094		3.872		11/25/42		280,769
SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	170,610		4.483		07/25/23		168,421
							16,328,392
TOTAL ASSET-BACKED SECURITIES (Cost $205,695,639)						$	196,163,316
Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 3.1%
Collateralized Mortgage Obligations – 0.7%
Regular Floater(c) – 0.1%
FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
$	297,516		3.418	%	09/15/37	$	297,410
FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%)
	34,755		3.118		04/15/37		34,626
FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	42,088		3.668		06/15/39		42,738
FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%)
	101,901		3.218		05/15/36		101,373
FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%)
	415		3.493		11/17/28		416
FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%)
	128,928		3.584		08/25/36		128,146
FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%)
	171,019		3.924		04/25/48		172,040
FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%)
	294,768		4.234		09/25/39		300,508

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

GOLDMAN SACHS ENHANCED INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater(c) – (continued)
FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR +
0.400%)
$	51,399		3.484	%	09/25/43	$	50,916
							1,128,173
Sequential Fixed Rate – 0.1%
FHLMC REMIC Series 4248, Class LM
	233,332		6.500		05/15/41		245,568
OBX Trust Series 2022-NQM7, Class A1
	297,075		5.110	(a)(b)(d)	08/25/62		290,075
							535,643
Sequential Floating Rate – 0.5%
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2
(1M SOFR + 1.650%)
	442,000		3.931	(b)(c)	12/25/41		401,625
Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1
(1M SOFR + 1.900%)
	501,263		4.181	(b)(c)	04/25/42		492,584
CSMC Series 2021-NQM8, Class A1
	314,261		1.841	(b)(c)	10/25/66		267,132
FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A
(1M SOFR + 1.000%)
	840,284		3.281	(b)(c)	01/25/42		814,784
FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A
(1M SOFR + 2.000%)
	415,367		4.281	(b)(c)	04/25/42		412,255
FNMA REMIC Series 1997-20, Class F
	5,025		1.249		03/25/27		4,944
Verus Securitization Trust Series 2021-8, Class A1
	221,510		1.824	(b)(c)	11/25/66		187,742
Verus Securitization Trust Series 2022-1, Class A1
	1,918,909		2.724	(a)(b)(d)	01/25/67		1,650,449
							4,231,515
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS							5,895,331
Commercial Mortgage-Backed Securities – 2.4%
Sequential Fixed Rate – 0.7%
BANK Series 2017-BNK6, Class A3
$	1,659,373		3.125	%	07/15/60	$	1,606,969
Morgan Stanley Bank of America Merrill Lynch Trust Series
2014-C14, Class A5
	2,198,307		4.064		02/15/47		2,161,927
Morgan Stanley Bank of America Merrill Lynch Trust Series
2015-C20, Class A4
	3,000,000		3.249		02/15/48		2,866,363
							6,635,259
Sequential Floating Rate(c) – 1.7%
BX Commercial Mortgage Trust Series 2021-21M, Class A (1M
USD LIBOR + 0.730%)
	650,000		3.548	(b)	10/15/36		620,750

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(c) – (continued)
BX Commercial Mortgage Trust Series 2021-CIP, Class A (1M
USD LIBOR + 0.921%)
$	1,800,000		3.739	%(b)	12/15/38	$	1,747,337
BX Series 2021-MFM1, Class A (1M USD LIBOR + 0.700%)
	100,000		3.518	(b)	01/15/34		96,372
BX Trust Series 2021-ARIA, Class A (1M USD LIBOR + 0.899%)
	1,100,000		3.717	(b)	10/15/36		1,046,273
BX Trust Series 2021-BXMF, Class A (1M USD LIBOR + 0.636%)
	700,000		3.454	(b)	10/15/26		666,094
BXHPP Trust Series 2021-FILM, Class A (1M USD LIBOR + 0.650%)
	1,550,000		3.468	(b)	08/15/36		1,491,000
ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1M USD LIBOR + 0.701%)
	3,700,000		3.519	(b)	11/15/38		3,548,597
EQUS Mortgage Trust Series 2021-EQAZ, Class A (1M USD LIBOR + 0.755%)
	550,000		3.573	(b)	10/15/38		531,907
FHLMC Multifamily Structured Pass Through Certificates Series KF58, Class A (1M USD LIBOR + 0.500%)
	686,761		3.053		01/25/26		684,702
FHLMC Multifamily Structured Pass Through Certificates Series KF60, Class A (1M USD LIBOR + 0.490%)
	502,900		3.043		02/25/26		500,533
FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%)
	402,513		3.003		06/25/23		402,120
FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%)
	174,509		2.923		04/25/24		174,317
FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%)
	327,801		2.923		05/25/24		327,044
Great Wolf Trust Series 2019-WOLF, Class A (1M USD LIBOR + 1.034%)
	600,000		3.852	(b)	12/15/36		584,339
KKR Industrial Portfolio Trust Series 2021-KDIP, Class A (1M USD LIBOR + 0.550%)
	130,657		3.368	(b)	12/15/37		125,435
ONE PARK Mortgage Trust Series 2021-PARK, Class A (1M USD LIBOR + 0.700%)
	919,000		3.518	(b)	03/15/36		881,372
STWD Trust Series 2021-FLWR, Class A (1M USD LIBOR + 0.577%)
	1,300,000		3.395	(b)	07/15/36		1,239,334
							14,667,526
TOTAL COMERCIAL MORTGAGE-
BACKED SECURITIES						$	21,302,785
Federal Agencies – 0.0%
FHLMC – 0.0%
$	48		4.500	%	05/01/23	$	47

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – 0.0%
$	4,679		7.000	%	04/15/26	$	4,765
TOTAL FEDERAL AGENCIES						$	4,812
TOTAL MORTGAGE-BACKED
OBLIGATIONS
(Cost $28,729,435)						$	27,202,928
Sovereign Debt Obligations – 2.7%
Japanese Yen(e) – 2.0%
Japan Treasury Bills
JPY	2,610,000,000		0.000	%	01/06/23	$	18,045,482
United States Dollar – 0.7%
Perusahaan Penerbit SBSN Indonesia III
$	2,260,000		4.325		05/28/25		2,227,230
Republic of Indonesia
	1,745,000		4.750		01/08/26		1,711,518
Saudi Government International Bond
	2,320,000		3.250		10/26/26		2,201,100
							6,139,848
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $24,972,504)						$	24,185,330
Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – 1.5%
Alabama(a) – 0.0%
Alabama Federal Aid Highway Finance Authority
$	360,000		0.449	%	09/01/23	$	347,743
Florida – 0.1%
County of Palm Beach FL Revenue Bonds Taxable (Refunding)
Series B
	635,000		0.500		12/01/24		581,648
Illinois – 0.1%
Illinois State GO Bonds Taxable-Pension Series 2003
	1,069,091		4.950		06/01/23		1,068,823
Massachusetts(a) – 1.0%
Commonwealth of Massachusetts State GO Bonds Series 2022
	8,150,000		3.564		07/15/23		8,101,158
Massachusetts School Building Revenue Bonds Taxable (Refunding) Series B
	815,000		0.618		08/15/23		790,537
							8,891,695
Rhode Island(a)(c) – 0.0%
Rhode Island Student Loan Authority RB Series 2014-1
	158,172		3.264		10/02/28		157,388
Tennessee – 0.1%
State of Tennessee GO Bonds Taxable (Refunding) Series B
	1,015,000		0.386		11/01/23		976,250

Principal Amount			Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Washington – 0.2%
Washington State GO Improvement & Power District Electric
Systems Series 2021
$		1,620,000		0.210	%	08/01/23	$	1,571,031
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost $13,829,771)							$	13,594,578
	Shares		Description				Value
Exchange Traded Funds – 3.1%
		961,084		SPDR Portfolio Short Term
				Corporate Bond ETF			$	28,082,874
(Cost $30,180,440)
	Shares		Dividend Rate				Value
Investment Company(f) – 0.0%
Goldman Sachs Financial Square Money Market Fund - Institutional Shares
		9,171		2.998	%		$	9,176
(Cost $9,164)
TOTAL INVESTMENTS BEFORE SHORT-
TERM INVESTMENT – 93.2%
(Cost $871,608,447)							$	830,545,546
Principal Amount			Interest Rate			Maturity Date	Value
Short-term Investments – 1.8%
Certificates of Deposit – 1.3%
Cooperatieve Rabobank UA (SOFR + 0.600%)
$		3,567,000		3.560	%(c)	04/10/23	$	3,572,004
Credit Suisse AG
		4,000,000		0.590		03/17/23		3,931,138
The Toronto-Dominion Bank
		1,629,000		4.070		07/18/23		1,620,178
UBS AG (SOFR + 0.400%)
		2,699,000		2.707	(b)(c)	10/14/22		2,699,078
								11,822,398
Commercial Paper(e) – 0.5%
Bank of Montreal
		2,062,000		0.000		07/12/23		1,990,075
Raytheon Technologies Corp.
		1,000,000		0.000		02/06/23		983,617

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

GOLDMAN SACHS ENHANCED INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(e) – (continued)
Royal Bank of Canada
$	1,444,000		0.000	%	07/14/23	$	1,392,450
							4,366,142
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,279,181)						$	16,188,540
TOTAL INVESTMENTS – 97.7%
(Cost $912,860,132)						$	870,919,416
OTHER ASSETS IN EXCESS OF LIABILITIES – 2.3%							20,057,461
NET ASSETS – 100.0%						$	890,976,877

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, 2022.

(d) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2022. (e) Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.

(f) Represents an Affiliated Issuer.

    ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, 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	18,360,860	JPY	2,611,696,500		01/06/23	$	100,220

FUTURES CONTRACTS — At September 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
2 Year U.S. Treasury Notes		(1,196	)		12/30/22	$	(245,647,189	)	$	3,525,944
5 Year U.S. Treasury Notes		(133	)		12/30/22		(14,298,539	)		425,555
TOTAL FUTURES CONTRACTS									$	3,951,499

SWAP CONTRACTS — At September 30, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(a)		Termination Date		Notional Amount (000s)(b)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
12M SOFR		3.500%		12/21/23	$	482,860	$	(4,383,306	)	$	(3,943,838	)	$	(439,468	)
3.000%		12M SOFR		12/21/25		89,920		2,585,110			1,852,801			732,309
TOTAL							$	(1,798,196	)	$	(2,091,037	)	$	292,841

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
JPY	—Japanese Yen
USD	—U.S. Dollar
Investment Abbreviations:
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
ETF	—Exchange Traded Fund
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
SPDR	—Standard and Poor’s Depository Receipt
STACR	—Structured Agency Credit Risk
STRIPS	—Separate Trading of Registered Interest and Principal of Securities
Abbreviations:
SOFR	—Secured Overnight Funding Rate

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 53.6%
Collateralized Mortgage Obligations – 0.9%
Inverse Floaters(a) – 0.0%
GNMA REMIC Series 2002-13, Class SB (-1X 1M USD LIBOR + 37.567%)
$	2,026		23.851	%	02/16/32	$	2,119
Regular Floater(a) – 0.0%
FHLMC REMIC Series 1760, Class ZB (10 Year CMT - 0.600%)
	8,631		2.270		05/15/24		8,617
Sequential Fixed Rate – 0.4%
FHLMC REMIC Series 2329, Class ZA
	151,946		6.500		06/15/31		155,005
FHLMC REMIC Series 4246, Class PT
	50,299		6.500		02/15/36		52,598
FNMA REMIC Series 2011-52, Class GB
	252,356		5.000		06/25/41		251,941
FNMA REMIC Series 2011-99, Class DB
	248,523		5.000		10/25/41		248,316
FNMA REMIC Series 2012-111, Class B
	33,785		7.000		10/25/42		35,573
FNMA REMIC Series 2012-153, Class B
	145,802		7.000		07/25/42		153,270
OBX Trust Series 2022-NQM7, Class A1(b)(c)
	99,025		5.110		08/25/62		96,691
							993,394
Sequential Floating Rate(a) – 0.5%
CSMC Series 2021-NQM8, Class A1(b)
	104,754		1.841		10/25/66		89,044
JPMorgan Mortgage Trust Series 2021-6, Class A3(b)
	371,884		2.500		10/25/51		295,590
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1(b)
	586,124		2.520		05/25/52		489,280
Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%)
	55,104		4.903		11/25/29		51,917
Verus Securitization Trust Series 2021-8, Class A1(b)
	84,744		1.824		11/25/66		71,825
							997,656
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							2,001,786
Commercial Mortgage-Backed Securities – 4.1%
Sequential Fixed Rate – 2.1%
BANK Series 2019-BN24, Class A3
$	1,400,000		2.960	%	11/15/62	$	1,204,942
BANK Series 2020-BN29, Class A4
	600,000		1.997		11/15/53		470,642
BANK Series 2022-BNK39, Class A4
	950,000		2.928		02/15/55		791,320
BBCMS Mortgage Trust Series 2021-C12, Class A5
	950,000		2.689		11/15/54		778,728
Manhattan West Mortgage Trust Series 2020-1MW, Class A(b)
	600,000		2.130		09/10/39		510,196
Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5
	500,000		2.626		04/15/54		407,039

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4
$	700,000		4.000	%(a)	04/15/55	$	628,760
							4,791,627
Sequential Floating Rate – 2.0%
BANK Series 2021-BN31, Class AS
	250,000		2.211		02/15/54		191,342
BANK Series 2021-BNK37, Class A5
	600,000		2.618		11/15/64		487,871
BBCMS Mortgage Trust Series 2022-C16, Class AS
	550,000		4.600	(a)	06/15/55		510,245
BX Trust Series 2021-ARIA, Class A(b) (1M USD LIBOR + 0.899%)
	900,000		3.717	(a)	10/15/36		856,042
BXHPP Trust Series 2021-FILM, Class A(b) (1M USD LIBOR + 0.650%)
	1,600,000		3.468	(a)	08/15/36		1,539,097
Extended Stay America Trust Series 2021-ESH, Class A(b) (1M USD LIBOR + 1.080%)
	397,553		3.898	(a)	07/15/38		385,667
Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A(b) (1M TSFR + 2.186%)
	450,000		5.031	(a)	05/15/37		447,031
							4,417,295
TOTAL COMERCIAL MORTGAGE- BACKED SECURITIES						$	9,208,922
Federal Agencies – 48.6%
Adjustable Rate FHLMC(a) – 0.1%
(1 Year CMT + 2.224%)
$	1,007		2.349	%	11/01/32	$	1,034
(1 Year CMT + 2.250%)
	141,322		3.259	%	09/01/33		146,128
							147,162
Adjustable Rate FNMA(a) – 0.2%
(12M USD LIBOR + 1.670%)
	14,538		1.920	%	11/01/32		14,658
(6M USD LIBOR + 1.413%)
	205,331		2.538	%	05/01/33		207,581
(1 Year CMT + 2.181%)
	4,351		3.180	%	06/01/33		4,476
(12M USD LIBOR + 1.667%)
	152,782		2.384	%	10/01/33		154,929
(1 Year CMT + 2.195%)
	100,357		2.329	%	02/01/35		103,683
(12M USD LIBOR + 1.389%)
	76,212		1.639	%	09/01/35		77,092
							562,419
Adjustable Rate GNMA(a) – 0.3%
	1,911		2.875	%	06/20/23		1,897
	1,157		1.625		07/20/23		1,147
	1,294		1.625		08/20/23		1,281
	3,320		1.625		09/20/23		3,286
	1,451		2.625		03/20/24		1,434

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(a) – (continued)
$	15,617		2.875	%	04/20/24	$	15,430
	2,180		2.875		05/20/24		2,153
	15,523		2.875		06/20/24		15,328
	3,446		3.000		06/20/24		3,405
	4,655		1.625		07/20/24		4,579
	6,706		2.000		07/20/24		6,616
	10,580		1.625		08/20/24		10,401
	5,999		2.000		08/20/24		5,916
	5,284		1.625		09/20/24		5,193
	6,824		2.000		11/20/24		6,703
	2,632		2.000		12/20/24		2,585
	6,002		2.500		12/20/24		5,923
	4,714		2.625		01/20/25		4,645
	3,209		2.625		02/20/25		3,162
	11,341		3.000		05/20/25		11,185
	12,879		2.000		07/20/25		12,671
	5,809		2.625		02/20/26		5,719
	296		1.625		07/20/26		289
	16,431		2.625		01/20/27		16,189
	5,034		2.625		02/20/27		4,961
	52,760		2.875		04/20/27		52,012
	5,423		2.875		05/20/27		5,347
	8,845		2.875		06/20/27		8,721
	2,856		1.750		11/20/27		2,784
	38		2.000		11/20/27		37
	8,364		1.750		12/20/27		8,152
	19,519		2.625		01/20/28		19,259
	6,423		2.625		02/20/28		6,338
	6,457		2.625		03/20/28		6,372
	32,280		1.625		07/20/29		31,616
	13,261		1.625		08/20/29		12,990
	3,662		1.625		09/20/29		3,587
	17,905		1.750		10/20/29		17,479
	23,476		1.750		11/20/29		22,918
	4,616		1.750		12/20/29		4,508
	7,115		2.625		01/20/30		7,042
	2,029		2.625		02/20/30		2,008
	17,929		2.625		03/20/30		17,749
	19,538		2.875		04/20/30		19,347
	31,541		2.875		05/20/30		31,237
	27,541		3.000		05/20/30		27,323
	7,439		2.875		06/20/30		7,369
	43,601		2.000		07/20/30		43,092
	10,465		2.000		09/20/30		10,345
	16,745		1.750		10/20/30		16,364
	28,834		2.625		03/20/32		28,631
							564,725
FHLMC – 0.2%
	13,205		6.500		07/01/28		13,361
	112,424		4.500		03/01/29		110,459
	3,004		8.000		07/01/30		3,103
	6,865		5.000		08/01/33		6,883
	1,117		5.000		09/01/33		1,120
	2,766		5.000		10/01/33		2,773
	1,652		5.000		11/01/34		1,656
	64,566		5.000		12/01/34		64,732
	4,363		5.000		07/01/35		4,373

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	115		5.000	%	11/01/35	$	115
	9,312		5.000		12/01/35		9,363
	15,086		5.000		02/01/37		15,159
	1,103		5.000		03/01/38		1,108
	40,475		5.000		07/01/39		40,738
	6,018		4.000		06/01/40		5,739
	2,212		5.000		08/01/40		2,226
	738		4.500		11/01/40		723
	44,886		4.000		02/01/41		42,791
	1,183		5.000		04/01/41		1,192
	2,260		5.000		06/01/41		2,274
	94,860		5.000		07/01/41		95,531
	3,264		4.000		11/01/41		3,152
	4,546		3.000		05/01/42		4,064
	6,306		3.000		08/01/42		5,638
	7,837		3.000		01/01/43		7,013
	35,320		3.000		02/01/43		31,607
							476,893
FNMA – 0.1%
	2,324		6.500		11/01/28		2,378
	26,831		7.000		07/01/31		28,303
	256,078		5.500		07/01/33		259,177
							289,858
GNMA – 18.1%
	17,987		7.000		12/15/27		18,476
	4,569		6.500		08/15/28		4,661
	34,417		6.000		01/15/29		35,265
	53,195		7.000		10/15/29		55,069
	17,446		5.500		11/15/32		17,890
	341,372		5.500		12/15/32		352,655
	11,515		5.500		01/15/33		11,831
	20,130		5.500		02/15/33		20,775
	23,019		5.500		03/15/33		23,706
	29,236		5.500		07/15/33		29,980
	9,247		5.500		08/15/33		9,494
	4,822		5.500		09/15/33		4,946
	11,095		5.500		04/15/34		11,386
	7,910		5.500		05/15/34		8,096
	148,470		5.500		06/15/34		153,621
	103,882		5.500		09/15/34		107,716
	119,180		5.500		12/15/34		123,728
	82,354		5.500		01/15/35		85,571
	37,602		5.000		03/15/38		38,387
	2,962		4.000		02/20/41		2,853
	4,695		4.000		11/20/41		4,520
	779		4.000		01/20/42		750
	2,491		4.000		04/20/42		2,398
	1,549		4.000		10/20/42		1,491
	172,127		4.000		08/20/43		163,470
	2,232		4.000		03/20/44		2,119
	2,751		4.000		05/20/44		2,611
	191,071		4.000		11/20/44		181,223
	843,445		4.000		06/20/45		799,447
	189,771		4.000		01/20/46		179,753
	1,293,550		3.500		04/20/47		1,189,691

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	767,078		3.500	%	12/20/47	$	705,489
	133,525		4.500		02/20/48		129,882
	541,674		4.500		05/20/48		524,867
	301,843		4.500		08/20/48		292,289
	72,125		5.000		08/20/48		71,681
	2,483,089		4.500		09/20/48		2,404,492
	584,576		5.000		10/20/48		580,882
	338,238		5.000		11/20/48		336,101
	519,706		5.000		12/20/48		516,259
	514,013		4.500		01/20/49		497,462
	714,772		5.000		01/20/49		710,032
	881,694		4.000		02/20/49		827,848
	84,271		4.500		03/20/49		81,504
	445,391		5.000		03/20/49		442,298
	575,403		4.500		10/20/49		554,538
	2,228,264		3.000		11/20/49		1,992,565
	1,446,526		3.000		02/20/50		1,292,718
	152,654		3.500		01/20/51		140,332
	589,920		3.500		02/20/51		542,391
	934,755		3.000		12/20/51		828,828
	5,000,000		2.500		TBA-30yr(d)		4,293,609
	1,000,000		2.000		TBA-30yr(d)		832,470
	6,000,000		3.000		TBA-30yr(d)		5,296,348
	1,000,000		3.500		TBA-30yr(d)		908,498
	2,000,000		4.000		TBA-30yr(d)		1,865,765
	6,000,000		4.500		TBA-30yr(d)		5,735,661
	5,000,000		5.000		TBA-30yr(d)		4,885,670
							40,934,058
UMBS – 15.0%
	2,547		5.500		02/01/23		2,542
	12,888		5.500		08/01/23		12,872
	694		4.500		07/01/36		680
	895		4.500		04/01/39		877
	4,464		4.500		05/01/39		4,396
	1,854		4.000		08/01/39		1,766
	8,788		4.500		08/01/39		8,656
	160,308		4.500		12/01/39		157,909
	7,850		4.500		01/01/41		7,687
	8,120		4.500		05/01/41		7,951
	44,478		4.500		08/01/41		43,574
	67,719		4.500		08/01/42		66,344
	6,450		3.000		11/01/42		5,773
	104,594		3.000		12/01/42		93,607
	258,305		3.000		01/01/43		231,172
	45,792		3.000		02/01/43		40,982
	320,294		3.000		03/01/43		286,648
	538,772		3.000		04/01/43		482,175
	346,959		3.000		05/01/43		310,510
	63,251		3.000		06/01/43		56,607
	538,544		3.000		07/01/43		481,971
	519,789		4.500		10/01/44		507,507
	308,034		4.000		12/01/44		291,839
	530,278		4.500		04/01/45		517,851
	65,014		4.500		05/01/45		63,490
	230,436		4.500		06/01/45		224,991
	1,883,314		3.500		07/01/45		1,723,524
	616,836		4.000		08/01/45		584,984

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	212,218		4.000	%	11/01/45	$	201,292
	1,862,275		4.000		01/01/46		1,766,400
	63,296		4.000		03/01/46		59,838
	5,122		4.500		05/01/46		4,984
	37,859		4.000		06/01/46		35,682
	52,943		4.500		08/01/46		51,471
	10,510		4.000		08/01/46		9,906
	94,823		4.000		10/01/46		89,370
	33,596		4.500		06/01/47		32,572
	617,135		4.500		11/01/47		599,587
	220,821		4.000		12/01/47		208,729
	206,039		4.000		01/01/48		194,627
	752,035		4.000		02/01/48		710,054
	529,784		4.000		03/01/48		499,944
	637,320		4.000		06/01/48		601,622
	192,162		4.000		08/01/48		181,279
	915,407		5.000		11/01/48		909,924
	1,129,207		4.500		01/01/49		1,089,335
	313,185		4.500		03/01/49		302,127
	684,706		4.500		04/01/49		660,931
	572,402		3.500		07/01/49		522,813
	372,576		3.500		08/01/49		340,299
	1,278,061		3.000		09/01/49		1,128,326
	1,287,067		3.000		12/01/49		1,131,425
	1,872,549		4.000		03/01/50		1,757,130
	1,978,050		4.500		03/01/50		1,911,658
	2,939,163		2.500		09/01/50		2,498,159
	1,378,866		3.000		12/01/50		1,215,167
	6,850,872		2.500		05/01/51		5,789,419
	12,024		4.500		05/01/51		11,491
	262,956		4.500		04/01/52		250,412
	43,522		5.000		05/01/52		42,867
	580,912		5.000		06/01/52		571,805
	2,312,172		5.000		07/01/52		2,273,763
	30,791		5.000		08/01/52		30,293
							33,903,586
UMBS, 30 Year, Single Family(d) – 14.6%
	1,000,000		5.000		TBA-30yr		996,016
	2,000,000		3.500		TBA-30yr		1,798,437
	13,000,000		2.500		TBA-30yr		10,908,828
	24,000,000		2.000		TBA-30yr		19,419,751
							33,123,032
TOTAL FEDERAL AGENCIES						$	110,001,733
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $130,311,461)						$	121,212,441
Agency Debentures – 24.1%
Sovereign – 24.1%
FFCB
$	2,180,000		3.430	%	12/06/28	$	2,070,063
	720,000		5.270		05/01/29		756,641

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – (continued)
Sovereign – (continued)
FHLB
$	3,620,000		3.500	%	06/11/32	$	3,372,790
FNMA
	2,600,000		6.250		05/15/29		2,913,274
	27,000,000		0.875		08/05/30		21,089,430
	4,000,000		6.625		11/15/30		4,682,200
Israel Government AID Bond(e)
	500,000		5.500		12/04/23		505,470
	700,000		5.500		04/26/24		709,828
Tennessee Valley Authority
	20,150,000		0.750		05/15/25		18,356,045
TOTAL AGENCY DEBENTURES (Cost $61,121,672)						$	54,455,741
Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – 2.1%
Collateralized Loan Obligations(b) –0.4%
Towd Point Mortgage Trust Series 2017-4, Class A2
$	1,030,153		3.000	%	06/25/57	$	961,689
Student Loan(a) –1.7%
ECMC Group Student Loan Trust Series 2018-2A, Class A(b) (1M USD LIBOR + 0.800%)
	1,026,732		3.884		09/25/68		1,006,461
Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	326,062		4.047		04/25/35		325,496
Navient Student Loan Trust Series 2017-4A, Class A2(b) (1M USD LIBOR + 0.500%)
	154,239		3.584		09/27/66		154,143
PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	675,414		4.234		09/25/65		663,792
Scholar Funding Trust Series 2013-A, Class A(b) (1M USD LIBOR + 0.650%)
	1,150,974		3.763		01/30/45		1,081,279
SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	521,864		4.483		07/25/23		515,170
							3,746,341
TOTAL ASSET-BACKED SECURITIES (Cost $4,919,861)						$	4,708,030
Municipal Debt Obligations – 0.9%
New Jersey – 0.9%
New Jersey Economic Development Authority Series A
$	2,000,000		7.425	%	02/15/29	$	2,140,889
(Cost $2,000,000)
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $2,000,000)						$	2,140,889

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 42.9%
United States Treasury Bonds
$	1,890,000		3.875	%(f)	08/15/40	$	1,856,925
	3,200,000		1.875		02/15/41		2,266,500
	3,040,000		2.250		05/15/41		2,297,575
	900,000		3.125		11/15/41		782,719
	3,500,000		3.750		11/15/43		3,321,719
	3,830,000		3.625		02/15/44		3,555,916
	9,390,000		3.375		05/15/44		8,370,305
	3,320,000		3.125		08/15/44		2,835,488
	6,400,000		2.875		11/15/46		5,222,000
	5,080,000		2.750		11/15/47		4,060,825
	530,000		2.375		11/15/49		398,742
	1,190,000		2.000		02/15/50		817,195
	2,020,000		2.375		05/15/51		1,510,581
United States Treasury Notes
	970,000		0.125		03/31/23		952,154
	3,150,000		0.375		07/15/24		2,940,697
	10,310,000		2.750		05/15/25		9,920,959
	9,230,000		0.375		12/31/25		8,161,339
	6,710,000		0.750		03/31/26		5,958,270
	7,900,000		2.250		08/15/27		7,259,359
	1,220,000		0.750		01/31/28		1,026,992
	6,660,000		1.125		02/29/28		5,715,112
	6,430,000		1.250		03/31/28		5,543,866
	12,860,000		3.125		11/15/28		12,215,995
United States Treasury Strip Coupon(g)
	4,000		0.000		11/15/35		2,366
TOTAL U.S. TREASURY OBLIGATIONS (Cost $113,498,682)						$	96,993,599
TOTAL INVESTMENTS – 123.6% (Cost $311,851,676)						$	279,510,700
LIABILITIES IN EXCESS OF OTHER     ASSETS – (23.6)%							(53,373,622	)
NET ASSETS – 100.0%						$	226,137,078

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, 2022.

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

(c) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2022.

(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 $56,941,053 which represents approximately 25.1% of net assets as of September 30, 2022.

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

(e) Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $1,215,298, which represents approximately 1% of the Fund’s net assets as of September 30, 2022.

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

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

     ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At September 30, 2022, the Fund had the following forward sales contracts:

Description	Interest Rate		Maturity Date(a)		Settlement Date		Principal Amount			Value
UMBS, 30 Year, Single Family		3.000%		TBA-30yr		11/14/22		$(2,000,000	)		$(1,737,813	)
UMBS, 30 Year, Single Family		3.000		TBA-30yr		10/13/22		(1,000,000	)		(869,375	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		10/13/22		(4,000,000	)		(3,707,499	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		10/13/22		(3,000,000	)		(2,778,046	)
(PROCEEDS RECEIVABLE: $(9,606,230))											$(9,092,733	)

(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, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
10 Year U.S. Treasury Notes		(162)		12/20/22		$(18,828,422	)		$    518,380
2 Year U.S. Treasury Notes		(4)		12/30/22		(821,563	)		11,212
20 Year U.S. Treasury Bonds		(100)		12/20/22		(12,640,625	)		794,995
5 Year U.S. Treasury Notes		(137)		12/30/22		(14,728,570	)		155,403
Ultra Long U.S. Treasury Bonds		(43)		12/20/22		(5,891,000	)		252,511
TOTAL FUTURES CONTRACTS									$ 1,732,501

SWAP CONTRACTS — At September 30, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund	Termination Date		Notional Amount (000s)(b)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
12M SOFR	2.750%(a)		12/21/27		$       10		$    (476	)		$    (316	)		$    (160	)
12M SOFR	2.500(a)		06/04/29		3,190		(41,592	)		(2,150	)		(39,442	)
2.570%	12M SOFR(a)		06/04/31		8,420		80,122			8,216			71,906
2.680	12M SOFR(a)		07/28/32		480		10,330			(2,399	)		12,729
12M SOFR	2.730(a)		06/04/33		5,340		(40,057	)		(4,529	)		(35,528	)
12M SOFR	2.910(a)		07/28/37		1,140		(15,515	)		2,031			(17,546	)
2.080	12M SOFR(a)		07/28/47		780		3,088			(496	)		3,584
TOTAL							$  (4,100	)		$      357			$   (4,457	)

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2022, 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	Citibank NA		2.400	%		07/28/2023		2,000,000		$	2,000,000		$	18,149		$	67,000		$	(48,852	)
9M IRS	Deutsche Bank AG (London)		1.850			11/22/2022		19,300,000			19,300,000			10			65,477			(65,467	)
9M IRS	JPMorgan Securities, Inc.		1.800			11/16/2022		19,300,000			19,300,000			4			62,725			(62,721	)
								40,600,000		$	40,600,000		$	18,163		$	195,202		$	(177,040	)
Written option contracts
Calls
1Y IRS	Citibank NA		1.750			07/28/2023		(2,000,000	)		(2,000,000	)		(6,795	)		(25,000	)		18,205
1Y IRS	Citibank NA		2.075			07/28/2023		(2,000,000	)		(2,000,000	)		(11,193	)		(42,000	)		30,808
9M IRS	Deutsche Bank AG (London)		1.599			11/22/2022		(19,300,000	)		(19,300,000	)		(4	)		(42,287	)		42,283
9M IRS	Deutsche Bank AG (London)		1.348			11/22/2022		(19,300,000	)		(19,300,000	)		(2	)		(23,190	)		23,188
9M IRS	JPMorgan Securities, Inc.		1.290			11/16/2022		(19,300,000	)		(19,300,000	)		(2	)		(23,160	)		23,158
9M IRS	JPMorgan Securities, Inc.		1.545			11/16/2022		(19,300,000	)		(19,300,000	)		(2	)		(39,565	)		39,563
								(81,200,000	)	$	(81,200,000	)	$	(17,998	)	$	(195,202	)	$	177,205
TOTAL								(40,600,000	)	$	(40,600,000	)	$	165		$	—		$	165

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
REMIC	—Real Estate Mortgage Investment Conduit
TSFR	—Term Secured Overnight Financing Rate
UMBS	—Uniform Mortgage Backed Securities
Abbreviations:
1Y IRS	—1 Year Interest Rate Swaptions
9M IRS	—9 Months Interest Rate Swaptions
SOFR	—Secured Overnight Funding Rate

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 99.5%
United States Treasury Inflation Indexed Bonds
$	15,832,394		2.125	%	02/15/40	$	16,462,100
	22,742,662		1.375		02/15/44		20,248,083
	15,853,068		0.750		02/15/45		12,221,040
	11,462,024		1.000		02/15/48		9,284,386
	2,025,145		1.000		02/15/49		1,648,585
	6,096,196		0.250		02/15/50		3,999,712
	8,364,227		0.125		02/15/51		5,251,421
United States Treasury Inflation Indexed Notes
	744,471		0.125	(a)	01/15/23		736,729
	30,202,308		0.500		04/15/24		29,339,321
	34,054,462		0.125		10/15/24		32,749,497
	16,964,426		0.125		04/15/25		16,084,106
	16,216,693		0.375		07/15/25		15,491,205
	10,733,484		0.125		10/15/25		10,139,993
	4,226,991		0.625		01/15/26		4,034,678
	18,109,892		0.125		04/15/26		16,913,183
	12,397,381		0.125		07/15/26		11,595,573
	36,528,046		0.125		10/15/26		34,035,697
	18,851,612		0.375		01/15/27		17,606,868
	14,570,495		0.375		07/15/27		13,594,913
	37,355,143		0.500		01/15/28		34,692,911
	13,089,638		0.750		07/15/28		12,304,627
	49,269,386		0.875		01/15/29		46,338,302

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
$	8,733,356		0.250	%	07/15/29	$	7,875,530
	18,870,458		0.125		07/15/30		16,623,048
	7,124,756		0.125		01/15/31		6,227,861
	30,288,782		0.125		07/15/31		26,423,061
	7,855,754		0.125		01/15/32		6,802,342
	11,012,976		0.625		07/15/32		10,009,008
TOTAL U .S. TREASURY OBLIGATIONS
(Cost $504,250,388)						$	438,733,780
TOTAL INVESTMENTS – 99.5%
(Cost $504,250,388)						$	438,733,780
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%							2,261,821
NET ASSETS – 100.0%						$	440,995,601

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 requirement on futures transactions.

    ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount				Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		325			12/20/22		$	36,420,313			$	(548,198	)
2 Year U.S. Treasury Notes		23			12/30/22			4,723,984				(75,739	)
Ultra Long U.S. Treasury Bonds		9			12/20/22			1,233,000				(58,391	)
Total											$	(682,328	)
Short position contracts:
10 Year U.S. Treasury Notes		(156	)		12/20/22			(18,483,562	)			461,873
20 Year U.S. Treasury Bonds		(27	)		12/20/22			(3,412,969	)			176,354
5 Year U.S. Treasury Notes		(147	)		12/30/22			(15,803,649	)			(4,446	)
Total											$	633,781
TOTAL FUTURES CONTRACTS											$	(48,547	)

SWAP CONTRACTS — At September 30, 2022, 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)	1T CPI-U(a)	02/20/24	$	13,700	$1,168,016	$33		$1,167,983

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

September 30, 2022 (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)
2.104%(a)		1T CPI-U(a)		12/14/24	$	10,000		$	996,483		$	42		$	996,441
2.007(a)		1T CPI-U(a)		02/07/26		6,300			666,736			40			666,696
12M SOFR(b)		2.750%(b)		12/21/27		20	(c)		(950	)		(631	)		(319	)
1T CPI-U(a)		2.103(a)		02/07/29		6,300			(645,460	)		61			(645,521	)
12M SOFR(b)		2.500(b)		06/04/29		12,390	(c)		(161,544	)		(8,348	)		(153,196	)
2.500(b)		12M SOFR(b)		12/21/29		9,810	(c)		694,451			500,296			194,155
2.570(b)		12M SOFR(b)		06/04/31		32,680	(c)		310,973			31,902			279,071
2.680(b)		12M SOFR(b)		07/28/32		1,920	(c)		41,321			(9,594	)		50,915
12M SOFR(b)		2.730(b)		06/04/33		20,740	(c)		(155,579	)		(17,577	)		(138,002	)
12M SOFR(b)		2.910(b)		07/28/37		4,530	(c)		(61,651	)		8,070			(69,721	)
12M SOFR(b)		2.720(b)		08/11/37		7,640	(c)		(150,908	)		(47,857	)		(103,051	)
2.080(b)		12M SOFR(b)		07/28/47		3,180	(c)		12,588			(2,023	)		14,611
2.170(b)		12M SOFR(b)		08/11/52		3,430	(c)		61,919			26,600			35,319
TOTAL								$	2,776,395		$	481,014		$	2,295,381

(a) Payments made at maturity.

(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, 2022.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2022, 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
9M IRS	Deutsche Bank AG (London)		1.850	%		11/22/2022		17,500,000		$	17,500,000		$	9		$	59,370		$	(59,361	)
9M IRS	JPMorgan Securities, Inc.		1.800			11/16/2022		17,500,000			17,500,000			4			56,875			(56,871	)
								35,000,000		$	35,000,000		$	13		$	116,245		$	(116,232	)
Written option contracts
Calls
9M IRS	Deutsche Bank AG (London)		1.599			11/22/2022		(17,500,000	)		(17,500,000	)		(3	)		(38,343	)		38,340
9M IRS	Deutsche Bank AG (London)		1.348			11/22/2022		(17,500,000	)		(17,500,000	)		(2	)		(21,027	)		21,025
9M IRS	JPMorgan Securities, Inc.		1.290			11/16/2022		(17,500,000	)		(17,500,000	)		(2	)		(21,000	)		20,998
9M IRS	JPMorgan Securities, Inc.		1.545			11/16/2022		(17,500,000	)		(17,500,000	)		(2	)		(35,875	)		35,873
								(70,000,000	)	$	(70,000,000	)	$	(9	)	$	(116,245	)	$	116,236
TOTAL								(35,000,000	)	$	(35,000,000	)	$	4			$—			$4

Currency Abbreviations:
USD	— U.S. Dollar

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
9M IRS	—9 Months Interest Rate Swaptions
SOFR	—Secured Overnight Funding Rate

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 60.5%
Advertising(a)(b) – 0.3%
Outfront Media Capital LLC/Outfront Media Capital Corp.
$	4,405,000		6.250	%	06/15/25	$	4,293,289
Aerospace & Defense(b) –1.7%
Howmet Aerospace, Inc.
	1,491,000		5.125		10/01/24		1,457,005
	1,265,000		6.875		05/01/25		1,273,501
Teledyne Technologies, Inc.
	9,375,000		1.600		04/01/26		8,157,000
The Boeing Co.
	11,850,000		4.875		05/01/25		11,560,741
	5,400,000		2.600		10/30/25		4,923,126
							27,371,373
Agriculture(b) – 0.4%
BAT International Finance PLC
	8,000,000		1.668		03/25/26		6,910,480
Airlines(b) – 0.3%
Delta Air Lines, Inc.
	1,960,000		3.800		04/19/23		1,940,635
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
	3,030,000		8.000	(a)	09/20/25		3,050,422
							4,991,057
Automotive – 2.1%
Clarios Global LP/Clarios U.S. Finance Co.
	120,000		8.500	(a)(b)	05/15/27		114,689
Ford Motor Credit Co. LLC(b)
	5,639,000		2.300		02/10/25		5,030,947
	250,000		4.687		06/09/25		232,410
General Motors Financial Co., Inc.
	1,375,000		5.100	(b)	01/17/24		1,367,575
	9,400,000		1.050		03/08/24		8,826,788
	1,100,000		3.950	(b)	04/13/24		1,072,753
	8,800,000		1.500	(b)	06/10/26		7,472,256
The Goodyear Tire & Rubber Co.
	3,235,000		9.500	(b)	05/31/25		3,360,388
Volkswagen Group of America Finance LLC
	5,800,000		3.950	(a)	06/06/25		5,579,774
ZF North America Capital, Inc.
	900,000		4.750	(a)	04/29/25		819,702
							33,877,282
Banks – 24.8%
Banco do Brasil SA
	3,350,000		4.750		03/20/24		3,292,631
Banco Santander SA
	2,800,000		3.892		05/24/24		2,728,124
	2,600,000		2.706		06/27/24		2,484,742
	1,600,000		2.746		05/28/25		1,463,280
(1 Year CMT + 0.450%)
	12,000,000		0.701	(b)(c)	06/30/24		11,535,480
Bank of America Corp.
	9,025,000		4.000		01/22/25		8,740,712
	23,950,000		3.950		04/21/25		23,111,271
(3M USD LIBOR + 0.790%)
	6,000,000		3.004	(b)(c)	12/20/23		5,969,640

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(3M USD LIBOR + 0.940%)
$	1,175,000		3.864	%(b)(c)	07/23/24	$	1,158,362
(SOFR + 0.910%)
	20,250,000		0.981	(b)(c)	09/25/25		18,428,917
(SOFR + 1.110%)
	12,245,000		3.841	(b)(c)	04/25/25		11,911,936
Barclays PLC(b)(c)
(3M USD LIBOR + 1.610%)
	1,850,000		3.932		05/07/25		1,778,849
(SOFR + 2.714%)
	3,600,000		2.852		05/07/26		3,270,996
BNP Paribas SA(a)
	10,000,000		4.375		09/28/25		9,540,700
(SOFR + 2.074%)
	3,275,000		2.219	(b)(c)	06/09/26		2,945,240
BPCE SA(a)
	850,000		2.375		01/14/25		784,754
(SOFR + 1.520%)
	3,675,000		1.652	(b)(c)	10/06/26		3,191,995
Canadian Imperial Bank of Commerce (SOFR + 0.940%)
	5,055,000		3.137	(c)	04/07/25		4,993,733
Citigroup, Inc.
	1,525,000		3.875		03/26/25		1,464,336
	1,375,000		4.400		06/10/25		1,336,954
	1,800,000		4.600		03/09/26		1,740,456
(3M USD LIBOR + 1.023%)
	1,045,000		4.044	(b)(c)	06/01/24		1,036,880
(SOFR + 0.686%)
	3,700,000		0.776	(b)(c)	10/30/24		3,518,589
(SOFR + 0.694%)
	15,075,000		2.014	(b)(c)	01/25/26		13,869,452
(SOFR + 1.372%)
	7,355,000		4.140	(b)(c)	05/24/25		7,190,469
(SOFR + 2.842%)
	14,275,000		3.106	(b)(c)	04/08/26		13,388,522
Credit Agricole SA
	5,700,000		4.375		03/17/25		5,451,423
Credit Suisse AG
	9,400,000		6.500	(a)	08/08/23		9,300,924
	11,225,000		3.700		02/21/25		10,539,377
	675,000		2.950		04/09/25		620,183
Credit Suisse Group AG(a)(b)(c)
(3M USD LIBOR + 1.240%)
	2,100,000		4.207		06/12/24		2,056,656
(SOFR + 2.044%)
	9,600,000		2.193		06/05/26		8,355,072
Deutsche Bank AG
	13,025,000		3.700		05/30/24		12,568,474
(SOFR + 2.159%)
	1,525,000		2.222	(b)(c)	09/18/24		1,453,539
Fifth Third Bancorp
	690,000		2.375	(b)	01/28/25		645,081
First Horizon Corp.
	1,500,000		4.000	(b)	05/26/25		1,442,745
First-Citizens Bank & Trust Co.(b)(c)
(3M TSFR + 1.715%)
	1,050,000		2.969		09/27/25		986,937

38                    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)
Banks – (continued)
(3M TSFR + 3.827%)
$	5,210,000		3.929	%	06/19/24	$	5,138,779
HSBC Holdings PLC(b)(c)
(3M USD LIBOR + 1.000%)
	1,300,000		3.961		05/18/24		1,286,987
(SOFR + 1.538%)
	8,675,000		1.645		04/18/26		7,722,572
ING Groep NV(a)
	5,000,000		4.625		01/06/26		4,806,400
(1 Year CMT + 1.100%)
	4,750,000		1.400	(b)(c)	07/01/26		4,177,673
JPMorgan Chase & Co.(b)(c)
(3M TSFR + 1.585%)
	22,175,000		2.005		03/13/26		20,295,447
(3M USD LIBOR + 0.730%)
	11,590,000		3.559		04/23/24		11,471,898
(SOFR + 0.420%)
	5,150,000		0.563		02/16/25		4,817,722
(SOFR + 0.605%)
	6,525,000		1.561		12/10/25		5,982,446
(SOFR + 0.800%)
	9,200,000		1.045		11/19/26		7,968,764
(SOFR + 1.850%)
	6,360,000		2.083		04/22/26		5,794,087
Lloyds Banking Group PLC
	1,525,000		4.500		11/04/24		1,489,757
Macquarie Group Ltd. (SOFR + 1.069%)
	2,100,000		1.340	(a)(b)(c)	01/12/27		1,798,125
Mitsubishi UFJ Financial Group, Inc.
	3,025,000		1.412		07/17/25		2,714,121
Morgan Stanley
	5,000,000		5.000		11/24/25		4,939,750
(3M USD LIBOR + 0.847%)
	5,175,000		3.737	(b)(c)	04/24/24		5,120,559
(SOFR + 0.509%)
	11,250,000		0.791	(b)(c)	01/22/25		10,538,212
(SOFR + 0.525%)
	3,700,000		0.790	(b)(c)	05/30/25		3,406,183
(SOFR + 0.720%)
	4,025,000		0.985	(b)(c)	12/10/26		3,472,488
(SOFR + 0.745%)
	2,125,000		0.864	(b)(c)	10/21/25		1,927,014
(SOFR + 1.990%)
	20,275,000		2.188	(b)(c)	04/28/26		18,603,732
Natwest Group PLC(b)(c)
(1 Year CMT + 2.150%)
	1,325,000		2.359		05/22/24		1,294,234
(3M USD LIBOR + 1.550%)
	6,505,000		4.519		06/25/24		6,428,957
Royal Bank of Canada (SOFR + 0.340%)
	4,070,000		2.537	(c)	10/07/24		3,998,449
Santander Holdings USA, Inc. (SOFR + 1.380%)
	4,835,000		4.260	(b)(c)	06/09/25		4,647,112
Santander UK Group Holdings PLC (SOFR + 0.787%)
	9,700,000		1.089	(b)(c)	03/15/25		8,955,331
Standard Chartered PLC(a)(b)(c)
(1 Year CMT + 0.780%)
	2,275,000		0.991		01/12/25		2,122,029

Principal Amount			Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(1 Year CMT + 1.170%)
	$	3,175,000		1.319	%	10/14/23	$	3,170,809
(3M USD LIBOR + 1.080%)
		4,050,000		3.885		03/15/24		4,015,656
Sumitomo Mitsui Financial Group, Inc.
		1,925,000		1.474		07/08/25		1,734,387
The Toronto-Dominion Bank
		5,950,000		3.766		06/06/25		5,749,069
Wells Fargo & Co.(b)(c)
(SOFR + 1.560%)
		9,910,000		4.540		08/15/26		9,596,051
(SOFR + 2.000%)
		7,200,000		2.188		04/30/26		6,582,096
								406,064,327
Building Materials(b) – 0.9%
Carrier Global Corp.
		15,325,000		2.242		02/15/25		14,316,615
JELD-WEN, Inc.
		125,000		4.875	(a)	12/15/27		89,690
Summit Materials LLC/Summit Materials Finance Corp.
		115,000		6.500	(a)	03/15/27		110,709
								14,517,014
Chemicals – 0.7%
Celanese US Holdings LLC
		900,000		3.500	(b)	05/08/24		864,891
International Flavors & Fragrances, Inc.
		5,225,000		1.230	(a)(b)	10/01/25		4,586,401
Methanex Corp.
		3,500,000		4.250	(b)	12/01/24		3,361,120
OCI NV
		1,043,000		4.625	(a)(b)	10/15/25		968,738
Sasol Financing International Ltd.
		400,000		4.500		11/14/22		397,000
Sasol Financing USA LLC
		450,000		5.875	(b)	03/27/24		433,125
SPCM SA
		1,650,000		3.125	(a)(b)	03/15/27		1,442,991
								12,054,266
Commercial Services – 0.7%
Global Payments, Inc.
		3,175,000		1.200	(b)	03/01/26		2,731,992
Prime Security Services Borrower LLC/Prime Finance, Inc.
		7,400,000		5.250	(a)	04/15/24		7,209,820
The ADT Security Corp.
		2,050,000		4.125		06/15/23		2,032,001
								11,973,813
Computers(b) – 0.7%
Dell International LLC/EMC Corp.
		10,665,000		5.850		07/15/25		10,749,360
NetApp, Inc.
		1,300,000		1.875		06/22/25		1,186,796
								11,936,156

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – 3.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(b)
$	5,925,000		3.500	%	01/15/25	$	5,582,653
	640,000		6.500		07/15/25		639,514
Air Lease Corp.(b)
	1,500,000		2.300		02/01/25		1,376,145
	1,100,000		3.375		07/01/25		1,028,907
	5,175,000		1.875		08/15/26		4,385,606
Aviation Capital Group LLC
	1,725,000		1.950	(a)(b)	01/30/26		1,448,465
Avolon Holdings Funding Ltd.(a)(b)
	1,075,000		3.950		07/01/24		1,017,961
	2,075,000		2.875		02/15/25		1,878,788
Capital One Financial Corp.(b)
	6,050,000		3.200		02/05/25		5,740,179
(SOFR + 0.690%)
	6,525,000		3.542	(c)	12/06/24		6,368,269
LD Holdings Group LLC
	3,610,000		6.500	(a)(b)	11/01/25		2,158,419
Navient Corp.
	915,000		5.500		01/25/23		915,119
Nomura Holdings, Inc.
	2,695,000		5.099		07/03/25		2,655,680
OneMain Finance Corp.
	4,285,000		5.625		03/15/23		4,273,302
PennyMac Financial Services, Inc.
	2,160,000		5.375	(a)(b)	10/15/25		1,849,435
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.
	10,460,000		2.875	(a)(b)	10/15/26		8,630,023
Synchrony Financial
	4,260,000		4.875	(b)	06/13/25		4,114,691
The Western Union Co.
	1,025,000		2.850	(b)	01/10/25		970,368
							55,033,524
Electrical – 1.8%
Avangrid, Inc.
	1,375,000		3.200	(b)	04/15/25		1,300,351
DTE Energy Co.
	3,375,000		1.050	(b)	06/01/25		3,016,879
Enel Finance International NV
	7,875,000		1.375	(a)(b)	07/12/26		6,663,037
Entergy Corp.
	2,800,000		0.900	(b)	09/15/25		2,465,512
Korea Hydro & Nuclear Power Co., Ltd.
	3,950,000		4.250	(a)	07/27/27		3,756,055
NRG Energy, Inc.(a)(b)
	4,525,000		3.750		06/15/24		4,345,855
	2,855,000		5.250		06/15/29		2,514,170
Vistra Operations Co. LLC(a)(b)
	3,325,000		3.550		07/15/24		3,167,229
	2,965,000		5.000		07/31/27		2,677,069
							29,906,157
Electrical Components & Equipment(a)(b) – 0.2%
Wesco Distribution, Inc.
	2,845,000		7.125		06/15/25		2,845,085

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electronics(a) – 0.2%
Sensata Technologies B.V.
$	3,000,000		5.000	%	10/01/25	$	2,861,880
Energy-Alternate Sources(a)(b) – 0.0%
Greenko Dutch B.V.
	191,000		3.850		03/29/26		152,800
Greenko Wind Projects Mauritius Ltd.
	200,000		5.500		04/06/25		175,500
							328,300
Engineering & Construction(b) – 0.2%
AECOM
	2,750,000		5.125		03/15/27		2,571,498
Entertainment(a) – 1.7%
Banijay Entertainment SASU
	930,000		5.375	(b)	03/01/25		871,354
Caesars Entertainment, Inc.
	1,895,000		6.250	(b)	07/01/25		1,826,306
Caesars Resort Collection LLC/CRC Finco, Inc.
	6,300,000		5.750	(b)	07/01/25		6,080,508
Warnermedia Holdings, Inc.
	6,900,000		3.428		03/15/24		6,673,749
	5,500,000		3.528	(b)	03/15/24		5,308,325
	6,900,000		3.638		03/15/25		6,534,852
							27,295,094
Environmental(a)(b) – 0.5%
GFL Environmental, Inc.
	3,880,000		3.750		08/01/25		3,580,309
	4,860,000		5.125		12/15/26		4,535,643
							8,115,952
Food & Drug Retailing – 0.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson’s LLC(a)(b)
	3,630,000		3.250		03/15/26		3,199,555
	110,000		7.500		03/15/26		111,064
B&G Foods, Inc.
	2,050,000		5.250	(b)	04/01/25		1,784,586
General Mills, Inc. (3M USD LIBOR + 1.010%)
	2,175,000		3.750	(c)	10/17/23		2,183,591
Performance Food Group, Inc.
	3,020,000		6.875	(a)(b)	05/01/25		3,005,202
US Foods, Inc.
	1,055,000		6.250	(a)(b)	04/15/25		1,039,449
							11,323,447
Gaming(b) – 0.3%
MGM Resorts International
	2,040,000		6.750		05/01/25		2,008,360
	3,511,000		5.750		06/15/25		3,354,269
							5,362,629
Gas(b) – 0.6%
NiSource, Inc.
	11,050,000		0.950		08/15/25		9,810,853

40                    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)
Healthcare Providers & Services – 1.4%
Centene Corp.(b)
$	1,900,000		4.250	%	12/15/27	$	1,736,752
	8,410,000		2.450		07/15/28		6,839,180
HCA, Inc.
	8,810,000		5.375		02/01/25		8,706,307
	6,000,000		5.875	(b)	02/15/26		5,921,340
							23,203,579
Household Products(b) – 0.0%
Spectrum Brands, Inc.
	114,000		5.750		07/15/25		108,224
Housewares(b) – 0.2%
Newell Brands, Inc.
	2,770,000		4.875		06/01/25		2,681,138
Insurance – 0.5%
American International Group, Inc.
	2,000,000		2.500	(b)	06/30/25		1,863,460
Athene Global Funding(a)
	1,875,000		0.950		01/08/24		1,768,912
	1,725,000		1.450		01/08/26		1,498,939
Equitable Financial Life Global Funding
	1,550,000		1.400	(a)	07/07/25		1,395,698
Great-West Lifeco US Finance 2020 LP
	2,000,000		0.904	(a)(b)	08/12/25		1,761,560
							8,288,569
Internet – 1.2%
Netflix, Inc.
	3,265,000		5.875		02/15/25		3,276,460
	4,000,000		3.625	(a)(b)	06/15/25		3,774,080
Norton Life Lock, Inc.
	3,110,000		6.750	(a)(b)	09/30/27		2,994,028
Prosus NV
	7,030,000		3.257	(a)(b)	01/19/27		5,887,625
Uber Technologies, Inc.
	4,340,000		7.500	(a)(b)	05/15/25		4,330,669
							20,262,862
Investment Companies – 0.4%
Blackstone Private Credit Fund
	6,000,000		4.700		03/24/25		5,662,140
Iron/Steel(b) – 0.2%
Mineral Resources Ltd.
	3,555,000		8.000	(a)	11/01/27		3,421,652
Steel Dynamics, Inc.
	345,000		2.400		06/15/25		318,932
							3,740,584
Leisure Time(a)(b) – 0.4%
NCL Corp. Ltd.
	2,245,000		5.875		02/15/27		1,869,232
Royal Caribbean Cruises Ltd.
	4,880,000		11.500		06/01/25		5,185,049
							7,054,281

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Lodging(b) – 0.3%
Marriott International, Inc.
$	4,918,000		5.750	%	05/01/25	$	4,971,409
Machinery - Construction & Mining(a)(b) – 0.0%
The Manitowoc Co., Inc.
	125,000		9.000		04/01/26		113,778
Machinery-Diversified(b) – 0.5%
Husky III Holding Ltd.(d)
	1,104,000		13.000	(a)	02/15/25		1,039,615
Mueller Water Products, Inc.
	2,985,000		4.000	(a)	06/15/29		2,549,429
Otis Worldwide Corp.
	4,000,000		2.056		04/05/25		3,705,360
							7,294,404
Media – 1.6%
AMC Networks, Inc.
	4,486,000		4.750	(b)	08/01/25		4,033,228
Charter Communications Operating LLC/Charter Communications Operating Capital(b)
	2,900,000		4.500		02/01/24		2,867,143
	8,925,000		4.908		07/23/25		8,709,372
(3M USD LIBOR + 1.650%)
	1,275,000		4.432	(c)	02/01/24		1,281,311
CSC Holdings LLC
	4,120,000		5.250		06/01/24		3,825,132
DISH DBS Corp.
	5,065,000		5.875		11/15/24		4,530,389
Scripps Escrow, Inc.
	120,000		5.875	(a)(b)	07/15/27		104,400
							25,350,975
Mining(a)(b) – 0.2%
Glencore Funding LLC
	4,200,000		1.625		09/01/25		3,768,324
Miscellaneous Manufacturing(b) – 0.2%
Amsted Industries, Inc.
	2,385,000		5.625	(a)	07/01/27		2,196,490
Hillenbrand, Inc.
	890,000		5.750		06/15/25		875,911
							3,072,401
Multi-National(a)(b) – 0.1%
The African Export-Import Bank
	1,050,000		2.634		05/17/26		909,594
	1,130,000		3.798		05/17/31		916,148
							1,825,742
Office & Business Equipment(a)(b) – 0.3%
Xerox Holdings Corp.
	4,495,000		5.000		08/15/25		4,044,286
Oil Field Services(b) – 1.2%
Canadian Natural Resources Ltd.
	1,875,000		2.050		07/15/25		1,713,938
Continental Resources, Inc.
	6,800,000		3.800		06/01/24		6,594,640

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services(b) – (continued)
Devon Energy Corp.
$	120,000		5.250	%	09/15/24	$	119,958
EQT Corp.
	2,625,000		6.125		02/01/25		2,634,791
Petroleos Mexicanos
	210,000		6.875		10/16/25		197,033
Qatar Energy
	2,160,000		1.375		09/12/26		1,884,600
Range Resources Corp.
	5,080,000		5.000		03/15/23		5,062,982
Saudi Arabian Oil Co.
	2,130,000		1.625		11/24/25		1,914,337
USA Compression Partners LP/USA Compression Finance Corp.
	120,000		6.875		04/01/26		110,424
							20,232,703
Other Secured Debt Obligations(a)(b) – 0.1%
Transocean Sentry Ltd.
	1,419,957		5.375		05/15/23		1,368,625
Packaging – 1.1%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
	1,165,000		6.000	(a)(b)	06/15/27		1,103,220
Ball Corp.
	5,413,000		4.000		11/15/23		5,310,911
Berry Global, Inc.(b)
	5,500,000		0.950		02/15/24		5,167,195
	3,200,000		1.570		01/15/26		2,797,024
Mauser Packaging Solutions Holding Co.
	2,320,000		5.500	(a)(b)	04/15/24		2,201,239
Silgan Holdings, Inc.
	1,925,000		1.400	(a)(b)	04/01/26		1,640,716
							18,220,305
Pharmaceuticals(b) – 1.2%
Bayer US Finance II LLC (3M USD LIBOR + 1.010%)
	4,150,000		4.303	(a)(c)	12/15/23		4,134,396
Elanco Animal Health, Inc.
	500,000		5.772		08/28/23		498,530
Herbalife Nutrition Ltd./HLF Financing, Inc.
	7,435,000		7.875	(a)	09/01/25		6,741,761
Perrigo Finance Unlimited Co.
	5,000,000		3.900		12/15/24		4,683,450
PRA Health Sciences, Inc.
	3,144,000		2.875	(a)	07/15/26		2,768,292
							18,826,429
Pipelines(b) – 2.0%
Cheniere Energy Partners LP
	2,835,000		4.500		10/01/29		2,503,135
DCP Midstream Operating LP
	4,645,000		5.375		07/15/25		4,516,287
	2,690,000		5.625		07/15/27		2,599,777
Energy Transfer LP/Regency Energy Finance Corp.
	150,000		4.500		11/01/23		148,685
EQM Midstream Partners LP
	1,265,000		4.750		07/15/23		1,252,059

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines(b) – (continued)
Kinder Morgan, Inc.
$	4,550,000		5.625	%(a)	11/15/23	$	4,554,550
MPLX LP
	1,225,000		4.875		12/01/24		1,211,280
	8,300,000		1.750		03/01/26		7,273,705
NGPL PipeCo LLC
	410,000		4.875	(a)	08/15/27		383,001
NuStar Logistics LP
	6,820,000		5.750		10/01/25		6,317,775
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	2,720,000		6.875		01/15/29		2,684,858
							33,445,112
Real Estate(b) – 0.4%
Realogy Group LLC/Realogy Co-Issuer Corp.
	5,815,000		4.875	(a)	06/01/23		5,710,097
Sunac China Holdings Ltd.
	200,000		6.500	(e)	01/10/25		26,000
Zhenro Properties Group Ltd.
	200,000		6.700	(e)	08/04/26		8,000
							5,744,097
Real Estate Investment Trust(b) – 1.3%
American Tower Corp.
	1,150,000		2.400		03/15/25		1,071,282
	1,400,000		1.300		09/15/25		1,242,206
Crown Castle, Inc.
	1,750,000		1.350		07/15/25		1,570,957
MPT Operating Partnership LP/MPT Finance Corp.
	7,785,000		5.250		08/01/26		7,127,012
National Retail Properties, Inc.
	435,000		3.900		06/15/24		425,513
Ventas Realty LP
	1,375,000		3.500		04/15/24		1,339,759
VICI Properties LP/VICI Note Co., Inc.(a)
	4,830,000		5.625		05/01/24		4,742,335
	4,590,000		3.500		02/15/25		4,242,675
WP Carey, Inc.
	230,000		4.000		02/01/25		222,776
							21,984,515
Retailing(b) – 0.4%
Nordstrom, Inc.
	3,000,000		2.300		04/08/24		2,798,430
Penske Automotive Group, Inc.
	3,310,000		3.500		09/01/25		3,061,651
							5,860,081
Semiconductors(b) – 0.1%
NXP B.V./NXP Funding LLC/NXP USA, Inc.
	250,000		2.700		05/01/25		232,153
Skyworks Solutions, Inc.
	2,425,000		1.800		06/01/26		2,108,028
							2,340,181

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)
Software(b) – 0.6%
Fair Isaac Corp.
$	2,705,000		5.250	%(a)	05/15/26	$	2,580,624
Infor, Inc.
	1,075,000		1.750	(a)	07/15/25		967,909
Oracle Corp.
	2,825,000		2.500		04/01/25		2,635,358
PTC, Inc.
	2,085,000		3.625	(a)	02/15/25		1,943,741
VMware, Inc.
	2,575,000		1.000		08/15/24		2,383,935
							10,511,567
Telecommunication Services – 1.9%
CommScope Technologies LLC
	112,000		6.000	(a)(b)	06/15/25		99,418
Lumen Technologies, Inc.
	1,005,000		7.500	(b)	04/01/24		1,036,497
SoftBank Group Corp.
	200,000		5.125	(b)	09/19/27		167,782
Sprint Communications LLC
	770,000		6.000		11/15/22		770,416
Sprint Corp.
	2,840,000		7.875		09/15/23		2,879,646
Telecom Italia SpA
	5,615,000		5.303	(a)	05/30/24		5,299,549
T-Mobile USA, Inc.
	21,574,000		3.500	(b)	04/15/25		20,638,983
							30,892,291
Toys/Games/Hobbies(a)(b) – 0.2%
Mattel, Inc.
	2,815,000		5.875		12/15/27		2,713,970
Trucking & Leasing(a)(b) – 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	4,950,000		1.200		11/15/25		4,293,630
SMBC Aviation Capital Finance DAC
	1,200,000		3.550		04/15/24		1,154,736
							5,448,366
TOTAL CORPORATE OBLIGATIONS (Cost $1,072,055,629)						$	988,474,414
Mortgage-Backed Obligations – 14.1%
Collateralized Mortgage Obligations – 3.0%
Interest Only(f) – 0.6%
FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%)
$	251,346		3.182	%(c)	05/15/41	$	22,994
FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%)
	241,297		3.232	(c)	03/15/44		23,991
FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR + 6.100%)
	391,262		3.282	(c)	05/15/45		47,027

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(f) – (continued)
FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%)
$	269,583		3.182	%(c)	05/15/46	$	29,668
FHLMC REMIC Series 4998, Class GI
	4,211,009		4.000		08/25/50		813,520
FHLMC REMIC Series 5012, Class DI
	693,884		4.000		09/25/50		134,742
FHLMC REMIC Series 5020, Class IH
	1,748,948		3.000		08/25/50		276,730
FNMA REMIC Series 2010-135, Class AS (-1X 1M USD LIBOR + 5.950%)
	74,723		2.866	(c)	12/25/40		6,065
FNMA REMIC Series 2016-1, Class SJ (-1X 1M USD LIBOR + 6.150%)
	370,148		3.066	(c)	02/25/46		42,935
FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR + 6.100%)
	448,098		3.016	(c)	05/25/47		51,398
FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR + 3.450%)
	1,781,141		0.366	(c)	03/25/48		29,822
FNMA REMIC Series 2020-49, Class IO
	395,604		4.000		07/25/50		77,362
FNMA REMIC Series 2020-49, Class KS (-1X 1M USD LIBOR + 6.100%)
	2,946,479		3.016	(c)	07/25/50		340,393
FNMA REMIC Series 2020-60, Class NI
	644,413		4.000		09/25/50		125,136
FNMA REMIC Series 2020-62, Class GI
	3,137,772		4.000		06/25/48		608,789
GNMA REMIC Series 2020-61, Class SW (-1X 1M USD LIBOR + 6.050%)
	2,233,325		3.036	(c)	08/20/49		213,607
GNMA REMIC Series 2013-124, Class CS (-1X 1M USD LIBOR + 6.050%)
	257,986		3.036	(c)	08/20/43		27,486
GNMA REMIC Series 2013-152, Class TS (-1X 1M USD LIBOR + 6.100%)
	92,704		3.086	(c)	06/20/43		8,871
GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%)
	193,522		3.086	(c)	10/20/43		11,002
GNMA REMIC Series 2014-162, Class SA (-1X 1M USD LIBOR + 5.600%)
	95,203		2.586	(c)	11/20/44		8,319
GNMA REMIC Series 2015-111, Class IM
	294,467		4.000		08/20/45		45,910
GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR + 6.250%)
	167,230		3.236	(c)	09/20/45		19,066
GNMA REMIC Series 2016-109, Class IH
	787,542		4.000		10/20/45		120,013
GNMA REMIC Series 2016-27, Class IA
	99,757		4.000		06/20/45		12,750
GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR + 5.660%)
	162,905		2.646	(c)	07/20/47		14,111

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(f) – (continued)
GNMA REMIC Series 2018-122, Class HS (-1X 1M USD LIBOR + 6.200%)
$	373,008		3.186	%(c)	09/20/48	$	40,344
GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR + 6.200%)
	347,564		3.186	(c)	09/20/48		35,867
GNMA REMIC Series 2018-139, Class SQ (-1X 1M USD LIBOR + 6.150%)
	340,632		3.136	(c)	10/20/48		33,901
GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%)
	365,184		3.036	(c)	01/20/49		35,495
GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%)
	3,603,565		3.036	(c)	09/20/49		397,415
GNMA REMIC Series 2019-110, Class SD (-1X 1M USD LIBOR + 6.100%)
	383,226		3.086	(c)	09/20/49		34,785
GNMA REMIC Series 2019-110, Class SE (-1X 1M USD LIBOR + 6.100%)
	379,963		3.086	(c)	09/20/49		37,623
GNMA REMIC Series 2019-111, Class AS (-1X 1M USD LIBOR + 6.150%)
	1,807,292		3.136	(c)	01/20/49		168,325
GNMA REMIC Series 2019-151, Class NI
	1,395,079		3.500		10/20/49		217,513
GNMA REMIC Series 2019-153, Class EI
	12,470,553		4.000		12/20/49		2,257,679
GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR + 3.790%)
	748,703		0.776	(c)	02/20/49		19,206
GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR + 6.100%)
	165,525		3.086	(c)	06/20/49		15,415
GNMA REMIC Series 2020-146, Class IM
	433,015		2.500		10/20/50		57,227
GNMA REMIC Series 2020-146, Class KI
	4,167,175		2.500		10/20/50		550,463
GNMA REMIC Series 2020-151, Class MI
	7,390,280		2.500		10/20/50		965,493
GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%)
	1,425,308		3.036	(c)	02/20/50		157,849
GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%)
	8,647,419		3.036	(c)	04/20/50		962,546
GNMA REMIC Series 2020-55, Class PI
	761,778		3.500		04/20/50		128,258
GNMA REMIC Series 2020-61, Class GI
	2,176,577		5.000		05/20/50		399,468
GNMA REMIC Series 2020-78, Class DI
	1,615,910		4.000		06/20/50		290,058
GNMA REMIC Series 2020-79, Class AI
	179,711		4.000		06/20/50		31,724
							9,948,361

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – 0.3%
FHLMC REMIC Series 4649, Class ML
$	3,604,950		4.000	%	11/15/54	$	3,479,421
FNMA REMIC Series 2012-111, Class B
	11,262		7.000		10/25/42		11,858
FNMA REMIC Series 2012-153, Class B
	38,369		7.000		07/25/42		40,334
GCAT 2022-NQM4 Trust Series 22-NQM4, Class A1
	537,755		5.269	(a)(b)(g)	08/25/67		525,938
OBX Trust Series 2022-NQM7, Class A1
	544,636		5.110	(a)(b)(g)	08/25/62		531,804
							4,589,355
Sequential Floating Rate(a) – 2.1%
Bellemeade Re Ltd. Series 2021-2A, Class M1B (1M SOFR + 1.500%)
	1,400,000		3.781	(c)	06/25/31		1,338,272
Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1 (SOFR30A + 3.100%)
	2,311,000		5.381	(c)	10/25/41		2,081,732
Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2 (1M SOFR + 3.000%)
	1,910,000		5.281	(c)	01/25/42		1,739,081
FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (1M SOFR + 2.600%)
	2,732,352		4.881	(c)	11/25/50		2,747,394
FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 (1M USD LIBOR + 1.850%)
	922,230		4.934	(c)	02/25/50		908,205
FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1 (1M USD LIBOR + 5.100%)
	504,025		8.184	(c)	06/25/50		510,829
FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2 (1M USD LIBOR + 3.750%)
	25,587		6.834	(c)	08/25/50		25,603
FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (1M SOFR + 4.800%)
	3,231,000		7.081	(c)	10/25/50		3,207,722
FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (1M SOFR + 2.800%)
	825,624		5.081	(c)	10/25/50		826,087
FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%)
	90,391		6.234	(c)	09/25/50		90,494
FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (1M SOFR + 1.800%)
	238,504		4.081	(c)	01/25/51		230,228
FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1 (1M SOFR + 3.400%)
	2,046,000		5.681	(c)	10/25/41		1,832,923
FHLMC STACR REMIC Trust Series 2021-HQA1, Class B1 (1M SOFR + 3.000%)
	1,284,000		5.281	(c)	08/25/33		999,322
FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 (1M SOFR + 2.050%)
	1,150,000		4.331	(c)	12/25/33		1,001,173
FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A (1M SOFR + 1.000%)
	2,054,027		3.281	(c)	01/25/42		1,991,695

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
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(a) – (continued)
FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A (1M SOFR + 2.000%)
$	2,288,504		4.281	%(c)	04/25/42	$	2,271,359
FNMA Connecticut Avenue Securities Series 2021-R02, Class 2B1 (1M SOFR + 3.300%)
	4,100,000		5.581	(c)	11/25/41		3,655,895
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1
	4,952,520		2.520	(c)	05/25/52		4,134,226
New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	99,713		3.750	(c)	05/28/52		94,690
Verus Securitization Trust Series 2022-1, Class A1
	4,658,891		2.724	(b)(g)	01/25/67		4,007,099
							33,694,029
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							48,231,745
Commercial Mortgage-Backed Securities – 0.5%
Sequential Fixed Rate(a) – 0.2%
BANK Series 2017-BNK9, Class D
$	700,000		2.800	%	11/15/54	$	499,645
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	1,500,000		3.000		09/15/50		1,100,993
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D
	500,000		3.060		10/15/48		410,297
Morgan Stanley Capital I Trust Series 2018-L1, Class D
	1,100,000		3.000		10/15/51		774,526
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D
	900,000		3.250		01/15/60		684,767
							3,470,228
Sequential Floating Rate(c) –0.3%
Citigroup Commercial Mortgage Trust Series 2015-P1, Class C
	1,949,000		4.514		09/15/48		1,797,523
JPMDB Commercial Mortgage Securities Trust Series 2016-C4, Class D
	1,545,000		3.196	(a)	12/15/49		1,149,594
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class D
	2,319,000		3.183	(a)	12/15/59		1,761,974
							4,709,091
TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	8,179,319
Federal Agencies – 10.6%
GNMA – 4.5%
$	1,399,721		4.500	%	08/20/47	$	1,362,852
	228,548		5.000		03/20/48		228,363
	795,243		4.500		06/20/48		770,319
	803,475		4.500		07/20/48		778,043
	144,250		5.000		08/20/48		143,361
	1,229,261		4.500		09/20/48		1,190,351
	845,880		4.500		10/20/48		819,106
	475,438		5.000		11/20/48		472,433
	1,075,423		4.500		12/20/48		1,041,047

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	2,197,086		5.000	%	12/20/48	$	2,182,516
	2,580,301		4.500		01/20/49		2,497,216
	2,845,960		5.000		01/20/49		2,827,087
	802,735		4.500		02/20/49		776,636
	1,094,564		4.500		03/20/49		1,058,635
	307,383		5.000		03/20/49		305,249
	26,209		5.000		04/20/49		26,027
	1,341,461		3.000		08/20/49		1,201,047
	43,088		5.000		08/20/49		42,745
	575,403		4.500		10/20/49		554,538
	1,121,428		5.000		12/20/49		1,114,076
	68,758		5.000		02/20/50		68,406
	398,697		3.000		06/20/51		354,149
	1,842,674		3.000		11/20/51		1,635,588
	4,673,774		3.000		12/20/51		4,144,138
	49,000,000		4.500	(h)	TBA-30yr		46,841,231
	1,000,000		5.000	(h)	TBA-30yr		977,134
							73,412,293
UMBS – 6.1%
	830		5.000		12/01/22		828
	2,598		5.000		05/01/23		2,591
	6,466		5.000		03/01/25		6,353
	6,307		5.000		11/01/26		6,205
	6,293		5.000		07/01/27		6,185
	12,937,432		4.000		12/01/44		12,257,249
	36,262,195		4.000		08/01/45		34,396,185
	95,979		4.500		07/01/47		93,040
	521,252		4.500		02/01/48		497,309
	3,645,356		4.500		05/01/48		3,528,032
	1,322,862		4.500		06/01/48		1,279,459
	832,725		4.500		07/01/48		805,366
	191,897		4.500		08/01/48		185,601
	6,256,843		4.500		09/01/48		6,023,621
	73,226		4.500		12/01/48		70,709
	638,167		4.500		01/01/49		616,374
	5,631,545		4.000		01/01/49		5,310,829
	262,193		4.500		02/01/49		252,935
	7,115,274		4.500		03/01/49		6,864,038
	2,309,842		4.500		04/01/49		2,229,665
	136,663		4.500		09/01/49		131,767
	358,716		4.500		02/01/50		347,395
	57,127		4.500		03/01/50		55,144
	844,731		4.500		12/01/50		815,400
	2,789,293		4.500		03/01/52		2,657,053
	1,875,430		4.500		04/01/52		1,787,302
	2,903,634		4.500		05/01/52		2,765,892
	213,306		5.000		05/01/52		210,095
	5,748,558		5.000		06/01/52		5,664,845
	11,546,776		5.000		07/01/52		11,372,293
	282,837		5.000		08/01/52		278,411
							100,518,171
TOTAL FEDERAL AGENCIES						$	173,930,464
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $246,435,273)						$	230,341,528

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – 7.8%
Automotive – 2.6%
Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A
$	3,750,000		2.440	%	09/15/26	$	3,573,113
GMF Floorplan Owner Revolving Trust Series 2019-2, Class A
	2,785,000		2.900	(a)	04/15/26		2,701,694
Tesla Auto Lease Trust Series 2021-A, Class A3
	2,200,000		0.560	(a)	03/20/25		2,123,206
Tesla Auto Lease Trust Series 2021-A, Class A4
	5,400,000		0.660	(a)	03/20/25		5,150,632
Tesla Auto Lease Trust Series 2021-B, Class A3
	10,200,000		0.600	(a)	09/22/25		9,570,990
Toyota Auto Receivables Owner Trust Series 2021-D, Class A3
	9,600,000		0.710		04/15/26		9,075,857
Toyota Lease Owner Trust Series 2021-A, Class A3
	7,175,000		0.390	(a)	04/22/24		7,041,695
Toyota Lease Owner Trust Series 2021-A, Class A4
	1,400,000		0.500	(a)	08/20/25		1,350,807
Toyota Lease Owner Trust Series 2021-B, Class A3
	2,250,000		0.420	(a)	10/21/24		2,166,743
							42,754,737
Collateralized Loan Obligations(a)(c) – 5.1%
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%)
	7,600,000		3.910		07/20/34		7,279,044
Atlas Senior Loan Fund XVII Ltd. Series 2021-17A, Class A (3M USD LIBOR + 1.200%)
	8,200,000		3.910		10/20/34		7,767,909
Cathedral Lake VII Ltd. Series 2021-7RA, Class C (3M USD LIBOR + 2.570%)
	950,000		5.082		01/15/32		857,751
Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
	1,750,000		6.792		01/15/32		1,555,146
Crown City CLO I Series 2020-1A, Class A1AR (3M USD LIBOR + 1.190%)
	2,500,000		3.900		07/20/34		2,383,698
Gulf Stream Meridian 3, Ltd. Series 2021-IIIA, Class A2 (3M USD LIBOR + 1.750%)
	3,000,000		4.262		04/15/34		2,816,058
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%)
	5,775,000		4.232		11/30/32		5,622,707
HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%)
	3,500,000		4.060		01/20/33		3,393,456
ICG US CLO 2016-1 Ltd. Series 2016-1A, Class CRR (3M USD LIBOR + 3.650%)
	2,000,000		6.456		04/29/34		1,718,672
Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%)
	3,000,000		3.983		07/25/34		2,871,348
LCM 26, Ltd. Series 2026-A, Class A1 (3M USD LIBOR + 1.070%)
	8,400,000		3.780		01/20/31		8,210,051
LCM XX LP Series 2020-A, Class AR (3M USD LIBOR + 1.040%)
	2,201,201		3.750		10/20/27		2,178,542

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(a)(c) – (continued)
Marble Point CLO XIX Ltd. Series 2020-3A, Class D (3M USD LIBOR + 3.900%)
$	2,200,000		6.638	%	01/19/34	$	1,905,497
Marble Point CLO XVII Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.300%)
	6,000,000		4.010		04/20/33		5,753,898
MJX Venture Management II LLC Series 2017-28RR, Class A1 (3M USD LIBOR + 1.280%)
	4,171,053		4.012		07/22/30		4,023,026
Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R (3M USD LIBOR + 1.100%)
	2,922,368		3.869		12/21/29		2,870,250
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%)
	10,600,000		4.084		05/20/32		10,100,115
Park Avenue Institutional Advisers CLO Ltd. 2021-1 Series 2021-1A, Class C (3M USD LIBOR + 3.800%)
	3,000,000		6.510		01/20/34		2,692,725
Steele Creek CLO Ltd. Series 2019-1A, Class D (3M USD LIBOR + 4.100%)
	5,150,000		6.612		04/15/32		4,471,009
Venture 36 Clo Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%)
	2,500,000		6.860		04/20/32		2,154,278
Zais Clo 13 Ltd. Series 2019-13A, Class A1A (3M USD LIBOR + 1.490%)
	3,000,000		4.002		07/15/32		2,895,813
							83,520,993
Student Loan(c) – 0.1%
Educational Services of America, Inc. Series 2014-1, Class A (1M USD LIBOR + 0.700%)
	277,211		3.784	(a)	02/25/39		274,490
Educational Services of America, Inc. Series 2015-2, Class A (1M USD LIBOR + 1.000%)
	160,927		4.084	(a)	12/25/56		161,369
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	944,300		3.683		07/25/45		934,114
PHEAA Student Loan Trust Series 2012-1A, Class A1 (1M USD LIBOR + 0.550%)
	22,507		3.634	(a)	05/25/57		22,156
PHEAA Student Loan Trust Series 2016-1A, Class A (1M USD LIBOR + 1.150%)
	804,064		4.234	(a)	09/25/65		790,229
							2,182,358
TOTAL ASSET-BACKED SECURITIES (Cost $135,476,453)						$	128,458,088
Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 2.7%
Euro(a) – 0.0%
Republic of Indonesia
EUR	250,000		2.150	%	07/18/24	$	237,172

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
Sovereign Debt Obligations – (continued)
United States Dollar – 2.7%
Abu Dhabi Government International Bond
$	870,000		2.500	%	10/11/22	$	869,304
Perusahaan Penerbit SBSN Indonesia III
	3,530,000		2.300	(a)	06/23/25		3,300,938
	4,310,000		2.300		06/23/25		4,030,324
	7,550,000		1.500	(a)	06/09/26		6,635,393
Philippine Government International Bond
	2,000,000		3.229		03/29/27		1,865,220
Republic of Chile
	2,060,000		3.125		01/21/26		1,918,761
Republic of Colombia
	5,690,000		4.000	(b)	02/26/24		5,538,148
Republic of Indonesia
	8,750,000		4.150	(b)	09/20/27		8,313,462
Republic of Panama
	2,010,000		3.750	(b)	03/16/25		1,929,349
Republic of Peru
	2,120,000		2.392	(b)	01/23/26		1,920,985
Republic of Qatar(a)
	1,840,000		3.375		03/14/24		1,803,200
	690,000		3.400		04/16/25		666,713
Republic of Romania
	5,820,000		3.000	(a)	02/27/27		4,902,623
Saudi Government International Bond
	800,000		2.900	(a)	10/22/25		755,000
							44,449,420
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $48,342,598)						$	44,686,592
Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – 0.7%
Illinois – 0.1%
Illinois State GO Bonds Taxable-Pension Series 2003
$	2,082,273		4.950	%	06/01/23	$	2,081,752
Massachusetts(b) – 0.5%
Commonwealth of Massachusetts State GO Bonds Series 2022
	8,150,000		3.564		07/15/23		8,101,158
Ohio(b)(c) – 0.1%
Access to Loans for Learning Student Loan Corp. Series 2019 A-3 (3M USD LIBOR + 0.800%)
	1,392,530		3.583		04/25/37		1,367,055
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $11,644,280)						$	11,549,965
U.S. Treasury Obligations(i) – 12.1%
United States Treasury Notes
$	222,756,100		0.750	%	04/30/26	$	197,278,371
	850,000		2.875		08/15/28		797,207
TOTAL U.S. TREASURY OBLIGATIONS (Cost $216,003,286)						$	198,075,578

Shares		Description	Value
Exchange Traded Funds – 1.9%
	754,343	Goldman Sachs Access High
		Yield Corporate Bond ETF	$	30,572,843
(Cost $36,594,195)
TOTAL INVESTMENTS BEFORE SHORT-
TERM INVESTMENT – 97.1%
(Cost $1,718,209,116)			$	1,587,472,416

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(c) –0.3%
Certificates of Deposit – 0.3%
Lloyds Bank Corporate Markets PLC (SOFR + 0.540%)
$	4,285,000		3.530	%	01/31/24	$	4,274,082
(Cost $4,285,000)
TOTAL SHORT-TERM INVESTMENTS (Cost $4,285,000)						$	4,274,082
TOTAL INVESTMENTS – 100.1%
(Cost $1,770,836,714)						$	1,636,433,090
LIABILITIES IN EXCESS OF OTHER ASSETS – ( 0.1)%							(2,005,488	)
NET ASSETS – 100.0%						$	1,634,427,602

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

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

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

(c) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2022.

(d) Pay-in-kind securities.

(e) Security is currently in default.

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

(g) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2022.

(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 $47,818,365 which represents approximately 3.0% of net assets as of September 30, 2022.

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

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, 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		CLP	191,315,117		USD	195,469		10/27/22	$	1,340
		EUR	585,241		NOK	5,942,243		12/21/22		30,523
		EUR	533,040		NZD	899,104		12/21/22		22,464
		EUR	529,191		SGD	748,308		12/21/22		476
		GBP	2,039,908		USD	2,205,941		12/21/22		74,676
		SEK	745,520		USD	66,761		12/21/22		786
		TWD	201,178,701		USD	6,320,289		10/03/22		9,113
		USD	1,798,784		AUD	2,714,047		12/21/22		60,114
		USD	4,348,776		CAD	5,712,401		12/21/22		211,569
		USD	2,107,635		CHF	2,039,906		12/21/22		22,156
		USD	788,721		CLP	726,257,795		10/27/22		41,608
		USD	1,649,164		CNH	11,396,029		12/21/22		50,149
		USD	1,552,085		COP	6,816,373,956		10/28/22		81,874
		USD	5,389,728		EUR	5,242,847		10/11/22		247,553
		USD	4,531,483		EUR	4,478,605		12/21/22		112,931
		USD	8,758,295		GBP	7,528,140		12/21/22		341,834
		USD	367,271		HUF	146,852,179		12/21/22		34,854
		USD	78,066		IDR	1,155,398,809		11/15/22		2,760
		USD	896,529		ILS	3,022,827		12/21/22		42,545
		USD	792,866		INR	63,624,356		10/14/22		14,106
		USD	487,026		INR	39,739,369		10/27/22		1,054
		USD	59,530		JPY	8,389,433		12/21/22		1,002
		USD	1,405,861		KRW	1,952,454,949		12/12/22		48,531
		USD	71,009		MXN	1,429,311		12/21/22		1,089
		USD	2,692,107		NOK	27,598,701		12/21/22		152,170
		USD	279,030		NZD	442,334		10/27/22		31,459
		USD	7,506,306		NZD	12,393,029		12/21/22		567,176
		USD	1,481,371		SEK	16,215,815		12/19/22		12,473
		USD	6,344,979		SEK	66,505,098		12/21/22		319,339
		USD	590,858		SGD	828,668		12/21/22		13,222
		USD	926,254		TRY	18,217,108		12/21/22		39,675
		USD	4,190,069		TWD	127,684,552		10/03/22		172,910
		USD	1,063,000		TWD	33,329,515		12/21/22		13,347
		USD	2,588,659		ZAR	44,445,137		10/11/22		135,613
		USD	212,636		ZAR	3,786,149		12/21/22		4,981
TOTAL									$	2,917,472

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement     Date		Unrealized Loss
MS & Co. Int. PLC	AUD	10,819,003	USD	7,401,872		12/21/22	$	(471,014	)
	CAD	3,830,052	USD	2,949,685		12/21/22		(175,770	)
	CHF	1,054,111	EUR	1,101,243		12/21/22		(8,816	)
	CHF	5,347,821	USD	5,598,443		12/21/22		(131,150	)
	CLP	284,180,780	USD	314,151		10/27/22		(21,810	)
	CNH	8,216,436	USD	1,176,000		12/21/22		(23,124	)
	COP	2,328,590,873	USD	536,515		10/28/22		(34,266	)
	EUR	1,202,878	USD	1,228,861		12/21/22		(42,112	)
	GBP	2,714,984	USD	3,111,667		12/15/22		(76,765	)

48                    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 (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement     Date	Unrealized Loss
MS & Co. Int. PLC (continued)	GBP	1,899,268	USD	2,175,151	12/21/22	$	(51,771	)
	INR	159,712,692	USD	1,999,476	10/14/22		(44,598	)
	JPY	142,172,028	USD	1,001,832	12/21/22		(9,992	)
	MXN	10,775,051	USD	530,007	12/21/22		(2,905	)
	NOK	46,015,602	USD	4,667,442	12/21/22		(432,577	)
	NZD	1,789,461	AUD	1,585,825	12/21/22		(13,951	)
	NZD	889,962	CAD	705,019	12/21/22		(12,301	)
	NZD	2,689,000	USD	1,652,899	12/21/22		(147,269	)
	PLN	1,757,189	USD	374,379	12/21/22		(24,916	)
	SEK	5,732,393	EUR	531,000	12/21/22		(4,501	)
	SEK	7,012,023	USD	658,201	12/21/22		(22,882	)
	SGD	5,723,463	USD	4,102,841	12/21/22		(113,210	)
	TWD	54,190,402	USD	1,803,792	10/03/22		(98,875	)
	TWD	18,164,987	USD	588,855	10/06/22		(17,998	)
	TWD	18,222,139	USD	586,000	12/21/22		(12,127	)
	USD	194,598	BRL	1,060,190	10/31/22		(474	)
	USD	198,698	CLP	195,478,728	10/27/22		(2,394	)
	USD	2,357,000	CNH	17,071,317	12/21/22		(38,334	)
	USD	790,585	EUR	821,000	12/21/22		(19,406	)
	USD	1,482,019	GBP	1,375,848	12/21/22		(56,179	)
	USD	850,923	SEK	9,654,647	12/21/22		(23,829	)
	USD	4,010,823	TWD	127,684,551	10/03/22		(6,336	)
	USD	3,295,101	TWD	104,748,558	12/21/22		(3,765	)
	ZAR	6,070,771	USD	352,478	12/21/22		(19,521	)

FORWARD SALES CONTRACTS — At September 30, 2022, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount			Value
UMBS, 30 Year, Single Family		4.000	%		TBA-30yr		10/13/22	$	(7,000,000	)	$	(6,488,124	)
UMBS, 30 Year, Single Family		4.000			TBA-30yr		11/14/22		(10,000,000	)		(9,260,154	)
UMBS, 30 Year, Single Family		4.500			TBA-30yr		10/13/22		(13,000,000	)		(12,368,278	)
UMBS, 30 Year, Single Family		5.000			TBA-30yr		10/13/22		(12,000,000	)		(11,675,622	)
UMBS, 30 Year, Single Family		4.500			TBA-30yr		11/14/22		(15,000,000	)		(14,254,098	)
(PROCEEDS RECEIVABLE: $ (56,206,270))											$	(54,046,276	)

(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, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		916		12/20/22		$	102,649,250		$	(1,744,346	)
2 Year U.S. Treasury Notes		1,729		12/30/22			355,120,392			(5,439,682	)
French 10 Year Government Bonds		1		12/08/22			129,484			(4,912	)
Total									$	(7,188,940	)

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount				Unrealized Appreciation/ (Depreciation)
Short position contracts:
10 Year U.K. Long Gilt		(79	)		12/28/22		$	(8,503,198	)		$	1,137,385
10 Year U.S. Treasury Notes		(642	)		12/20/22			(76,066,969	)			3,392,281
20 Year U.S. Treasury Bonds		(29	)		12/20/22			(3,665,781	)			4,620
5 Year U.S. Treasury Notes		(1,895	)		12/30/22			(203,727,305	)			5,289,285
Ultra Long U.S. Treasury Bonds		(32	)		12/20/22			(4,384,000	)			11,108
Total											$	9,834,679
TOTAL FUTURES CONTRACTS											$	2,645,739

SWAP CONTRACTS — At September 30, 2022, 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)	12/15/22	NZD	15,940		$	(25,129	)	$	(4,708	)	$	(20,421	)
3.250%(a)	6M AUDOR	08/15/24	AUD	17,740			132,242			45,594			86,648
2.000(c)	6M GBP	09/21/24	GBP	9,940			691,653			703,044			(11,391	)
3M STIBOR(a)	3.000(c)	12/21/24	SEK	573,510	(d)		(465,840	)		(351,311	)		(114,529	)
3M LIBOR(c)	3.250	12/21/24	$	23,100	(d)		(434,283	)		(331,016	)		(103,267	)
3.750(c)	3M NIBOR(b)	12/21/24	NOK	348,890	(d)		(45,263	)		27,159			(72,422	)
3M NZDOR(a)	4.000(b)	12/21/24	NZD	13,700	(d)		(108,797	)		(82,721	)		(26,076	)
3.250(a)	6M AUDOR	12/21/24	AUD	17,680	(d)		191,362			151,040			40,322
1.500(c)	6M EURO(b)	12/21/24	EUR	22,790	(d)		671,238			536,869			134,369
1.730(c)	3M LIBOR	02/08/26	$	300,120	(d)		11,045,496			588,501			10,456,995
2.350(c)	6M EURO(b)	09/09/27	EUR	16,390	(d)		332,492			100,274			232,218
6M EURO(c)	1.500	12/21/27		4,510	(d)		(264,599	)		(214,820	)		(49,779	)
6M EURO(b)	1.500(c)	12/21/27		1,200	(d)		(86,410	)		(59,136	)		(27,274	)
3M LIBOR(c)	2.750	12/21/27	$	580	(d)		(27,558	)		(18,305	)		(9,253	)
6M AUDOR(b)	3.750	12/21/27	AUD	4,820	(d)		(78,261	)		(37,672	)		(40,589	)
2.750(c)	3M LIBOR	12/21/27	$	6,750	(d)		320,724			276,607			44,117
3M NZDOR(a)	4.000(b)	12/21/27	NZD	16,550	(d)		(206,793	)		(113,435	)		(93,358	)
1.500(c)	6M CHFOR	12/21/27	CHF	9,430	(d)		116,316			121,025			(4,709	)
2.500(c)	6M GBP	12/21/27	GBP	2,630	(d)		325,804			161,184			164,620
0.000(c)	6M JYOR	12/21/27	JPY	4,799,090	(d)		488,199			459,479			28,720
3M LIBOR(c)	2.500	06/04/29	$	29,570	(d)		(385,542	)		(20,116	)		(365,426	)
2.350(c)	6M EURO(b)	07/04/29	EUR	5,220	(d)		176,863			140,338			36,525
2.570(c)	3M LIBOR	06/04/31	$	77,970	(d)		741,939			75,646			666,293
6M EURO(b)	2.128(c)	05/17/32	EUR	15,010	(d)		(651,845	)		(94,507	)		(557,338	)
1.754(c)	6M EURO	05/17/32		15,010	(d)		733,359			(121,928	)		855,287
6M EURO(c)	2.000(b)	05/26/32		22,310	(d)		(1,082,631	)		(351,004	)		(731,627	)
0.500(c)	6M JYOR	05/26/32	JPY	5,459,170	(d)		486,294			166,859			319,435
2.680(c)	3M LIBOR	07/28/32	$	14,360	(d)		309,041			(95,736	)		404,777
2.500(c)	6M GBP	08/25/32	GBP	4,200	(d)		202,403			(80,727	)		283,130
6M EURO(b)	2.500(c)	08/30/32	EUR	5,270	(d)		(151,614	)		(152,201	)		587
6M EURO(b)	2.750(c)	09/08/32		3,710	(d)		(70,360	)		7,864			(78,224	)
2.750(c)	3M STIBOR(a)	09/08/32	SEK	43,360	(d)		37,924			5,152			32,772
6M EURO(b)	2.650(c)	09/09/32	EUR	24,200	(d)		(554,107	)		(163,638	)		(390,469	)
6M EURO	3.200	10/04/32		6,620	(d)		5,333			5,336			(3	)

50                    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)
3.000%		3M LIBOR		10/04/32		$	7,720	(d)	$	58,224		$	58,231		$	(7	)
6M CHFOR(c)		1.750%		12/21/32		CHF	940	(d)		(28,116	)		(35,164	)		7,048
6M GBP(c)		2.250		12/21/32		GBP	1,650	(d)		(316,631	)		(164,327	)		(152,304	)
3M LIBOR(c)		2.500		12/21/32		$	12,970	(d)		(1,120,904	)		(843,365	)		(277,539	)
6M CDOR(b)		3.250		12/21/32		CAD	1,460	(d)		(37,381	)		(47,103	)		9,722
3M NIBOR(b)		3.500(c)		12/21/32		NOK	7,350	(d)		(1,373	)		641			(2,014	)
6M AUDOR(b)		3.750		12/21/32		AUD	1,020	(d)		(38,518	)		(24,325	)		(14,193	)
2.500(c)		3M LIBOR		12/21/32		$	4,210	(d)		363,840			403,977			(40,137	)
4.000(b)		3M NZDOR(a)		12/21/32		NZD	260	(d)		5,264			2,578			2,686
3.000(c)		3M STIBOR(a)		12/21/32		SEK	19,890	(d)		27,413			(14,401	)		41,814
2.000(c)		6M EURO(b)		12/21/32		EUR	920	(d)		90,069			41,102			48,967
0.250(c)		6M JYOR		12/21/32		JPY	3,582,520	(d)		742,824			655,922			86,902
3M LIBOR(c)		2.730		06/04/33		$	49,500	(d)		(371,320	)		(42,249	)		(329,071	)
6M GBP(c)		3.800		07/31/35		GBP	11,140	(d)		(563,191	)		(32,451	)		(530,740	)
6M EURO(b)		2.855(c)		07/04/37		EUR	7,800	(d)		(142,685	)		(153,014	)		10,329
3M LIBOR(c)		2.940		07/12/37		$	6,920	(d)		(168,149	)		8,222			(176,371	)
3M LIBOR(c)		2.910		07/28/37			33,670	(d)		(458,232	)		68,460			(526,692	)
6M EURO(b)		2.152(c)		08/09/37		EUR	13,560	(d)		(435,536	)		(158,938	)		(276,598	)
3M LIBOR(c)		2.720		08/11/37		$	34,300	(d)		(677,508	)		(324,690	)		(352,818	)
1.451(c)		6M EURO(b)		08/10/42		EUR	30,830	(d)		531,306			193,593			337,713
2.750(c)		3M LIBOR		07/12/47		$	4,090	(d)		122,034			(10,714	)		132,748
2.080(c)		3M LIBOR		07/28/47			24,250	(d)		95,996			28,773			67,223
6M EURO(b)		1.051(c)		08/11/47		EUR	17,020	(d)		(132,478	)		(50,519	)		(81,959	)
6M EURO(c)		1.355		05/17/52			4,810	(d)		(417,836	)		(101,702	)		(316,134	)
1.328(c)		6M EURO(b)		05/17/52			4,810	(d)		368,042			(26,843	)		394,885
1.560(c)		6M EURO(b)		07/06/52			3,340	(d)		(18,069	)		(87,609	)		69,540
2.170(c)		3M LIBOR		08/11/52		$	15,350	(d)		277,103			165,078			112,025
1.800(c)		6M EURO(b)		09/09/52		EUR	5,140	(d)		85,543			4,051			81,492
TOTAL										$10,209,381			$ 792,204			$9,417,177

(a) Payments made quarterly.

(b) Payments made semi-annually.

(c) Payments made annually.

(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)		Credit Spread at September 30, 2022(b)		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 10		3.000%		7.241%	MS & Co. Int. PLC		11/17/59		$1,300		$  (242,897	)		$  (235,040	)		$ (7,857	)
Markit CMBX Series 11		3.000		1.277	MS & Co. Int. PLC		11/18/54		1,250		(202,110	)		(259,691	)		57,581

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)

Reference Obligation/Index	Financing Rate Paid by the Fund(a)		Credit Spread at September 30, 2022(b)		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Markit CMBX Series 11		3.000%		1.239%	MS & Co. Int. PLC		11/18/54		$4,500		$   (727,594	)		$   (659,608	)		$(67,986	)
TOTAL											$(1,172,601	)		$(1,154,339	)		$(18,262	)

(a) Payments made annually.

(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, 2022(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	%		8.960	%		06/20/26	$	3,475	$	(31,293	)		$  47,967		$  (79,260	)
AT&T, Inc., 3.800%, 02/15/27		1.000			1.279			12/20/25		10,000		(67,545	)		69,156		(136,701	)
CDX.NA.IG Index 32		1.000			7.241			06/20/24		225		867			1,455		(588	)
General Electric Co. 2.700%, 10/09/22		1.000			8.960			06/20/26		5,225		(47,704	)		52,964		(100,668	)
TOTA L											$	(145,675	)		$171,542		$(317,217	)

(a) Payments made annually.

(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, 2022, 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	Citibank NA		0.459	%		10/10/2022		32,630,000	$	32,630,000	$	4		$      71,330		$   (71,326)
1Y IRS	Citibank NA		0.420			10/10/2022		35,720,000		35,720,000		4		77,326		(77,322)
1Y IRS	Citibank NA		0.516			11/15/2022		36,190,000		36,190,000		186		84,983		(84,797)
1Y IRS	Citibank NA		2.400			07/28/2023		8,700,000		8,700,000		78,946		291,450		(212,503)
1Y IRS	Deutsche Bank AG (London)		2.700			04/28/2023		8,790,000		8,790,000		82,650		326,408		(243,758)
9M IRS	Deutsche Bank AG (London)		1.850			11/22/2022		99,100,000		99,100,000		49		336,205		(336,156)
9M IRS	JPMorgan Securities, Inc.		1.800			11/16/2022		99,200,000		99,200,000		20		322,400		(322,380)
1Y IRS	MS & Co. Int. PLC		0.544			11/16/2022		32,940,000		32,940,000		191		77,573		(77,382)
								353,270,000	$	353,270,000	$	162,050		$ 1,587,675		$(1,425,624)

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

GOLDMAN SACHS SHORT DURATION BOND FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount				Market Value				Premiums Paid (Received) by Fund				Unrealized Appreciation/ (Depreciation)
Puts
1Y IRS	Deutsche Bank AG (London)		3.000	%		05/05/2023		8,750,000			$	8,750,000			$	497,521			$	306,108			$	191,414
1Y IRS	Deutsche Bank AG (London)		2.960			09/05/2023		8,730,000				8,730,000				541,759				339,859				201,900
1Y IRS	JPMorgan Securities, Inc.		2.800			08/23/2023		8,730,000				8,730,000				617,730				315,192				302,537
								26,210,000			$	26,210,000			$	1,657,010			$	961,159			$	695,851
Total purchased option contracts								379,480,000			$	379,480,000			$	1,819,060			$	2,548,834			$	(729,773	)
Written option contracts
Calls
1Y IRS	Citibank NA		0.425			10/10/2022		(3,340,000	)			(3,340,000	)			—				(71,371	)			71,370
1Y IRS	Citibank NA		0.379			10/10/2022		(3,680,000	)			(3,680,000	)			—				(77,285	)			77,285
1Y IRS	Citibank NA		0.553			11/15/2022		(3,730,000	)			(3,730,000	)			(29	)			(84,783	)			84,754
1Y IRS	Citibank NA		1.750			07/28/2023		(8,700,000	)			(8,700,000	)			(29,558	)			(108,750	)			79,192
1Y IRS	Citibank NA		2.075			07/28/2023		(8,700,000	)			(8,700,000	)			(48,688	)			(182,700	)			134,012
1Y IRS	Deutsche Bank AG (London)		2.013			04/28/2023		(8,790,000	)			(8,790,000	)			(23,728	)			(124,346	)			100,618
1Y IRS	Deutsche Bank AG (London)		2.356			04/28/2023		(8,790,000	)			(8,790,000	)			(45,030	)			(202,062	)			157,032
9M IRS	Deutsche Bank AG (London)		1.599			11/22/2022		(99,100,000	)			(99,100,000	)			(20	)			(217,133	)			217,113
9M IRS	Deutsche Bank AG (London)		1.348			11/22/2022		(99,100,000	)			(99,100,000	)			(10	)			(119,073	)			119,063
9M IRS	JPMorgan Securities, Inc.		1.290			11/16/2022		(99,200,000	)			(99,200,000	)			(10	)			(119,040	)			119,030
9M IRS	JPMorgan Securities, Inc.		1.545			11/16/2022		(99,200,000	)			(99,200,000	)			(10	)			(203,360	)			203,350
1Y IRS	MS & Co. Int. PLC		0.599			11/16/2022		(3,410,000	)			(3,410,000	)			(34	)			(77,728	)			77,694
								(445,740,000	)		$	(445,740,000	)		$	(147,117	)		$	(1,587,631	)		$	1,440,513
Puts
1Y IRS	Deutsche Bank AG (London)		3.891			05/05/2023		(8,750,000	)			(8,750,000	)			(178,172	)			(112,448	)			(65,724	)
1Y IRS	Deutsche Bank AG (London)		3.446			05/05/2023		(8,750,000	)			(8,750,000	)			(307,047	)			(193,660	)			(113,387	)
1Y IRS	Deutsche Bank AG (London)		3.405			09/05/2023		(8,730,000	)			(8,730,000	)			(361,822	)			(208,301	)			(153,521	)
1Y IRS	Deutsche Bank AG (London)		3.850			09/05/2023		(8,730,000	)			(8,730,000	)			(233,996	)			(131,558	)			(102,438	)
1Y IRS	JPMorgan Securities, Inc.		3.660			08/23/2023		(8,730,000	)			(8,730,000	)			(278,941	)			(120,595	)			(158,346	)
1Y IRS	JPMorgan Securities, Inc.		3.230			08/23/2023		(8,730,000	)			(8,730,000	)			(423,591	)			(194,597	)			(228,994	)
								(52,420,000	)		$	(52,420,000	)		$	(1,783,569	)		$	(961,159	)		$	(822,410	)
Total written option contracts								(498,160,000	)		$	(498,160,000	)		$	(1,930,686	)		$	(2,548,790	)		$	618,103
TOTAL								(118,680,000	)		$	(118,680,000	)		$	(111,626	)		$	44			$	(111,670	)

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazil Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
COP	—Colombia Peso
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesia 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
SEK	—Swedish Krona
SGD	—Singapore Dollar
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand

Investment Abbreviations:
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
ETF	—Exchange Traded Fund
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
IO	—Interest Only Stripped Security
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PI	—Private Investment
PLC	—Public Limited Company
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
STACR	—Structured Agency Credit Risk
TSFR	—Term Secured Overnight Financing Rate
UMBS	—Uniform Mortgage Backed Securities

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

GOLDMAN SACHS SHORT DURATION BOND FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
1M IRS	—1 Month Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
9M IRS	—9 Months Interest Rate Swaptions
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CDX.NA.IG Ind 32	—CDX North America Investment Grade Index 32
CHFOR	—Swiss Franc Offered Rate
EURO	—Euro Offered Rate
JYOR	—Japanese Yen Offered Rate
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
STIBOR	—Stockholm Interbank Offered Rate

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 41.3%
Collateralized Mortgage Obligations – 0.3%
Sequential Fixed Rate – 0.3%
FHLMC REMIC Series 1980, Class Z
$	98,257		7.000	%	07/15/27	$	103,815
FHLMC REMIC Series 2019, Class Z
	96,857		6.500		12/15/27		98,478
FHLMC REMIC Series 2755, Class ZA
	293,707		5.000		02/15/34		294,860
FHLMC REMIC Series 3530, Class DB
	288,083		4.000		05/15/24		289,559
FHLMC REMIC Series 4246, Class PT
	50,299		6.500		02/15/36		52,598
FNMA REMIC Series 2012-111, Class B
	171,740		7.000		10/25/42		180,832
FNMA REMIC Series 2012-153, Class B
	617,742		7.000		07/25/42		649,380
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							1,669,522
Federal Agencies – 41.0%
Adjustable Rate FHLMC(a) – 0.2%
(12M USD LIBOR + 1.840%)
$	182,097		2.693	%	11/01/34	$	185,011
(1 Year CMT + 2.250%)
	315,547		3.113	%	06/01/35		325,424
(12M USD LIBOR + 2.330%)
	27,340		3.516	%	05/01/36		28,067
(6M USD LIBOR + 2.056%)
	12,416		4.431	%	10/01/36		12,890
(12M USD LIBOR + 1.776%)
	96,235		3.593	%	06/01/42		97,987
(12M USD LIBOR + 1.618%)
	708,383		3.036	%	11/01/44		717,366
							1,366,745
Adjustable Rate FNMA(a) – 0.6%
(COF + 1.695%)
	5,300		2.357	%	08/01/29		5,253
(12M USD LIBOR + 1.755%)
	24,092		4.005	%	07/01/32		24,480
(12M USD LIBOR + 1.225%)
	2,489		1.475	%	01/01/33		2,492
(12M USD LIBOR + 1.800%)
	247,735		3.395	%	05/01/33		251,996
(6M USD LIBOR + 2.250%)
	37,607		3.625	%	08/01/33		38,620
(COF + 1.254%)
	260,234		4.591	%	08/01/33		272,942
(1 Year CMT + 2.288%)
	138,151		2.436	%	02/01/34		142,308
(12M USD LIBOR + 1.695%)
	56,948		3.445	%	05/01/34		57,958
	285,273		2.793	%	05/01/34		288,712
	31,645		2.220		03/01/35		31,976
	40,945		3.095		04/01/35		41,677
(1 Year CMT + 2.220%)
	229,118		3.989	%	06/01/34		237,183
(12M USD LIBOR + 1.644%)
	64,866		1.894	%	10/01/34		65,887

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(a) – (continued)
(12M USD LIBOR + 1.647%)
$	83,042		1.929	%	10/01/34	$	84,313
(12M USD LIBOR + 1.598%)
	75,158		2.317	%	03/01/35		75,821
(12M USD LIBOR + 1.325%)
	87,087		2.075	%	04/01/35		87,030
(12M USD LIBOR + 1.413%)
	68,891		2.225	%	05/01/35		69,121
(1 Year CMT + 2.095%)
	51,484		2.143	%	10/01/35		53,521
(12M USD LIBOR + 1.717%)
	192,724		2.235	%	03/01/36		194,541
(12M USD LIBOR + 1.958%)
	447,986		2.958	%	04/01/36		458,823
(12M USD LIBOR + 1.909%)
	172,393		4.159	%	06/01/36		176,836
(12M MTA + 2.186%)
	289,464		3.047	%	07/01/36		298,988
	74,295		2.185	%	11/01/36		76,179
(12M USD LIBOR + 1.713%)
	295,210		3.298	%	07/01/37		301,453
(12M USD LIBOR + 1.820%)
	3,631		2.070	%	12/01/46		3,733
							3,341,843
Adjustable Rate GNMA(a) – 0.3%
	61,452		2.875		05/20/34		61,165
	149,269		1.625		07/20/34		146,983
	151,623		1.625		08/20/34		149,324
	907,985		1.625		09/20/34		894,231
	132,920		1.750		10/20/34		130,398
	134,403		1.750		12/20/34		131,874
							1,513,975
FHLMC – 0.5%
	48		4.500		05/01/23		47
	4,076		7.500		01/01/31		4,352
	17,338		4.500		07/01/33		16,996
	411,480		4.500		08/01/33		403,344
	866,619		4.500		09/01/33		849,481
	79,415		4.500		10/01/33		77,844
	1,968		4.500		04/01/34		1,928
	1,688		4.500		04/01/35		1,654
	1,196		4.500		07/01/35		1,171
	2,982		4.500		08/01/35		2,922
	16,998		4.500		09/01/35		16,653
	4,158		4.500		10/01/35		4,073
	728		4.500		12/01/35		714
	568		4.500		05/01/36		556
	52,263		4.500		01/01/38		51,200
	634		4.500		04/01/38		623
	337		4.500		05/01/38		330
	3,251		4.500		06/01/38		3,185
	82,441		4.500		09/01/38		80,947
	1,757		4.500		01/01/39		1,724
	42,641		4.500		02/01/39		41,842
	20,858		4.500		03/01/39		20,459

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	3,975		4.500	%	04/01/39	$	3,899
	115,028		4.500		05/01/39		112,824
	362,306		4.500		06/01/39		355,369
	12,464		4.500		07/01/39		12,225
	15,773		4.500		08/01/39		15,472
	21,675		4.500		09/01/39		21,261
	4,184		4.500		10/01/39		4,103
	7,736		4.500		11/01/39		7,587
	8,274		4.500		12/01/39		8,116
	14,349		4.500		01/01/40		14,074
	3,830		4.500		02/01/40		3,755
	10,389		4.500		04/01/40		10,185
	15,507		4.500		05/01/40		15,201
	20,022		4.500		06/01/40		19,626
	15,248		4.500		07/01/40		14,947
	14,502		4.500		08/01/40		14,215
	9,216		4.500		09/01/40		9,035
	3,950		4.500		10/01/40		3,872
	4,367		4.500		02/01/41		4,281
	13,933		4.500		03/01/41		13,658
	25,339		4.500		04/01/41		24,838
	28,051		4.500		05/01/41		27,496
	53,743		4.500		06/01/41		52,676
	4,454		4.500		07/01/41		4,366
	148,660		4.500		08/01/41		145,712
	159,276		4.500		09/01/41		156,128
	8,923		4.500		12/01/41		8,745
	118,224		4.500		03/01/42		115,880
							2,781,591
FNMA – 0.0%
	87,190		7.500		10/01/37		92,840
GNMA – 16.9%
	1,056		6.500		01/15/32		1,085
	3,596		6.500		02/15/32		3,735
	3,010		6.500		08/15/34		3,169
	8,752		6.500		05/15/35		9,211
	2,390		6.500		06/15/35		2,503
	6,813		6.500		07/15/35		7,174
	2,609		6.500		08/15/35		2,750
	5,324		6.500		09/15/35		5,605
	864		6.500		10/15/35		912
	8,661		6.500		11/15/35		9,137
	5,706		6.500		12/15/35		6,013
	16,935		6.500		01/15/36		17,814
	22,497		6.500		02/15/36		23,739
	10,468		6.500		03/15/36		11,010
	35,174		6.500		04/15/36		37,065
	48,345		6.500		05/15/36		50,964
	39,993		6.500		06/15/36		42,127
	122,332		6.500		07/15/36		129,214
	128,756		6.500		08/15/36		136,119
	271,243		6.500		09/15/36		287,010
	96,097		6.500		10/15/36		101,525
	140,600		6.500		11/15/36		149,216
	56,762		6.500		12/15/36		60,003
	23,889		6.500		01/15/37		25,230

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	13,987		6.500	%	02/15/37	$	14,814
	9,203		6.500		03/15/37		9,716
	19,807		6.500		04/15/37		20,951
	4,870		6.500		05/15/37		5,142
	5,188		6.500		08/15/37		5,490
	33,042		6.500		09/15/37		34,934
	41,280		6.500		10/15/37		44,341
	16,343		6.500		11/15/37		17,250
	13,052		6.500		05/15/38		13,727
	33,186		6.000		11/15/38		34,631
	2,475		6.500		01/15/39		2,582
	3,900		6.500		02/15/39		4,097
	2,534,105		4.500		08/20/47		2,467,356
	56,462		4.500		02/20/48		54,921
	135,962		4.500		05/20/48		131,744
	696,813		4.500		09/20/48		674,757
	5,169,622		5.000		09/20/48		5,137,762
	191,528		5.000		10/20/48		190,318
	4,121		5.000		11/20/48		4,095
	1,917,211		4.500		12/20/48		1,855,926
	4,456,880		5.000		12/20/48		4,427,323
	378,713		4.500		01/20/49		366,518
	2,276,768		5.000		01/20/49		2,261,669
	32,764		5.000		03/20/49		32,537
	1,164,966		4.000		04/20/49		1,093,092
	14,713		5.000		05/20/49		14,609
	564,886		5.000		06/20/49		560,787
	78,876		5.000		11/20/49		78,107
	881,777		5.000		12/20/49		875,997
	237,225		5.000		07/20/50		236,012
	610,044		4.000		01/20/51		571,072
	4,606,686		3.000		11/20/51		4,088,971
	6,543,283		3.000		12/20/51		5,801,793
	11,000,000		4.000		TBA-30yr(b)		10,261,708
	48,000,000		4.500		TBA-30yr(b)		45,885,288
	7,000,000		5.000		TBA-30yr(b)		6,839,938
							95,242,305
UMBS – 11.8%
	8,109		5.500		09/01/23		8,118
	2,685		5.500		10/01/23		2,687
	153,535		4.500		11/01/36		150,341
	49,902		4.500		02/01/39		48,932
	58,758		4.500		04/01/39		57,575
	3,972		4.500		08/01/39		3,914
	177,910		4.500		08/01/41		174,297
	101,993		4.500		10/01/41		99,872
	3,388,375		4.000		12/01/44		3,210,232
	14,124,855		3.500		07/01/45		12,926,431
	10,550,681		4.000		08/01/45		10,008,226
	465,569		4.000		01/01/46		441,600
	387,657		4.500		06/01/48		374,938
	2,678,904		4.500		07/01/48		2,591,010
	690,793		4.500		08/01/48		667,697
	264,438		4.500		09/01/48		255,596
	3,154,118		4.500		10/01/48		3,058,609
	1,397,917		4.500		01/01/49		1,350,702
	1,877,182		4.000		01/01/49		1,770,277

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount			Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$		299,448		4.500	%	03/01/49	$	288,594
		212,344		5.000		07/01/49		209,847
		468,137		4.000		03/01/50		439,283
		614,911		4.500		05/01/50		587,060
		16,725,537		4.500		06/01/52		16,045,317
		1,982,590		5.000		07/01/52		1,947,172
		3,929,020		4.500		08/01/52		3,764,504
		5,932,958		5.000		08/01/52		5,826,969
								66,309,800
UMBS, 30 Year, Single Family(b) – 10.7%
		17,000,000		5.000		TBA-30yr		16,540,465
		27,000,000		4.500		TBA-30yr		25,687,962
		13,000,000		4.000		TBA-30yr		12,049,372
		7,000,000		2.500		TBA-30yr		5,873,984
								60,151,783
TOTAL FEDERAL AGENCIES							$	230,800,882
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $244,647,967)							$	232,470,404
Agency Debentures – 14.8%
Sovereign – 14.8%
FHLB
$		13,950,000		3.500	%	06/11/32	$	12,997,355
FNMA
		5,200,000		6.250		05/15/29		5,826,548
		16,080,000		7.125		01/15/30		19,062,679
Tennessee Valley Authority
		49,850,000		0.750		05/15/25		45,411,854
TOTAL AGENCY DEBENTURES (Cost $90,702,587)							$	83,298,436
	Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 62.9%
United States Treasury Bill
$		20,000,000		0.000	%(c)	11/08/22	$	19,945,825
United States Treasury Bonds
		7,370,000		3.750		11/15/43		6,994,591
		410,000		3.375		05/15/44		365,477
		10,000		3.000		11/15/45		8,341
		200,000		2.875		11/15/46		163,187
		380,000		3.375		11/15/48		345,741
		780,000		2.000		02/15/50		535,641
United States Treasury Notes
		5,000,000		2.750	(d)	05/31/23		4,956,641

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
$	15,120,000		0.375	%(d)	04/15/24	$	14,232,881
	17,810,000		0.250		07/31/25		15,916,296
	812,000		0.750		03/31/26		721,031
	227,340,000		0.750		04/30/26		201,337,987
	47,120,000		0.625		07/31/26		41,222,637
	630,000		1.375		08/31/26		567,049
	6,680,000		4.125		09/30/27		6,702,962
	12,630,000		2.250		11/15/27		11,553,490
	11,010,000		1.125		02/29/28		9,447,956
	11,340,000		1.250		03/31/28		9,777,206
	11,090,000		1.250		04/30/28		9,539,133
TOTAL U.S. TREASURY OBLIGATIONS (Cost $380,798,487)						$	354,334,072

Shares		Dividend Rate	Value
Investment Company(e) –0.4%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	2,537,582	2.911%	$	2,537,582
(Cost $2,537,582)
TOTAL INVESTMENTS – 119.4% (Cost $718,686,623)			$	672,640,494
LIABILITIES IN EXCESS OF OTHER     ASSETS – ( 19.4)%				(109,395,985	)
NET ASSETS – 100.0%			$	563,244,509

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, 2022.

(b) 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 $123,138,717 which represents approximately 21.9% of net assets as of September 30, 2022.

(c) Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.

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

(e) Represents an affiliated fund.

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

     ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At September 30, 2022, the Fund had the following forward sales contracts:

Description	Interest Rate		Maturity Date(a)		Settlement Date		Principal Amount			Value
UMBS, 30 Year, Single Family		3.500%		TBA-30yr		11/14/22		$(9,000,000)			$(8,087,341)
UMBS, 30 Year, Single Family		3.500		TBA-30yr		10/13/22		(5,000,000	)		(4,496,093	)
(PROCEEDS RECEIVABLE: $(13,442,129))											$(12,583,434)

(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, 2022, 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		1,303			12/30/22		$267,623,986			$(3,839,077	)
Short position contracts:
10 Year U.S. Treasury Notes		(619	)		12/20/22		(72,095,984	)		2,461,860
20 Year U.S. Treasury Bonds		(170	)		12/20/22		(21,489,063	)		1,199,112
5 Year U.S. Treasury Notes		(1,294	)		12/30/22		(139,115,110	)		3,525,503
Ultra Long U.S. Treasury Bonds		(115	)		12/20/22		(15,755,000	)		625,161
Total										$ 7,811,636
TOTAL FUTURES CONTRACTS										$ 3,972,559

SWAP CONTRACTS — At September 30, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(a)	Termination Date		Notional Amount (000s)(b)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1.730%	12M SOFR		02/08/26		$325,620		$11,983,988			$2,495,917			$9,488,071
12M SOFR	2.500%		06/04/29		6,310		(82,272	)		(4,259	)		(78,013	)
2.570	12M SOFR		06/04/31		16,640		158,342			16,225			142,117
2.680	12M SOFR		07/28/32		960		20,660			(4,797	)		25,457
12M SOFR	2.730		06/04/33		10,560		(79,215	)		(8,945	)		(70,270	)
12M SOFR	2.910		07/28/37		2,220		(30,213	)		3,955			(34,168	)
2.080	12M SOFR		07/28/47		1,560		6,176			(992	)		7,168
TOTAL							$11,977,466			$2,497,104			$9,480,362

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

Currency Abbreviations:
USD	—U.S. Dollar

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
COF	—Cost of Funds Index
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
UMBS	—Uniform Mortgage Backed Securities
Abbreviations:
SOFR—Secured Overnight Funding Rate

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

September 30, 2022 (Unaudited)

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 45.5%
Automotive(a) –0.7%
Volkswagen Group of America Finance LLC
$		13,121,000		0.875	%	11/22/23	$	12,509,561
(SOFR + 0.950%)
		5,000,000		3.778	(b)	06/07/24		4,986,950
								17,496,511
Banks – 28.3%
Banco Santander SA
		2,400,000		3.892		05/24/24		2,338,392
(1 Year CMT + 0.450%)
		9,600,000		0.701	(b)(c)	06/30/24		9,228,384
(SOFR + 1.240%)
		16,400,000		3.945	(b)	05/24/24		16,375,564
Bank of America Corp.(b)(c)
(3M USD LIBOR + 0.780%)
		9,849,000		3.550		03/05/24		9,773,458
(3M USD LIBOR + 0.790%)
		6,415,000		3.004		12/20/23		6,382,540
(SOFR + 0.660%)
		20,000,000		3.269		02/04/25		19,717,600
(SOFR + 1.100%)
		15,483,000		3.610		04/25/25		15,372,142
Bank of Montreal(b)
(SOFR + 0.350%)
		1,744,000		3.202		12/08/23		1,738,158
(SOFR + 0.680%)
		14,360,000		3.547		03/10/23		14,353,107
Banque Federative du Credit Mutuel SA(a)
		7,375,000		3.750		07/20/23		7,321,679
(SOFR + 0.410%)
		11,105,000		3.004	(b)	02/04/25		10,750,973
BPCE SA(a)
		5,210,000		2.750		01/11/23		5,188,900
(SOFR + 0.570%)
		10,800,000		2.877	(b)	01/14/25		10,624,500
Canadian Imperial Bank of Commerce
		7,388,000		0.450		06/22/23		7,171,014
(SOFR + 0.300%)
		9,989,000		3.260	(b)	01/06/23		9,990,477
(SOFR + 0.420%)
		4,820,000		2.758	(b)	10/18/24		4,736,277
(SOFR + 0.940%)
		13,927,000		3.137	(b)	04/07/25		13,758,205
Citigroup, Inc. (SOFR + 1.372%)
		20,000,000		4.129	(b)(c)	05/24/25		19,924,200
Credit Agricole Corporate & Investment Bank SA
		26,500,000		0.400	(c)	01/15/23		26,074,940
Deutsche Bank AG (SOFR + 0.500%)
		38,896,000		3.109	(b)	11/08/23		38,481,758
Federation des Caisses Desjardins du Quebec (SOFR + 0.430%)
		30,000,000		3.162	(a)(b)	05/21/24		29,601,000
First Republic Bank (SOFR + 0.620%)
		10,687,000		1.912	(b)(c)	02/12/24		10,563,245
HSBC Holdings PLC(b)(c)
(3M USD LIBOR + 0.923%)
		20,393,000		3.033		11/22/23		20,319,381
(3M USD LIBOR + 0.987%)
		5,000,000		3.950		05/18/24		4,936,700

	Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(SOFR + 0.580%)
$		30,425,000		3.285	%	11/22/24	$	29,571,274
JPMorgan Chase & Co.(b)(c)
(3M USD LIBOR + 0.730%)
		27,875,000		3.559		04/23/24		27,590,954
(SOFR + 0.970%)
		29,000,000		3.867		06/14/25		28,643,880
KeyBank NA(b)(c)
(SOFR + 0.320%)
		9,981,000		3.217		06/14/24		9,891,470
(SOFR + 0.340%)
		2,041,000		0.423		01/03/24		2,014,161
(SOFR + 0.340%)
		6,246,000		2.456		01/03/24		6,208,586
Lloyds Banking Group PLC
		10,520,000		4.050		08/16/23		10,400,808
(1 year CMT + 0.550%)
		9,808,000		0.695	(b)(c)	05/11/24		9,502,775
(3M USD LIBOR + 0.810%)
		22,825,000		2.907	(b)(c)	11/07/23		22,766,796
Macquarie Bank Ltd.
		4,450,000		0.441	(a)	12/16/22		4,414,400
Mitsubishi UFJ Financial Group, Inc. (SOFR + 1.385%)
		8,471,000		4.250	(b)(c)	09/12/25		8,455,752
Mizuho Financial Group, Inc.(b)(c)
(-1x SOFR + 0.872%)
		9,467,000		0.849		09/08/24		9,042,500
(-1x SOFR + 1.251%)
		6,922,000		1.241		07/10/24		6,694,820
Morgan Stanley
		14,247,000		3.750		02/25/23		14,202,549
(SOFR + 0.466%)
		8,747,000		0.560	(b)(c)	11/10/23		8,701,603
(SOFR + 0.616%)
		19,282,000		0.731	(b)(c)	04/05/24		18,824,052
(SOFR + 0.625%)
		6,998,000		3.129	(b)(c)	01/24/25		6,862,099
MUFG Union Bank NA (SOFR + 0.710%)
		17,250,000		3.584	(b)(c)	12/09/22		17,246,377
National Australia Bank Ltd. (SOFR + 0.380%)
		8,510,000		2.618	(a)(b)	01/12/25		8,400,732
National Bank of Canada
		17,825,000		2.150	(a)	10/07/22		17,822,326
		14,178,000		2.100		02/01/23		14,042,600
(SOFR + 0.490%)
		5,375,000		3.094	(b)	08/06/24		5,305,931
Natwest Group PLC (1 Year CMT + 2.150%)
		9,374,000		2.359	(b)(c)	05/22/24		9,156,336
Royal Bank of Canada (SOFR + 0.340%)
		3,983,000		2.537	(b)	10/07/24		3,912,979
Societe Generale SA
		4,172,000		4.250	(a)	09/14/23		4,125,399
Standard Chartered PLC (SOFR + 1.250%)
		39,827,000		3.557	(a)(b)(c)	10/14/23		39,844,126
Sumitomo Mitsui Trust Bank Ltd. (SOFR + 0.440%)
		9,650,000		3.353	(a)(b)	09/16/24		9,549,061

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
The Bank of Nova Scotia(b)
(SOFR + 0.550%)
$	11,694,000		3.454	%	09/15/23	$	11,650,732
(SOFR + 0.960%)
	10,550,000		3.827		03/11/24		10,524,786
The Toronto-Dominion Bank (SOFR + 0.910%)
	16,428,000		3.762	(b)	03/08/24		16,386,766
Truist Financial Corp. (SOFR + 0.400%)
	9,094,000		3.259	(b)(c)	06/09/25		8,919,304
UBS AG(a)(b)
(SOFR + 0.360%)
	17,463,000		2.984		02/09/24		17,370,446
(SOFR + 0.470%)
	6,993,000		2.761	(c)	01/13/25		6,902,231
Wells Fargo & Co. (SOFR + 1.600%)
	22,367,000		1.654	(b)(c)	06/02/24		21,838,468
Westpac Banking Corp. (3M USD LIBOR + 0.570%)
	3,862,000		2.998	(b)	01/11/23		3,863,081
							765,372,754
Chemical – 0.3%
Nutrien Ltd.
	6,656,000		1.900		05/13/23		6,535,393
Cosmetics & Personal Care(a)(c) – 0.3%
GSK Consumer Healthcare Capital US LLC
	8,326,000		3.024		03/24/24		8,062,399
Diversified Financial Services – 3.0%
AIG Global Funding (SOFR + 0.380%)
	22,042,000		3.284	(a)(b)	12/15/23		21,938,623
Air Lease Corp.
	4,185,000		2.250		01/15/23		4,154,031
	6,000,000		2.750	(c)	01/15/23		5,957,460
	2,500,000		3.000	(c)	09/15/23		2,438,150
American Express Co. (SOFR + 0.930%)
	15,000,000		3.745	(b)(c)	03/04/25		14,970,300
Capital One Financial Corp. (SOFR + 0.690%)
	26,957,000		3.542	(b)(c)	12/06/24		26,309,493
Nasdaq, Inc.
	3,966,000		0.445	(c)	12/21/22		3,926,142
							79,694,199
Electrical – 3.5%
American Electric Power Co., Inc. (3M USD LIBOR + 0.480%)
	9,375,000		3.262	(b)(c)	11/01/23		9,355,219
CenterPoint Energy, Inc. (SOFR + 0.650%)
	19,829,000		3.303	(b)(c)	05/13/24		19,608,303
Dominion Energy, Inc. (3M USD LIBOR + 0.530%)
	8,608,000		3.823	(b)(c)	09/15/23		8,587,943
DTE Energy Co.
	5,341,000		2.250		11/01/22		5,332,668
NextEra Energy Capital Holdings, Inc.
	15,460,000		0.650		03/01/23		15,212,795
OGE Energy Corp.
	5,619,000		0.703	(c)	05/26/23		5,467,849
Oklahoma Gas and Electric Co.
	14,754,000		0.553	(c)	05/26/23		14,336,609

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
The Southern Co. (SOFR + 0.370%)
$	17,194,000		3.008	%(b)(c)	05/10/23	$	17,109,578
							95,010,964
Gas(c) – 1.2%
Atmos Energy Corp.
	10,203,000		0.625		03/09/23		10,040,976
(3M USD LIBOR + 0.380%)
	10,776,000		3.574	(b)	03/09/23		10,749,706
CenterPoint Energy Resources Corp. (3M USD LIBOR + 0.500%)
	10,254,000		3.600	(b)	03/02/23		10,233,287
ONE Gas, Inc.
	2,129,000		0.850		03/11/23		2,096,597
							33,120,566
Healthcare Providers & Services(b) – 0.5%
Baxter International, Inc. (SOFR + 0.440%)
	14,300,000		3.204		11/29/24		13,933,348
Insurance(a) – 2.7%
Athene Global Funding (3M USD LIBOR + 0.730%)
	32,750,000		3.121	(b)	01/08/24		32,237,790
Equitable Financial Life Global Funding
	5,038,000		0.500		04/06/23		4,958,651
Pacific Life Global Funding II (SOFR + 0.400%)
	4,325,000		2.910	(b)	01/27/25		4,225,136
Principal Life Global Funding II (SOFR + 0.450%)
	9,397,000		2.686	(b)	04/12/24		9,361,949
Protective Life Global Funding
	6,848,000		0.502		04/12/23		6,700,289
(SOFR + 0.980%)
	16,164,000		3.951	(b)	03/28/25		16,033,395
							73,517,210
Mining(a) – 0.3%
Glencore Finance Canada Ltd.
	7,166,000		4.250		10/25/22		7,166,215
Oil Field Services(a)(c) – 0.2%
Schlumberger Finance Canada Ltd.
	5,917,000		2.650		11/20/22		5,910,373
Pharmaceuticals – 1.2%
AbbVie, Inc.
	5,732,000		2.900		11/06/22		5,724,033
	18,490,000		2.300		11/21/22		18,443,590
AmerisourceBergen Corp.
	9,469,000		0.737	(c)	03/15/23		9,309,163
							33,476,786
Pipelines – 0.8%
Enbridge, Inc.
	13,806,000		0.550		10/04/23		13,192,737
(SOFR + 0.400%)
	1,916,000		3.090	(b)	02/17/23		1,911,670

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Kinder Morgan Energy Partners LP
$	6,032,000		3.450	%(c)	02/15/23	$	6,001,780
							21,106,187
Real Estate Investment Trust(b)(c) – 0.3%
Public Storage (SOFR + 0.470%)
	8,101,000		2.917		04/23/24		8,051,746
Retailing(a)(c) – 0.7%
7-Eleven, Inc.
	18,409,000		0.625		02/10/23		18,141,517
Savings&Loans(a) – 0.7%
Nationwide Building Society
	10,000,000		2.000		01/27/23		9,918,400
(3M USD LIBOR + 1.392%)
	10,000,000		4.363	(b)(c)	08/01/24		9,871,900
							19,790,300
Software – 0.8%
Oracle Corp.
	16,778,000		2.500		10/15/22		16,768,269
Take-Two Interactive Software, Inc.
	4,834,000		3.300		03/28/24		4,711,845
							21,480,114
TOTAL CORPORATE OBLIGATIONS (Cost $1,239,820,265)						$	1,227,866,582
Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – 0.2%
Illinois – 0.1%
Illinois State GO Bonds Taxable-Pension Series 2003
$	1,448,182		4.950	%	06/01/23	$	1,447,819
New York(c) – 0.1%
Long Island Power Authority Electric System Taxable
(Refunding) Series C
	3,070,000		0.359		03/01/23		3,019,744
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $4,526,128)						$	4,467,563
U.S. Treasury Obligations – 8.5%
United States Treasury Notes
$	10,000,000		0.375	%	10/31/23	$	9,585,156
(3MTreasury money market yield + 0.035%)
	215,300,000		3.332(b)		10/31/23		215,496,222
	4,500,000		1.500		02/29/24		4,326,856
TOTAL U.S. TREASURY OBLIGATIONS (Cost $229,778,031)						$	229,408,234

Shares		Dividend Rate		Value
Investment Company(d) – 8.4%
Goldman Sachs Financial Square Government Fund - Institutional
Shares
	227,887,566	2.911%		$	227,887,566
(Cost $227,887,566)
TOTAL INVESTMENTS BEFORE SHORT- TERM INVESTMENT – 62.6% (Cost $1,702,011,990)				$	1,689,629,945
Principal Amount		Interest Rate	Maturity Date	Value
Short-term Investments – 37.4%
Certificates of Deposit – 25.1%
Alpine Securitization LLC (SOFR + 0.440%)
$	2,500,000	3.430%(a)(b)	10/27/22	$	2,500,415
Bank of Montreal (SOFR + 0.300%)
	6,092,000	3.390(b)	01/09/23		6,092,676
Bayerische Landesbank
	18,340,000	0.900	06/27/23		17,865,873
(3M USD LIBOR + 0.160%)
	12,000,000	2.929(b)	01/27/23		11,993,768
Citibank N.A.
	17,000,000	3.800	08/01/23		16,861,261
	5,900,000	4.060	08/01/23		5,864,319
Citigroup Global Markets, Inc. (SOFR + 0.650%)
	5,866,000	2.920(a)(b)	09/21/23		5,864,570
Collateralized Commercial Paper FLEX Co. LLC(a)(b)
(SOFR + 0.300%)
	27,940,000	3.230	12/01/22		27,943,093
(SOFR + 0.500%)
	2,951,000	3.490	12/14/22		2,952,568
Cooperatieve Rabobank UA
	24,704,000	1.500	10/17/22		24,685,193
(SOFR + 0.490%)
	7,244,000	3.480(b)	11/25/22		7,246,833
Credit Industriel et Commercial(b)
(FEDL01 + 0.450%)
	16,450,000	2.780	03/13/23		16,459,271
(SOFR + 0.280%)
	8,086,000	3.270	12/08/22		8,086,098
Credit Suisse AG
	28,000,000	0.590	03/17/23		27,517,965
Credit Suisse New York
	12,800,000	0.400	11/10/22		12,759,498
DNB Bank ASA(a)(b)
(SOFR + 0.520%)
	5,679,000	3.510	02/06/23		5,685,056
(SOFR + 0.580%)
	23,525,000	3.570	03/23/23		23,558,317
Enel Finance America LLC (SOFR + 0.800%)
	16,233,000	3.790(a)(b)	10/27/22		16,237,031
Fairway Finance Co. LLC(a)(b)
(SOFR + 0.540%)
	3,904,000	3.530	01/23/23		3,906,971
(SOFR + 0.580%)
	5,419,000	3.570	02/02/23		5,423,425

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
Landesbank Baden-Wuerttemberg (SOFR + 0.400%)
$	4,850,000		3.360	%(b)	10/12/22	$	4,850,493
Lloyds Bank Corporate Markets PLC (SOFR + 0.540%)
	23,765,000		3.530	(b)	01/31/24		23,704,446
Macquarie Bank Ltd.(a)(b)
(SOFR + 0.330%)
	29,500,000		3.320		12/05/22		29,505,269
(SOFR + 0.400%)
	7,300,000		3.390		10/19/22		7,301,054
Mizuho Bank Ltd. (SOFR + 0.280%)
	12,639,000		3.270	(b)	02/10/23		12,635,274
MUFG Bank Ltd.
	13,500,000		0.260		10/13/22		13,486,508
National Australia Bank Ltd. (SOFR + 0.500%)
	14,915,000		3.490	(a)(b)	03/08/23		14,926,540
National Bank Of Kuwait Sakp
	9,140,000		3.250		11/04/22		9,139,736
	13,507,000		4.020		12/23/22		13,510,451
Natixis NY
	5,500,000		2.810		11/10/22		5,497,528
Nordea Bank AB NY
	24,927,000		0.300		01/27/23		24,653,053
Nordea Bank ABP (SOFR + 0.530%)
	13,000,000		3.520	(b)	12/23/22		13,007,641
Royal Bank of Canada(a)(b)
(FEDL01 + 0.430%)
	6,336,000		3.510		12/23/22		6,338,466
(SOFR + 0.430%)
	29,018,000		3.420		03/01/23		29,031,174
Salisbury Receivables Co. LLC (SOFR + 0.340%)
	27,000,000		3.330	(a)(b)	02/01/23		26,993,623
Skandinaviska Enskilda Banken AB
	8,400,000		1.830		10/05/22		8,398,531
	19,500,000		0.420		12/01/22		19,406,638
(SOFR + 0.560%)
	3,000,000		3.540	(b)	09/13/23		2,999,567
Standard Chartered Bank (SOFR + 0.420%)
	20,233,000		3.410	(b)	07/28/23		20,222,055
Sumitomo Mitsui Banking Corp.
	20,500,000		2.700		04/27/23		20,292,480
(SOFR + 0.280%)
	12,204,000		3.270	(b)	03/01/23		12,197,711
(SOFR + 0.500%)
	14,700,000		3.490	(b)	03/31/23		14,704,411
Sumitomo Mitsui Trust Bank Ltd. (SOFR + 0.540%)
	2,041,000		3.520	(b)	01/10/23		2,042,895
Svenska Handelsbanken AB
	8,910,000		2.000		03/22/23		8,816,163
	17,239,000		2.795		05/25/23		17,052,453
(SOFR + 0.400%)
	28,615,000		3.390	(a)(b)	03/01/23		28,626,990
(SOFR + 0.510%)
	2,500,000		3.470	(b)	03/28/23		2,502,326
(SOFR + 0.560%)
	9,752,000		3.540	(b)	09/08/23		9,750,978
Swedbank AB (SOFR + 0.500%)
	8,605,000		3.490	(b)	12/15/22		8,609,053

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
The Toronto-Dominion Bank
$	10,000,000		2.020	%	12/30/22	$	10,003,760
	4,539,000		4.070		07/18/23		4,514,420
Versailles Commercial Paper LLC (SOFR + 0.450%)
	3,904,000		3.440	(a)(b)	11/14/22		3,904,431
							678,130,319
Commercial Paper(e) – 12.3%
American Electric Power Co., Inc.
	4,204,000		0.000		11/03/22		4,189,861
ANZ New Zealand International Ltd.
	13,586,000		0.000		05/25/23		13,192,817
At&T, Inc.
	5,501,500		0.000		12/28/22		5,447,232
	4,034,000		0.000		12/28/22		3,994,208
Bank of Montreal
	5,734,000		0.000		07/12/23		5,533,993
Banque Federative du Credit Mutuel SA
	10,249,000		0.000		02/06/23		10,106,688
Brighthouse Financial Short Term Funding LLC
	4,866,000		0.000		12/06/22		4,834,593
CDP Financial, Inc.
	3,331,000		0.000		06/16/23		3,225,627
	13,000,000		0.000		06/27/23		12,567,100
Ciesco LLC
	25,854,000		0.000		02/07/23		25,483,915
Citigroup Global Markets, Inc.
	10,421,000		0.000		04/21/23		10,170,553
EI du Pont de Nemours & Co.
	9,259,300		0.000		12/12/22		9,187,558
Enbridge U.S., Inc
	8,000,000		0.000		01/19/23		7,893,243
Federation des Caisses Desjardins du Quebec
	35,000,000		0.000		10/03/22		34,991,367
GTA Funding LLC
	5,083,000		0.000		11/07/22		5,065,777
	6,812,000		0.000		01/25/23		6,725,569
LMA-Americas LLC
	2,981,000		0.000		01/09/23		2,948,751
	3,917,000		0.000		01/12/23		3,872,982
	3,137,000		0.000		01/18/23		3,099,052
	2,971,000		0.000		04/17/23		2,900,463
	10,440,000		0.000		04/17/23		10,192,136
MetLife Short Term Funding LLC
	14,208,000		0.000		09/01/23		13,619,088
National Australia Bank Ltd.
	11,000,000		0.000		01/27/23		10,861,392
Nieuw Amsterdam Receivables Corp. BV
	7,446,000		0.000		01/09/23		7,366,471
Old Line Funding LLC
	10,685,000		0.000		03/15/23		10,477,722
Pure Grove Funding
	26,216,000		0.000		03/14/23		25,713,985
Raytheon Technologies Corp.
	2,000,000		0.000		10/24/22		1,995,365
	10,000,000		0.000		12/01/22		9,932,024
	5,200,000		0.000		02/06/23		5,114,808

64                    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)
Royal Bank of Canada
$	4,025,000		0.000	%	07/14/23	$	3,881,309
Starbird Funding Corp.
	8,462,000		0.000		01/05/23		8,375,997
Suncor Energy, Inc.
	5,070,000		0.000		12/22/22		5,022,904
The Toronto-Dominion Bank
	12,600,000		0.000		06/02/23		12,206,150
Verizon Commntn, Inc.
	12,443,000		0.000		11/07/22		12,395,677
Victory Receivables
	8,063,000		0.000		01/06/23		7,976,586
Waste Management, Inc.
	7,726,000		0.000		10/24/22		7,708,385
Westpac Securities NZ Ltd.
	5,000,000		0.000		01/09/23		4,950,440
							333,221,788
TOTAL SHORT-TERM INVESTMENTS (Cost $1,014,293,741)						$	1,011,352,107
TOTAL INVESTMENTS – 100.0% (Cost $2,716,305,731)						$	2,700,982,052
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%						$	221,372
NET ASSETS – 100.0%						$	2,701,203,424

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

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

(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2022.

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

(d) Represents an affiliated fund.

(e) Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.

    ADDITIONAL INVESTMENT INFORMATION

Currency Abbreviations:

USD —U.S. Dollar

Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
SOFR	—Secured Overnight Funding Rate

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2022 (Unaudited)

	Enhanced Income Fund			Government Income Fund			Inflation Protected Securities Fund
Assets:
Investments in unaffiliated issuers, at value (cost $912,850,968, $311,851,676 and $504,250,388, respectively)		$870,910,240			$279,510,700			$438,733,780
Investments in affiliated issuers, at value (cost $9,164, $0 and $0, respectively)		9,176			—			—
Purchased options, at value (premium paid $0, $195,202 and $116,245, respectively)		—			18,163			13
Cash		12,508,595			1,566,965			2,499,423
Unrealized gain on forward foreign currency exchange contracts		100,220			—			—
Variation margin on futures contracts		280,756			184,582			—
Variation margin on swaps contracts		—			—			14,533
Receivables:
Interest and dividends		5,121,337			1,298,129			492,111
Collateral on certain derivative contracts(a)		4,313,297			1,923,965			671,263
Fund shares sold		1,318,431			165,088			229,438
Reimbursement from investment adviser		13,866			42,021			20,067
Foreign tax reclaim		7,187			—			—
Investments sold on an extended-settlement basis		—			48,152,129			—
Investments sold		—			688,530			—
Due from broker		—			134,134			—
Other assets		102,395			81,265			77,563
Total assets		894,685,500			333,765,671			442,738,191
Liabilities:
Forward sale contracts, at value (proceeds received $0, $9,606,230 and $0, respectively)		—			9,092,733			—
Foreign currency overdraft, at value (identified cost $379, $0 and $9, respectively)		378			—			9
Variation margin on futures contracts		—			—			60,827
Variation margin on swaps contracts		33,571			635			—
Written option contracts, at value (premium received $0, $195,202 and $116,245, respectively)		—			17,998			9
Payables:
Investments purchased		2,707,591			—			—
Fund shares redeemed		502,040			225,902			1,363,305
Management fees		187,050			90,316			102,046
Distribution and Service fees and Transfer Agency fees		28,805			29,645			45,356
Income distributions		10,294			36,009			—
Investments purchased on an extended-settlement basis		—			97,863,711			—
Accrued expenses		238,894			271,644			171,038
Total liabilities		3,708,623			107,628,593			1,742,590
Net Assets:
Paid-in capital		939,798,184			272,627,503			517,689,299
Total distributable loss		(48,821,307	)		(46,490,425	)		(76,693,698	)
NET ASSETS		$890,976,877			$226,137,078			$440,995,601
Net Assets:
Class A		$ 17,113,902			$ 48,103,772			$ 53,334,643
Class C		—			1,011,762			3,825,080
Administration		4,869,090			—			—
Institutional		263,809,380			59,710,662			128,834,243
Service		26,759			21,471,252			—
Investor		8,881,970			70,186,238			58,490,258
Class R6		10,194,630			7,223,161			149,995,890
Class R		—			10,208,567			16,838,631
Class P		586,081,146			8,221,664			29,676,856
Total Net Assets		$890,976,877			$226,137,078			$440,995,601
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,865,514			3,772,983			5,679,468
Class C		—			79,365			417,919
Administration		530,164			—			—
Institutional		28,801,006			4,690,153			13,515,982
Service		2,922			1,688,640			—
Investor		970,562			5,506,440			6,181,752
Class R6		1,112,780			567,589			15,752,040
Class R		—			801,660			1,803,883
Class P		63,978,771			646,060			3,114,338
Net asset value, offering and redemption price per share:(b)
Class A		$9.17			$12.75			$9.39
Class C		—			12.75			9.15
Administration		9.18			—			—
Institutional		9.16			12.73			9.53
Service		9.16			12.72			—
Investor		9.15			12.75			9.46
Class R6		9.16			12.73			9.52
Class R		—			12.73			9.33
Class P		9.16			12.73			9.53

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

66                    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, 2022 (Unaudited)

Fund	Futures	Swaps	TBA
Enhanced Income	$1,896,720	$2,416,577	$—
Government Income	—	23,965	1,900,000
Inflation Protected Securities	—	671,263	—

(b) Maximum public offering price per share for Class A shares of the Government Income and Inflation Protected Securities Funds is $13.25 and $9.76, 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.                67

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

September 30, 2022 (Unaudited)

	Short Duration Bond Fund			Short Duration Government Fund			Short-Term Conservative Income Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,734,242,519, $716,149,041 and $2,488,418,165, respectively)		$1,605,860,247			$670,102,912			$2,473,094,486
Investments in affiliated issuers, at value (cost $36,594,195, $2,537,582 and $227,887,566, respectively)		30,572,843			2,537,582			227,887,566
Purchased options, at value (premium paid $2,548,834, $0 and $0, respectively)		1,819,060			—			—
Cash		2,767,702			7,775,437			2,430,964
Foreign currencies, at value (cost $190,140, $0 and $0, respectively)		43,718			—			—
Unrealized gain on swap contracts		57,782			—			—
Unrealized gain on forward foreign currency exchange contracts		2,917,472			—			—
Variation margin on futures contracts		180,226			715,844			—
Variation margin on swaps contracts		177,566			563,734			—
Receivables:
Investments sold on an extended-settlement basis		79,866,133			75,061,230			—
Collateral on certain derivative contracts(a)		18,938,837			7,843,604			—
Fund shares sold		12,759,510			122,461			5,250,991
Interest and dividends		12,216,770			2,261,158			9,513,118
Investments sold		4,179,089			12,935			—
Reimbursement from investment adviser		50,772			40,362			41,225
Foreign tax reclaim		16,152			—			—
Other assets		84,570			80,903			119,311
Total assets		1,772,508,449			767,118,162			2,718,337,661
Liabilities:
Forward sale contracts, at value (proceeds received $56,206,270, $13,442,129 and $0, respectively)		54,046,276			12,583,434			—
Unrealized loss on forward foreign currency exchange contracts		2,164,938			—			—
Unrealized loss on swap contracts		76,044			—			—
Written option contracts, at value (premium received $2,548,790, $0 and $0, respectively)		1,930,686			—			—
Payables:
Investments purchased on an extended-settlement basis		73,075,301			189,207,324			—
Fund shares redeemed		2,811,392			1,415,651			6,186,375
Upfront payments received on swap contracts		1,154,339			—			—
Due to broker — upfront payment		949,410			—			—
Due to broker		790,000			—			—
Management fees		562,488			208,217			433,103
Distribution and Service fees and Transfer Agency fees		65,843			41,531			97,625
Income distributions		23,469			96,686			183,115
Investments purchased		—			21,712			9,931,427
Accrued expenses		430,661			299,098			302,592
Total liabilities		138,080,847			203,873,653			17,134,237
Net Assets:
Paid-in capital		1,828,361,346			652,403,222			2,737,593,842
Total distributable loss		(193,933,744	)		(89,158,713	)		(36,390,418	)
NET ASSETS		$1,634,427,602			$563,244,509			$2,701,203,424
Net Assets:
Class A		$ 55,625,250			$ 61,946,092			$ 38,810,487
Class C		2,579,588			7,544,299			—
Administration		—			—			27,161
Preferred		—			—			27,053
Institutional		211,967,069			242,457,586			1,304,532,005
Service		—			18,340,137			—
Investor		43,932,067			33,815,398			157,387,010
Class R6		106,768,171			12,874,127			78,047,945
Class R		154,911			—			—
Class P		1,213,400,546			186,266,870			1,122,371,763
Total Net Assets		$1,634,427,602			$563,244,509			$2,701,203,424
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		6,016,848			6,782,940			3,891,184
Class C		279,112			832,787			—
Administration		—			—			2,722
Preferred		—			—			2,713
Institutional		22,887,077			26,642,271			130,701,419
Service		—			2,017,711			—
Investor		4,745,771			3,698,606			15,771,508
Class R6		11,539,393			1,414,290			7,821,162
Class R		16,725			—			—
Class P		131,082,467			20,471,449			112,562,264
Net asset value, offering and redemption price per share:(b)
Class A		$9.24			$9.13			$9.97
Class C		9.24			9.06			—
Administration		—			—			9.98
Preferred		—			—			9.97
Institutional		9.26			9.10			9.98

68                    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, 2022 (Unaudited)

Service		$—	$	9.09	$—
Investor	$	9.26	$	9.14	9.98
Class R6		9.25		9.10	9.98
Class R		9.26		—	—
Class P		9.26		9.10	9.97

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

Fund	Swaps	Forward Foreign Currency	TBA
Short Duration Bond	$17,799,837	$820,000	$    319,000
Short Duration
Government	4,314,524	—	3,250,080

(b) Maximum public offering price per share for Class A Shares of the Short Duration Bond and Short Duration Government Funds is $9.38 and $9.27, 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.                69

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2022 (Unaudited)

	Enhanced Income Fund			Government Income Fund			Inflation Protected Securities Fund
Investment Income:
Interest	$	8,775,391		$	2,498,210		$	24,216,641
Dividends — unaffiliated issuers		233,844			—			—
Dividends — affiliated issuers		56,036			77,834			25,195
Total investment income		9,065,271			2,576,044			24,241,836
Expenses:
Management fees		1,268,956			719,268			653,487
Transfer Agency fees(a)		185,729			108,948			151,133
Registration fees		96,575			92,115			58,325
Custody, accounting and administrative services		95,888			72,805			57,510
Professional fees		84,357			65,079			59,779
Printing and mailing costs		36,157			31,257			36,375
Distribution and Service (12b-1) fees(a)		15,000			127,789			133,500
Trustee fees		12,676			12,043			12,228
Shareholder Administration fees — Service Class		6,176			29,308			—
Service fees — Class C		—			1,506			5,350
Other		17,822			5,343			5,731
Total expenses		1,819,336			1,265,461			1,173,418
Less — expense reductions		(26,881	)		(363,745	)		(123,878	)
Net expenses		1,792,455			901,716			1,049,540
NET INVESTMENT INCOME		7,272,816			1,674,328			23,192,296
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments —unaffiliated issuers		(1,380,860	)		(8,761,208	)		(1,761,669	)
Purchased options		—			(75,258	)		(68,186	)
Futures contracts		6,913,091			3,762,180			(170,877	)
Written options		—			19,605			13,010
Swap contracts		(8,178,878	)		(158,310	)		980,753
Forward foreign currency exchange contracts		288,855			—			—
Foreign currency transactions		132,499			—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(19,831,750	)		(21,666,097	)		(78,277,110	)
Purchased options		—			(16,577	)		29,182
Futures contracts		371,101			914,333			(77,987	)
Written options		—			22,163			(24,199	)
Swap contracts		2,771,341			(8,517	)		(742,325	)
Forward foreign currency exchange contracts		(157,807	)		—			—
Net realized and unrealized loss		(19,072,408	)		(25,967,686	)		(80,099,408	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,799,592	)	$	(24,293,358	)	$	(56,907,112	)

(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		Adminstration	Institutional	Service		Investor		Class R6		Class R		Class P
Enhanced Income	$	14,965	$	—	$	35	$	—	$	11,973	$	—	$983	$77,773	$	5	$	5,814	$	1,716	$	—	$	87,465
Government Income		66,143		4,517		29,308		27,821		31,749		723	—	18,493		4,689		44,104		1,203		6,677		1,310
Inflation Protected Securities		73,027		16,050		—		44,423		35,054		2,568	—	31,517		—		42,186		24,175		10,661		4,972

70                    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, 2022 (Unaudited)

	Short Duration Bond Fund			Short Duration Government Fund			Short-Term Conservative Income Fund
Investment Income:
Interest	$	24,900,941		$	5,697,005		$	23,991,701
Dividends — affiliated issuers		1,153,923			73,510			1,477,506
Total investment income		26,054,864			5,770,515			25,469,207
Expenses:
Management fees		3,965,654			1,367,524			3,854,047
Transfer Agency fees(a)		366,607			154,970			609,860
Custody, accounting and administrative services		201,660			93,333			114,110
Registration fees		87,545			64,049			74,391
Distribution and Service (12b-1) fees(a)		84,041			136,174			32,257
Professional fees		82,283			68,753			57,737
Printing and mailing costs		28,158			20,117			35,135
Trustee fees		13,917			12,387			15,203
Service fees — Class C		3,472			10,332			—
Prime broker fees		1,488			—			—
Shareholder Administration fees — Service Class		—			21,500			—
Other		31,760			16,631			38,367
Total expenses		4,866,585			1,965,770			4,831,107
Less — expense reductions		(387,827	)		(283,918	)		(1,226,084	)
Net expenses		4,478,758			1,681,852			3,605,023
NET INVESTMENT INCOME		21,576,106			4,088,663			21,864,184
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments —unaffiliated issuers		(45,089,550	)		(20,235,915	)		(12,730,357	)
Investments — affiliated issuers		(1,160,394	)		—			—
Purchased options		(135,384	)		—			—
Futures contracts		(159,884	)		11,438,954			—
Written options		(2,176,254	)		—			—
Swap contracts		(1,474,876	)		(252,682	)		—
Forward foreign currency exchange contracts		2,953,907			—			—
Foreign currency transactions		(189,616	)		—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(51,986,633	)		(23,288,362	)		2,835,411
Investments — affiliated issuers		(4,293,769	)		—			—
Purchased options		129,251			—			—
Futures contracts		2,908,755			576,652			—
Written options		804,456			—			—
Swap contracts		52,284			6,989,838			—
Forward foreign currency exchange contracts		(167,136	)		—			—
Foreign currency translation		(173,452	)		—			—
Net realized and unrealized loss		(100,158,295	)		(24,771,515	)		(9,894,946	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(78,582,189	)	$	(20,682,852	)	$	11,969,238

(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		Administration	Preferred	Institutional		Service		Investor		Class R6		Class R	Class P
Short Duration Bond	$	73,228	$	10,416	$	—	$	397	$	35,149	$	1,667	$—	$—	$	36,586	$	—	$	19,901	$	14,295	$95	$	258,914
Short Duration Government		83,677		30,997		21,500		—		40,165		4,959	—	—		56,157		3,440		17,316		1,983	—		30,950
Short-Term Conservative Income		32,257		—		—		—		25,806		—	5	5		280,925		—		77,048		18,046	—		208,025

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Enhanced Income Fund						Government Income Fund
	For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022			For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022
From operations:
Net investment income		$    7,272,816			$       6,108,586			$    1,674,328			$    1,503,796
Net realized gain (loss)		(2,225,293	)		7,153,757			(5,212,991	)		(1,072,899	)
Net change in unrealized loss		(16,847,115	)		(27,027,311	)		(20,754,695	)		(15,253,236	)
Net decrease in net assets resulting from operations		(11,799,592	)		(13,764,968	)		(24,293,358	)		(14,822,339	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(158,169	)		(110,712	)		(335,957	)		(1,436,492	)
Class C Shares		—			—			(3,038	)		(28,784	)
Administration Shares		(38,523	)		(39,270	)		—			—
Institutional Shares		(3,500,319	)		(3,157,550	)		(714,347	)		(3,193,950	)
Service Shares		(182	)		(32	)		(126,594	)		(621,428	)
Investor Shares		(84,661	)		(71,155	)		(563,926	)		(1,530,053	)
Class R6 Shares		(104,517	)		(185,252	)		(63,575	)		(238,806	)
Class R Shares		—			—			(56,767	)		(270,048	)
Class P Shares		(5,349,083	)		(3,182,998	)		(69,697	)		(292,299	)
Total distributions to shareholders		(9,235,454	)		(6,746,969	)		(1,933,901	)		(7,611,860	)
From share transactions:
Proceeds from sales of shares		322,751,018			1,048,790,198			29,469,034			141,860,903
Proceeds received in connection with merger		—			205,662,188			—			—
Reinvestment of distributions		8,981,885			6,634,965			1,734,204			6,850,674
Cost of shares redeemed		(477,861,399	)		(853,655,936	)		(76,170,071	)		(130,905,824	)
Net increase (decrease) in net assets resulting from share transactions		(146,128,496	)		407,431,415			(44,966,833	)		17,805,753
TOTAL INCREASE (DECREASE)		(167,163,542	)		386,919,478			(71,194,092	)		(4,628,446	)
Net assets:
Beginning of period		1,058,140,419			671,220,941			297,331,170			301,959,616
End of period		$   890,976,877			$1,058,140,419			$226,137,078			$ 297,331,170

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)

	Inflation Protected Securities Fund						Short Duration Bond Fund
	For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022			For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022
From operations:
Net investment income	$	23,192,296		$	27,954,830		$	21,576,106		$	23,671,262
Net realized gain (loss)		(1,006,969	)		3,340,493			(47,432,051	)		(3,936,416	)
Net change in unrealized loss		(79,092,439	)		(12,553,722	)		(52,726,244	)		(97,884,878	)
Net increase (decrease) in net assets resulting from operations		(56,907,112	)		18,741,601			(78,582,189	)		(78,150,032	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(2,968,426	)		(3,145,780	)		(578,887	)		(599,935	)
Class C Shares		(206,691	)		(171,937	)		(21,884	)		(13,507	)
Institutional Shares		(7,747,987	)		(11,315,629	)		(2,095,702	)		(2,339,290	)
Investor Shares		(3,518,641	)		(4,387,325	)		(375,043	)		(296,452	)
Class R6 Shares		(8,388,802	)		(7,784,594	)		(1,112,893	)		(225,893	)
Class R Shares		(885,434	)		(971,681	)		(1,374	)		(1,479	)
Class P Shares		(1,691,854	)		(2,935,461	)		(19,747,041	)		(21,597,540	)
Return of capital:
Class A Shares		—			—			—			(229,864	)
Class C Shares		—			—			—			(4,890	)
Institutional Shares		—			—			—			(889,853	)
Investor Shares		—			—			—			(113,769	)
Class R6 Shares		—			—			—			(90,595	)
Class R Shares		—			—			—			(572	)
Class P Shares		—			—			—			(8,362,070	)
Total distributions to shareholders		(25,407,835	)		(30,712,407	)		(23,932,824	)		(34,765,709	)
From share transactions:
Proceeds from sales of shares		107,494,516			304,582,036			335,200,081			1,603,063,552
Reinvestment of distributions		22,438,703			25,220,753			23,798,198			34,472,234
Cost of shares redeemed		(124,900,692	)		(313,916,690	)		(1,091,787,829	)		(1,530,583,733	)
Net increase (decrease) in net assets resulting from share transactions		5,032,527			15,886,099			(732,789,550	)		106,952,053
TOTAL INCREASE (DECREASE)		(77,282,420	)		3,915,293			(835,304,563	)		(5,963,688	)
Net assets:
Beginning of period		518,278,021			514,362,728			2,469,732,165			2,475,695,853
End of period	$	440,995,601		$	518,278,021		$	1,634,427,602		$	2,469,732,165

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)

	Short Duration Government Fund						Short-Term Conservative Income Fund
	For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022			For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022
From operations:
Net investment income (loss)	$	4,088,663		$	(912,053	)	$	21,864,184		$	11,801,807
Net realized gain (loss)		(9,049,643	)		(2,193,148	)		(12,730,357	)		1,010,171
Net change in unrealized gain (loss)		(15,721,872	)		(30,597,915	)		2,835,411			(26,002,874	)
Net increase (decrease) in net assets resulting from operations		(20,682,852	)		(33,703,116	)		11,969,238			(13,190,896	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(413,007	)		(281,943	)		(260,973	)		(50,122	)
Class C Shares		(34,546	)		(7,675	)		—			—
Administration Shares		—			—			(205	)		(78	)
Preferred Shares		—			—			(204	)		(78	)
Institutional Shares		(2,183,721	)		(2,686,982	)		(10,067,469	)		(7,146,715	)
Service Shares		(92,404	)		(31,611	)		—			—
Investor Shares		(220,175	)		(185,471	)		(918,852	)		(180,621	)
Class R6 Shares		(104,930	)		(97,340	)		(762,531	)		(622,636	)
Class P Shares		(1,616,274	)		(1,910,376	)		(10,106,096	)		(6,747,178	)
Total distributions to shareholders		(4,665,057	)		(5,201,398	)		(22,116,330	)		(14,747,428	)
From share transactions:
Proceeds from sales of shares		90,739,788			263,458,948			872,370,356			7,119,493,478
Reinvestment of distributions		4,198,819			4,698,045			21,290,551			14,319,095
Cost of shares redeemed		(196,177,277	)		(582,000,873	)		(2,196,824,900	)		(9,356,259,499	)
Net decrease in net assets resulting from share transactions		(101,238,670	)		(313,843,880	)		(1,303,163,993	)		(2,222,446,926	)
TOTAL DECREASE		(126,586,579	)		(352,748,394	)		(1,313,311,085	)		(2,250,385,250	)
Net assets:
Beginning of period		689,831,088			1,042,579,482			4,014,514,509			6,264,899,759
End of period	$	563,244,509		$	689,831,088		$	2,701,203,424		$	4,014,514,509

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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Income Fund
	Class A Shares
	Six Months Ended September 30, 2022 (Unaudited)		Year Ended March 31,
			2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period		$   9.37	$	9.56		$	9.22		$	9.45		$	9.41		$	9.44
Net investment income (a)		0.06		0.04			0.10			0.20			0.19			0.11
Net realized and unrealized gain (loss)		(0.19)		(0.18	)		0.34			(0.24	)		0.04			(0.03	)
Total from investment operations		(0.13)		(0.14	)		0.44			(0.04	)		0.23			0.08
Distributions to shareholders from net investment income		(0.07)		(0.05	)		(0.10	)		(0.19	)		(0.19	)		(0.11	)
Net asset value, end of period		$   9.17	$	9.37		$	9.56		$	9.22		$	9.45		$	9.41
Total return(b)		(1.35)%		(1.48	)%		4.82	%		(0.41	)%		2.41	%		0.86	%
Net assets, end of period (in 000s)		$17,114	$	25,272		$	15,098		$	10,456		$	19,396		$	10,590
Ratio of net expenses to average net assets		0.58%(c)		0.57	%		0.58	%		0.59	%		0.61	%		0.69	%
Ratio of total expenses to average net assets		0.59%(c)		0.58	%		0.61	%		0.63	%		0.65	%		0.70	%
Ratio of net investment income to average net assets		1.18%(c)		0.46	%		1.04	%		2.08	%		2.02	%		1.14	%
Portfolio turnover rate(d)		17%		17	%		58	%		53	%		42	%		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.                75

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Income Fund
	Administration Shares
	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31,
		2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$  9.38	$	9.57		$	9.23		$	9.46		$	9.43		$	9.46
Net investment income(a)	0.06		0.04			0.09			0.19			0.19			0.12
Net realized and unrealized gain (loss)	(0.19)		(0.18	)		0.35			(0.23	)		0.03			(0.03	)
Total from investment operations	(0.13)		(0.14	)		0.44			(0.04	)		0.22			0.09
Distributions to shareholders from net investment income	(0.07)		(0.05	)		(0.10	)		(0.19	)		(0.19	)		(0.12	)
Net asset value, end of period	$  9.18	$	9.38		$	9.57		$	9.23		$	9.46		$	9.43
Total return(b)	(1.25)%		(1.50	)%		4.79	%		(0.42	)%		2.33	%		0.95	%
Net assets, end of period (in 000s)	$4,869	$	4,934		$	16,333		$	4,254		$	2,905		$	164
Ratio of net expenses to average net assets	0.60%(c)		0.60	%		0.59	%		0.60	%		0.60	%		0.60	%
Ratio of total expenses to average net assets	0.61%(c)		0.60	%		0.63	%		0.64	%		0.64	%		0.61	%
Ratio of net investment income to average net assets	1.20%(c)		0.39	%		0.97	%		2.02	%		2.03	%		1.27	%
Portfolio turnover rate(d)	17%		17	%		58	%		53	%		42	%		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.

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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Income Fund
	Institutional Shares
	Six Months Ended September 30, 2022 (Unaudited)		Year Ended March 31,
			2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period		$     9.36	$	9.55		$	9.21		$	9.43		$	9.39		$	9.43
Net investment income(a)		0.06		0.06			0.12			0.22			0.21			0.14
Net realized and unrealized gain (loss)		(0.18)		(0.16	)		0.35			(0.22	)		0.04			(0.04	)
Total from investment operations		(0.12)		(0.10	)		0.47			—			0.25			0.10
Distributions to shareholders from net investment income		(0.08)		(0.09	)		(0.13	)		(0.22	)		(0.21	)		(0.14	)
Net asset value, end of period		$     9.16	$	9.36		$	9.55		$	9.21		$	9.43		$	9.39
Total return(b)		(1.24)%		(1.26	)%		5.18	%		(0.17	)%		2.70	%		1.09	%
Net assets, end of period (in 000s)		$263,809	$	408,324		$	299,844		$	180,477		$	252,561		$	451,628
Ratio of net expenses to average net assets		0.35%(c)		0.34	%		0.34	%		0.35	%		0.35	%		0.35	%
Ratio of total expenses to average net assets		0.36%(c)		0.35	%		0.38	%		0.39	%		0.37	%		0.36	%
Ratio of net investment income to average net assets		1.39%(c)		0.68	%		1.25	%		2.30	%		2.18	%		1.52	%
Portfolio turnover rate(d)		17%		17	%		58	%		53	%		42	%		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.                77

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Income Fund
	Service Shares
	Six Months Ended September 30, 2022 (Unaudited)	Period Ended March 31, 2022(a)
Per Share Data
Net asset value, beginning of period	$ 9.35	$ 9.49
Net investment income(b)	0.04	0.01
Net realized and unrealized loss	(0.29)	(0.15)
Total from investment operations	(0.25)	(0.14)
Distributions to shareholders from net investment income	0.06	—(c)
Net asset value, end of period	$ 9.16	$ 9.35
Total return(d)	(1.49)%	(1.23)%
Net assets, end of period (in 000s)	$      27	$   28
Ratio of net expenses to average net assets	0.86%(e)	0.85%
Ratio of total expenses to average net assets	0.86%(e)	0.85%
Ratio of net investment income to average net assets	0.93%(e)	0.22%
Portfolio turnover rate(f)	17%	17%

(a) Commenced operations on December 10, 2021.

(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.

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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Income Fund
	Investor Shares
	Six Months Ended September 30, 2022		Year Ended March 31,
	(Unaudited)		2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period		$   9.35	$	9.54		$	9.19		$	9.42		$	9.39		$	9.42
Net investment income(a)		0.06		0.06			0.11			0.21			0.21			0.14
Net realized and unrealized gain (loss)		(0.18)		(0.17	)		0.36			(0.23	)		0.02			(0.04	)
Total from investment operations		(0.12)		(0.11	)		0.47			(0.02	)		0.23			0.10
Distributions to shareholders from net investment income		(0.08)		(0.08	)		(0.12	)		(0.21	)		(0.20	)		(0.13	)
Net asset value, end of period		$   9.15	$	9.35		$	9.54		$	9.19		$	9.42		$	9.39
Total return(b)		(1.28)%		(1.34	)%		5.10	%		(0.27	)%		2.50	%		1.11	%
Net assets, end of period (in 000s)		$8,882	$	11,980		$	9,184		$	6,875		$	6,096		$	5,127
Ratio of net expenses to average net assets		0.43%(c)		0.42	%		0.42	%		0.44	%		0.44	%		0.44	%
Ratio of total expenses to average net assets		0.44%(c)		0.43	%		0.46	%		0.48	%		0.48	%		0.45	%
Ratio of net investment income to average net assets		1.34%(c)		0.60	%		1.20	%		2.21	%		2.19	%		1.45	%
Portfolio turnover rate(d)		17%		17	%		58	%		53	%		42	%		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.                 79

GOLDMAN SACHS GOVERNMENT 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, 2022		Year Ended March 31,
	(Unaudited)		2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period		$   9.36	$	9.55		$	9.21		$	9.43		$	9.40		$	9.43
Net investment income(a)		0.07		0.06			0.13			0.22			0.23			0.14
Net realized and unrealized gain (loss)		(0.19)		(0.17	)		0.34			(0.22	)		0.01			(0.03	)
Total from investment operations		(0.12)		(0.11	)		0.47			—			0.24			0.11
Distributions to shareholders from net investment income		(0.08)		(0.08	)		(0.13	)		(0.22	)		(0.21	)		(0.14	)
Net asset value, end of period		$   9.16	$	9.36		$	9.55		$	9.21		$	9.43		$	9.40
Total return(b)		(1.23)%		(1.25	)%		5.19	%		(0.16	)%		2.59	%		1.21	%
Net assets, end of period (in 000s)		$10,195	$	14,426		$	36,558		$	45,134		$	49,846		$	10
Ratio of net expenses to average net assets		0.34%(c)		0.33	%		0.33	%		0.34	%		0.34	%		0.34	%
Ratio of total expenses to average net assets		0.35%(c)		0.34	%		0.37	%		0.38	%		0.42	%		0.35	%
Ratio of net investment income to average net assets		1.43%(c)		0.66	%		1.34	%		2.30	%		2.48	%		1.53	%
Portfolio turnover rate(d)		17%		17	%		58	%		53	%		42	%		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.

80                    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, 2022 (Unaudited)		Year Ended March 31,												Period Ended March 31, 2019(a)
			2022				2021				2020
Per Share Data
Net asset value, beginning of period		$       9.36		$	9.55			$	9.21			$	9.43			$	9.41
Net investment income(b)		0.07			0.07				0.12				0.22				0.21
Net realized and unrealized gain (loss)		(0.19)			(0.18	)			0.35				(0.22	)			0.01
Total from investment operations		(0.12)			(0.11	)			0.47				—				0.22
Distributions to shareholders from net investment income		(0.08)			(0.08	)			(0.13	)			(0.22	)			(0.20	)
Net asset value, end of period		$       9.16		$	9.36			$	9.55			$	9.21			$	9.43
Total return(c)		(1.23)%			(1.25	)%			5.19	%			(0.16	)%			2.36	%
Net assets, end of period (in 000s)		$586,081		$	593,178			$	294,205			$	152,713			$	189,835
Ratio of net expenses to average net assets		0.34%(d)			0.33	%			0.33	%			0.34	%			0.34	%(d)
Ratio of total expenses to average net assets		0.35%(d)			0.34	%			0.37	%			0.38	%			0.38	%(d)
Ratio of net investment income to average net assets		1.47%(d)			0.71	%			1.23	%			2.31	%			2.33	%(d)
Portfolio turnover rate(e)		17%			17	%			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.                81

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Government Income Fund
	Class A Shares
	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31,
		2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$   14.09		$  15.14			$  15.57			$  14.58			$  14.39			$    14.64
Net investment income (a)	0.07		0.05			0.07			0.23			0.28			0.18
Net realized and unrealized gain (loss)	(1.32)		(0.77	)		(0.35	)		1.06			0.21			(0.18	)
Total from investment operations	(1.25)		(0.72	)		(0.28	)		1.29			0.49			—
Distributions to shareholders from net investment income	(0.09)		(0.12	)		(0.15	)		(0.30	)		(0.30	)		(0.25	)
Distributions to shareholders from net realized gains	—		(0.21	)		—			—			—			—
Total distributions	(0.09)		(0.33	)		(0.15	)		(0.30	)		(0.30	)		(0.25	)
Net asset value, end of period	$  12.75		$  14.09			$  15.14			$  15.57			$  14.58			$    14.39
Total return(b)	(8.92)%		(4.82	)%		(1.73	)%		8.83	%		3.46	%		0.01	%
Net assets, end of period (in 000s)	$48,104		$56,679			$74,473			$75,282			$93,352			$108,414
Ratio of net expenses to average net assets	0.83%(c)		0.83	%		0.83	%		0.89	%		0.91	%		0.91	%
Ratio of total expenses to average net assets	1.11%(c)		1.09	%		1.07	%		1.09	%		1.10	%		1.05	%
Ratio of net investment income to average net assets	1.08%(c)		0.35	%		0.43	%		1.54	%		1.94	%		1.25	%
Portfolio turnover rate(d)	382%		578	%		820	%		943	%		530	%		380	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Government Income Fund
	Class C Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,
				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$14.09			$	15.14			$	15.57			$	14.58			$	14.39			$	14.64
Net investment income (loss)(a)		0.02				(0.06	)			(0.05	)			0.11				0.17				0.07
Net realized and unrealized gain (loss)		(1.32	)			(0.77	)			(0.34	)			1.07				0.21				(0.18	)
Total from investment operations		(1.30	)			(0.83	)			(0.39	)			1.18				0.38				(0.11	)
Distributions to shareholders from net investment income		(0.04	)			(0.01	)			(0.04	)			(0.19	)			(0.19	)			(0.14	)
Distributions to shareholders from net realized gains		—				(0.21	)			—				—				—				—
Total distributions		(0.04	)			(0.22	)			(0.04	)			(0.19	)			(0.19	)			(0.14	)
Net asset value, end of period		$12.75			$	14.09			$	15.14			$	15.57			$	14.58			$	14.39
Total return(b)		(9.27)	%			(5.52	)%			(2.53	)%			8.10	%			2.69	%			(0.74	)%
Net assets, end of period (in 000s)		$1,012			$	1,532			$	2,420			$	4,974			$	3,775			$	5,959
Ratio of net expenses to average net assets		1.58	%(c)			1.58	%			1.58	%			1.64	%			1.66	%			1.66	%
Ratio of total expenses to average net assets		1.86	%(c)			1.84	%			1.81	%			1.84	%			1.84	%			1.80	%
Ratio of net investment income (loss) to average net assets		0.31	%(c)			(0.41	)%			(0.31	)%			0.77	%			1.17	%			0.50	%
Portfolio turnover rate(d)		382	%			578	%			820	%			943	%			530	%			380	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Government Income Fund
	Institutional Shares
	Six Months Ended September 30, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	14.07			$	15.12			$	15.54			$	14.55			$	14.37			$	14.62
Net investment income(a)			0.09				0.10				0.12				0.27				0.33				0.24
Net realized and unrealized gain (loss)			(1.32	)			(0.77	)			(0.34	)			1.06				0.20				(0.19	)
Total from investment operations			(1.23	)			(0.67	)			(0.22	)			1.33				0.53				0.05
Distributions to shareholders from net investment income			(0.11	)			(0.17	)			(0.20	)			(0.34	)			(0.35	)			(0.30	)
Distributions to shareholders from net realized gains			—				(0.21	)			—				—				—				—
Total distributions			(0.11	)			(0.38	)			(0.20	)			(0.34	)			(0.35	)			(0.30	)
Net asset value, end of period		$	12.73			$	14.07			$	15.12			$	15.54			$	14.55			$	14.37
Total return(b)			(8.80	)%			(4.47	)%			(1.50	)%			9.26	%			3.74	%			0.35	%
Net assets, end of period (in 000s)		$	59,711			$	110,854			$	148,150			$	178,878			$	130,734			$	141,298
Ratio of net expenses to average net assets			0.52	%(c)			0.52	%			0.52	%			0.57	%			0.57	%			0.57	%
Ratio of total expenses to average net assets			0.78	%(c)			0.76	%			0.73	%			0.75	%			0.76	%			0.71	%
Ratio of net investment income to average net assets			1.35	%(c)			0.65	%			0.74	%			1.83	%			2.29	%			1.61	%
Portfolio turnover rate(d)			382	%			578	%			820	%			943	%			530	%			380	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Government Income Fund
	Service Shares
	Six Months Ended September 30, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	14.05			$	15.10			$	15.52			$	14.54			$	14.35			$	14.60
Net investment income(a)			0.06				0.02				0.04				0.20				0.25				0.16
Net realized and unrealized gain (loss)			(1.32	)			(0.77	)			(0.34	)			1.05				0.22				(0.18)
Total from investment operations			(1.26	)			(0.75	)			(0.30	)			1.25				0.47				(0.02)
Distributions to shareholders from net investment income			(0.07	)			(0.09	)			(0.12	)			(0.27	)			(0.28	)			(0.23)
Distributions to shareholders from net realized gains			—				(0.21	)			—				—				—				—
Total distributions			(0.07	)			(0.30	)			(0.12	)			(0.27	)			(0.28	)			(0.23)
Net asset value, end of period		$	12.72			$	14.05			$	15.10			$	15.52			$	14.54			$	14.35
Total return(b)			(9.04	)%			(5.02	)%			(1.93	)%			8.66	%			3.30	%			(0.16)%
Net assets, end of period (in 000s)		$	21,471			$	27,085			$	32,692			$	39,122			$	36,126			$	41,463
Ratio of net expenses to average net assets			1.02	%(c)			1.02	%			1.02	%			1.07	%			1.07	%			1.07%
Ratio of total expenses to average net assets			1.28	%(c)			1.26	%			1.23	%			1.25	%			1.26	%			1.21%
Ratio of net investment income to average net assets			0.89	%(c)			0.16	%			0.25	%			1.33	%			1.77	%			1.09%
Portfolio turnover rate(d)			382	%			578	%			820	%			943	%			530	%			380%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Government Income Fund
	Investor Shares
	Six Months Ended September 30, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	14.09			$	15.13			$	15.56			$	14.57			$	14.38			$	14.63
Net investment income(a)			0.09				0.10				0.11				0.25				0.31				0.22
Net realized and unrealized gain (loss)			(1.33	)			(0.77	)			(0.35	)			1.07				0.21				(0.18	)
Total from investment operations			(1.24	)			(0.67	)			(0.24	)			1.32				0.52				0.04
Distributions to shareholders from net investment income			(0.10	)			(0.16	)			(0.19	)			(0.33	)			(0.33	)			(0.29	)
Distributions to shareholders from net realized gains			—				(0.21	)			—				—				—				—
Total distributions			(0.10	)			(0.37	)			(0.19	)			(0.33	)			(0.33	)			(0.29	)
Net asset value, end of period		$	12.75			$	14.09			$	15.13			$	15.56			$	14.57			$	14.38
Total return(b)			(8.81	)%			(4.52	)%			(1.55	)%			9.18	%			3.72	%			0.26	%
Net assets, end of period (in 000s)		$	70,186			$	72,599			$	6,459			$	8,383			$	1,458			$	2,846
Ratio of net expenses to average net assets			0.58	%(c)			0.58	%			0.58	%			0.62	%			0.66	%			0.66	%
Ratio of total expenses to average net assets			0.86	%(c)			0.85	%			0.81	%			0.83	%			0.84	%			0.80	%
Ratio of net investment income to average net assets			1.35	%(c)			0.67	%			0.71	%			1.68	%			2.14	%			1.49	%
Portfolio turnover rate(d)			382	%			578	%			820	%			943	%			530	%			380	%

(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 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, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period		$14.07			$15.11			$  15.54			$14.55			$14.37			$  14.61
Net investment income(a)		0.09			0.10			0.12			0.27			0.33			0.24
Net realized and unrealized gain (loss)		(1.32	)		(0.76	)		(0.35	)		1.07			0.20			(0.18	)
Total from investment operations		(1.23	)		(0.66	)		(0.23	)		1.34			0.53			0.06
Distributions to shareholders from net investment income		(0.11	)		(0.17	)		(0.20	)		(0.35	)		(0.35	)		(0.30	)
Distributions to shareholders from net realized gains		—			(0.21	)		—			—			—			—
Total distributions		(0.11	)		(0.38	)		(0.20	)		(0.35	)		(0.35	)		(0.30	)
Net asset value, end of period		$12.73			$14.07			$  15.11			$15.54			$14.55			$  14.37
Total return(b)		(8.79	)%		(4.46	)%		(1.49	)%		9.27	%		3.75	%		0.43	%
Net assets, end of period (in 000s)		$7,223			$8,722			$10,019			$9,187			$7,661			$19,012
Ratio of net expenses to average net assets		0.51	%(c)		0.51	%		0.51	%		0.56	%		0.56	%		0.55	%
Ratio of total expenses to average net assets		0.77	%(c)		0.75	%		0.72	%		0.74	%		0.76	%		0.70	%
Ratio of net investment income to average net assets		1.39	%(c)		0.67	%		0.75	%		1.84	%		2.31	%		1.62	%
Portfolio turnover rate(d)		382	%		578	%		820	%		943	%		530	%		380	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Government Income Fund
	Class R Shares
	Six Months Ended September 30, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	14.08			$	15.12			$	15.55			$	14.56			$	14.38			$	14.62
Net investment income(a)			0.06				0.01				0.03				0.19				0.24				0.15
Net realized and unrealized gain (loss)			(1.34	)			(0.75	)			(0.35	)			1.06				0.20				(0.17)
Total from investment operations			(1.28	)			(0.74	)			(0.32	)			1.25				0.44				(0.02)
Distributions to shareholders from net investment income			(0.07	)			(0.09	)			(0.11	)			(0.26	)			(0.26	)			(0.22)
Distributions to shareholders from net realized gains			—				(0.21	)			—				—				—				—
Total distributions			(0.07	)			(0.30	)			(0.11	)			(0.26	)			(0.26	)			(0.22)
Net asset value, end of period		$	12.73			$	14.08			$	15.12			$	15.55			$	14.56			$	14.38
Total return(b)			(9.12	)%			(5.00	)%			(2.05	)%			8.64	%			3.13	%			(0.18)%
Net assets, end of period (in 000s)		$	10,209			$	10,753			$	14,021			$	18,424			$	19,905			$	21,630
Ratio of net expenses to average net assets			1.08	%(c)			1.08	%			1.08	%			1.14	%			1.16	%			1.16%
Ratio of total expenses to average net assets			1.36	%(c)			1.34	%			1.32	%			1.34	%			1.35	%			1.30%
Ratio of net investment income to average net assets			0.83	%(c)			0.10	%			0.19	%			1.27	%			1.69	%			1.02%
Portfolio turnover rate(d)			382	%			578	%			820	%			943	%			530	%			380%

(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 P Shares
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2019(a)
				2022				2021				2020
Per Share Data
Net asset value, beginning of period		$14.07			$	15.11			$	15.54			$	14.55		$  14.24
Net investment income(b)		0.10				0.10				0.12				0.27		0.32
Net realized and unrealized gain (loss)		(1.33	)			(0.76	)			(0.35	)			1.07		0.32
Total from investment operations		(1.23	)			(0.66	)			(0.23	)			1.34		0.64
Distributions to shareholders from net investment income		(0.11	)			(0.17	)			(0.20	)			(0.35	)	(0.33)
Distributions to shareholders from net realized gains		—				(0.21	)			—				—		—
Total distributions		(0.11	)			(0.38	)			(0.20	)			(0.35	)	(0.33)
Net asset value, end of period		$12.73			$	14.07			$	15.11			$	15.54		$  14.55
Total return(c)		(8.79	)%			(4.46	)%			(1.42	)%			9.20	%	4.55%
Net assets, end of period (in 000s)		$8,222			$	9,106			$	13,725			$	14,227		$ 10,268
Ratio of net expenses to average net assets		0.51	%(d)			0.52	%			0.51	%			0.56	%	0.56%(d)
Ratio of total expenses to average net assets		0.77	%(d)			0.75	%			0.72	%			0.74	%	0.77%(d)
Ratio of net investment income to average net assets		1.41	%(d)			0.66	%			0.75	%			1.83	%	2.35%(d)
Portfolio turnover rate(e)		382	%			578	%			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.                89

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, 2022 (Unaudited)			Year Ended March 31,
				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$    11.16			$	11.35			$	10.72			$	10.37			$	10.31			$	10.44
Net investment income (a)		0.47				0.57				0.10				0.26				0.16				0.16
Net realized and unrealized gain (loss)		(1.70	)			(0.14	)			0.62				0.35				0.06				(0.13)
Total from investment operations		(1.23	)			0.43				0.72				0.61				0.22				0.03
Distributions to shareholders from net investment income		(0.54	)			(0.52	)			(0.09	)			(0.26	)			(0.16	)			(0.16)
Distributions to shareholders from net realized gains		—				(0.10	)			—				—				—				—
Total distributions		(0.54	)			(0.62	)			(0.09	)			(0.26	)			(0.16	)			(0.16)
Net asset value, end of period		$    9.39			$	11.16			$	11.35			$	10.72			$	10.37			$	10.31
Total return(b)		(11.09	)%			3.65	%			6.72	%			5.90	%			2.21	%			0.31%
Net assets, end of period (in 000s)		$53,335			$	61,867			$	69,090			$	52,041			$	53,690			$	74,814
Ratio of net expenses to average net assets		0.67	%(c)			0.67	%			0.67	%			0.69	%			0.68	%			0.68%
Ratio of total expenses to average net assets		0.72	%(c)			0.71	%			0.75	%			0.76	%			0.76	%			0.77%
Ratio of net investment income to average net assets		8.95	%(c)			4.89	%			0.86	%			2.41	%			1.61	%			1.59%
Portfolio turnover rate(d)		23	%			62	%			51	%			62	%			160	%			203%

(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 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, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.89		$	11.12		$	10.54		$	10.19		$	10.17		$	10.31
Net investment income(a)		0.42			0.45			—	(b)		0.20			0.10			0.08
Net realized and unrealized gain (loss)		(1.66	)		(0.12	)		0.63			0.32			0.04			(0.12)
Total from investment operations		(1.24	)		0.33			0.63			0.52			0.14			(0.04)
Distributions to shareholders from net investment income		(0.50	)		(0.46	)		(0.05	)		(0.17	)		(0.12	)		(0.10)
Distributions to shareholders from net realized gains		—			(0.10	)		—			—			—			—
Total distributions		(0.50	)		(0.56	)		(0.05	)		(0.17	)		(0.12	)		(0.10)
Net asset value, end of period	$	9.15		$	10.89		$	11.12		$	10.54		$	10.19		$	10.17
Total return(c)		(11.51	)%		2.91	%		6.01	%		5.13	%		1.38	%		(0.42)%
Net assets, end of period (in 000s)	$	3,825		$	4,327		$	2,374		$	2,160		$	4,152		$	6,847
Ratio of net expenses to average net assets		1.42	%(d)		1.42	%		1.42	%		1.44	%		1.43	%		1.43%
Ratio of total expenses to average net assets		1.47	%(d)		1.46	%		1.50	%		1.51	%		1.50	%		1.52%
Ratio of net investment income to average net assets		8.22	%(d)		4.00	%		0.03	%		1.96	%		0.97	%		0.82%
Portfolio turnover rate(e)		23	%		62	%		51	%		62	%		160	%		203%

(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.                91

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, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	11.31			$	11.50			$	10.86			$	10.50			$	10.43			$	10.56
Net investment income(a)			0.50				0.61				0.14				0.30				0.21				0.20
Net realized and unrealized gain (loss)			(1.72	)			(0.14	)			0.63				0.35				0.05				(0.13)
Total from investment operations			(1.22	)			0.47				0.77				0.65				0.26				0.07
Distributions to shareholders from net investment income			(0.56	)			(0.56	)			(0.13	)			(0.29	)			(0.19	)			(0.20)
Distributions to shareholders from net realized gains			—				(0.10	)			—				—				—				—
Total distributions			(0.56	)			(0.66	)			(0.13	)			(0.29	)			(0.19	)			(0.20)
Net asset value, end of period		$	9.53			$	11.31			$	11.50			$	10.86			$	10.50			$	10.43
Total return(b)			(10.96	)%			4.04	%			7.06	%			6.27	%			2.55	%			0.64%
Net assets, end of period (in 000s)		$	128,834			$	170,776			$	194,076			$	168,248			$	174,467			$	258,458
Ratio of net expenses to average net assets			0.34	%(c)			0.34	%			0.34	%			0.35	%			0.34	%			0.34%
Ratio of total expenses to average net assets			0.39	%(c)			0.38	%			0.41	%			0.42	%			0.42	%			0.43%
Ratio of net investment income to average net assets			9.34	%(c)			5.16	%			1.18	%			2.78	%			2.02	%			1.95%
Portfolio turnover rate(d)			23	%			62	%			51	%			62	%			160	%			203%

(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 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, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	11.24			$	11.43			$	10.79			$	10.43			$	10.37			$	10.50
Net investment income(a)			0.49				0.60				0.14				0.27				0.16				0.19
Net realized and unrealized gain (loss)			(1.72	)			(0.14	)			0.62				0.37				0.08				(0.13)
Total from investment operations			(1.23	)			0.46				0.76				0.64				0.24				0.06
Distributions to shareholders from net investment income			(0.55	)			(0.55	)			(0.12	)			(0.28	)			(0.18	)			(0.19)
Distributions to shareholders from net realized gains			—				(0.10	)			—				—				—				—
Total distributions			(0.55	)			(0.65	)			(0.12	)			(0.28	)			(0.18	)			(0.19)
Net asset value, end of period		$	9.46			$	11.24			$	11.43			$	10.79			$	10.43			$	10.37
Total return(b)			(10.99	)%			3.90	%			7.03	%			6.13	%			2.48	%			0.55%
Net assets, end of period (in 000s)		$	58,490			$	77,500			$	74,650			$	26,970			$	16,088			$	13,079
Ratio of net expenses to average net assets			0.42	%(c)			0.42	%			0.42	%			0.44	%			0.43	%			0.43%
Ratio of total expenses to average net assets			0.47	%(c)			0.46	%			0.49	%			0.51	%			0.51	%			0.52%
Ratio of net investment income to average net assets			9.27	%(c)			5.16	%			1.21	%			2.52	%			1.53	%			1.80%
Portfolio turnover rate(d)			23	%			62	%			51	%			62	%			160	%			203%

(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 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, 2022 (Unaudited)	Year Ended March 31,
			2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$     11.30	$	11.50		$	10.85		$	10.49		$	10.43		$	10.55
Net investment income(a)	0.50		0.60			0.15			0.29			0.08			0.22
Net realized and unrealized gain (loss)	(1.72)		(0.14	)		0.63			0.36			0.17			(0.14	)
Total from investment operations	(1.22)		0.46			0.78			0.65			0.25			0.08
Distributions to shareholders from net investment income	(0.56)		(0.56	)		(0.13	)		(0.29	)		(0.19	)		(0.20	)
Distributions to shareholders from net realized gains	—		(0.10	)		—			—			—			—
Total distributions	(0.56)		(0.66	)		(0.13	)		(0.29	)		(0.19	)		(0.20	)
Net asset value, end of period	$     9.52	$	11.30		$	11.50		$	10.85		$	10.49		$	10.43
Total return(b)	(10.95)%		3.96	%		7.17	%		6.29	%		2.47	%		0.75	%
Net assets, end of period (in 000s)	$149,996	$	150,116		$	107,354		$	50,987		$	39,506		$	7,103
Ratio of net expenses to average net assets	0.33%(c)		0.33	%		0.33	%		0.34	%		0.33	%		0.33	%
Ratio of total expenses to average net assets	0.38%(c)		0.37	%		0.40	%		0.41	%		0.44	%		0.40	%
Ratio of net investment income to average net assets	9.27%(c)		5.14	%		1.27	%		2.72	%		0.74	%		2.11	%
Portfolio turnover rate(d)	23%		62	%		51	%		62	%		160	%		203	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS 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, 2022 (Unaudited)	Year Ended March 31,
		2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period	$  11.09		$	11.29			$	10.67			$	10.32			$	10.28			$	10.41
Net investment income(a)	0.46			0.53				0.06				0.22				0.13				0.13
Net realized and unrealized gain (loss)	(1.69)			(0.13	)			0.63				0.37				0.06				(0.12	)
Total from investment operations	(1.23)			0.40				0.69				0.59				0.19				0.01
Distributions to shareholders from net investment income	(0.53)			(0.50	)			(0.07	)			(0.24	)			(0.15	)			(0.14	)
Distributions to shareholders from net realized gains	—			(0.10	)			—				—				—				—
Total distributions	(0.53)			(0.60	)			(0.07	)			(0.24	)			(0.15	)			(0.14	)
Net asset value, end of period	$  9.33		$	11.09			$	11.29			$	10.67			$	10.32			$	10.28
Total return(b)	(11.26)%			3.45	%			6.43	%			5.71	%			1.87	%			0.09	%
Net assets, end of period (in 000s)	$16,839		$	18,525			$	17,052			$	17,663			$	14,911			$	18,169
Ratio of net expenses to average net assets	0.92%(c)			0.92	%			0.92	%			0.94	%			0.93	%			0.93	%
Ratio of total expenses to average net assets	0.97%(c)			0.96	%			1.00	%			1.01	%			1.01	%			1.02	%
Ratio of net investment income to average net assets	8.69%(c)			4.63	%			0.54	%			2.08	%			1.33	%			1.29	%
Portfolio turnover rate(d)	23%			62	%			51	%			62	%			160	%			203	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Inflation Protected Securities Fund
	Class P Shares
	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31,									Period Ended March 31, 2019(a)
		2022			2021			2020
Per Share Data
Net asset value, beginning of period	$    11.31	$	11.50		$	10.86		$	10.49			$   10.40
Net investment income(b)	0.50		0.60			0.16			0.32			0.09
Net realized and unrealized gain (loss)	(1.72)		(0.13	)		0.61			0.34			0.19
Total from investment operations	(1.22)		0.47			0.77			0.66			0.28
Distributions to shareholders from net investment income	(0.56)		(0.56	)		(0.13	)		(0.29	)		(0.19	)
Distributions to shareholders from net realized gains	—		(0.10	)		—			—			—
Total distributions	(0.56)		(0.66	)		(0.13	)		(0.29	)		(0.19	)
Net asset value, end of period	$    9.53	$	11.31		$	11.50		$	10.86			$    10.49
Total return(c)	(10.94)%		4.05	%		7.07	%		6.38	%		2.77	%
Net assets, end of period (in 000s)	$29,677	$	35,167		$	49,767		$	30,975			$107,844
Ratio of net expenses to average net assets	0.33%(d)		0.33	%		0.33	%		0.34	%		0.33	%(d)
Ratio of total expenses to average net assets	0.38%(d)		0.37	%		0.40	%		0.40	%		0.43	%(d)
Ratio of net investment income to average net assets	9.30%(d)		5.15	%		1.36	%		3.01	%		0.91	%(d)
Portfolio turnover rate(e)	23%		62	%		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.

96                    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, 2022 (Unaudited)	Year Ended March 31,
		2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period	$      9.72		$	10.15			$	9.68			$	9.80			$	9.75			$	9.96
Net investment income (a)	0.08			0.06				0.12				0.21				0.23				0.17
Net realized and unrealized gain (loss)	(0.47)			(0.38	)			0.53				(0.08	)			0.06				(0.19	)
Total from investment operations	(0.39)			(0.32	)			0.65				0.13				0.29				(0.02	)
Distributions to shareholders from net investment income	(0.09)			(0.07	)			(0.17	)			(0.21	)			(0.22	)			(0.16	)
Distributions to shareholders from net realized gains	—			(0.01	)			—	(b)			—				—				—
Distributions to shareholders from return of capital	—			(0.03	)			(0.01	)			(0.04	)			(0.02	)			(0.03	)
Total distributions	(0.09)			(0.11	)			(0.18	)			(0.25	)			(0.24	)			(0.19	)
Net asset value, end of period	$      9.24		$	9.72			$	10.15			$	9.68			$	9.80			$	9.75
Total return(c)	(3.99)%			(3.24	)%			6.64	%			1.41	%			3.01	%			(0.19	)%
Net assets, end of period (in 000s)	$55,625		$	64,658			$	82,370			$	14,107			$	11,070			$	5,734
Ratio of net expenses to average net assets	0.73%(d)			0.73	%			0.75	%			0.79	%			0.79	%			0.79	%
Ratio of total expenses to average net assets	0.79%(d)			0.78	%			0.80	%			0.86	%			0.93	%			0.87	%
Ratio of net investment income to average net assets	1.76%(d)			0.59	%			1.21	%			2.13	%			2.35	%			1.75	%
Portfolio turnover rate(e)	69%			240	%			253	%			192	%			99	%			106	%

(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 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, 2022 (Unaudited)	Year Ended March 31,
		2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$      9.72	$	10.15		$	9.68		$	9.81		$	9.76		$	9.96
Net investment income(a)	0.06		0.02			0.09			0.18			0.19			0.14
Net realized and unrealized gain (loss)	(0.46)		(0.38	)		0.52			(0.10	)		0.06			(0.19	)
Total from investment operations	(0.40)		(0.36	)		0.61			0.08			0.25			(0.05	)
Distributions to shareholders from net investment income	(0.08)		(0.04	)		(0.13	)		(0.18	)		(0.18	)		(0.13	)
Distributions to shareholders from net realized gains	—		(0.01	)		—	(b)		—			—			—
Distributions to shareholders from return of capital	—		(0.02	)		(0.01	)		(0.03	)		(0.02	)		(0.02	)
Total distributions	(0.08)		(0.07	)		(0.14	)		(0.21	)		(0.20	)		(0.15	)
Net asset value, end of period	$      9.24	$	9.72		$	10.15		$	9.68		$	9.81		$	9.76
Total return(c)	(4.18)%		(3.63	)%		6.22	%		0.91	%		2.61	%		(0.48	)%
Net assets, end of period (in 000s)	$2,580	$	2,895		$	2,556		$	1,283		$	1,689		$	1,077
Ratio of net expenses to average net assets	1.13%(d)		1.12	%		1.15	%		1.19	%		1.19	%		1.19	%
Ratio of total expenses to average net assets	1.54%(d)		1.53	%		1.55	%		1.61	%		1.69	%		1.63	%
Ratio of net investment income to average net assets	1.35%(d)		0.21	%		0.88	%		1.81	%		1.97	%		1.39	%
Portfolio turnover rate(e)	69%		240	%		253	%		192	%		99	%		106	%

(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 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, 2022 (Unaudited)	Year Ended March 31,
		2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$      9.74	$	10.17		$	9.70		$	9.82		$	9.77		$	9.98
Net investment income(a)	0.10		0.09			0.16			0.26			0.25			0.21
Net realized and unrealized gain (loss)	(0.47)		(0.38	)		0.53			(0.09	)		0.07			(0.19	)
Total from investment operations	(0.37)		(0.29	)		0.69			0.17			0.32			0.02
Distributions to shareholders from net investment income	(0.11)		(0.09	)		(0.21	)		(0.25	)		(0.24	)		(0.20	)
Distributions to shareholders from net realized gains	—		(0.01	)		—	(b)		—			—			—
Distributions to shareholders from return of capital	—		(0.04	)		(0.01	)		(0.04	)		(0.03	)		(0.03	)
Total distributions	(0.11)		(0.14	)		(0.22	)		(0.29	)		(0.27	)		(0.23	)
Net asset value, end of period	$      9.26	$	9.74		$	10.17		$	9.70		$	9.82		$	9.77
Total return(c)	(3.83)%		(2.92	)%		6.99	%		1.76	%		3.36	%		0.16	%
Net assets, end of period (in 000s)	$211,967	$	172,910		$	276,641		$	48,689		$	46,680		$	575,452
Ratio of net expenses to average net assets	0.42%(d)		0.41	%		0.42	%		0.45	%		0.46	%		0.45	%
Ratio of total expenses to average net assets	0.46%(d)		0.45	%		0.47	%		0.52	%		0.55	%		0.53	%
Ratio of net investment income to average net assets	2.07%(d)		0.89	%		1.58	%		2.57	%		2.58	%		2.12	%
Portfolio turnover rate(e)	69%		240	%		253	%		192	%		99	%		106	%

(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 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, 2022 (Unaudited)		Year Ended March 31,
			2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period		$      9.74	$	10.16		$	9.70		$	9.82		$	9.77		$	9.98
Net investment income(a)		0.10		0.09			0.15			0.24			0.25			0.20
Net realized and unrealized gain (loss)		(0.47)		(0.37	)		0.52			(0.08	)		0.06			(0.19	)
Total from investment operations		(0.37)		(0.28	)		0.67			0.16			0.31			0.01
Distributions to shareholders from net investment income		(0.11)		(0.09	)		(0.20	)		(0.24	)		(0.24	)		(0.19	)
Distributions to shareholders from net realized gains		—		(0.01	)		—	(b)		—			—			—
Distributions to shareholders from return of capital		—		(0.04	)		(0.01	)		(0.04	)		(0.02	)		(0.03	)
Total distributions		(0.11)		(0.14	)		(0.21	)		(0.28	)		(0.26	)		(0.22	)
Net asset value, end of period		$      9.26	$	9.74		$	10.16		$	9.70		$	9.82		$	9.77
Total return(c)		(3.86)%		(2.89	)%		6.90	%		1.56	%		3.27	%		0.06	%
Net assets, end of period (in 000s)		$43,932	$	23,825		$	25,579		$	4,337		$	1,584		$	2,094
Ratio of net expenses to average net assets		0.48%(d)		0.47	%		0.50	%		0.54	%		0.54	%		0.54	%
Ratio of total expenses to average net assets		0.54%(d)		0.53	%		0.55	%		0.61	%		0.68	%		0.62	%
Ratio of net investment income to average net assets		2.06%(d)		0.85	%		1.46	%		2.43	%		2.57	%		2.03	%
Portfolio turnover rate(e)		69%		240	%		253	%		192	%		99	%		106	%

(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 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, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.73			$	10.16			$	9.69			$	9.82			$	9.77			$	9.98
Net investment income(a)			0.10				0.11				0.16				0.26				0.27				0.21
Net realized and unrealized gain (loss)			(0.47	)			(0.40	)			0.53				(0.10	)			0.05				(0.20	)
Total from investment operations			(0.37	)			(0.29	)			0.69				0.16				0.32				0.01
Distributions to shareholders from net investment income			(0.11	)			(0.09	)			(0.21	)			(0.25	)			(0.24	)			(0.19	)
Distributions to shareholders from net realized gains			—				(0.01	)			—	(b)			—				—				—
Distributions to shareholders from return of capital			—				(0.04	)			(0.01	)			(0.04	)			(0.03	)			(0.03	)
Total distributions			(0.11	)			(0.14	)			(0.22	)			(0.29	)			(0.27	)			(0.22	)
Net asset value, end of period		$	9.25			$	9.73			$	10.16			$	9.69			$	9.82			$	9.77
Total return(c)			(3.83	)%			(2.92	)%			7.00	%			1.66	%			3.36	%			0.13	%
Net assets, end of period (in 000s)		$	106,768			$	56,824			$	7,944			$	1,085			$	1,252			$	10
Ratio of net expenses to average net assets			0.41	%(d)			0.40	%			0.41	%			0.44	%			0.45	%			0.45	%
Ratio of total expenses to average net assets			0.45	%(d)			0.44	%			0.46	%			0.51	%			0.67	%			0.55	%
Ratio of net investment income to average net assets			2.13	%(d)			1.07	%			1.57	%			2.56	%			2.77	%			2.12	%
Portfolio turnover rate(e)			69	%			240	%			253	%			192	%			99	%			106	%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS 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, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.74			$	10.16			$	9.70			$	9.82			$	9.77			$	9.98
Net investment income(a)			0.07				0.04				0.11				0.19				0.20				0.16
Net realized and unrealized gain (loss)			(0.47	)			(0.38	)			0.51				(0.08	)			0.06				(0.20	)
Total from investment operations			(0.40	)			(0.34	)			0.62				0.11				0.26				(0.04	)
Distributions to shareholders from net investment income			(0.08	)			(0.05	)			(0.15	)			(0.20	)			(0.19	)			(0.15	)
Distributions to shareholders from net realized gains			—				(0.01	)			—	(b)			—				—				—
Distributions to shareholders from return of capital			—				(0.02	)			(0.01	)			(0.03	)			(0.02	)			(0.02	)
Total distributions			(0.08	)			(0.08	)			(0.16	)			(0.23	)			(0.21	)			(0.17	)
Net asset value, end of period		$	9.26			$	9.74			$	10.16			$	9.70			$	9.82			$	9.77
Total return(c)			(4.10	)%			(3.38	)%			6.37	%			1.06	%			2.76	%			(0.43	)%
Net assets, end of period (in 000s)		$	155			$	161			$	184			$	138			$	122			$	95
Ratio of net expenses to average net assets			0.98	%(d)			0.97	%			0.99	%			1.04	%			1.04	%			1.04	%
Ratio of total expenses to average net assets			1.04	%(d)			1.03	%			1.05	%			1.11	%			1.18	%			1.12	%
Ratio of net investment income to average net assets			1.52	%(d)			0.38	%			1.03	%			1.94	%			2.08	%			1.57	%
Portfolio turnover rate(e)			69	%			240	%			253	%			192	%			99	%			106	%

(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.

102                    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 Enhanced Income Fund
	Class P Shares
	Six Months Ended September 30, 2022 (Unaudited)				Year Ended March 31,												Period Ended March 31, 2019(a)
					2022				2021				2020
Per Share Data
Net asset value, beginning of period		$	9.74			$	10.16			$	9.70			$	9.82			$	9.74
Net investment income(b)			0.10				0.09				0.16				0.25				0.25
Net realized and unrealized gain (loss)			(0.47	)			(0.37	)			0.52				(0.08	)			0.09
Total from investment operations			(0.37	)			(0.28	)			0.68				0.17				0.34
Distributions to shareholders from net investment income			(0.11	)			(0.09	)			(0.21	)			(0.25	)			(0.24	)
Distributions to shareholders from net realized gains			—				(0.01	)			—	(c)			—				—
Distributions to shareholders from return of capital			—				(0.04	)			(0.01	)			(0.04	)			(0.02	)
Total distributions			(0.11	)			(0.14	)			(0.22	)			(0.29	)			(0.26	)
Net asset value, end of period		$	9.26			$	9.74			$	10.16			$	9.70			$	9.82
Total return(d)			(3.82	)%			(2.82	)%			7.00	%			1.66	%			3.51	%
Net assets, end of period (in 000s)		$	1,213,401			$	2,148,459			$	2,080,421			$	743,258			$	635,440
Ratio of net expenses to average net assets			0.42	%(e)			0.40	%			0.41	%			0.44	%			0.44	%(e)
Ratio of total expenses to average net assets			0.45	%(e)			0.44	%			0.46	%			0.51	%			0.60	%(e)
Ratio of net investment income to average net assets			2.06	%(e)			0.94	%			1.61	%			2.53	%			2.72	%(e)
Portfolio turnover rate(f)			69%				240	%			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.                103

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Government Fund
	Class A Shares
	Six Months Ended September 30, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.52			$	10.00			$	9.97			$	9.77			$	9.79			$	9.99
Net investment income (loss)(a)			0.05				(0.04	)			0.01				0.13				0.16				0.11
Net realized and unrealized gain (loss)			(0.38	)			(0.41	)			0.11				0.27				0.03				(0.13	)
Total from investment operations			(0.33	)			(0.45	)			0.12				0.40				0.19				(0.02	)
Distributions to shareholders from net investment income			(0.06	)			(0.03	)			(0.09	)			(0.20	)			(0.21	)			(0.18	)
Net asset value, end of period		$	9.13			$	9.52			$	10.00			$	9.97			$	9.77			$	9.79
Total return(b)			(3.59	)%			(4.39	)%			1.17	%			4.16	%			1.97	%			(0.22	)%
Net assets, end of period (in 000s)		$	61,946			$	70,980			$	105,604			$	90,469			$	82,090			$	86,239
Ratio of net expenses to average net assets			0.81	%(c)			0.81	%			0.79	%			0.82	%			0.82	%			0.82	%
Ratio of total expenses to average net assets			0.90	%(c)			0.88	%			0.87	%			0.90	%			0.90	%			0.89	%
Ratio of net investment income (loss) to average net assets			1.05	%(c)			(0.39	)%			0.13	%			1.34	%			1.68	%			1.15	%
Portfolio turnover rate(d)			259	%			466	%			566	%			479	%			247	%			87	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Government Fund
	Class C Shares
	Six Months Ended September 30, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.45			$	9.93			$	9.90			$	9.70			$	9.73			$	9.92
Net investment income (loss)(a)			0.03				(0.08	)			(0.02	)			0.09				0.12				0.07
Net realized and unrealized gain (loss)			(0.38	)			(0.39	)			0.10				0.27				0.02				(0.12	)
Total from investment operations			(0.35	)			(0.47	)			0.08				0.36				0.14				(0.05	)
Distributions to shareholders from net investment income			(0.04	)			(0.01	)			(0.05	)			(0.16	)			(0.17	)			(0.14	)
Net asset value, end of period		$	9.06			$	9.45			$	9.93			$	9.90			$	9.70			$	9.73
Total return(b)			(3.71	)%			(4.77	)%			0.77	%			3.76	%			1.46	%			(0.53	)%
Net assets, end of period (in 000s)		$	7,544			$	8,916			$	13,685			$	12,958			$	15,493			$	19,799
Ratio of net expenses to average net assets			1.21	%(c)			1.21	%			1.19	%			1.22	%			1.22	%			1.22	%
Ratio of total expenses to average net assets			1.65	%(c)			1.63	%			1.62	%			1.65	%			1.65	%			1.64	%
Ratio of net investment income (loss) to average net assets			0.65	%(c)			(0.78	)%			(0.25	)%			0.95	%			1.27	%			0.72	%
Portfolio turnover rate(d)			259	%			466	%			566	%			479	%			247	%			87	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Government Fund
	Institutional Shares
	Six Months Ended September 30, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.49			$	9.97			$	9.93			$	9.74			$	9.76			$	9.96
Net investment income (loss)(a)			0.06				(0.01	)			0.04				0.17				0.19				0.14
Net realized and unrealized gain (loss)			(0.38	)			(0.41	)			0.12				0.26				0.03				(0.13	)
Total from investment operations			(0.32	)			(0.42	)			0.16				0.43				0.22				0.01
Distributions to shareholders from net investment income			(0.07	)			(0.06	)			(0.12	)			(0.24	)			(0.24	)			(0.21	)
Net asset value, end of period		$	9.10			$	9.49			$	9.97			$	9.93			$	9.74			$	9.76
Total return(b)			(3.35	)%			(4.09	)%			1.51	%			4.41	%			2.32	%			0.11	%
Net assets, end of period (in 000s)		$	242,458			$	305,174			$	510,541			$	348,655			$	379,887			$	837,920
Ratio of net expenses to average net assets			0.48	%(c)			0.48	%			0.46	%			0.48	%			0.48	%			0.48	%
Ratio of total expenses to average net assets			0.57	%(c)			0.55	%			0.54	%			0.56	%			0.56	%			0.55	%
Ratio of net investment income (loss) to average net assets			1.37	%(c)			(0.06	)%			0.44	%			1.69	%			1.95	%			1.46	%
Portfolio turnover rate(d)			259	%			466	%			566	%			479	%			247	%			87	%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Government Fund
	Service Shares
	Six Months Ended September 30, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.48			$	9.95			$	9.92			$	9.73			$	9.75			$	9.94
Net investment income (loss)(a)			0.04				(0.05	)			—	(b)			0.11				0.15				0.09
Net realized and unrealized gain (loss)			(0.38	)			(0.40	)			0.10				0.27				0.02				(0.12	)
Total from investment operations			(0.34	)			(0.45	)			0.10				0.38				0.17				(0.03	)
Distributions to shareholders from net investment income			(0.05	)			(0.02	)			(0.07	)			(0.19	)			(0.19	)			(0.16	)
Net asset value, end of period		$	9.09			$	9.48			$	9.95			$	9.92			$	9.73			$	9.75
Total return(c)			(3.59	)%			(4.56	)%			1.00	%			4.00	%			1.70	%			(0.29	)%
Net assets, end of period (in 000s)		$	18,340			$	17,521			$	20,016			$	18,831			$	18,120			$	19,954
Ratio of net expenses to average net assets			0.98	%(d)			0.98	%			0.96	%			0.98	%			0.98	%			0.98	%
Ratio of total expenses to average net assets			1.07	%(d)			1.05	%			1.04	%			1.06	%			1.06	%			1.05	%
Ratio of net investment income (loss) to average net assets			0.89	%(d)			(0.53	)%			(0.03	)%			1.17	%			1.52	%			0.95	%
Portfolio turnover rate(e)			259	%			466	%			566	%			479	%			247	%			87	%

(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 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, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.53			$	10.01			$	9.98			$	9.78			$	9.80			$	9.99
Net investment income (loss)(a)			0.06				(0.01	)			0.04				0.15				0.19				0.13
Net realized and unrealized gain (loss)			(0.38	)			(0.41	)			0.10				0.28				0.02				(0.12	)
Total from investment operations			(0.32	)			(0.42	)			0.14				0.43				0.21				0.01
Distributions to shareholders from net investment income			(0.07	)			(0.06	)			(0.11	)			(0.23	)			(0.23	)			(0.20	)
Net asset value, end of period		$	9.14			$	9.53			$	10.01			$	9.98			$	9.78			$	9.80
Total return(b)			(3.46	)%			(4.15	)%			1.53	%			4.31	%			2.23	%			0.13	%
Net assets, end of period (in 000s)		$	33,815			$	27,635			$	38,958			$	38,723			$	29,461			$	24,676
Ratio of net expenses to average net assets			0.56	%(c)			0.56	%			0.54	%			0.57	%			0.57	%			0.57	%
Ratio of total expenses to average net assets			0.65	%(c)			0.63	%			0.62	%			0.65	%			0.65	%			0.64	%
Ratio of net investment income (loss) to average net assets			1.35	%(c)			(0.13	)%			0.40	%			1.57	%			1.94	%			1.35	%
Portfolio turnover rate(d)			259	%			466	%			566	%			479	%			247	%			87	%

(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.

108                    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, 2022 (Unaudited)				Year Ended March 31,
					2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.49			$	9.97			$	9.94			$	9.74			$	9.76			$	9.96
Net investment income(a)			0.07				—	(b)			0.05				0.16				0.20				0.17
Net realized and unrealized gain (loss)			(0.39	)			(0.41	)			0.10				0.28				0.02				(0.16	)
Total from investment operations			(0.32	)			(0.41	)			0.15				0.44				0.22				0.01
Distributions to shareholders from net investment income			(0.07	)			(0.07	)			(0.12	)			(0.24	)			(0.24	)			(0.21	)
Net asset value, end of period		$	9.10			$	9.49			$	9.97			$	9.94			$	9.74			$	9.76
Total return(c)			(3.44	)%			(3.98	)%			1.52	%			4.42	%			2.33	%			0.12	%
Net assets, end of period (in 000s)		$	12,874			$	13,385			$	16,029			$	11,979			$	5,436			$	2,038
Ratio of net expenses to average net assets			0.47	%(d)			0.47	%			0.45	%			0.47	%			0.47	%			0.46	%
Ratio of total expenses to average net assets			0.56	%(d)			0.54	%			0.53	%			0.55	%			0.56	%			0.54	%
Ratio of net investment income (loss) to average net assets			1.41	%(d)			(0.02	)%			0.48	%			1.65	%			2.10	%			1.69	%
Portfolio turnover rate(e)			259	%			466	%			566	%			479	%			247	%			87	%

(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 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, 2022 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2019(a)
				2022				2021				2020
Per Share Data
Net asset value, beginning of period		$      9.49			$	9.96			$	9.93			$	9.73			$      9.73
Net investment income(b)		0.06				—	(c)			0.05				0.17			0.20
Net realized and unrealized gain (loss)		(0.38	)			(0.40	)			0.10				0.27			0.03
Total from investment operations		(0.32	)			(0.40	)			0.15				0.44			0.23
Distributions to shareholders from net investment income		(0.07	)			(0.07	)			(0.12	)			(0.24	)		(0.23	)
Net asset value, end of period		$      9.10			$	9.49			$	9.96			$	9.93			$      9.73
Total return(d)		(3.34	)%			(4.08	)%			1.52	%			4.53	%		2.39	%
Net assets, end of period (in 000s)		$186,267			$	246,221			$	337,747			$	337,805			$474,894
Ratio of net expenses to average net assets		0.47	%(e)			0.47	%			0.45	%			0.48	%		0.47	%(e)
Ratio of total expenses to average net assets		0.56	%(e)			0.54	%			0.53	%			0.55	%		0.56	%(e)
Ratio of net investment income to average net assets		1.38	%(e)			(0.03	)%			0.49	%			1.72	%		2.15	%(e)
Portfolio turnover rate(f)		259	%			466	%			566	%			479	%		247	%

(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.

110                    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, 2022 (Unaudited)			Year Ended March 31,
				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$  10.01			$	10.07			$	9.88			$	10.03			$	10.01			$	10.02
Net investment income (a)		0.06				—	(b)			0.04				0.21				0.25				0.14
Net realized and unrealized gain (loss)		(0.04	)			(0.05	)			0.20				(0.14	)			(0.01	)			(0.04	)
Total from investment operations		0.02				(0.05	)			0.24				0.07				0.24				0.10
Distributions to shareholders from net investment income		(0.06	)			(0.01	)			(0.05	)			(0.21	)			(0.22	)			(0.11	)
Distributions to shareholders from net realized gains		—				—				—				(0.01	)			—	(c)			—	(c)
Total distributions		(0.06	)			(0.01	)			(0.05	)			(0.22	)			(0.22	)			(0.11	)
Net asset value, end of period		$    9.97			$	10.01			$	10.07			$	9.88			$	10.03			$	10.01
Total return(d)		0.23	%			(0.54	)%			2.42	%			0.66	%			2.41	%			1.04	%
Net assets, end of period (in 000s)		$38,810			$	50,104			$	122,562			$	43,188			$	50,982			$	817
Ratio of net expenses to average net assets		0.46	%(e)			0.44	%			0.45	%			0.46	%			0.46	%			0.57	%
Ratio of total expenses to average net assets		0.54	%(e)			0.54	%			0.54	%			0.56	%			0.61	%			0.63	%
Ratio of net investment income to average net assets		1.20	%(e)			—	%(f)			0.38	%			2.14	%			2.46	%			1.42	%
Portfolio turnover rate(g)		31	%			102	%			79	%			87	%			89	%			67	%

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

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

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

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

(e) Annualized.

(f) Amount is less than 0.005% per share.

(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.                111

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, 2022 (Unaudited)			Year Ended March 31,
				2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period		$10.01		$	10.07		$	9.88		$	10.03		$	10.02		$	10.02
Net investment income(a)		0.08			0.02			0.09			0.20			0.22			0.13
Net realized and unrealized gain (loss)		(0.03	)		(0.05	)		0.16			(0.13	)		0.01			(0.01	)
Total from investment operations		0.05			(0.03	)		0.25			0.07			0.23			0.12
Distributions to shareholders from net investment income		(0.08	)		(0.03	)		(0.06	)		(0.21	)		(0.22	)		(0.12	)
Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	(b)		—	(b)
Total distributions		(0.08	)		(0.03	)		(0.06	)		(0.22	)		(0.22	)		(0.12	)
Net asset value, end of period		$  9.98		$	10.01		$	10.07		$	9.88		$	10.03		$	10.02
Total return(c)		0.46	%		(0.31	)%		2.55	%		0.55	%		2.46	%		1.24	%
Net assets, end of period (in 000s)		$      27		$	27		$	27		$	1,045		$	937		$	1,032
Ratio of net expenses to average net assets		0.21	%(d)		0.21	%		0.47	%		0.47	%		0.45	%		0.43	%
Ratio of total expenses to average net assets		0.29	%(d)		0.30	%		0.55	%		0.57	%		0.57	%		0.59	%
Ratio of net investment income to average net assets		1.50	%(d)		0.23	%		0.95	%		2.01	%		2.20	%		1.25	%
Portfolio turnover rate(e)		31	%		102	%		79	%		87	%		89	%		67	%

(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. 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-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, 2022 (Unaudited)		Year Ended March 31,
			2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period		$10.01	$	10.07		$	9.88		$	10.03		$	10.02		$	10.02
Net investment income(a)		0.08		0.02			0.07			0.23			0.24			0.14
Net realized and unrealized gain (loss)		(0.04)		(0.05	)		0.19			(0.15	)		0.01			—	(b)
Total from investment operations		0.04		(0.03	)		0.26			0.08			0.25			0.14
Distributions to shareholders from net investment income		(0.08)		(0.03	)		(0.07	)		(0.23	)		(0.24	)		(0.14	)
Distributions to shareholders from net realized gains		—		—			—			(0.00	)(c)		(0.00	)(c)		(0.00	)(c)
Total distributions		(0.08)		(0.03	)		(0.07	)		(0.23	)		(0.24	)		(0.14	)
Net asset value, end of period		$  9.97	$	10.01		$	10.07		$	9.88		$	10.03		$	10.02
Total return(d)		0.36%		(0.31	)%		2.63	%		0.82	%		2.52	%		1.40	%
Net assets, end of period (in 000s)		$     27	$	27		$	27		$	26		$	26		$	25
Ratio of net expenses to average net assets		0.20%(e)		0.21	%		0.26	%		0.32	%		0.30	%		0.28	%
Ratio of total expenses to average net assets		0.28%(e)		0.30	%		0.34	%		0.41	%		0.41	%		0.44	%
Ratio of net investment income to average net assets		1.51%(e)		0.23	%		0.66	%		2.27	%		2.38	%		1.38	%
Portfolio Turnover Rate(f)		31%		102	%		79	%		87	%		89	%		67	%

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

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

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

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

(e) Annualized.

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

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

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, 2022 (Unaudited)		Year Ended March 31,
			2022			2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period		$        10.01	$	10.07		$	9.88		$	10.04		$	10.01		$	10.02
Net investment income(a)		0.07		0.02			0.06			0.23			0.25			0.15
Net realized and unrealized gain (loss)		(0.03)		(0.05	)		0.20			(0.15	)		0.03			(0.01	)
Total from investment operations		0.04		(0.03	)		0.26			0.08			0.28			0.14
Distributions to shareholders from net investment income		(0.07)		(0.03	)		(0.07	)		(0.24	)		(0.25	)		(0.15	)
Distributions to shareholders from net realized gains		—		—			—			(0.00	)(b)		(0.00	)(b)		(0.00	)(b)
Total distributions		(0.07)		(0.03	)		(0.07	)		(0.24	)		(0.25	)		(0.15	)
Net asset value, end of period		$          9.98	$	10.01		$	10.07		$	9.88		$	10.04		$	10.01
Total return(c)		0.45%		(0.32	)%		2.66	%		0.80	%		2.82	%		1.40	%
Net assets, end of period (in 000s)		$1,304,532	$	1,954,768		$	2,598,107		$	1,466,673		$	840,036		$	1,421,091
Ratio of net expenses to average net assets		0.23%(d)		0.22	%		0.22	%		0.22	%		0.20	%		0.19	%
Ratio of total expenses to average net assets		0.31%(d)		0.31	%		0.31	%		0.32	%		0.32	%		0.33	%
Ratio of net investment income to average net assets		1.42%(d)		0.22	%		0.63	%		2.28	%		2.45	%		1.54	%
Portfolio turnover rate(e)		31%		102	%		79	%		87	%		89	%		67	%

(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.

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short-Term Conservative Income Fund
	Investor Shares
	Six Months Ended September 30, 2022 (Unaudited)		Year Ended March 31,									Period Ended March 31, 2019(a)
			2022			2021			2020
Per Share Data
Net asset value, beginning of period		$    10.01	$	10.07		$	9.88		$	10.04			$10.03
Net investment income(b)		0.08		0.01			0.06			0.21			0.16
Net realized and unrealized gain (loss)		(0.04)		(0.05	)		0.19			(0.14	)		0.01
Total from investment operations		0.04		(0.04	)		0.25			0.07			0.17
Distributions to shareholders from net investment income		(0.07)		(0.02	)		(0.06	)		(0.23	)		(0.16	)
Distributions to shareholders from net realized gains		—		—			—			(0.00	)(c)		(0.00	)(c)
Total distributions		(0.07)		(0.02	)		(0.06	)		(0.23	)		(0.16	)
Net asset value, end of period		$      9.98	$	10.01		$	10.07		$	9.88			$10.04
Total return(d)		0.41%		(0.40	)%		2.57	%		0.71	%		1.68	%
Net assets, end of period (in 000s)		$157,387	$	112,830		$	94,682		$	90,680			$6,254
Ratio of net expenses to average net assets		0.31%(e)		0.30	%		0.30	%		0.31	%		0.30	%(e)
Ratio of total expenses to average net assets		0.39%(e)		0.39	%		0.39	%		0.41	%		0.42	%(e)
Ratio of net investment income to average net assets		1.42%(e)		0.15	%		0.60	%		2.11	%		2.58	%(e)
Portfolio turnover rate(f)		31%		102	%		79	%		87	%		89	%

(a) Commenced operations on August 14, 2018.

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

(c) Rounds to less than $0.005 per share.

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

(e) Annualized.

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

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short-Term Conservative Income Fund
	Class R6 Shares
	Six Months Ended September 30, 2022 (Unaudited)		Year Ended March 31,												Period Ended March 31, 2018(a)
			2022			2021			2020			2019
Per Share Data
Net asset value, beginning of period		$    10.01	$	10.08		$	9.89		$	10.04		$	10.02			$10.02
Net investment income(b)		0.06		0.02			0.07			0.24			0.27			0.05
Net realized and unrealized gain (loss)		(0.01)		(0.06	)		0.19			(0.15	)		—			—
Total from investment operations		0.05		(0.04	)		0.26			0.09			0.27			0.05
Distributions to shareholders from net investment income		(0.08)		(0.03	)		(0.07	)		(0.24	)		(0.25	)		(0.05	)
Distributions to shareholders from net realized gains		—		—			—			(0.00	)(c)		(0.00	)(c)		(0.00	)(c)
Total distributions		(0.08)		(0.03	)		(0.07	)		(0.24	)		(0.25	)		(0.05	)
Net asset value, end of period		$    9.98	$	10.01		$	10.08		$	9.89		$	10.04			$10.02
Total return(d)		0.46%		(0.41	)%		2.66	%		0.91	%		2.82	%		0.43	%
Net assets, end of period (in 000s)		$78,048	$	180,045		$	313,236		$	278,788		$	420,023			$     10
Ratio of net expenses to average net assets		0.22%(e)		0.21	%		0.21	%		0.21	%		0.20	%		0.24	%(e)
Ratio of total expenses to average net assets		0.30%(e)		0.30	%		0.30	%		0.31	%		0.32	%		0.35	%(e)
Ratio of net investment income to average net assets		1.25%(e)		0.24	%		0.70	%		2.37	%		2.66	%		1.64	%(e)
Portfolio turnover rate(f)		31%		102	%		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.

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short-Term Conservative Income Fund
	Class P Shares
	Six Months Ended September 30, 2022 (Unaudited)		Year Ended March 31,									Period Ended March 31, 2019(a)
			2022			2021			2020
Per Share Data
Net asset value, beginning of period		$        10.00	$	10.07		$	9.87		$	10.03			$        10.02
Net investment income(b)		0.07		0.02			0.07			0.24			0.25
Net realized and unrealized gain (loss)		(0.02)		(0.06	)		0.20			(0.16	)		—
Total from investment operations		0.05		(0.04	)		0.27			0.08			0.25
Distributions to shareholders from net investment income		(0.08)		(0.03	)		(0.07	)		(0.24	)		(0.24)
Distributions to shareholders from net realized gains		—		—			—			(0.00	)(c)		(0.00)(c)
Total distributions		(0.08)		(0.03	)		(0.07	)		(0.24	)		(0.24)
Net asset value, end of period		$        9.97	$	10.00		$	10.07		$	9.87			$      10.03
Total return(d)		0.45%		(0.41	)%		2.77	%		0.81	%		2.48%
Net assets, end of period (in 000s)		$1,122,372	$	1,716,714		$	3,136,259		$	1,935,475			$2,048,977
Ratio of net expenses to average net assets		0.22%(e)		0.21	%		0.21	%		0.21	%		0.20%(e)
Ratio of total expenses to average net assets		0.30%(e)		0.30	%		0.30	%		0.31	%		0.32%(e)
Ratio of net investment income to average net assets		1.44%(e)		0.23	%		0.65	%		2.34	%		2.62%(e)
Portfolio turnover rate(f)		31%		102	%		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.                117

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2022 (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, Service, Investor, R6 and P	Diversified
Government Income	A, C, Institutional, Service, Investor, R6, R 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

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 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. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination 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

118                    

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

    2. SIGNIFICANT ACCOUNTING POLICIES ( continued)

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
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.

                119

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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. 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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    3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

iv.  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.

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.

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 either due to broker/receivable 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

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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.

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    3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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 the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2022:

ENHANCED INCOME
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	565,492,674		$	—
Asset-Backed Securities		—		196,163,316			—
Mortgage-Backed Obligations		—		27,202,928			—
Sovereign Debt Obligations		18,045,482		6,139,848			—
Municipal Debt Obligations		—		13,594,578			—
Exchange Traded Funds		28,082,874		—			—
Investment Company		9,176		—			—
Short-term Investments		—		16,188,540			—
Total	$	46,137,532	$	824,781,884		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	100,220		$	—
Futures Contracts	3,951,499		—			—
Interest Rate Swap Contracts		—		732,309			—
Total	$	3,951,499	$	832,529		$	—
Liabilities(a)
Interest Rate Swap Contracts	$	—	$	(439,468	)		$ —
GOVERNMENT INCOME
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—	$	121,212,441		$	—
U.S. Treasury Obligations		96,993,599		—			—
Asset-Backed Securities		—		4,708,030			—
Municipal Debt Obligations		—		2,140,889			—
Agency Debentures		—		54,455,741			—
Total	$	96,993,599	$	182,517,101		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(9,092,733)		$	—

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    3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GOVERNMENT INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Futures Contracts(a)	$	1,732,501		$	—		$	—
Interest Rate Swap Contracts(a)		—			88,219			—
Purchased Option Contracts		—			18,163			—
Total	$	1,732,501		$	106,382		$	—
Liabilities
Interest Rate Swap Contracts(a)	$	—		$	(92,676	)	$	—
Written Option Contracts		—			(17,998	)		—
Total	$	—		$	(110,674	)	$	—
INFLATION PROTECTED SECURITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	438,733,780		$	—		$	—
Derivative Type
Assets
Futures Contracts(a)	$	638,227		$	—		$	—
Interest Rate Swap Contracts(a)		—			3,405,191			—
Purchased Option Contracts		—			13			—
Total	$	638,227		$	3,405,204		$	—
Liabilities
Futures Contracts(a)	$	(686,774	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(1,109,810	)		—
Written Option Contracts		—			(9	)		—
Total	$	(686,774	)	$	(1,109,819	)	$	—

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATION BOND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	988,474,414		$	—
Mortgage-Backed Obligations		—			230,341,528			—
U.S. Treasury Obligations		198,075,578			—			—
Asset-Backed Securities		—			128,458,088			—
Sovereign Debt Obligations		—			44,686,592			—
Municipal Debt Obligations		—			11,549,965			—
Exchange Traded Funds		30,572,843			—			—
Short-term Investments		—			4,274,082			—
Total	$	228,648,421		$	1,407,784,669		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(54,046,276	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	2,917,472		$	—
Futures Contracts(a)		9,834,679			—			—
Interest Rate Swap Contracts(a)		—			15,189,909			—
Credit Default Swap Contracts(a)		—			57,581			—
Purchased Option Contracts		—			1,819,060			—
Total	$	9,834,679		$	19,984,022		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(2,164,938	)	$	—
Futures Contracts(a)		(7,188,940	)		—			—
Interest Rate Swap Contracts(a)		—			(5,772,732	)		—
Credit Default Swap Contracts(a)		—			(393,060	)		—
Written Option Contracts		—			(1,930,686	)		—
Total	$	(7,188,940	)	$	(10,261,416	)	$	—
SHORT DURATION GOVERNMENT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	354,334,072		$	—		$	—
Mortgage-Backed Obligations		—			232,470,404			—
Agency Debentures		—			83,298,436			—
Investment Company		2,537,582			—			—
Total	$	356,871,654		$	315,768,840		$	—

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    3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATION GOVERNMENT (continued)
Investment Type	Level 1			Level 2			Level 3
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(12,583,434	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	7,811,636		$	—		$	—
Interest Rate Swap Contracts		—			9,662,813			—
Total	$	7,811,636		$	9,662,813		$	—
Liabilities(a)
Futures Contracts	$	(3,839,077	)	$	—		$	—
Interest Rate Swap Contracts		—			(182,451	)		—
Total	$	(3,839,077	)	$	(182,451	)	$	—
SHORT-TERM CONSERVATIVE INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,227,866,582		$	—
U.S. Treasury Obligations		229,408,234			—			—
Municipal Debt Obligations		—			4,467,563			—
Investment Company		227,887,566			—			—
Short-term Investments		—			1,011,352,107			—
Total	$	457,295,800		$	2,243,686,252		$	—

(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, 2022. 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.

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    4. INVESTMENTS IN DERIVATIVES (continued)

ENHANCED INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	100,220			$	—
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts		4,683,808		Variation margin on swap contracts		(439,468	)
Total		$	4,784,028			$	(439,468	)
GOVERNMENT INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	1,838,883		Variation margin on swap contracts; Written options, at value	$	(110,674	)
INFLATION PROTECTED SECURITIES
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	4,043,431	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(1,796,593	)(a)
SHORT DURATION BOND
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	57,782	(a)	Variation margin on swap contracts; Payable for unrealized loss on swap contracts	$	(393,261	)(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		2,917,472		Payable for unrealized loss on forward foreign currency exchange contracts		(2,164,938	)
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value		26,843,648	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value		(14,892,358	)(a)
Total		$	29,818,902			$	(17,450,557	)

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    4.   INVESTMENTS IN DERIVATIVES (continued)

SHORT DURATION GOVERNMENT
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts	$	17,601,606	(a)	Variation margin on futures contracts; Variation margin on swap contracts	$	(4,133,506)	(a)

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

(b) Aggregate of amounts include $76,044 for the Short Duration 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 amount does not include incremental charges directly associated with the close-out of the agreements. It also does 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, 2022. 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)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts / Net change in unrealized gain (loss) on forward foreign currency exchange contracts		$    288,855			$  (157,807	)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts / Net Change in unrealized gain (loss) on futures contracts and swap contracts		(1,265,787	)		3,142,442
Total			$   (976,932	)		$2,984,635
GOVERNMENT INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	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		$ 3,548,217			$ 911,402
INFLATION PROTECTED SECURITIES
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	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		$  754,700			$  (815,329	)

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    4.   INVESTMENTS IN DERIVATIVES (continued)

SHORT DURATION BOND
Risk	Statement 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	$	256,217			$2,578,656
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		2,953,907			(167,136	)
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 options contracts and written options contracts		(4,202,615	)		6,473,402
Total		$	(992,491	)		$8,884,922
SHORT DURATION GOVERNMENT
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	$	11,186,272			$7,566,490

For the six months ended September 30, 2022, the relevant values for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units(a)
	Futures contracts		Forward contracts		Swap Agreements		Purchased Swaptions		Written Options		Written Swaptions
Enhanced Income		1,168	$	3,335,950	$	726,160,000	$	—		—	$	—
Government Income		464		—		30,662,857		44,848,571		475,000		80,978,571
Inflation Protected Securities		412		—		163,421,429		39,917,143		470,000		71,874,286
Short Duration Bond		7,694		216,271,169		1,461,631,446		458,286,598		2,205,000		545,580,996
Short Duration Government		3,254		—		348,738,571		—		—		—

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, 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 period ended September 30, 2022.

    5.   AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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    5.   AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2022, 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	0.47+
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	0.38	0.37
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	0.19*

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

+ Effective 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 0.46% as an annual percentage of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2023.

* 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, 2023.

The Funds invest in Institutional Shares of the Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) and Goldman Sachs Financial Square Money Market Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest. For the six months ended September 30, 2022, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Enhanced Income	$	9,166
Government Income		18,247
Inflation Protected Securities		4,520
Short Duration Bond		75,104
Short Duration Government		6,615
Short-Term Conservative Income		181,997

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.

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    5.   AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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			Service			Class R*
Enhanced Income		0.15	%		—	%		0.25	%		—	%
Government Income		0.25			0.75			0.25			0.50
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 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.

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. These arrangements will remain in place through at least July 29, 2023, and prior to such date Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. These fee waivers may be modified or terminated by Goldman Sachs at its discretion and without shareholder approval after such date, although Goldman Sachs does not presently intend to do so.

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, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge
Fund	Class A
Government Income		$	916
Inflation Protected Securities			1,361
Short Duration Bond			373
Short Duration Government			43

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    5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D.  Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans to allow Administration, Preferred, Class C and Service Shares, as applicable, to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Administration, Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25%, 0.10%, 0.25% and 0.25 % of the average daily net assets attributable to Administration, Preferred, Class C and Service Shares of the Funds, as applicable.

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 and Short Duration Bond Fund through at least July 29, 2023, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Enhanced Income, Government Income, Inflation Protected Securities, Short Duration Bond, Short Duration Government and Short-Term Conservative Income Funds are 0.064%, 0.004%, 0.044%, 0.014%, 0.004% and 0.004%, respectively. These Other Expense limitations will remain in place through at least July 29, 2023, 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, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver			Class C Distributions and Service Fees			Transfer Agency Waivers/Credits			Other Expense Reimbursements			Total Expense Reductions
Enhanced Income		$	9,166		$	—		$	—		$	17,715		$	26,881
Government Income			76,653			—			13,876			273,216			363,745
Inflation Protected Securities			4,520			—			—			119,359			123,878
Short Duration Bond			75,104			4,861			9,469			298,393			387,827
Short Duration Government			6,615			14,465			—			262,838			283,918
Short-Term Conservative Income			952,806			—			—			273,278			1,226,084

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Line of Credit Facility — As of September 30, 2022, the Funds participated in a $1,250,000,000 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, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

H.  Other Transactions with Affiliates — For the six months ended September 30, 2022, Goldman Sachs earned $12,541, $9,871, $12,614, $96,125 and $36,725 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, Inflation Protected Securities, Short Duration Bond and Short Duration Government Funds, respectively.

As of September 30, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

Fund	Administration	Preferred	Class R
Short Duration Bond	—%	—%		7%
Short-Term Conservative Income	100	100		—

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended September 30, 2022:

Fund	Underlying Fund	Beginning Value as of March 31, 2022		Purchases at Cost		Proceeds from Sales			Change In Unrealized Gain (Loss)			Ending Value as of September 30, 2022		Shares as of September 30, 2022		Dividend Income
Enhanced Income	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	5,719,522	$	273,639,197	$	(279,358,719)		$	—		$	—		—	$	56,036
	Goldman Sachs Financial Square Money Market Fund - Institutional Shares		9,108		68		—			—			9,176		9,171		—
Government Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		34,371,369		82,173,246		(116,544,615	)		—			—		—		77,834
Inflation Protected Securities	Goldman Sachs Financial Square Government Fund — Institutional Shares		7,363,626		73,067,224		(80,430,850	)		—			—		—		25,195
Short Duration Bond	Goldman Sachs Access High Yield Corporate Bond ETF		35,650,250		—		—			(5,077,407	)		30,572,843		754,343		915,697
	Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF		13,924,361		—		(13,547,605	)		783,638			—		—		113,326

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    5.   AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund	Underlying Fund	Beginning Value as of March 31, 2022		Purchases at Cost		Proceeds from Sales			Change In Unrealized Gain (Loss)		Ending Value as of September 30, 2022		Shares as of September 30, 2022		Dividend Income
	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	—	$	400,711,647	$	(400,711,647)		$	—	$	—		—	$	124,900
Short Duration Government	Goldman Sachs Financial Square Government Fund — Institutional Shares		903,651		164,083,392		(162,449,461	)		—		2,537,582		2,537,582		73,510
Short-Term Conservative Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		371,037,252		1,805,656,734		(1,948,806,420	)		—		227,887,566		227,887,566		1,477,506

    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, 2022, 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)
Enhanced Income		$	1,047,000		$	139,460,585		$	28,751,836		$	118,058,509
Government Income			1,232,691,477			1,816,081			1,252,606,975			759,043
Inflation Protected Securities			111,107,192			—			131,796,381			—
Short Duration Bond			1,131,146,300			267,234,534			1,373,219,995			730,553,038
Short Duration Government			1,857,272,941			—			1,963,987,308			—
Short-Term Conservative Income			3,933,831			497,297,342			231,393,935			969,619,112

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

       7.  TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2022, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Enhanced Income			Government Income			Inflation Protected Securities			Short Duration Bond			Short Duration Government			Short-Term Conservative Income
Capital loss carryforwards:
Perpetual Short-Term	$	(4,334,440	)	$	(3,089,007	)	$	—		$	—		$	(13,826,642	)	$	(4,731,830	)
Perpetual Long-Term		(3,881,721	)		(4,680,660	)		—			—			(25,728,455	)		—
Total capital loss carryforwards		(8,216,161	)		(7,769,667	)		—			—			(39,555,097	)		(4,731,830	)
Timing differences (Income Distributions Payable, Qualified Late Year Loss Deferral/Post October Loss Deferral and Straddle Loss Deferrals)	$	(38,258)		$	(3,145,081	)	$	(14,054,243	)	$	(24,345,077	)	$	(6,861,293)		$	(2,677,120	)

As of September 30, 2022, 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			Inflation Protected Securities			Short Duration Bond			Short Duration Government			Short-Term Conservative Income
Tax Cost	$	917,083,242		$	308,852,910		$	504,416,910		$	1,772,997,128		$	722,001,075		$	2,716,592,941
Gross unrealized gain		108,519			9,807,769			68,186			80,866,798			21,822,889			944,021
Gross unrealized loss		(46,272,344	)		(39,149,979	)		(65,751,316	)		(217,430,836	)		(71,183,470	)		(16,554,910	)
Net unrealized loss	$	(46,163,825	)	$	(29,342,210	)	$	(65,683,130	)	$	(136,564,038	)	$	(49,360,581	)	$	(15,610,889	)

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 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 and other similar instruments (together, referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, 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. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, 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. The use of derivatives is also subject to operational and legal risks. Operational risks refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks refer to the risks of loss resulting from insufficient documentation, or legality or enforceability of a contract. Losses from

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      8.  OTHER RISKS (continued)

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. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. 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.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 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 sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which 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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. 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. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

     8.  OTHER RISKS (continued)

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, 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 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 the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

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     10.  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.

                139

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    11.  SUMMARY OF SHARE TRANSACTIONS

	Enhanced Income Fund
	For the Six Months Ended September 30, 2022 (Unaudited)						For the Fiscal Year Ended March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		226,171		$	2,106,422			1,483,556		$	14,151,301
Proceeds received in connection with merger		—			—			624,924			5,918,027
Reinvestment of distributions		17,008			157,501			11,280			106,898
Shares redeemed		(1,074,500	)		(9,996,626	)		(1,001,614	)		(9,509,483	)
		(831,321	)		(7,732,703	)		1,118,146			10,666,743
Administration Shares
Shares sold		81			762			85,315			822,332
Reinvestment of distributions		4,157			38,523			4,122			39,270
Shares redeemed		—			—			(1,269,384	)		(12,147,731	)
		4,238			39,285			(1,179,947	)		(11,286,129	)
Institutional Shares
Shares sold		7,705,387			71,781,447			64,362,803			612,948,009
Proceeds received in connection with merger		—			—			2,860,521			27,031,927
Reinvestment of distributions		351,048			3,247,557			321,556			3,049,579
Shares redeemed		(22,893,329	)		(211,678,728	)		(55,299,501	)		(525,572,035	)
		(14,836,894	)		(136,649,724	)		12,245,379			117,457,480
Service Shares
Shares sold		1			9			1,054			10,000
Proceeds received in connection with merger		—			—			2,037			19,254
Reinvestment of distributions		20			182			3			32
Shares redeemed		(103	)		(950	)		(90	)		(850	)
		(82	)		(759	)		3,004			28,436
Investor Shares
Shares sold		136,845			1,262,717			546,634			5,198,895
Proceeds received in connection with merger		—			—			149,893			1,414,989
Reinvestment of distributions		9,154			84,571			7,516			71,155
Shares redeemed		(456,970	)		(4,234,738	)		(385,057	)		(3,652,846	)
		(310,971	)		(2,887,450	)		318,986			3,032,193
Class R6 Shares
Shares sold		56,218			520,011			523,448			4,992,592
Proceeds received in connection with merger		—			—			20,671			195,337
Reinvestment of distributions		11,301			104,517			19,469			185,041
Shares redeemed		(496,220	)		(4,613,233	)		(2,849,478	)		(27,120,949	)
		(428,701	)		(3,988,705	)		(2,285,890	)		(21,747,979	)
Class P Shares
Shares sold		26,697,326			247,079,650			43,178,208			410,667,069
Proceeds received in connection with merger		—			—			18,103,985			171,082,654
Reinvestment of distributions		578,644			5,349,034			336,163			3,182,990
Shares redeemed		(26,693,875	)		(247,337,124	)		(29,024,508	)		(275,652,042	)
		582,095			5,091,560			32,593,848			309,280,671

140                    

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    11.  SUMMARY OF SHARE TRANSACTIONS (continued)

	Government Income Fund
	For the Six Months Ended September 30, 2022 (Unaudited)						For the Fiscal Year Ended March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		180,567		$	2,456,722			677,103		$	10,174,581
Reinvestment of distributions		23,175			309,954			86,377			1,292,450
Shares redeemed		(452,866	)		(6,135,227	)		(1,660,742	)		(24,974,061	)
		(249,124	)		(3,368,551	)		(897,262	)		(13,507,030	)
Class C Shares
Shares sold		2,841			38,368			16,671			250,665
Reinvestment of distributions		228			3,035			1,928			28,782
Shares redeemed		(32,438	)		(440,221	)		(69,686	)		(1,044,367	)
		(29,369	)		(398,818	)		(51,087	)		(764,920	)
Institutional Shares
Shares sold		454,627			6,130,199			2,295,430			34,459,450
Reinvestment of distributions		41,171			552,131			174,939			2,617,205
Shares redeemed		(3,684,113	)		(49,215,730	)		(4,393,129	)		(66,253,852	)
		(3,188,315	)		(42,533,400	)		(1,922,760	)		(29,177,197	)
Service Shares
Shares sold		65,523			883,628			326,078			4,843,635
Reinvestment of distributions		9,405			125,303			41,283			615,973
Shares redeemed		(313,458	)		(4,267,614	)		(605,473	)		(9,040,553	)
		(238,530	)		(3,258,683	)		(238,112	)		(3,580,945	)
Investor Shares
Shares sold		1,248,378			16,777,768			5,741,738			86,813,454
Reinvestment of distributions		42,182			563,908			102,890			1,530,038
Shares redeemed		(937,364	)		(12,539,898	)		(1,118,207	)		(16,537,558	)
		353,196			4,801,778			4,726,421			71,805,934
Class R6 Shares
Shares sold		78,086			1,055,062			183,709			2,740,414
Reinvestment of distributions		3,999			53,468			13,668			204,328
Shares redeemed		(134,603	)		(1,831,842	)		(240,339	)		(3,599,180	)
		(52,518	)		(723,312	)		(42,962	)		(654,438	)
Class R Shares
Shares sold		150,966			2,060,861			159,981			2,405,846
Reinvestment of distributions		4,250			56,708			18,041			269,600
Shares redeemed		(117,540	)		(1,584,810	)		(341,284	)		(5,036,309	)
		37,676			532,759			(163,262	)		(2,360,863	)
Class P Shares
Shares sold		4,888			66,426			11,473			172,858
Reinvestment of distributions		5,219			69,697			19,530			292,298
Shares redeemed		(11,451	)		(154,729	)		(291,908	)		(4,419,944	)
		(1,344	)		(18,606	)		(260,905	)		(3,954,788	)
NET INCREASE (DECREASE)		(3,368,328	)	$	(44,966,833	)		1,150,071		$	17,805,753

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    11.  SUMMARY OF SHARE TRANSACTIONS (continued)

	Inflation Protected Securities Fund
	For the Six Months Ended September 30, 2022 (Unaudited)						For the Fiscal Year Ended March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		845,987		$	8,847,166			2,273,081		$	26,277,970
Reinvestment of distributions		234,676			2,305,076			205,993			2,370,365
Shares redeemed		(947,269	)		(9,941,118	)		(3,019,749	)		(34,988,715	)
		133,394			1,211,124			(540,675	)		(6,340,380	)
Class C Shares
Shares sold		27,923			293,800			221,295			2,507,918
Reinvestment of distributions		21,438			205,489			15,277			171,757
Shares redeemed		(28,874	)		(290,659	)		(52,746	)		(594,980	)
		20,487			208,630			183,826			2,084,695
Institutional Shares
Shares sold		2,969,978			31,817,410			8,822,352			103,483,823
Reinvestment of distributions		575,535			5,746,378			597,904			6,976,663
Shares redeemed		(5,123,927	)		(54,172,830	)		(11,195,548	)		(129,844,843	)
		(1,578,414	)		(16,609,042	)		(1,775,292	)		(19,384,357	)
Investor Shares
Shares sold		1,363,191			14,727,213			3,997,247			46,546,592
Reinvestment of distributions		354,769			3,518,641			378,577			4,387,325
Shares redeemed		(2,434,167	)		(25,840,309	)		(4,008,979	)		(46,656,554	)
		(716,207	)		(7,594,455	)		366,845			4,277,363
Class R6 Shares
Shares sold		4,288,869			46,576,077			9,173,841			107,663,766
Reinvestment of distributions		812,689			8,088,552			635,749			7,410,574
Shares redeemed		(2,630,315	)		(28,072,015	)		(5,867,759	)		(68,085,778	)
		2,471,243			26,592,614			3,941,831			46,988,562
Class R Shares
Shares sold		364,537			3,754,083			645,610			7,421,646
Reinvestment of distributions		90,541			882,713			84,600			968,609
Shares redeemed		(321,328	)		(3,365,632	)		(569,838	)		(6,541,062	)
		133,750			1,271,164			160,372			1,849,193
Class P Shares
Shares sold		141,527			1,478,767			916,826			10,680,321
Reinvestment of distributions		169,800			1,691,854			251,332			2,935,460
Shares redeemed		(306,057	)		(3,218,129	)		(2,386,202	)		(27,204,758	)
		5,270			(47,508	)		(1,218,044	)		(13,588,977	)
NET INCREASE		469,523		$	5,032,527			1,118,863		$	15,886,099

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    11.   SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Bond Fund
	For the Six Months Ended September 30, 2022 (Unaudited)						For the Fiscal Year Ended March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		951,765		$	9,018,697			2,561,509		$	25,911,758
Reinvestment of distributions		61,106			578,882			82,270			829,620
Shares redeemed		(1,644,954	)		(15,684,633	)		(4,111,369	)		(41,345,857	)
		(632,083	)		(6,087,054	)		(1,467,590	)		(14,604,479	)
Class C Shares
Shares sold		36,227			346,265			150,207			1,520,733
Reinvestment of distributions		2,306			21,833			1,828			18,385
Shares redeemed		(57,242	)		(543,141	)		(106,139	)		(1,065,648	)
		(18,709	)		(175,043	)		45,896			473,470
Institutional Shares
Shares sold		9,122,228			86,658,839			28,335,258			286,799,233
Reinvestment of distributions		206,819			1,961,175			290,741			2,937,631
Shares redeemed		(4,190,950	)		(39,867,532	)		(38,089,483	)		(384,670,560	)
		5,138,097			48,752,482			(9,463,484	)		(94,933,696	)
Investor Shares
Shares sold		3,141,700			29,868,144			2,745,582			27,876,170
Reinvestment of distributions		39,626			375,001			40,617			410,157
Shares redeemed		(882,179	)		(8,380,268	)		(2,856,581	)		(28,731,125	)
		2,299,147			21,862,877			(70,382	)		(444,798	)
Class R6 Shares
Shares sold		5,823,934			55,733,106			5,481,563			55,335,761
Reinvestment of distributions		117,621			1,112,893			31,763			316,488
Shares redeemed		(241,434	)		(2,309,733	)		(456,091	)		(4,603,821	)
		5,700,121			54,536,266			5,057,235			51,048,428
Class R Shares
Shares sold		48			456			70,600			721,816
Reinvestment of distributions		145			1,373			193			1,952
Shares redeemed		—			(2	)		(72,328	)		(734,517	)
		193			1,827			(1,535	)		(10,749	)
Class P Shares
Shares sold		16,113,845			153,574,574			118,990,591			1,204,898,081
Reinvestment of distributions		2,078,846			19,747,041			2,969,839			29,958,001
Shares redeemed		(107,767,371	)		(1,025,002,520	)		(106,043,868	)		(1,069,432,205	)
		(89,574,680	)		(851,680,905	)		15,916,562			165,423,877
NET INCREASE (DECREASE)		(77,087,914	)	$	(732,789,550	)		10,016,703		$	106,952,053

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Government Fund
	For the Six Months Ended September 30, 2022 (Unaudited)						For the Fiscal Year Ended March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		342,147		$	3,198,190			773,035		$	7,624,661
Reinvestment of distributions		34,143			319,255			23,040			226,814
Shares redeemed		(1,046,125	)		(9,821,010	)		(3,903,190	)		(38,609,150	)
		(669,835	)		(6,303,565	)		(3,107,115	)		(30,757,675	)
Class C Shares
Shares sold		98,226			919,375			164,932			1,617,036
Reinvestment of distributions		3,324			30,777			711			6,905
Shares redeemed		(212,537	)		(1,979,455	)		(599,472	)		(5,867,083	)
		(110,987	)		(1,029,303	)		(433,829	)		(4,243,142	)
Institutional Shares
Shares sold		5,466,723			51,245,035			18,105,170			178,891,797
Reinvestment of distributions		200,371			1,868,252			230,106			2,260,241
Shares redeemed		(11,179,952	)		(104,544,036	)		(37,410,329	)		(368,293,422	)
		(5,512,858	)		(51,430,749	)		(19,075,053	)		(187,141,384	)
Service Shares
Shares sold		253,586			2,338,340			124,834			1,230,767
Reinvestment of distributions		4,225			39,271			1,375			13,409
Shares redeemed		(88,441	)		(828,074	)		(288,582	)		(2,833,131	)
		169,370			1,549,537			(162,373	)		(1,588,955	)
Investor Shares
Shares sold		1,541,246			14,454,441			641,778			6,321,923
Reinvestment of distributions		23,553			220,175			18,822			185,471
Shares redeemed		(764,771	)		(7,158,708	)		(1,654,430	)		(16,331,017	)
		800,028			7,515,908			(993,830	)		(9,823,623	)
Class R6 Shares
Shares sold		179,783			1,683,757			628,778			6,183,477
Reinvestment of distributions		11,242			104,815			9,699			95,127
Shares redeemed		(186,728	)		(1,749,486	)		(836,530	)		(8,230,523	)
		4,297			39,086			(198,053	)		(1,951,919	)
Class P Shares
Shares sold		1,798,610			16,900,650			6,250,053			61,589,287
Reinvestment of distributions		173,368			1,616,274			194,714			1,910,078
Shares redeemed		(7,450,841	)		(70,096,508	)		(14,393,703	)		(141,836,547	)
		(5,478,863	)		(51,579,584	)		(7,948,936	)		(78,337,182	)
NET DECREASE		(10,798,848	)	$	(101,238,670	)		(31,919,189	)	$	(313,843,880	)

144                    

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    11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short-Term Conservative Income Fund
	For the Six Months Ended September 30, 2022 (Unaudited)						For the Fiscal Year Ended March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		878,196		$	8,767,752			2,610,643		$	26,272,268
Reinvestment of distributions		25,905			258,492			4,913			49,407
Shares redeemed		(2,020,066	)		(20,168,886	)		(9,782,264	)		(98,388,355	)
		(1,115,965	)		(11,142,642	)		(7,166,708	)		(72,066,680	)
Administration Shares
Reinvestment of distributions		20			205			8			78
		20			205			8			78
Institutional Shares
Shares sold		34,062,338			340,125,983			494,073,299			4,973,424,557
Reinvestment of distributions		925,520			9,244,172			667,926			6,719,178
Shares redeemed		(99,510,424	)		(994,957,411	)		(557,417,824	)		(5,609,698,428	)
		(64,522,566	)		(645,587,256	)		(62,676,599	)		(629,554,693	)
Investor Shares
Shares sold		10,852,420			108,424,158			12,174,006			122,389,338
Reinvestment of distributions		92,025			918,851			17,979			180,621
Shares redeemed		(6,442,726	)		(64,349,843	)		(10,322,391	)		(103,849,046	)
		4,501,719			44,993,166			1,869,594			18,720,913
Class R6 Shares
Shares sold		281			2,820			7,449,089			75,012,329
Reinvestment of distributions		76,338			762,531			61,873			622,636
Shares redeemed		(10,233,545	)		(102,354,123	)		(20,617,675	)		(207,734,566	)
		(10,156,926	)		(101,588,772	)		(13,106,713	)		(132,099,601	)
Class P Shares
Shares sold		41,574,998			415,049,643			191,223,233			1,922,394,986
Reinvestment of distributions		1,012,866			10,106,096			671,291			6,747,097
Shares redeemed		(101,633,742	)		(1,014,994,637	)		(331,874,420	)		(3,336,589,104	)
		(59,045,878	)		(589,838,898	)		(139,979,896	)		(1,407,447,021	)
Preferred Shares
Reinvestment of distributions		21			204			8			78
		21			204			8			78
NET DECREASE		(130,339,575	)	$	(1,303,163,993	)		(221,060,306	)	$	(2,222,446,926	)

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Fund Expenses — Six Month Period Ended September 30, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 01, 2022 through September 30, 2022, 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							Inflation Protected Securities Fund
Share Class	Beginning Account Value 4/1/22		Ending Account Value 9/30/22			Expenses Paid for the 6 months ended 9/30/22*		Beginning Account Value 4/1/22		Ending Account Value 9/30/22			Expenses Paid for the 6 months ended 9/30/22*		Beginning Account Value 4/1/22		Ending Account Value 9/30/22			Expenses Paid for the 6 months ended 9/30/22*
Class A
Actual		$1,000.00		$986.50			$2.89		$1,000.00		$910.80			$3.96		$1,000.00		$889.10			$3.18
Hypothetical 5% return		1,000.00		1,022.20	+		2.94		1,000.00		1,020.90	+		4.19		1,000.00		1,021.70	+		3.41
Class C
Actual		—		—			—		1,000.00		907.30			7.54		1,000.00		884.90			6.72
Hypothetical 5% return		—		—	+		—		1,000.00		1,017.20	+		7.98		1,000.00		1,017.90	+		7.19
Administration
Actual		1,000.00		987.50			3.05		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,022.10	+		3.05		—		—	+		—		—		—	+		—
Institutional
Actual		1,000.00		987.60			1.75		1,000.00		912.00			2.48		1,000.00		890.40			1.62
Hypothetical 5% return		1,000.00		1,023.30	+		1.78		1,000.00		1,022.50	+		2.63		1,000.00		1,023.40	+		1.74
Service
Actual		1,000.00		985.10			4.26		1,000.00		909.60			4.87		—		—			—
Hypothetical 5% return		1,000.00		1,025.10	+		4.34		1,000.00		1,025.10	+		5.15		—		—	+		—
Investor
Actual		1,000.00		987.20			2.15		1,000.00		911.90			2.76		1,000.00		890.10			2.00
Hypothetical 5% return		1,000.00		1,022.90	+		2.19		1,000.00		1,022.20	+		2.92		1,000.00		1,023.00	+		2.14
Class R6
Actual		1,000.00		987.70			1.70		1,000.00		912.10			2.43		1,000.00		890.50			1.57
Hypothetical 5% return		1,000.00		1,023.40	+		1.73		1,000.00		1,022.50	+		2.57		1,000.00		1,023.40	+		1.69
Class R
Actual		—		—			—		1,000.00		908.80			5.16		1,000.00		887.40			4.36
Hypothetical 5% return		—		—	+		—		1,000.00		1,019.70	+		5.45		1,000.00		1,020.40	+		4.67
Class P
Actual		1,000.00		987.70			1.71		1,000.00		912.10			2.43		1,000.00		890.60			1.57
Hypothetical 5% return		1,000.00		1,023.40	+		1.74		1,000.00		1,022.50	+		2.57		1,000.00		1,023.40	+		1.69

* 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, 2022. 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			Administration			Institutional			Service			Investor			Class R6			Class R			Class P
Enhanced Income		0.58	%		—	%		0.60	%		0.35	%		0.86	%		0.43	%		0.34	%		—	%		0.34	%
Government Income		0.83			1.58			—			0.52			1.02			0.58			0.51			1.08			0.51
Inflation Protected Securities		0.67			1.42			—			0.34			—			0.42			0.33			0.92			0.33

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

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Fund Expenses — Six Month Period Ended September 30, 2022 (Unaudited) (continued)

	Short Duration Bond Fund							Short Duration Government Fund							Short-Term Conservative Income Fund
Share Class	Beginning Account Value 4/1/22		Ending Account Value 9/30/22			Expenses Paid for the 6 months ended 9/30/22*		Beginning Account Value 4/1/22		Ending Account Value 9/30/22			Expenses Paid for the 6 months ended 9/30/22*		Beginning Account Value 4/1/22		Ending Account Value 9/30/22			Expenses Paid for the 6 months ended 9/30/22*
Class A
Actual		$1,000.00	$	960.10			$3.61		$1,000.00	$	964.10			$4.00		$1,000.00		$1,002.30			$2.32
Hypothetical 5% return		1,000.00		1,021.40	+		3.72		1,000.00		1,021.00	+		4.11		1,000.00		1,022.80			2.34
Class C
Actual		1,000.00		958.20			5.57		1,000.00		962.90			5.96		—		—			—
Hypothetical 5% return		1,000.00		1,019.40	+		5.74		1,000.00		1,019.00	+		6.13		—		—	+		—
Administration
Actual		—		—			—		—		—			—		1,000.00		1,004.60			1.05
Hypothetical 5% return		—		—	+		—		—		—	+		—		1,000.00		1,024.00	+		1.05
Preferred
Actual		—		—			—		—		—			—		1,000.00		1,003.60			1.00
Hypothetical 5% return		—		—	+		—		—		—	+		—		1,000.00		1,025.10	+		1.01
Institutional
Actual		1,000.00		961.70			2.08		1,000.00		966.50			2.37		1,000.00		1,004.50			1.17
Hypothetical 5% return		1,000.00		1,022.90	+		2.15		1,000.00		1,022.70	+		2.44		1,000.00		1,023.90	+		1.18
Service
Actual		—		—			—		1,000.00		964.10			4.83		—		—			—
Hypothetical 5% return		—		—	+		—		1,000.00		1,025.10	+		4.97		—		—	+		—
Investor
Actual		1,000.00		961.40			2.38		1,000.00		965.40			2.77		1,000.00		1,004.10			1.57
Hypothetical 5% return		1,000.00		1,022.60	+		2.45		1,000.00		1,022.30	+		2.85		1,000.00		1,023.50	+		1.58
Class R6
Actual		1,000.00		961.70			2.04		1,000.00		965.60			2.32		1,000.00		1,004.60			1.12
Hypothetical 5% return		1,000.00		1,023.00	+		2.10		1,000.00		1,022.70	+		2.39		1,000.00		1,024.00	+		1.13
Class R
Actual		1,000.00		959.00			4.82		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,020.10	+		4.97		—		—	+		—		—		—	+		—
Class P
Actual		1,000.00		961.80			2.04		1,000.00		966.60			2.33		1,000.00		1,004.50			1.12
Hypothetical 5% return		1,000.00		1,023.00	+		2.11		1,000.00		1,022.70	+		2.40		1,000.00		1,024.00	+		1.13

* 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, 2022. 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			Administration			Preferred			Institutional			Service			Investor			Class R6			Class R			Class P
Short Duration Bond		0.73	%		1.13	%		—	%		—	%		0.42	%		—	%		0.48	%		0.41	%		0.98	%		0.42	%
Short Duration Government		0.81			1.21			—			—			0.48			0.98			0.56			0.47			—			0.47
Short-Term Conservative Income		0.46			—			0.21			0.20			0.23			—			0.31			0.22			—			0.22

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

147

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Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Bond 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, 2023 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 14-15, 2022 (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;

(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;

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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, 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 developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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 usingrankings and ratings compiled by the Outside Data Provider as of December 31, 2021, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2022. 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

                149

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

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

Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Enhanced Income Fund, Short Duration Government Fund, 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 for the three, five, and ten-year periods and in the fourth quartile for the one-year period, and had outperformed the Fund’s benchmark index for the three, five, and ten-year periods and underperformed for the one-year period ended March 31, 2022. They also considered that the Enhanced Income Fund had experienced certain principal investment strategy changes and a benchmark change in 2021. The Trustees noted that the Government Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one, three, five, and ten-year periods, and had underperformed the Fund’s benchmark index for the one, three, five, and ten-year periods ended March 31, 2022. They also observed that the Government Income Fund had experienced certain portfolio management changes in 2021 and early 2022. 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 one, three, five, and ten-year periods, and had underperformed the Fund’s benchmark index for the one, three, five, and ten-year periods ended March 31, 2022. They also noted that the Inflation Protected Securities Fund had experienced certain portfolio management changes in early 2022. The Trustees observed that the Short Duration Government Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the ten-year period, in the third quartile for the three, and five-year periods, 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, 2022. They considered that the Short Duration Bond 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 three, five, and ten-year periods and underperformed for the one-year period ended March 31, 2022. The Trustees noted that the Short Duration Bond 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 one, three, and five-year periods, and had outperformed the Fund’s benchmark index for the three and five-year periods and underperformed for the one-year period ended March 31, 2022.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints (with the exception of the Short-Term Conservative Income Fund, which does not have breakpoints) to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Government Income Fund that would have the effect of decreasing expenses of Class A, Class C, Investor, and Class R Shares of the Fund, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

150                    

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

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

In addition, the Trustees noted that shareholders are able to redeem their 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 2021 and 2020, 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		Inflation Protected Securities Fund		Short Duration Bond Fund		Short Duration Government Fund
First $1 billion		0.25%		0.53%		0.26%		0.40%		0.44%
Next $1 billion		0.23		0.48		0.23		0.36		0.40
Next $3 billion		0.22		0.45		0.22		0.34		0.38
Next $3 billion		0.22		0.44		0.22		0.33		0.37
Over $8 billion		0.22		0.44		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 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 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.

                151

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT 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 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, 2023.

152                    

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Divisionof Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.19 trillion in assets under supervision as of September 30, 2022, 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

∎ 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

∎ Large Cap Core Fund⁴

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁵

∎ 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

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth 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	OFFICERS
	Jessica Palmer, Chair	James A. McNamara, President
	Dwight L. Bush	Joseph F. DiMaria, Principal Financial Officer, Principal
	Kathryn A. Cassidy	Accounting Officer and Treasurer
	John G. Chou	Caroline L. Kraus, Secretary
	Diana M. Daniels
	Joaquin Delgado
	Eileen H. Dowling
	James A. McNamara
	Gregory G. Weaver
	Paul C. Wirth
	GOLDMAN SACHS & CO. LLC	GOLDMAN SACHS ASSET MANAGEMENT, L.P.
	Distributor and Transfer Agent	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, 2022 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.

© 2022 Goldman Sachs. All rights reserved. 297976-OTU-11/2022 SDFISAR-22

Goldman Sachs Funds Semi-Annual Report September 30, 2022 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

Market Review	1
Fund Basics	3
Schedules of Investments	16
Financial Statements	111
Financial Highlights	119
Emerging Markets Debt	119
High Yield	125
High Yield Floating Rate	133
Investment Grade Credit	140
Local Emerging Markets Debt	146
U.S. Mortgages	152
Notes to Financial Statements	158
Other Information	192

NOT FDIC-INSURED   May Lose Value No Bank Guarantee  

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, 2022 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during 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, 2023.

Market and Economic Review

∎ During the Reporting Period, the performance of the global fixed income markets was broadly influenced by central bank monetary policy, rising interest rates, inflationary trends, slowing economic growth and geopolitical pressures.

∎ The broad global investment grade bond market, as represented by the Bloomberg Global Aggregate Index (Gross, USD, hedged),ⁱ returned -7.49%.

∎ The Bloomberg U.S. Aggregate Bond Index,ⁱⁱ representing the broad U.S. fixed income market, returned -9.22%.

∎ Global economic activity moderated during the Reporting Period, as central banks grew increasingly hawkish and financial conditions tightened. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

∎ Inflationary pressures were persistent, with food and energy prices reaching a four-decade high during September 2022 amid continued supply and demand imbalances driven by geopolitical turmoil, including the Russia/Ukraine war, and COVID-19 flareups in China.

∎ Higher inflation led to weaker consumer purchasing power and less favorable consumer sentiment, which, in turn, weighed on consumption. However, job creation remained strong, especially in the U.S.

∎ Many central banks around the world tightened monetary policy during the Reporting Period in an effort to tame inflation.

∎ The People’s Bank of China was a notable exception as policymakers engaged in measured and selective easing to address economic growth headwinds from a property market downturn and ongoing COVID-19 restrictions in the country.

∎ In the U.S., the Federal Reserve (the “Fed”), which had initially raised the targeted federal funds (“fed funds”) rate by 25 basis points in March 2022, continued on its rate hiking path. (A basis point is 1/100th of a percentage point.)

∎ In May 2022, policymakers lifted the targeted fed funds rate by 50 basis points to a range between 0.75% and 1.00%.

∎ On June 1st, the Fed began to reduce the size of its balance sheet.

∎ In mid-June, policymakers raised the targeted fed funds rate by 75 basis points to a range between 1.50% to 1.75%—the largest single rate increase since 1994—and signaled they would continue tightening monetary policy at an aggressive pace.

∎ During July, the Fed hiked the targeted fed funds rate another 75 basis points, though comments by Fed Chair Jerome Powell suggested a potential deceleration in the pace of future rate hikes.

∎ At the Fed’s Jackson Hole symposium in August, Powell dispelled near-term prospects of a policy pivot, stressing that Fed officials remained committed to “restoring price stability” and acknowledging this might require “a restrictive policy stance for some time.”

∎ During September, the Fed raised the targeted fed funds rate an additional 75 basis points—to a range of 3.00% to 3.25%, with many market participants anticipating further rate hikes in the months ahead.

∎ The Reporting Period closed on a volatile note as markets responded to the hawkish Fed monetary policy outlook, heightened geopolitical uncertainty, energy disruptions in Europe and proposed budget from the U.K. government that sought to support economic growth through personal and corporate tax cuts and supply-side reforms. (Supply-side economics is a theory that maintains that increasing the supply of goods and services is the engine for economic growth.) (After the end of the Reporting Period, the proposed U.K. budget was withdrawn as concerns about U.K. fiscal policy and its inflationary implications drove a sharp rise in U.K. government bond yields and further tightening of global financial conditions.)

∎ For the Reporting Period overall, U.S. Treasury yields rose significantly across the yield curve, or spectrum of maturities, though shorter-term U.S. Treasury yields rose more dramatically than intermediate- and longer-term U.S. Treasury yields.

ⁱ  The Bloomberg Global Aggregate Index is a flagship measure of global investment grade debt from 28 local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

ⁱⁱ  The Bloomberg U.S. Aggregate Bond Index is a broad-based fixed income index that includes bonds of investment grade quality or better, including corporate bonds, U.S. Treasury securities, mortgage-backed securities, asset backed securities and municipal bonds.

                1

∎ During the Reporting Period as a whole, spread, or non-government bond, sectors generated negative absolute returns. External and local emerging markets debt were among the worst performers, followed by U.S. investment grade corporate bonds, Treasury inflation protected securities, U.S. high yield corporate bonds and U.S. mortgage-backed securities—with each sector underperforming U.S. Treasuries during the Reporting Period. High yield loans, asset-backed securities and commercial mortgage-backed securities also recorded negative returns, though to a lesser extent and outperformed U.S. Treasuries during the Reporting Period.

Fund Changes and Highlights

Goldman Sachs High Yield Floating Rate Fund

∎ The Fund underperformed its benchmark, the Credit Suisse Leveraged Loan Index (the “Index”), during the Reporting Period.

∎ Overall, the Fund’s tactical exposure to high yield corporate bonds and its modestly long market beta positioning (that is, the Fund’s broad overweight compared to the Index in riskier securities) detracted from its relative performance, as fears about a potential recession fueled risk-off investor sentiment, or decreased risk appetite.

∎ These negative results were partially offset by the Fund’s underweight in CCC-rated high yield loans and its cash position, which contributed positively to relative returns.

∎ Individual issue selection hurt the Fund’s relative performance during the Reporting Period, with the largest detractors being its overweights in Loyalty Ventures, a provider of technology-enabled, data-driven consumer loyalty solutions; Shutterfly, a manufacturer and digital retailer of personalized products and services; and SI Group, which focuses on performance additives, process solutions, active pharmaceutical ingredients and chemical intermediates.

∎ On the positive side, the Fund was helped by its avoidance of Quest Software, which provides cloud management, software as a service, security, workforce mobility, and backup and recovery; Serta Simmons, a developer and manufacturing of mattresses; and Avaya, a provider of cloud communications and workstream collaboration services.

∎ The Fund benefited from its sector positioning overall, specifically its underweight positions versus the Index in non-cellular telecommunications and health care and its overweight position in autos.

∎ Conversely, the Fund’s overweight position in building materials and its underweight positions in electric utilities and in gaming and lodging hindered relative results.

Goldman Sachs U.S. Mortgages Fund

∎ The Fund increased its holdings of agency mortgage-backed securities, as spreads widened during the Reporting Period. (Spreads are yield differentials versus equivalent-duration U.S. Treasury securities.)

∎ In our view, agency mortgage-backed securities were likely to benefit from historically wide spreads, their attractive carry, and expected favorable supply and demand dynamics. (Carry refers to the expected return from holding an asset, assuming nothing changes, over a period of time.)

2                

FUND BASICS

Emerging Markets Debt Fund

    as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1			30-Day Standardized Unsubsidized  Yield2			J.P. Morgan EMBISM Global Diversified Index Gross, USD, Unhedged3			30-Day Standardized Subsidized  Yield2
Class A		-17.81	%		6.40	%		-15.48	%		6.55	%
Class C		-18.14			5.91			-15.48			6.06
Institutional		-17.67			7.06			-15.48			7.17
Investor		-17.68			6.97			-15.48			7.12
Class R6		-17.66			7.08			-15.48			7.19
Class P		-17.68			7.08			-15.48			7.19

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 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.

³  The J.P. Morgan Emerging Markets Bond Index ^(EMBISM) Global Diversified Index (Gross, USD, Unhedged) is an unmanaged index of debt instruments of 50 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The 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.

                3

FUND BASICS

    TOP TEN COUNTRY ALLOCATIONS ^±

	Percentage of Net Assets
	as of 9/30/22			as of 3/31/22
Mexico		7.2	%		6.6	%
Oman		3.8			3.1
South Africa		3.7			2.2
Indonesia		3.7			3.2
Colombia		3.7			2.7
Dominican Republic		3.4			3.1
Turkey		3.5			4.0
Bahrain		3.0			2.7
Panama		2.8			2.3
Chile		2.3			1.5
Other		50.4			57.2

± 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 6.7% as of 9/30/22 and 4.4% as of 3/31/22. 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.

4                

FUND BASICS

High Yield Fund

as of September 30, 2022

PERFORMANCE REVIEW
April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1			30-Day Standardized Unsubsidized  Yield2			Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index3			30-Day Standardized     Subsidized Yield2
Class A		-11.81	%		7.18	%		-10.42	%		7.30	%
Class C		-12.12			6.71			-10.42			6.84
Institutional		-11.81			7.87			-10.42			7.94
Service		-11.91			7.33			-10.42			7.40
Investor		-11.67			7.78			-10.42			7.91
Class R6		-11.78			7.87			-10.42			7.95
Class R		-11.92			7.24			-10.42			7.37
Class P		-11.80			7.88			-10.42			7.95

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 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.

³  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.

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.

                5

FUND BASICS

TOP TEN ISSUERS AS OF 9/30/22 ±
Company	% of Net Assets			Line of Business
CCO Holdings LLC/CCO Holdings Capital Corp. (BB-/B1)		0.9	%	Media
iShares Broad USD High Yield Corporate Bond ETF (NR/NR)		0.8		Exchange Traded Funds
Occidental Petroleum Corp. (BB+/Ba1)		0.6		Oil Field Services
TransDigm, Inc. (B-/B3)		0.5		Aerospace & Defense
American Builders & Contractors Supply Co., Inc. (B+/B1)		0.5		Distribution & Wholesale
USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)		0.5		Oil Field Services
Transocean, Inc. (CCC/Caa3)		0.5		Oil Field Services
AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B1)		0.5		Gas
RegionalCare Hospital Partners Holdings, Inc. (B/B1)		0.5		Health Care - Services
Beacon Roofing Supply, Inc. (B/B2)		0.5		Retailing

^±  The top 10 holdings may not be representative of the Fund’s future investments.

TOP TEN INDUSTRY ALLOCATIONS ^±

	Percentage of Net Assets
	as of 9/30/22			as of 3/31/22
Retailing		6.3	%		6.2	%
Oil Field Services		6.1			6.4
Media		6.1			6.9
Automotive		4.8			5.2
Chemicals		4.6			4.0
Pipelines		4.6			4.5
Commercial Services		4.1			4.0
Diversified Financial Services		3.8			5.1
Telecommunication Services		3.6			4.1
Packaging		3.0			2.8
Other		45.6			46.6

± The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in exchange-traded funds, other investment companies and securities lending reinvestment vehicle of 8.2% as of 9/30/22 and 4.1% as of 3/31/22. 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

High Yield Floating Rate Fund

as of September 30, 2022

PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1		30-Day Standardized Unsubsidized  Yield2		Credit Suisse Leveraged Loan Index3		30-Day Standardized     Subsidized Yield2
Class A		-4.15%		6.24%		-3.22%		6.25%
Class C		-4.51		5.60		-3.22		5.60
Institutional		-4.10		6.74		-3.22		6.75
Investor		-4.02		6.63		-3.22		6.64
Class R6		-3.98		6.52		-3.22		6.53
Class R		-4.38		6.13		-3.22		6.14
Class P		-4.08		6.75		-3.22		6.75

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 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.

³  The Credit Suisse Leveraged Loan Index is an unmanaged index designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The 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.

                7

FUND BASICS

    TOP TEN INDUSTRY ALLOCATIONS ^±

	Percentage of Net Assets
	as of 9/30/22			as of 3/31/22
Chemicals		5.7	%	5.4%
Commercial Services		5.1		5.4
Automotive - Parts		4.8		3.5
Health Care - Services		4.2		3.7
Building Materials		4.0		3.9
Retailers		3.8		3.5
Telecommunications		3.8		3.9
Technology - Software		3.8		7.6
Media - Non Cable		3.4		3.0
Entertainment		3.4		3.4
Other		53.0		51.7

± The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in exchange-traded funds, other investment companies and securities lending reinvestment vehicle of 3.1% as of 9/30/22 and 13.5% as of 3/31/22. 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.

8                

FUND BASICS

Investment Grade Credit Fund

as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1		30-Day Standardized Unsubsidized  Yield2		Bloomberg U.S. Credit Index3		30-Day     Standardized     Subsidized Yield2
Class A		-12.89%		4.31%		-11.50%		4.39%
Institutional		-12.85		4.83		-11.50		4.91
Separate Account Institutional		-12.73		4.84		-11.50		4.91
Investor		-12.88		4.75		-11.50		4.82
Class R6		-12.84		4.84		-11.50		4.92
Class P		-12.74		4.83		-11.50		4.91

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 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.

³  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.

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.

9

FUND BASICS

    FUND COMPOSITION *

     Percentage of Net Assets

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

10

FUND BASICS

    TOP TEN INDUSTRY ALLOCATIONS ^±

	Percentage of Net Assets
	as of 9/30/22			as of 3/31/22
Banks		23.2	%		21.6	%
Telecommunication Services		6.9			7.4
Diversified Financial Services		5.6			4.4
Media		3.6			2.4
Electrical		3.5			3.8
Real Estate Investment Trust		3.4			3.7
Automotive		3.4			2.2
Computers		3.4			3.5
Pipelines		3.0			3.3
Beverages		2.5			3.0
Other		32.6			35.6

± The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies of 3.7% as of 9/30/22 and 2.1% as of 3/31/22. 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.

11

FUND BASICS

  Local Emerging Markets Debt Fund

    as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return (based on NAV)1	30-Day Standardized Unsubsidized  Yield2	J.P. Morgan GBI-EMSM Global Diversified Index3	30-Day Standardized     Subsidized Yield2
Class A	-12.29%	4.95%	-12.95%	6.10%
Class C	-12.65	4.40	-12.95	5.61
Institutional	-12.22	5.54	-12.95	6.72
Investor	-12.21	5.45	-12.95	6.66
Class R6	-12.21	5.54	-12.95	6.72
Class P	-12.01	5.53	-12.95	6.71

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 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.

³  The J.P. Morgan Government Bond Index — Emerging Markets ^(GBI-EMSM) Global Diversified Index (Gross, USD, Unhedged) is an unmanaged index of debt instruments of 14 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

12                

FUND BASICS

    TOP TEN COUNTRY ALLOCATIONS ^±

	Percentage of Net Assets
	as of 9/30/22			as of 3/31/22
Brazil		14.7	%		13.6	%
South Africa		10.8			10.4
Indonesia		8.4			4.0
Thailand		7.5			9.4
Poland		6.9			5.7
Mexico		6.7			8.5
Czech Republic		4.8			0.2
Colombia		4.5			4.1
Romania		3.6			0.6
China		3.3			6.0
Other		13.3			17.6

± 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 6.0% as of 9/30/22 and 14.7% as of 3/31/22. 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.

                13

FUND BASICS

 U.S. Mortgages Fund

    as of September 30, 2022

    PERFORMANCE REVIEW

April 1, 2022–September 30, 2022	Fund Total Return     (based on NAV)1			30-Day Standardized     Unsubsidized Yield2			Bloomberg     U.S. Securitized     Bond Index3			30-Day Standardized     Subsidized Yield2
Class A		-9.95	%		1.93	%		-8.90	%		2.04	%
Institutional		-9.77			2.35			-8.90			2.46
Separate Account Institutional		-9.79			2.36			-8.90			2.47
Investor		-9.81			2.27			-8.90			2.37
Class R6		-9.77			2.36			-8.90			2.47
Class P		-9.87			2.36			-8.90			2.47

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 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.

³  The Bloomberg U.S. Securitized Bond Index is an unmanaged composite of asset-backed securities, collateralized mortgagebacked 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.

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.

14                

FUND BASICS

    FUND COMPOSITION *

     Percentage of Net Assets

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

‡ “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.

                15

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 63.3%
Angola – 1.2%
Republic of Angola (NR/B3)
$	910,000		9.500	%	11/12/25	$	841,750
	5,830,000		8.250	(a)	05/09/28		4,591,125
Republic of Angola (B-/B3)
	1,840,000		8.750	(a)	04/14/32		1,354,700
							6,787,575
Argentina(b) – 1.0%
Republic of Argentina (CCC+/NR)
EUR	120,088		0.500		07/09/29		25,105
$	1,479,348		1.000		07/09/29		283,295
EUR	3,559,900		0.125		07/09/30		648,278
$	10,874,677		0.500	(c)	07/09/30		2,174,935
	11,991,502		1.500	(c)	07/09/35		2,176,458
	840,000		3.875	(c)	01/09/38		195,982
	1,294,455		3.500	(c)	07/09/41		275,719
							5,779,772
Azerbaijan – 0.3%
Republic of Azerbaijan (NR/Ba1u)
	684,000		4.750		03/18/24		665,532
	1,640,000		3.500		09/01/32		1,314,358
							1,979,890
Bahrain – 2.8%
CBB International Sukuk Programme Co. SPC (B+/B2u)
	2,670,000		3.950	(a)	09/16/27		2,452,729
Kingdom of Bahrain (B+/NR)
	1,950,000		4.250	(a)	01/25/28		1,695,647
	3,040,000		5.250	(a)	01/25/33		2,333,200
	1,930,000		5.250		01/25/33		1,481,275
	2,850,000		5.625	(a)	05/18/34		2,212,312
Kingdom of Bahrain (B+/B2u)
	2,880,000		7.375	(a)	05/14/30		2,731,140
	1,320,000		5.625	(a)	09/30/31		1,070,850
	340,000		5.625		09/30/31		275,825
	680,000		5.450		09/16/32		540,600
	1,870,000		5.450	(a)	09/16/32		1,486,650
							16,280,228
Benin – 0.4%
Benin Government International Bond (B+/NR)
EUR	2,530,000		4.875	(a)	01/19/32		1,679,879
	280,000		6.875		01/19/52		172,847
Benin Government International Bond (B+/B1)
	840,000		4.950	(a)	01/22/35		519,054
							2,371,780
Bolivia – 0.0%
Republic of Bolivian (B+/B2)
$	200,000		4.500		03/20/28		156,413
Brazil – 0.5%
Republic of Brazil (BB-/Ba2)
	2,715,000		3.875		06/12/30		2,236,991

Principal Amount			Interest Rate			Maturity Date	Value
	Sovereign Debt Obligations (continued)
	Brazil (continued)
	$	1,310,000		4.750	%(b)	01/14/50	$	897,186
								3,134,177
	Cameroon(a) – 0.3%
	Republic Of Cameroon (B-/B2u)
	EUR	2,490,000		5.950		07/07/32		1,600,395
	Chile(b) – 1.9%
	Republic of Chile (A/A2)
	$	4,970,000		3.500		01/31/34		4,053,035
		1,440,000		4.340		03/07/42		1,142,640
		390,000		3.500		01/25/50		263,079
		2,960,000		4.000		01/31/52		2,160,800
		2,180,000		3.100		01/22/61		1,259,359
		3,720,000		3.250		09/21/71		2,120,400
								10,999,313
	Colombia(b) – 3.3%
	Republic of Colombia (BB+/Baa2)
		480,000		3.875		04/25/27		406,740
		1,990,000		4.500		03/15/29		1,629,686
		7,150,000		3.000		01/30/30		5,105,100
		6,240,000		3.125		04/15/31		4,330,170
		1,300,000		3.250		04/22/32		874,900
		920,000		5.625		02/26/44		607,200
		2,150,000		5.000		06/15/45		1,308,544
		4,650,000		4.125		05/15/51		2,481,356
		4,510,000		3.875		02/15/61		2,292,489
								19,036,185
	Costa Rica – 0.2%
	Republic of Costa Rica (B/B2)
		880,000		6.125		02/19/31		803,990
		470,000		5.625		04/30/43		332,760
								1,136,750
	Dominican Republic – 2.9%
	Dominican Republic (BB-/Ba3)
		450,000		6.875		01/29/26		438,131
		1,310,000		5.950		01/25/27		1,214,861
		1,500,000		8.625		04/20/27		1,518,094
		2,830,000		5.500	(a)(b)	02/22/29		2,423,718
		4,750,000		4.500	(a)	01/30/30		3,725,188
		450,000		6.850	(a)	01/27/45		347,709
		4,429,000		6.850		01/27/45		3,422,233
		2,700,000		6.500	(a)	02/15/48		1,974,881
		360,000		6.400	(a)	06/05/49		257,468
		1,760,000		5.875		01/30/60		1,152,030
								16,474,313
	Ecuador – 1.7%
	Republic of Ecuador (B-/NR)
		3,532,360		0.000	(a)(d)	07/31/30		1,019,527
		1,620,000		0.000	(d)	07/31/30		467,573
		993,040		5.500	(a)(c)	07/31/30		465,674
		4,390,000		5.500	(c)	07/31/30		2,058,636

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
Sovereign Debt Obligations (continued)
Ecuador (continued)
$	13,768,455		2.500	%(a)(c)	07/31/35	$	4,528,961
	1,464,000		2.500	(c)	07/31/35		481,564
	1,531,936		1.500	(a)(c)	07/31/40		445,506
							9,467,441
Egypt – 2.4%
Republic of Egypt (NR/B2)
	2,060,000		7.500		01/31/27		1,586,200
Republic of Egypt (B/NR)
	200,000		5.250		10/06/25		155,250
EUR	139,000		6.375		04/11/31		79,012
	670,000		6.375	(a)	04/11/31		380,847
Republic of Egypt (B/B2)
$	820,000		3.875		02/16/26		592,450
	1,180,000		5.800		09/30/27		826,000
	703,000		5.875		02/16/31		405,016
Republic of Egypt (B/B2u)
EUR	4,650,000		4.750	(a)	04/16/26		3,212,849
$	1,550,000		6.588		02/21/28		1,085,000
EUR	930,000		5.625		04/16/30		526,360
$	3,020,000		7.625	(a)	05/29/32		1,806,904
	2,170,000		8.700	(a)	03/01/49		1,193,500
	2,960,000		8.875	(a)	05/29/50		1,635,400
							13,484,788
El Salvador – 0.7%
Republic of El Salvador (CCC+/Caa3u)
	26,000		7.750	(e)	01/24/23		23,535
	2,930,000		5.875		01/30/25		1,564,437
	580,000		6.375		01/18/27		214,165
	710,000		8.250		04/10/32		256,842
	1,230,000		7.625		02/01/41		391,524
	610,000		7.125	(b)	01/20/50		192,646
	3,130,000		9.500	(a)(b)	07/15/52		1,070,656
	1,440,000		9.500	(b)	07/15/52		492,570
							4,206,375
Ethiopia – 0.1%
Ethiopia International Bond (CCC/Caa2)
	1,140,000		6.625		12/11/24		567,720
Gabon – 0.6%
Republic of Gabon (NR/Caa1)
	1,340,000		6.625	(a)	02/06/31		872,089
	2,450,000		7.000	(a)(b)	11/24/31		1,600,615
Republic of Gabon (NR/NR)
	1,254,118		6.375		12/12/24		1,139,523
							3,612,227
Ghana – 1.1%
Republic of Ghana (NR/B3)
	1,970,000		10.750		10/14/30		1,418,400
Republic of Ghana (CCC+/Caa1)
	1,756,000		6.375		02/11/27		693,620
	750,000		6.375	(a)	02/11/27		296,250
	660,000		7.625		05/16/29		244,200

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (continued)
Ghana (continued)
$	3,430,000		8.125	%(a)	03/26/32	$	1,234,800
	1,990,000		8.625		04/07/34		716,400
	1,270,000		8.625	(a)	04/07/34		457,200
	280,000		7.875		02/11/35		102,253
	410,000		8.875		05/07/42		147,600
	1,410,000		8.875	(a)	05/07/42		507,600
	210,000		8.627	(a)	06/16/49		76,164
	379,000		8.627		06/16/49		137,459
	440,000		8.950		03/26/51		159,857
							6,191,803
Guatemala – 1.8%
Republic of Guatemala (BB-/Ba1)
	1,560,000		4.500		05/03/26		1,469,618
	6,730,000		4.375	(a)	06/05/27		6,148,696
	350,000		4.375		06/05/27		319,769
	1,330,000		5.250	(a)(b)	08/10/29		1,194,340
	1,290,000		6.125	(a)(b)	06/01/50		1,049,576
							10,181,999
Honduras(a)(b) – 0.1%
Republic of Honduras (BB-/B1)
	1,170,000		5.625		06/24/30		842,254
Hungary – 1.4%
Hungary Government Bond (BBB/Baa2)
	3,230,000		5.500	(a)	06/16/34		2,725,918
Hungary Government International Bond (BBB/Baa2)
	3,540,000		5.250	(a)	06/16/29		3,192,195
	1,570,000		2.125		09/22/31		1,078,198
	2,310,000		3.125		09/21/51		1,229,064
							8,225,375
Indonesia – 2.4%
Perusahaan Penerbit SBSN Indonesia III (BBB/Baa2)
	1,752,000		3.800	(a)	06/23/50		1,279,153
Republic of Indonesia (BBB/Baa2)
	1,380,000		4.150	(b)	09/20/27		1,311,152
	2,380,000		3.850		10/15/30		2,149,140
	5,630,000		4.650	(b)	09/20/32		5,299,857
EUR	870,000		1.100		03/12/33		579,158
$	350,000		4.625		04/15/43		294,913
	1,520,000		3.050		03/12/51		1,007,167
	890,000		4.450		04/15/70		678,723
	1,490,000		3.350		03/12/71		920,239
							13,519,502
Iraq – 0.4%
Republic of Iraq (NR/NR)
	343,750		5.800	(b)	01/15/28		281,295
Republic of Iraq (B-/Caa1u)
	1,790,000		6.752		03/09/23		1,730,482
							2,011,777

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (continued)
Ivory Coast – 1.1%
Republic of Ivory Coast (BB-/Ba3)
EUR	6,000,000		5.250	%	03/22/30	$	4,286,372
	1,480,000		4.875	(a)	01/30/32		968,917
$	880,000		6.125		06/15/33		666,765
EUR	310,000		6.625	(a)	03/22/48		178,928
							6,100,982
Jamaica – 0.3%
Jamaica Government International Bond (B+/B2)
$	1,340,000		7.875		07/28/45		1,434,051
Jordan – 0.7%
Kingdom of Jordan (B+/B1)
	1,725,000		5.750		01/31/27		1,539,347
	3,000,000		5.850	(a)	07/07/30		2,415,000
							3,954,347
Kenya – 0.9%
Republic of Kenya (B/B2u)
	3,130,000		7.000	(a)	05/22/27		2,394,450
	550,000		7.250		02/28/28		398,750
	750,000		7.250	(a)	02/28/28		543,750
	2,800,000		8.000	(a)	05/22/32		1,890,000
							5,226,950
Lebanon(f) – 0.3%
Republic of Lebanon (NR/NR)
	3,663,000		6.750		11/29/27		207,875
Republic of Lebanon (D/NR)
	2,710,000		8.250		04/12/21		156,333
	3,990,000		6.200		02/26/25		226,433
Republic of Lebanon (D/NR)
	310,000		6.100		10/04/22		18,077
	2,020,000		6.650		04/22/24		117,791
	130,000		6.600		11/27/26		7,378
	710,000		6.850		03/23/27		40,071
	750,000		6.650		11/03/28		43,734
	7,704,000		6.850		05/25/29		437,202
	6,874,000		6.650		02/26/30		387,951
	1,520,000		7.050		11/02/35		85,785
							1,728,630
Macedonia(a) – 0.6%
Republic of North Macedonia (BB-/NR)
EUR	4,140,000		2.750		01/18/25		3,652,427
Maldives(a) – 0.1%
Maldives Sukuk Issuance Ltd. (NR/Caa1)
$	600,000		9.875		04/08/26		474,066
Mexico(b) – 2.5%
Mexico Government International Bond (BBB/NR)
EUR	3,990,000		2.250		08/12/36		2,558,379
Mexico Government International Bond (BBB/Baa2)
$	250,000		4.750		04/27/32		224,375
	1,640,000		4.875		05/19/33		1,441,560
EUR	1,110,000		2.125		10/25/51		559,090

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (continued)
Mexico(b) (continued)
United Mexican States (BBB/Baa2)
$	5,490,000		2.659	%	05/24/31	$	4,210,830
	915,000		3.500		02/12/34		694,028
	7,769,000		3.771		05/24/61		4,592,450
							14,280,712
Mongolia – 0.4%
Mongolia Government International Bond (B/B3u)
	1,400,000		5.625		05/01/23		1,266,825
	1,030,000		3.500	(a)	07/07/27		705,663
Republic of Mongolia (B/B3)
	600,000		5.125	(a)	04/07/26		465,066
							2,437,554
Morocco – 0.9%
Morocco Government International Bond (BB+/Ba1u)
	1,390,000		3.000	(a)	12/15/32		968,917
Republic of Morocco (BB+/Ba1u)
	1,160,000		2.375	(a)	12/15/27		949,242
	1,440,000		2.375		12/15/27		1,178,370
EUR	1,550,000		1.500	(a)	11/27/31		995,755
$	2,030,000		4.000	(a)	12/15/50		1,147,331
							5,239,615
Mozambique(c) – 0.1%
Republic of Mozambique (NR/Caa2u)
	980,000		5.000		09/15/31		665,665
Nigeria – 2.2%
Republic of Nigeria (B-/B2)
	3,140,000		6.500		11/28/27		2,249,025
	1,980,000		6.125	(a)	09/28/28		1,306,800
	1,400,000		6.125		09/28/28		924,000
	3,820,000		7.143		02/23/30		2,468,675
	610,000		8.747		01/21/31		427,000
	4,260,000		7.875		02/16/32		2,705,100
	4,480,000		7.696	(a)	02/23/38		2,643,200
							12,723,800
Oman – 3.8%
Republic of Oman (NR/Ba3)
	2,680,000		6.750	(a)	10/28/27		2,632,765
	5,790,000		5.625		01/17/28		5,355,750
	770,000		6.000		08/01/29		712,250
	4,820,000		6.250	(a)	01/25/31		4,470,550
	810,000		6.250		01/25/31		751,275
	3,330,000		7.375	(a)	10/28/32		3,309,187
	2,530,000		6.750	(a)	01/17/48		2,014,513
Republic of Oman (BB-/Ba3)
	1,430,000		4.750		06/15/26		1,326,325
	1,030,000		5.375		03/08/27		963,050
	330,000		6.500		03/08/47		256,163
							21,791,828

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
Sovereign Debt Obligations (continued)
Pakistan – 0.5%
Pakistan Water & Power Development Authority (B-/NR)
$	940,000		7.500	%	06/04/31	$	323,008
Republic of Pakistan (NR/B3)
	790,000		6.000	(a)	04/08/26		300,287
	420,000		7.375	(a)	04/08/31		151,246
	980,000		7.375		04/08/31		352,908
	3,340,000		8.875		04/08/51		1,169,367
Republic of Pakistan (B-/B3)
	1,640,000		6.875		12/05/27		606,980
							2,903,796
Panama – 1.6%
Panama Notas del Tesoro (BBB/Baa2)
	2,560,000		3.750		04/17/26		2,409,280
Republic of Panama (BBB/Baa2)
	3,460,000		4.500	(b)	04/16/50		2,392,374
	1,990,000		4.500	(b)	04/01/56		1,333,673
	3,680,000		3.870	(b)	07/23/60		2,178,560
	1,060,000		4.500	(b)	01/19/63		695,890
							9,009,777
Papua New Guinea(a) – 0.2%
Papua New Guinea Government International Bond (B-/B2)
	1,450,000		8.375		10/04/28		1,165,709
Paraguay – 1.7%
Republic of Paraguay (BB/Ba1)
	610,000		5.000	(a)	04/15/26		586,096
	2,440,000		4.700	(a)	03/27/27		2,294,057
	400,000		4.950	(b)	04/28/31		355,075
	1,460,000		4.950	(a)(b)	04/28/31		1,296,024
	6,779,000		2.739	(a)(b)	01/29/33		4,846,137
	750,000		5.400	(a)(b)	03/30/50		550,922
							9,928,311
Peru(b) – 1.2%
Republic of Peru (BBB/Baa1)
	540,000		2.783		01/23/31		427,545
EUR	580,000		1.250		03/11/33		377,402
$	1,620,000		3.000		01/15/34		1,219,050
	3,440,000		2.780		12/01/60		1,843,195
	900,000		3.600		01/15/72		542,700
	4,370,000		3.230	(g)	07/28/21		2,346,963
							6,756,855
Philippines – 0.0%
Republic of Philippines (BBB+/Baa2)
	410,000		3.200		07/06/46		273,720
Qatar(a) – 0.2%
Republic of Qatar (AA-/Aa3)
	1,290,000		4.400		04/16/50		1,128,750
Romania – 2.2%
Republic of Romania (BBB-/Baa3)
EUR	1,540,000		2.375	(a)	04/19/27		1,276,094
	600,000		2.875		05/26/28		463,368

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (continued)
Romania (continued)
EUR	1,130,000		1.750	%(a)	07/13/30	$	714,863
	2,320,000		2.124	(a)	07/16/31		1,435,710
$	50,000		3.625	(a)	03/27/32		36,009
	770,000		3.625		03/27/32		554,544
EUR	420,000		2.000		04/14/33		242,805
	7,030,000		2.000	(a)	04/14/33		4,064,093
	590,000		2.750		04/14/41		294,825
	1,190,000		3.375		01/28/50		597,562
Republic of Romania (BBB-/Baa3)
$	1,520,000		3.000	(a)	02/27/27		1,280,410
Republic of Romania (BBB-/Baa3)
	2,070,000		3.000	(a)	02/14/31		1,466,854
							12,427,137
Russia(f) – 1.7%
Russian Federation Bond (NR/NR)
	3,200,000		4.375	(a)	03/21/29		1,376,000
EUR	10,800,000		1.850		11/20/32		4,551,353
$	4,600,000		5.100		03/28/35		1,978,000
	2,400,000		5.100	(a)	03/28/35		1,032,000
	1,800,000		5.100	(a)	03/28/35		774,000
							9,711,353
Saudi Arabia – 1.6%
Saudi Government International Bond (NR/A1)
	1,380,000		5.000		04/17/49		1,242,000
	410,000		3.750		01/21/55		303,400
	1,770,000		3.750	(a)	01/21/55		1,309,800
	5,850,000		4.500	(a)	04/22/60		4,943,250
	1,650,000		3.450		02/02/61		1,117,875
							8,916,325
Senegal(a) – 0.6%
Republic of Senegal (B+/Ba3)
EUR	4,080,000		4.750		03/13/28		3,248,866
	700,000		5.375		06/08/37		415,051
							3,663,917
Serbia – 0.3%
Republic of Serbia (BB+/Ba2)
	1,170,000		1.000	(a)	09/23/28		764,176
$	670,000		2.125		12/01/30		439,394
EUR	520,000		1.650		03/03/33		281,569
	290,000		2.050		09/23/36		147,436
							1,632,575
South Africa – 2.9%
Republic of South Africa (NR/Ba2)
$	810,000		4.850		09/27/27		721,305
	3,090,000		5.650		09/27/47		1,962,150
Republic of South Africa (BB-/Ba2)
	2,670,000		4.300		10/12/28		2,215,766
	6,380,000		4.850		09/30/29		5,246,753
	1,690,000		5.875		04/20/32		1,394,250
	530,000		6.250		03/08/41		392,299

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (continued)
South Africa (continued)
$	940,000		5.375	%	07/24/44	$	606,770
	550,000		5.000		10/12/46		331,994
	4,340,000		5.750		09/30/49		2,755,900
	890,000		7.300		04/20/52		674,175
							16,301,362
Sri Lanka(f) – 0.6%
Republic of Sri Lanka (CC/Ca)
	3,010,000		7.550	(a)	03/28/30		724,846
Republic of Sri Lanka (D/Ca)
	200,000		5.750	(a)	04/18/23		49,850
	910,000		6.350	(a)	06/28/24		222,552
	690,000		6.125		06/03/25		183,626
	2,290,000		6.850		11/03/25		572,929
	4,460,000		6.850	(a)	11/03/25		1,115,836
	1,690,000		6.750	(a)	04/18/28		410,142
							3,279,781
Trinidad and Tobago(a)(b) – 0.2%
Republic of Trinidad & Tobago (BBB-/Ba2)
	1,560,000		4.500		06/26/30		1,404,780
Tunisia – 0.5%
Tunisian Republic (NR/Caa1)
EUR	660,000		6.750		10/31/23		490,502
	610,000		5.625		02/17/24		395,614
$	970,000		5.750		01/30/25		575,210
EUR	2,120,000		6.375		07/15/26		1,189,227
							2,650,553
Turkey – 3.1%
Republic of Turkey (NR/B3)
$	1,040,000		4.250		03/13/25		912,600
EUR	1,140,000		5.200		02/16/26		1,033,463
$	790,000		4.250		04/14/26		648,787
	1,200,000		4.875		10/09/26		981,000
	3,970,000		6.000		03/25/27		3,324,875
	5,420,000		5.250		03/13/30		3,861,750
	1,200,000		5.950		01/15/31		883,500
	2,670,000		6.500		09/20/33		1,922,400
	1,840,000		5.750		05/11/47		1,104,000
Republic of Turkey (NR/B3)
	999,000		7.375		02/05/25		954,045
	2,970,000		6.000		01/14/41		1,826,550
							17,452,970
Ukraine – 0.8%
Ukraine Government Bond (CCC+/NR)
EUR	2,890,000		6.750		06/20/28		538,146
$	910,000		6.876		05/21/31		163,800
EUR	2,210,000		4.375	(a)	01/27/32		393,113
	970,000		4.375		01/27/32		172,543
$	4,490,000		7.375		09/25/34		819,425
	873,000		7.253	(a)	03/15/35		159,322
	1,660,000		7.253		03/15/35		302,950
	1,478,000		1.258	(h)	08/01/41		395,365

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (continued)
Ukraine (continued)
Ukraine Government Bond (CCC+/Caa3u)
$	630,000		7.750	%	09/01/27	$	126,000
	6,510,000		7.750		09/01/28		1,334,550
	1,220,000		7.750		09/01/29		253,150
							4,658,364
United Arab Emirates(a) – 0.4%
Finance Department Government of Sharjah (BBB-/Ba1)
	490,000		3.625		03/10/33		376,933
	2,881,000		4.000		07/28/50		1,679,623
							2,056,556
Uruguay(b) – 0.4%
Republic of Uruguay (BBB/Baa2)
	2,360,000		4.375		01/23/31		2,256,455
Uzbekistan – 0.5%
National Bank of Uzbekistan (BB-/NR)
	1,200,000		4.850		10/21/25		1,058,850
Republic of Uzbekistan (BB-/NR)
	990,000		5.375	(a)	02/20/29		826,836
	1,160,000		3.700	(a)	11/25/30		824,180
							2,709,866
Vietnam(b)(i) – 0.4%
Debt and Asset Trading Corp. (NR/NR)
	2,840,000		1.000		10/10/25		2,399,445
Zambia(f) – 0.3%
Republic of Zambia (NR/NR)
	2,932,000		5.375		09/20/22		1,345,055
Republic of Zambia (D/NR)
	520,000		8.500		04/14/24		247,650
							1,592,705
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $563,457,377)						$	362,039,741
Corporate Obligations – 24.2%
Azerbaijan – 0.2%
State Oil Co. of the Azerbaijan Republic (BB-/NR)
$	1,040,000		6.950	%	03/18/30	$	1,003,795
Bermuda(a)(b) – 0.2%
Tengizchevroil Finance Co. International Ltd. (BBB-/Baa2)
	1,690,000		2.625		08/15/25		1,407,242
Brazil – 0.6%
Banco do Brasil SA (CCC+/NR) (10 year CMT + 4.398%)
	2,180,000		6.250	(b)(h)	10/29/49		1,865,263
Banco do Brasil SA (CCC+/B2) (10 year CMT + 6.362%)
	290,000		9.000	(b)(h)	06/29/49		286,701
Samarco Mineracao SA (NR/WR)
	995,000		4.125	(f)	11/01/22		593,144
	430,000		5.750	(f)	10/24/23		276,275

20                    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)
$	800,000		5.375	%(f)	09/26/24	$	487,400
							3,508,783
British Virgin Islands – 0.4%
Easy Tactic Ltd. (NR/NR)(j)
	395,438		7.500	(b)	07/11/28		42,831
Huarong Finance 2017 Co. Ltd. (NR/Baa3)
	480,000		4.750		04/27/27		373,740
	290,000		4.250		11/07/27		216,594
(-1X 5 year CMT + 6.983%)
	920,000		4.000	(b)(h)	12/31/99		914,997
SF Holding Investment 2021 Ltd. (A-/A3)
	390,000		2.375		11/17/26		346,609
	360,000		3.125		11/17/31		286,862
							2,181,633
Burundi – 1.3%
The African Export-Import Bank (NR/Baa1)
	2,022,000		2.634	(a)(b)	05/17/26		1,751,618
	2,920,000		3.798	(a)(b)	05/17/31		2,367,390
The Eastern & Southern African Trade & Development Bank (NR/Baa3)
	3,740,000		4.875		05/23/24		3,520,425
							7,639,433
Chile – 0.5%
Embotelladora Andina SA (BBB/NR)
	506,000		5.000	(a)	10/01/23		504,039
Empresa de los Ferrocarriles del Estado (A/NR)
	600,000		3.068	(a)(b)	08/18/50		334,050
Empresa de Transporte de Pasajeros Metro SA (A/NR)
	830,000		3.650	(a)(b)	05/07/30		716,031
GNL Quintero SA (BBB/Baa2)
	873,016		4.634		07/31/29		796,409
Inversiones CMPC SA (BBB-/NR)
	660,000		4.375	(a)(b)	05/15/23		653,540
							3,004,069
China – 0.1%
China Aoyuan Group Ltd. (NR/NR)
	370,000		5.980	(b)(f)	08/18/25		23,079
Fantasia Holdings Group Co. Ltd. (NR/NR)
	340,000		10.875	(b)(f)	03/02/24		28,900
Fantasia Holdings Group Co. Ltd. (NR/WR)
	200,000		11.875	(b)(f)	06/01/23		17,000
iQIYI, Inc. (NR/NR)
	60,000		4.000	(e)	12/15/26		40,055
Meituan (BBB-/Baa3)
	310,000		3.050	(b)	10/28/30		206,271
NIO, Inc. (NR/NR)
	90,000		0.000	(d)(e)	02/01/26		78,987
	360,000		0.500	(e)	02/01/27		272,668
Redsun Properties Group Ltd. (NR/Caa3u)
	220,000		9.700	(b)(f)	04/16/23		14,300

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations (continued)
China (continued)
Sunac China Holdings Ltd. (NR/Cu)
$	350,000		6.500	%(b)(f)	07/09/23	$	46,375
	600,000		6.650	(b)(f)	08/03/24		78,000
Yuzhou Group Holdings Co. Ltd. (NR/Cu) (-1x 5 Year CMT + 8.527%)
	410,000		5.375	(b)(f)(h)	12/31/99		20,500
							826,135
Colombia(a) – 0.3%
Banco de Bogota SA (NR/Ba2)
	1,660,000		6.250		05/12/26		1,549,299
Cyprus(f) – 0.1%
MHP SE (D/NR)
	1,430,000		7.750		05/10/24		723,938
Dominican Republic(a)(b) – 0.5%
Aeropuertos Dominicanos Siglo XXI SA (BB-/Ba3)
	3,220,000		6.750		03/30/29		2,972,060
Hong Kong – 0.5%
CNAC HK Finbridge Co. Ltd (NR/Baa2)
	1,840,000		3.875		06/19/29		1,607,185
	300,000		3.000		09/22/30		241,984
CNAC HK Finbridge Co. Ltd (A-/NR)
	800,000		5.125		03/14/28		765,904
							2,615,073
India – 0.7%
Adani Electricity Mumbai Ltd. (BBB-/Baa3)
	960,000		3.949		02/12/30		714,780
Adani Green Energy Ltd. (NR/Ba3)
	390,000		4.375		09/08/24		319,800
Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3)
	570,000		4.200	(b)	08/04/27		495,651
	270,000		4.375		07/03/29		223,897
Reliance Industries Ltd. (BBB+/Baa2)
	2,770,000		2.875	(a)	01/12/32		2,168,287
							3,922,415
Indonesia – 1.4%
Bank Negara Indonesia Persero Tbk PT (NR/Ba3) (5 year CMT + 3.466%)
	1,060,000		4.300	(b)(h)	12/31/99		848,117
Freeport Indonesia PT (NR/Baa3)
	910,000		5.315	(a)(b)	04/14/32		753,025
Indofood CBP Sukses Makmur Tbk PT (NR/Baa3)
	510,000		3.398	(b)	06/09/31		376,181
	380,000		3.541	(b)	04/27/32		280,292
Indonesia Asahan Aluminium Persero PT (NR/Baa2)
	1,180,000		5.450	(b)	05/15/30		1,045,996
	1,060,000		5.800	(a)(b)	05/15/50		795,199
Pertamina Persero PT (NR/Baa2)
	2,040,000		2.300	(b)	02/09/31		1,540,424
Pertamina Persero PT (BBB/Baa2)
	690,000		6.500		05/27/41		637,301

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations (continued)
Indonesia (continued)
$	2,020,000		6.000	%	05/03/42	$	1,782,145
							8,058,680
Israel(a)(b) – 0.4%
Leviathan Bond Ltd. (BB-/Ba3)
	2,360,000		5.750		06/30/23		2,322,093
Ivory Coast(a)(i) – 0.4%
Brazil Minas SPE via State of Minas Gerais (BB-/NR)
	2,100,000		5.333		02/15/28		2,030,831
Japan(b) – 0.1%
SoftBank Group Corp. (BB+/NR)
	470,000		4.000		07/06/26		395,279
Kazakhstan – 0.9%
KazMunayGas National Co. JSC (NR/Baa2)
	1,570,000		3.500	(a)(b)	04/14/33		1,027,565
KazMunayGas National Co. JSC (BB+/Baa2)
	4,882,000		4.750		04/19/27		4,066,706
							5,094,271
Luxembourg – 0.3%
Altice Financing SA (B/B2)
EUR	1,320,000		4.250	(a)(b)	08/15/29		1,003,186
Gazprom PJSC Via Gaz Capital SA (NR/WR)
$	90,000		8.625	(e)	04/28/34		42,300
Puma International Financing SA (NR/B1)
	200,000		5.000	(b)	01/24/26		176,725
Rede D’or Finance S.a.r.l. (BB/NR)
	256,000		4.500	(a)(b)	01/22/30		207,360
	552,000		4.500	(b)	01/22/30		447,120
							1,876,691
Malaysia(a)(b) – 0.9%
Genm Capital Labuan Ltd. (BBB-/NR)
	1,150,000		3.882		04/19/31		822,825
Petronas Capital Ltd. (A-/A2)
	3,780,000		4.550		04/21/50		3,302,926
	1,040,000		4.800		04/21/60		936,583
							5,062,334
Mauritius – 0.3%
Greenko Power II Ltd. (NR/Ba1)
	840,650		4.300	(a)(b)	12/13/28		651,504
India Airport Infra (NR/B1)
	250,000		6.250	(a)(b)	10/25/25		216,250
India Green Power Holdings (NR/Ba3)
	420,000		4.000	(a)(b)	02/22/27		334,950
MTN Mauritius Investments Ltd. (BB-/Ba2)
	727,000		4.755		11/11/24		694,421
							1,897,125
Mexico – 4.7%
Banco Mercantil del Norte SA (BB-/Ba2)
(5 year CMT + 4.643%)
	1,210,000		5.875	(a)(b)(h)	12/31/99		984,864

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations (continued)
Mexico (continued)
(5 year CMT + 4.967%)
$	1,490,000		6.750	%(a)(b)(h)	12/31/99	$	1,382,255
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3) (5 year CMT + 2.995%)
	1,090,000		5.950	(a)(b)(h)	10/01/28		1,056,142
BBVA Bancomer SA (BB/NR) (5 year CMT + 2.650%)
	1,510,000		5.125	(a)(b)(h)	01/18/33		1,246,033
Cemex SAB de CV (BB/NR)
	400,000		7.375	(a)(b)	06/05/27		398,000
Industrias Penoles SAB de CV (BBB/NR)
	400,000		4.750	(a)(b)	08/06/50		284,450
Mexico City Airport Trust (NR/NR)
	722,000		5.500	(b)	10/31/46		447,640
Mexico City Airport Trust (BBB/Baa3)
	980,000		4.250	(a)(b)	10/31/26		862,400
	2,190,000		3.875	(a)(b)	04/30/28		1,793,063
	1,630,000		5.500	(a)(b)	10/31/46		1,010,600
	4,039,000		5.500	(b)	07/31/47		2,502,968
Petroleos Mexicanos (BBB/B1)
EUR	8,600,000		5.125		03/15/23		8,375,753
$	760,000		6.875		08/04/26		681,682
	1,320,000		6.490	(b)	01/23/27		1,099,692
	430,000		6.500		03/13/27		360,082
	760,000		5.350		02/12/28		575,624
	290,000		5.625		01/23/46		150,401
	560,000		6.750		09/21/47		310,800
	1,730,000		6.350		02/12/48		923,215
	843,000		7.690	(b)	01/23/50		513,134
	3,043,000		6.950	(b)	01/28/60		1,673,376
							26,632,174
Netherlands – 1.0%
Greenko Dutch B.V. (NR/Ba1)
	439,300		3.850	(a)(b)	03/29/26		351,440
IHS Netherlands Holdco B.V. (B/B2)
	400,000		8.000	(a)(b)	09/18/27		334,806
Metinvest B.V. (NR/NR)
	301,000		7.750	(a)(b)	04/23/23		165,550
	200,000		7.750	(b)	04/23/23		110,000
	500,000		8.500	(b)	04/23/26		225,000
Minejesa Capital B.V. (NR/Baa3)
	370,000		4.625		08/10/30		302,475
MV24 Capital B.V. (BB/NR)
	1,146,681		6.748	(a)	06/01/34		965,735
NE Property B.V. (BBB/NR)
EUR	2,440,000		3.375	(b)	07/14/27		2,015,884
Prosus NV (BBB/Baa3)
$	310,000		3.257	(a)(b)	01/19/27		259,625
	430,000		3.680	(a)(b)	01/21/30		325,553
	480,000		3.680	(b)	01/21/30		363,408
							5,419,476
Panama(a) – 1.2%
Aeropuerto Internacional de Tocumen SA (BBB/Baa2)
	1,190,000		4.000	(b)	08/11/41		879,336

22                    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)
Panama(a) (continued)
$	3,250,000		5.125	%(b)	08/11/61	$	2,315,219
Autoridad del Canal de Panama (A-/A2)
	380,000		4.950		07/29/35		359,765
Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2)
	2,430,000		2.375	(b)	09/14/25		2,218,906
Banco Nacional de Panama (BBB/Baa2)
	1,490,000		2.500	(b)	08/11/30		1,087,979
							6,861,205
Peru – 0.8%
Atlantica Transmision Sur SA (BBB/NR)
	4,423,738		6.875	(a)	04/30/43		4,407,978
Black Sea Trade & Development Bank (A-/Baa1)
	240,000		3.500		06/25/24		219,233
Corp. Lindley SA (BBB+/NR)
	60,000		4.625	(a)	04/12/23		59,430
							4,686,641
Qatar(a)(b) – 0.8%
Qatar Energy (AA-/Aa3)
	6,760,000		3.300		07/12/51		4,762,842
South Africa – 0.9%
Eskom Holdings SOC Ltd. (BB-/Ba2)(i)
	2,100,000		6.350		08/10/28		1,828,969
Eskom Holdings SOC Ltd. (CCC+/Caa2)
	940,000		6.750		08/06/23		887,889
	520,000		6.750		08/06/23		491,172
	2,370,000		7.125		02/11/25		2,096,413
							5,304,443
Thailand(a)(b) – 0.6%
GC Treasury Center Co. Ltd. (BBB/Baa2)
	1,540,000		2.980		03/18/31		1,196,676
	250,000		4.300		03/18/51		174,656
PTT Treasury Center Co. Ltd. (BBB+/Baa1)
	2,410,000		3.700		07/16/70		1,514,987
PTTEP Treasury Center Co. Ltd. (NR/Baa1)
	370,000		2.993		01/15/30		314,167
							3,200,486
Turkey – 0.3%
Yapi ve Kredi Bankasi A/S (NR/B3)
	200,000		5.850		06/21/24		188,100
Yapi ve Kredi Bankasi A/S (NR/Caa3u) (5 year USD Swap + 11.245%)
	1,700,000		13.875	(b)(h)	12/31/99		1,742,819
							1,930,919
United Arab Emirates – 1.8%
Abu Dhabi Crude Oil Pipeline LLC (AA/NR)
	3,890,000		4.600	(a)	11/02/47		3,440,948
DP World Crescent Ltd. (NR/Baa3)
	880,000		3.750	(b)	01/30/30		788,315
DP World Ltd. (NR/Baa3)
	310,000		5.625		09/25/48		268,537

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations (continued)
United Arab Emirates (continued)
DP World Salaam (NR/Ba2) (5 year CMT + 5.750%)
$	3,920,000		6.000	%(b)(h)	12/31/99	$	3,779,125
Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2)
	471,597		2.160	(a)	03/31/34		386,710
NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 Year USD Swap + 2.832%)
	2,010,000		4.500	(a)(b)(h)	12/31/99		1,799,955
							10,463,590
United Kingdom – 0.3%
IHS Holding Ltd. (B/NR)
	480,000		5.625	(a)(b)	11/29/26		376,140
	400,000		6.250	(a)(b)	11/29/28		307,950
Prudential PLC (A-/A3) (5 year CMT + 1.517%)
	1,000,000		2.950	(b)(h)	11/03/33		762,500
Ukraine Railways Via Rail Capital Markets PLC (NR/NR)
	410,000		8.250		07/09/24		77,900
Vedanta Resources Finance II PLC (B-/NR)
	470,000		8.950	(b)	03/11/25		318,425
Vedanta Resources Ltd. (B-/B3)
	200,000		6.125	(b)	08/09/24		112,966
							1,955,881
United States – 0.9%
Brazil Loan Trust 1 (BB-/NR)(i)
	1,735,928		5.477	(a)	07/24/23		1,711,842
Kosmos Energy Ltd. (B/B3u)
	930,000		7.750	(a)(b)	05/01/27		741,675
Sasol Financing USA LLC (BB/Ba2)
	2,780,000		5.875	(b)	03/27/24		2,675,750
							5,129,267
Venezuela(f) – 0.8%
Petroleos de Venezuela SA (NR/NR)
	138,210,000		6.000		10/28/22		2,971,515
Petroleos de Venezuela SA (NR/NR)
	41,690,000		6.000		05/16/24		896,335
	3,387,934		6.000		11/15/26		72,841
	17,520,000		5.375		04/12/27		350,400
	1,650,000		5.375		04/12/27		33,000
	2,180,000		5.500		04/12/37		43,600
							4,367,691
TOTAL CORPORATE OBLIGATIONS
(Cost $233,018,124)						$	138,805,794

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Shares		Dividend Rate	Value
Investment Company(k) – 6.7%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	38,190,370	2.911%	$	38,190,370
(Cost $ 38,190,370)
TOTAL INVESTMENTS – 94.2%
(Cost $ 834,665,871)			$	539,035,905
OTHER ASSETS IN EXCESS OF LIABILITIES – 5.8%				33,257,458
NET ASSETS – 100.0%			$	572,293,363

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, 2022.

(d) Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.

(e) Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2022.

(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, 2022.

(i) Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $7,971,087, which represents approximately 1 % of the Fund’s net assets as of September 30, 2022.

(j) Pay-in-kind securities.

(k) 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.

    ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	BRL	1,525,321	USD	281,503		10/04/22	$	955
	CLP	232,311,216	USD	237,355		10/27/22		1,627
	CNH	31,375,854	USD	4,325,200		10/11/22		70,301
	CNH	33,072,095	USD	4,622,252		10/24/22		11,778
	CZK	6,894,596	EUR	279,258		10/11/22		502
	CZK	14,744,910	EUR	595,061		10/26/22		1,584
	EUR	643,500	CHF	618,934		10/26/22		3,068
	EUR	901,776	CZK	22,209,650		10/26/22		2,973
	EUR	665,137	NOK	6,753,471		12/21/22		34,689
	EUR	667,301	NZD	1,125,571		12/21/22		28,122
	EUR	3,787,003	PLN	18,245,032		10/26/22		53,554
	EUR	654,999	SGD	926,207		12/21/22		589
	EUR	73,080	USD	70,522		10/05/22		1,124
	EUR	2,505,377	USD	2,434,530		10/11/22		22,739
	EUR	2,306,170	USD	2,216,994		10/14/22		45,382
	EUR	1,779,430	USD	1,736,352		10/27/22		10,922
	EUR	98,419	USD	96,392		12/05/22		533
	EUR	98,419	USD	96,392		12/06/22		544
	GBP	3,207,077	USD	3,428,112		10/03/22		152,979
	GBP	1,230,600	USD	1,315,185		10/13/22		59,234
	GBP	2,108,492	USD	2,282,196		10/26/22		73,407
	GBP	6,685,387	USD	7,318,784		10/27/22		150,289
	ILS	35,685	USD	10,002		10/24/22		27

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement     Date	Unrealized Gain
JPMorgan Securities, Inc. (continued)	INR	73,685,700	USD	900,107	10/03/22	$	4,195
	INR	161,700,273	USD	1,971,142	10/27/22		6,285
	PLN	4,338,425	USD	867,913	10/20/22		4,434
	SEK	9,603,131	EUR	880,819	10/26/22		1,513
	SEK	27,842,837	USD	2,446,237	10/20/22		64,925
	SEK	11,202,048	USD	1,000,183	10/24/22		10,324
	TWD	250,345,567	USD	7,864,789	10/03/22		11,481
	TWD	66,444,264	USD	2,084,054	10/17/22		3,398
	TWD	68,317,462	USD	2,143,522	10/26/22		2,910
	USD	681,478	AUD	993,741	12/21/22		44,869
	USD	2,529,947	BRL	13,429,490	10/03/22		42,416
	USD	5,897,709	BRL	30,654,427	10/04/22		221,153
	USD	384,830	BRL	2,075,867	10/31/22		2,876
	USD	397,963	BRL	2,163,526	11/03/22		131
	USD	4,458,187	CAD	5,868,981	12/21/22		207,579
	USD	2,796,837	CHF	2,701,729	12/21/22		34,751
	USD	921,620	CLP	847,949,418	10/27/22		49,323
	USD	3,487,310	CNH	24,551,978	10/11/22		47,777
	USD	2,989,615	CNH	21,110,619	10/26/22		31,527
	USD	3,218,004	CNH	22,222,147	12/21/22		99,940
	USD	2,093,170	COP	9,190,735,055	10/28/22		110,839
	USD	5,220,695	EUR	5,273,752	10/07/22		49,696
	USD	148,205,144	EUR	145,361,964	10/11/22		5,634,373
	USD	5,443,868	EUR	5,473,769	10/14/22		74,046
	USD	709,652	EUR	714,858	12/21/22		4,379
	USD	6,005,284	GBP	5,225,737	10/03/22		170,112
	USD	2,541,181	GBP	2,228,789	10/07/22		52,254
	USD	3,259,634	GBP	2,859,214	10/13/22		66,268
	USD	634,137	GBP	555,272	10/21/22		13,859
	USD	605,832	GBP	535,490	10/26/22		7,583
	USD	3,783,309	GBP	3,238,785	12/21/22		162,348
	USD	1,138,139	HUF	492,586,698	10/24/22		5,245
	USD	458,383	HUF	183,283,142	12/21/22		43,500
	USD	502,353	IDR	7,434,978,670	11/15/22		17,761
	USD	6,234,214	ILS	21,295,188	10/06/22		259,084
	USD	267,016	ILS	944,836	10/24/22		1,495
	USD	2,316,424	ILS	7,814,528	12/21/22		108,727
	USD	1,824,357	INR	146,270,778	10/14/22		34,010
	USD	4,078,316	INR	330,132,102	10/19/22		38,907
	USD	2,119,450	INR	171,627,025	10/27/22		20,630
	USD	2,026,064	KRW	2,822,811,290	10/06/22		60,573
	USD	826,683	KRW	1,134,837,209	10/13/22		37,608
	USD	2,387,265	KRW	3,377,208,515	10/17/22		40,209
	USD	413,909	KRW	573,782,365	12/12/22		15,020
	USD	825,300	KRW	1,148,155,709	12/21/22		26,542
	USD	7,135,761	MXN	144,827,446	12/14/22		42,561
	USD	1,989,387	NOK	20,765,789	10/07/22		82,325
	USD	557,670	NOK	5,630,026	10/13/22		40,593
	USD	2,758,048	NOK	29,441,239	10/19/22		53,912
	USD	551,826	NOK	5,851,644	10/24/22		14,331
	USD	2,528,319	NOK	25,593,823	12/21/22		172,892

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (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	1,766,964	NZD	2,948,363		10/03/22	$	116,883
		USD	6,114,098	NZD	10,512,449		10/13/22		230,502
		USD	3,543,896	NZD	5,939,416		10/14/22		219,725
		USD	1,566,720	NZD	2,705,907		10/19/22		52,267
		USD	1,537,624	NZD	2,690,506		10/25/22		31,778
		USD	1,232,952	NZD	2,159,285		10/27/22		24,420
		USD	1,925,134	NZD	3,393,155		10/28/22		26,014
		USD	6,480,335	NZD	10,767,386		12/21/22		451,440
		USD	9,691,176	PLN	46,219,727		10/20/22		397,557
		USD	1,009,968	SEK	11,115,292		10/20/22		7,473
		USD	4,433,727	SEK	46,149,874		12/21/22		252,355
		USD	691,267	SGD	988,097		10/19/22		3,173
		USD	4,293,899	SGD	6,081,711		10/26/22		58,425
		USD	1,433,089	SGD	2,003,336		12/21/22		36,633
		USD	1,590,377	TRY	31,295,712		12/21/22		67,296
		USD	3,870,147	TWD	114,569,150		10/03/22		265,619
		USD	12,847,735	TWD	395,817,304		10/06/22		408,697
		USD	3,840,357	TWD	121,292,610		10/17/22		29,759
		USD	724,270	TWD	23,038,319		10/24/22		451
		USD	5,140,167	TWD	161,883,008		10/26/22		54,044
		USD	1,539,740	TWD	48,276,238		12/21/22		19,367
		USD	1,977,468	ZAR	35,370,364		10/11/22		25,283
		USD	1,290,675	ZAR	23,232,154		10/12/22		8,552
		USD	551,826	ZAR	9,892,045		10/13/22		5,961
		USD	2,675,702	ZAR	47,504,302		10/14/22		54,557
		USD	1,387,944	ZAR	24,650,959		10/20/22		28,549
		USD	532,176	ZAR	9,498,634		10/27/22		8,713
		USD	263,803	ZAR	4,594,919		10/31/22		10,652
		USD	4,037,073	ZAR	69,718,533		12/21/22		213,296
		ZAR	7,601,646	USD	418,687		10/11/22		868
		ZAR	11,706,162	USD	643,019		10/31/22		1,916
TOTAL								$	12,192,636

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement     Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	5,612,416	USD	3,838,277		12/21/22	$	(242,857	)
	BRL	13,429,490	USD	2,530,527		10/03/22		(42,995	)
	BRL	29,129,106	USD	5,616,287		10/04/22		(222,186	)
	BRL	6,808,927	USD	1,267,957		10/31/22		(15,131	)
	BRL	4,233,628	USD	787,452		11/03/22		(8,967	)
	BRL	900,060	USD	165,818		11/16/22		(765	)
	CAD	4,372,999	USD	3,367,924		12/21/22		(200,780	)
	CHF	2,221,396	EUR	2,329,301		10/26/22		(30,393	)
	CHF	1,245,501	EUR	1,301,361		12/21/22		(10,585	)
	CHF	3,104,643	USD	3,238,838		12/21/22		(64,835	)
	CLP	962,900,957	USD	1,064,449		10/27/22		(73,899	)
	CNH	14,949,650	USD	2,139,179		10/11/22		(44,855	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement     Date	Unrealized     Loss
JPMorgan Securities, Inc. (continued)	CNH	8,946,768	USD	1,268,325	10/24/22	$	(14,713	)
	CNH	14,259,530	USD	2,006,900	10/26/22		(8,809	)
	CNH	10,254,079	USD	1,467,250	12/21/22		(28,465	)
	COP	2,779,285,907	USD	640,356	10/28/22		(40,898	)
	CZK	31,956,274	EUR	1,295,675	10/26/22		(2,470	)
	EUR	1,976,360	CZK	49,010,916	10/26/22		(6,817	)
	EUR	4,003,951	SEK	43,632,278	10/26/22		(5,003	)
	EUR	1,494,744	USD	1,487,111	10/07/22		(21,490	)
	EUR	14,098,671	USD	14,452,366	10/11/22		(624,415	)
	EUR	11,987,844	USD	11,986,855	10/14/22		(226,658	)
	EUR	1,472,676	USD	1,457,180	10/26/22		(11,221	)
	EUR	66,477,685	USD	67,815,069	12/21/22		(2,228,767	)
	GBP	2,018,660	USD	2,345,464	10/03/22		(91,386	)
	GBP	2,217,006	USD	2,545,964	10/07/22		(70,196	)
	GBP	5,128,919	USD	5,907,849	10/13/22		(179,518	)
	GBP	2,040,625	USD	2,321,115	10/21/22		(41,591	)
	GBP	1,034,707	USD	1,175,427	10/24/22		(19,507	)
	GBP	502,022	USD	567,034	10/26/22		(6,176	)
	GBP	1,588,638	USD	1,819,663	12/21/22		(43,566	)
	HUF	723,814,529	USD	1,758,943	10/24/22		(94,249	)
	ILS	1,824,046	USD	526,500	10/03/22		(14,862	)
	ILS	19,344,180	USD	5,655,901	10/06/22		(228,197	)
	ILS	11,917,814	USD	3,404,453	10/24/22		(55,270	)
	ILS	1,824,046	USD	517,863	12/22/22		(2,496	)
	INR	71,712,000	USD	900,000	10/03/22		(19,921	)
	INR	273,167,145	USD	3,400,557	10/14/22		(57,000	)
	INR	95,114,631	USD	1,188,933	10/19/22		(25,135	)
	INR	61,102,830	USD	753,147	10/27/22		(5,923	)
	JPY	214,251,190	USD	1,511,060	12/21/22		(16,372	)
	KRW	4,499,342,965	USD	3,244,985	10/06/22		(112,143	)
	KRW	3,427,041,673	USD	2,447,907	10/13/22		(65,018	)
	KRW	4,919,418,391	USD	3,477,104	10/17/22		(58,260	)
	KRW	2,015,848,658	USD	1,401,453	10/31/22		(2,792	)
	MXN	152,257,832	USD	7,562,262	12/21/22		(113,988	)
	NOK	25,323,829	USD	2,439,402	10/07/22		(113,743	)
	NOK	28,235,624	USD	2,730,398	10/19/22		(136,995	)
	NOK	31,435,292	USD	3,000,551	10/24/22		(113,107	)
	NOK	9,390,327	USD	898,058	10/27/22		(35,497	)
	NOK	875,274	USD	82,016	11/04/22		(1,603	)
	NOK	40,394,973	USD	4,101,429	12/21/22		(383,836	)
	NZD	2,215,953	AUD	1,963,783	12/21/22		(17,276	)
	NZD	1,102,192	CAD	873,145	12/21/22		(15,234	)
	NZD	3,958,013	USD	2,401,515	10/03/22		(186,373	)
	NZD	6,421,101	USD	3,829,532	10/13/22		(235,776	)
	NZD	4,274,712	USD	2,591,690	10/14/22		(199,221	)
	NZD	8,700,677	USD	5,135,221	10/19/22		(265,591	)
	NZD	2,627,309	USD	1,534,338	10/25/22		(63,863	)
	NZD	5,742,910	USD	3,433,854	10/27/22		(219,603	)
	NZD	6,836,210	USD	3,917,834	10/28/22		(91,667	)
	NZD	3,090,500	USD	1,898,262	12/21/22		(167,824	)
	PLN	5,018,842	EUR	1,050,982	10/26/22		(23,816	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (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)	PLN	4,012,686	USD	865,876		10/20/22	$	(59,027	)
	PLN	41,231,653	USD	8,784,641		12/21/22		(584,641	)
	SEK	7,160,957	EUR	663,314		12/21/22		(5,607	)
	SEK	27,093,525	USD	2,515,647		10/20/22		(72,067	)
	SEK	15,456,449	USD	1,427,848		10/24/22		(33,563	)
	SEK	7,107,456	USD	668,402		12/21/22		(24,437	)
	SGD	2,607,307	USD	1,817,759		10/26/22		(1,958	)
	SGD	7,217,793	USD	5,173,804		12/21/22		(142,527	)
	TRY	28,817,581	USD	1,537,925		10/17/22		(21,302	)
	TWD	121,660,560	USD	4,068,041		10/03/22		(240,406	)
	TWD	322,756,708	USD	10,471,977		10/06/22		(328,957	)
	TWD	84,115,195	USD	2,688,388		10/17/22		(45,776	)
	TWD	33,784,209	USD	1,071,154		10/26/22		(9,705	)
	USD	235,514	BRL	1,283,102		10/31/22		(574	)
	USD	281,503	BRL	1,533,344		11/03/22		(451	)
	USD	241,632	CLP	237,717,857		10/27/22		(2,912	)
	USD	1,668,849	CNH	11,962,311		10/24/22		(7,298	)
	USD	1,067,200	CNH	7,739,961		10/26/22		(17,348	)
	USD	3,258,000	CNH	23,600,310		12/21/22		(53,439	)
	USD	3,138,669	EUR	3,214,202		10/11/22		(13,816	)
	USD	746,722	EUR	764,590		10/14/22		(3,349	)
	USD	1,852,861	EUR	1,924,520		10/26/22		(36,744	)
	USD	1,033,030	EUR	1,072,400		12/21/22		(24,990	)
	USD	601,609	GBP	557,197		10/07/22		(20,623	)
	USD	3,429,110	GBP	3,207,077		10/21/22		(153,426	)
	USD	3,757,277	GBP	3,477,950		10/24/22		(128,109	)
	USD	2,714,971	GBP	2,483,335		10/26/22		(59,405	)
	USD	3,714,216	GBP	3,426,048		10/27/22		(113,447	)
	USD	1,921,660	GBP	1,784,415		12/21/22		(73,317	)
	USD	1,775,997	INR	145,397,700		10/03/22		(8,383	)
	USD	1,833,696	KRW	2,642,356,167		10/17/22		(2,660	)
	USD	1,057,714	NOK	11,597,829		10/27/22		(7,622	)
	USD	865,360	PLN	4,338,425		10/20/22		(6,988	)
	USD	3,140,222	SEK	35,406,148		10/20/22		(53,079	)
	USD	739,500	SEK	8,422,920		12/21/22		(23,652	)
	USD	697,662	SGD	1,008,924		10/26/22		(4,981	)
	USD	8,083,106	TWD	257,436,977		10/03/22		(16,272	)
	USD	1,999,008	TWD	63,638,414		10/06/22		(906	)
	USD	659,500	TWD	20,993,864		10/26/22		(96	)
	USD	1,362,318	ZAR	24,760,135		10/13/22		(4,001	)
	ZAR	95,253,976	USD	5,514,693		10/11/22		(257,371	)
	ZAR	25,285,961	USD	1,430,208		10/12/22		(34,740	)
	ZAR	16,810,580	USD	945,001		10/13/22		(17,356	)
	ZAR	21,454,269	USD	1,250,978		10/14/22		(67,196	)
	ZAR	115,642,641	USD	6,502,130		10/20/22		(124,937	)
	ZAR	16,054,806	USD	898,047		10/27/22		(13,279	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		25		12/20/22	$	2,801,563		$       (7,917	)
2 Year U.S. Treasury Notes		245		12/30/22		50,320,703		(761,109	)
20 Year U.S. Treasury Bonds		132		12/20/22		16,685,625		(1,175,386	)
5 Year U.S. Treasury Notes		229		12/30/22		24,619,289		(207,190	)
Ultra 10 Year U.S. Treasury Notes		137		12/20/22		16,232,359		(966,710	)
Ultra Long U.S. Treasury Bonds		116		12/20/22		15,892,000		(1,172,422	)
TOTAL FUTURES CONTRACTS								$(4,290,734	)

SWAP CONTRACTS — At September 30, 2022, 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 BID
Average(a)	10.565%(a)	01/02/23	BRL		14,880		$	(32,901	)	$	—		$	(32,901	)
1M BID
Average(a)	12.400(a)	01/02/23			14,140			15,126			(140	)		15,266
5.800%(a)	1M BID Average(a)	01/02/23			130,700			1,300,231			13,897			1,286,334
1M BID
Average(b)	7.200(b)	01/02/23			141,640			(1,153,946	)		2,162			(1,156,108	)
1M BID
Average(a)	11.814(a)	01/02/24			21,053			(26,632	)		(14,417	)		(12,215	)
1M BID
Average(a)	12.300(a)	01/02/24			6,140			2,703			(20,673	)		23,376
3.000(c)	3M KWCDC(c)	06/15/24	KRW		26,701,720			382,297			22,151			360,146
9.200(a)	Mexico Interbank TIIE 28 Days(a)	12/18/24	MXN		155,550	(d)		117,452			1,202			116,250
3M CNY(c)	2.500(c)	12/21/24	CNY		152,930	(d)		95,637			169,491			(73,854	)
3M SOFR(e)	3.600(e)	12/21/24	$		33,290	(d)		(405,209	)		(191,489	)		(213,720	)
3.750(c)	3M HIBOR(c)	12/21/24	HKD		272,410	(d)		501,514			244,662			256,852
8.750(c)	3M JIBAR(a)	12/21/24	ZAR		315,975	(d)		(117,015	)		(273,904	)		156,889
1.500(e)	6M EURO(f)	12/21/24	EUR		7,030	(d)		207,055			165,612			41,443
7.500(e)	6M WIBOR(f)	12/21/24	PLN		24,025	(d)		9,767			(51,364	)		61,131
10.950(a)	1M BID Average(a)	01/02/25	BRL		3,600			10,859			685			10,174
3M CNY(c)	2.500(a)	12/21/27	CNY		75,750	(d)		(44,871	)		47,014			(91,885	)
6M WIBOR(f)	6.500(e)	12/21/27	PLN		6,875	(d)		(28,983	)		21,449			(50,432	)
1.500(e)	6M EURO(f)	12/21/27	EUR		6,950	(d)		500,461			346,821			153,640
6.750(e)	6M WIBOR(a)	12/21/27	PLN		6,875	(d)		15,035			6,175			8,860
1.750(e)	6M EURO(f)	12/21/29	EUR		4,930	(d)		414,175			251,359			162,816
Mexico
Interbank TIIE
28 Days(a)	8.600(a)	12/08/32	MXN		44,420	(d)		(82,972	)		2,644			(85,616	)
3.750(c)	3M KWCDC(c)	12/21/32	KRW		7,424,090	(d)		33,085			(154,250	)		187,335
2.500(e)	3M SOFR(e)	12/21/32	$		11,040	(d)		954,108			786,810			167,298
6M WIBOR(e)	6.250(e)	12/21/32	PLN		12,900	(d)		(112,862	)		44,683			(157,545	)
2.000(e)	6M EURO(f)	12/21/32	EUR		10,800	(d)		1,057,325			600,707			456,618

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (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 JIBAR(c)	9.500%(e)		12/21/32	ZAR	84,050(d)	$	(75,751	)	$	93,739	$	(169,490	)
2.000%(e)	6M EURO(f)		12/21/37	EUR	8,640(d)		1,148,440			617,099		531,341
TOTAL						$	4,684,128		$	2,732,125	$	1,952,003

(a) Payments made at monthly.

(b) Payments made at maturity.

(c) Payments made quarterly.

(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

(e) Payments made annually.

(f) Payments made semi-annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)	Credit Spread at September 30, 2022(b)	Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Arab Republic of Egypt, 4.550%, 09/20/23	1.000%	13.700%	Barclays Bank PLC		06/20/27		$1,630		$(619,157	)		$(306,126	)	$(313,031)
Ukraine Government, 7.375%, 09/25/32	5.000	0.000	Deutsche Bank AG (London)		12/20/23		—		5,133			(324	)	5,457
TOTAL									$(614,024	)		$(306,450	)	$(307,574)

(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, 2022(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%		53.310%		12/20/25	$	560	$	(397,067	)	$	(76,191	)		$  (320,876	)
ICE CD ITXEB 38		1.000		3.339		12/20/27		2,810		(279,411	)		(222,306	)		(57,105	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.523		12/20/26		6,790		144,442			128,839			15,603
Republic of Chile, 3.240%, 12/20/2027”		1.000		1.686		12/20/27		5,340		(165,622	)		(144,157	)		(21,465	)
Republic of Indonesia, 5.875%, 12/20/2027		1.000		1.574		12/20/27		14,090		(355,576	)		(131,715	)		(223,861	)
Republic of Panama, 8.875%, 12/20/2027”		1.000		1.830		12/20/27		2,260		(84,552	)		(71,520	)		(13,032	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at September 30, 2022(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Republic of Panama, 8.875%, 06/20/2027		1.000%		1.720%		06/20/27	$	2,360	$	(61,710	)	$	(26,397	)		$     (35,313	)
Republic of Peru, 8.750%, 06/20/2027		1.000		1.563		06/20/27		7,420		(162,950	)		15,595			(178,545	)
Republic of the Philippines, 10.625%, 12/20/2027		1.000		1.473		12/20/27		7,920		(168,405	)		(108,690	)		(59,715	)
United Mexican States, 4.150%, 12/20/2027”		1.000		1.952		12/20/27		17,080		(731,280	)		(506,042	)		(225,238	)
TOTAL									$	(2,262,131	)	$	(1,142,584	)		$(1,119,547	)

(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, 2022, 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	Citibank NA		2.400	%		07/28/2023		4,900,000		$	4,900,000		$	44,464			$ 164,150			$(119,686	)
1Y IRS	Deutsche Bank AG (London)		2.700			04/28/2023		6,050,000			6,050,000			56,886			224,661			(167,774	)
								10,950,000		$	10,950,000		$	101,350			$ 388,811			$(287,460	)
Puts
1Y IRS	Deutsche Bank AG (London)		3.000			05/05/2023		5,920,000			5,920,000			336,609			207,104			129,505
1Y IRS	Deutsche Bank AG (London)		2.960			09/05/2023		5,090,000			5,090,000			315,871			198,154			117,717
1Y IRS	JPMorgan Securities, Inc.		2.800			08/23/2023		5,090,000			5,090,000			360,165			183,772			176,394
								16,100,000		$	16,100,000		$	1,012,645			$ 589,030			$ 423,616
Total purchased option contracts								27,050,000		$	27,050,000		$	1,113,995			$ 977,841			$ 136,156
Written option contracts
Calls
1Y IRS	Citibank NA		1.750			07/28/2023		(4,900,000	)		(4,900,000	)		(16,648	)		(61,250	)		44,602
1Y IRS	Citibank NA		2.075			07/28/2023		(4,900,000	)		(4,900,000	)		(27,422	)		(102,900	)		75,478
1Y IRS	Deutsche Bank AG (London)		2.013			04/28/2023		(6,050,000	)		(6,050,000	)		(16,331	)		(85,585	)		69,254
1Y IRS	Deutsche Bank AG (London)		2.356			04/28/2023		(6,050,000	)		(6,050,000	)		(30,993	)		(139,076	)		108,082
								(21,900,000	)	$	(21,900,000	)	$	(91,394	)		$(388,811	)		$ 297,416

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (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
1Y IRS	Deutsche Bank AG (London)		3.891	%		05/05/2023		(5,920,000	)	$	(5,920,000	)	$	(120,546	)		$  (76,079	)		$  (44,467	)
1Y IRS	Deutsche Bank AG (London)		3.446			05/05/2023		(5,920,000	)		(5,920,000	)		(207,739	)		(131,025	)		(76,715	)
1Y IRS	Deutsche Bank AG (London)		3.405			09/05/2023		(5,090,000	)		(5,090,000	)		(210,959	)		(121,449	)		(89,510	)
1Y IRS	Deutsche Bank AG (London)		3.850			09/05/2023		(5,090,000	)		(5,090,000	)		(136,431	)		(76,705	)		(59,726	)
1Y IRS	JPMorgan Securities, Inc.		3.660			08/23/2023		(5,090,000	)		(5,090,000	)		(162,636	)		(70,313	)		(92,323	)
1Y IRS	JPMorgan Securities, Inc.		3.230			08/23/2023		(5,090,000	)		(5,090,000	)		(246,973	)		(113,459	)		(133,514	)
								(32,200,000	)	$	(32,200,000	)	$	(1,085,284	)		$(589,030	)		$(496,255	)
Total written option contracts								(54,100,000	)	$	(54,100,000	)	$	(1,176,678	)		$(977,841	)		$(198,839	)
TOTAL								(27,050,000	)	$	(27,050,000	)	$	(62,683	)		$          —			$  (62,683	)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call USD/Put NOK	Barclays Bank PLC		10.385	%		10/17/2022		2,662,000	$	2,662,000	$	126,653	$	21,642	$	105,011
Call USD/Put ZAR	BNP Paribas SA		17.929			10/07/2022		2,667,000		2,667,000		40,226		23,763		16,463
Call USD/Put ZAR	BNP Paribas SA		18.730			10/27/2022		4,784,000		4,784,000		38,846		47,424		(8,578	)
Call USD/Put HUF	BofA Securities LLC		447.000			10/20/2022		2,392,000		2,392,000		29,706		29,309		397
Call USD/Put TWD	BofA Securities LLC		30.850			10/04/2022		5,416,000		5,416,000		159,718		18,523		141,195
Call USD/Put ZAR	BofA Securities LLC		17.965			10/10/2022		2,674,000		2,674,000		41,995		23,341		18,654
Call USD/Put ZAR	BofA Securities LLC		18.300			10/18/2022		5,322,000		5,322,000		61,517		41,671		19,846
Call USD/Put ZAR	BofA Securities LLC		18.370			10/25/2022		2,498,000		2,498,000		31,959		24,235		7,724
Call USD/Put CNH	Citibank NA		7.245			10/20/2022		4,929,000		4,929,000		18,139		19,199		(1,060	)
Call USD/Put ILS	Citibank NA		3.519			10/20/2022		5,072,000		5,072,000		96,966		34,307		62,659
Call USD/Put INR	Citibank NA		82.200			10/21/2022		3,813,000		3,813,000		17,029		12,221		4,808
Call USD/Put KRW	Citibank NA		1,481.500			10/27/2022		2,392,000		2,392,000		10,077		15,210		(5,133	)
Call USD/Put NOK	Citibank NA		10.725			10/25/2022		2,498,000		2,498,000		66,692		22,580		44,112
Call USD/Put SEK	Deutsche Bank AG (London)		11.083			10/18/2022		2,661,000		2,661,000		42,028		17,478		24,550
Call USD/Put SEK	Deutsche Bank AG (London)		11.090			10/18/2022		2,661,000		2,661,000		41,219		17,028		24,191
Call USD/Put SEK	Deutsche Bank AG (London)		11.600			10/18/2022		2,465,000		2,465,000		9,384		22,227		(12,843	)
Call USD/Put ZAR	Deutsche Bank AG (London)		18.100			10/11/2022		2,638,000		2,638,000		32,677		20,566		12,111
Call USD/Put ZAR	Deutsche Bank AG (London)		18.760			10/27/2022		2,392,000		2,392,000		18,617		23,183		(4,566	)
Call USD/Put NOK	HSBC Bank PLC		11.018			11/02/2022		4,719,000		4,719,000		52,711		52,711		—
Call USD/Put BRL	JPMorgan Securities, Inc.		5.670			10/11/2022		4,845,000		4,845,000		21,405		82,610		(61,205	)
Call USD/Put KRW	JPMorgan Securities, Inc.		1,416.500			10/13/2022		2,670,000		2,670,000		45,745		16,949		28,796

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Call USD/Put NOK	JPMorgan Securities, Inc.		10.500	%		10/20/2022		2,638,000	$	2,638,000	$	104,146	$	23,352	$	80,794
Call USD/Put TRY	JPMorgan Securities, Inc.		18.770			10/13/2022		2,694,000		2,694,000		30,310		35,313		(5,003	)
Call USD/Put TWD	JPMorgan Securities, Inc.		31.960			10/24/2022		5,084,000		5,084,000		27,133		20,397		6,736
Call USD/Put BRL	MS & Co. Int. PLC		5.623			10/27/2022		2,422,000		2,422,000		31,612		25,450		6,162
Call USD/Put KRW	MS & Co. Int. PLC		1,386.100			10/04/2022		2,675,000		2,675,000		93,058		17,131		75,927
Call USD/Put NOK	MS & Co. Int. PLC		11.350			10/25/2022		2,392,000		2,392,000		16,196		20,193		(3,997	)
Call USD/Put CNH	Standard Chartered Bank		7.130			10/20/2022		5,072,000		5,072,000		45,349		18,665		26,684
Call USD/Put INR	Standard Chartered Bank		80.950			10/17/2022		2,662,000		2,662,000		27,216		6,631		20,585
Call USD/Put KRW	Standard Chartered Bank		1,412.800			10/11/2022		4,001,000		4,001,000		73,986		28,463		45,523
Call USD/Put TWD	Standard Chartered Bank		31.400			10/13/2022		5,340,000		5,340,000		63,834		18,716		45,118
Call USD/Put NOK	UBS AG (London)		10.350			10/05/2022		2,670,000		2,670,000		129,495		15,753		113,742
Call USD/Put SEK	UBS AG (London)		11.055			10/20/2022		2,638,000		2,638,000		46,363		20,999		25,364
Call USD/Put ZAR	UBS AG (London)		17.710			10/12/2022		2,692,000		2,692,000		70,218		18,978		51,240
								115,150,000	$	115,150,000	$	1,762,225	$	856,218	$	906,007
Puts
Put GBP/Call USD	Barclays Bank PLC		1.110			10/20/2022		4,444,000		4,444,000		78,230		31,386		46,844
Put EUR/Call USD	BNP Paribas SA		0.995			10/12/2022		2,681,000		2,681,000		47,314		12,978		34,336
Put EUR/Call USD	BNP Paribas SA		0.976			10/24/2022		2,573,000		2,573,000		28,361		17,950		10,411
Put EUR/Call USD	BofA Securities LLC		0.974			10/24/2022		2,573,000		2,573,000		26,404		15,448		10,956
Put EUR/Call USD	BofA Securities LLC		0.947			10/24/2022		2,511,000		2,511,000		9,118		15,193		(6,075	)
Put NZD/Call USD	BofA Securities LLC		0.585			10/17/2022		4,423,000		4,423,000		110,214		19,639		90,575
Put NZD/Call USD	Citibank NA		0.543			10/26/2022		4,224,000		4,224,000		16,758		18,979		(2,221	)
Put EUR/Call USD	Credit Suisse International		0.982			10/07/2022		5,325,000		5,325,000		43,029		24,672		18,357
Put GBP/Call USD	Deutsche Bank AG (London)		1.134			10/11/2022		2,333,000		2,333,000		58,728		15,623		43,105
Put GBP/Call USD	Deutsche Bank AG (London)		1.105			10/24/2022		2,243,000		2,243,000		38,333		15,033		23,300
Put EUR/Call USD	HSBC Bank PLC		0.977			10/05/2022		5,353,000		5,353,000		25,701		37,084		(11,383	)
Put NZD/Call USD	HSBC Bank PLC		0.591			10/11/2022		8,818,965		8,818,965		263,873		44,553		219,320
Put NZD/Call USD	HSBC Bank PLC		0.556			10/20/2022		6,415,000		6,415,000		43,251		24,433		18,818
Put NZD/Call USD	HSBC Bank PLC		0.572			10/25/2022		8,651,000		8,651,000		136,449		43,284		93,165
Put GBP/Call USD	MS & Co. Int. PLC		1.116			10/19/2022		3,474,198		3,474,198		69,110		31,002		38,108
Put GBP/Call USD	MS & Co. Int. PLC		1.090			10/25/2022		8,873,000		8,873,000		114,279		76,165		38,114
Put GBP/Call USD	MS & Co. Int. PLC		1.062			10/25/2022		8,873,000		8,873,000		63,980		75,818		(11,838	)
Put NZD/Call USD	MS & Co. Int. PLC		0.580			10/20/2022		6,654,000		6,654,000		140,120		32,450		107,670
Put EUR/Call USD	Standard Chartered Bank		0.998			10/12/2022		2,681,000		2,681,000		53,034		13,355		39,679
Put EUR/Call USD	Standard Chartered Bank		0.942			10/24/2022		2,486,000		2,486,000		7,580		18,113		(10,533	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Put EUR/Call USD	Standard Chartered Bank		0.962	%		10/25/2022		5,090,000		$	5,090,000		$	33,652		$	31,798		$	1,854
Put GBP/Call USD	Standard Chartered Bank		1.125			10/05/2022		4,634,000			4,634,000			69,566			40,677			28,889
Put NZD/Call USD	Standard Chartered Bank		0.567			10/26/2022		4,280,000			4,280,000			54,946			21,785			33,161
Put NZD/Call USD	UBS AG (London)		0.598			10/12/2022		4,409,000			4,409,000			161,855			16,286			145,569
								114,022,163		$	114,022,163		$	1,693,885		$	693,704		$	1,000,181
Total purchased option contracts								229,172,163		$	229,172,163		$	3,456,110		$	1,549,922		$	1,906,188
Written option contracts
Calls
Call EUR/Put CZK	Barclays Bank PLC		24.700			10/07/2022		(1,347,000	)		(1,347,000	)		(2,197	)		(9,303	)		7,106
Call USD/Put SGD	Barclays Bank PLC		1.404			10/17/2022		(1,331,000	)		(1,331,000	)		(30,618	)		(9,929	)		(20,689	)
Call EUR/Put USD	BNP Paribas SA		1.037			10/12/2022		(2,681,000	)		(2,681,000	)		(547	)		(11,486	)		10,939
Call USD/Put ZAR	BNP Paribas SA		18.205			10/27/2022		(2,392,000	)		(2,392,000	)		(40,391	)		(46,005	)		5,614
Call USD/Put TWD	BofA Securities LLC		30.500			10/04/2022		(2,708,000	)		(2,708,000	)		(109,666	)		(19,498	)		(90,168	)
Call USD/Put TWD	BofA Securities LLC		31.640			11/02/2022		(1,180,000	)		(1,180,000	)		(10,862	)		(10,862	)		—
Call USD/Put ZAR	BofA Securities LLC		17.965			10/10/2022		(2,674,000	)		(2,674,000	)		(30,879	)		(30,879	)		—
Call USD/Put ZAR	BofA Securities LLC		17.710			10/12/2022		(2,692,000	)		(2,692,000	)		(70,218	)		(51,772	)		(18,446	)
Call EUR/Put CZK	Citibank NA		24.710			10/26/2022		(1,270,000	)		(1,270,000	)		(6,578	)		(8,050	)		1,472
Call EUR/Put SEK	Citibank NA		10.730			10/05/2022		(1,338,000	)		(1,338,000	)		(18,201	)		(10,509	)		(7,692	)
Call USD/Put CNH	Citibank NA		7.130			10/20/2022		(5,072,000	)		(5,072,000	)		(45,349	)		(52,064	)		6,715
Call USD/Put INR	Citibank NA		80.950			10/17/2022		(2,662,000	)		(2,662,000	)		(27,216	)		(19,499	)		(7,717	)
Call USD/Put KRW	Citibank NA		1,416.500			10/13/2022		(2,670,000	)		(2,670,000	)		(45,745	)		(56,836	)		11,091
Call USD/Put NOK	Citibank NA		10.350			10/05/2022		(2,670,000	)		(2,670,000	)		(129,495	)		(46,151	)		(83,344	)
Call USD/Put SGD	Citibank NA		1.398			10/04/2022		(1,338,000	)		(1,338,000	)		(35,848	)		(8,885	)		(26,963	)
Call EUR/Put CHF	Credit Suisse International		0.980			10/04/2022		(1,346,000	)		(1,346,000	)		(848	)		(14,863	)		14,015
Call USD/Put SEK	Credit Suisse International		10.910			10/25/2022		(1,273,000	)		(1,273,000	)		(8,892	)		(9,343	)		451
Call GBP/Put USD	Deutsche Bank AG (London)		1.190			10/11/2022		(2,333,000	)		(2,333,000	)		(1,672	)		(13,080	)		11,408
Call USD/Put INR	Deutsche Bank AG (London)		79.800			10/17/2022		(1,331,000	)		(1,331,000	)		(28,555	)		(8,577	)		(19,978	)
Call USD/Put SEK	Deutsche Bank AG (London)		11.083			10/18/2022		(2,661,000	)		(2,661,000	)		(42,028	)		(78,401	)		36,373
Call USD/Put ZAR	Deutsche Bank AG (London)		18.100			10/11/2022		(2,638,000	)		(2,638,000	)		(32,677	)		(40,156	)		7,479
Call EUR/Put SEK	HSBC Bank PLC		10.688			10/17/2022		(1,331,000	)		(1,331,000	)		(24,599	)		(10,777	)		(13,822	)
Call EUR/Put USD	HSBC Bank PLC		0.981			12/01/2022		(1,208,000	)		(1,208,000	)		(25,297	)		(25,297	)		—
Call USD/Put CNH	HSBC Bank PLC		6.965			10/13/2022		(1,335,000	)		(1,335,000	)		(32,822	)		(8,704	)		(24,118	)
Call USD/Put NOK	HSBC Bank PLC		10.654			11/02/2022		(2,359,000	)		(2,359,000	)		(52,759	)		(52,759	)		—
Call USD/Put SGD	HSBC Bank PLC		1.405			10/10/2022		(1,337,000	)		(1,337,000	)		(29,227	)		(8,557	)		(20,670	)
Call USD/Put SGD	HSBC Bank PLC		1.433			10/27/2022		(1,211,000	)		(1,211,000	)		(11,930	)		(10,203	)		(1,727	)
Call EUR/Put CHF	JPMorgan Securities, Inc.		0.965			10/24/2022		(1,287,000	)		(1,287,000	)		(14,472	)		(12,899	)		(1,573	)
Call EUR/Put PLN	JPMorgan Securities, Inc.		4.735			10/13/2022		(1,333,000	)		(1,333,000	)		(37,639	)		(14,113	)		(23,526	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Call USD/Put BRL	JPMorgan Securities, Inc.		5.408	%		10/11/2022		(2,422,000	)	$	(2,422,000	)	$	(40,602	)		$     (82,835	)		$  42,233
Call USD/Put CNH	JPMorgan Securities, Inc.		7.140			10/27/2022		(1,211,000	)		(1,211,000	)		(11,014	)		(10,100	)		(914	)
Call USD/Put KRW	JPMorgan Securities, Inc.		1,386.100			10/04/2022		(2,675,000	)		(2,675,000	)		(93,058	)		(34,248	)		(58,810	)
Call USD/Put TWD	JPMorgan Securities, Inc.		31.400			10/13/2022		(5,340,000	)		(5,340,000	)		(63,834	)		(48,252	)		(15,582	)
Call USD/Put ZAR	JPMorgan Securities, Inc.		17.929			10/07/2022		(2,667,000	)		(2,667,000	)		(40,226	)		(35,657	)		(4,569	)
Call EUR/Put CZK	MS & Co. Int. PLC		24.600			10/13/2022		(1,333,000	)		(1,333,000	)		(5,844	)		(6,745	)		901
Call EUR/Put PLN	MS & Co. Int. PLC		4.735			10/07/2022		(1,347,000	)		(1,347,000	)		(35,799	)		(13,375	)		(22,424	)
Call EUR/Put SEK	MS & Co. Int. PLC		10.635			10/12/2022		(1,340,000	)		(1,340,000	)		(29,970	)		(10,036	)		(19,934	)
Call EUR/Put USD	MS & Co. Int. PLC		0.965			10/03/2022		(1,270,000	)		(1,270,000	)		(21,382	)		(9,779	)		(11,603	)
Call USD/Put INR	MS & Co. Int. PLC		79.970			10/07/2022		(1,334,000	)		(1,334,000	)		(23,984	)		(7,713	)		(16,271	)
Call USD/Put INR	MS & Co. Int. PLC		81.900			11/03/2022		(1,190,000	)		(1,190,000	)		(9,069	)		(11,557	)		2,488
Call USD/Put NOK	MS & Co. Int. PLC		10.385			10/17/2022		(2,662,000	)		(2,662,000	)		(110,593	)		(110,593	)		—
Call USD/Put NOK	MS & Co. Int. PLC		10.725			10/25/2022		(2,498,000	)		(2,498,000	)		(66,692	)		(77,968	)		11,276
Call USD/Put TWD	MS & Co. Int. PLC		30.500			10/04/2022		(1,338,000	)		(1,338,000	)		(54,185	)		(8,484	)		(45,701	)
Call USD/Put TWD	MS & Co. Int. PLC		30.980			10/13/2022		(1,347,000	)		(1,347,000	)		(31,589	)		(8,818	)		(22,771	)
Call EUR/Put USD	Standard Chartered Bank		1.040			10/12/2022		(2,681,000	)		(2,681,000	)		(431	)		(11,578	)		11,147
Call USD/Put TWD	Standard Chartered Bank		30.850			10/04/2022		(5,416,000	)		(5,416,000	)		(159,718	)		(53,202	)		(106,516	)
Call USD/Put TWD	Standard Chartered Bank		31.290			10/20/2022		(1,319,000	)		(1,319,000	)		(20,619	)		(11,885	)		(8,734	)
Call EUR/Put CHF	UBS AG (London)		0.973			10/12/2022		(1,340,000	)		(1,340,000	)		(6,285	)		(13,338	)		7,053
Call EUR/Put CHF	UBS AG (London)		0.960			10/25/2022		(1,273,000	)		(1,273,000	)		(18,395	)		(13,248	)		(5,147	)
Call NZD/Put USD	UBS AG (London)		0.629			10/12/2022		(4,409,000	)		(4,409,000	)		(27	)		(14,365	)		14,338
								(103,420,000	)	$	(103,420,000	)	$	(1,790,543	)		$(1,293,233	)		$  (497,310	)
Puts
Put EUR/Call CZK	Barclays Bank PLC		24.700			10/07/2022		(1,347,000	)		(1,347,000	)		(6,040	)		(5,488	)		(552	)
Put GBP/Call USD	Barclays Bank PLC		1.125			10/05/2022		(4,634,000	)		(4,634,000	)		(69,566	)		(35,656	)		(33,910	)
Put USD/Call NOK	Barclays Bank PLC		9.803			10/17/2022		(2,662,000	)		(2,662,000	)		(346	)		(13,709	)		13,363
Put USD/Call SGD	Barclays Bank PLC		1.404			10/17/2022		(1,331,000	)		(1,331,000	)		(1,166	)		(8,039	)		6,873
Put EUR/Call USD	BNP Paribas SA		0.995			10/12/2022		(2,681,000	)		(2,681,000	)		(47,314	)		(34,347	)		(12,967	)
Put USD/Call ZAR	BNP Paribas SA		16.935			10/07/2022		(2,667,000	)		(2,667,000	)		(104	)		(14,002	)		13,898
Put EUR/Call USD	BofA Securities LLC		0.998			10/12/2022		(2,681,000	)		(2,681,000	)		(53,034	)		(37,702	)		(15,332	)
Put EUR/Call USD	BofA Securities LLC		0.974			10/24/2022		(2,573,000	)		(2,573,000	)		(26,404	)		(43,615	)		17,211
Put USD/Call HUF	BofA Securities LLC		388.750			10/20/2022		(2,638,000	)		(2,638,000	)		(1,617	)		(21,096	)		19,479
Put USD/Call TWD	BofA Securities LLC		31.640			11/02/2022		(1,180,000	)		(1,180,000	)		(10,862	)		(10,862	)		—
Put USD/Call ZAR	BofA Securities LLC		17.180			10/18/2022		(5,322,000	)		(5,322,000	)		(6,860	)		(35,551	)		28,691
Put EUR/Call CZK	Citibank NA		24.710			10/26/2022		(1,270,000	)		(1,270,000	)		(6,597	)		(5,151	)		(1,446	)
Put EUR/Call SEK	Citibank NA		10.730			10/05/2022		(1,338,000	)		(1,338,000	)		(291	)		(9,778	)		9,487
Put NZD/Call USD	Citibank NA		0.567			10/26/2022		(4,280,000	)		(4,280,000	)		(54,946	)		(57,089	)		2,143
Put USD/Call SGD	Citibank NA		1.398			10/04/2022		(1,338,000	)		(1,338,000	)		(5	)		(7,673	)		7,668
Put EUR/Call CHF	Credit Suisse International		0.980			10/04/2022		(1,346,000	)		(1,346,000	)		(17,993	)		(12,453	)		(5,540	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Put EUR/Call SEK	Credit Suisse International		10.910	%		10/25/2022		(1,273,000	)	$	(1,273,000	)	$	(11,872	)	$	(10,860	)	$        (1,012)
Put GBP/Call USD	Deutsche Bank AG (London)		1.134			10/11/2022		(2,333,000	)		(2,333,000	)		(58,728	)		(32,692	)	(26,036)
Put USD/Call INR	Deutsche Bank AG (London)		79.800			10/17/2022		(1,331,000	)		(1,331,000	)		(962	)		(6,914	)	5,952
Put USD/Call SEK	Deutsche Bank AG (London)		10.493			10/18/2022		(2,661,000	)		(2,661,000	)		(3,220	)		(15,069	)	11,849
Put USD/Call SEK	Deutsche Bank AG (London)		10.500			10/18/2022		(2,661,000	)		(2,661,000	)		(3,356	)		(15,421	)	12,065
Put EUR/Call SEK	HSBC Bank PLC		10.688			10/17/2022		(1,331,000	)		(1,331,000	)		(1,370	)		(9,048	)	7,678
Put EUR/Call USD	HSBC Bank PLC		0.977			10/05/2022		(5,353,000	)		(5,353,000	)		(25,701	)		(17,845	)	(7,856)
Put EUR/Call USD	HSBC Bank PLC		0.981			12/01/2022		(1,208,000	)		(1,208,000	)		(25,297	)		(25,297	)	—
Put NZD/Call USD	HSBC Bank PLC		0.591			10/11/2022		(8,818,965	)		(8,818,965	)		(263,873	)		(98,932	)	(164,941)
Put NZD/Call USD	HSBC Bank PLC		0.580			10/20/2022		(6,654,000	)		(6,654,000	)		(140,120	)		(90,578	)	(49,542)
Put USD/Call CNH	HSBC Bank PLC		6.965			10/13/2022		(1,335,000	)		(1,335,000	)		(39,369	)		(8,704	)	(30,665)
Put USD/Call SGD	HSBC Bank PLC		1.405			10/10/2022		(1,337,000	)		(1,337,000	)		(489	)		(8,556	)	8,067
Put USD/Call SGD	HSBC Bank PLC		1.433			10/27/2022		(1,211,000	)		(1,211,000	)		(9,271	)		(10,202	)	931
Put EUR/Call CHF	JPMorgan Securities, Inc.		0.965			10/24/2022		(1,287,000	)		(1,287,000	)		(11,796	)		(14,353	)	2,557
Put EUR/Call PLN	JPMorgan Securities, Inc.		4.735			10/13/2022		(1,333,000	)		(1,333,000	)		(1,255	)		(10,275	)	9,020
Put USD/Call CNH	JPMorgan Securities, Inc.		7.140			10/27/2022		(1,211,000	)		(1,211,000	)		(11,971	)		(10,100	)	(1,871)
Put USD/Call NOK	JPMorgan Securities, Inc.		9.950			10/20/2022		(2,638,000	)		(2,638,000	)		(1,092	)		(16,572	)	15,480
Put EUR/Call CZK	MS & Co. Int. PLC		24.600			10/13/2022		(1,333,000	)		(1,333,000	)		(5,844	)		(6,745	)	901
Put EUR/Call PLN	MS & Co. Int. PLC		4.735			10/07/2022		(1,347,000	)		(1,347,000	)		(541	)		(13,375	)	12,834
Put EUR/Call SEK	MS & Co. Int. PLC		10.635			10/12/2022		(1,340,000	)		(1,340,000	)		(347	)		(10,037	)	9,690
Put EUR/Call USD	MS & Co. Int. PLC		0.965			10/03/2022		(1,270,000	)		(1,270,000	)		(998	)		(9,779	)	8,781
Put GBP/Call USD	MS & Co. Int. PLC		1.110			10/20/2022		(4,444,000	)		(4,444,000	)		(78,230	)		(195,791	)	117,561
Put GBP/Call USD	MS & Co. Int. PLC		1.105			10/24/2022		(2,243,000	)		(2,243,000	)		(36,367	)		(78,685	)	42,318
Put GBP/Call USD	MS & Co. Int. PLC		1.112			10/25/2022		(4,436,000	)		(4,436,000	)		(88,763	)		(70,169	)	(18,594)
Put GBP/Call USD	MS & Co. Int. PLC		1.090			10/25/2022		(8,873,000	)		(8,873,000	)		(114,279	)		(156,246	)	41,967
Put NZD/Call USD	MS & Co. Int. PLC		0.598			10/12/2022		(4,409,000	)		(4,409,000	)		(161,855	)		(49,533	)	(112,322)
Put USD/Call BRL	MS & Co. Int. PLC		5.149			10/27/2022		(2,422,000	)		(2,422,000	)		(21,459	)		(21,912	)	453
Put USD/Call INR	MS & Co. Int. PLC		79.970			10/07/2022		(1,334,000	)		(1,334,000	)		(264	)		(7,712	)	7,448
Put USD/Call INR	MS & Co. Int. PLC		81.900			11/03/2022		(1,190,000	)		(1,190,000	)		(12,170	)		(11,557	)	(613)
Put USD/Call TWD	MS & Co. Int. PLC		30.500			10/04/2022		(1,338,000	)		(1,338,000	)		(1	)		(8,483	)	8,482
Put USD/Call TWD	MS & Co. Int. PLC		30.980			10/13/2022		(1,347,000	)		(1,347,000	)		(556	)		(8,817	)	8,261
Put EUR/Call USD	Standard Chartered Bank		0.982			10/07/2022		(5,325,000	)		(5,325,000	)		(43,029	)		(58,969	)	15,940
Put EUR/Call USD	Standard Chartered Bank		0.976			10/24/2022		(2,573,000	)		(2,573,000	)		(28,361	)		(59,295	)	30,934
Put NZD/Call USD	Standard Chartered Bank		0.585			10/17/2022		(4,423,000	)		(4,423,000	)		(110,214	)		(50,295	)	(59,919)
Put USD/Call INR	Standard Chartered Bank		79.250			10/17/2022		(2,662,000	)		(2,662,000	)		(862	)		(5,965	)	5,103
Put USD/Call TWD	Standard Chartered Bank		31.290			10/20/2022		(1,319,000	)		(1,319,000	)		(3,026	)		(8,844	)	5,818

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Put EUR/Call CHF	UBS AG (London)		0.973	%		10/12/2022		(1,340,000	)	$	(1,340,000	)	$	(14,048	)		$     (14,992	)	$          944
Put EUR/Call CHF	UBS AG (London)		0.960			10/25/2022		(1,273,000	)		(1,273,000	)		(9,323	)		(13,248	)	3,925
Put NZD/Call USD	UBS AG (London)		0.572			10/25/2022		(4,325,500	)		(4,325,500	)		(68,224	)		(42,760	)	(25,464)
Put USD/Call SEK	UBS AG (London)		10.560			10/20/2022		(2,638,000	)		(2,638,000	)		(5,429	)		(14,667	)	9,238
Put USD/Call ZAR	UBS AG (London)		16.675			10/12/2022		(2,692,000	)		(2,692,000	)		(186	)		(16,744	)	16,558
								(149,160,465	)	$	(149,160,465	)	$	(1,717,263	)		$(1,688,249	)	$   (29,014)
Total written option contracts								(252,580,465	)	$	(252,580,465	)	$	(3,507,806	)		$(2,981,482	)	$ (526,324)
TOTAL								(23,408,302	)	$	(23,408,302	)	$	(51,696	)		$(1,431,560	)	$1,379,864

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazil Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
CNY	—Chinese Yuan Renminbi
COP	—Colombia Peso
CZK	—Czech Republic Koruna
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesia 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
SEK	—Swedish Krona
SGD	—Singapore Dollar
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand

Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
LLC	—Limited Liability Company
MTN	—Medium Term Note
NR	—Not Rated
PLC	—Public Limited Company
WR	—Withdrawn Rating

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
1M IRS	—1 Month Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
BofA Securities LLC	—Bank of America Securities LLC
EURO	—Euro Offered Rate
HIBOR	—Hong Kong Interbank Offered Rate
ICE	—Inter-Continental Exchange
ICE CD ITXEB	—iTraxx Europe Index
JIBAR	—Johannesburg Interbank Agreed Rate
KWCDC	—South Korean Won Certificate of Deposit
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
SOFR	—Secured Overnight Funding Rate
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 85.9%
Advertising(a) – 0.4%
Lamar Media Corp. (BB/Ba3)
$	3,289,000		3.625	%	01/15/31	$	2,613,834
Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/B2)
	1,609,000		4.250	(b)	01/15/29		1,263,065
	2,829,000		4.625	(b)	03/15/30		2,206,733
							6,083,632
Aerospace & Defense(a) – 2.7%
Bombardier, Inc. (B-/B3)
	1,900,000		7.500	(b)	12/01/24		1,887,954
Howmet Aerospace, Inc. (BB+/Ba1)
	39,000		6.875		05/01/25		39,262
	3,040,000		3.000		01/15/29		2,485,200
Moog, Inc. (BB/Ba3)
	3,004,000		4.250	(b)	12/15/27		2,659,922
Spirit AeroSystems, Inc. (B/B2)
	4,849,000		7.500	(b)	04/15/25		4,572,462
Spirit AeroSystems, Inc. (BB-/Ba2)
	1,014,000		5.500	(b)	01/15/25		958,230
Spirit AeroSystems, Inc. (CCC+/Caa1)
	2,285,000		4.600		06/15/28		1,650,753
TransDigm UK Holdings PLC (B-/B3)
	220,000		6.875		05/15/26		209,246
TransDigm, Inc. (B-/B3)
	1,200,000		7.500		03/15/27		1,142,784
	7,095,000		5.500		11/15/27		6,161,795
	3,570,000		4.625		01/15/29		2,882,489
	8,868,000		4.875		05/01/29		7,148,140
Triumph Group, Inc. (CCC-/Caa1)
	3,886,000		6.250	(b)(c)	09/15/24		3,539,835
Triumph Group, Inc. (CCC-/Caa3)
	5,955,000		7.750	(c)	08/15/25		4,640,255
							39,978,327
Airlines – 0.8%
Allegiant Travel Co. (BB-/Ba3)
	2,430,000		7.250	(a)(b)	08/15/27		2,293,531
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3)
	6,807,223		5.750	(a)(b)	01/20/26		6,015,475
United Continental Holdings, Inc. (B/Ba3)
	2,875,000		5.000		02/01/24		2,795,420
							11,104,426
Automotive – 4.8%
American Axle & Manufacturing, Inc. (B+/B2)
	101,000		6.250	(a)	03/15/26		93,466
	224,000		6.500	(a)	04/01/27		189,909
	1,731,000		6.875	(a)(c)	07/01/28		1,498,579
	3,110,000		5.000	(a)(c)	10/01/29		2,356,758
Clarios Global LP/Clarios U.S. Finance Co. (CCC+/Caa1)
	3,782,000		8.500	(a)(b)	05/15/27		3,614,609
Clarios Global LP/Clarios US Finance Co. (B/B1)
EUR	836,000		4.375	(a)	05/15/26		724,371

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – (continued)
Dana Financing Luxembourg S.a.r.l. (BB/B1)
EUR	1,175,000		3.000	%(a)(b)	07/15/29	$	831,414
$	2,380,000		5.750	(a)(b)	04/15/25		2,268,235
Dana, Inc. (BB/B1)
	4,243,000		5.375	(a)	11/15/27		3,595,009
	1,205,000		4.250	(a)	09/01/30		885,832
Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)
	5,849,000		8.000	(a)(b)	02/01/28		5,161,450
Dornoch Debt Merger Sub, Inc. (CCC/Caa1)
	5,333,000		6.625	(a)(b)	10/15/29		3,907,116
Ford Motor Co. (BB+/Ba2)
	2,567,000		3.250	(a)	02/12/32		1,848,907
	7,341,000		4.750		01/15/43		4,881,178
Ford Motor Credit Co. LLC (BB+/Ba2)
	1,350,000		4.687	(a)	06/09/25		1,255,014
	3,020,000		3.375	(a)	11/13/25		2,671,552
	5,425,000		4.950	(a)	05/28/27		4,852,663
	2,803,000		3.815	(a)	11/02/27		2,354,128
	2,010,000		2.900	(a)	02/16/28		1,582,895
	2,380,000		4.000	(a)	11/13/30		1,856,400
	4,307,000		3.625	(a)	06/17/31		3,200,661
General Motors Financial Co., Inc. (BBB/Baa3)
	3,540,000		2.350	(a)	01/08/31		2,575,031
IHO Verwaltungs GmbH (BB-/Ba2)(d)
	900,000		6.000	(a)(b)	05/15/27		789,759
	2,985,000		6.375	(a)(b)	05/15/29		2,585,965
(PIK 5.500%, Cash 4.750%)
	2,695,000		4.750	(a)(b)	09/15/26		2,287,624
Tenneco, Inc. (B+/Ba3)
	3,755,000		5.125	(a)(b)	04/15/29		3,717,112
The Goodyear Tire & Rubber Co. (BB-/NR)
	2,371,000		5.000	(a)(c)	07/15/29		1,942,371
The Goodyear Tire & Rubber Co. (BB-/B2)
	3,830,000		9.500	(a)	05/31/25		3,978,451
	2,371,000		5.250	(a)	07/15/31		1,897,250
							69,403,709
Banks – 2.1%
Banco Mercantil del Norte SA (BB-/Ba2) (5 year CMT + 4.643%)
	1,580,000		5.875	(a)(b)(e)	12/31/99		1,286,021
Bank of America Corp. (BBB+/Baa1) (5 year CMT + 1.200%)
	3,565,000		2.482	(a)(e)	09/21/36		2,579,277
Barclays PLC (B+/Ba2) (5 year CMT + 5.672%)
	3,937,000		8.000	(a)(e)	12/31/99		3,648,969
Citigroup, Inc. (BB+/Ba1) (3M USD LIBOR + 3.423%)
	4,002,000		6.300	(a)(e)	12/29/49		3,746,632
(5 year CMT + 3.597%)
	931,000		4.000	(a)(e)	12/31/99		785,578
Credit Suisse Group AG (B+/Ba3u) (5 year CMT + 3.554%)
	900,000		4.500	(a)(b)(e)	12/31/99		537,426
(5 year CMT + 4.889%)
	1,075,000		5.250	(a)(b)(e)	12/31/99		758,434

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Credit Suisse Group AG (BB-/NR) (5 year USD Swap + 3.455%)
$	1,129,000		6.250	%(a)(e)	12/29/49	$	969,077
Deutsche Bank AG (BB-/Ba3) (5 year CMT + 4.524%)
	1,800,000		6.000	(a)(e)	12/31/99		1,347,552
Deutsche Bank AG (BB+/Ba1) (SOFR + 2.757%)
	2,225,000		3.729	(a)(e)	01/14/32		1,516,671
Intesa Sanpaolo SpA (BB+/Ba1)
	2,350,000		5.017	(b)	06/26/24		2,193,514
	3,120,000		5.710	(b)	01/15/26		2,847,655
Morgan Stanley, Inc. (BBB+/Baa1) (SOFR + 1.360%)
	3,575,000		2.484	(a)(e)	09/16/36		2,561,738
Standard Chartered PLC (BB-/Ba1) (5 year CMT + 3.805%)
	2,610,000		4.750	(a)(b)(e)	12/31/99		1,712,082
The PNC Financial Services Group, Inc. (BBB-/Baa2) (5 year CMT + 3.238%)
	2,445,000		6.200	(a)(e)	12/31/99		2,317,567
UniCredit SpA (BB+/Baa3) (5 year CMT + 4.750%)
	3,415,000		5.459	(a)(b)(e)	06/30/35		2,539,326
							31,347,519
Beverages(a)(b) – 0.2%
Primo Water Holdings, Inc. (B/B1)
	3,300,000		4.375		04/30/29		2,734,083
Building Materials(a) – 1.8%
Builders FirstSource, Inc. (BB-/Ba2)
	5,180,000		5.000	(b)	03/01/30		4,402,016
Carrier Global Corp. (BBB/Baa3)
	3,485,000		3.377		04/05/40		2,516,519
CP Atlas Buyer, Inc. (CCC/Caa2)
	7,292,000		7.000	(b)(c)	12/01/28		5,423,060
JELD-WEN, Inc. (BB-/B2)
	2,088,000		4.875	(b)	12/15/27		1,498,182
Masonite International Corp. (BB+/Ba1)
	3,939,000		5.375	(b)	02/01/28		3,484,242
	1,241,000		3.500	(b)	02/15/30		960,273
SRM Escrow Issuer LLC (B+/Ba3)
	6,599,000		6.000	(b)	11/01/28		5,370,530
Standard Industries, Inc. (BB/B1)
	1,880,000		5.000	(b)	02/15/27		1,663,217
	950,000		4.750	(b)	01/15/28		804,014
							26,122,053
Chemicals – 4.3%
Ashland LLC (BB+/Ba1)
	2,340,000		3.375	(a)(b)	09/01/31		1,809,522
ASP Unifrax Holdings, Inc. (CCC+/Caa2)
	5,076,000		7.500	(a)(b)(c)	09/30/29		3,350,160
Avient Corp. (BB-/Ba3)
	2,660,000		7.125	(a)(b)	08/01/30		2,465,527
Axalta Coating Systems LLC (BB-/B1)
	2,760,000		3.375	(a)(b)	02/15/29		2,161,660
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. (BB-/B1)
	2,930,000		4.750	(a)(b)(c)	06/15/27		2,620,094

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – (continued)
Diamond BC BV (B/Caa1)
$	2,625,000		4.625	%(a)(b)	10/01/29	$	1,863,514
Herens Holdco S.a.r.l. (B/B2)
	6,437,000		4.750	(a)(b)	05/15/28		5,266,110
Ingevity Corp. (NR/Ba3)
	2,946,000		3.875	(a)(b)	11/01/28		2,436,489
Minerals Technologies, Inc. (BB-/Ba3)
	3,421,000		5.000	(a)(b)	07/01/28		2,984,104
Olympus Water US Holding Corp. (B-/B2)
EUR	750,000		3.875	(a)(b)	10/01/28		560,415
$	4,335,000		4.250	(a)(b)	10/01/28		3,330,710
Olympus Water US Holding Corp. (CCC+/Caa2)
	658,000		6.250	(a)(b)	10/01/29		450,513
Polar U.S. Borrower LLC/Schenectady International Group, Inc. (CCC+/Caa2)
	5,619,000		6.750	(a)(b)	05/15/26		3,156,642
SPCM SA (BB+/Ba1)
	1,555,000		3.125	(a)(b)	03/15/27		1,359,910
	3,870,000		3.375	(a)(b)	03/15/30		3,027,656
The Chemours Co. (BB/B1)
	263,000		5.375	(a)	05/15/27		228,878
	1,415,000		5.750	(a)(b)	11/15/28		1,156,904
	5,700,000		4.625	(a)(b)	11/15/29		4,239,831
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (B/B2)
	1,840,000		5.375	(a)(b)	09/01/25		1,488,615
	3,325,000		5.125	(a)(b)	04/01/29		1,961,850
Tronox, Inc. (BB-/B1)
	5,297,000		4.625	(a)(b)	03/15/29		3,919,250
Valvoline, Inc. (BB-/Ba3)
	2,095,000		4.250	(a)(b)	02/15/30		1,980,466
	1,946,000		3.625	(a)(b)	06/15/31		1,445,022
Vibrantz Technologies, Inc. (CCC+/Caa2)
	2,910,000		9.000	(a)(b)	02/15/30		1,894,876
WR Grace Holdings LLC (B/B1)
	4,548,000		5.625	(b)	10/01/24		4,427,569
	2,278,000		4.875	(a)(b)	06/15/27		1,962,543
WR Grace Holdings LLC (CCC+/B3)
	950,000		5.625	(a)(b)	08/15/29		717,278
							62,266,108
Commercial Services(b) – 4.1%
Allied Universal Holdco LLC/Allied Universal Finance Corp. (CCC+/Caa1)
	4,498,000		9.750	(a)	07/15/27		3,703,608
	955,000		6.000	(a)	06/01/29		619,642
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l. (B/B2)
	4,100,000		4.625	%(a)	06/01/28		3,116,084
APi Group DE, Inc. (B/B1)
	5,388,000		4.125	(a)	07/15/29		4,292,404
	1,804,000		4.750	(a)	10/15/29		1,477,260
APX Group, Inc. (B/B1)
	1,200,000		6.750	(a)	02/15/27		1,126,656

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)
Commercial Services(b) – (continued)
APX Group, Inc. (CCC/Caa1)
$	7,395,000		5.750	%(a)	07/15/29	$	5,852,921
BCP V Modular Services Finance II PLC (B/B2)
EUR	1,780,000		4.750	(a)	11/30/28		1,400,685
CoreLogic, Inc. (B-/B2)
$	973,000		4.500	(a)	05/01/28		661,971
Gartner, Inc. (BB+/Ba1)
	2,202,000		3.625	(a)	06/15/29		1,844,858
Herc Holdings, Inc. (B+/B1)
	3,019,000		5.500	(a)	07/15/27		2,717,342
MPH Acquisition Holdings LLC (B-/B3)
	8,662,000		5.750	(a)(c)	11/01/28		6,521,706
NESCO Holdings II, Inc. (B/B3)
	3,800,000		5.500	(a)	04/15/29		3,166,920
Nielsen Finance LLC/Nielsen Finance Co. (BB/B2)
	1,025,000		4.500	(a)	07/15/29		1,024,180
Paysafe Finance PLC/Paysafe Holdings U.S. Corp. (B/B2)
	3,400,000		4.000	(a)	06/15/29		2,378,878
Prime Security Services Borrower LLC/Prime Finance, Inc. (B-/B3)
	2,002,000		6.250	(a)	01/15/28		1,714,413
Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)
	1,853,000		5.250		04/15/24		1,805,378
	4,553,000		3.375	(a)	08/31/27		3,829,847
PROG Holdings, Inc. (BB-/B1)
	3,295,000		6.000	(a)	11/15/29		2,636,659
Team Health Holdings, Inc. (CCC/Caa3)
	3,485,000		6.375	(a)(c)	02/01/25		2,591,690
The ADT Security Corp. (BB-/Ba3)
	2,026,000		4.125	(a)	08/01/29		1,679,513
TriNet Group, Inc. (BB+/Ba2)
	3,191,000		3.500	(a)	03/01/29		2,598,399
Verisure Holding AB (B/B1)
EUR	650,000		3.250	(a)	02/15/27		517,774
Verisure Midholding AB (CCC+/Caa1)
	725,000		5.250	(a)	02/15/29		522,251
Verscend Escrow Corp. (CCC+/Caa2)
$	2,092,000		9.750	(a)	08/15/26		2,015,265
							59,816,304
Computers(a) – 1.1%
Booz Allen Hamilton, Inc. (BB-/Baa3)
	2,625,000		4.000	(b)	07/01/29		2,250,806
Crowdstrike Holdings, Inc. (BB/Ba3)
	4,771,000		3.000	(c)	02/15/29		4,009,119
KBR, Inc. (BB-/Ba3)
	2,613,000		4.750	(b)	09/30/28		2,266,856
Presidio Holdings, Inc. (CCC+/Caa1)
	1,442,000		8.250	(b)	02/01/28		1,243,321
Science Applications International Corp. (BB-/B1)
	2,354,000		4.875	(b)	04/01/28		2,108,642
Seagate HDD Cayman (NR/Ba1)
	3,348,000		3.375		07/15/31		2,342,194

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers(a) – (continued)
Virtusa Corp. (CCC+/Caa2)
$	2,960,000		7.125	%(b)	12/15/28	$	2,213,222
							16,434,160
Distribution & Wholesale(a)(b) – 1.1%
American Builders & Contractors Supply Co., Inc. (B+/B1)
	9,064,000		3.875		11/15/29		7,119,591
BCPE Empire Holdings, Inc. (CCC/Caa2)
	6,762,000		7.625		05/01/27		5,889,228
H&E Equipment Services, Inc. (BB-/B2)
	2,165,000		3.875		12/15/28		1,718,945
Resideo Funding, Inc. (BB+/Ba3)
	2,285,000		4.000		09/01/29		1,842,464
							16,570,228
Diversified Financial Services – 3.8%
AerCap Holdings NV (BB+/Ba2) (5 year CMT + 4.535%)
	3,115,000		5.875	(a)(c)(e)	10/10/79		2,782,193
Ally Financial, Inc. (BB-/Ba2) (5 year CMT + 3.868%)
	3,325,000		4.700	(a)(e)	12/31/99		2,578,571
Capital One Financial Corp. (BB/Baa3) (5 year CMT + 3.157%)
	2,085,000		3.950	(a)(e)	12/31/99		1,653,322
Castlelake Aviation Finance DAC (B+/B2)
	1,755,000		5.000	(a)(b)(c)	04/15/27		1,496,682
Global Aircraft Leasing Co. Ltd. (NR/B1)(d) (PIK 7.250%, Cash 6.500%)
	5,404,559		6.500	(a)(b)	09/15/24		4,066,823
Jane Street Group/JSG Finance, Inc. (BB-/Ba2)
	2,731,000		4.500	(a)(b)	11/15/29		2,342,406
Jefferies Finance LLC/JFIN Co-Issuer Corp. (BB-/B1)
	3,928,000		5.000	(a)(b)	08/15/28		2,896,075
LD Holdings Group LLC (CCC+/Caa1)
	4,373,000		6.500	(a)(b)	11/01/25		2,614,617
Lincoln Financing S.a.r.l. (BB+/B1)
EUR	3,125,000		3.625	(a)(b)	04/01/24		2,952,003
Midcap Financial Issuer Trust (B+/B1)
$	1,863,000		6.500	(a)(b)	05/01/28		1,589,586
Navient Corp. (B+/Ba3)
	2,000,000		6.750		06/15/26		1,817,620
	5,413,000		5.000	(a)	03/15/27		4,466,212
	3,153,000		4.875	(a)	03/15/28		2,412,203
	4,060,000		5.500	(a)	03/15/29		3,090,107
NFP Corp. (CCC+/Caa2)
	2,960,000		6.875	(a)(b)	08/15/28		2,308,800
OneMain Finance Corp. (BB/Ba2)
	2,897,000		5.625		03/15/23		2,889,091
	2,523,000		7.125		03/15/26		2,291,691
	1,458,000		3.500	(a)	01/15/27		1,138,333
	2,254,000		4.000	(a)	09/15/30		1,580,054
United Wholesale Mortgage LLC (NR/Ba3)
	5,850,000		5.500	(a)(b)	04/15/29		4,444,947
VistaJet Malta Finance PLC/XO Management Holding, Inc. (B-/Caa1)
	2,565,000		7.875	(a)(b)	05/01/27		2,251,326

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
$	3,035,000		6.375	%(a)(b)	02/01/30	$	2,448,334
							56,110,996
Electrical(a) – 0.6%
Edison International (BB+/Ba2) (5 year CMT + 4.698%)
	4,285,000		5.375	(e)	12/31/99		3,523,384
Pike Corp. (CCC+/B3)
	6,143,000		5.500	(b)	09/01/28		4,976,444
							8,499,828
Electrical Components & Equipment(a)(b) – 0.2%
Energizer Holdings, Inc. (B/B2)
	1,085,000		6.500		12/31/27		962,786
Wesco Distribution, Inc. (BB/Ba3)
	2,015,000		7.125		06/15/25		2,015,060
							2,977,846
Electronics(b) – 1.1%
Atkore, Inc. (BB/Ba2)
	2,593,000		4.250	(a)	06/01/31		2,074,011
Coherent Corp. (B+/B2)
	4,470,000		5.000	(a)	12/15/29		3,703,216
Imola Merger Corp. (BB-/B1)
	2,775,000		4.750	(a)	05/15/29		2,344,348
Sensata Technologies B.V. (BB+/Ba3)
	1,014,000		5.000		10/01/25		967,315
	1,135,000		4.000	(a)	04/15/29		940,699
	1,800,000		5.875	(a)	09/01/30		1,682,910
Sensata Technologies, Inc. (BB+/Ba3)
	3,389,000		4.375	(a)	02/15/30		2,830,459
	1,519,000		3.750	(a)	02/15/31		1,198,309
							15,741,267
Engineering & Construction – 0.7%
1375209 BC Ltd. (NR/NR)
	2,274,900		9.000		01/30/28		2,257,838
AECOM (BB-/Ba3)
	2,692,000		5.125	(a)	03/15/27		2,517,263
Global Infrastructure Solutions, Inc. (BB-/B1)
	4,213,000		5.625	(a)(b)	06/01/29		3,135,441
	2,915,000		7.500	(a)(b)	04/15/32		2,217,382
							10,127,924
Entertainment(a) – 2.5%
Allen Media LLC/Allen Media Co-Issuer, Inc. (B-/Caa1)
	7,844,000		10.500	(b)	02/15/28		3,886,310
Banijay Group SAS (B-/Caa1)
EUR	1,275,000		6.500	(b)	03/01/26		1,105,864
Boyne USA, Inc. (B/B1)
$	1,055,000		4.750	(b)	05/15/29		885,683
Caesars Entertainment, Inc. (CCC+/Caa1)
	2,253,000		8.125	(b)(c)	07/01/27		2,154,904
Cinemark USA, Inc. (B/Caa1)
	1,925,000		5.250	(b)	07/15/28		1,479,440

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment(a) – (continued)
Everi Holdings, Inc. (B+/B3)
$	3,190,000		5.000	%(b)	07/15/29	$	2,630,059
International Game Technology PLC (BB+/Ba2)
EUR	2,364,000		2.375		04/15/28		1,830,140
$	945,000		5.250	(b)	01/15/29		839,169
Lions Gate Capital Holdings LLC (CCC+/B3)
	3,735,000		5.500	(b)	04/15/29		2,782,986
Motion Bondco DAC (CCC/Caa2)
	2,235,000		6.625	(b)	11/15/27		1,891,302
Penn Entertainment, Inc. (B/B3)
	2,900,000		5.625	(b)	01/15/27		2,572,938
	1,580,000		4.125	(b)	07/01/29		1,216,726
Pinewood Finance Co. Ltd. (BB/NR)
GBP	3,650,000		3.250	%(b)	09/30/25		3,484,474
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (CCC+/B3)
$	2,595,000		5.625	(b)	09/01/29		1,795,792
SeaWorld Parks & Entertainment, Inc. (B-/B3)
	4,150,000		5.250	(b)(c)	08/15/29		3,455,954
Six Flags Theme Parks, Inc. (BB/Ba2)
	840,000		7.000	(b)(c)	07/01/25		842,680
WMG Acquisition Corp. (BB+/Ba3)
	1,200,000		3.875	(b)	07/15/30		984,684
	2,922,000		3.000	(b)	02/15/31		2,239,479
							36,078,584
Environmental(a)(b) – 0.3%
GFL Environmental, Inc. (B-/B3)
	2,216,000		4.000		08/01/28		1,847,125
GFL Environmental, Inc. (BB-/Ba3)
	3,460,000		3.500		09/01/28		2,921,762
							4,768,887
Food & Drug Retailing – 1.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC (BB/Ba3)
	7,000		4.625	(a)(b)	01/15/27		6,303
	3,744,000		3.500	(a)(b)	03/15/29		3,023,280
Chobani LLC/Chobani Finance Corp., Inc. (CCC/Caa2)
	3,124,000		7.500	(a)(b)(c)	04/15/25		2,872,174
New Albertsons LP (B+/WR)
	3,100,000		7.450		08/01/29		3,045,874
Performance Food Group, Inc. (BB-/B2)
	6,255,000		4.250	(a)(b)	08/01/29		5,207,788
Post Holdings, Inc. (B+/B2)
	2,456,000		5.750	(a)(b)	03/01/27		2,345,308
	3,000		5.625	(a)(b)	01/15/28		2,739
	588,000		5.500	(a)(b)	12/15/29		508,861
	3,980,000		4.625	(a)(b)	04/15/30		3,268,535
Sigma Holdco B.V. (CCC/Caa2)
	8,342,000		7.875	(a)(b)	05/15/26		5,504,469
US Foods, Inc. (BB/B1)
	2,181,000		6.250	(a)(b)	04/15/25		2,148,852
							27,934,183

42                    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)
Forest Products&Paper(a) – 0.1%
Mercer International, Inc. (B+/Ba3)
$	2,248,000		5.500	%	01/15/26	$	2,083,019
Gaming(a) – 0.5%
MGM Resorts International (B+/B1)
	1,781,000		5.500		04/15/27		1,596,400
	6,260,000		4.750		10/15/28		5,299,528
							6,895,928
Gas(a) – 0.5%
AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B1)
	7,393,000		5.750		05/20/27		6,653,996
Healthcare Providers & Services(a) – 2.6%
Catalent Pharma Solutions, Inc. (BB-/B1)
	3,700,000		3.500	(b)	04/01/30		2,911,863
Centene Corp. (BBB-/Ba1)
	2,379,000		2.450		07/15/28		1,934,650
	12,000		4.625		12/15/29		10,780
	4,825,000		3.375		02/15/30		3,944,631
	4,574,000		2.500		03/01/31		3,464,622
	911,000		2.625		08/01/31		689,645
CHS/Community Health Systems, Inc. (B/B2)
	2,003,000		8.000	(b)	03/15/26		1,743,732
	4,019,000		5.625	(b)	03/15/27		3,095,514
	1,325,000		5.250	(b)	05/15/30		921,922
Global Medical Response, Inc. (B/B2)
	3,404,000		6.500	(b)	10/01/25		2,860,619
Laboratoire Eimer Selas (CCC+/Caa1)
EUR	600,000		5.000	(b)	02/01/29		422,682
Medline Borrower LP (B-/Caa1)
$	2,072,000		5.250	(b)	10/01/29		1,564,339
Medline Borrower LP (B+/B1)
	3,153,000		3.875	(b)	04/01/29		2,531,985
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. (CCC+/Caa1)
	2,871,000		9.750	(b)	12/01/26		2,569,143
Tenet Healthcare Corp. (B-/B1)
	585,000		6.250	(b)	02/01/27		545,986
Tenet Healthcare Corp. (BB-/B1)
	994,000		4.625		07/15/24		961,765
	4,097,000		4.625	(b)	06/15/28		3,591,021
	3,270,000		4.250	(b)	06/01/29		2,706,677
	1,592,000		6.125	(b)	06/15/30		1,464,258
							37,935,834
Home Builders(a) – 0.6%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (B+/B2)
	1,645,000		5.000	(b)	06/15/29		1,224,669
	1,031,000		4.875	(b)	02/15/30		764,662
LGI Homes, Inc. (BB-/Ba2)
	2,141,000		4.000	(b)	07/15/29		1,587,830
Thor Industries, Inc. (BB-/B1)
	5,540,000		4.000	(b)	10/15/29		4,163,033

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Home Builders(a) – (continued)
Tri Pointe Homes, Inc. (BB-/Ba2)
$	1,863,000		5.250	%	06/01/27	$	1,610,154
							9,350,348
Household Products(a) – 0.4%
Central Garden & Pet Co. (BB/B1)
	2,307,000		4.125		10/15/30		1,839,602
	1,000,000		4.125	(b)	04/30/31		785,290
Spectrum Brands, Inc. (B/B2)
	149,000		5.750		07/15/25		141,450
	3,719,000		3.875	(b)	03/15/31		2,533,532
							5,299,874
Housewares(a) – 0.2%
Newell Brands, Inc. (BBB-/Ba1)
	1,017,000		4.875		06/01/25		984,375
	1,745,000		5.750		04/01/46		1,365,253
							2,349,628
Insurance(a)(b) – 1.0%
Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	7,023,000		4.250		02/15/29		5,541,779
Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	1,390,000		7.000		11/15/25		1,270,849
	1,140,000		6.000		08/01/29		874,107
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (CCC+/Caa2)
	4,083,000		6.750		10/15/27		3,538,205
HUB International Ltd. (CCC+/Caa2)
	4,331,000		7.000		05/01/26		4,109,816
							15,334,756
Internet(a)(b) – 2.1%
ANGI Group LLC (B+/B1)
	3,624,000		3.875		08/15/28		2,559,377
Cars.com, Inc. (B+/B3)
	3,260,000		6.375		11/01/28		2,787,887
Endurance International Group Holdings, Inc. (CCC+/Caa2)
	4,281,000		6.000		02/15/29		2,838,474
Getty Images, Inc. (B/Caa1)
	3,068,000		9.750		03/01/27		3,030,356
ION Trading Technologies Sarl (B-/B3)
	2,087,000		5.750		05/15/28		1,696,334
Match Group Holdings II LLC (BB/Ba3)
	2,033,000		4.625		06/01/28		1,777,086
	2,269,000		3.625		10/01/31		1,713,481
NortonLifeLock, Inc. (BB-/B1)
	2,420,000		6.750		09/30/27		2,329,758
Twitter, Inc. (BB+/Ba2)
	1,116,000		3.875		12/15/27		1,047,310
	2,370,000		5.000		03/01/30		2,276,053
Uber Technologies, Inc. (B-/B2)
	4,568,000		7.500		05/15/25		4,558,179
	219,000		8.000		11/01/26		218,996
	712,000		6.250	(c)	01/15/28		662,160

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet(a)(b) – (continued)
$	2,990,000		4.500	%	08/15/29	$	2,516,354
							30,011,805
Iron/Steel(a)(b) – 0.3%
Mineral Resources Ltd. (NR/Ba3)
	4,610,000		8.000		11/01/27		4,437,079
Leisure Time(a) – 2.0%
Carnival Corp. (B/B3)
	1,034,000		7.625	(b)	03/01/26		785,840
	5,106,000		5.750	(b)	03/01/27		3,580,123
Carnival Corp. (BB-/B1)
EUR	1,000,000		10.125		02/01/26		967,476
$	1,327,000		9.875	(b)	08/01/27		1,300,460
Lindblad Expeditions LLC (B-/B3)
	905,000		6.750	(b)	02/15/27		800,862
MajorDrive Holdings IV LLC (CCC+/Caa2)
	5,000,000		6.375	(b)	06/01/29		3,466,100
NCL Corp. Ltd. (B-/Caa1)
	2,269,000		3.625	(b)	12/15/24		1,927,992
	5,222,000		5.875	(b)	03/15/26		4,005,065
	310,000		7.750	(b)	02/15/29		234,003
Royal Caribbean Cruises Ltd. (B/B3)
	4,540,000		4.250	(b)	07/01/26		3,351,700
	3,280,000		5.500	(b)	08/31/26		2,509,430
	2,855,000		5.375	(b)	07/15/27		2,097,683
	2,565,000		11.625	(b)	08/15/27		2,337,664
Royal Caribbean Cruises Ltd. (BB-/Ba3)
	1,222,000		10.875	(b)	06/01/23		1,254,554
TUI Cruises GmbH (NR/Caa2)
EUR	575,000		6.500	(b)	05/15/26		426,056
							29,045,008
Lodging(a) – 1.8%
Hilton Domestic Operating Co., Inc. (BB+/Ba2)
$	1,922,000		4.875		01/15/30		1,677,541
	1,460,000		4.000	(b)	05/01/31		1,181,111
	2,295,000		3.625	(b)	02/15/32		1,759,806
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc (B/B2)
	5,050,000		5.000	(b)	06/01/29		4,074,087
	2,913,000		4.875	(b)	07/01/31		2,225,328
Las Vegas Sands Corp. (BB+/Baa3)
	5,030,000		3.200		08/08/24		4,729,256
Marriott Ownership Resorts, Inc. (B+/B1)
	2,585,000		4.500	(b)	06/15/29		2,052,387
Travel & Leisure Co. (BB-/Ba3)
	3,430,000		6.625	(b)	07/31/26		3,226,738
	2,610,000		4.500	(b)	12/01/29		2,024,969
	3,287,000		4.625	(b)	03/01/30		2,617,504
							25,568,727
Machinery - Construction & Mining(a)(b) – 0.7%
BWX Technologies, Inc. (BB/Ba3)
	4,375,000		4.125		04/15/29		3,783,500

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Machinery - Construction & Mining(a)(b) – (continued)
The Manitowoc Co., Inc. (B/B3)
$	4,355,000		9.000	%	04/01/26	$	3,964,008
Vertiv Group Corp. (BB-/B1)
	3,161,000		4.125		11/15/28		2,546,597
							10,294,105
Machinery-Diversified(a)(b) – 0.8%
Husky III Holding Ltd. (CCC/Caa2)(d)
	2,548,000		13.000		02/15/25		2,399,401
Mueller Water Products, Inc. (BB/Ba1)
	3,183,000		4.000		06/15/29		2,718,536
Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC/Caa2)
	2,414,000		7.750		04/15/26		1,925,503
TK Elevator Holdco GmbH (CCC+/Caa1)
	4,672,000		7.625	(c)	07/15/28		3,914,155
							10,957,595
Media – 6.1%
Altice Financing SA (B/B2)
EUR	2,425,000		4.250	(a)(b)	08/15/29		1,842,975
$	5,695,000		5.000	(a)(b)	01/15/28		4,400,470
Altice Finco SA (CCC+/Caa1)
EUR	1,800,000		4.750	(a)	01/15/28		1,286,833
Audacy Capital Corp. (CCC-/Caa1)
$	3,855,000		6.500	(a)(b)	05/01/27		972,539
CCO Holdings LLC/CCO Holdings Capital Corp. (BB-/B1)
	1,975,000		5.500	(a)(b)	05/01/26		1,871,589
	2,731,000		4.750	(a)(b)	03/01/30		2,212,520
	6,131,000		4.500	(a)(b)	08/15/30		4,849,866
	15,352,000		4.250	(a)(b)	02/01/31		11,876,615
	2,804,000		4.500	(a)	05/01/32		2,137,209
CSC Holdings LLC (B/B3)
	10,000		5.250		06/01/24		9,284
	2,306,000		4.625	(a)(b)	12/01/30		1,568,103
Cumulus Media New Holdings, Inc. (B/B2)
	2,657,000		6.750	(a)(b)	07/01/26		2,249,071
Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC-/Ca)
	3,812,000		6.625	(a)(b)	08/15/27		260,474
Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC+/Caa2)
	4,800,000		5.375	(a)(b)	08/15/26		953,232
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. (BB/Ba3)
	3,040,000		5.875	(a)(b)	08/15/27		2,626,773
DISH DBS Corp. (B/B3)
	4,125,000		5.875		11/15/24		3,689,606
	9,000		7.750		07/01/26		6,902
DISH DBS Corp. (B+/Ba3)
	2,675,000		5.250	(a)(b)	12/01/26		2,207,865
Gray Escrow II, Inc. (B/B3)
	5,325,000		5.375	(a)(b)	11/15/31		4,174,853
Gray Television, Inc. (B/B3)
	1,641,000		5.875	(a)(b)	07/15/26		1,513,281

44                    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)
iHeartCommunications, Inc. (B-/Caa1)
$	6,985,000		8.375	%(a)(c)	05/01/27	$	5,882,418
iHeartCommunications, Inc. (BB-/B1)
	1,024,000		4.750	(a)(b)	01/15/28		853,402
McGraw-Hill Education, Inc (CCC/Caa2)
	2,610,000		8.000	(a)(b)	08/01/29		2,143,567
Sinclair Television Group, Inc. (B+/Ba2)
	3,102,000		4.125	(a)(b)	12/01/30		2,347,873
Sinclair Television Group, Inc. (CCC+/B2)
	1,282,000		5.125	(a)(b)(c)	02/15/27		1,062,265
Sirius XM Radio, Inc. (BB/Ba3)
	1,520,000		3.125	(a)(b)	09/01/26		1,335,046
	3,359,000		5.000	(a)(b)	08/01/27		3,082,185
	850,000		4.000	(a)(b)	07/15/28		723,979
TEGNA, Inc. (BB/Ba3)
	742,000		4.750	(a)(b)	03/15/26		716,549
	3,365,000		4.625	(a)	03/15/28		3,110,606
UPC Holding B.V. (B/B3)
	3,025,000		5.500	(a)(b)	01/15/28		2,539,578
Urban One, Inc. (B-/B3)
	4,719,000		7.375	(a)(b)	02/01/28		4,009,546
Virgin Media Secured Finance PLC (BB-/Ba3)
	2,150,000		5.500	(a)(b)	05/15/29		1,850,655
Virgin Media Vendor Financing Notes IV DAC (B/B2)
	1,850,000		5.000	(a)(b)	07/15/28		1,492,636
VZ Secured Financing B.V. (B+/B1)
	2,320,000		5.000	(a)(b)	01/15/32		1,771,459
Ziggo B.V. (B+/B1)
	2,122,000		4.875	(a)(b)	01/15/30		1,677,887
Ziggo Bond Co. B.V. (B-/B3)
Ziggo Bond Co. B.V. (B-/B3)
EUR	3,900,000		3.375	%(a)(b)	02/28/30		2,652,871
$	1,725,000		5.125	(a)(b)	02/28/30		1,235,876
							89,198,458
Metal Fabricate & Hardware(a)(b) – 0.2%
Roller Bearing Co of America, Inc. (B+/B2)
	3,142,000		4.375		10/15/29		2,649,523
Mining(a)(b) – 0.7%
Constellium SE (B+/B2)
	937,000		5.875		02/15/26		859,341
	2,200,000		3.750		04/15/29		1,613,392
FMG Resources August Pty. Ltd. (BB+/Ba1)
	2,785,000		5.875		04/15/30		2,425,457
Novelis Corp. (BB/Ba3)
	7,113,000		4.750		01/30/30		5,836,003
							10,734,193
Miscellaneous Manufacturing(a) – 0.4%
Amsted Industries, Inc. (BB/Ba3)
	2,445,000		5.625	(b)	07/01/27		2,251,747
Hillenbrand, Inc. (BB+/Ba1)
	649,000		5.750		06/15/25		638,727

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing(a) – (continued)
$	4,364,000		3.750	%	03/01/31	$	3,354,825
							6,245,299
Office & Business Equipment(a)(b) – 0.2%
Xerox Holdings Corp. (BB/Ba2)
	2,500,000		5.000		08/15/25		2,249,325
Oil Field Services – 6.1%
Archrock Partners LP/Archrock Partners Finance Corp. (B+/B2)
	2,599,000		6.250	(a)(b)	04/01/28		2,287,250
Berry Petroleum Co. LLC (B/B3)
	2,916,000		7.000	(a)(b)	02/15/26		2,571,883
California Resources Corp. (BB-/B2)
	2,565,000		7.125	(a)(b)	02/01/26		2,412,280
Callon Petroleum Co. (B+/B3)
	930,000		7.500	(a)(b)	06/15/30		814,829
Chord Energy Corp. (BB-/Ba3)
	2,150,000		6.375	(a)(b)	06/01/26		2,031,255
CNX Resources Corp. (BB/B1)
	375,000		7.250	(a)(b)	03/14/27		365,291
	2,915,000		7.375	(a)(b)	01/15/31		2,855,913
CrownRock LP/CrownRock Finance, Inc. (BB-/B1)
	3,248,000		5.625	(a)(b)	10/15/25		3,109,635
	1,035,000		5.000	(a)(b)	05/01/29		918,014
Laredo Petroleum, Inc. (B+/B3)
	4,230,000		9.500	(a)	01/15/25		4,202,378
MEG Energy Corp. (BB-/B2)
	3,838,000		7.125	(a)(b)	02/01/27		3,896,913
Nabors Industries Ltd. (CCC/Caa1)
	336,000		7.250	(a)(b)	01/15/26		293,120
Nabors Industries, Inc. (B/B3)
	2,848,000		9.000	(a)(b)	02/01/25		2,839,371
	5,465,000		7.375	(a)(b)	05/15/27		5,049,387
Noble Finance Co. (NR/NR)(d) (PIK 15.000%, Cash 11.000%)
	1,067,621		11.000	%(a)(b)	02/15/28		1,173,401
Occidental Petroleum Corp. (BB+/Ba1)
	1,071,000		5.875	(a)	09/01/25		1,074,823
	775,000		5.500	(a)	12/01/25		774,318
	4,488,000		6.450		09/15/36		4,468,432
	10,146,000		4.400	(a)	04/15/46		8,240,480
Range Resources Corp. (BB/Ba3)
	4,397,000		5.000	(a)	03/15/23		4,382,270
	2,130,000		4.875	(a)	05/15/25		2,007,908
	565,000		4.750	(a)(b)	02/15/30		489,968
SM Energy Co. (BB-/B2)
	875,000		6.500	(a)(c)	07/15/28		832,528
Southwestern Energy Co. (BB+/NR)
	5,358,000		5.375	(a)	02/01/29		4,867,582
Southwestern Energy Co. (BB+/Ba2)
	2,643,000		7.750	(a)	10/01/27		2,690,574
	1,160,000		5.375	(a)	03/15/30		1,042,596
	525,000		4.750	(a)	02/01/32		441,294
Sunoco LP/Sunoco Finance Corp. (BB/Ba3)
	4,425,000		4.500	(a)	04/30/30		3,630,712

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
TechnipFMC PLC (BB+/Ba1)
$	1,240,000		6.500	%(a)(b)	02/01/26	$	1,190,053
Transocean Poseidon Ltd. (CCC+/Caa1)
	2,716,875		6.875	(a)(b)(c)	02/01/27		2,480,561
Transocean, Inc. (CCC/Ca)
	3,457,000		7.500	(a)(b)	01/15/26		2,552,891
Transocean, Inc. (CCC/Caa3)
	7,329,000		11.500	(a)(b)	01/30/27		6,796,915
USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)
	7,569,000		6.875	(a)	04/01/26		6,964,994
							89,749,819
Packaging – 2.6%
ARD Finance SA (B-/Caa3)(d) (PIK 5.750%, Cash 5.000%)
EUR	2,294,375		5.000	(a)	06/30/27		1,529,050
(PIK 7.250%, Cash 6.500%)
$	2,435,107		6.500	(a)(b)	06/30/27		1,667,586
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (B+/B3)
EUR	1,545,000		3.000	(a)	09/01/29		1,078,988
$	4,443,000		4.000	(a)(b)	09/01/29		3,263,517
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (BB/Ba2)
	704,000		6.000	(a)(b)	06/15/27		666,667
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B-/Caa1)
	10,546,000		5.250	%(a)(b)	08/15/27		6,597,217
Crown Americas LLC (BB+/Ba2)
	1,625,000		5.250	(a)(b)	04/01/30		1,463,459
Kleopatra Finco S.a.r.l. (B/B2)
EUR	1,986,000		4.250	(a)	03/01/26		1,562,456
Kleopatra Holdings 2 SCA (CCC+/Caa2)
	4,725,000		6.500	%(a)(b)	09/01/26		2,939,731
LABL, Inc. (CCC+/Caa2)
$	4,030,000		10.500	(a)(b)	07/15/27		3,454,758
Mauser Packaging Solutions Holding Co. (B-/B2)
	4,572,000		5.500	(a)(b)	04/15/24		4,337,959
Owens-Brockway Glass Container, Inc. (B+/B2)
	2,818,000		6.625	(a)(b)	05/13/27		2,559,110
Pactiv LLC (B-/Caa1)
	1,965,000		8.375		04/15/27		1,769,993
Trident TPI Holdings, Inc. (CCC+/Caa2)
	3,121,000		6.625	(a)(b)	11/01/25		2,711,899
TriMas Corp. (BB-/Ba3)
	2,865,000		4.125	(a)(b)	04/15/29		2,414,822
							38,017,212
Pharmaceuticals – 2.3%
AdaptHealth LLC (B/B1)
	961,000		6.125	(a)(b)	08/01/28		863,737
	1,565,000		5.125	(a)(b)	03/01/30		1,291,376
Bausch Health Cos., Inc. (B/B3)
	1,465,000		6.125	(a)(b)	02/01/27		1,016,212

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
$	4,040,870		0.000	%(f)	09/30/28	$	3,263,003
Bausch Health Cos., Inc. (B/Caa1)
	454,000		5.500	(a)(b)	11/01/25		362,701
Bausch Health Cos., Inc. (B/Caa3)
	804,814		14.000		10/15/30		438,623
Cheplapharm Arzneimittel GmbH (B/B2)
	4,494,000		5.500	(a)(b)	01/15/28		3,706,741
Herbalife Nutrition Ltd./HLF Financing, Inc. (BB-/B1)
	3,608,000		7.875	(a)(b)	09/01/25		3,271,590
HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)
	3,648,000		4.875	(a)(b)	06/01/29		2,602,702
Jazz Securities DAC (BB-/Ba2)
	4,300,000		4.375	(a)(b)	01/15/29		3,712,620
Organon & Co./Organon Foreign Debt Co.-Issuer BV (BB/Ba2)
	5,900,000		4.125	(a)(b)	04/30/28		5,044,028
Organon & Co./Organon Foreign Debt Co.-Issuer BV (BB-/B1)
	5,380,000		5.125	(a)(b)	04/30/31		4,412,891
Perrigo Finance Unlimited Co. (BB-/Ba2)
	3,235,000		4.400	(a)	06/15/30		2,648,203
Prestige Brands, Inc. (BB-/B2)
	2,014,000		3.750	(a)(b)	04/01/31		1,564,657
							34,199,084
Pipelines(a) – 4.6%
Buckeye Partners LP (BB/B1)
	600,000		4.350		10/15/24		564,828
	3,545,000		3.950		12/01/26		3,081,917
	839,000		4.125		12/01/27		707,193
	1,534,000		4.500	(b)	03/01/28		1,304,283
Cheniere Energy Partners LP (BB+/Ba1)
	2,755,000		4.500		10/01/29		2,432,500
	4,394,000		4.000		03/01/31		3,692,322
Cheniere Energy, Inc. (BB+/Ba1)
	2,464,000		4.625		10/15/28		2,259,858
CNX Midstream Partners LP (BB/B1)
	2,751,000		4.750	(b)	04/15/30		2,163,166
DCP Midstream Operating LP (BBB+/Ba1)
	497,000		5.625		07/15/27		480,331
DT Midstream, Inc. (BB+/Ba2)
	3,150,000		4.375	(b)	06/15/31		2,597,553
EnLink Midstream LLC (BB+/Ba1)
	2,429,000		5.375		06/01/29		2,225,717
EQM Midstream Partners LP (BB-/Ba3)
	3,140,000		7.500	(b)	06/01/27		2,999,485
Genesis Energy LP/Genesis Energy Finance Corp. (B/B2)
	1,621,000		5.625		06/15/24		1,536,659
	5,624,000		8.000		01/15/27		4,933,823
Global Partners LP/GLP Finance Corp. (B+/B2)
	912,000		7.000		08/01/27		830,987
	1,383,000		6.875		01/15/29		1,246,996
Howard Midstream Energy Partners LLC (B/B3)
	5,010,000		6.750	(b)	01/15/27		4,474,481
Kinetik Holdings LP (BB+/Ba1)
	4,315,000		5.875	(b)	06/15/30		3,949,045

46                    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(a) – (continued)
New Fortress Energy, Inc. (BB-/B1)
$	2,190,000		6.750	%(b)	09/15/25	$	2,073,755
NGL Energy Operating LLC/NGL Energy Finance Corp. (B+/B1)
	4,731,000		7.500	(b)	02/01/26		4,211,394
NuStar Logistics LP (BB-/Ba3)
	2,721,000		5.750		10/01/25		2,520,625
	3,336,000		5.625		04/28/27		2,915,864
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (B-/Caa2)
	4,601,000		5.750	(c)	04/15/25		3,768,817
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (BB-/B3)
	2,010,000		8.500	(b)	10/15/26		1,884,596
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)
	3,675,000		6.000	(b)	09/01/31		3,106,220
Western Midstream Operating LP (BBB-/Ba1)
	6,070,000		4.300		02/01/30		5,163,628
							67,126,043
Real Estate – 0.4%
Kennedy-Wilson, Inc. (BB/B1)
	5,850,000		4.750	(a)	02/01/30		4,347,252
	1,514,000		5.000	(a)	03/01/31		1,100,466
Redfin Corp. (NR/NR)
	2,115,000		0.500		04/01/27		1,030,162
							6,477,880
Real Estate Investment Trust(a) – 0.9%
CTR Partnership LP/CareTrust Capital Corp. (BB+/Ba2)
	1,045,000		3.875	(b)	06/30/28		859,648
MPT Operating Partnership LP/MPT Finance Corp. (BBB-/Ba1)
GBP	2,225,000		3.692		06/05/28		1,841,753
$	1,644,000		4.625		08/01/29		1,324,275
	4,565,000		3.500		03/15/31		3,179,568
SBA Communications Corp. (BB-/B1)
	3,142,000		3.125		02/01/29		2,526,419
Service Properties Trust (B+/B1)
	3,253,000		4.500		03/15/25		2,738,376
Service Properties Trust (BB/Ba3)
	1,493,000		7.500		09/15/25		1,395,552
							13,865,591
Retailing – 6.1%
1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	2,475,000		4.375	(a)(b)	01/15/28		2,144,761
	4,166,000		4.000	(a)(b)	10/15/30		3,279,892
Arko Corp. (B-/B3)
	7,875,000		5.125	(a)(b)	11/15/29		6,148,642
Asbury Automotive Group, Inc. (BB/B1)
	288,000		4.500	(a)	03/01/28		242,260
	1,832,000		4.625	(a)(b)	11/15/29		1,463,878
	185,000		4.750	(a)	03/01/30		146,298
	1,014,000		5.000	(a)(b)	02/15/32		785,272

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing – (continued)
Beacon Roofing Supply, Inc. (B/B2)
$	8,090,000		4.125	%(a)(b)	05/15/29	$	6,557,430
Carvana Co. (CCC/Caa2)
	1,605,000		5.500	(a)(b)(c)	04/15/27		873,698
	4,500,000		4.875	(a)(b)(c)	09/01/29		2,193,885
eG Global Finance PLC (B-/B3)
	4,290,000		6.750	(a)(b)	02/07/25		3,868,207
	2,210,000		8.500	(a)(b)	10/30/25		1,933,750
Foundation Building Materials, Inc. (CCC+/Caa1)
	2,772,000		6.000	(a)(b)	03/01/29		2,048,536
Group 1 Automotive, Inc. (BB+/Ba2)
	2,208,000		4.000	(a)(b)	08/15/28		1,782,783
GYP Holdings III Corp. (B/B1)
	5,862,000		4.625	(a)(b)	05/01/29		4,505,064
Ken Garff Automotive LLC (BB-/B1)
	4,008,000		4.875	(a)(b)	09/15/28		3,257,221
LCM Investments Holdings II LLC (BB-/B2)
	5,325,000		4.875	(a)(b)	05/01/29		4,135,927
Lithia Motors, Inc. (BB+/Ba2)
	1,258,000		3.875	(a)(b)	06/01/29		1,009,545
	853,000		4.375	(a)(b)	01/15/31		698,581
Matalan Finance PLC (CCC/B3)
GBP	1,875,000		6.750	(a)	01/31/23		1,662,222
Murphy Oil USA, Inc. (BB+/Ba2)
$	3,341,000		3.750	(a)(b)	02/15/31		2,681,888
Nordstrom, Inc. (BB+/Ba1)
	3,270,000		4.375	(a)	04/01/30		2,396,158
Penske Automotive Group, Inc. (BB-/Ba3)
	3,097,000		3.500	(a)	09/01/25		2,864,632
	3,469,000		3.750	(a)	06/15/29		2,780,993
Sonic Automotive, Inc. (BB-/B1)
	4,082,000		4.625	(a)(b)	11/15/29		3,206,125
	2,092,000		4.875	(a)(b)(c)	11/15/31		1,585,401
SRS Distribution, Inc. (CCC/Caa2)
	2,238,000		6.125	(a)(b)	07/01/29		1,799,509
	5,520,000		6.000	(a)(b)	12/01/29		4,397,950
Staples,Inc. (B/B3)
	2,435,000		7.500	(a)(b)	04/15/26		2,044,353
Staples, Inc. (CCC+/Caa2)
	6,979,000		10.750	(a)(b)(c)	04/15/27		5,168,927
Stonegate Pub Co. Financing 2019 PLC (NR/B3)
GBP	1,750,000		8.250	(a)(b)	07/31/25		1,715,774
Suburban Propane Partners LP/Suburban Energy Finance Corp. (BB-/B1)
$	2,121,000		5.875	(a)	03/01/27		2,007,378
	3,272,000		5.000	(a)(b)	06/01/31		2,687,163
The Cheesecake Factory, Inc. (NR/NR)
	2,188,000		0.375	(c)	06/15/26		1,691,598
Yum! Brands, Inc. (BB/Ba3)
	4,248,000		3.625	(a)	03/15/31		3,385,741
							89,151,442
Semiconductors(a) – 0.8%
Amkor Technology, Inc. (BB/B1)
	3,403,000		6.625	(b)	09/15/27		3,296,690

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors(a) – (continued)
Broadcom, Inc. (BBB-/Baa3)
$	3,590,000		3.137	%(b)	11/15/35	$	2,517,057
Entegris Escrow Corp. (BB+/Baa3)
	3,240,000		4.750	(b)	04/15/29		2,874,236
Micron Technology, Inc. (BBB-/Baa3)
	3,460,000		2.703		04/15/32		2,516,216
							11,204,199
Software(a) – 1.8%
AthenaHealth Group, Inc. (CCC/Caa2)
	3,635,000		6.500	(b)(c)	02/15/30		2,875,903
Camelot Finance SA (B/B1)
	375,000		4.500	(b)	11/01/26		342,787
Castle U.S. Holding Corp. (CCC/Caa2)
	2,900,000		9.500	(b)	02/15/28		2,160,703
Elastic NV (B+/B1)
	3,315,000		4.125	(b)	07/15/29		2,621,071
MSCI, Inc. (BB+/Ba1)
	1,770,000		3.625	(b)	09/01/30		1,480,410
Open Text Corp. (BB/Ba2)
	1,770,000		3.875	(b)	02/15/28		1,457,471
	2,995,000		3.875	(b)	12/01/29		2,306,300
Oracle Corp. (BBB/Baa2)
	3,675,000		3.600		04/01/40		2,492,128
ROBLOX Corp. (BB/Ba2)
	1,769,000		3.875	(b)	05/01/30		1,439,559
SS&C Technologies, Inc. (B+/B2)
	2,950,000		5.500	(b)	09/30/27		2,706,743
TeamSystem SpA (B-/B3)
EUR	1,075,000		3.500	(b)	02/15/28		872,269
Ziff Davis, Inc (BB/Ba3)
$	4,653,000		4.625	(b)(c)	10/15/30		3,815,925
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B+/B1)
	2,060,000		3.875	(b)	02/01/29		1,684,586
							26,255,855
Telecommunication Services – 3.6%
Altice France Holding SA (CCC+/Caa1)
	4,555,000		10.500(a)(b)		05/15/27		3,583,828
Altice France SA (B/B2)
	4,710,000		8.125	(a)(b)	02/01/27		4,208,479
	225,000		5.500	(a)(b)	01/15/28		178,137
	664,000		5.125	(a)(b)	01/15/29		492,236
	4,764,000		5.500	(a)(b)	10/15/29		3,584,148
AT&T, Inc. (BBB/Baa2)
	3,390,000		3.500	(a)	06/01/41		2,443,987
Frontier Communications Holdings LLC (B/B3)
	4,856,000		5.875	(a)(b)	10/15/27		4,358,066
Frontier Communications Holdings LLC (CCC+/Caa2)
	4,745,000		6.000	(a)(b)	01/15/30		3,728,716
Intelsat Jackson Holdings SA (NR/NR)
	8,485,000		0.000	(f)(g)	10/15/24		—
	15,490,000		0.000	(f)(g)	07/15/25		—
Level 3 Financing, Inc. (BB/Ba3)
	1,896,000		4.625	(a)(b)	09/15/27		1,577,908

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
$	5,804,000		4.250	%(a)(b)	07/01/28	$	4,534,839
	2,024,000		3.625	(a)(b)	01/15/29		1,499,825
Lorca Telecom Bondco SA (B/B1)
EUR	2,555,000		4.000	(a)(b)	09/18/27		2,178,930
Lumen Technologies, Inc. (BB-/B2)
$	2,414,000		6.875		01/15/28		2,072,902
	961,000		4.500	(a)(b)	01/15/29		676,073
Nokia of America Corp. (NR/WR)
	5,200,000		6.450		03/15/29		4,835,844
Sprint Corp. (BB+/Baa3)
	4,762,000		7.625	(a)	02/15/25		4,897,050
	2,836,000		7.625	(a)	03/01/26		2,942,492
Telecom Italia Capital SA (BB-/B1)
	2,040,000		6.000		09/30/34		1,521,534
	3,746,000		7.200		07/18/36		2,934,467
							52,249,461
Toys/Games/Hobbies(a)(b) – 0.5%
Mattel, Inc. (BB+/Ba1)
	1,439,000		3.375		04/01/26		1,291,186
	1,515,000		5.875		12/15/27		1,460,626
	5,107,000		3.750		04/01/29		4,307,142
							7,058,954
Transportation(a)(b) – 0.1%
Cargo Aircraft Management, Inc. (BB/Ba2)
	2,360,000		4.750		02/01/28		2,035,594
Water(a)(b) – 0.4%
Solaris Midstream Holdings LLC (B/B3)
	6,085,000		7.625		04/01/26		5,676,636
TOTAL CORPORATE OBLIGATIONS (Cost $1,510,449,351)						$	1,254,462,334
Bank Loans(h) – 5.7%
Aerospace & Defense – 0.2%
ADS Tactical, Inc. (B+/B3) (1M USD LIBOR + 5.750%)
$	2,484,559		8.802	%	03/19/26	$	2,268,725
Airlines – 0.3%
United Airlines, Inc. (BB-/Ba1) (3M USD LIBOR + 3.750%)
	5,324,431		6.533		04/21/28		5,072,266
Building & Construction Materials(e) – 0.2%
KKR Apple Bidco LLC (B+/B1) (1M USD LIBOR + 2.750%)
	2,450,468		5.865		09/23/28		2,334,585
Building Materials(e) – 0.4%
Chamberlain Group Inc (B/B2) (1M USD LIBOR + 3.500%)
	3,151,188		6.615		11/03/28		2,855,764
Quikrete Holdings, Inc. (BB-/Ba2) (1M USD LIBOR + 2.625%)
	2,473,529		5.740		02/01/27		2,370,457
							5,226,221

48                    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(h) – (continued)
Chemicals – 0.4%
Cyanco Intermediate Corp. (B/B2) (1M USD LIBOR + 3.500%)
$	2,016,574		6.615	%(e)	03/16/25	$	1,897,475
Starfruit Finco B.V. (B+/B2) (1M USD LIBOR + 2.750%)
	1,704,775		5.865	(e)	10/01/25		1,596,096
Trident TPI Holdings, Inc. (B-/B2) (1M SOFR + 3.250%)
	175,000		8.095	(g)	09/17/24		166,688
Trident TPI Holdings, Inc. (B-/B2) (3M USD LIBOR + 4.000%)
	1,723,390		7.674	%(e)	09/15/28		1,630,266
							5,290,525
Consumer Cyclical Services – 0.3%
Prime Security Services Borrower LLC (BB-/Ba3) (1M USD LIBOR + 2.750%)
	1,687,513		5.303	(e)	09/23/26		1,631,876
The Hertz Corp. (BB+/Ba3) (1M USD LIBOR + 3.250%)
	2,127,387		6.370	%	06/30/28		2,009,061
							3,640,937
Diversified Manufacturing – 0.4%
Titan Acquisition Ltd. (B-/B2) (6M USD LIBOR + 3.000%)
	1,667,798		5.877	(e)	03/28/25		1,489,894
Vertical US Newco Inc (B+/B1) (6M USD LIBOR + 3.500%)
	4,133,110		6.871		07/30/27		3,954,022
							5,443,916
Electrical(e) – 0.2%
Pacific Gas & Electric Co. (BB-/B1) (1M USD LIBOR + 3.000%)
	3,332,386		6.125		06/23/25		3,180,763
Health Care – 0.1%
Jazz Financing Lux S.a.r.l. (BB-/Ba2) (1M USD LIBOR + 3.500%)
	2,195,712		6.615		05/05/28		2,118,863
Health Care - Services – 0.5%
RegionalCare Hospital Partners Holdings, Inc. (B/B1) (1M USD LIBOR + 3.750%)
	7,103,292		6.871		11/16/25		6,589,582
Household Products(e) – 0.2%
Knight Health Holdings LLC (NR/NR) (1M USD LIBOR + 3.000%)
	3,176,000		8.330		12/23/28		2,298,630
Machinery-Diversified(e) – 0.2%
Project Castle, Inc. (NR/NR) (1M TSFR + 5.500%)
	3,875,000		8.542		06/01/29		3,264,687
Media(e) – 0.0%
Diamond Sports Group LLC (B/B2) (1M TSFR + 2.250%)
	482,039		10.695		05/26/26		460,950
Media - Cable – 0.1%
DirecTV Financing, LLC (BB/Ba3) (1M USD LIBOR + 5.000%)
	1,572,609		8.115		08/02/27		1,461,158

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(h) – (continued)
Media - Non Cable – 0.2%
Entercom Media Corp. (B/B1) (1M USD LIBOR + 2.500%)
$	1,775,000		5.613	%(e)	11/18/24	$	1,467,552
iHeartCommunications, Inc. (BB-/B1) (1M USD LIBOR + 3.000%)
	1,625,000		6.115		05/01/26		1,522,853
							2,990,405
Packaging – 0.4%
Charter NEX US, Inc. (B/B2) (3M USD LIBOR + 3.750%)
	1,887,346		6.556		12/01/27		1,787,090
Clydesdale Acquisition Holdings Inc (B/B2) (1M SOFR + 4.175%)
	2,892,750		7.309		04/13/29		2,724,421
LABL, Inc. (B-/B2) (1M USD LIBOR + 5.000%)
	1,836,125		8.115		10/29/28		1,651,080
							6,162,591
Pharmaceuticals – 0.1%
Gainwell Acquisition Corp. (B+/B2) (3M USD LIBOR + 4.000%)
	2,172,362		7.674		10/01/27		2,065,373
Retailers(e) – 0.1%
Staples, Inc. (B/B3) (3M USD LIBOR + 5.000%)
	2,418,750		7.782		04/16/26		2,115,390
Retailing – 0.2%
RC Buyer, Inc. (B-/B1) (3M USD LIBOR + 3.500%)
	2,518,125		7.174		07/28/28		2,354,447
Technology(e) – 0.1%
ICON Luxembourg S.a.r.l. (BB+/Ba1) (3M USD LIBOR + 2.250%)
	1,405,513		5.938		07/03/28		1,371,780
PRA Health Sciences, Inc. (BB+/Ba1) (3M USD LIBOR + 2.250%)
	350,184		5.938		07/03/28		341,780
							1,713,560
Technology - Software – 0.6%
Camelot U.S. Acquisition LLC (B/B1) (1M USD LIBOR + 3.000%)
	1,630,918		6.115		10/30/26		1,575,272
CentralSquare Technologies LLC (B-/Caa1) (3M USD LIBOR + 3.750%)
	3,136,906		7.424	(e)	08/29/25		2,736,950
The Dun & Bradstreet Corp. (B+/B1) (1M USD LIBOR + 3.250%)
	2,781,793		6.330	(e)	02/06/26		2,685,125
Travelport Finance (Luxembourg) S.a.r.l. (B-/B3) (3M USD LIBOR + 1.500%)
	2,450,695		7.250	(e)	02/28/25		2,421,091
							9,418,438
Technology - Software/Services – 0.3%
Loyalty Ventures Inc (B-/B2) (1M USD LIBOR + 4.500%)
	1,911,094		7.615		11/03/27		573,328

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(h) – (continued)
Technology - Software/Services – (continued)
Peraton Corp. (B+/B1) (1M USD LIBOR + 3.750%)
$	2,224,601		6.865	%(e)	02/01/28	$	2,104,473
Physician Partners LLC (NR/NR) (1M TSFR + 4.000%)
	2,338,250		7.032	(e)	12/23/28		2,192,109
							4,869,910
Telecommunications – 0.2%
Altice France SA (B/B2) (3M USD LIBOR + 3.688%)
	1,925,127		6.200	(e)	01/31/26		1,742,241
GoTo Group, Inc. (B/B2) (1M USD LIBOR + 4.750%)
	1,634,352		7.802		08/31/27		1,129,206
							2,871,447
TOTAL BANK LOANS (Cost $90,525,408)						$	83,213,369
Shares		Description				Value
Common Stocks – 0.9%
Auto Components – 0.0%
	1,229		Lear Corp.			$	147,099
Chemicals – 0.0%
	411		LyondellBasell Industries NV Class A				24,165
Commerical Services & Supplies – 0.0%
	7,179,000		Reorganized Isa SA				—
Communications Equipment(i) – 0.4%
	229,164		Intelsat Emergence SA				5,958,264
Oil, Gas & Consumable Fuels – 0.5%
	128,440		Noble Corp.(i)				3,799,255
	127,001		Summit Midstream Partners LP(i)				1,907,555
	18,791		Valaris Ltd.				919,632
							6,626,442
TOTAL COMMON STOCKS (Cost $23,923,820)						$	12,755,970
Units		Expiration Date				Value
Rights(i) – 0.0%
Communications Equipment – 0.0%
Intelsat Jackson Holdings SA (NR/NR)
	23,998		12/05/25			$	98,991
Intelsat Jackson Holdings SA (NR/NR)
	23,998		12/05/25				98,992
TOTAL RIGHTS (Cost $—)						$	197,983

Units		Expiration Date	Value
Warrants(i) – 0.0%
Intelsat Emergence SA (NR/NR)
	6,089	02/17/27	$	9,134
Noble Corp. (NR/NR)
	4,596	02/05/28		60,896
(Cost $11,490)
TOTAL WARRANTS (Cost $3,316,784)			$	70,030
Shares		Description	Value
Exchange Traded Funds – 1.1%
	321,391	iShares Broad USD High Yield Corporate Bond ETF (NR/NR)	$	10,805,165
	63,576	iShares iBoxx High Yield Corporate Bond ETF (NR/NR)		4,538,691
TOTAL EXCHANGE TRADED FUNDS (Cost $16,676,952)			$	15,343,856
Shares		Dividend Rate	Value
Investment Company(j) – 2.5%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	36,147,672	2.911%	$	36,147,672
(Cost $36,147,672)
TOTAL INVESTMENTS BEFORE SHORT- TERM INVESTMENT (Cost $1,681,039,987)			$	1,402,191,214
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT (Cost $1,681,039,987)			$	1,402,191,214
Securities Lending Reinvestment Vehicle(j) – 4.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
	65,601,801	2.911%	$	65,601,801
(Cost $65,601,801)

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

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(f) – 0.2%
Commercial Paper – 0.2%
Entergy Corp.
$	3,771,000		0.000	%	06/07/22	$	3,765,056
(Cost $3,765,972)
TOTAL SHORT-TERM INVESTMENTS (Cost $3,765,972)						$	3,765,056
TOTAL INVESTMENTS – 100.8% (Cost $1,750,407,760)						$	1,471,558,071
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.8)%						$	(12,026,099	)
NET ASSETS – 100.0%						$	1,459,531,972

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) All or a portion of security is on loan.

(d) Pay-in-kind securities.

(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, 2022.

(f) Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.

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

(h) 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, 2022. 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.

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

(j) Represents an Affiliated Issuer.

    ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2022, 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		$84,335		$78,938		$(5,397)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, 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
Citibank NA	USD	10,045,544	GBP	8,765,217	12/15/22	$	247,483
HSBC Bank PLC	GBP	645,000	USD	700,013	12/15/22		20,990
MS & Co. Int. PLC	USD	1,897,036	EUR	1,865,114	10/11/22		67,736
State Street Bank and Trust	USD	39,876,651	EUR	39,112,357	10/11/22		1,515,317
TOTAL						$	1,851,526

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Loss
MS & Co. Int. PLC	EUR	1,249,849		USD 1,252,485	10/11/22		$(26,635	)

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		69			12/20/22	$	7,732,312			$      (21,850	)
2 Year U.S. Treasury Notes		584			12/30/22		119,948,126			(1,936,090	)
5 Year U.S. Treasury Notes		506			12/30/22		54,398,953			(1,093,974	)
Ultra 10 Year U.S. Treasury Notes		23			12/20/22		2,725,141			(85,214	)
Total										$(3,137,128	)
Short position contracts:
20 Year U.S. Treasury Bonds		(28	)		12/20/22		(3,539,375	)		4,460
5 Year German Euro-Bobl		(139	)		12/08/22		(16,313,179	)		426,928
Ultra Long U.S. Treasury Bonds		(15	)		12/20/22		(2,055,000	)		5,207
Total										$     436,595
TOTAL FUTURES CONTRACTS										$(2,700,533	)

SWAP CONTRACTS — At September 30, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(a)		Termination Date	Notional Amount (000s)(b)		Market Value	Upfront Premium (Received) Paid	Unrealized Appreciation/ (Depreciation)
2.500%		12M SOFR	12/21/32	$	2,020	$174,574	$193,832		$(19,258	)

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)			Credit Spread at September 30, 2022(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	)%		3.955	%		12/20/22	$	1,075		$     6,722			$     19,369			$     (12,647	)
Protection Sold:
CDX.NA.HY Index 34		5.000			4.867			06/20/25		48,708		228,258			1,724,699			(1,496,441	)
CDX.NA.HY Index 39		5.000			6.080			12/20/27		15,550		(623,123	)		(693,123	)		70,000
TOTAL												$(388,143	)		$1,050,945			$(1,439,088	)

(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.

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

GOLDMAN SACHS HIGH YIELD FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2022, 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	Citibank NA		2.400	%		07/28/2023		5,700,000		$	5,700,000		$	51,724		$	190,950		$	(139,226)
Puts
1Y IRS	Deutsche Bank AG (London)		2.960			09/05/2023		5,930,000			5,930,000			367,999			230,855			137,144
1Y IRS	JPMorgan Securities, Inc.		2.800			08/23/2023		5,930,000			5,930,000			419,603			214,100			205,503
								11,860,000		$	11,860,000		$	787,602		$	444,955		$	342,647
Total purchased option contracts								17,560,000		$	17,560,000		$	839,326		$	635,905		$	203,421
Written option contracts
Calls
1Y IRS	Citibank NA		1.750			07/28/2023		(5,700,000	)		(5,700,000	)		(19,366	)		(71,250	)		51,884
1Y IRS	Citibank NA		2.075			07/28/2023		(5,700,000	)		(5,700,000	)		(31,899	)		(119,700	)		87,801
								(11,400,000	)	$	(11,400,000	)	$	(51,265	)	$	(190,950	)	$	139,685
Puts
1Y IRS	Deutsche Bank AG (London)		3.405			09/05/2023		(5,930,000	)		(5,930,000	)		(245,774	)		(141,492	)		(104,282)
1Y IRS	Deutsche Bank AG (London)		3.850			09/05/2023		(5,930,000	)		(5,930,000	)		(158,946	)		(89,363	)		(69,582)
1Y IRS	JPMorgan Securities, Inc.		3.660			08/23/2023		(5,930,000	)		(5,930,000	)		(189,475	)		(81,917	)		(107,559)
1Y IRS	JPMorgan Securities, Inc.		3.230			08/23/2023		(5,930,000	)		(5,930,000	)		(287,731	)		(132,183	)		(155,548)
								(23,720,000	)	$	(23,720,000	)	$	(881,926	)	$	(444,955	)	$	(436,971)
Total written option contracts								(35,120,000	)	$	(35,120,000	)	$	(933,191	)	$	(635,905	)	$	(297,286)
TOTAL								(17,560,000	)	$	(17,560,000	)	$	(93,865	)	$	—		$	(93,865)

Currency Abbreviations:

EUR —Euro

GBP —British Pound

USD —U.S. Dollar

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PIK	—Payment in kind
PLC	—Public Limited Company
SOFR	—Secured Overnight Funding Rate
TSFR	—Term Secured Overnight Financing Rate

Abbreviations:
1M IRS	—1 Month Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
CDX.NA.HY Index 34	—CDX North America High Yield Index 34
CDX.NA.HY Ind 39	—CDX North America Investment Grade Index 39
SOFR	—Secured Overnight Funding Rate

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – 87.9%
Aerospace & Defense – 1.9%
ADS Tactical, Inc. (B+/B3) (1M USD LIBOR + 5.750%)
$	16,054,176		8.802	%	03/19/26	$	14,659,550
Brown Group Holding LLC (B+/B1) (1M USD LIBOR + 2.500%)
	11,139,712		5.615	(b)	06/07/28		10,564,123
Brown Group Holding, LLC (B+/B1) (1M SOFR + 3.750%)
	3,250,000		6.784		07/02/29		3,143,010
Castlelake Aviation Limited (BB/Ba3) (3M USD LIBOR + 2.750%)
	14,305,180		6.043	(b)	10/22/26		13,801,495
Propulsion (BC) Finco S.a.r.l. (NR/NR) (SOFR + 4.000%)
	8,652,000		6.280	(b)	09/14/29		8,197,770
Spirit Aerosystems, Inc. (BB-/Ba2) (1M USD LIBOR + 3.750%)
	8,120,971		6.865	(b)	01/15/25		8,021,976
TransDigm, Inc. (B+/Ba3)
(3M USD LIBOR + 2.250%)
	2,002,793		5.924	(b)	08/22/24		1,949,258
(3M USD LIBOR + 2.250%)
	1,175,888		5.924	(b)	05/30/25		1,126,548
(3M USD LIBOR + 2.250%)
	6,362,013		5.924	(b)	12/09/25		6,085,520
							67,549,250
Airlines – 1.7%
AAdvantage Loyalty IP Ltd. (NR/Ba2) (3M USD LIBOR + 4.750%)
	14,300,000		7.460	(b)	04/20/28		13,828,100
Air Canada (BB-/Ba2) (3M USD LIBOR + 3.500%)
	10,997,438		6.421		08/11/28		10,437,778
American Airlines, Inc. (B/Ba3) (1M USD LIBOR + 1.750%)
	13,662,101		4.871	(b)	01/29/27		12,534,977
United Airlines, Inc. (BB-/Ba1) (3M USD LIBOR + 3.750%)
	24,810,922		6.533		04/21/28		23,635,877
							60,436,732
Automotive – 0.9%
Dealer Tire LLC (B-/B1) (1M USD LIBOR + 4.250%)
	15,897,494		7.365	(b)	12/12/25		15,440,441
First Brands Group LLC (B-/Caa1) (3M USD LIBOR + 8.500%)
	3,850,000		11.871	(b)	03/30/28		3,667,125
First Brands Group, LLC (B+/B1) (3M SOFR + 5.000%)
	12,306,895		8.368		03/30/27		11,802,312
							30,909,878
Automotive - Distributors – 1.6%
Drive Chassis Holding Co. LLC (NR/NR) (1M USD LIBOR + 6.750%)
	7,100,000		9.893	(b)	04/10/26		7,055,625
Highline Aftermarket Acquisition LLC (B/B2) (1M USD LIBOR + 4.500%)
	9,888,801		7.615	(b)	11/09/27		8,801,033
SRAM, LLC (BB-/B1) (1M USD LIBOR + 2.750%)
	16,297,238		5.865	(b)	05/18/28		15,360,147
Truck Hero, Inc. (B-/B2) (1M USD LIBOR + 3.500%)
	15,878,530		6.615		01/31/28		13,801,142

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Automotive - Distributors – (continued)
Wand NewCo 3, Inc. (B-/B2) (1M USD LIBOR + 3.000%)
$	10,146,153		6.115	%(b)	02/05/26	$	9,380,118
							54,398,065
Automotive - Parts – 4.8%
Adient US LLC (BB+/Ba3) (1M USD LIBOR + 3.250%)
	10,201,113		6.365	(b)	04/10/28		9,608,224
American Axle & Manufacturing, Inc. (BB+/Ba1) (1M USD LIBOR + 2.250%)
	12,390,210		5.340	(b)	04/06/24		12,099,040
Autokiniton US Holdings, Inc. (B/B2) (1M USD LIBOR + 4.500%)
	19,025,830		7.185	(b)	04/06/28		17,479,981
BBB Industries LLC (B-/NR) (1M SOFR + 5.250%)
	9,625,000		8.414	(b)	07/25/29		8,822,949
Belron Finance US LLC (BB+/Ba2)
(3M USD LIBOR + 2.250%)
	4,548,548		5.063	(b)	10/30/26		4,412,092
(3M USD LIBOR + 2.500%)
	13,660,964		5.375	(b)	04/13/28		13,238,294
Clarios Global LP (B/B1)
(1M EURIBOR + 3.250%)
EUR	3,490,751		3.935	(b)	04/30/26		3,063,604
(1M USD LIBOR + 3.250%)
$	14,406,670		6.365	(b)	04/30/26		13,596,294
DexKo Global Inc. (NR/NR) (1M USD LIBOR + 3.000%)
	9,954,000		6.893	(b)	10/04/28		9,118,760
Garrett LX I S.a.r.l. (B+/Ba2) (1M USD LIBOR + 3.250%)
	13,899,637		6.060	(b)	04/30/28		13,117,783
Gates Global LLC (B+/Ba3) (1M USD LIBOR + 2.500%)
	11,900,377		5.615	(b)	03/31/27		11,411,152
Holley Purchaser, Inc. (B/B2) (1M USD LIBOR + 3.750%)
	7,229,084		7.424		11/17/28		6,555,912
IXS Holdings, Inc. (NR/NR) (3M USD LIBOR + 4.250%)
	7,608,323		7.816	(b)	03/05/27		6,131,015
Mavis Tire Express Services Corp. (B-/B2) (1M USD SOFR
CME + 4.000%)
	11,727,124		7.250		05/04/28		10,972,249
Superior Industries International, Inc. (B/Ba3) (1M USD LIBOR + 4.000%)
	7,575,000		7.115	(b)	05/22/24		7,082,625
Tenneco, Inc. (B+/Ba3) (1M USD LIBOR + 3.000%)
	10,942,801		6.115	(b)	10/01/25		10,758,196
Wheel Pros, LLC (CCC+/Caa1) (1M USD LIBOR + 4.500%)
	12,045,279		7.552		05/11/28		8,801,365
							166,269,535
Beverages(b) – 0.4%
Sunshine Investments B.V. (NR/NR)
(1M SOFR + 4.250%)
	12,335,303		7.292		07/12/29		11,759,614
(3M EURIBOR + 4.250%)
EUR	525,000		5.423		07/12/29		475,510
							12,235,124

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Building & Construction Materials – 1.6%
DG Investment Intermediate Holdings 2, Inc. (B/B2) (1M USD LIBOR + 3.750%)
$	9,174,155		6.865	%	03/31/28	$	8,531,964
DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1M USD LIBOR + 6.750%)
	600,000		9.865	(b)	03/30/29		556,002
Energize HoldCo LLC (Caa2/Caa2)
(1M LIBOR + 6.750%)
	9,029,625		6.865		12/08/28		8,412,631
(1M USD LIBOR + 6.750%)
	7,450,000		9.865		12/07/29		6,965,750
KKR Apple Bidco LLC (B+/B1) (1M USD LIBOR + 2.750%)
	18,306,887		5.865	(b)	09/23/28		17,441,154
KKR Apple Bidco LLC (CCC+/Caa1) (1M USD LIBOR + 5.750%)
	6,228,571		8.830	(b)	09/23/29		5,937,884
Rockwood Service Corp. (B/B2) (1M USD LIBOR + 4.250%)
	9,028,799		7.365	(b)	01/23/27		8,757,935
							56,603,320
Building Materials – 4.0%
ACProducts, Inc. (B-/B2) (3M USD LIBOR + 4.250%)
	5,875,126		7.924	(b)	05/17/28		4,312,519
Associated Materials Inc. (B/NR) (1M SOFR + 6.000%)
	12,019,875		9.042	(b)(c)	03/08/29		10,577,490
Chamberlain Group Inc (B/B2) (1M USD LIBOR + 3.500%)
	18,241,386		6.615	(b)	11/03/28		16,531,256
Cornerstone Building Brands, Inc. (B/B2) (1M USD LIBOR + 3.250%)
	12,362,495		6.068	(b)	04/12/28		10,121,793
CP Atlas Buyer, Inc. (B-/B2) (1M USD LIBOR + 3.500%)
	17,974,737		6.615		11/23/27		15,584,097
GYP Holdings III Corp. (BB/Ba2) (1M USD LIBOR + 2.500%)
	7,274,112		5.615	(b)	06/01/25		7,107,389
Icebox Holdco III, Inc. (B-/B2) (3M USD LIBOR + 3.750%)
	4,493,136		7.424		12/22/28		4,201,082
Icebox Holdco III, Inc. (Caa2/Caa2) (3M USD LIBOR + 6.750%)
	1,525,000		10.424		12/21/29		1,410,625
Jeld-Wen Inc. (BB+/Ba2) (1M USD LIBOR + 2.250%)
	2,640,105		5.365	(b)	07/28/28		2,444,579
LBM Acquisition LLC (B-/B2) (6M USD LIBOR + 3.750%)
	14,580,655		7.121	(b)	12/17/27		12,692,460
Oscar AcquisitionCo, LLC (B/B1) (3M SOFR + 4.500%)
	10,500,000		8.153	(b)	04/29/29		9,598,785
Quikrete Holdings, Inc. (BB-/Ba2) (1M USD LIBOR + 2.625%)
	9,246,744		5.740	(b)	02/01/27		8,861,433
Solis IV BV (B+/B1) (3M SOFR + 3.500%)
	18,753,000		6.340	(b)	02/26/29		15,349,331
SRS Distribution Inc. (B-/B3) (3M USD LIBOR + 3.500%)
	13,531,124		6.306	(b)	06/02/28		12,459,865
Vector WP Holdco, Inc (B/NR) (1M USD LIBOR + 5.000%)
	6,823,438		8.000	(b)	10/12/28		6,533,441
							137,786,145

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Capital Goods - Others – 1.3%
ASP Unifrax Holdings, Inc. (B-/B2) (3M USD LIBOR + 3.750%)
$	13,377,144		7.424	%(b)	12/12/25	$	12,287,441
Engineered Machinery Holdings, Inc. (NR/Caa1) (3M USD LIBOR + 6.000%)
	500,000		9.674	(b)(c)	05/21/29		465,000
Engineered Machinery Holdings, Inc. (B-/B1)
(3M EUR EURIBOR + 3.750%)
EUR	3,384,827		4.943		05/21/28		2,982,817
(3M USD LIBOR + 3.750%)
$	11,680,731		7.424		05/19/28		11,213,502
Engineered Machinery Holdings, Inc. (CCC+/Caa1) (3M USD LIBOR + 6.500%)
	2,000,000		10.174	(b)	05/21/29		1,890,000
Team Health Holdings, Inc. (B-/B3) (1M SOFR + 5.250%)
	8,515,395		8.284	(b)	03/02/27		7,231,018
Tempo Acquisition LLC (BB-/Ba3) (1M SOFR + 3.000%)
	9,296,013		6.034	(b)	08/31/28		9,038,049
							45,107,827
Chemicals – 5.2%
Albaugh, LLC (NR/NR) (1M SOFR + 3.500%)
	8,159,000		6.077	(b)(c)	04/06/29		7,914,230
Ascend Performance Materials Operations LLC (BB-/Ba3) (6M SOFR + 4.750%)
	6,053,759		8.831	(b)	08/27/26		5,916,036
Consolidated Energy Finance SA (BB-/B1) (3M USD LIBOR + 2.500%)
	7,245,262		5.293	(b)	05/07/25		6,919,225
Cyanco Intermediate Corp. (B/B2) (1M USD LIBOR + 3.500%)
	13,615,464		6.615	(b)	03/16/25		12,811,334
Diamond (BC) B.V. (B/Ba3) (1M USD LIBOR + 2.750%)
	13,200,250		5.556	(b)	09/29/28		12,137,630
Illuminate Buyer, LLC (B+/B1) (1M USD LIBOR + 3.500%)
	12,761,792		6.615		06/30/27		11,533,470
INEOS Enterprises Holdings US Finco LLC (BB/Ba3) (3M USD LIBOR + 3.500%)
	11,943,125		6.570	(b)	08/28/26		11,286,253
INEOS Styrolution US Holding LLC (NR/NR) (1M USD LIBOR + 2.750%)
	8,872,980		5.893	(b)	01/29/26		8,255,598
LSF11 A5 Holdco LLC (B/B1) (1M SOFR + 3.500%)
	13,930,000		6.595	(b)	10/15/28		12,920,075
Momentive Performance Materials, Inc. (B+/B1) (1M USD LIBOR + 3.250%)
	14,658,151		6.370	(b)	05/15/24		14,200,084
NIC Acquisition Corp. (B-/B3) (3M USD LIBOR + 3.750%)
	3,718,375		7.424	(b)	12/29/27		2,884,827
Polar US Borrower LLC (B-/B3) (3M USD LIBOR + 4.750%)
	14,731,790		7.205	(b)	10/15/25		11,883,693
PQ Corporation (BB-/B1) (3M USD LIBOR + 2.500%)
	12,691,561		5.306	(b)	06/09/28		12,069,675
Starfruit Finco B.V (B+/B2) (3M Euribor)
EUR	2,395,000		3.488	(b)	10/01/25		2,111,512
Starfruit Finco B.V. (B+/B2) (1M USD LIBOR + 2.750%)
$	17,083,006		5.865	(b)	10/01/25		15,993,965

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)
Chemicals – (continued)
Trident TPI Holdings, Inc. (B-/B2)
(1M SOFR + 3.250%)
$	1,500,000		8.095	%(c)	09/17/24	$	1,428,750
(3M USD LIBOR + 3.250%)
	4,635,187		6.924		09/15/28		4,507,719
Trident TPI Holdings, Inc. (B-/B2) (3M USD LIBOR + 4.000%)
	4,081,122		7.674	%(b)	09/15/28		3,859,237
Trinseo Materials Operating S.C.A. (BB-/Ba2) (1M USD LIBOR + 2.500%)
	6,122,500		5.615	(b)	05/03/28		5,600,189
W.R. Grace & Co.-Conn. (B/B1) (3M USD LIBOR + 3.750%)
	16,531,841		7.438	(b)	09/22/28		15,436,607
							179,670,109
Coal – 0.5%
Oxbow Carbon LLC (NR/B1) (3M USD LIBOR + 4.250%)
	15,977,785		7.878		10/17/25		15,808,101
Commercial Services – 4.6%
Albion Financing 3 SARL (NR/NR) (1M USD LIBOR + 3.000%)
	8,188,125		8.393	(b)	08/17/26		7,741,217
Allied Universal Holdco LLC (B/B2)
(1M EURIBOR + 3.750%)
EUR	668,250		4.435	(b)	05/12/28		570,598
(1M USD LIBOR + 3.750%)
$	11,052,001		6.865	(b)	05/14/28		9,692,605
Amentum Government Services Holdings LLC (B/B1)
(3M USD SOFR CME + 4.000%)
	13,796,610		7.206		02/15/29		13,141,270
(6M USD LIBOR + 4.000%)
	3,481,875		8.170	(b)	01/29/27		3,313,596
Ankura Consulting Group LLC (CCC/Caa2) (3M USD LIBOR + 8.000%)
	5,650,000		10.783	(b)(c)	03/19/29		4,746,000
Ankura Consulting Group, LLC (B-/B2) (1M SOFR + 4.500%)
	6,083,585		7.649	(b)	03/17/28		5,505,644
Anticimex International AB (NR/B2) (3M USD LIBOR + 4.000%)
	893,250		7.070	(b)	11/16/28		849,704
Anticimex International AB (B/B2) (3M USD LIBOR + 3.500%)
	6,500,875		6.570	(b)	11/16/28		6,135,201
APi Group DE, Inc. (BB-/Ba1) (1M USD LIBOR + 2.750%)
	10,938,873		5.865	(b)	01/03/29		10,633,460
Belron Luxembourg S.a r.l. (NR/NR) (3M EURIBOR + 2.500%)
EUR	1,595,000		3.923	(b)	04/13/28		1,424,448
CAB (NR/NR) (3M EURIBOR + 3.250%)
	1,350,000		4.923	(b)	02/09/28		1,201,345
Conservice Midco LLC (B/B2) (1M USD LIBOR + 4.250%)
$	8,437,222		7.365	(b)	05/13/27		8,085,642
Da Vinci Purchaser Corp. (B/B2) (1M USD LIBOR + 4.000%)
	13,115,902		7.115	(b)	01/08/27		12,307,045
Garda World Security Corp. (B/B2) (3M USD LIBOR + 4.250%)
	4,600,000		7.240		10/30/26		4,318,250

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Commercial Services – (continued)
Garda World Security Corporation (NR/B2) (3M SOFR + 4.250%)
$	10,750,000		7.050	%(b)	02/01/29	$	9,979,547
Holding Socotec (B/B2)
(1M USD LIBOR + 3.500%)
	8,376,588		7.674	(c)	06/02/28		7,748,344
(3M EUR EURIBOR + 3.500%)
EUR	1,025,000		4.693		06/02/28		920,420
Thevelia (US) LLC (B/B2) (3M SOFR + 4.000%)
$	12,796,590		7.703	(b)	06/18/29		12,092,778
Trans Union, LLC (BBB-/Ba2) (1M USD LIBOR + 2.250%)
	8,656,264		5.365	(b)	12/01/28		8,369,569
Vaco Holdings LLC (B/B2) (1M SOFR + 5.000%)
	7,130,080		8.703		01/21/29		6,898,353
Verisure Holding AB (NR/NR) (3M EURIBOR + 3.250%)
EUR	16,990,000		3.733	(b)	03/27/28		14,902,691
Verscend Holding Corp. (B+/B2) (1M USD LIBOR + 4.000%)
$	10,114,344		7.115	(b)	08/27/25		9,785,628
							160,363,355
Consumer Cyclical Services – 2.4%
Advantage Sales & Marketing, Inc. (BB-/B2) (3M USD LIBOR + 4.500%)
	2,150,372		7.053	(b)	10/28/27		1,912,046
APX Group, Inc. (B/B1) (3M PRIME + 2.500%)
	17,400,677		8.750	(b)	07/10/28		16,412,492
Asurion LLC (B/B3)
(1M USD LIBOR + 5.250%)
	9,175,000		8.365	(b)	01/31/28		6,881,250
(1M USD LIBOR + 5.250%)
	7,500,000		8.365	(b)	01/20/29		5,700,000
Asurion LLC (B+/Ba3)
(1M USD LIBOR + 3.000%)
	4,624,801		6.115	(b)	11/03/24		4,317,252
(1M USD LIBOR + 3.250%)
	14,826,649		6.365	(b)	12/23/26		12,537,859
(1M USD LIBOR + 3.250%)
	3,464,824		6.365	(b)	07/31/27		2,915,650
FCG Acquisitions Inc (B-/B2) (3M SOFR + 4.750%)
	2,375,000		8.303		03/31/28		2,315,625
Sabre GLBL Inc. (B/Ba3) (1M USD LIBOR + 3.500%)
	8,430,911		6.615	%(b)	12/17/27		7,528,129
Sabre GLBL, Inc. (B/Ba3) (3M USD LIBOR + 5.000%)
	2,408,335		5.115	(b)	02/22/24		2,370,717
Stats Intermediate Holdings LLC (B-/B2) (3M USD LIBOR + 5.250%)
	8,845,465		8.192	(b)	07/10/26		8,299,966
The Hertz Corp. (BB+/Ba3) (1M USD LIBOR + 3.250%)
	14,804,240		6.370	%	06/30/28		13,980,828
							85,171,814
Consumer Products – 1.3%
19th Holdings Golf, LLC (B/B1) (1M SOFR + 3.000%)
	6,234,375		6.292	(b)	02/07/29		5,766,797

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Consumer Products – (continued)
Coty, Inc. (BB-/Ba3) (1M USD LIBOR + 2.250%)
$	4,861,482		4.935	%(b)	04/07/25	$	4,716,513
Kronos Acquisition Holdings, Inc. (B-/B2) (3M USD LIBOR + 3.750%)
	14,178,101		6.820	(b)	12/22/26		13,099,006
Proampac PG Borrower LLC (B-/B3) (3M USD LIBOR + 3.750%)
	14,411,269		6.532	(b)	11/03/25		13,445,714
Springs Windows Fashions, LLC (B-/B2) (3M USD LIBOR + 4.000%)
	10,422,625		7.602		10/06/28		8,108,802
							45,136,832
Distributors(b) – 0.2%
UGI Energy Services LLC (NR/Ba3) (1M USD LIBOR + 3.500%)
	8,239,728		6.615		08/13/26		8,162,522
Diversified Financial Services – 1.9%
AllSpring Buyer LLC (BB-/Ba2)
(3M SOFR + 4.000%)
	3,075,000		7.303	(b)	11/01/28		3,015,437
(3M USD LIBOR + 3.250%)
	6,642,026		6.688	(b)	11/01/28		6,436,123
CQP Holdco LP (B+/B2) (3M USD LIBOR + 3.750%)
	9,500,921		7.424		06/05/28		9,152,522
DRW Holdings, LLC (BB-/Ba3) (1M USD LIBOR + 3.750%)
	10,306,199		6.865		03/01/28		9,910,029
Edelman Financial Center LLC (B/B2) (1M USD LIBOR + 3.500%)
	9,671,173		6.615	(b)	04/07/28		8,853,185
GT Polaris, Inc. (NR/B2) (3M USD LIBOR + 3.750%)
	8,160,852		6.556	(b)	09/24/27		7,671,201
LHS Borrower, LLC (NR/NR) (SOFR + 4.750%)
	5,117,392		7.884	(b)(c)	02/16/29		4,145,088
Paysafe Group Holdings II Limited (B/B2) (1M USD LIBOR + 2.750%)
	5,913,414		5.865	(b)	06/28/28		5,159,453
Syncapay, Inc. (B/B2) (3M USD LIBOR + 6.500%)
	4,445,049		10.174	(b)	12/10/27		4,282,538
VFH Parent LLC (NR/NR) (1M SOFR + 3.000%)
	8,000,000		5.845	(b)	01/13/29		7,647,520
Victory Capital Holdings, Inc. (BB-/Ba2) (3M USD LIBOR + 2.250%)
	11		4.543	(b)	07/01/26		11
							66,273,107
Diversified Manufacturing – 3.4%
Anvil International LLC (B-/B3) (3M USD LIBOR + 5.000%)
	9,371,550		7.810	(b)	05/28/26		8,600,740
Apex Tool Group, LLC (B-/B1) (1M USD SOFR + 5.250%)
	18,112,895		8.098		02/08/29		15,961,989
AZZ Inc. (B/Ba3) (1M SOFR + 4.250%)
	6,932,625		7.384	(b)	05/13/29		6,736,224

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Diversified Manufacturing – (continued)
CeramTec AcquiCo GmbH (NR/NR) (3M EURIBOR + 3.750%)
EUR	9,800,000		4.010	%(b)	02/02/29	$	8,434,760
Crosby US Acquisition Corp. (B-/B2) (1M USD LIBOR + 4.750%)
$	8,250,601		7.834	(b)	06/26/26		7,745,251
Dynacast International LLC (NR/NR) (3M USD LIBOR + 4.500%)
	10,937,369		7.480	(b)	07/22/25		9,570,198
Fluid-Flow Products, Inc. (B-/B2) (3M USD LIBOR + 3.750%)
	13,941,241		7.424	(b)	03/31/28		13,331,312
Pelican Products, Inc. (B-/B2) (3M USD LIBOR + 4.250%)
	7,294,875		8.420	(b)	12/29/28		6,638,336
Rohm Holding GmbH (B-/B3) (3M USD LIBOR + 4.750%)
	5,213,047		8.121	(b)	07/31/26		4,111,791
Titan Acquisition Ltd. (B-/B2) (6M USD LIBOR + 3.000%)
	12,922,167		5.877	(b)	03/28/25		11,543,759
Vertical US Newco Inc (B+/B1) (6M USD LIBOR + 3.500%)
	17,685,543		6.871		07/30/27		16,919,228
Victory Buyer LLC (B-/B2) (3M USD LIBOR + 3.750%)
	8,151,947		7.315	(b)	11/19/28		7,357,133
							116,950,721
Electric(b) – 0.2%
Centuri Group, Inc (NR/NR) (3M USD LIBOR + 2.500%)
	6,366,394		5.570		08/27/28		6,137,586
Electrical – 1.0%
Calpine Corp. (BB+/Ba2)
(1M USD LIBOR + 2.000%)
	3,398,998		5.115	(b)	08/12/26		3,254,541
(1M USD LIBOR + 2.500%)
	2,319,022		5.620	(b)	12/16/27		2,236,419
Lonestar II Generation Holdings LLC (B/B1) (1M USD LIBOR + 5.000%)
	3,388,828		8.115	%(b)	04/20/26		3,278,690
Pacific Gas & Electric Co. (BB-/B1) (1M USD LIBOR + 3.000%)
	9,686,486		6.125	(b)	06/23/25		9,245,750
Pike Corporation (B/Ba3)
(1M SOFR + 3.500%)
	1,625,000		6.534	(b)	01/21/28		1,582,344
(1M USD LIBOR + 3.000%)
	4,530,822		6.120	(b)	01/21/28		4,389,234
TerraForm Power Operating, LLC (BB+/Ba2) (3M USD SOFR CME + 2.750%)
	10,174,500		6.403		05/21/29		10,047,319
							34,034,297
Energy(b) – 0.2%
Parkway Generation, LLC (NR/NR) (1M USD LIBOR + 3.000%)
	8,866,873		7.764	%	02/18/29		8,646,568
Entertainment – 3.2%
888 Acquisitions Limited (NR/NR) (1M SOFR + 5.250%)
	10,500,000		8.292	(b)	07/08/28		8,995,035
Alterra Mountain Company (B/B1) (1M USD LIBOR + 3.500%)
	11,826,199		6.615	(b)	08/17/28		11,441,848

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
Bank Loans(a) – (continued)
Entertainment – (continued)
AMC Entertainment Holdings, Inc. (B-/Caa1) (3M USD LIBOR + 3.000%)
$	7,975,012		5.756	%(b)	04/22/26	$	6,219,552
Amer Sports Oyj (NR/NR) (3M EURIBOR + 4.500%)
EUR	5,225,000		5.673	(b)	03/30/26		4,528,699
Banijay Entertainment S.A.S (B+/B1) (1M USD LIBOR + 3.750%)
$	9,795,230		6.303	(b)	03/01/25		9,434,080
Crown Finance US, Inc. (NR/NR)
	280,580		13.042		09/07/23		285,569
	3,338,906		13.047		09/08/23		3,398,272
Crown Finance US, Inc. (D/WR)
(3M USD LIBOR + 2.500%)
	4,568,163		4.000	(b)	02/28/25		1,921,872
(3M USD LIBOR + 2.750%)
	2,800,339		4.250	(b)	09/30/26		1,158,640
(PIK 8.250%, Cash 7.000%)
	526,334		7.000	(b)	05/23/24		623,574
Fender Musical Instruments Corporation (NR/NR) (1M SOFR + 4.000%)
	8,484,156		7.042	(b)	12/01/28		7,190,323
GVC Holdings (Gibraltar) Limited (NR/NR) (1M USD LIBOR + 3.000%)
	5,883,050		5.514	(b)	03/29/27		5,713,912
Luna III S.a r.l. (NR/NR) (3M EURIBOR + 4.175%)
EUR	14,500,000		4.797	(b)	10/23/28		13,571,244
Motion Finco S.a.r.l. (B/B2) (3M USD LIBOR + 3.250%)
$	10,887,110		6.924	%(b)	11/12/26		9,926,758
National CineMedia, LLC (CCC/NR) (1M SOFR + 8.114%)
	984,380		0.500	(b)(c)	06/20/23		620,159
National CineMedia, LLC (CCC/B3) (1M USD LIBOR + 4.000%)
	5,517,241		7.125	(b)	06/20/25		3,233,103
Playtika Holding Corp (BB+/Ba2) (1M USD LIBOR + 2.750%)
	11,119,026		5.865	(b)	03/13/28		10,628,788
SeaWorld Parks & Entertainment, Inc. (BB-/Ba3) (1M USD LIBOR + 3.000%)
	9,938,885		6.125	(b)	08/25/28		9,520,657
Stars Group Holdings B.V. (The) (NR/NR)
	2,025,000		6.292		07/29/28		1,974,051
							110,386,136
Environmental(b) – 0.2%
Northstar Group Services, INC. (B/B2) (1M USD LIBOR + 5.500%)
	8,460,007		8.615		11/12/26		8,253,836
Environmental Services(b) – 0.2%
Covanta Holding Corporation (NR/NR) (1M USD LIBOR + 3.000%)
	5,733,940		5.643	%	11/30/28		5,548,619
Food & Beverage – 0.7%
Chef’s Warehouse Leasing Co., LLC (The) (B+/B2) (1M SOFR + 4.750%)
	3,500,000		7.925	(b)	08/23/29		3,473,750

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Food & Beverage – (continued)
Chobani, LLC (B-/B1) (1M USD LIBOR + 3.500%)
$	14,646,725		6.615	%	10/25/27	$	13,301,130
HLF Financing S.a.r.l. (BB+/Ba1) (1M USD LIBOR + 2.500%)
	8,816,733		5.615	(b)	08/18/25		8,436,556
							25,211,436
Food & Beverages – 0.4%
Sigma Bidco B.V. (B-/B2) (3M USD LIBOR + 3.000%)
	15,997,627		5.899		07/02/25		13,723,724
Gaming(b) – 0.2%
Caesars Resort Collection LLC (B+/B1) (1M USD LIBOR + 2.750%)
	6,659,007		5.865		12/23/24		6,493,198
Health Care – 1.3%
Jazz Financing Lux S.a.r.l. (BB-/Ba2) (1M USD LIBOR + 3.500%)
	17,216,019		6.615		05/05/28		16,613,459
Matrix Medical Network of Arizona LLC (B-/B3) (1M USD LIBOR + 4.750%)
	3,012,537		7.830	(b)	02/17/25		2,447,687
Onex TSG Intermediate Corp. (B/B2) (1M USD LIBOR + 4.750%)
	9,798,887		7.865		02/28/28		8,590,390
Sotera Health Holdings LLC (BB-/B1) (1M USD LIBOR + 2.750%)
	13,275,000		5.865	(b)	12/11/26		11,615,625
U.S. Renal Care, Inc. (CCC+/B3)
(1M USD LIBOR + 5.000%)
	5,258,439		8.115	(b)	06/26/26		3,765,515
(1M USD LIBOR + 5.500%)
	3,717,398		8.615	(b)	06/26/26		2,661,991
							45,694,667
Health Care - Pharmaceuticals(b) – 0.1%
Bausch Health Companies Inc. (B/B3) (1M SOFR + 5.250%)
	2,913,125		8.098		02/01/27		2,229,910
Health Care - Services – 4.2%
Accelerated Health Systems, LLC (B/B2) (3M SOFR + 4.250%)
	12,219,375		7.953	(b)	02/15/29		10,905,792
Biogroup-LCD (NR/NR) (3M EURIBOR + 2.750%)
EUR	3,875,000		3.071	(b)	02/09/28		3,368,099
Electron BidCo Inc. (B/B1) (1M USD LIBOR + 3.000%)
$	8,099,300		6.115	(b)	11/01/28		7,661,047
Envision Healthcare Corp. (CC/C) (1M USD LIBOR + 6.000%)
	10,219,484		6.406	(b)	10/10/25		2,766,516
Global Medical Response, Inc. (NR/B2) (1M USD LIBOR + 4.250%)
	10,001,334		6.814	(b)	10/02/25		8,646,153
Global Medical Response, Inc. (B/B2) (1M USD LIBOR + 4.250%)
	8,915,733		7.365	(b)	03/14/25		7,699,360
Help At Home, Inc. (B-/B1) (3M SOFR + 5.000%)
	13,935,292		8.710	%(b)	10/29/27		13,238,528

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Health Care - Services – (continued)
Help At Home, Inc. 2022 Incremental Term Loan (NR/NR) (1M SOFR + 5.000%)
$	2,089,500		8.042	%(b)	10/29/27	$	1,985,025
Iris BidCo GmbH (NR/NR) (3M Euribor + 5.000%)
EUR	12,425,000		6.173	(b)	06/29/28		10,837,639
Lonza Group AG (B/B2) (1M USD LIBOR + 4.000%)
$	13,059,822		7.674	(b)	07/03/28		11,590,592
NAPA Management Services Corporation (B/B2) (1M SOFR + 5.250%)
	6,666,500		8.292	(b)(c)	02/23/29		5,933,185
RegionalCare Hospital Partners Holdings, Inc. (B/B1) (1M USD LIBOR + 3.750%)
	17,450,427		6.871		11/16/25		16,188,412
Sedgwick Claims Management Services, Inc. (B/B2)
(1M USD LIBOR + 3.250%)
	11,289,628		6.365	(b)	12/31/25		10,668,699
(1M USD LIBOR + 3.750%)
	3,635,953		6.865	(b)	09/03/26		3,466,263
(1M USD LIBOR + 4.250%)
	264,000		7.365	(b)	09/03/26		253,936
Summit Behavioral Healthcare LLC (B-/B2) (3M USD LIBOR + 4.750%)
	7,263,500		7.730	(b)(c)	11/24/28		6,900,325
Summit Behavioral Healthcare LLC (CCC/Caa2) (3M USD LIBOR + 7.750%)
	3,800,000		10.730	(b)(c)	11/26/29		3,496,000
US Radiology Specialists, Inc. (B-/B3) (3M USD LIBOR + 5.250%)
	11,289,687		8.924	(b)	12/15/27		9,925,555
WP CityMD Bidco LLC (B/NR) (3M USD LIBOR + 3.250%)
	12,312,860		6.924	(b)	12/22/28		11,751,147
							147,282,273
Health Care Products(b) – 0.5%
Insulet Corp. (B+/Ba3) (1M USD LIBOR + 3.250%)
	9,381,250		6.365		05/04/28		9,123,265
Medline Borrower, LP (B+/B1) (1M USD LIBOR + 3.250%)
	9,539,563		6.365		10/23/28		8,755,506
							17,878,771
Home Construction(b) – 1.2%
Core & Main LP (B+/B1) (3M USD LIBOR + 2.500%)
	13,209,749		4.800		07/27/28		12,598,798
Foundation Building Materials Holding Co. LLC (B/B2) (3M USD LIBOR + 3.250%)
	11,338,775		6.056		01/31/28		10,187,890
KREF Holdings X LLC (NR/Ba2) (1M USD LIBOR + 3.500%)
	2,320,203		6.313		09/01/27		2,238,996
Packers Holdings LLC (B-/B2) (1M USD LIBOR + 3.250%)
	16,430,126		6.006		12/10/22		15,043,916
Petmate (B-/B3) (3M USD LIBOR + 5.500%)
	2,183,500		9.174		09/15/28		1,752,259
							41,821,859

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Household Products(b) – 0.1%
Knight Health Holdings LLC (NR/NR) (1M USD LIBOR + 3.000%)
$	5,086,563		8.330	%	12/23/28	$	3,681,400
Insurance – 2.1%
Acrisure, LLC (B/B2) (1M USD LIBOR + 3.500%)
	20,529,760		6.615		02/15/27		18,724,784
Alliant Holdings Intermediate LLC (B/B2)
(1M USD LIBOR + 3.250%)
	7,628,733		6.365	(b)	05/09/25		7,298,561
(3M USD LIBOR + 3.250%)
	4,705,548		6.365	(b)	05/09/25		4,503,586
Alliant Holdings Intermediate, LLC (NR/B2) (1M USD LIBOR + 3.500%)
	381,000		6.493	(b)	11/06/27		360,522
AssuredPartners, Inc. (B/B2)
(1M SOFR + 3.500%)
	184,075		6.534	(b)	02/12/27		173,951
AssuredPartners, Inc. (B/B2) (1M USD LIBOR + 3.500%)
	18,173,252		6.615	%(b)	02/12/27		17,173,722
Hyperion Insurance Group Ltd. (B/B2) (1M USD LIBOR + 3.250%)
	7,439,814		6.375	(b)	11/12/27		7,077,123
Hyperion Insurance Group Ltd. (B/WR) (1M USD LIBOR + 3.500%)
EUR	717,695		4.188	(b)	11/12/27		650,040
OneDigital Borrower LLC (B/B3) (1M SOFR + 4.250%)
$	9,295,527		7.292	(b)	11/16/27		8,644,840
USI, Inc. (B/B1) (3M USD LIBOR + 2.750%)
	7,309,216		6.424	(b)	05/16/24		7,102,146
							71,709,275
Investment Company(d) – 0.4%
Corgi Bidco, Inc (B-/B1)
	15,125,000		0.000		09/20/29		14,110,415
Lodging(b) – 0.3%
Hilton Grand Vacations Borrower LLC (BB+/Ba1) (1M USD LIBOR + 3.000%)
	9,578,250		6.115		08/02/28		9,252,015
Machinery – 0.6%
Cimpress Public Limited Company (BB-/B1) (1M USD LIBOR + 3.500%)
	8,739,375		6.615	(b)(c)	05/17/28		7,996,528
Shape Technologies Group, Inc. (B-/B3) (1M USD LIBOR + 3.000%)
	2,817,862		6.115	(b)	04/21/25		2,600,886
SPX Flow, Inc. (B-/B2) (1M SOFR + 4.500%)
	7,875,000		7.634		04/05/29		7,264,688
Star US Bidco LLC (B-/B2) (1M USD LIBOR + 4.250%)
	0		7.365	(b)	03/17/27		0
TK Elevator Topco GmbH (B+/B1) (1M EURIBOR + 3.625%)
EUR	1,605,000		4.256	(b)	07/29/27		1,396,681
							19,258,783

60                    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)
Machinery-Diversified(b) – 0.3%
Project Castle, Inc. (NR/NR) (1M TSFR + 5.500%)
$	11,025,000		8.542	%	06/01/29	$	9,288,562
Media(b) – 0.3%
Diamond Sports Group LLC (B/B2) (1M TSFR + 2.250%)
	1,157,713		10.695		05/26/26		1,107,063
Diamond Sports Group, LLC (CCC+/Caa2) (1M SOFR + 3.250%)
	2,693,901		5.945		08/24/26		513,754
Zacapa, LLC (B-/B2) (1M SOFR + 4.250%)
	8,351,698		7.314		03/22/29		7,916,741
							9,537,558
Media - Cable – 1.9%
Altice Financing SA (NR/NR) (3M EURIBOR + 2.750%)
EUR	1,986,613		3.180	(b)	01/31/26		1,782,460
Altice Financing SA (B/B2)
(3M USD LIBOR + 2.750%)
$	8,841,106		5.262	(b)	07/15/25		8,295,875
(3M USD LIBOR + 2.750%)
	3,955,991		5.262	(b)	01/31/26		3,693,907
Altice France S.A. (B/B2) (3M USD LIBOR + 4.000%)
	6,822,718		6.905	(b)	08/14/26		6,174,560
CSC Holdings LLC (BB-/Ba3) (1M USD LIBOR + 2.500%)
	14,615,683		5.318	(b)	04/15/27		13,638,332
DirecTV Financing, LLC (BB/Ba3) (1M USD LIBOR + 5.000%)
	13,317,768		8.115		08/02/27		12,373,938
Virgin Media Bristol LLC (BB-/Ba3)
(1M USD LIBOR + 2.500%)
	10,583,080		5.318	(b)	01/31/28		10,083,347
(1M USD LIBOR + 3.250%)
	11,800,000		6.068	(b)	01/31/29		11,401,750
							67,444,169
Media - Non Cable – 3.4%
Allen Media, LLC (BB-/Ba3) (3M USD LIBOR + 5.500%)
	12,146,621		9.203		02/10/27		10,461,277
CMG Media Corp (B+/B1) (1M USD LIBOR + 3.500%)
	13,498,016		6.615		12/17/26		12,609,442
Cumulus Media New Holdings, Inc. (B/B2) (1M USD LIBOR + 3.750%)
	7,559,272		6.865	(b)	03/31/26		7,154,851
Entercom Media Corp. (B/B1) (1M USD LIBOR + 2.500%)
	9,897,098		5.613	(b)	11/18/24		8,182,822
Getty Images, Inc. (BB-/B1) (3M USD LIBOR + 4.500%)
	13,110,576		7.625	(b)	02/19/26		12,974,750
Gray Television, Inc. (BB/Ba2)
(1M USD LIBOR + 2.500%)
	4,650,000		5.064	(b)	01/02/26		4,497,713
(1M USD LIBOR + 3.000%)
	7,100,116		5.564	(b)	12/01/28		6,880,793
Hubbard Radio LLC (B/B2) (1M USD LIBOR + 4.250%)
	10,754,144		7.370	(b)	03/28/25		9,284,375

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Media - Non Cable – (continued)
iHeartCommunications, Inc. (BB-/B1)
(1M USD LIBOR + 3.000%)
$	12,683,982		6.115	%	05/01/26	$	11,886,667
(1M USD LIBOR + 3.250%)
	6,777,591		6.365		05/01/26		6,349,789
Lions Gate Capital Holdings LLC (BB-/Ba2) (1M USD LIBOR + 2.250%)
	8,110,796		5.365	(b)	03/24/25		7,806,642
NEP/NCP Holdco, Inc. (CCC/Caa2) (1M USD LIBOR + 7.000%)
	3,200,000		10.115	(b)	10/19/26		2,883,200
Taboola.com Ltd (BB-/B1) (1M USD LIBOR + 4.000%)
	8,019,000		7.143	(b)	09/01/28		7,457,670
Voyage Digital (NZ) Limited (NR/NR) (1M SOFR + 4.500%)
	10,200,000		7.345	(b)(c)	05/11/29		9,906,750
							118,336,741
Metals & Mining(b) – 0.5%
Grinding Media, Inc. (B/B2) (3M USD LIBOR + 4.000%)
	5,717,250		7.144		06/03/23		5,088,352
PMHC II, Inc. (B-/B3) (3M SOFR + 4.250%)
	15,000,000		6.977		04/23/29		12,044,550
							17,132,902
Midstream – 1.3%
AL GCX Holdings, LLC (B+/Ba3) (3M SOFR + 3.750%)
	10,900,000		6.066	(b)	05/17/29		10,731,050
AL NGPL Holdings, LLC (B+/Ba3) (3M USD LIBOR + 3.750%)
	6,265,120		6.098		04/14/28		6,143,764
Buckeye Partners LP (BBB-/Ba1) (1M USD LIBOR + 2.250%)
	8,786,443		5.365	(b)	11/01/26		8,553,075
M6 ETX Holdings II Midco LLC (B+/B1) (3M SOFR + 4.500%)
	4,925,000		7.989		09/19/29		4,826,500
Medallion Midland Acquisition, LLC (B/B2) (1M USD LIBOR + 3.750%)
	4,367,000		6.871	(b)	10/18/28		4,214,155
Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (3M USD LIBOR + 3.250%)
	9,428,553		6.211	(b)	10/05/28		9,130,989
							43,599,533
Non Captive(b) – 0.6%
Hub International Limited (B/B2) (3M USD LIBOR + 3.250%)
	10,921,730		5.982		04/25/25		10,505,393
HUB International Ltd. (B/B2) (3M USD LIBOR + 3.000%)
	11,003,753		5.766		04/25/25		10,565,914
							21,071,307
Oil Field Services – 0.4%
ChampionX Corporation (BBB-/Ba2) (1M SOFR + 3.250%)
	13,125,000		6.004		06/07/29		13,071,712
Oil, Gas & Consumable Fuels(b) – 0.4%
Delek US Holdings, Inc. (BB/B1) (1M USD LIBOR + 2.250%)
	13,297,293		5.365		03/31/25		12,841,860

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Packaging – 2.9%
Altium Packaging LLC (B+/B2) (1M USD LIBOR + 2.750%)
$	0		5.865	%(b)	02/03/28	$	0
Berlin Packaging LLC (B-/B2) (1M USD LIBOR + 3.250%)
	8,912,188		5.820	(b)	03/11/28		8,373,000
BWAY Holding Co. (B-/B2) (1M USD LIBOR + 3.250%)
	1		5.814	(b)	04/03/24		1
Canister International Group, Inc. (B/B2) (1M USD LIBOR + 4.750%)
	3,327,757		7.865	(b)	12/21/26		3,261,202
Charter NEX US, Inc. (B/B2) (3M USD LIBOR + 3.750%)
	13,794,274		6.556		12/01/27		13,061,522
Clydesdale Acquisition Holdings Inc (B/B2) (1M SOFR + 4.175%)
	13,690,687		7.309		04/13/29		12,894,026
Klockner-Pentaplast of America, Inc. (B/B2) (6M USD LIBOR + 4.750%)
	9,125,861		8.259	(b)	02/12/26		7,711,353
KP Germany Erste GmbH (NR/B2) (6M EURIBOR + 4.750%)
EUR	3,425,000		5.827	(b)	02/12/26		2,866,228
LABL, Inc. (B-/B2) (1M USD LIBOR + 5.000%)
$	15,599,675		8.115		10/29/28		14,027,540
Pretium PKG Holdings, Inc. (B-/B2) (3M USD LIBOR + 4.000%)
	9,886,258		6.293	(b)	06/10/22		8,828,428
Reynolds Group Holdings, Inc. (B+/B1)
(1M USD LIBOR + 3.250%)
	9,725,452		6.365	(b)	02/05/26		9,286,056
(1M USD LIBOR + 3.500%)
	2,351,250		6.615	(b)	09/24/28		2,248,383
Tosca Services LLC (B/B2) (1M USD LIBOR + 3.500%)
	13,756,755		6.649	(b)	08/18/27		12,050,918
TricorBraun Holdings, Inc. (B-/B2) (1M USD LIBOR + 3.250%)
	8,376,276		6.365	(b)	03/03/28		7,850,665
							102,459,322
Paper(b) – 0.3%
Plaze, Inc. (B/B3) (1M USD LIBOR + 3.500%)
	3,475,607		6.615		08/03/26		3,180,180
Pregis TopCo Corp. (B-/B2) (3M USD LIBOR + 4.000%)
	7,412,416		6.806		07/31/26		7,041,796
Pregis TopCo Corporation (B-/B2) (1M USD LIBOR + 4.000%)
	1,866,038		7.115		07/31/26		1,768,071
							11,990,047
Pharmaceuticals – 0.8%
Gainwell Acquisition Corp. (B+/B2) (3M USD LIBOR + 4.000%)
	13,207,511		7.674		10/01/27		12,557,041
Organon & Co (BB/Ba2)
(3M EURIBOR + %)
EUR	800,000		3.763	(b)	06/02/28		731,117
(3M USD LIBOR + 3.000%)
$	13,852,781		6.188	(b)	06/02/28		13,506,462
							26,794,620

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Pipelines(b) – 0.4%
Centurion Pipeline Co. LLC (BB/B1) (1M USD LIBOR + 3.250%)
$	0		6.365	%	09/29/25	$	0
ITT Holdings LLC (BB/Ba2) (1M USD LIBOR + 2.750%)
	8,823,686		5.865		07/10/28		8,404,561
NorthRiver Midstream Finance LP (BB/Ba3) (3M USD LIBOR + 3.250%)
	4,482,783		5.527		10/01/25		4,360,313
							12,764,874
Real Estate Investment Trust(b) – 0.2%
Forest City Enterprises LP (B+/B2) (1M USD LIBOR + 3.500%)
	7,473,084		6.615		12/08/25		7,273,777
Restaurants – 1.1%
1011778 B.C. Unlimited Liability Co. (BB+/Ba2) (1M USD LIBOR + 1.750%)
	16,338,611		4.871	(b)	11/19/26		15,588,832
IRB Holding Corp (B+/B2) (1M SOFR + 3.000%)
	16,207,142		6.042	(b)	12/15/27		15,153,678
IRB Holding Corp. (B+/B2) (1M USD LIBOR + 2.750%)
	8,627,108		5.865		02/05/25		8,323,779
							39,066,289
Retailers – 3.8%
AppLovin Corp. (BB-/Ba3) (1M USD LIBOR + 3.250%)
	10,443,356		6.365	(b)	08/15/25		10,082,225
AppLovin Corporation (BB-/Ba3) (3M USD LIBOR + 3.000%)
	13,895,088		6.674	(b)	10/25/28		13,321,915
BCPE Empire Holdings, Inc. (B-/B3)
(1M SOFR + 4.000%)
	11,011,029		7.115	(b)	06/11/26		10,442,089
(1M SOFR + 4.625%)
	2,985,000		7.759	(b)	06/11/26		2,843,213
CNT Holdings I Corp (CCC+/Caa2) (1M USD LIBOR + 6.750%)
	525,000		9.498	(b)	11/06/28		494,813
CNT Holdings I Corp. (B/B2) (1M SOFR + 3.500%)
	6,776,550		6.248	(b)	11/08/27		6,443,754
Constellation Automotive Limited (NR/NR)
(3M EURIBOR + 4.000%)
EUR	2,800,000		5.173	(b)	07/28/28		2,165,127
(SONIA + 7.500%)
GBP	700,000		9.689	(b)	07/27/29		591,402
EG America LLC (B-/B3) (3M USD LIBOR + 4.000%)
$	9,864,467		7.674	(b)	02/07/25		9,180,169
EG Group Ltd. (B-/B3)
(3M USD LIBOR + 4.000%)
	4,113,648		7.674	(b)	02/07/25		3,828,285
(3M USD LIBOR + 4.250%)
	8,767,665		7.924	(b)	03/31/26		8,168,570
Harbor Freight Tools USA, Inc. (BB-/B2) (1M USD LIBOR + 2.750%)
	9,373,748		5.865	(b)	10/19/27		8,459,808
New Era Cap Co., Inc. (B+/B2) (3M USD LIBOR + 6.000%)
	9,506,250		8.455		07/13/27		9,030,937

62                    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)
Retailers – (continued)
OEConnection LLC (B-/B2) (1M USD LIBOR + 4.000%)
$	1		7.674	%(b)	09/25/26	$	1
Restoration Hardware, Inc. (BB/Ba3) (1M USD LIBOR + 2.500%)
	13,184,865		5.615	(b)	10/20/28		11,652,124
Shutterfly, Inc. (B-/B2) (1M USD LIBOR + 5.000%)
	15,757,750		8.115	(b)	09/25/26		9,783,829
Staples, Inc. (B/B3) (3M USD LIBOR + 5.000%)
	21,250,528		7.782	(b)	04/16/26		18,585,286
TruGreen LP (B/B2) (1M USD LIBOR + 4.000%)
	7,362,765		7.115	(b)	11/02/27		6,939,406
TruGreen LP (CCC+/Caa2) (1M USD LIBOR + 8.500%)
	2,200,000		11.615	(b)	11/02/28		1,936,000
							133,948,953
Retailing – 0.3%
RC Buyer, Inc. (B-/B1) (3M USD LIBOR + 3.500%)
	8,986,563		7.174		07/28/28		8,402,436
RC Buyer, Inc. (CCC/Caa1) (3M USD LIBOR + 6.500%)
	1,650,000		10.174		07/30/29		1,561,312
							9,963,748
Technology(b) – 1.3%
Allegro Microsystems, Inc. (BB/B1) (1M USD LIBOR + 3.750%)
	150,000		6.865		09/30/27		145,500
Delta TopCo, Inc. (CCC/Caa2) (3M USD LIBOR + 7.250%)
	575,000		10.332		12/01/28		503,125
ICON Luxembourg S.a.r.l. (BB+/Ba1) (3M USD LIBOR + 2.250%)
	12,465,354		5.938		07/03/28		12,166,186
Ingram Micro Inc. (BB-/B1) (3M USD LIBOR + 3.500%)
	6,441,033		7.174		06/30/28		6,263,905
PRA Health Sciences, Inc. (BB+/Ba1) (3M USD LIBOR + 2.250%)
	3,105,751		5.938		07/03/28		3,031,213
Uber Technologies, Inc. (B+/Ba3)
(3M USD LIBOR + 3.500%)
	11,248,487		6.570		04/04/25		10,986,060
(3M USD LIBOR + 3.500%)
	7,301,284		6.570		02/25/27		7,103,127
Ultra Clean Holdings, Inc. (NR/B1) (1M USD LIBOR + 3.750%)
	6,735,793		6.865		08/27/25		6,594,745
							46,793,861
Technology - Hardware(b) – 1.0%
Entegris, Inc. (BB+/Baa3) (1M SOFR + 3.750%)
	12,125,000		6.042		07/06/29		12,017,209
II-VI Incorporated (BB-/Ba2) (1M USD LIBOR + 2.750%)
	13,300,000		5.314		07/02/29		12,856,711
MKS Instruments, Inc. (NR/NR) (3M EURIBOR + 3.000%)
EUR	800,000		3.351		08/17/29		748,758
MKS Instruments, Inc. (NR/Ba1) (1M SOFR + 2.750%)
$	11,225,000		5.868		08/17/29		10,924,731
							36,547,409

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Technology - Software – 3.8%
Athenahealth, Inc. (B-/B2) (1M SOFR + 3.500%)
$	4,264,674		6.576	%(b)	02/15/29	$	3,812,619
Atlas Purchaser, Inc. (CCC+/Caa2) (3M USD LIBOR + 9.000%)
	1,225,000		11.188	(b)	05/07/29		937,125
Camelot U.S. Acquisition LLC (B/B1) (1M USD LIBOR + 3.000%)
	17,269,809		6.115	%	10/30/26		16,674,727
Castle US Holding Corp. (B-/B3) (1M USD LIBOR + 3.750%)
	15,052,353		6.865		01/29/27		12,041,883
CentralSquare Technologies LLC (B-/Caa1) (3M USD LIBOR + 3.750%)
	15,760,145		7.424	(b)	08/29/25		13,750,726
Ceridian HCM Holding, Inc. (B+/B1) (1M USD LIBOR + 2.500%)
	9,144		5.615	(b)	04/30/25		8,673
Cloudera, Inc. (B-/B2) (1M USD LIBOR + 3.750%)
	5,142,080		6.865	(b)	10/08/28		4,499,320
Cloudera, Inc. (CCC/Caa2) (1M USD LIBOR + 6.000%)
	3,175,000		9.115	(b)	10/08/29		2,667,000
Eta Australia Holdings III Pty Ltd. (B-/B3) (1M USD LIBOR + 4.000%)
	7,944,360		7.115	(b)	05/06/26		7,388,255
Grab Holdings, Inc. (B-/B2) (1M USD LIBOR + 4.500%)
	19,815,856		7.620	(b)	01/29/26		18,515,539
Magenta Buyer LLC (B/B2) (1M USD LIBOR + 4.750%)
	8,811,000		7.870	(b)	07/27/28		7,929,900
Magenta Buyer LLC (CCC+/Caa2) (1M USD LIBOR + 8.250%)
	1,300,000		11.370	(b)	07/27/29		1,190,579
Severin Acquisition LLC (B-/B2) (3M SOFR + 3.000%)
	12,931,006		6.034	(b)	08/01/25		12,530,921
The Dun & Bradstreet Corp. (B+/B1) (1M USD LIBOR + 3.250%)
	14,622,540		6.330	(b)	02/06/26		14,114,407
Travelport Finance (Luxembourg) S.a.r.l. (B-/B3) (3M USD LIBOR + 1.500%)
	3,312,770		7.250	(b)	02/28/25		3,272,752
Travelport Finance (Luxembourg) S.a.r.l. (CCC-/Caa3)
(PIK 1.750%, Cash 5.000%)
	1,236,890		8.674	(b)	05/29/26		860,257
VS Buyer LLC (B/B1) (1M USD LIBOR + 3.000%)
	8,267,675		6.115	(b)	02/28/27		7,988,641
ZoomInfo LLC (BB+/Ba1) (1M USD LIBOR + 3.000%)
	4,716,243		6.115	(b)	02/02/26		4,643,141
							132,826,465
Technology - Software/Services – 2.4%
Ahead DB Holdings, LLC (B+/B1) (3M USD LIBOR + 3.750%)
	7,515,085		7.430		10/18/27		7,153,460
ConvergeOne Holdings, Inc. (B-/B2) (1M USD LIBOR + 5.000%)
	2,871,438		8.115	(b)	01/04/26		2,040,530
DCert Buyer, Inc. (B-/B2) (3M USD LIBOR + 4.000%)
	9,509,214		6.903		10/16/26		9,049,634
DCert Buyer, Inc. (CCC/Caa2) (1M USD LIBOR + 4.000%)
	1,700,000		9.903		02/19/29		1,579,300

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Technology - Software/Services – (continued)
Electronics for Imaging, Inc. (B-/B3) (1M USD LIBOR + 5.000%)
$	1,352,009		8.115	%(b)	07/23/26	$	1,082,026
Loyalty Ventures Inc (B-/B2) (1M USD LIBOR + 4.500%)
	12,582,382		7.615		11/03/27		3,774,714
NortonLifeLock Inc. (NR/NR) (SOFR + 2.000%)
	10,450,000		5.042	(b)	09/12/29		10,026,775
Park Place Technologies LLC (B-/B2) (1M USD LIBOR + 5.000%)
	4,826,500		8.134	(b)	11/10/27		4,569,103
Peraton Corp. (NR/NR) (1M USD LIBOR + 7.750%)
	5,436,528		10.568	(b)	02/01/29		5,127,352
Peraton Corp. (B+/B1) (1M USD LIBOR + 3.750%)
	22,237,358		6.865	(b)	02/01/28		21,036,540
Physician Partners LLC (NR/NR) (1M TSFR + 4.000%)
	11,343,000		7.032	(b)	12/23/28		10,634,063
Virtusa Corp. (B/B2) (1M USD LIBOR + 3.750%)
	9,634,946		6.865		02/11/28		9,004,628
							85,078,125
Telecommunications – 3.8%
Adevinta ASA (NR/NR)
(1M USD LIBOR + 3.000%)
	6,520,725		6.080	(b)	06/26/28		6,339,384
(3M EURIBOR + 3.250%)
EUR	6,979,500		4.403	(b)	06/26/28		6,429,844
Altice France SA (B/B2) (3M USD LIBOR + 3.688%)
$	7,347,462		6.200	(b)	01/31/26		6,649,453
Barracuda Networks, Inc. (B/B2) (1M SOFR + 4.500%)
	10,325,000		7.534	(b)	08/15/29		9,687,018
Buzz Merger Sub Ltd. (B/B1)
(1M USD LIBOR + 2.750%)
	9,245,350		5.865	(b)	01/29/27		8,875,536
(1M USD LIBOR + 3.250%)
	267,727		6.365	(b)	01/29/27		259,696
CCI Buyer, Inc. (B-/B1) (3M SOFR + 4.000%)
	8,561,621		7.553	(b)	12/17/27		8,052,205
Dynatrace LLC (BB+/Ba3) (1M USD LIBOR + 2.250%)
	5,239,507		5.365	(b)	08/22/25		5,145,196
Endure Digital Inc. (B/B2) (1M USD LIBOR + 3.500%)
	12,801,091		6.185	(b)	02/10/28		10,752,916
GoTo Group, Inc. (B/B2) (1M USD LIBOR + 4.750%)
	12,005,589		7.802		08/31/27		8,294,901
Imperva, Inc. (B-/B2) (3M USD LIBOR + 4.000%)
	12,110,538		6.921	(b)	01/12/26		10,124,410
Intelsat Jackson Holdings S.A. (B+/B3) (1M SOFR + 4.250%)
	17,968,235		7.445		02/01/29		16,822,760
Lorca Holdco Limited (NR/NR) (3M EURIBOR + 3.7500%)
EUR	7,000,000		4.027	(b)	09/17/27		6,273,791
MLN US Holding Co. LLC (CCC/B3) (3M USD LIBOR + 4.500%)
$	2,674,726		8.252	(b)	11/30/25		1,632,599
Numericable Group SA (B/B2) (3M USD LIBOR + 2.750%)
	10,609,105		5.556	(b)	07/31/25		9,654,286

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Telecommunications – (continued)
Project Alpha Intermediate Holding, Inc. (B/B3) (1M USD LIBOR + 4.000%)
$	10,781,120		7.120	%(b)	04/26/24	$	10,360,009
PUG LLC (B-/B3) (1M USD LIBOR + 3.500%)
	9,053,230		6.615		02/12/27		7,831,044
							133,185,048
Textiles(b) – 0.5%
CBI Buyer, Inc. (B-/B2) (1M USD LIBOR + 3.250%)
	6,549,612		6.006	(c)	01/06/28		5,141,446
CBI Buyer, Inc. (CCC/Caa2) (1M USD LIBOR + 7.250%)
	1,100,000		10.365	(c)	01/05/29		984,500
Fanatics Commerce Intermediate Holdco, LLC (BB-/Ba3) (3M USD LIBOR + 3.250%)
	10,143,350		6.056		11/24/28		9,762,974
							15,888,920
Transportation Services – 1.4%
Dynasty Acquisition Co., Inc. (B-/B3) (1M USD LIBOR + 3.500%)
	9,989,508		6.615	%(b)	04/06/26		9,192,446
Kenan Advantage Group, Inc. (B-/B2) (1M USD LIBOR + 3.750%)
	7,466,191		6.865	(b)	03/24/26		7,013,591
Kenan Advantage Group, Inc. (CCC/Caa2) (1M USD LIBOR + 7.250%)
	2,050,000		10.365	(b)	09/01/27		1,886,000
LaserShip, Inc. (B-/B2) (6M USD LIBOR + 4.500%)
	13,190,712		7.377		05/07/28		11,072,019
LaserShip, Inc. (CCC/Caa2) (3M USD LIBOR + 7.500%)
	10,556,288		10.377	(b)(c)	05/07/29		8,022,779
MH Sub I LLC (B/B2)
(1M USD LIBOR + 3.500%)
	7,371,358		6.615	(b)	09/13/24		7,010,825
(1M USD LIBOR + 3.750%)
	3,491,299		6.865	(b)	09/13/24		3,318,479
MH Sub I LLC (CCC+/Caa2) (1M SOFR + 6.250%)
	600,000		9.282	(b)	02/23/29		560,502
Radar Bidco S.a.r.l. (NR/NR) (PIK 2.000%, Cash 10.000%)
EUR	559		6.000	(b)	12/16/24		547
							48,077,188
TOTAL BANK LOANS (Cost $3,328,155,749)						$	3,055,170,195
Corporate Obligations – 6.0%
Aerospace & Defense(e) – 0.1%
Spirit AeroSystems, Inc. (CCC+/Caa1)
$	2,790,000		4.600	%	06/15/28	$	2,015,580
Airlines(f) – 0.0%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2)
	1,225,000		5.500		04/20/26		1,151,206

64                    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)
Automotive – 0.4%
Dornoch Debt Merger Sub, Inc. (CCC/Caa1)
$	5,970,000		6.625	%(e)(f)	10/15/29	$	4,373,801
Ford Motor Co. (BB+/Ba2)
	1,331,000		0.000	(d)	03/15/26		1,217,200
Ford Motor Credit Co. LLC (BB+/Ba2)
	650,000		4.687	(e)	06/09/25		604,266
	4,677,000		4.950	(e)	05/28/27		4,183,576
Tenneco, Inc. (B+/Ba3)
	3,510,000		5.125	(e)(f)	04/15/29		3,474,584
							13,853,427
Banks(e)(f) – 0.1%
Freedom Mortgage Corp. (B/B2)
	3,120,000		6.625		01/15/27		2,226,089
Chemicals(e)(f) – 0.5%
Axalta Coating Systems LLC (BB-/B1)
	888,000		3.375		02/15/29		695,491
Diamond BC BV (B/Caa1)
	1,055,000		4.625	(g)	10/01/29		748,955
Herens Holdco S.a.r.l. (B/B2)
	4,200,000		4.750		05/15/28		3,436,020
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1)
	553,000		9.000		07/01/28		459,914
Olympus Water US Holding Corp. (B-/B2)
	5,925,000		4.250		10/01/28		4,552,355
Polar U.S. Borrower LLC/Schenectady International Group, Inc. (CCC+/Caa2)
	9,085,000		6.750	(g)	05/15/26		5,103,771
Rayonier AM Products, Inc. (B+/B1)
	240,000		7.625		01/15/26		207,854
The Chemours Co. (BB/B1)
	1,445,000		5.750		11/15/28		1,181,432
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (B/B2)
	2,795,000		5.125		04/01/29		1,649,134
							18,034,926
Commercial Services(e)(f) – 0.5%
APi Group DE, Inc. (B/B1)
	4,434,000		4.125		07/15/29		3,532,390
APX Group, Inc. (CCC/Caa1)
	4,060,000		5.750		07/15/29		3,213,368
MPH Acquisition Holdings LLC (B+/Ba3)
	1,425,000		5.500		09/01/28		1,177,193
NESCO Holdings II, Inc. (B/B3)
	669,000		5.500		04/15/29		557,545
Paysafe Finance PLC/Paysafe Holdings U.S. Corp. (B/B2)
	3,450,000		4.000		06/15/29		2,413,861
Sabre Global, Inc. (B/Ba3)
	416,000		9.250		04/15/25		398,266
The ADT Security Corp. (BB-/Ba3)
	3,802,000		4.125		08/01/29		3,151,782

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Services(e)(f) – (continued)
Verisure Midholding AB (CCC+/Caa1)
EUR	1,075,000		5.250	%	02/15/29	$	774,373
							15,218,778
Distribution & Wholesale(e)(f) – 0.0%
BCPE Empire Holdings, Inc. (CCC/Caa2)
$	1,446,000		7.625		05/01/27		1,259,365
Diversified Financial Services(e)(f) – 0.6%
Castlelake Aviation Finance DAC (B+/B2)
	5,295,000		5.000	(g)	04/15/27		4,515,629
LPL Holdings, Inc. (BB/Ba2)
	2,489,000		4.000		03/15/29		2,138,275
PennyMac Financial Services, Inc. (BB-/Ba3)
	2,330,000		4.250		02/15/29		1,686,407
United Wholesale Mortgage LLC (NR/Ba3)
	3,330,000		5.500		04/15/29		2,530,201
VistaJet Malta Finance PLC/XO Management Holding, Inc. (B-/Caa1)
	6,805,000		7.875		05/01/27		5,972,817
	2,965,000		6.375		02/01/30		2,391,865
							19,235,194
Electrical Components & Equipment(e)(f) – 0.1%
Energizer Holdings, Inc. (B/B2)
	2,555,000		6.500		12/31/27		2,267,205
	3,100,000		4.375		03/31/29		2,316,754
							4,583,959
Electronics(e)(f) – 0.1%
Atkore, Inc. (BB/Ba2)
	1,031,000		4.250		06/01/31		824,645
Imola Merger Corp. (BB-/B1)
	2,575,000		4.750		05/15/29		2,175,386
							3,000,031
Engineering & Construction(e) – 0.2%
AECOM (BB-/Ba3)
	7,525,000		5.125		03/15/27		7,036,552
Entertainment(e)(f) – 0.2%
Caesars Entertainment, Inc. (CCC+/Caa1)
	2,215,000		4.625	(g)	10/15/29		1,699,193
Lions Gate Capital Holdings LLC (CCC+/B3)
	4,015,000		5.500		04/15/29		2,991,617
WMG Acquisition Corp. (BB+/Ba3)
	3,000,000		3.750		12/01/29		2,491,650
							7,182,460
Health Care Providers & Services(e)(f) – 0.0%
Legacy LifePoint Health LLC (B/B1)
	1,375,000		4.375		02/15/27		1,143,491
Healthcare Providers & Services(e)(f) – 0.6%
Catalent Pharma Solutions, Inc. (BB-/B1)
	785,000		3.125		02/15/29		612,944
	1,805,000		3.500		04/01/30		1,420,517

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services(e)(f) – (continued)
CHS/Community Health Systems, Inc. (B/B2)
$	5,150,000		5.250	%	05/15/30	$	3,583,318
CHS/Community Health Systems, Inc. (CCC/Caa2)
	1,125,000		6.125		04/01/30		530,370
DaVita, Inc. (B+/B1)
	1,420,000		3.750		02/15/31		1,012,034
Medline Borrower LP (B+/B1)
	10,100,000		3.875		04/01/29		8,110,704
Tenet Healthcare Corp. (BB-/B1)
	5,071,000		6.125		06/15/30		4,664,103
							19,933,990
Internet(e)(f) – 0.2%
ANGI Group LLC (B+/B1)
	1,055,000		3.875		08/15/28		745,073
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3)
	1,942,000		3.500		03/01/29		1,587,313
Match Group Holdings II LLC (BB/Ba3)
	665,000		3.625		10/01/31		502,188
Twitter, Inc. (BB+/Ba2)
	5,515,000		5.000		03/01/30		5,296,385
							8,130,959
Leisure Time(e)(f) – 0.1%
Carnival Corp. (B/B3)
	960,000		5.750		03/01/27		673,114
MajorDrive Holdings IV LLC (CCC+/Caa2)
	2,543,000		6.375		06/01/29		1,762,858
Royal Caribbean Cruises Ltd. (B/B3)
	1,860,000		5.500		04/01/28		1,307,543
							3,743,515
Lodging(e)(f) – 0.1%
Marriott Ownership Resorts, Inc. (B+/B1)
	560,000		4.500		06/15/29		444,618
Travel & Leisure Co. (BB-/Ba3)
	4,332,000		4.500		12/01/29		3,360,982
							3,805,600
Machinery - Construction & Mining(e)(f) – 0.2%
Vertiv Group Corp. (BB-/B1)
	8,450,000		4.125		11/15/28		6,807,573
Media(e) – 0.3%
Cumulus Media New Holdings, Inc. (B/B2)
	4,100,000		6.750	(f)(g)	07/01/26		3,470,527
Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC-/Ca)
	3,225,000		6.625	(f)	08/15/27		220,364
Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC+/Caa2)
	2,350,000		5.375	(f)	08/15/26		466,686
DISH DBS Corp. (B+/Ba3)
	2,675,000		5.250	(f)	12/01/26		2,207,865
iHeartCommunications, Inc. (B-/Caa1)
	1		8.375		05/01/27		1

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media(e) – (continued)
Scripps Escrow II, Inc. (B/B3)
$	450,000		5.375	%(f)(g)	01/15/31	$	342,459
Scripps Escrow II, Inc. (BB/Ba3)
	2,765,000		3.875	(f)(g)	01/15/29		2,206,636
Townsquare Media, Inc. (B/B2)
	957,000		6.875	(f)	02/01/26		877,579
							9,792,117
Miscellaneous Manufacturing(e) – 0.0%
Hillenbrand, Inc. (BB+/Ba1)
	922,000		3.750		03/01/31		708,787
Oil Field Services(e) – 0.1%
CNX Resources Corp. (BB/B1)
	525,000		6.000	(f)(g)	01/15/29		482,417
Noble Finance Co. (NR/NR)(h) (PIK 15.000%, Cash 11.000%)
	112,388		11.000	%(f)	02/15/28		123,523
Sunoco LP/Sunoco Finance Corp. (BB/Ba3)
	1,425,000		4.500		04/30/30		1,169,213
Transocean, Inc. (CCC/Ca)
	3,175,000		7.500	(f)	01/15/26		2,344,642
							4,119,795
Packaging(e)(f) – 0.2%
Kleopatra Finco S.a.r.l. (B/B2)
EUR	3,979,000		4.250	%	03/01/26		3,130,419
LABL, Inc. (B-/B2)
$	3,505,000		5.875		11/01/28		2,843,782
							5,974,201
Pharmaceuticals(e)(f) – 0.3%
Bausch Health Cos., Inc. (B/B3)
	9,680,000		6.125		02/01/27		6,714,629
HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)
	2,229,000		4.875		06/01/29		1,590,302
Jazz Securities DAC (BB-/Ba2)
	1,200,000		4.375		01/15/29		1,036,080
							9,341,011
Pipelines(e)(f) – 0.2%
ITT Holdings LLC (B/B2)
	2,305,000		6.500		08/01/29		1,795,387
NGL Energy Operating LLC/NGL Energy Finance Corp. (B+/B1)
	6,480,000		7.500		02/01/26		5,768,302
							7,563,689
Real Estate(e)(f) – 0.1%
Realogy Group LLC/Realogy Co.-Issuer Corp. (B+/B2)
	5,185,000		5.250		04/15/30		3,532,955
Real Estate Investment Trust(e) – 0.0%
SBA Communications Corp. (BB-/B1)
	605,000		3.125		02/01/29		486,468
Service Properties Trust (BB/Ba3)
	455,000		7.500		09/15/25		425,302
							911,770

66                    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)
Retailing(e)(f) – 0.1%
Asbury Automotive Group, Inc. (BB/B1)
$	1,420,000		4.625	%	11/15/29	$	1,134,665
LCM Investments Holdings II LLC (BB-/B2)
	2,285,000		4.875		05/01/29		1,774,760
Sonic Automotive, Inc. (BB-/B1)
	948,000		4.625		11/15/29		744,588
Specialty Building Products Holdings LLC/SBP Finance Corp. (B/B3)
	855,000		6.375		09/30/26		714,053
							4,368,066
Software(e)(f) – 0.6%
AthenaHealth Group, Inc. (CCC/Caa2)
	8,970,000		6.500	(g)	02/15/30		7,096,795
Castle U.S. Holding Corp. (CCC/Caa2)
	7,910,000		9.500		02/15/28		5,893,504
Rackspace Technology Global, Inc. (B+/B1)
	3,380,000		3.500		02/15/28		2,232,321
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B+/B1)
	5,575,000		3.875		02/01/29		4,559,012
							19,781,632
Telecommunication Services(e)(f) – 0.1%
Altice France SA (B/B2)
	2,936,000		5.500		10/15/29		2,208,870
Level 3 Financing, Inc. (BB/Ba3)
	1,247,000		3.750		07/15/29		913,079
							3,121,949
TOTAL CORPORATE OBLIGATIONS (Cost $260,673,710)						$	207,578,667
Asset-Backed Securities(b)(f) – 0.9%
Collateralized Loan Obligations – 0.9%
Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3M USD LIBOR + 3.800%)
$	5,400,000		6.540	%	04/17/33	$	4,681,503
ICG US CLO LLC Series 2015-2RA, Class C     (NR/Baa3) (3M USD LIBOR + 3.500%)
	2,100,000		6.240		01/16/33		1,863,712
Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (NR/Baa3) (3M USD LIBOR + 3.900%)
	2,600,000		6.412		07/15/29		2,252,250
Race Point VIII CLO Ltd. Series 2013-8A, Class DR2 (BBB-/NR) (3M USD LIBOR + 3.500%)
	3,235,000		6.484		02/20/30		2,939,412
TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3M USD LIBOR + 3.670%)
	4,900,000		6.592		08/16/34		4,594,985
THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3M USD LIBOR + 3.720%)
	4,000,000		6.460		04/18/36		3,531,616

Principal Amount		Interest             Rate			Maturity Date	Value
Asset-Backed Securities(b)(f) – (continued)
Collateralized Loan Obligations – (continued)
Tikehau US CLO I Ltd. Series 2021-1A, Class E (NR/Ba3) (3M USD LIBOR + 6.910%)
$	5,000,000		9.650	%	01/18/35	$	4,015,775
Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3M USD LIBOR + 3.810%)
	7,000,000		6.520		10/20/34		5,699,260
Tralee CLO VII Ltd. Series 2021-7A, Class D (BBB-/NR) (3M USD LIBOR + 3.180%)
	3,550,000		5.963		04/25/34		2,948,935
TOTAL ASSET-BACKED SECURITIES (Cost $37,309,873)						$	32,527,448
Shares		Description				Value
Common Stocks – 0.2%
Aerospace & Defense(i) – 0.1%
	314,360		Swissport			$	4,898,608
Media(i) – 0.0%
	162,749		Bright Pattern Holding Co.(c)				1,627
	579,399		Clear Channel Outdoor Holdings, Inc.				793,777
							795,404
Oil, Gas & Consumable Fuels – 0.0%
	5,710		Noble Corp.				168,902
Specialty Retail(i) – 0.1%
	9,541		Neiman Marcus Group, Inc.				1,614,022
TOTAL COMMON STOCKS (Cost $10,615,335)						$	7,476,936
Units		Expiration Date				Value
Warrants – 0.0%
Aspect Software, Inc. (NR/NR)(c)(i)
	162,749					$	1,628
Cineworld Group PLC (NR/NR)(i)
	174,646						13,065
Noble Corp. (NR/NR)
	6,346		02/05/28				84,084
(Cost $15,865)
TOTAL WARRANTS (Cost $15,865)						$	98,777
Shares		Description				Value
Exchange Traded Funds – 1.4%
	24,605		Eaton Vance Floating-Rate Income Trust (NR/NR)			$	279,513

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Shares		Description				Value
Exchange Traded Funds – (continued)
	526,082		Invesco Senior Income Trust (NR/NR)			$	1,957,025
	146,959		Nuveen Credit Strategies Income Fund (NR/NR)				750,960
	402,141		Nuveen Floating Rate Income Fund (NR/NR)				3,261,364
	414,779		Nuveen Floating Rate Income Opportunity Fund (NR/NA)				3,343,119
	969,368		SPDR Blackstone Senior Loan ETF (NR/NR)(g)				39,618,070
TOTAL EXCHANGE TRADED FUNDS (Cost $53,336,709)						$	49,210,051
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $3,690,107,241)						$	3,352,062,074
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT (Cost $3,690,107,241)						$	3,352,062,074
Shares		Dividend Rate				Value
Securities Lending Reinvestment Vehicle(j) – 1.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
	47,230,627		2.911%			$	47,230,627
(Cost $47,230,627)
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(d) – 0.3%
Commercial Paper – 0.3%
Entergy Corp.
$	10,901,000		0.000	%	06/07/22	$	10,883,817
(Cost $10,886,465)
TOTAL SHORT-TERM INVESTMENTS (Cost $10,886,465)						$	10,883,817
TOTAL INVESTMENTS – 98.1% (Cost $3,748,224,333)						$	3,410,176,518
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%						$	67,733,081
NET ASSETS – 100.0%						$	3,477,909,599

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, 2022. 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, 2022.

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

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

(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) All or a portion of security is on loan.

(h) Pay-in-kind securities.

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

(j) Represents an Affiliated Issuer.

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

    ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2022, 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)
Athenahealth, Inc. (B-/B2), due 02/15/29	$	724,638	$	647,826		$  (74,327	)
Icebox Holdco III, Inc. (NR/B2), due 12/22/28		934,286		873,557		(60,728	)
Trident TPI Holdings, Inc. (B-/B2), due 09/15/28		495,210		467,685		(26,958	)
TOTAL	$	2,154,134	$	1,989,068		$(162,013	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased			Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC		EUR	34,124		USD          33,382		10/11/22	$	87
		USD	133,418,990		EUR 131,072,395		10/11/22		4,863,404
TOTAL								$	4,863,491

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Loss
MS & Co. Int. PLC		EUR     8,894,919		USD     8,981,971	10/11/22	$	(257,848	)

FUTURES CONTRACTS — At September 30, 2022, 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		2			12/20/22	$	274,000			$    (25,197	)
Short position contracts:
10 Year U.S. Treasury Notes		(591	)		12/20/22		(67,339,922	)		3,527,704
2 Year U.S. Treasury Notes		(76	)		12/30/22		(15,609,688	)		271,118
20 Year U.S. Treasury Bonds		(10	)		12/20/22		(1,264,062	)		101,992
5 Year U.S. Treasury Notes		(956	)		12/30/22		(102,777,469	)		3,580,718
Total										$7,481,532
TOTAL FUTURES CONTRACTS										$7,456,335

Currency Abbreviations:

EUR —Euro

GBP —British Pound

USD —U.S. Dollar

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

Investment Abbreviations:
CLO	—Collateralized Loan Obligation
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PIK	—Payment in kind
PLC	—Public Limited Company
SOFR	—Secured Overnight Funding Rate
TSFR	—Term Secured Overnight Financing Rate
Abbreviations:
SOFR —Secured Overnight Funding Rate

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 87.6%
Aerospace & Defense – 1.8%
Lockheed Martin Corp.
$	400,000		4.070	%	12/15/42	$	339,412
Northrop Grumman Corp.
	1,400,000		4.750		06/01/43		1,230,138
Raytheon Technologies Corp.
	1,975,000		4.125	(a)	11/16/28		1,848,007
The Boeing Co.(a)
	2,075,000		5.040		05/01/27		1,998,246
	1,950,000		3.450		11/01/28		1,685,092
	1,775,000		3.250		02/01/35		1,254,464
	500,000		3.550		03/01/38		342,000
	1,306,000		3.375		06/15/46		789,046
	575,000		3.625		03/01/48		356,420
	900,000		3.850		11/01/48		582,597
							10,425,422
Agriculture(a) – 0.4%
Altria Group, Inc.
	975,000		4.800		02/14/29		899,915
BAT Capital Corp.
	200,000		3.557		08/15/27		175,616
	1,350,000		2.259		03/25/28		1,075,262
							2,150,793
Automotive – 3.4%
General Motors Co.
	2,925,000		6.800	(a)	10/01/27		2,956,473
	2,050,000		6.600	(a)	04/01/36		1,915,192
	375,000		5.200		04/01/45		287,246
General Motors Financial Co., Inc.(a)
	2,775,000		4.300		07/13/25		2,653,455
	6,191,000		5.250		03/01/26		6,031,767
	1,275,000		1.500		06/10/26		1,082,628
	1,750,000		2.700		08/20/27		1,481,533
	2,150,000		5.650		01/17/29		2,034,975
	650,000		2.350		01/08/31		472,817
Stellantis Finance US, Inc.
	900,000		1.711	(a)(b)	01/29/27		750,528
							19,666,614
Banks – 23.2%
ABN AMRO Bank NV (-1X 5 year EUR Swap + 4.674%)
EUR	600,000		4.375	(a)(c)	12/31/99		499,826
AIB Group PLC
$	5,500,000		4.750	(b)	10/12/23		5,415,025
Banco Santander SA
	1,000,000		2.746		05/28/25		914,550
	2,400,000		5.179		11/19/25		2,322,696
	1,600,000		4.250		04/11/27		1,474,352
	1,000,000		2.749		12/03/30		709,300
(1 year CMT + 1.600%)
	400,000		3.225	(a)(c)	11/22/32		283,296
Bank of America Corp.
	1,825,000		6.220		09/15/26		1,857,211

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(3M USD LIBOR + 0.990%)
$	275,000		2.496	%(a)(c)	02/13/31	$	217,080
(3M USD LIBOR + 1.040%)
	2,863,000		3.419	(a)(c)	12/20/28		2,539,624
(3M USD LIBOR + 1.070%)
	5,356,000		3.970	(a)(c)	03/05/29		4,832,290
(3M USD LIBOR + 1.210%)
	1,350,000		3.974	(a)(c)	02/07/30		1,204,794
(3M USD LIBOR + 1.310%)
	1,950,000		4.271	(a)(c)	07/23/29		1,779,004
(5 year CMT + 1.200%)
	1,875,000		2.482	(a)(c)	09/21/36		1,356,563
(SOFR + 1.010%)
	100,000		1.197	(a)(c)	10/24/26		87,305
(SOFR + 1.330%)
	550,000		2.972	(a)(c)	02/04/33		430,870
(SOFR + 1.580%)
	3,360,000		4.376	(a)(c)	04/27/28		3,149,765
(SOFR + 1.830%)
	550,000		4.571	(a)(c)	04/27/33		493,559
Barclays PLC
	425,000		5.200		05/12/26		402,739
	1,250,000		4.337	(a)	01/10/28		1,116,388
	1,850,000		4.836	(a)	05/09/28		1,637,934
BNP Paribas SA(a)(b)(c)
(5 year USD Swap + 4.149%)
	2,250,000		6.625		12/31/99		2,076,750
(SOFR + 1.004%)
	4,225,000		1.323		01/13/27		3,588,250
(SOFR + 1.507%)
	370,000		3.052		01/13/31		295,134
BPCE SA(b)
	1,625,000		5.700		10/22/23		1,615,136
	1,350,000		4.625		09/12/28		1,231,524
(SOFR + 1.730%)
	1,375,000		3.116	(a)(c)	10/19/32		976,608
(SOFR + 2.865%)
	1,690,000		5.748	(a)(c)	07/19/33		1,563,622
Citigroup, Inc.
	1,475,000		4.450		09/29/27		1,368,298
	925,000		4.750		05/18/46		733,766
(3M USD LIBOR + 1.192%)
	1,061,000		4.075	(a)(c)	04/23/29		960,873
(3M USD LIBOR + 1.563%)
	2,675,000		3.887	(a)(c)	01/10/28		2,463,942
(SOFR + 1.351%)
	1,500,000		3.057	(a)(c)	01/25/33		1,182,855
(SOFR + 1.422%)
	1,025,000		2.976	(a)(c)	11/05/30		842,202
(SOFR + 2.086%)
	2,330,000		4.910	(a)(c)	05/24/33		2,143,763
(SOFR + 3.914%)
	675,000		4.412	(a)(c)	03/31/31		607,001
Cooperatieve Rabobank UA
	1,725,000		3.750		07/21/26		1,593,193

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Credit Agricole SA
$	1,950,000		4.375	%	03/17/25	$	1,864,960
(5 year USD Swap + 4.319%)
	500,000		6.875	(a)(b)(c)	12/31/99		460,415
(SOFR + 1.676%)
	2,325,000		1.907	(a)(b)(c)	06/16/26		2,080,270
Credit Suisse AG
	3,300,000		6.500	(b)	08/08/23		3,265,218
Credit Suisse Group AG
	884,000		4.550		04/17/26		814,137
	5,220,000		4.282	(a)(b)	01/09/28		4,452,503
Deutsche Bank AG(a)(c)
(SOFR + 1.870%)
	6,300,000		2.129		11/24/26		5,356,071
(SOFR + 2.257%)
	1,350,000		3.742		01/07/33		889,394
Discover Bank
	2,125,000		4.650	(a)	09/13/28		1,925,781
First-Citizens Bank & Trust Co. (3M TSFR + 1.715%)
	2,850,000		2.969	(a)(c)	09/27/25		2,678,829
HSBC Bank USA NA
	800,000		5.625		08/15/35		727,664
	300,000		7.000		01/15/39		318,825
HSBC Holdings PLC
	600,000		7.625		05/17/32		628,578
(3M USD LIBOR + 1.211%)
	1,075,000		3.803	(a)(c)	03/11/25		1,039,504
(3M USD LIBOR + 1.348%)
	1,875,000		4.292	(a)(c)	09/12/26		1,769,100
(SOFR + 1.538%)
	1,225,000		1.645	(a)(c)	04/18/26		1,090,507
(SOFR + 1.929%)
	1,650,000		2.099	(a)(c)	06/04/26		1,478,730
(SOFR + 2.870%)
	1,185,000		5.402	(a)(c)	08/11/33		1,049,045
ING Groep NV(a)(c)
(1 Year CMT + 1.100%)
	3,625,000		1.400	(b)	07/01/26		3,188,224
(SOFR + 1.005%)
	1,725,000		1.726		04/01/27		1,478,842
(SOFR + 1.830%)
	850,000		4.017		03/28/28		772,472
JPMorgan Chase & Co.(a)(c)
(3M USD LIBOR + 1.360%)
	1,550,000		3.882		07/24/38		1,216,022
(SOFR + 1.260%)
	1,150,000		2.963		01/25/33		905,786
(SOFR + 1.560%)
	3,850,000		4.323		04/26/28		3,621,310
(SOFR + 1.800%)
	2,924,000		4.586		04/26/33		2,633,033
(SOFR + 2.040%)
	400,000		2.522		04/22/31		316,124
(SOFR + 2.080%)
	1,425,000		4.912		07/25/33		1,316,030

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(SOFR + 2.515%)
$	2,500,000		2.956	%	05/13/31	$	1,987,000
(SOFR + 3.125%)
	737,000		4.600		12/31/99		641,109
KeyCorp. (SOFR + 2.060%)
	80,000		4.789	(a)(c)	06/01/33		73,627
Lloyds Banking Group PLC
	1,875,000		4.582		12/10/25		1,803,750
	371,000		4.650		03/24/26		348,885
(1 year CMT + 0.850%)
	350,000		1.627	(a)(c)	05/11/27		297,591
Macquarie Group Ltd.(a)(b)(c)
(3M USD LIBOR + 1.372%)
	1,900,000		3.763		11/28/28		1,697,650
(SOFR + 1.069%)
	2,550,000		1.340		01/12/27		2,183,437
Morgan Stanley(a)(c)
(3M USD LIBOR + 1.455%)
	2,720,000		3.971		07/22/38		2,169,445
(3M USD LIBOR + 1.628%)
	1,950,000		4.431		01/23/30		1,794,351
(SOFR + 1.143%)
	650,000		2.699		01/22/31		526,214
(SOFR + 1.290%)
	1,847,000		2.943		01/21/33		1,459,813
(SOFR + 1.610%)
	1,900,000		4.210		04/20/28		1,777,184
Morgan Stanley, Inc. (SOFR + 1.360%)
	1,425,000		2.484	(a)(c)	09/16/36		1,021,112
Natwest Group PLC (3M USD LIBOR + 1.762%)
	700,000		4.269	(a)(c)	03/22/25		680,288
Santander Holdings USA, Inc. (SOFR + 1.249%)
	425,000		2.490	(a)(c)	01/06/28		353,906
Santander UK Group Holdings PLC(a)(c)
(3M USD LIBOR + 1.400%)
	325,000		3.823		11/03/28		280,114
(SOFR + 1.220%)
	550,000		2.469		01/11/28		458,024
Wells Fargo & Co.(a)(c)
(3M USD LIBOR + 1.310%)
	2,573,000		3.584		05/22/28		2,327,330
(SOFR + 1.510%)
	1,325,000		3.526		03/24/28		1,202,491
(SOFR + 2.100%)
	3,223,000		4.897		07/25/33		2,964,773
Wells Fargo Bank NA
	824,000		5.950		08/26/36		801,983
Westpac Banking Corp.(a)(c)
(5 year CMT + 1.350%)
	1,000,000		2.894		02/04/30		920,810
(5 year CMT + 2.000%)
	1,300,000		4.110		07/24/34		1,106,872

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(5 year USD ICE Swap + 2.236%)
$	625,000		4.322	%	11/23/31	$	570,831
							132,753,052
Beverages – 2.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	1,850,000		4.700		02/01/36		1,667,849
	4,154,000		4.900		02/01/46		3,600,230
Anheuser-Busch InBev Finance, Inc.
	600,000		4.700	(a)	02/01/36		540,402
Anheuser-Busch InBev Worldwide, Inc.
	1,850,000		4.750	(a)	01/23/29		1,804,952
	175,000		5.450	(a)	01/23/39		166,068
	875,000		4.950		01/15/42		777,779
	600,000		4.600	(a)	04/15/48		497,370
	825,000		5.550	(a)	01/23/49		776,069
Bacardi Ltd.
	700,000		5.300	(a)(b)	05/15/48		596,246
Constellation Brands, Inc.(a)
	350,000		4.650		11/15/28		331,027
	775,000		4.750		05/09/32		725,733
	50,000		4.500		05/09/47		40,424
JDE Peet’s NV
	1,970,000		2.250	(a)(b)	09/24/31		1,445,172
Keurig Dr Pepper, Inc.(a)
	650,000		4.050		04/15/32		572,000
	325,000		4.500		11/15/45		262,899
	800,000		4.500		04/15/52		632,784
							14,437,004
Biotechnology(a) – 0.7%
Amgen, Inc.
	175,000		4.400		05/01/45		142,712
	442,000		4.200		02/22/52		347,461
CSL Finance PLC(b)
	900,000		4.250		04/27/32		820,341
	300,000		4.625		04/27/42		261,537
Royalty Pharma PLC
	550,000		1.200		09/02/25		486,684
	2,050,000		1.750		09/02/27		1,691,086
							3,749,821
Building Materials(a) – 0.6%
Carrier Global Corp.
	1,525,000		2.493		02/15/27		1,353,331
	525,000		3.377		04/05/40		379,102
Fortune Brands Home & Security, Inc.
	672,000		4.000		03/25/32		559,769
Johnson Controls International PLC/Tyco Fire & Security Finance SCA
	275,000		4.900		12/01/32		260,244

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Building Materials(a) – (continued)
Masco Corp.
$	1,000,000		1.500	%	02/15/28	$	806,850
							3,359,296
Chemicals(a) – 1.4%
Celanese US Holdings LLC
	2,300,000		3.500		05/08/24		2,210,277
DuPont de Nemours, Inc.
	2,025,000		4.725		11/15/28		1,931,506
	125,000		5.319		11/15/38		113,755
Huntsman International LLC
	1,050,000		4.500		05/01/29		925,176
	1,025,000		2.950		06/15/31		774,377
International Flavors & Fragrances, Inc.
	1,075,000		3.268	(b)	11/15/40		744,642
LYB International Finance B.V.
	725,000		4.875		03/15/44		588,961
The Sherwin-Williams Co.
	475,000		3.450		06/01/27		436,772
	475,000		4.000		12/15/42		357,138
							8,082,604
Commercial Services – 1.1%
Ashtead Capital, Inc.(a)(b)
	1,225,000		1.500		08/12/26		1,025,104
	525,000		2.450		08/12/31		383,497
CoStar Group, Inc.
	2,225,000		2.800	(a)(b)	07/15/30		1,760,086
DP World Ltd.
	360,000		5.625		09/25/48		311,850
Global Payments, Inc.
	1,150,000		4.450	(a)	06/01/28		1,056,022
PayPal Holdings, Inc.(a)
	1,100,000		4.400		06/01/32		1,025,695
	1,100,000		5.050		06/01/52		977,075
							6,539,329
Computers – 3.4%
Amdocs Ltd.
	519,000		2.538	(a)	06/15/30		410,052
Apple, Inc.
	1,102,000		3.850		05/04/43		927,355
Dell International LLC/EMC Corp.(a)
	3,405,000		6.020		06/15/26		3,418,620
	375,000		4.900		10/01/26		361,935
	2,049,000		5.300		10/01/29		1,908,971
	225,000		6.200		07/15/30		219,015
Dell, Inc.
	2,075,000		7.100		04/15/28		2,152,252
Hewlett Packard Enterprise Co.(a)
	6,274,000		4.900		10/15/25		6,219,479
	341,000		6.200		10/15/35		334,156
	380,000		6.350		10/15/45		345,926
HP, Inc.(a)
	1,325,000		1.450		06/17/26		1,143,064

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers – (continued)
$	1,565,000		4.000	%	04/15/29	$	1,376,496
International Business Machines Corp.
	850,000		3.430	(a)	02/09/52		578,663
							19,395,984
Cosmetics & Personal Care(a) – 0.1%
Unilever Capital Corp.
	625,000		2.625		08/12/51		403,419
Diversified Financial Services – 5.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	2,125,000		4.875		01/16/24		2,093,019
	3,735,000		6.500		07/15/25		3,732,161
	775,000		3.000		10/29/28		624,821
Air Lease Corp.(a)
	2,150,000		3.375		07/01/25		2,011,045
	4,000,000		2.875		01/15/26		3,586,240
	1,475,000		3.750		06/01/26		1,347,796
	325,000		3.625		04/01/27		287,924
Ally Financial, Inc.
	950,000		4.625		03/30/25		930,193
	1,335,000		4.750	(a)	06/09/27		1,232,766
	1,875,000		2.200	(a)	11/02/28		1,450,125
Aviation Capital Group LLC
	2,675,000		1.950	(a)(b)	01/30/26		2,246,171
Avolon Holdings Funding Ltd.(a)(b)
	750,000		3.950		07/01/24		710,205
	3,750,000		4.250		04/15/26		3,372,975
	1,750,000		3.250		02/15/27		1,474,847
Capital One Financial Corp.(a)
	915,000		3.750		07/28/26		846,448
(SOFR + 0.690%)
	1,275,000		3.542	(c)	12/06/24		1,244,374
Discover Financial Services
	800,000		4.100	(a)	02/09/27		733,600
Intercontinental Exchange, Inc.(a)
	1,295,000		4.350		06/15/29		1,224,164
	1,125,000		2.650		09/15/40		753,840
Nomura Holdings, Inc.
	2,375,000		1.653		07/14/26		2,031,456
The Western Union Co.
	600,000		2.750	(a)	03/15/31		450,984
							32,385,154
Electrical – 3.5%
American Electric Power Co., Inc.
	350,000		2.300	(a)	03/01/30		279,549
Berkshire Hathaway Energy Co.
	767,000		6.125		04/01/36		777,976
CMS Energy Corp.
	500,000		4.875	(a)	03/01/44		430,045
Duke Energy Corp.
	400,000		4.800	(a)	12/15/45		332,272
Duquesne Light Holdings, Inc.
	1,075,000		2.532	(a)(b)	10/01/30		830,824

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
Enel Finance International NV
$	2,575,000		1.875	%(a)(b)	07/12/28	$	2,008,938
FirstEnergy Corp.(a)
	525,000		2.050		03/01/25		478,490
	475,000		2.650		03/01/30		384,522
Korea Hydro & Nuclear Power Co., Ltd.
	1,060,000		4.250	(b)	07/27/27		1,007,954
NextEra Energy Capital Holdings, Inc.
	2,355,000		1.900	(a)	06/15/28		1,952,601
Pacific Gas & Electric Co.(a)
	250,000		2.950		03/01/26		221,313
	675,000		2.100		08/01/27		547,175
Progress Energy, Inc.
	1,400,000		7.000		10/30/31		1,491,784
Public Service Electric & Gas Co.
	975,000		3.950	(a)	05/01/42		799,139
Sempra Energy(a)
	2,370,000		3.400		02/01/28		2,145,277
	1,125,000		3.800		02/01/38		877,939
Southern California Edison Co.(a)
	1,625,000		4.200		03/01/29		1,502,686
	275,000		4.050		03/15/42		204,320
The Southern Co.
	3,275,000		3.250	(a)	07/01/26		3,037,038
Vistra Operations Co. LLC
	975,000		4.300	(a)(b)	07/15/29		832,416
							20,142,258
Engineering & Construction(a) – 0.2%
Cellnex Finance Co. SA
EUR	600,000		1.250		01/15/29		436,448
Mexico City Airport Trust
$	240,000		3.875	(b)	04/30/28		196,500
	800,000		5.500		07/31/47		495,760
	220,000		5.500	(b)	07/31/47		136,334
							1,265,042
Entertainment(a)(b) – 0.9%
Warnermedia Holdings, Inc.
	450,000		4.054		03/15/29		389,219
	100,000		4.279		03/15/32		82,336
	4,539,000		5.050		03/15/42		3,397,396
	1,750,000		5.141		03/15/52		1,271,655
							5,140,606
Environmental(a) – 0.3%
Republic Services, Inc.
	850,000		2.375		03/15/33		652,383
Waste Connections, Inc.
	525,000		3.200		06/01/32		440,554
Waste Management, Inc.
	400,000		4.150		04/15/32		370,336
							1,463,273

74                    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)
Federal Home Loan Banks(a) – 0.2%
Prologis LP
$	1,125,000		4.625	%	01/15/33	$	1,068,559
Food & Drug Retailing(a) – 1.1%
Grupo Bimbo SAB de CV
	1,070,000		4.700		11/10/47		899,335
Kraft Heinz Foods Co.
	3,036,000		3.875		05/15/27		2,837,688
	1,960,000		3.750		04/01/30		1,727,603
Sysco Corp.
	150,000		6.600		04/01/40		158,936
	75,000		4.450		03/15/48		59,225
	550,000		6.600		04/01/50		575,916
							6,258,703
Gas(a) – 0.1%
NiSource, Inc.
	850,000		3.600		05/01/30		739,483
Healthcare Providers & Services – 1.7%
Centene Corp.
	1,250,000		4.250	(a)	12/15/27		1,142,600
CommonSpirit Health
	150,000		4.350		11/01/42		118,197
HCA, Inc.(a)
	2,850,000		5.250		06/15/26		2,758,059
	2,930,000		3.500		09/01/30		2,421,147
Novant Health, Inc.
	710,000		3.168	(a)	11/01/51		490,734
PerkinElmer, Inc.
	1,200,000		3.300	(a)	09/15/29		1,007,964
STERIS Irish FinCo UnLtd Co.
	218,000		2.700	(a)	03/15/31		170,903
UnitedHealth Group, Inc.(a)
	275,000		4.200		05/15/32		255,687
	1,725,000		2.750		05/15/40		1,206,810
	371,000		4.750		05/15/52		331,763
							9,903,864
Home Builders(a) – 0.2%
Lennar Corp.
	425,000		5.250		06/01/26		414,303
	525,000		4.750		11/29/27		486,081
							900,384
Insurance – 1.4%
American International Group, Inc.
	700,000		6.250		05/01/36		729,981
	598,000		4.500	(a)	07/16/44		490,964
	200,000		4.800	(a)	07/10/45		172,360
Arch Capital Finance LLC(a)
	400,000		4.011		12/15/26		382,052
	323,000		5.031		12/15/46		280,878
Arch Capital Group Ltd.
	595,000		7.350		05/01/34		655,470

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
Corebridge Financial, Inc.
$	1,190,000		3.900	%(a)(b)	04/05/32	$	1,004,241
Great-West Lifeco Finance 2018 LP
	459,000		4.047	(a)(b)	05/17/28		425,599
MetLife, Inc.
	625,000		6.375		06/15/34		662,025
	475,000		4.721		12/15/44		408,072
Principal Financial Group, Inc.
	150,000		6.050		10/15/36		151,693
Prudential Financial, Inc.
	650,000		5.700		12/14/36		643,019
Teachers Insurance & Annuity Association of America
	890,000		4.900	(b)	09/15/44		793,551
The Hartford Financial Services Group, Inc.
	200,000		6.625		04/15/42		205,090
Willis North America, Inc.
	1,200,000		2.950	(a)	09/15/29		987,228
							7,992,223
Internet(a) – 1.5%
Amazon.com, Inc.
	375,000		4.950		12/05/44		360,019
	575,000		3.100		05/12/51		401,718
Expedia Group, Inc.
	775,000		4.625		08/01/27		727,725
	400,000		3.250		02/15/30		324,392
	196,000		2.950		03/15/31		151,065
Meta Platforms, Inc.(b)
	1,575,000		3.850		08/15/32		1,387,717
	1,350,000		4.450		08/15/52		1,102,828
Netflix, Inc.
	3,515,000		4.875	(b)	06/15/30		3,209,054
Prosus NV
	200,000		3.680	(b)	01/21/30		151,420
	200,000		3.680		01/21/30		151,420
	580,000		3.061		07/13/31		398,859
							8,366,217
Investment Companies(a) – 0.7%
Blackstone Private Credit Fund
	2,425,000		2.625		12/15/26		1,993,907
	125,000		3.250		03/15/27		103,719
FS KKR Capital Corp.
	1,375,000		3.400		01/15/26		1,212,805
JAB Holdings B.V.
	700,000		2.200	(b)	11/23/30		517,475
							3,827,906
Iron/Steel – 0.5%
ArcelorMittal SA
	950,000		4.550		03/11/26		912,618
Steel Dynamics, Inc.
	2,250,000		1.650	(a)	10/15/27		1,846,237
							2,758,855

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Lodging(a) – 0.9%
Hyatt Hotels Corp.
$	3,225,000		4.850	%	03/15/26	$	3,121,671
Marriott International, Inc.
	800,000		5.000		10/15/27		772,712
	543,000		4.000		04/15/28		491,713
	675,000		4.650		12/01/28		628,648
							5,014,744
Machinery - Construction & Mining(a)(b) – 0.1%
The Weir Group PLC
	925,000		2.200		05/13/26		778,193
Machinery-Diversified(a) – 0.0%
Otis Worldwide Corp.
	325,000		3.112		02/15/40		228,732
Media – 3.6%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	5,700,000		4.908		07/23/25		5,562,288
	1,050,000		3.750		02/15/28		930,394
	5,925,000		4.200		03/15/28		5,355,667
	625,000		6.384		10/23/35		575,912
	300,000		6.484		10/23/45		265,041
Comcast Corp.
	150,000		3.250	(a)	11/01/39		110,310
	475,000		3.750	(a)	04/01/40		373,027
	75,000		4.750		03/01/44		64,551
	525,000		3.400	(a)	07/15/46		369,390
Discovery Communications LLC
	3,425,000		4.900	(a)	03/11/26		3,313,756
Fox Corp.
	225,000		5.476	(a)	01/25/39		195,289
Paramount Global
	675,000		5.850	(a)	09/01/43		538,819
The Walt Disney Co.
	1,100,000		4.625	(a)	03/23/40		992,497
Time Warner Cable LLC
	675,000		5.875	(a)	11/15/40		559,285
Time Warner Entertainment Co. LP
	1,600,000		8.375		07/15/33		1,708,880
							20,915,106
Mining – 0.8%
Glencore Finance Canada Ltd.
	525,000		5.550	(b)	10/25/42		443,473
Glencore Funding LLC(a)(b)
	1,225,000		2.850		04/27/31		948,162
	725,000		2.625		09/23/31		543,931
Newcrest Finance Pty Ltd.
	950,000		3.250	(a)(b)	05/13/30		789,479
Newmont Corp.
	1,300,000		2.600	(a)	07/15/32		987,545
Teck Resources Ltd.
	950,000		3.900	(a)	07/15/30		808,972
							4,521,562

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing – 1.1%
Eaton Corp.
$	1,350,000		4.150	%(a)	03/15/33	$	1,219,617
GE Capital International Funding Co.
	1,700,000		4.418		11/15/35		1,524,968
General Electric Co.
	1,400,000		6.750		03/15/32		1,513,568
	625,000		6.150		08/07/37		618,587
	1,294,000		5.875		01/14/38		1,296,472
							6,173,212
Multi-National(a)(b) – 0.0%
The African Export-Import Bank
	200,000		3.798		05/17/31		162,150
Oil Field Services – 1.8%
Aker BP ASA
	1,850,000		2.000	(a)(b)	07/15/26		1,598,178
BP Capital Markets America, Inc.(a)
	175,000		4.234		11/06/28		164,568
	1,575,000		2.721		01/12/32		1,279,246
Continental Resources, Inc.
	625,000		4.375	(a)	01/15/28		559,300
Marathon Petroleum Corp.
	2,395,000		3.800	(a)	04/01/28		2,144,315
Ovintiv Exploration, Inc.
	800,000		5.375	(a)	01/01/26		792,976
Ovintiv, Inc.
	1,025,000		8.125		09/15/30		1,103,556
Pertamina Persero PT
	370,000		4.175	(a)	01/21/50		254,676
Qatar Energy(a)(b)
	200,000		3.125		07/12/41		145,163
	530,000		3.300		07/12/51		373,418
Reliance Industries Ltd.
	890,000		3.625	(b)	01/12/52		583,117
Saudi Arabian Oil Co.
	1,100,000		3.500		04/16/29		996,875
Shell International Finance B.V.
	225,000		6.375		12/15/38		238,739
							10,234,127
Packaging(a) – 0.5%
Berry Global, Inc.
	1,800,000		1.570		01/15/26		1,573,326
	1,225,000		1.650		01/15/27		1,018,759
							2,592,085
Pharmaceuticals(a) – 2.0%
AbbVie, Inc.
	2,275,000		3.200		11/21/29		1,996,085
	2,725,000		4.500		05/14/35		2,431,272
	350,000		4.050		11/21/39		283,448
	775,000		4.875		11/14/48		680,528
Becton Dickinson & Co.
	439,000		4.685		12/15/44		375,692
	175,000		4.669		06/06/47		150,589

76                    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)
Pharmaceuticals(a) – (continued)
Bristol-Myers Squibb Co.
$	425,000		4.350	%	11/15/47	$	363,469
Cigna Corp.
	175,000		4.800		07/15/46		150,183
	1,150,000		4.900		12/15/48		996,061
CVS Health Corp.
	375,000		1.875		02/28/31		285,611
	1,125,000		4.875		07/20/35		1,017,967
	823,000		4.780		03/25/38		721,302
	820,000		5.125		07/20/45		717,672
	48,000		5.050		03/25/48		42,256
Perrigo Finance Unlimited Co.
	1,425,000		4.375		03/15/26		1,307,665
							11,519,800
Pipelines – 3.0%
Abu Dhabi Crude Oil Pipeline LLC
	490,000		4.600	(b)	11/02/47		433,436
Enbridge, Inc.
	2,125,000		2.500	(a)	08/01/33		1,598,021
Energy Transfer LP(a)
	1,325,000		2.900		05/15/25		1,234,900
	550,000		5.950		12/01/25		549,522
	525,000		4.200		04/15/27		485,772
	300,000		5.500		06/01/27		292,194
	354,000		4.950		05/15/28		330,091
	456,000		5.150		03/15/45		360,897
Enterprise Products Operating LLC
	575,000		4.800	(a)	02/01/49		473,823
Galaxy Pipeline Assets Bidco Ltd.
	200,000		2.625	(b)	03/31/36		154,225
Kinder Morgan Energy Partners LP
	650,000		6.550		09/15/40		620,120
MPLX LP(a)
	600,000		2.650		08/15/30		471,672
	950,000		4.500		04/15/38		763,144
	520,000		5.500		02/15/49		443,165
Plains All American Pipeline LP/PAA Finance Corp.(a)
	2,444,000		4.650		10/15/25		2,354,012
	325,000		4.500		12/15/26		307,567
Sabine Pass Liquefaction LLC(a)
	2,525,000		5.625		03/01/25		2,520,707
	900,000		5.000		03/15/27		864,387
Targa Resources Corp.
	220,000		4.200	(a)	02/01/33		183,931
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	775,000		4.875	(a)	02/01/31		666,275
Valero Energy Partners LP
	675,000		4.500	(a)	03/15/28		642,769
Western Midstream Operating LP(a)
	725,000		3.350		02/01/25		674,815
	1,000,000		5.450		04/01/44		826,240
							17,251,685

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust(a) – 3.4%
Agree LP
$	295,000		4.800	%	10/01/32	$	263,488
American Homes 4 Rent LP
	225,000		2.375		07/15/31		170,037
Camden Property Trust
	1,975,000		3.150		07/01/29		1,722,970
Crown Castle, Inc.
	2,400,000		3.650		09/01/27		2,174,448
	100,000		2.900		04/01/41		65,287
CubeSmart LP
	555,000		2.500		02/15/32		417,166
Digital Realty Trust LP
	425,000		3.700		08/15/27		393,214
Essex Portfolio LP
	2,375,000		3.000		01/15/30		1,980,489
GLP Capital LP/GLP Financing II, Inc.
	3,186,000		5.375		04/15/26		3,046,549
Healthcare Realty Holdings LP
	875,000		2.050		03/15/31		635,530
Host Hotels & Resorts LP
	950,000		2.900		12/15/31		697,215
Host Hotels & Resorts LP Series F
	400,000		4.500		02/01/26		382,068
Invitation Homes Operating Partnership LP
	600,000		2.300		11/15/28		480,486
Kimco Realty Corp.
	1,100,000		3.800		04/01/27		1,024,100
MPT Operating Partnership LP/MPT Finance Corp.
	950,000		4.625		08/01/29		765,244
National Retail Properties, Inc.
	1,300,000		3.600		12/15/26		1,202,019
Realty Income Corp.
	1,450,000		2.850		12/15/32		1,162,349
Spirit Realty LP
	1,125,000		4.000		07/15/29		972,090
WP Carey, Inc.
	1,550,000		3.850		07/15/29		1,368,216
	975,000		2.400		02/01/31		749,063
	100,000		2.450		02/01/32		74,270
							19,746,298
Retailing(a) – 2.5%
7-Eleven, Inc.(b)
	1,280,000		2.500		02/10/41		786,419
	40,000		2.800		02/10/51		23,278
AutoNation, Inc.
	702,000		4.500		10/01/25		679,094
	1,425,000		4.750		06/01/30		1,253,758
	25,000		2.400		08/01/31		17,663
Dollar Tree, Inc.
	3,400,000		4.000		05/15/25		3,295,382
Lowe’s Cos., Inc.
	875,000		1.700		09/15/28		714,499
	3,850,000		3.750		04/01/32		3,330,019
	375,000		4.250		04/01/52		285,562

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing(a) – (continued)
McDonald’s Corp.
$	1,150,000		4.700	%	12/09/35	$	1,056,700
Starbucks Corp.
	917,000		4.500		11/15/48		757,937
Target Corp.
	600,000		2.950		01/15/52		402,930
The Home Depot, Inc.
	800,000		2.700		04/15/30		683,936
	500,000		4.875		02/15/44		459,265
	425,000		4.950		09/15/52		398,433
Walgreens Boots Alliance, Inc.
	253,000		4.100		04/15/50		180,976
							14,325,851
Savings&Loans(a)(b)(c) – 0.4%
Nationwide Building Society (3M USD LIBOR + 1.855%)
	2,525,000		3.960		07/18/30		2,178,065
Semiconductors(a) – 1.9%
Broadcom, Inc.(b)
	850,000		4.150		04/15/32		715,173
	1,800,000		3.419		04/15/33		1,381,032
	3,599,000		3.469		04/15/34		2,706,664
	2,539,000		3.137		11/15/35		1,780,169
	914,000		3.187		11/15/36		625,843
	950,000		3.500		02/15/41		640,708
Micron Technology, Inc.
	450,000		4.975		02/06/26		440,303
	725,000		2.703		04/15/32		527,242
NXP B.V./NXP Funding LLC/NXP USA, Inc.
	550,000		3.875		06/18/26		513,601
	525,000		4.400		06/01/27		495,590
	1,125,000		3.400		05/01/30		936,877
Skyworks Solutions, Inc.
	525,000		3.000		06/01/31		399,000
							11,162,202
Software(a) – 1.6%
Oracle Corp.
	1,267,000		2.800		04/01/27		1,119,534
	1,050,000		2.950		04/01/30		847,350
	3,200,000		2.875		03/25/31		2,520,800
	1,200,000		3.600		04/01/40		813,756
VMware, Inc.
	1,400,000		1.800		08/15/28		1,109,346
	1,200,000		2.200		08/15/31		876,072
Workday, Inc.
	825,000		3.700		04/01/29		739,909
	1,375,000		3.800		04/01/32		1,196,140
							9,222,907
Telecommunication Services – 6.9%
AT&T, Inc.(a)
	840,000		2.300		06/01/27		735,680
	250,000		1.650		02/01/28		205,743
	1,825,000		2.750		06/01/31		1,463,376

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
$	1,300,000		2.250	%	02/01/32	$	983,684
	486,000		2.550		12/01/33		361,667
	1,350,000		4.500		05/15/35		1,168,708
	175,000		4.900		08/15/37		154,672
	925,000		4.850		03/01/39		802,188
	925,000		3.500		06/01/41		666,870
	125,000		4.300		12/15/42		98,908
	75,000		4.350		06/15/45		58,483
	175,000		4.750		05/15/46		146,615
	775,000		5.150		11/15/46		676,405
	875,000		3.500		09/15/53		583,004
Deutsche Telekom International Finance B.V.
	2,825,000		4.375	(a)(b)	06/21/28		2,675,699
Rogers Communications, Inc.(a)(b)
	650,000		4.500		03/15/42		525,031
	1,050,000		4.550		03/15/52		840,777
Telefonica Emisiones SA
	1,850,000		4.103		03/08/27		1,707,938
Telefonica Europe B.V.
	675,000		8.250		09/15/30		732,685
T-Mobile USA, Inc.(a)
	1,975,000		3.500		04/15/25		1,889,403
	3,450,000		3.750		04/15/27		3,188,835
	2,937,000		3.875		04/15/30		2,602,769
	1,055,000		2.875		02/15/31		846,669
	5,525,000		3.500		04/15/31		4,662,658
	1,075,000		5.200		01/15/33		1,028,689
	650,000		3.000		02/15/41		433,583
Verizon Communications, Inc.
	2,631,000		4.329		09/21/28		2,477,481
	1,625,000		3.875	(a)	02/08/29		1,483,527
	1,876,000		4.016	(a)	12/03/29		1,701,025
	475,000		3.150	(a)	03/22/30		403,351
	2,025,000		2.550	(a)	03/21/31		1,616,659
	800,000		2.355	(a)	03/15/32		615,208
	2,300,000		2.650	(a)	11/20/40		1,491,757
	400,000		4.862		08/21/46		347,160
							39,376,907
Transportation – 0.6%
Burlington Northern Santa Fe LLC
	425,000		6.150		05/01/37		450,759
	575,000		5.750	(a)	05/01/40		581,331
	525,000		4.450	(a)	01/15/53		454,912
Canadian Pacific Railway Co.
	775,000		2.450	(a)	12/02/31		621,147
CSX Corp.
	1,300,000		4.500	(a)	11/15/52		1,093,105

78                    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)
Transportation – (continued)
Union Pacific Corp.
$	275,000		3.550	%(a)	08/15/39	$	217,976
							3,419,230
TOTAL CORPORATE OBLIGATIONS
(Cost $585,627,304)						$	501,998,721
Sovereign Debt Obligations – 2.8%
Euro – 0.4%
Republic of Peru
EUR	100,000		1.250	%(a)	03/11/33	$	65,069
Republic of Philippines
	340,000		0.000		02/03/23		329,010
	450,000		0.700		02/03/29		352,074
Republic of Romania(b)
	90,000		2.124		07/16/31		55,696
	70,000		2.000		01/28/32		42,054
	80,000		4.625		04/03/49		51,541
United Mexican States(a)
	130,000		1.350		09/18/27		110,525
	1,920,000		1.450		10/25/33		1,235,216
							2,241,185
United States Dollar – 2.4%
Abu Dhabi Government International Bond
$	1,680,000		4.125		10/11/47		1,419,390
Korea Development Bank
	790,000		2.000		02/24/25		738,042
Perusahaan Penerbit SBSN Indonesia III
	1,580,000		4.550		03/29/26		1,545,734
Republic of Chile
	150,000		3.625		10/30/42		107,044
	200,000		3.500	(a)	01/25/50		134,913
	260,000		4.000	(a)	01/31/52		189,800
Republic of Indonesia
	350,000		4.350	(b)	01/08/27		335,081
	1,610,000		4.350		01/08/27		1,541,374
Republic of Panama(a)
	380,000		2.252		09/29/32		265,834
	200,000		3.870		07/23/60		118,400
	390,000		4.500		01/19/63		256,035
Republic of Peru(a)
	430,000		2.780		12/01/60		230,399
	220,000		3.230	(d)	07/28/21		118,154
Republic of Philippines
	210,000		2.650		12/10/45		129,698
Republic of Qatar
	1,090,000		5.103	(b)	04/23/48		1,054,575
Republic of Romania
	560,000		6.125		01/22/44		445,130
Republic of Romania
	660,000		3.000	(b)	02/27/27		555,967

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
United States Dollar – (continued)
Saudi Government International Bond
$	1,490,000		3.250	%	11/17/51	$	1,005,750
State of Israel
	200,000		4.500		04/03/20		162,037
United Mexican States(a)
	2,540,000		3.250		04/16/30		2,115,820
	802,000		3.500		02/12/34		608,317
	1,399,000		3.771		05/24/61		826,984
	440,000		3.750		04/19/71		254,457
							14,158,935
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $21,014,811)						$	16,400,120
Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – 0.7%
California(a) – 0.1%
California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%	10/01/39	$	544,589
Illinois – 0.5%
Illinois State GO Bonds Build America Series 2010
	1,625,000		6.630	(a)	02/01/35		1,650,310
Illinois State GO Bonds Taxable-Pension Series 2003
	1,360,000		5.100		06/01/33		1,295,482
							2,945,792
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		428,202
Pennsylvania(a) – 0.0%
Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A
	335,000		2.991		06/01/42		234,993
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost $4,132,266)						$	4,153,576

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Shares		Dividend Rate	Value
Investment Company(e) – 3.7%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	21,050,778	2.911%	$	21,050,778
(Cost $ 21,050,778)
TOTAL INVESTMENTS – 94.8%
(Cost $ 631,825,159)			$	543,603,195
OTHER ASSETS IN EXCESS OF LIABILITIES – 5.2%				29,697,733
NET ASSETS – 100.0%			$	573,300,928

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, 2022.

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

(e) Represents an Affiliated Issuer.

    ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, 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
State Street Bank and Trust		USD	4,056,818		EUR	3,979,063		10/11/22	$	154,160

FUTURES CONTRACTS — At September 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		31			12/20/22	$	3,473,938		$	(9,759	)
2 Year U.S. Treasury Notes		196			12/30/22		40,256,563			(649,050	)
20 Year U.S. Treasury Bonds		126			12/20/22		15,927,187			(1,196,713	)
Ultra Long U.S. Treasury Bonds		386			12/20/22		52,882,000			(4,581,144	)
Total									$	(6,436,666	)
Short position contracts:
10 Year U.S. Treasury Notes		(150	)		12/20/22		(17,772,656	)		879,974
5 Year U.S. Treasury Notes		(536	)		12/30/22		(57,624,188	)		1,499,707
Total									$	2,379,681
TOTAL FUTURES CONTRACTS									$	(4,056,985	)

SWAP CONTRACTS — At September 30, 2022, 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)
12M SOFR(b)	2.750%		12/21/27	$	460	$	(21,857	)		$(14,518	)		$  (7,339	)
12M SOFR(b)	2.500		06/04/29		4,310		(56,195	)		(2,902	)		(53,293	)
2.570%(b)	12M SOFR		06/04/31		11,360		108,099			11,093			97,006
2.680(b)	12M SOFR		07/28/32		660		14,204			(3,298	)		17,502

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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)(a)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.500%(b)		12M SOFR		12/21/32		$	1,070	$	92,472			$102,674			$(10,202	)
2.000(c)		6M EURO(b)		12/21/32		EUR	1,250		122,376			63,802			58,574
12M SOFR(b)		2.730%		06/04/33		$	7,210		(54,085	)		(6,124	)		(47,961	)
12M SOFR(b)		2.910		07/28/37			1,530		(20,823	)		2,725			(23,548	)
2.080(b)		12M SOFR		07/28/47			1,080		4,275			(687	)		4,962
TOTAL								$	188,466			$152,765			$  35,701

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

(b) Payments made annually.

(c) Payments made semi-annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at September 30, 2022(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%		1.277%		06/20/26	$	2,375	$	(21,388	)	$	32,783		$	(54,171	)
CDX.NA.IG Index 34		1.000		0.975		06/20/25		187,200		176,185			1,869,235			(1,693,050	)
CDX.NA.IG Index 36		1.000		0.869		06/20/26		165,150		788,104			2,894,488			(2,106,384	)
CDX.NA.IG Index 37		1.000		0.950		12/20/26		7,375		16,023			83,866			(67,843	)
CDX.NA.IG Index 38		1.000		1.000		06/20/27		16,800		5,383			89,018			(83,635	)
General Electric Co. 2.700%, 10/09/22		1.000		1.279		06/20/26		3,550		(32,412	)		38,043			(70,455	)
Nordstrom, Inc., 6.950%, 03/15/22		1.000		4.031		12/20/24		1,125		(69,291	)		(16,262	)		(53,029	)
Nordstrom, Inc., 6.950%, 03/15/22		1.000		3.523		06/20/24		1,825		(74,225	)		(3,044	)		(71,181	)
Prudential Financial, Inc., 3.500%, 05/15/24		1.000		0.962		06/20/27		1,175		2,261			4,088			(1,827	)
Republic of Chile, 12/20/27		1.000		1.686		12/20/27		660		(20,469	)		(12,835	)		(7,634	)
Republic of Indonesia, 5.875%, 03/13/20		1.000		1.574		12/20/27		1,990		(51,322	)		(17,064	)		(34,258	)
Republic of Indonesia, 5.875%, 03/13/20		1.000		1.563		06/20/27		1,980		(46,150	)		(16,876	)		(29,274	)
The Boeing Co., 8.750%, 08/15/21		1.000		1.470		06/20/24		1,750		(13,013	)		13,062			(26,075	)
United Mexican States, 4.150%, 03/28/27		1.000		1.952		12/20/27		2,000		(85,630	)		(59,256	)		(26,374	)
TOTAL									$	574,056		$	4,899,246		$	(4,325,190	)

(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.                81

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2022, 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	Citibank NA		2.400%		07/28/2023		2,300,000	$	2,300,000	$	20,871	$	77,050	$	(56,179)
1Y IRS	Deutsche Bank AG (London)		2.700		04/28/2023		2,070,000		2,070,000		19,464		76,867		(57,404)
9M IRS	Deutsche Bank AG (London)		1.850		11/22/2022		19,200,000		19,200,000		10		65,138		(65,128)
9M IRS	JPMorgan Securities, Inc.		1.800		11/16/2022		19,200,000		19,200,000		4		62,400		(62,396)
							42,770,000	$	42,770,000	$	40,349	$	281,455	$	(241,107)
Puts
1Y IRS	Deutsche Bank AG (London)		3.000		05/05/2023		2,050,000		2,050,000		116,562		71,717		44,845
1Y IRS	Deutsche Bank AG (London)		2.960		09/05/2023		2,310,000		2,310,000		143,352		89,928		53,424
1Y IRS	JPMorgan Securities, Inc.		2.800		08/23/2023		2,310,000		2,310,000		163,454		83,401		80,053
							6,670,000	$	6,670,000	$	423,368	$	245,046	$	178,322
Total purchased option contracts							49,440,000	$	49,440,000	$	463,717	$	526,501	$	(62,785)
Written option contracts
Calls
1Y IRS	Citibank NA		1.750		07/28/2023		(2,300,000)		(2,300,000)		(7,814)		(28,750)		20,936
1Y IRS	Citibank NA		2.075		07/28/2023		(2,300,000)		(2,300,000)		(12,872)		(48,300)		35,428
1Y IRS	Deutsche Bank AG (London)		2.013		04/28/2023		(2,070,000)		(2,070,000)		(5,588)		(29,283)		23,695
1Y IRS	Deutsche Bank AG (London)		2.356		04/28/2023		(2,070,000)		(2,070,000)		(10,604)		(47,584)		36,980
9M IRS	Deutsche Bank AG (London)		1.599		11/22/2022		(19,200,000)		(19,200,000)		(4)		(42,068)		42,064
9M IRS	Deutsche Bank AG (London)		1.348		11/22/2022		(19,200,000)		(19,200,000)		(2)		(23,070)		23,068
9M IRS	JPMorgan Securities, Inc.		1.290		11/16/2022		(19,200,000)		(19,200,000)		(2)		(23,040)		23,038
9M IRS	JPMorgan Securities, Inc.		1.545		11/16/2022		(19,200,000)		(19,200,000)		(2)		(39,360)		39,358
							(85,540,000)	$	(85,540,000)	$	(36,888)	$	(281,455)	$	244,567
Puts
1Y IRS	Deutsche Bank AG (London)		3.891		05/05/2023		(2,050,000)		(2,050,000)		(41,743)		(26,345)		(15,398)
1Y IRS	Deutsche Bank AG (London)		3.446		05/05/2023		(2,050,000)		(2,050,000)		(71,937)		(45,372)		(26,565)
1Y IRS	Deutsche Bank AG (London)		3.405		09/05/2023		(2,310,000)		(2,310,000)		(95,740)		(55,117)		(40,622)
1Y IRS	Deutsche Bank AG (London)		3.850		09/05/2023		(2,310,000)		(2,310,000)		(61,917)		(34,811)		(27,106)
1Y IRS	JPMorgan Securities, Inc.		3.660		08/23/2023		(2,310,000)		(2,310,000)		(73,809)		(31,910)		(41,899)
1Y IRS	JPMorgan Securities, Inc.		3.230		08/23/2023		(2,310,000)		(2,310,000)		(112,084)		(51,491)		(60,593)
							(13,340,000)	$	(13,340,000)	$	(457,230)	$	(245,046)	$	(212,183)
Total written option contracts							(98,880,000)	$	(98,880,000)	$	(494,118)	$	(526,501)	$	32,384
TOTAL							(49,440,000)	$	(49,440,000)	$	(30,401)	$	—	$	(30,401)

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

      ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
EUR —Euro
USD —U.S. Dollar
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
GO	—General Obligation
ICE	—Inter-Continental Exchange
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
RB	—Revenue Bond
SOFR	—Secured Overnight Funding Rate
TSFR	—Term Secured Overnight Financing Rate

Abbreviations:
1M IRS	—1 Month Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
9M IRS	—9 Months Interest Rate Swaptions
CDX.NA.IG Ind 34	—CDX North America Investment Grade Index 34
CDX.NA.IG Ind 36	—CDX North America Investment Grade Index 36
CDX.NA.IG Ind 37	—CDX North America Investment Grade Index 37
CDX.NA.IG Ind 38	—CDX North America Investment Grade Index 38
EURO	—Euro Offered Rate
SOFR	—Secured Overnight Funding Rate

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 79.9%
Benin(a) – 0.1%
Benin Government International Bond (B+/B1)
EUR	120,000		4.950	%	01/22/35	$	74,151
Brazil – 14.7%
Brazil Letras do Tesouro Nacional (NR/NR)
BRL	15,176,000		0.000	(b)	01/01/24		2,423,795
Brazil Letras do Tesouro Nacional (BB-/NR)
	14,367,000		0.000	(b)	01/01/23		2,579,946
Brazil Notas do Tesouro Nacional (NR/NR)
	1,591,000		10.000		01/01/31		266,152
Brazil Notas do Tesouro Nacional (BB-/NR)
	2,518,000		10.000		01/01/29		429,767
Brazil Notas do Tesouro Nacional (BB-/Ba2)
	11,610,000		10.000		01/01/25		2,081,571
	3,182,000		10.000		01/01/27		557,164
							8,338,395
Chile – 0.8%
Bonos de la Tesoreria de la Republica en pesos (NR/NR)
CLP	125,000,000		4.700	(a)	09/01/30		112,678
Bonos de la Tesoreria de la Republica en pesos (NR/A2)
	110,000,000		4.500		03/01/26		103,864
	50,000,000		6.000		01/01/43		47,082
Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
	105,000,000		5.000		03/01/35		92,217
Republic of Chile (A/A2)
$	200,000		3.250	(c)	09/21/71		114,000
							469,841
China – 3.3%
China Government Bond (NR/NR)
CNY	10,470,000		2.850		06/04/27		1,484,305
	780,000		3.860		07/22/49		121,732
	1,880,000		3.390		03/16/50		270,508
							1,876,545
Colombia – 4.5%
Republic of Colombia (NR/NR)
COP	1,699,300,000		6.250		11/26/25		313,152
	2,765,600,000		5.750		11/03/27		450,457
	1,359,500,000		7.000		03/26/31		208,564
	4,368,300,000		9.250		05/28/42		693,175
Republic of Colombia (NR/Baa2)
	1,851,000,000		4.375	(c)	03/21/23		385,583
Republic of Colombia (BB+/Baa2)
$	200,000		3.875	(c)	02/15/61		101,662
Republic of Colombia (BBB-/Baa2)
COP	2,120,500,000		7.500		08/26/26		391,537
							2,544,130
Czech Republic – 4.8%
Czech Republic Government Bond (NR/NR)
CZK	12,550,000		1.250		02/14/25		447,565
	11,600,000		2.400		09/17/25		421,492
	15,940,000		0.250		02/10/27		508,700
	5,250,000		2.750		07/23/29		178,432
	15,380,000		0.050		11/29/29		422,363
	22,280,000		1.750		06/23/32		650,654

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (continued)
Czech Republic (continued)
CZK	2,600,000		1.500	%	04/24/40	$	58,237
							2,687,443
Dominican Republic(a) – 0.1%
Dominican Republic (NR/NR)
DOP	2,770,000		8.000		01/15/27		43,127
	1,490,000		8.000		02/12/27		23,138
							66,265
Hungary – 2.7%
Hungary Government Bond (NR/NR)
HUF	103,850,000		2.750		12/22/26		176,164
	238,420,000		4.750		11/24/32		376,965
Hungary Government Bond (NR/Baa2)
	144,150,000		1.000		11/26/25		243,010
	115,950,000		3.000		08/21/30		171,681
Hungary Government Bond (BBB/NR)
	15,500,000		3.000		06/26/24		30,556
	30,510,000		3.000		10/27/27		51,096
	35,550,000		6.750		10/22/28		70,160
Hungary Government Bond (BBB/Baa2)
	204,150,000		2.500		10/24/24		387,409
							1,507,041
Indonesia – 8.4%
Indonesia Treasury Bond (NR/NR)
IDR	4,944,000,000		8.250		05/15/29		339,286
	1,914,000,000		6.500		02/15/31		118,780
	10,127,000,000		6.375		04/15/32		619,159
	26,758,000,000		7.500		06/15/35		1,755,101
	1,186,000,000		6.375		07/15/37		70,917
	2,196,000,000		7.500		04/15/40		143,852
Indonesia Treasury Bond (NR/Baa2)
	23,000,000,000		7.000		05/15/27		1,504,384
Republic of Indonesia (BBB/Baa2)
$	210,000		4.650	(c)	09/20/32		197,686
							4,749,165
Ivory Coast – 0.2%
Republic of Ivory Coast (BB-/Ba3)
EUR	160,000		5.250		03/22/30		114,303
Mexico – 6.4%
Mexico Government International Bond (BBB/Baa2)
$	200,000		4.875	(c)	05/19/33		175,800
United Mexican States (NR/Baa2)
MXN	4,007,500		5.750		03/05/26		174,614
United Mexican States (BBB+/Baa2)
	15,836,900		7.500		06/03/27		720,656
	4,675,000		8.500		05/31/29		218,931
	16,323,500		7.750		05/29/31		719,463
	4,826,400		10.000		11/20/36		246,226
	22,969,000		8.500		11/18/38		1,031,079
	8,604,500		7.750		11/13/42		355,628
							3,642,397

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (continued)
Nigeria – 0.2%
Republic of Nigeria (B-/B2)
$	200,000		9.248	%	01/21/49	$	130,000
Peru – 2.1%
Republic of Peru (BBB/Baa1)
	20,000		3.230	(c)(d)	07/28/21		10,741
Republic of Peru (BBB+/Baa1)
PEN	1,830,000		5.940		02/12/29		402,797
	1,205,000		5.400		08/12/34		225,983
	2,503,000		6.900		08/12/37		523,601
	40,000		5.350		08/12/40		6,861
							1,169,983
Poland – 6.9%
Republic of Poland (NR/NR)
PLN	7,345,000		0.750		04/25/25		1,260,574
Republic of Poland (NR/A2)
	1,335,000		1.750		04/25/32		170,865
Republic of Poland (A/NR)
	1,250,000		2.500		04/25/24		234,809
	2,750,000		2.750		10/25/29		419,815
Republic of Poland (A/A2)
	2,450,000		4.000		10/25/23		477,950
	5,780,000		2.500		07/25/27		942,193
	950,000		2.750		04/25/28		153,182
	2,075,000		1.250		10/25/30		270,404
							3,929,792
Romania – 3.6%
Republic of Romania (BBB-/Baa3)
EUR	130,000		2.000	(a)	04/14/33		75,154
Romania Government Bond (NR/NR)
RON	1,900,000		4.400		09/25/23		364,213
	1,175,000		4.500		06/17/24		219,130
	2,725,000		3.500		11/25/25		467,331
	1,600,000		5.800		07/26/27		283,571
	2,650,000		5.000		02/12/29		435,389
	600,000		3.650		09/24/31		82,519
	625,000		4.250		04/28/36		79,206
							2,006,513
Russia(e) – 1.5%
Russian Federation Bond (NR/NR)
RUB	21,300,000		6.500		02/28/24		111,454
	41,225,000		4.500		07/16/25		215,712
	1,750,000		7.950		10/07/26		9,157
	155,000		6.000		10/06/27		811
	24,205,000		6.700		03/14/29		126,654
	23,220,000		7.250		05/10/34		121,500
	27,620,000		7.700		03/16/39		144,523
Russian Federation Bond (NR/WR)
	23,825,000		7.050		01/19/28		124,666
							854,477
Senegal – 0.1%
Republic of Senegal (B+/Ba3)
EUR	100,000		5.375		06/08/37		59,293

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations (continued)
South Africa – 10.8%
Republic of South Africa (BB/Ba2)
ZAR	25,435,000		10.500	%	12/21/26	$	1,454,421
	17,320,000		8.000		01/31/30		819,804
	7,710,000		7.000		02/28/31		329,597
	1,275,000		8.250		03/31/32		57,962
	13,375,000		8.875		02/28/35		604,313
	46,885,000		8.500		01/31/37		1,999,718
	9,384,300		8.750		01/31/44		393,412
	8,355,000		8.750		02/28/48		348,658
Republic of South Africa (BB-/Ba2)
$	200,000		5.750		09/30/49		127,000
							6,134,885
South Korea – 0.7%
The Korea Development Bank (AA/Aa2)
	390,000		4.000		09/08/25		380,804
Thailand – 7.2%
Thailand Government Bond (NR/NR)
THB	30,230,000		1.000		06/17/27		744,997
	10,720,000		2.875		12/17/28		284,427
	24,200,000		1.585		12/17/35		506,691
	39,980,000		3.300		06/17/38		985,696
	2,080,000		3.450		06/17/43		51,496
	1,220,000		3.600		06/17/67		25,719
Thailand Government Bond (NR/Baa1)
	18,098,619		1.250		03/12/28		473,599
	36,540,000		3.775		06/25/32		1,019,036
							4,091,661
Ukraine(a) – 0.0%
Ukraine Government Bond (CCC+/NR)
EUR	100,000		4.375		01/27/32		17,788
United States(a) – 0.7%
Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)
EGP	2,550,000		14.060		01/14/26		118,077
	2,750,000		14.060		01/14/26		127,337
	2,025,000		14.060		01/14/26		93,767
	1,500,000		14.060		01/14/26		69,457
							408,638
Uruguay – 0.1%
Republic of Uruguay (BBB/NR)
UYU	1,178,975		3.875		07/02/40		28,260
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $53,894,496)						$	45,281,770
Structured Notes – 2.4%
United States – 2.4%
Republic of Columbia (Issuer Citibank NA) (NR/NR)
COP	4,226,000,000		11.000	%	07/25/24	$	889,856

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Structured Notes (continued)
United States (continued)
Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)
IDR	7,753,000,000		6.500	%(a)	02/15/31	$	481,142
							1,370,998
Corporate Obligations – 2.0%
Burundi – 0.9%
The African Export-Import Bank (NR/Baa1)
$	200,000		3.798	%(a)(c)	05/17/31	$	162,150
The Eastern & Southern African Trade & Development Bank (NR/Baa3)
	390,000		4.875		05/23/24		367,103
							529,253
Israel(a)(c) – 0.1%
Leviathan Bond Ltd. (BB-/Ba3)
	50,000		5.750		06/30/23		49,197
Mexico – 0.3%
Mexico City Airport Trust (BBB/Baa3)
	200,000		5.500	(c)	07/31/47		123,940
Petroleos Mexicanos (BBB/B1)
	60,000		6.500		03/13/27		50,244
							174,184
Thailand(a)(c) – 0.3%
GC Treasury Center Co. Ltd. (BBB/Baa2)
	200,000		2.980		03/18/31		155,413
Venezuela(e) – 0.4%
Petroleos de Venezuela SA (NR/NR)
	9,280,000		6.000		10/28/22		199,520
TOTAL CORPORATE OBLIGATIONS
(Cost $4,175,564)						$	1,107,567
U.S. Treasury Obligations – 0.2%
United States Treasury Notes
$	120,000		3.250	%	05/15/42	$	106,481
(Cost $117,093)

Shares		Dividend Rate	Value
Investment Company(f) – 6.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	3,371,691	2.911%	$	3,371,691
(Cost $ 3,371,691)
TOTAL INVESTMENTS – 90.5%
(Cost $64,675,802)			$	51,238,507
OTHER ASSETS IN EXCESS OF LIABILITIES – 9.5%				5,405,874
NET ASSETS – 100.0%			$	56,644,381

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) Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.

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

(d) Actual maturity date is June 28, 2121.

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

(f) 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.

    ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2022, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Barclays Bank PLC	USD	285,000	MYR	1,269,932		10/07/22	$	12,716
JPMorgan Securities, Inc.	BRL	291,523	USD	53,801		10/04/22		183
	CLP	46,852,684	USD	47,870		10/27/22		328
	CNH	5,983,261	USD	824,800		10/11/22		13,406

86                    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)	CNH	6,324,406	USD	883,841	10/24/22	$	2,329
	CZK	1,325,687	EUR	53,695	10/11/22		97
	CZK	2,754,903	EUR	111,180	10/26/22		296
	EUR	125,500	CHF	120,709	10/26/22		599
	EUR	172,148	CZK	4,239,800	10/26/22		568
	EUR	125,837	NOK	1,277,684	12/21/22		6,563
	EUR	125,244	NZD	211,256	12/21/22		5,278
	EUR	767,035	PLN	3,693,718	10/26/22		11,192
	EUR	123,811	SGD	175,076	12/21/22		111
	EUR	14,501	USD	13,993	10/05/22		223
	EUR	436,977	USD	420,080	10/14/22		8,599
	EUR	353,439	USD	344,882	10/27/22		2,169
	EUR	19,879	USD	19,470	12/05/22		108
	EUR	19,879	USD	19,470	12/06/22		110
	EUR	37,438	USD	36,508	12/21/22		428
	GBP	593,459	USD	634,361	10/03/22		28,308
	GBP	235,200	USD	251,366	10/13/22		11,321
	GBP	411,733	USD	445,654	10/26/22		14,334
	GBP	1,328,018	USD	1,453,836	10/27/22		29,860
	GBP	49,714	USD	53,081	12/21/22		2,499
	INR	14,082,156	USD	172,020	10/03/22		802
	INR	31,277,727	USD	381,284	10/27/22		1,209
	PEN	1,214,482	USD	302,293	10/13/22		2,013
	PLN	824,778	USD	163,511	12/21/22		517
	SEK	1,827,659	EUR	167,637	10/26/22		288
	SEK	5,399,686	USD	474,411	10/20/22		12,590
	SEK	2,127,455	USD	189,951	10/24/22		1,961
	TWD	30,748,143	USD	966,022	10/03/22		1,364
	TWD	12,628,536	USD	396,100	10/17/22		646
	TWD	13,191,760	USD	413,906	10/26/22		559
	USD	128,077	AUD	186,763	12/21/22		8,433
	USD	483,530	BRL	2,566,678	10/03/22		8,106
	USD	6,529,091	BRL	33,617,553	10/04/22		303,823
	USD	5,267,554	BRL	28,462,770	11/03/22		33,776
	USD	1,021,483	CAD	1,341,758	12/21/22		49,713
	USD	495,035	CHF	479,127	12/21/22		5,204
	USD	156,852	CLP	144,724,993	10/27/22		7,972
	USD	671,315	CNH	4,726,314	10/11/22		9,198
	USD	662,628	CNH	4,677,923	10/26/22		7,142
	USD	135,515	CNH	937,852	12/21/22		3,922
	USD	2,842,866	COP	12,564,055,307	10/28/22		132,950
	USD	108,008	CZK	2,640,361	12/21/22		3,462
	USD	1,141,167	EUR	1,152,993	10/07/22		10,638
	USD	1,095,381	EUR	1,101,184	10/14/22		15,106
	USD	1,035,572	EUR	1,027,627	12/21/22		21,724
	USD	1,575,387	GBP	1,375,512	10/03/22		39,458
	USD	490,798	GBP	430,463	10/07/22		10,093
	USD	625,644	GBP	548,186	10/13/22		13,393
	USD	119,488	GBP	104,628	10/21/22		2,611
	USD	118,303	GBP	104,567	10/26/22		1,481
	USD	699,497	GBP	598,852	12/21/22		29,980

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (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	216,152	HUF	93,550,391		10/24/22	$	996
	USD	21,841	HUF	8,732,975		12/21/22		2,073
	USD	2,894,915	IDR	43,100,604,670		10/13/22		80,126
	USD	1,152,381	ILS	3,950,078		10/06/22		44,046
	USD	52,698	ILS	186,471		10/24/22		295
	USD	51,412	ILS	173,441		12/21/22		2,413
	USD	110,152	INR	8,795,909		10/14/22		2,491
	USD	772,153	INR	62,504,349		10/19/22		7,366
	USD	408,514	INR	33,084,861		10/27/22		3,921
	USD	116,580	JPY	16,461,237		12/21/22		1,741
	USD	432,426	KRW	602,489,298		10/06/22		12,919
	USD	280,170	KRW	384,580,353		10/13/22		12,764
	USD	453,313	KRW	641,290,168		10/17/22		7,635
	USD	156,900	KRW	218,278,966		12/21/22		5,046
	USD	377,760	NOK	3,943,167		10/07/22		15,632
	USD	522,185	NOK	5,574,149		10/19/22		10,206
	USD	104,800	NOK	1,111,325		10/24/22		2,721
	USD	675,668	NOK	6,780,406		12/21/22		51,661
	USD	496,029	NZD	822,665		10/03/22		35,617
	USD	1,608,489	NZD	2,778,687		10/13/22		53,317
	USD	671,162	NZD	1,124,838		10/14/22		41,612
	USD	296,837	NZD	512,672		10/19/22		9,903
	USD	292,088	NZD	511,091		10/25/22		6,037
	USD	240,861	NZD	421,823		10/27/22		4,771
	USD	382,328	NZD	673,874		10/28/22		5,167
	USD	914,102	NZD	1,519,045		12/21/22		63,555
	USD	737,720	PEN	2,857,569		10/13/22		21,718
	USD	71,417	PLN	335,002		12/21/22		4,793
	USD	345,044	RON	1,722,477		12/21/22		7,663
	USD	90,105	SEK	990,589		10/20/22		764
	USD	742,988	SEK	7,731,405		12/21/22		42,490
	USD	130,879	SGD	187,078		10/19/22		601
	USD	791,153	SGD	1,120,618		10/26/22		10,723
	USD	218,830	SGD	306,118		12/21/22		5,446
	USD	296,479	THB	10,792,099		12/21/22		8,578
	USD	242,454	TRY	4,770,959		12/21/22		10,264
	USD	121,722	TRY	2,000,481		01/18/23		27,188
	USD	221,611	TRY	3,656,123		01/24/23		49,981
	USD	312,521	TRY	5,656,603		02/08/23		51,291
	USD	205,434	TWD	6,095,791		10/03/22		13,651
	USD	3,623,090	TWD	111,642,951		10/06/22		114,573
	USD	729,956	TWD	23,054,682		10/17/22		5,656
	USD	137,826	TWD	4,384,093		10/24/22		86
	USD	1,024,353	TWD	32,257,609		10/26/22		10,868
	USD	293,920	TWD	9,215,421		12/21/22		3,697
	USD	331,839	ZAR	5,935,053		10/11/22		4,268
	USD	248,095	ZAR	4,465,717		10/12/22		1,644
	USD	104,800	ZAR	1,878,664		10/13/22		1,132
	USD	506,913	ZAR	8,999,701		10/14/22		10,336
	USD	308,294	ZAR	5,472,685		10/20/22		6,499
	USD	105,668	ZAR	1,886,037		10/27/22		1,730

88                    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	53,047		ZAR	923,978		10/31/22	$	2,142
		USD	1,720,660		ZAR	29,681,621		12/21/22		92,744
		ZAR	1,462,184		USD	80,535		10/11/22		167
		ZAR	2,353,957		USD	129,303		10/31/22		385
TOTAL									$	1,886,868

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	997,444	USD	681,873		12/21/22	$	(42,892	)
	BRL	2,566,678	USD	483,641		10/03/22		(8,217	)
	BRL	33,326,028	USD	6,250,037		10/04/22		(78,756	)
	BRL	1,638,098	USD	304,787		10/31/22		(3,381	)
	BRL	809,142	USD	150,500		11/03/22		(1,714	)
	BRL	178,712	USD	32,924		11/16/22		(152	)
	CAD	828,868	USD	638,365		12/21/22		(38,058	)
	CHF	430,850	EUR	451,797		10/26/22		(5,912	)
	CHF	242,198	EUR	253,077		12/21/22		(2,075	)
	CHF	746,441	USD	780,342		12/21/22		(17,224	)
	CLP	745,434,276	USD	816,874		10/27/22		(50,034	)
	CNH	2,877,843	USD	411,797		10/11/22		(8,635	)
	CNH	1,765,717	USD	250,314		10/24/22		(2,904	)
	CNH	2,775,787	USD	390,657		10/26/22		(1,704	)
	CNH	28,723,297	USD	4,159,284		12/21/22		(129,022	)
	COP	7,087,241,862	USD	1,614,479		10/28/22		(85,845	)
	CZK	6,188,123	EUR	250,907		10/26/22		(487	)
	CZK	9,007,947	USD	357,772		12/21/22		(1,100	)
	EUR	378,100	CZK	9,376,374		10/26/22		(1,304	)
	EUR	776,386	SEK	8,460,580		10/26/22		(975	)
	EUR	288,666	USD	287,191		10/07/22		(4,150	)
	EUR	236,832	USD	236,832		10/11/22		(4,548	)
	EUR	2,364,536	USD	2,364,533		10/14/22		(44,897	)
	EUR	287,896	USD	284,867		10/26/22		(2,194	)
	EUR	836,492	USD	843,022		12/21/22		(17,747	)
	GBP	782,055	USD	908,565		10/03/22		(35,306	)
	GBP	428,188	USD	491,721		10/07/22		(13,558	)
	GBP	525,890	USD	607,812		10/13/22		(20,462	)
	GBP	384,508	USD	437,360		10/21/22		(7,838	)
	GBP	204,194	USD	231,964		10/24/22		(3,850	)
	GBP	98,032	USD	110,727		10/26/22		(1,206	)
	GBP	275,914	USD	315,049		12/21/22		(6,577	)
	HUF	137,464,400	USD	334,052		10/24/22		(17,899	)
	IDR	38,982,088,149	USD	2,629,197		10/13/22		(83,378	)
	IDR	13,554,346,122	USD	915,766		11/15/22		(32,330	)
	ILS	3,492,785	USD	1,020,567		10/06/22		(40,540	)
	ILS	2,352,076	USD	671,896		10/24/22		(10,909	)
	INR	13,704,960	USD	172,000		10/03/22		(3,807	)
	INR	11,714,232	USD	146,773		10/13/22		(3,381	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (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	39,383,436	USD	489,964		10/14/22	$	(7,911	)
	INR	18,008,179	USD	225,102		10/19/22		(4,759	)
	INR	11,938,529	USD	147,153		10/27/22		(1,157	)
	JPY	35,188,286	USD	247,959		12/21/22		(2,473	)
	KRW	770,055,481	USD	555,722		10/06/22		(19,541	)
	KRW	656,848,884	USD	469,174		10/13/22		(12,454	)
	KRW	934,136,776	USD	660,260		10/17/22		(11,062	)
	KRW	405,360,871	USD	281,814		10/31/22		(562	)
	KRW	48,968,348	USD	35,307		12/12/22		(1,265	)
	MXN	48,701,352	USD	2,419,720		12/21/22		(37,308	)
	NOK	4,185,644	USD	402,735		10/07/22		(18,339	)
	NOK	5,345,888	USD	516,949		10/19/22		(25,938	)
	NOK	5,970,084	USD	569,853		10/24/22		(21,481	)
	NOK	1,864,533	USD	178,318		10/27/22		(7,048	)
	NOK	176,576	USD	16,546		11/04/22		(323	)
	NOK	6,766,859	USD	687,541		12/21/22		(64,781	)
	NZD	419,722	AUD	371,959		12/21/22		(3,273	)
	NZD	209,226	CAD	165,747		12/21/22		(2,892	)
	NZD	1,078,986	USD	656,493		10/03/22		(52,628	)
	NZD	1,489,436	USD	892,574		10/13/22		(58,967	)
	NZD	809,568	USD	490,828		10/14/22		(37,729	)
	NZD	1,407,336	USD	826,991		10/19/22		(39,327	)
	NZD	506,127	USD	295,453		10/25/22		(12,180	)
	NZD	1,511,052	USD	880,582		10/27/22		(34,861	)
	NZD	1,357,659	USD	778,075		10/28/22		(18,205	)
	NZD	656,598	USD	400,070		12/21/22		(32,426	)
	PEN	2,566,710	USD	662,716		10/13/22		(19,593	)
	PHP	4,485,980	USD	79,177		11/25/22		(3,198	)
	PLN	955,877	EUR	200,166		10/26/22		(4,535	)
	RON	1,559,168	USD	317,488		12/21/22		(12,094	)
	SEK	1,348,343	EUR	124,896		12/21/22		(1,055	)
	SEK	5,101,036	USD	473,634		10/20/22		(13,568	)
	SEK	2,935,436	USD	271,172		10/24/22		(6,374	)
	SEK	1,351,268	USD	127,076		12/21/22		(4,646	)
	SGD	401,495	USD	279,927		10/26/22		(315	)
	SGD	1,339,661	USD	960,286		12/21/22		(26,454	)
	THB	74,631,962	USD	2,046,219		12/21/22		(55,264	)
	TRY	5,467,883	USD	291,809		10/17/22		(4,044	)
	TRY	2,000,481	USD	116,246		01/18/23		(21,712	)
	TRY	3,656,122	USD	205,446		01/24/23		(33,815	)
	TRY	5,656,603	USD	295,693		02/08/23		(34,462	)
	TWD	8,596,219	USD	285,112		10/03/22		(14,661	)
	TWD	98,577,559	USD	3,191,417		10/06/22		(93,498	)
	TWD	16,027,625	USD	512,249		10/17/22		(8,716	)
	TWD	6,598,686	USD	209,216		10/26/22		(1,896	)
	USD	47,901	BRL	260,970		10/31/22		(117	)
	USD	53,801	BRL	293,057		11/03/22		(86	)
	USD	47,927	CLP	47,150,651		10/27/22		(577	)
	USD	329,361	CNH	2,360,858		10/24/22		(1,440	)
	USD	205,600	CNH	1,491,132		10/26/22		(3,342	)
	USD	619,200	CNH	4,485,363		12/21/22		(10,156	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc. (continued)	USD	594,137	EUR	608,435		10/11/22	$	(2,615	)
	USD	141,490	EUR	144,876		10/14/22		(635	)
	USD	362,219	EUR	376,228		10/26/22		(7,184	)
	USD	195,740	EUR	203,200		12/21/22		(4,735	)
	USD	116,193	GBP	107,616		10/07/22		(3,983	)
	USD	634,545	GBP	593,459		10/21/22		(28,391	)
	USD	741,478	GBP	686,356		10/24/22		(25,281	)
	USD	530,164	GBP	484,930		10/26/22		(11,600	)
	USD	737,987	GBP	680,731		10/27/22		(22,541	)
	USD	372,877	GBP	346,163		12/21/22		(14,133	)
	USD	21,446	ILS	76,534		10/24/22		(61	)
	USD	339,413	INR	27,787,116		10/03/22		(1,602	)
	USD	348,196	KRW	501,750,782		10/17/22		(505	)
	USD	210,018	NOK	2,302,852		10/27/22		(1,513	)
	USD	163,453	PLN	824,778		12/21/22		(575	)
	USD	591,225	SEK	6,666,096		10/20/22		(9,994	)
	USD	146,700	SEK	1,670,916		12/21/22		(4,692	)
	USD	134,106	SGD	193,937		10/26/22		(957	)
	USD	92,584	THB	3,489,525		12/21/22		(506	)
	USD	1,043,738	TWD	33,248,571		10/03/22		(2,315	)
	USD	343,714	TWD	10,942,146		10/06/22		(156	)
	USD	125,500	TWD	3,995,042		10/26/22		(18	)
	USD	258,727	ZAR	4,702,361		10/13/22		(760	)
	ZAR	5,982,750	USD	342,273		10/11/22		(12,068	)
	ZAR	4,860,503	USD	274,916		10/12/22		(6,678	)
	ZAR	3,192,608	USD	179,471		10/13/22		(3,297	)
	ZAR	4,064,516	USD	236,998		10/14/22		(12,730	)
	ZAR	21,727,645	USD	1,221,648		10/20/22		(23,464	)
	ZAR	3,187,823	USD	178,315		10/27/22		(2,637	)
	ZAR	18,038,157	USD	995,359		12/21/22		(6,040	)
MS & Co. Int. PLC	MYR	28,899,134	USD	6,510,268		10/07/22		(314,056	)

FUTURES CONTRACTS — At September 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount				Unrealized Appreciation/ (Depreciation)
Long position contracts:
5 Year U.S. Treasury Notes		2		12/30/22		$	215,016			$	1,512
Ultra 10 Year U.S. Treasury Notes		21		12/20/22			2,488,172				(154,776	)
Ultra Long U.S. Treasury Bonds		1		12/20/22			137,000				(5,689	)
Total										$	(158,953	)
Short position contracts:
10 Year U.S. Treasury Notes		(14)		12/20/22			(1,568,875	)			8,794

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount				Unrealized Appreciation/ (Depreciation)
Short position contracts:
2 Year U.S. Treasury Notes		(3	)		12/30/22		$	(616,172	)		$	8,128
20 Year U.S. Treasury Bonds		(24	)		12/20/22			(3,033,750	)			223,267
Total											$	240,189
TOTAL FUTURES CONTRACTS											$	81,236

SWAP CONTRACTS — At September 30, 2022, 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			$	(78,566	)		$	(4,145	)		$	(74,421	)
3M KLIBOR		4.000	BofA Securities LLC		06/15/32			900				(5,258	)			(1,472	)			(3,786	)
3M KLIBOR		2.131	Citibank NA		02/02/26			2,240				(27,612	)			—				(27,612	)
3M KLIBOR		3.250	Citibank NA		12/15/31			1,460				(27,146	)			(4,771	)			(22,375	)
3M KLIBOR		3.735	Citibank NA		07/14/32			620				(6,554	)			—				(6,554	)
3M KLIBOR		3.750	Citibank NA		12/21/32			7,020(b	)			(85,157	)			(22,000	)			(63,157	)
3M KLIBOR		3.750	JPMorgan Securities, Inc.		12/21/32			810(b	)			(9,826	)			(1,787	)			(8,039	)
3M KLIBOR		3.605	MS & Co. Int. PLC		03/06/24			1,650				178				—				178
3M KLIBOR		3.330	MS & Co. Int. PLC		05/31/24			2,610				(2,861	)			—				(2,861	)
3M KLIBOR		2.000	MS & Co. Int. PLC		06/16/26			1,030				(15,207	)			(6,679	)			(8,528	)
3M KLIBOR		3.680	MS & Co. Int. PLC		07/12/32			610				(7,080	)			—				(7,080	)
TOTAL											$	(265,089	)		$	(40,854	)		$	(224,235	)

(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, 2022.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M BID Average(a)	10.565%		01/02/23	BRL	550		$	(1,216	)	$	—		$	(1,216	)
1M BID Average(a)	12.400		01/02/23		3,070			3,285			(30	)		3,315
1M BID Average(a)	7.200		01/02/23		7,850			(63,954	)		120			(64,074	)
5.800%(a)	1M BID Avg		01/02/23		8,000			79,585			447			79,138
1M BID Average(a)	12.300		01/02/24		3,530			1,554			(11,140	)		12,694
12.185(a)	1M BID Average		01/02/24		1,050			244			—			244
11.905(a)	1M BID Average		01/02/24		775			899			—			899
3.000(a)	3M KWCDC		06/15/24	KRW	2,905,640			41,601			11,419			30,182
Mexico Interbank TIIE 28 Days(b)	9.200		12/18/24	MXN	18,940	(c)		(14,301	)		(9,863	)		(4,438	)
3M CNRR(a)	2.500		12/21/24	CNY	18,620	(c)		11,644			20,766			(9,122	)
3M LIBOR(d)	3.600(b)		12/21/24	$	5,290	(c)		(64,390	)		(30,421	)		(33,969	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M TELBOR(d)	3M COOVI(e)		12/21/24	ILS	6,100	(c)	$	18,831		$	4,535		$	14,296
11.000%(a)	3M CPIBR		12/21/24	COP	9,472,680	(c)		1,016			(463	)		1,479
8.750(a)	3M JIBAR		12/21/24	ZAR	56,315	(c)		(20,855	)		(70,784	)		49,929
3.750(a)	3M LIBOR		12/21/24	HKD	42,390	(c)		78,041			38,072			39,969
6.250(e)	3M TELBOR		12/21/24	INR	75,820	(c)		11,814			12,882			(1,068	)
1.500(d)	6M EURO(e)		12/21/24	EUR	330	(c)		9,719			7,774			1,945
6.500(d)	6M PRIBO(e)		12/21/24	CZK	29,725	(c)		(2,391	)		(7,203	)		4,812
7.500(d)	6M WIBOR(e)		12/21/24	PLN	3,900	(c)		1,585			(8,338	)		9,923
6M CLICP(e)	9.290%		12/21/24	CLP	573,510	(c)		(5,544	)		—			(5,544	)
1M BID Average(a)	11.230		01/04/27	BRL	3,950			(2,810	)		(24,493	)		21,683
8.495(a)	1M BID Avg		01/04/27		4,955			73,866			(28,768	)		102,634
Mexico Interbank TIIE 28 Days(b)	8.700		12/15/27	MXN	15,840	(c)		(17,084	)		(519	)		(16,565	)
6M EURO(d)	1.500(e)		12/21/27	EUR	150	(c)		(10,801	)		(7,392	)		(3,409	)
3M THOR(a)	2.250		12/21/27	THB	5,150	(c)		(4,535	)		32			(4,567	)
3M CNRR(a)	2.500		12/21/27	CNY	38,080	(c)		(22,556	)		10,518			(33,074	)
10.210(a)	3M CPIBR		12/21/27	COP	517,000			487			—			487
6M WIBOR(d)	6.500(e)		12/21/27	PLN	1,275	(c)		(5,375	)		3,978			(9,353	)
7.500(e)	6M MIBOR		12/21/27	INR	100,120			(26,821	)		(36,451	)		9,630
6.750(e)	6M WIBOR(d)		12/21/27	PLN	1,275	(c)		2,788			1,145			1,643
6M CLICP(e)	7.030		12/21/27	CLP	939,190	(c)		(19,040	)		—			(19,040	)
1.750(d)	6M EURO(b)		12/21/29	EUR	120	(c)		10,081			6,118			3,963
Mexico Interbank TIIE 28 Days(b)	8.600		12/08/32	MXN	11,230	(c)		(20,977	)		361			(21,338	)
3M KWCDC(a)	3.750		12/21/32	KRW	269,970	(c)		(1,203	)		478			(1,681	)
3M TELBOR(d)	3M HIBOR(e)		12/21/32	ILS	2,850	(c)		25,173			(97	)		25,270
2.500(d)	3M LIBOR		12/21/32	$	790	(c)		68,274			50,788			17,486
6M PRIBO(d)	4.750(e)		12/21/32	CZK	12,325	(c)		(8,299	)		7,898			(16,197	)
6M WIBOR(d)	6.250(e)		12/21/32	PLN	1,975	(c)		(17,279	)		6,841			(24,120	)
6.480(e)	6M CLICP		12/21/32	CLP	251,230	(c)		5,132			1			5,131
2.000(d)	6M EURO(b)		12/21/32	EUR	700	(c)		68,530			41,373			27,157
9.820(a)	6M NSERO		12/21/32	COP	1,427,780	(c)		3,172			—			3,172
3M JIBAR(a)	9.500		12/21/32	ZAR	9,875	(c)		(8,900	)		11,013			(19,913	)
2.000(d)	6M EURO(e)		12/21/37	EUR	130	(c)		17,280			9,285			7,995
TOTAL							$	196,270		$	9,882		$	186,388

(a) Payments made at maturity.

(b) Payments made at monthly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

(d) Payments made annually.

(e) Payments made semi-annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index

Financing Rate Received/(Paid) by the Fund(a)

Credit Spread at September 30, 2022(b)

Termination Date

Notional Amount (000s)

Value

Upfront Premiums (Received) Paid

Unrealized Appreciation/ (Depreciation)

Protection Sold:

CDX.NA.IG Index 38

1.000%

1.574%

12/20/27

$    70

$  (6,961)

$  (5,538)

$(1,423)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (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, 2022(b)			Termination Date		Notional Amount (000s)			Value				Upfront Premiums (Received) Paid				Unrealized Appreciation/ (Depreciation)
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000	%		0.523	%		12/20/26		$	160		$	3,009			$	2,949			$	60
Republic of Chile		1.000			3.339			12/20/27			200			(6,202	)			(3,889	)			(2,313	)
Republic of Indonesia		1.000			1.563			12/20/27			170			(4,384	)			(1,456	)			(2,928	)
Republic of Peru		1.000			1.952			06/20/27			210			(4,889	)			(5,107	)			218
United Mexican States		1.000			1.686			12/20/27			220			(9,420	)			(6,518	)			(2,902	)
TOTAL													$	(28,847	)		$	(19,559	)		$	(9,288	)

(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, 2022, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call USD/Put NOK	Barclays Bank PLC		10.385	%		10/17/2022		504,000		$	504,000		$	23,979		$	4,097		$	19,882
Call USD/Put ZAR	BNP Paribas SA		17.929			10/07/2022		513,000			513,000			7,738			4,571			3,167
Call USD/Put ZAR	BNP Paribas SA		18.730			10/27/2022		962,000			962,000			7,811			9,536			(1,725	)
Call USD/Put HUF	BofA Securities LLC		447.000			10/20/2022		481,000			481,000			5,974			5,894			80
Call USD/Put TWD	BofA Securities LLC		30.850			10/04/2022		1,038,000			1,038,000			30,611			3,550			27,061
Call USD/Put ZAR	BofA Securities LLC		17.965			10/10/2022		514,000			514,000			8,072			4,486			3,586
Call USD/Put ZAR	BofA Securities LLC		18.300			10/18/2022		1,002,000			1,002,000			11,582			7,846			3,736
Call USD/Put ZAR	BofA Securities LLC		18.370			10/25/2022		496,000			496,000			6,346			4,812			1,534
Call USD/Put CNH	Citibank NA		7.245			10/20/2022		978,000			978,000			3,599			3,809			(210	)
Call USD/Put ILS	Citibank NA		3.519			10/20/2022		1,001,000			1,001,000			19,137			6,771			12,366
Call USD/Put INR	Citibank NA		82.200			10/21/2022		745,000			745,000			3,327			2,388			939
Call USD/Put KRW	Citibank NA		1,481.500			10/27/2022		481,000			481,000			2,026			3,058			(1,032	)
Call USD/Put NOK	Citibank NA		10.725			10/25/2022		496,000			496,000			13,242			4,483			8,759
Call USD/Put SEK	Deutsche Bank AG (London)		11.083			10/18/2022		501,000			501,000			7,913			3,291			4,622
Call USD/Put SEK	Deutsche Bank AG (London)		11.090			10/18/2022		501,000			501,000			7,761			3,206			4,555
Call USD/Put SEK	Deutsche Bank AG (London)		11.600			10/18/2022		489,000			489,000			1,862			4,410			(2,548	)
Call USD/Put ZAR	Deutsche Bank AG (London)		18.100			10/11/2022		501,000			501,000			6,206			3,906			2,300
Call USD/Put ZAR	Deutsche Bank AG (London)		18.760			10/27/2022		481,000			481,000			3,744			4,662			(918	)
Call USD/Put NOK	HSBC Bank PLC		11.018			11/02/2022		952,000			952,000			10,634			10,634			—
Call USD/Put BRL	JPMorgan Securities, Inc.		5.670			10/11/2022		962,000			962,000			4,250			16,403			(12,153	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Call USD/Put KRW	JPMorgan Securities, Inc.		1,416.500	%		10/13/2022		507,000		$	507,000		$	8,686		$	3,218		$	5,468
Call USD/Put NOK	JPMorgan Securities, Inc.		10.500			10/20/2022		501,000			501,000			19,779			4,435			15,344
Call USD/Put TRY	JPMorgan Securities, Inc.		18.770			10/13/2022		512,000			512,000			5,761			6,712			(951	)
Call USD/Put TWD	JPMorgan Securities, Inc.		31.960			10/24/2022		993,000			993,000			5,300			3,984			1,316
Call USD/Put BRL	MS & Co. Int. PLC		5.623			10/27/2022		481,000			481,000			6,278			5,054			1,224
Call USD/Put KRW	MS & Co. Int. PLC		1,386.100			10/04/2022		515,000			515,000			17,916			3,298			14,618
Call USD/Put NOK	MS & Co. Int. PLC		11.350			10/25/2022		481,000			481,000			3,257			4,061			(804	)
Call USD/Put CNH	Standard Chartered Bank		7.130			10/20/2022		1,001,000			1,001,000			8,950			3,684			5,266
Call USD/Put INR	Standard Chartered Bank		80.950			10/17/2022		504,000			504,000			5,153			1,256			3,897
Call USD/Put KRW	Standard Chartered Bank		1,412.800			10/11/2022		770,000			770,000			14,239			5,478			8,761
Call USD/Put TWD	Standard Chartered Bank		31.400			10/13/2022		1,015,000			1,015,000			12,133			3,557			8,576
Call USD/Put NOK	UBS AG (London)		10.350			10/05/2022		507,000			507,000			24,590			2,992			21,598
Call USD/Put SEK	UBS AG (London)		11.055			10/20/2022		501,000			501,000			8,805			3,988			4,817
Call USD/Put ZAR	UBS AG (London)		17.710			10/12/2022		510,000			510,000			13,303			3,596			9,707
								22,396,000		$	22,396,000		$	339,964		$	167,126		$	172,838
Puts
Put GBP/Call USD	Barclays Bank PLC		1.110			10/20/2022		877,000			877,000			15,438			6,194			9,244
Put EUR/Call USD	BNP Paribas SA		0.995			10/12/2022		508,000			508,000			8,965			2,459			6,506
Put EUR/Call USD	BNP Paribas SA		0.976			10/24/2022		503,000			503,000			5,544			3,509			2,035
Put EUR/Call USD	BofA Securities LLC		0.974			10/24/2022		503,000			503,000			5,162			3,020			2,142
Put EUR/Call USD	BofA Securities LLC		0.947			10/24/2022		499,000			499,000			1,812			3,019			(1,207	)
Put NZD/Call USD	BofA Securities LLC		0.585			10/17/2022		838,000			838,000			20,882			3,721			17,161
Put NZD/Call USD	Citibank NA		0.543			10/26/2022		849,000			849,000			3,368			3,814			(446	)
Put EUR/Call USD	Credit Suisse
	International		0.982			10/07/2022		1,008,000			1,008,000			8,145			4,670			3,475
Put GBP/Call USD	Deutsche Bank AG
	(London)		1.134			10/11/2022		440,000			440,000			11,076			2,946			8,130
Put GBP/Call USD	Deutsche Bank AG
	(London)		1.105			10/24/2022		438,000			438,000			7,485			2,935			4,550
Put EUR/Call USD	HSBC Bank PLC		0.977			10/05/2022		1,034,000			1,034,000			4,965			7,164			(2,199	)
Put NZD/Call USD	HSBC Bank PLC		0.591			10/11/2022		1,696,993			1,696,993			50,776			8,573			42,203
Put NZD/Call USD	HSBC Bank PLC		0.556			10/20/2022		1,273,000			1,273,000			8,583			4,849			3,734
Put NZD/Call USD	HSBC Bank PLC		0.572			10/25/2022		1,690,000			1,690,000			26,656			8,456			18,200
Put GBP/Call USD	MS & Co. Int. PLC		1.116			10/19/2022		654,631			654,631			13,022			5,842			7,180
Put GBP/Call USD	MS & Co. Int. PLC		1.090			10/25/2022		1,763,000			1,763,000			22,706			15,133			7,573
Put GBP/Call USD	MS & Co. Int. PLC		1.062			10/25/2022		1,763,000			1,763,000			12,712			15,064			(2,352	)
Put NZD/Call USD	MS & Co. Int. PLC		0.580			10/20/2022		1,264,000			1,264,000			26,617			6,164			20,453
Put EUR/Call USD	Standard Chartered Bank		0.998			10/12/2022		508,000			508,000			10,049			2,531			7,518
Put EUR/Call USD	Standard Chartered Bank		0.942			10/24/2022		500,000			500,000			1,524			3,642			(2,118	)
Put EUR/Call USD	Standard Chartered Bank		0.962			10/25/2022		1,011,000			1,011,000			6,684			6,316			368
Put GBP/Call USD	Standard Chartered Bank		1.125			10/05/2022		895,000			895,000			13,436			7,856			5,580
Put NZD/Call USD	Standard Chartered Bank		0.567			10/26/2022		850,000			850,000			10,912			4,326			6,586
Put NZD/Call USD	UBS AG (London)		0.598			10/12/2022		835,000			835,000			30,653			3,084			27,569
								22,200,624		$	22,200,624		$	327,172		$	135,287		$	191,885
Total purchased option contracts								44,596,624		$	44,596,624		$	667,136		$	302,413		$	364,723

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount				Market Value				Premiums Paid (Received) by Fund				Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
Call EUR/Put CZK	Barclays Bank PLC		24.700	%		10/07/2022		(259,000	)		$	(259,000	)		$	(422	)		$	(1,788	)		$	1,366
Call USD/Put SGD	Barclays Bank PLC		1.404			10/17/2022		(252,000	)			(252,000	)			(5,797	)			(1,880	)			(3,917	)
Call EUR/Put USD	BNP Paribas SA		1.037			10/12/2022		(508,000	)			(508,000	)			(104	)			(2,177	)			2,073
Call USD/Put ZAR	BNP Paribas SA		18.205			10/27/2022		(481,000	)			(481,000	)			(8,122	)			(9,251	)			1,129
Call USD/Put TWD	BofA Securities LLC		30.500			10/04/2022		(519,000	)			(519,000	)			(21,018	)			(3,737	)			(17,281	)
Call USD/Put TWD	BofA Securities LLC		31.640			11/02/2022		(238,000	)			(238,000	)			(2,191	)			(2,191	)			—
Call USD/Put ZAR	BofA Securities LLC		17.965			10/10/2022		(514,000	)			(514,000	)			(5,936	)			(5,936	)			—
Call USD/Put ZAR	BofA Securities LLC		17.710			10/12/2022		(510,000	)			(510,000	)			(13,303	)			(9,808	)			(3,495	)
Call EUR/Put CZK	Citibank NA		24.710			10/26/2022		(252,000	)			(252,000	)			(1,305	)			(1,597	)			292
Call EUR/Put SEK	Citibank NA		10.730			10/05/2022		(259,000	)			(259,000	)			(3,523	)			(2,034	)			(1,489	)
Call USD/Put CNH	Citibank NA		7.130			10/20/2022		(1,001,000	)			(1,001,000	)			(8,950	)			(10,275	)			1,325
Call USD/Put INR	Citibank NA		80.950			10/17/2022		(504,000	)			(504,000	)			(5,153	)			(3,692	)			(1,461	)
Call USD/Put KRW	Citibank NA		1,416.500			10/13/2022		(507,000	)			(507,000	)			(8,686	)			(10,792	)			2,106
Call USD/Put NOK	Citibank NA		10.350			10/05/2022		(507,000	)			(507,000	)			(24,589	)			(8,763	)			(15,826	)
Call USD/Put SGD	Citibank NA		1.398			10/04/2022		(257,000	)			(257,000	)			(6,886	)			(1,707	)			(5,179	)
Call EUR/Put CHF	Credit Suisse International		0.980			10/04/2022		(258,000	)			(258,000	)			(163	)			(2,849	)			2,686
Call USD/Put SEK	Credit Suisse International		10.910			10/25/2022		(253,000	)			(253,000	)			(1,767	)			(1,857	)			90
Call GBP/Put USD	Deutsche Bank AG (London)		1.190			10/11/2022		(440,000	)			(440,000	)			(315	)			(2,467	)			2,152
Call USD/Put INR	Deutsche Bank AG (London)		79.800			10/17/2022		(252,000	)			(252,000	)			(5,406	)			(1,623	)			(3,783	)
Call USD/Put SEK	Deutsche Bank AG (London)		11.083			10/18/2022		(501,000	)			(501,000	)			(7,913	)			(14,761	)			6,848
Call USD/Put ZAR	Deutsche Bank AG (London)		18.100			10/11/2022		(501,000	)			(501,000	)			(6,206	)			(7,626	)			1,420
Call EUR/Put SEK	HSBC Bank PLC		10.688			10/17/2022		(252,000	)			(252,000	)			(4,657	)			(2,040	)			(2,617	)
Call EUR/Put USD	HSBC Bank PLC		0.981			12/01/2022		(244,000	)			(244,000	)			(5,110	)			(5,110	)			—
Call USD/Put CNH	HSBC Bank PLC		6.965			10/13/2022		(254,000	)			(254,000	)			(6,245	)			(1,656	)			(4,589	)
Call USD/Put NOK	HSBC Bank PLC		10.654			11/02/2022		(476,000	)			(476,000	)			(10,646	)			(10,646	)			—
Call USD/Put SGD	HSBC Bank PLC		1.405			10/10/2022		(257,000	)			(257,000	)			(5,618	)			(1,645	)			(3,973	)
Call USD/Put SGD	HSBC Bank PLC		1.433			10/27/2022		(241,000	)			(241,000	)			(2,374	)			(2,030	)			(344	)
Call EUR/Put CHF	JPMorgan Securities, Inc.		0.965			10/24/2022		(251,000	)			(251,000	)			(2,823	)			(2,516	)			(307	)
Call EUR/Put PLN	JPMorgan Securities, Inc.		4.735			10/13/2022		(253,000	)			(253,000	)			(7,144	)			(2,679	)			(4,465	)
Call USD/Put BRL	JPMorgan Securities, Inc.		5.408			10/11/2022		(481,000	)			(481,000	)			(8,063	)			(16,450	)			8,387
Call USD/Put CNH	JPMorgan Securities, Inc.		7.140			10/27/2022		(241,000	)			(241,000	)			(2,192	)			(2,010	)			(182	)
Call USD/Put KRW	JPMorgan Securities, Inc.		1,386.100			10/04/2022		(515,000	)			(515,000	)			(17,916	)			(6,594	)			(11,322	)
Call USD/Put TWD	JPMorgan Securities, Inc.		31.400			10/13/2022		(1,015,000	)			(1,015,000	)			(12,133	)			(9,171	)			(2,962	)
Call USD/Put ZAR	JPMorgan Securities, Inc.		17.929			10/07/2022		(513,000	)			(513,000	)			(7,738	)			(6,859	)			(879	)
Call EUR/Put CZK	MS & Co. Int. PLC		24.600			10/13/2022		(253,000	)			(253,000	)			(1,109	)			(1,280	)			171
Call EUR/Put PLN	MS & Co. Int. PLC		4.735			10/07/2022		(259,000	)			(259,000	)			(6,883	)			(2,571	)			(4,312	)
Call EUR/Put SEK	MS & Co. Int. PLC		10.635			10/12/2022		(254,000	)			(254,000	)			(5,681	)			(1,903	)			(3,778	)
Call EUR/Put USD	MS & Co. Int. PLC		0.965			10/03/2022		(252,000	)			(252,000	)			(4,243	)			(1,941	)			(2,302	)
Call USD/Put INR	MS & Co. Int. PLC		79.970			10/07/2022		(257,000	)			(257,000	)			(4,621	)			(1,486	)			(3,135	)
Call USD/Put INR	MS & Co. Int. PLC		81.900			11/03/2022		(239,000	)			(239,000	)			(1,821	)			(2,321	)			500
Call USD/Put NOK	MS & Co. Int. PLC		10.385			10/17/2022		(504,000	)			(504,000	)			(20,939	)			(20,939	)			—
Call USD/Put NOK	MS & Co. Int. PLC		10.725			10/25/2022		(496,000	)			(496,000	)			(13,242	)			(15,481	)			2,239

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount				Market Value				Premiums Paid (Received) by Fund				Unrealized Appreciation/ (Depreciation)
Call USD/Put TWD	MS & Co. Int. PLC		30.500	%		10/04/2022		(257,000	)		$	(257,000	)		$	(10,408	)		$	(1,630	)		$	(8,778	)
Call USD/Put TWD	MS & Co. Int. PLC		30.980			10/13/2022		(256,000	)			(256,000	)			(6,003	)			(1,675	)			(4,328	)
Call EUR/Put USD	Standard Chartered Bank		1.040			10/12/2022		(508,000	)			(508,000	)			(82	)			(2,194	)			2,112
Call USD/Put TWD	Standard Chartered Bank		30.850			10/04/2022		(1,038,000	)			(1,038,000	)			(30,611	)			(10,197	)			(20,414	)
Call USD/Put TWD	Standard Chartered Bank		31.290			10/20/2022		(251,000	)			(251,000	)			(3,924	)			(2,262	)			(1,662	)
Call EUR/Put CHF	UBS AG (London)		0.973			10/12/2022		(254,000	)			(254,000	)			(1,191	)			(2,528	)			1,337
Call EUR/Put CHF	UBS AG (London)		0.960			10/25/2022		(253,000	)			(253,000	)			(3,656	)			(2,633	)			(1,023	)
Call NZD/Put USD	UBS AG (London)		0.629			10/12/2022		(835,000	)			(835,000	)			(5	)			(2,720	)			2,715
								(19,932,000	)		$	(19,932,000	)		$	(344,833	)		$	(249,978	)		$	(94,855	)
Puts
Put EUR/Call CZK	Barclays Bank PLC		24.700			10/07/2022		(259,000	)			(259,000	)			(1,161	)			(1,055	)			(106	)
Put GBP/Call USD	Barclays Bank PLC		1.125			10/05/2022		(895,000	)			(895,000	)			(13,436	)			(6,887	)			(6,549	)
Put USD/Call NOK	Barclays Bank PLC		9.803			10/17/2022		(504,000	)			(504,000	)			(66	)			(2,596	)			2,530
Put USD/Call SGD	Barclays Bank PLC		1.404			10/17/2022		(252,000	)			(252,000	)			(221	)			(1,522	)			1,301
Put EUR/Call USD	BNP Paribas SA		0.995			10/12/2022		(508,000	)			(508,000	)			(8,965	)			(6,508	)			(2,457	)
Put USD/Call ZAR	BNP Paribas SA		16.935			10/07/2022		(513,000	)			(513,000	)			(20	)			(2,693	)			2,673
Put EUR/Call USD	BofA Securities LLC		0.998			10/12/2022		(508,000	)			(508,000	)			(10,049	)			(7,144	)			(2,905	)
Put EUR/Call USD	BofA Securities LLC		0.974			10/24/2022		(503,000	)			(503,000	)			(5,162	)			(8,527	)			3,365
Put USD/Call HUF	BofA Securities LLC		388.750			10/20/2022		(501,000	)			(501,000	)			(307	)			(4,006	)			3,699
Put USD/Call TWD	BofA Securities LLC		31.640			11/02/2022		(238,000	)			(238,000	)			(2,191	)			(2,191	)			—
Put USD/Call ZAR	BofA Securities LLC		17.180			10/18/2022		(1,002,000	)			(1,002,000	)			(1,292	)			(6,694	)			5,402
Put EUR/Call CZK	Citibank NA		24.710			10/26/2022		(252,000	)			(252,000	)			(1,309	)			(1,022	)			(287	)
Put EUR/Call SEK	Citibank NA		10.730			10/05/2022		(259,000	)			(259,000	)			(56	)			(1,892	)			1,836
Put NZD/Call USD	Citibank NA		0.567			10/26/2022		(850,000	)			(850,000	)			(10,912	)			(11,338	)			426
Put USD/Call SGD	Citibank NA		1.398			10/04/2022		(257,000	)			(257,000	)			(1	)			(1,474	)			1,473
Put EUR/Call CHF	Credit Suisse
	International		0.980			10/04/2022		(258,000	)			(258,000	)			(3,449	)			(2,387	)			(1,062	)
Put EUR/Call SEK	Credit Suisse
	International		10.910			10/25/2022		(253,000	)			(253,000	)			(2,360	)			(2,159	)			(201	)
Put GBP/Call USD	Deutsche Bank AG
	(London)		1.134			10/11/2022		(440,000	)			(440,000	)			(11,076	)			(6,166	)			(4,910	)
Put USD/Call INR	Deutsche Bank AG
	(London)		79.800			10/17/2022		(252,000	)			(252,000	)			(182	)			(1,309	)			1,127
Put USD/Call SEK	Deutsche Bank AG
	(London)		10.493			10/18/2022		(501,000	)			(501,000	)			(606	)			(2,837	)			2,231
Put USD/Call SEK	Deutsche Bank AG
	(London)		10.500			10/18/2022		(501,000	)			(501,000	)			(632	)			(2,904	)			2,272
Put EUR/Call SEK	HSBC Bank PLC		10.688			10/17/2022		(252,000	)			(252,000	)			(259	)			(1,713	)			1,454
Put EUR/Call USD	HSBC Bank PLC		0.977			10/05/2022		(1,034,000	)			(1,034,000	)			(4,965	)			(3,447	)			(1,518	)
Put EUR/Call USD	HSBC Bank PLC		0.981			12/01/2022		(244,000	)			(244,000	)			(5,110	)			(5,110	)			—
Put NZD/Call USD	HSBC Bank PLC		0.591			10/11/2022		(1,696,994	)			(1,696,994	)			(50,776	)			(19,037	)			(31,739	)
Put NZD/Call USD	HSBC Bank PLC		0.580			10/20/2022		(1,264,000	)			(1,264,000	)			(26,617	)			(17,206	)			(9,411	)
Put USD/Call CNH	HSBC Bank PLC		6.965			10/13/2022		(254,000	)			(254,000	)			(7,490	)			(1,656	)			(5,834	)
Put USD/Call SGD	HSBC Bank PLC		1.405			10/10/2022		(257,000	)			(257,000	)			(94	)			(1,645	)			1,551
Put USD/Call SGD	HSBC Bank PLC		1.433			10/27/2022		(241,000	)			(241,000	)			(1,845	)			(2,030	)			185
Put EUR/Call CHF	JPMorgan Securities, Inc.		0.965			10/24/2022		(251,000	)			(251,000	)			(2,301	)			(2,800	)			499
Put EUR/Call PLN	JPMorgan Securities, Inc.		4.735			10/13/2022		(253,000	)			(253,000	)			(238	)			(1,950	)			1,712
Put USD/Call CNH	JPMorgan Securities, Inc.		7.140			10/27/2022		(241,000	)			(241,000	)			(2,382	)			(2,010	)			(372	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

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

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount				Market Value				Premiums Paid (Received) by Fund				Unrealized Appreciation/ (Depreciation)
Put USD/Call NOK	JPMorgan Securities, Inc.		9.950	%		10/20/2022		(501,000	)		$	(501,000	)		$	(207	)		$	(3,147	)		$	2,940
Put EUR/Call CZK	MS & Co. Int. PLC		24.600			10/13/2022		(253,000	)			(253,000	)			(1,109	)			(1,280	)			171
Put EUR/Call PLN	MS & Co. Int. PLC		4.735			10/07/2022		(259,000	)			(259,000	)			(104	)			(2,572	)			2,468
Put EUR/Call SEK	MS & Co. Int. PLC		10.635			10/12/2022		(254,000	)			(254,000	)			(66	)			(1,903	)			1,837
Put EUR/Call USD	MS & Co. Int. PLC		0.965			10/03/2022		(252,000	)			(252,000	)			(198	)			(1,940	)			1,742
Put GBP/Call USD	MS & Co. Int. PLC		1.110			10/20/2022		(877,000	)			(877,000	)			(15,438	)			(38,638	)			23,200
Put GBP/Call USD	MS & Co. Int. PLC		1.105			10/24/2022		(438,000	)			(438,000	)			(7,101	)			(15,364	)			8,263
Put GBP/Call USD	MS & Co. Int. PLC		1.112			10/25/2022		(881,000	)			(881,000	)			(17,629	)			(13,936	)			(3,693	)
Put GBP/Call USD	MS & Co. Int. PLC		1.090			10/25/2022		(1,763,000	)			(1,763,000	)			(22,706	)			(31,045	)			8,339
Put NZD/Call USD	MS & Co. Int. PLC		0.598			10/12/2022		(835,000	)			(835,000	)			(30,653	)			(9,381	)			(21,272	)
Put USD/Call BRL	MS & Co. Int. PLC		5.149			10/27/2022		(481,000	)			(481,000	)			(4,262	)			(4,352	)			90
Put USD/Call INR	MS & Co. Int. PLC		79.970			10/07/2022		(257,000	)			(257,000	)			(51	)			(1,486	)			1,435
Put USD/Call INR	MS & Co. Int. PLC		81.900			11/03/2022		(239,000	)			(239,000	)			(2,444	)			(2,321	)			(123	)
Put USD/Call TWD	MS & Co. Int. PLC		30.500			10/04/2022		(257,000	)			(257,000	)			—				(1,629	)			1,629
Put USD/Call TWD	MS & Co. Int. PLC		30.980			10/13/2022		(256,000	)			(256,000	)			(106	)			(1,676	)			1,570
Put EUR/Call USD	Standard Chartered Bank		0.982			10/07/2022		(1,008,000	)			(1,008,000	)			(8,145	)			(11,162	)			3,017
Put EUR/Call USD	Standard Chartered Bank		0.976			10/24/2022		(503,000	)			(503,000	)			(5,544	)			(11,591	)			6,047
Put NZD/Call USD	Standard Chartered Bank		0.585			10/17/2022		(838,000	)			(838,000	)			(20,882	)			(9,529	)			(11,353	)
Put USD/Call INR	Standard Chartered Bank		79.250			10/17/2022		(504,000	)			(504,000	)			(163	)			(1,129	)			966
Put USD/Call TWD	Standard Chartered Bank		31.290			10/20/2022		(251,000	)			(251,000	)			(576	)			(1,683	)			1,107
Put EUR/Call CHF	UBS AG (London)		0.973			10/12/2022		(254,000	)			(254,000	)			(2,663	)			(2,842	)			179
Put EUR/Call CHF	UBS AG (London)		0.960			10/25/2022		(253,000	)			(253,000	)			(1,853	)			(2,633	)			780
Put NZD/Call USD	UBS AG (London)		0.572			10/25/2022		(845,000	)			(845,000	)			(13,328	)			(8,354	)			(4,974	)
Put USD/Call SEK	UBS AG (London)		10.560			10/20/2022		(501,000	)			(501,000	)			(1,031	)			(2,785	)			1,754
Put USD/Call ZAR	UBS AG (London)		16.675			10/12/2022		(510,000	)			(510,000	)			(35	)			(3,172	)			3,137
								(28,763,994	)		$	(28,763,994	)		$	(331,824	)		$	(327,465	)		$	(4,359	)
Total written option contracts								(48,695,994	)		$	(48,695,994	)		$	(676,657	)		$	(577,443	)		$	(99,214	)
TOTAL								(4,099,370	)		$	(4,099,370	)		$	(9,521	)		$	(275,030	)		$	265,509

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazil Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
CNY	—Chinese Yuan Renminbi
COP	—Colombia Peso
CZK	—Czech Republic Koruna
DOP	—Dominican Republic Peso
EGP	—Egypt Pound
EUR	—Euro
GBP	—British Pound
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesia Rupiah
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysia Ringgit
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PEN	—Peru Nuevo Sol
PHP	—Philippines Peso
PLN	—Polish Zloty
RON	—Romania New Leu
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
THB	—Thailand Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
UYU	—Uruguay Peso
ZAR	—South African Rand

Investment Abbreviations:
NR	—Not Rated
WR	—Withdrawn Rating

Abbreviations:
1M BID Avg	—1 Month Brazilian Interbank Deposit Average
CLICP	—Sinacofi Chile Interbank Rate
EURO	—Euro Offered Rate
HIBOR	—Hong Kong Interbank Offered Rate
JIBAR	—Johannesburg Interbank Agreed Rate
KLIBOR	—Kuala Lumpur Interbank Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
MIBOR	—MIBOR - Mumbai Interbank Offered Rate
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
TELBOR	—Tel Aviv Interbank Offered Rate
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 129.9%
Collateralized Mortgage Obligations – 5.6% Interest Only(a) – 1.2%
FHLMC REMIC Series 3852, Class SW (-1X 1M USD LIBOR + 6.000%)
$	125,673		3.182	%(b)	05/15/41	$	11,497
FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%)
	120,648		3.232	(b)	03/15/44		11,995
FHLMC REMIC Series 4456, Class IO
	66,902		4.500		10/15/44		13,256
FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR + 6.100%)
	117,379		3.282	(b)	05/15/45		14,108
FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%)
	522,317		3.182	(b)	05/15/46		57,483
FHLMC REMIC Series 4998, Class GI
	594,495		4.000		08/25/50		114,850
FHLMC REMIC Series 5012, Class DI
	184,132		4.000		09/25/50		35,756
FNMA REMIC Series 2007-36, Class SN (-1X 1M USD LIBOR + 6.770%)
	193,865		3.686	(b)	04/25/37		20,400
FNMA REMIC Series 2008-17, Class SI (-1X 1M USD LIBOR + 6.300%)
	250,426		3.216	(b)	03/25/38		20,988
FNMA REMIC Series 2011-124, Class SC (-1X 1M USD LIBOR + 6.550%)
	98,965		3.466	(b)	12/25/41		11,020
FNMA REMIC Series 2012-88, Class SB (-1X 1M USD LIBOR + 6.670%)
	119,552		3.586	(b)	07/25/42		12,191
FNMA REMIC Series 2017-104, Class SB (-1X 1M USD LIBOR + 6.150%)
	365,956		3.066	(b)	01/25/48		40,233
FNMA REMIC Series 2018-8, Class SA (-1X 1M USD LIBOR + 6.150%)
	277,841		3.066	(b)	02/25/48		29,768
FNMA REMIC Series 2020-38, Class TI
	477,381		4.000		06/25/50		92,232
FNMA REMIC Series 2020-60, Class NI
	171,004		4.000		09/25/50		33,207
GNMA REMIC Series 2010-20, Class SE (-1X 1M USD LIBOR + 6.250%)
	191,580		3.236	(b)	02/20/40		20,383
GNMA REMIC Series 2013-124, Class CS (-1X 1M USD LIBOR + 6.050%)
	646,268		3.036	(b)	08/20/43		68,855
GNMA REMIC Series 2014-11, Class KI
	39,985		4.500		12/20/42		2,249
GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%)
	181,427		3.086	(b)	10/20/43		10,314
GNMA REMIC Series 2015-111, Class IM
	344,183		4.000		08/20/45		53,661

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
GNMA REMIC Series 2015-111, Class SM (-1X 1M USD LIBOR + 6.200%)
$	131,206		3.186	%(b)	08/20/45	$	14,580
GNMA REMIC Series 2015-119, Class SN (-1X 1M USD LIBOR + 6.250%)
	264,117		3.236	(b)	08/20/45		29,143
GNMA REMIC Series 2015-129, Class IC
	243,383		4.500		09/16/45		45,723
GNMA REMIC Series 2015-72, Class JI
	10,902		3.500		05/20/45		1,160
GNMA REMIC Series 2015-83, Class PI
	23,867		3.500		06/20/45		3,346
GNMA REMIC Series 2015-90, Class PI
	12,378		3.500		04/20/45		1,125
GNMA REMIC Series 2016-1, Class ST (-1X 1M USD LIBOR + 6.200%)
	123,875		3.186	(b)	01/20/46		13,075
GNMA REMIC Series 2016-138, Class DI
	81,830		4.000		10/20/46		14,578
GNMA REMIC Series 2016-27, Class IA
	209,490		4.000		06/20/45		26,776
GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR + 5.660%)
	380,112		2.646	(b)	07/20/47		32,926
GNMA REMIC Series 2018-124, Class SN (-1X 1M USD LIBOR + 6.200%)
	718,196		3.186	(b)	09/20/48		77,079
GNMA REMIC Series 2018-139, Class SQ (-1X 1M USD LIBOR + 6.150%)
	312,991		3.136	(b)	10/20/48		31,150
GNMA REMIC Series 2018-67, Class PS (-1X 1M USD LIBOR + 6.200%)
	531,775		3.186	(b)	05/20/48		53,080
GNMA REMIC Series 2018-7, Class DS (-1X 1M USD LIBOR + 5.700%)
	444,937		2.686	(b)	01/20/48		40,110
GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%)
	280,171		3.036	(b)	01/20/49		27,232
GNMA REMIC Series 2019-110, Class SD (-1X 1M USD LIBOR + 6.100%)
	522,581		3.086	(b)	09/20/49		47,434
GNMA REMIC Series 2019-110, Class SE (-1X 1M USD LIBOR + 6.100%)
	538,280		3.086	(b)	09/20/49		53,299
GNMA REMIC Series 2019-151, Class NI
	1,447,207		3.500		10/20/49		225,640
GNMA REMIC Series 2019-153, Class EI
	2,428,373		4.000		12/20/49		439,635
GNMA REMIC Series 2019-20, Class SF (-1X 1M USD LIBOR + 3.790%)
	473,236		0.776	(b)	02/20/49		12,139
GNMA REMIC Series 2019-6, Class SA (-1X 1M USD LIBOR + 6.050%)
	184,751		3.036	(b)	01/20/49		18,547

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR + 6.100%)
$	183,030		3.086	%(b)	06/20/49	$	17,045
GNMA REMIC Series 2020-146, Class IM
	1,261,061		2.500		10/20/50		166,660
GNMA REMIC Series 2020-146, Class KI
	1,681,491		2.500		10/20/50		222,116
GNMA REMIC Series 2020-21, Class SA (-1X 1M USD LIBOR + 6.050%)
	722,220		3.036	(b)	02/20/50		79,984
GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%)
	286,335		3.036	(b)	04/20/50		31,872
GNMA REMIC Series 2020-78, Class DI
	736,503		4.000		06/20/50		132,203
							2,532,103
Regular Floater(b) – 1.1%
FNMA REMIC Series 2017-96, Class FA (1M USD LIBOR + 0.400%)
	1,139,874		3.484		12/25/57		1,128,819
GNMA REMIC Series 2017-182, Class FN (1M USD LIBOR + 0.300%)
	1,363,276		3.239		12/16/47		1,334,644
							2,463,463
Sequential Fixed Rate – 1.6%
FHLMC REMIC Series 2042, Class N
	13,517		6.500		03/15/28		14,086
FHLMC REMIC Series 4577, Class HM
	327,713		4.000	(c)	12/15/50		314,785
FNMA REMIC Series 2000-16, Class ZG
	66,605		8.500		06/25/30		70,775
FNMA REMIC Series 2005-59, Class KZ
	454,202		5.500		07/25/35		457,664
FNMA REMIC Series 2011-52, Class GB
	201,885		5.000		06/25/41		201,553
FNMA REMIC Series 2011-99, Class DB
	218,091		5.000		10/25/41		217,910
FNMA REMIC Series 2012-111, Class B
	33,785		7.000		10/25/42		35,573
FNMA REMIC Series 2012-153, Class B
	130,455		7.000		07/25/42		137,136
FNMA REMIC Series 2017-87, Class EA
	1,976,842		3.000		04/25/44		1,787,378
OBX Trust Series 2022-NQM7, Class A1
	99,025		5.110	(c)(d)	08/25/62		96,692
							3,333,552
Sequential Floating Rate(b) – 1.7%
Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	20,730		2.848		04/25/35		19,513
Alternative Loan Trust Series 2005-CWALT, Class 38A1 (12M MTA + 1.500%)
	42,615		2.604		09/25/35		37,478

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
$	91,564		3.408	%	07/25/35	$	85,019
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1M SOFR + 1.650%)
	142,000		3.931	(d)	12/25/41		129,029
Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1M SOFR + 1.550%)
	162,000		3.831	(d)	10/25/41		153,303
Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1M SOFR + 1.900%)
	120,546		4.181	(d)	04/25/42		118,459
Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1M SOFR + 3.000%)
	94,000		5.281	(d)	04/25/42		86,756
CSMC Series 2021-NQM8, Class A1
	104,753		1.841	(d)	10/25/66		89,044
FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (1M SOFR + 2.800%)
	87,250		5.081	(d)	10/25/50		87,299
FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2 (1M SOFR + 1.650%)
	104,200		3.931	(d)	01/25/34		101,614
FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A (1M SOFR + 1.000%)
	303,436		3.281	(d)	01/25/42		294,228
FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A (1M SOFR + 2.000%)
	247,095		4.281	(d)	04/25/42		245,244
FHLMC STACR REMIC Trust Series 2022-HQA1, Class M1B (1M SOFR + 3.500%)
	120,000		5.781	(d)	03/25/42		114,825
FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%)
	14,007		8.384		10/25/28		14,488
HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
	23,140		3.473		01/19/36		22,506
Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	11,423		3.804		10/25/34		10,969
JPMorgan Mortgage Trust Series 2021-6, Class A3
	436,524		2.500	(d)	10/25/51		346,968
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1
	591,576		2.520	(d)	05/25/52		493,831
JPMorgan Mortgage Trust Series 2022-LTV1,Class A2
	825,893		3.520	(d)	07/25/52		686,613
Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	100,160		3.596		10/25/34		94,160
New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	88,634		3.750	(d)	05/28/52		84,168
Towd Point Mortgage Trust Series 2016-4, Class M1
	100,000		3.250	(d)	07/25/56		95,220
Verus Securitization Trust Series 2021-8, Class A1
	84,744		1.824	(d)	11/25/66		71,826

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
Verus Securitization Trust Series 2022-INV1, Class A1
$	98,675		5.041	%(c)(d)	08/25/67	$	96,112
Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1
	30,367		3.500	(d)	07/25/49		28,633
							3,607,305
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							11,936,423
Commercial Mortgage-Backed Securities – 5.0%
Sequential Fixed Rate – 4.2%
3650R Commercial Mortgage Trust Series 2021-PF1, Class AS
$	400,000		2.778	%	11/15/54	$	307,554
BANK Series 2018-BN14, Class D
	200,000		3.000	(d)	09/15/60		141,105
BANK Series 2019-BN19, Class D
	100,000		3.000	(d)	08/15/61		66,153
BBCMS Mortgage Trust Series 2018-C2, Class A4
	1,350,000		4.047		12/15/51		1,265,191
BBCMS Mortgage Trust Series 2022-C17, Class A5
	700,000		4.441		09/15/55		660,154
Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	1,900,000		3.006		01/15/53		1,634,792
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	400,000		3.000	(d)	09/15/50		293,598
DOLP Trust Series 2021-NYC, Class A
	800,000		2.956	(d)	05/10/41		638,209
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D
	150,000		3.060	(d)	10/15/48		123,089
Morgan Stanley Capital I Trust Series 2018-L1, Class A3
	3,800,000		4.139		10/15/51		3,565,147
Morgan Stanley Capital I Trust Series 2018-L1, Class D
	450,000		3.000	(d)	10/15/51		316,852
							9,011,844
Sequential Floating Rate(b) – 0.8%
BANK Series 2018-BN15, Class A4
	900,000		4.407		11/15/61		857,144
BANK Series 2022-BN40, Class A4
	550,000		3.507		03/15/64		476,700
BBCMS Mortgage Trust Series 2022-C16, Class AS
	450,000		4.600		06/15/55		417,473
Wells Fargo Commercial Mortgage Trust Series 2016-C37, Class D
	100,000		3.338	(d)	12/15/49		76,487
							1,827,804
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	10,839,648
Federal Agencies – 119.3%
Adjustable Rate FHLMC(b) – 0.0%
$	13,595		2.972	%	04/01/33	$	13,928

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FHLMC(b) – (continued)
$	6,679		2.375	%	11/01/34	$	6,900
	4,991		2.484		02/01/35		5,126
	15,878		3.113		06/01/35		16,375
(1 Year CMT + 2.172%)
	5,714		3.291	%	09/01/33		5,906
(1 Year CMT + 2.107%)
	3,532		2.572	%	10/01/34		3,657
							51,892
Adjustable Rate FNMA(b) – 0.1%
(COF + 1.350%)
	2,747		2.012	%	07/01/27		2,701
	3,548		2.019		11/01/27		3,481
	5,163		1.628		08/01/32		4,986
(12M MTA + 1.125%)
	5,081		1.984	%	06/01/32		4,896
(COF + 1.314%)
	5,059		1.692	%	05/01/33		4,886
(1 Year CMT + 2.257%)
	44,872		3.857	%	06/01/33		46,374
(6M USD LIBOR + 1.412%)
	1,950		2.458	%	06/01/33		1,967
(1 Year CMT + 2.144%)
	1,241		3.147	%	07/01/33		1,274
(COF + 1.254%)
	41,799		1.747	%	08/01/33		40,519
(12M USD LIBOR + 1.654%)
	13,360		1.921	%	12/01/33		13,485
(1 Year CMT + 2.306%)
	536		3.332	%	04/01/34		554
(12M USD LIBOR + 1.670%)
	5,940		1.920	%	11/01/34		6,036
(1 Year CMT + 2.195%)
	6,200		2.329	%	02/01/35		6,406
(12M USD LIBOR + 1.620%)
	13,398		2.050	%	03/01/35		13,509
(12M USD LIBOR + 1.810%)
	7,083		2.550	%	04/01/35		7,190
(12M USD LIBOR + 2.091%)
	17,482		2.957	%	05/01/35		17,887
(COF + 1.300%)
	2,078		1.962	%	11/01/35		2,011
(COF + 1.257%)
	8,048		1.976	%	12/01/37		7,903
(12M MTA + 1.186%)
	2,554		2.014	%	01/01/38		2,501
(12M MTA + 1.175%)
	3,451		2.034	%	11/01/40		3,349
							191,915
Adjustable Rate GNMA(b) – 0.1%
	825		2.875		06/20/23		819
	514		1.625		07/20/23		510
	575		1.625		08/20/23		570
	1,476		1.625		09/20/23		1,460

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(b) – (continued)
$	627		2.625	%	03/20/24	$	619
	6,743		2.875		04/20/24		6,663
	941		2.875		05/20/24		930
	6,704		2.875		06/20/24		6,619
	1,488		3.000		06/20/24		1,470
	2,069		1.625		07/20/24		2,035
	2,980		2.000		07/20/24		2,940
	4,702		1.625		08/20/24		4,623
	2,666		2.000		08/20/24		2,630
	2,348		1.625		09/20/24		2,307
	2,947		2.000		11/20/24		2,894
	1,137		2.000		12/20/24		1,116
	2,592		2.500		12/20/24		2,558
	2,036		2.625		01/20/25		2,006
	1,386		2.625		02/20/25		1,365
	4,897		3.000		05/20/25		4,830
	5,724		2.000		07/20/25		5,632
	2,509		2.625		02/20/26		2,470
	131		1.625		07/20/26		128
	7,095		2.625		01/20/27		6,991
	2,174		2.625		02/20/27		2,142
	22,783		2.875		04/20/27		22,460
	2,342		2.875		05/20/27		2,309
	3,819		2.875		06/20/27		3,766
	1,233		1.750		11/20/27		1,202
	3,612		1.750		12/20/27		3,520
	8,429		2.625		01/20/28		8,316
	2,855		2.625		02/20/28		2,817
	2,788		2.625		03/20/28		2,752
	14,346		1.625		07/20/29		14,051
	5,894		1.625		08/20/29		5,773
	1,628		1.625		09/20/29		1,594
	7,732		1.750		10/20/29		7,548
	10,138		1.750		11/20/29		9,897
	1,993		1.750		12/20/29		1,946
	3,162		2.625		01/20/30		3,130
	902		2.625		02/20/30		893
	7,968		2.625		03/20/30		7,889
	8,436		2.875		04/20/30		8,355
	13,620		2.875		05/20/30		13,488
	11,893		3.000		05/20/30		11,799
	3,212		2.875		06/20/30		3,182
	19,378		2.000		07/20/30		19,152
	4,651		2.000		09/20/30		4,598
	7,231		1.750		10/20/30		7,066
							233,830
FHLMC – 8.4%
	34,010		5.000		10/01/33		34,099
	1,554		5.000		07/01/35		1,558
	737		4.500		08/01/35		722
	2,455		4.500		09/01/35		2,405
	888		4.500		10/01/35		869
	39,577		5.000		12/01/35		39,793
	905		5.000		02/01/37		907

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	13,698		4.500	%	01/01/38	$	13,419
	600		4.500		06/01/38		588
	22,493		4.500		09/01/38		22,086
	97		4.500		01/01/39		96
	11,172		4.500		02/01/39		10,962
	3,947		4.500		03/01/39		3,871
	933		4.500		04/01/39		916
	31,157		4.500		05/01/39		30,560
	88,149		5.000		05/01/39		88,653
	98,582		4.500		06/01/39		96,695
	143,695		5.000		07/01/39		144,626
	2,557		4.500		07/01/39		2,508
	2,261		4.500		08/01/39		2,218
	4,698		4.500		09/01/39		4,608
	1,141		4.500		10/01/39		1,120
	777		4.500		11/01/39		762
	927		4.500		12/01/39		909
	3,485		4.500		01/01/40		3,418
	2,243		4.500		04/01/40		2,198
	3,394		4.500		05/01/40		3,327
	5,159		4.500		06/01/40		5,057
	8,024		4.000		06/01/40		7,651
	2,487		4.500		07/01/40		2,438
	464		4.500		08/01/40		455
	2,348		5.000		08/01/40		2,365
	59,848		4.000		02/01/41		57,054
	17,614		4.500		02/01/41		17,264
	3,802		4.500		03/01/41		3,726
	5,652		4.500		04/01/41		5,540
	7,235		4.500		05/01/41		7,091
	14,012		4.500		06/01/41		13,735
	926		5.000		06/01/41		932
	39,752		4.500		08/01/41		38,964
	41,906		4.500		09/01/41		41,077
	34,119		4.000		10/01/41		32,891
	4,352		4.000		11/01/41		4,203
	2,434		4.500		12/01/41		2,386
	32,257		4.500		03/01/42		31,616
	274,158		4.000		03/01/42		261,096
	13,233		3.000		05/01/42		11,830
	201,834		3.500		06/01/42		189,892
	372,085		4.500		06/01/42		367,160
	58,876		3.000		08/01/42		53,514
	48,938		3.500		08/01/42		46,064
	139,432		3.500		10/01/42		127,768
	26,038		3.000		10/01/42		23,301
	79,260		3.500		11/01/42		72,629
	387,081		3.000		11/01/42		346,386
	659,880		3.000		12/01/42		590,502
	1,191,048		3.000		01/01/43		1,065,827
	102,805		3.000		02/01/43		91,996
	1,056,747		3.500		08/01/43		976,597
	534,676		4.000		08/01/43		509,548
	254,092		4.000		01/01/44		242,150
	308,691		3.500		02/01/44		285,278

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	307,796		3.500	%	06/01/44	$	289,269
	6,681		4.000		11/01/44		6,357
	40,108		3.500		02/01/45		37,141
	68,406		3.500		03/01/45		63,368
	8,346		3.500		08/01/45		7,707
	9,663		3.500		09/01/45		8,924
	22,624		3.500		11/01/45		20,894
	1,674,485		3.500		03/01/46		1,548,093
	262,613		3.500		05/01/46		242,658
	312,741		3.500		06/01/46		288,827
	139,634		3.500		07/01/46		128,956
	22,819		3.500		10/01/46		21,053
	19,804		3.500		12/01/46		18,253
	7,292,367		3.000		05/01/47		6,473,267
	216,976		3.500		12/01/47		200,113
	3,107,685		3.000		01/01/48		2,753,485
							18,158,241
FNMA – 7.2%
	1,303		7.000		08/01/31		1,365
	58,558		3.500		07/01/42		55,025
	54,027		3.500		08/01/42		50,789
	38,351		3.500		09/01/42		36,064
	4,788		3.500		10/01/42		4,384
	9,405		3.500		11/01/42		8,610
	5,014		3.500		01/01/43		4,590
	124,613		3.500		02/01/43		114,081
	11,659		3.500		05/01/43		10,674
	518,683		3.500		07/01/43		474,843
	260,986		3.500		01/01/44		238,927
	11,272		3.500		12/01/44		10,298
	223,800		4.000		03/01/45		210,915
	108,438		4.000		04/01/45		102,127
	3,004,771		0.000		12/01/50		2,359,112
	1,192,820		4.500		06/01/51		1,167,148
	2,366,057		4.000		05/01/56		2,221,699
	2,815,353		4.000		07/01/56		2,638,835
	1,536,582		3.500		08/01/56		1,391,821
	2,836,396		3.500		10/01/56		2,562,088
	1,908,066		4.000		02/01/57		1,791,651
							15,455,046
GNMA – 43.4%
	2,138		6.000		04/15/26		2,149
	156		6.500		01/15/32		160
	533		6.500		02/15/32		554
	165,267		5.500		04/15/33		170,734
	3,941		5.000		11/15/33		3,930
	468		6.500		08/15/34		493
	524		6.500		02/15/36		554
	1,190		6.500		03/15/36		1,253
	2,046		6.500		04/15/36		2,156
	6,566		6.500		05/15/36		6,926
	3,209		6.500		06/15/36		3,379
	16,107		6.500		07/15/36		17,022

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	17,200		6.500	%	08/15/36	$	18,193
	35,701		6.500		09/15/36		37,797
	14,314		6.500		10/15/36		15,125
	22,624		6.500		11/15/36		24,011
	9,130		6.500		12/15/36		9,652
	3,835		6.500		01/15/37		4,050
	1,474		6.500		03/15/37		1,556
	3,188		6.500		04/15/37		3,372
	785		6.500		05/15/37		828
	836		6.500		08/15/37		884
	5,322		6.500		09/15/37		5,626
	6,650		6.500		10/15/37		7,143
	2,629		6.500		11/15/37		2,775
	2,090		6.500		05/15/38		2,199
	625		6.500		02/15/39		656
	145,526		5.000		01/20/40		145,913
	124,701		4.500		05/15/40		122,609
	95,991		5.000		07/15/40		97,946
	142,920		3.500		09/15/42		132,734
	176,572		3.500		02/15/45		163,286
	31,399		4.000		05/20/45		29,780
	22,833		4.000		07/20/45		21,642
	39,628		4.000		10/20/45		37,536
	123,059		4.000		01/20/46		116,563
	518,058		4.500		03/20/46		508,136
	1,118,966		3.000		06/20/46		1,009,125
	740,905		3.500		09/20/46		681,375
	315,118		3.500		10/20/46		289,799
	340,523		3.500		12/20/46		313,163
	322,528		3.500		01/20/47		296,613
	349,934		3.500		02/20/47		321,817
	2,050,250		4.500		02/20/47		2,000,504
	6,544		3.500		03/20/47		6,018
	214,062		4.500		03/20/47		209,427
	1,635,316		3.500		04/20/47		1,504,016
	11,162		3.500		05/20/47		10,266
	1,159,091		4.500		05/20/47		1,130,009
	197,177		4.500		06/20/47		192,538
	1,648,670		4.000		06/20/47		1,558,545
	58,777		4.500		07/20/47		57,228
	15,587		3.500		08/20/47		14,335
	567,700		4.500		08/20/47		552,746
	3,667		3.500		09/20/47		3,373
	6,085		3.500		10/20/47		5,596
	401,973		3.500		11/20/47		369,698
	772,757		3.500		12/20/47		710,712
	1,060,246		3.500		01/20/48		975,119
	641,189		4.500		09/20/48		620,893
	177,068		5.000		09/20/48		175,977
	1,581,168		5.000		11/20/48		1,571,177
	773,437		4.500		12/20/48		748,714
	642,995		5.000		12/20/48		638,731
	110,498		4.500		01/20/49		106,940
	1,210,924		5.000		01/20/49		1,202,893
	32,787		3.500		01/20/49		30,154

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	881,694		4.000	%	02/20/49	$	827,848
	361,935		4.500		02/20/49		350,168
	543,288		4.500		03/20/49		525,455
	800,956		5.000		03/20/49		795,394
	1,597,705		4.000		04/20/49		1,499,132
	626,165		4.000		05/20/49		587,337
	117,270		5.000		06/20/49		116,419
	2,130,659		3.000		07/20/49		1,909,403
	459,417		3.500		07/20/49		422,834
	1,846,571		3.000		08/20/49		1,653,286
	2,109,466		3.500		09/20/49		1,940,643
	383,858		4.500		10/20/49		369,939
	238,787		3.500		12/20/49		219,612
	411,766		3.000		05/20/50		367,433
	736,921		3.500		12/20/50		677,551
	305,022		4.000		01/20/51		285,536
	1,478,400		3.500		02/20/51		1,359,289
	824,710		3.000		07/20/51		733,121
	1,842,674		3.000		11/20/51		1,635,588
	4,673,774		3.000		12/20/51		4,144,138
	13,000,000		2.500		TBA-30yr(e)		11,163,385
	4,000,000		2.000		TBA-30yr(e)		3,329,878
	4,000,000		4.000		TBA-30yr(e)		3,731,530
	25,000,000		4.500		TBA-30yr(e)		23,898,588
	12,000,000		5.000		TBA-30yr(e)		11,725,608
							93,295,938
UMBS – 35.9%
	53		4.500		04/01/23		52
	74		4.500		07/01/23		74
	1,643		4.500		08/01/23		1,636
	2,093		4.500		09/01/23		2,083
	543		5.000		01/01/33		544
	123,439		4.500		07/01/36		120,872
	12,423		4.500		12/01/36		12,164
	100,436		4.500		02/01/39		98,414
	3,004		4.500		03/01/39		2,960
	3,631		4.500		05/01/39		3,577
	1,952		4.500		07/01/39		1,923
	1,946		4.000		08/01/39		1,854
	4,721		4.500		09/01/39		4,626
	7,420		4.500		10/01/39		7,271
	17,301		4.500		02/01/40		17,044
	3,076		4.500		03/01/40		3,014
	40,423		4.500		04/01/40		39,585
	17,616		4.500		06/01/40		17,360
	92,377		4.500		09/01/40		90,481
	4,032		4.500		12/01/40		3,948
	32,216		4.500		01/01/41		31,549
	11,681		4.500		04/01/41		11,438
	19,498		4.500		06/01/41		19,093
	18,238		4.500		07/01/41		17,859
	84,075		4.500		08/01/41		82,361
	75,197		4.500		09/01/41		73,633
	38,019		4.500		10/01/41		37,228

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	66,012		3.500	%	10/01/41	$	61,992
	18,639		3.500		11/01/41		17,505
	51,559		4.500		11/01/41		50,487
	39,553		4.500		12/01/41		38,730
	34,971		4.500		01/01/42		33,949
	64,483		3.500		01/01/42		60,581
	6,684		3.500		02/01/42		6,268
	238,244		4.000		03/01/42		226,669
	2,526		4.500		03/01/42		2,473
	52,876		4.000		04/01/42		50,307
	7,409		4.500		04/01/42		7,255
	6,440		3.500		05/01/42		5,953
	26,348		3.500		06/01/42		24,734
	17,832		3.500		09/01/42		16,771
	54,920		3.000		09/01/42		50,215
	130,904		3.500		10/01/42		120,740
	297,954		3.000		12/01/42		266,399
	49,779		3.500		12/01/42		46,720
	68,312		3.000		01/01/43		61,136
	24,672		3.000		02/01/43		22,080
	175,633		3.500		02/01/43		162,051
	690,612		3.000		03/01/43		618,065
	600,632		3.500		03/01/43		554,238
	758,990		3.000		04/01/43		679,260
	576,741		3.500		04/01/43		532,493
	905,763		3.000		05/01/43		810,614
	294,085		2.500		05/01/43		253,296
	112,462		3.500		05/01/43		103,791
	32,441		3.000		06/01/43		29,033
	497,121		3.500		06/01/43		458,751
	1,460,121		3.500		07/01/43		1,347,784
	276,211		3.000		07/01/43		247,196
	730,093		3.500		08/01/43		674,050
	25,707		3.500		09/01/43		23,711
	50,631		3.500		01/01/44		46,731
	21,397		3.500		08/01/44		19,605
	31,727		3.500		09/01/44		29,313
	72,602		3.500		10/01/44		67,282
	25,104		5.000		12/01/44		25,094
	308,034		4.000		12/01/44		291,839
	20,038		3.500		01/01/45		18,539
	189,480		4.000		02/01/45		180,111
	87,266		3.500		03/01/45		80,615
	40,340		3.500		04/01/45		37,220
	546,119		3.500		05/01/45		506,445
	921,744		4.500		06/01/45		899,964
	56,479		3.500		07/01/45		52,111
	616,836		4.000		08/01/45		584,984
	212,217		4.000		11/01/45		201,292
	8,968		3.500		11/01/45		8,275
	175,506		3.500		01/01/46		161,933
	1,862,275		4.000		01/01/46		1,766,400
	126,593		4.000		03/01/46		119,677
	464,222		3.500		03/01/46		430,858
	74,479		3.500		04/01/46		69,138

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	345,504		3.500	%	05/01/46	$	319,001
	75,718		4.000		06/01/46		71,364
	176,007		4.500		06/01/46		171,277
	214,608		3.000		07/01/46		189,943
	228,043		4.000		07/01/46		214,930
	281,129		4.000		08/01/46		264,964
	117,551		3.000		08/01/46		104,041
	493,098		3.000		09/01/46		436,426
	153,856		3.000		10/01/46		136,173
	189,645		4.000		10/01/46		178,740
	626,828		3.000		11/01/46		554,787
	284,176		3.000		12/01/46		251,515
	1,139,075		3.000		01/01/47		1,008,161
	761,229		4.000		02/01/47		717,446
	619,830		4.500		02/01/47		605,184
	53,769		3.000		02/01/47		47,589
	148,877		3.000		04/01/47		131,767
	376,085		3.500		06/01/47		343,836
	172,330		4.500		11/01/47		167,322
	5,841		4.500		02/01/48		5,655
	320,234		4.500		05/01/48		310,812
	462,601		3.500		06/01/48		422,913
	244,499		4.500		07/01/48		236,324
	941,599		4.500		08/01/48		905,215
	390,714		4.500		09/01/48		377,651
	7,590		4.500		10/01/48		7,364
	1,053,800		3.500		11/01/48		963,392
	1,453,772		5.000		11/01/48		1,445,064
	633,887		4.500		11/01/48		612,573
	301,868		4.500		12/01/48		290,105
	1,570,168		4.000		01/01/49		1,480,747
	384,000		4.500		02/01/49		370,433
	4,501		4.500		05/01/49		4,345
	774,149		3.500		07/01/49		707,325
	983,992		4.000		07/01/49		926,997
	512,928		3.500		08/01/49		468,492
	1,917,092		3.000		09/01/49		1,692,490
	5,553		4.500		11/01/49		5,361
	439,363		4.500		01/01/50		424,261
	66,030		4.500		02/01/50		63,915
	692,777		3.000		03/01/50		607,883
	1,872,549		4.000		03/01/50		1,757,130
	4,687,272		4.500		03/01/50		4,529,947
	497,308		4.500		04/01/50		476,990
	498,501		4.500		09/01/50		481,191
	3,918,883		2.500		09/01/50		3,330,879
	4,967,060		2.000		02/01/51		4,042,748
	8,809,224		2.500		05/01/51		7,445,013
	9,104,516		2.500		07/01/51		7,690,351
	3,693,316		2.500		08/01/51		3,111,934
	1,889,816		2.500		09/01/51		1,598,436
	5,681,762		2.500		12/01/51		4,798,130
	5,824,896		2.000		02/01/52		4,712,403

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	982,185		5.000	%	07/01/52	$	962,490
							77,146,791
UMBS, 30 Year, Single Family(e) – 24.2%
	3,000,000		5.000		TBA-30yr		2,918,905
	4,000,000		3.000		TBA-30yr		3,477,500
	9,000,000		2.500		TBA-30yr		7,552,265
	47,000,000		2.000		TBA-30yr		38,030,346
							51,979,016
TOTAL FEDERAL AGENCIES						$	256,512,669
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $302,929,345)						$	279,288,740
Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – 9.9%
Collateralized Loan Obligations(d) – 7.3%
Battalion CLO XII Ltd. Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%)
$	800,000		4.012	%	05/17/31	$	775,478
CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%)
	2,750,000		3.890		07/20/34		2,631,978
Crown City CLO I Series 2020-1A, Class BR (3M USD LIBOR + 2.100%)
	600,000		4.810		07/20/34		520,711
Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%)
	3,650,000		3.983		07/25/34		3,493,474
LCM 38A Ltd., Class A1A (3M SOFR + 2.100%)
	350,000		4.592		07/15/34		344,596
Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%)
	1,157,043		3.540		01/18/28		1,140,913
Shackleton 2019-XIV CLO Ltd. Series 2019-14A, Class A1R (3M USD LIBOR + 1.200%)
	2,750,000		3.910		07/20/34		2,616,185
Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%)
	850,000		4.110		01/21/31		787,088
Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%)
	550,000		4.510		01/21/31		490,305
York CLO 1 Ltd. Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%)
	2,019,607		3.879		10/22/29		1,980,618
Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
	925,000		4.143		07/28/32		892,759
							15,674,105

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – (continued)
Student Loan – 2.6%
Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%)
$	159,911		3.784	%	12/26/35	$	159,329
ECMC Group Student Loan Trust Series 2017-1A, Class A (1M USD LIBOR + 1.200%)
	1,359,241		4.284	(d)	12/27/66		1,343,136
Goal Capital Funding Trust Series 2010-1, Class A (3M USD LIBOR + 0.700%)
	600,273		3.697	(d)	08/25/48		599,169
Higher Education Funding I Series 2014-1, Class A (3M USD LIBOR + 1.050%)
	347,799		4.047	(d)	04/25/35		347,196
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	497,000		3.683		07/25/45		491,639
PHEAA Student Loan Trust Series 2014-3A, Class A (1M USD LIBOR + 0.590%)
	2,234,020		3.674	(d)	08/25/40		2,199,992
PHEAA Student Loan Trust Series 2016-1A, Class A (1M USD LIBOR + 1.150%)
	514,601		4.234	(d)	09/25/65		505,746
							5,646,207
TOTAL ASSET-BACKED SECURITIES (Cost $22,093,044)						$	21,320,312
U.S. Treasury Obligations – 8.4%
United States Treasury Bill(f)
$	1,750,000		0.000	%(g)	11/03/22	$	1,745,987
	1,750,000		0.000		11/08/22		1,745,260
	1,750,000		0.000		11/15/22		1,744,079
	1,750,000		0.000		11/17/22		1,743,766
	3,000,000		0.000		03/09/23		2,951,275
United States Treasury Notes
	100,000		0.375		12/31/25		88,422
	40,000		0.500		02/28/26		35,294
	2,530,000		4.125		09/30/27		2,538,697
	2,560,000		1.125		02/29/28		2,196,800
	3,910,000		1.250		03/31/28		3,371,153
TOTAL U.S. TREASURY OBLIGATIONS (Cost $19,040,658)						$	18,160,733

Shares		Dividend Rate	Value
Investment Company(h) – 1.3%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	2,700,598	2.911%	$	2,700,598
(Cost $ 2,700,598)
TOTAL INVESTMENTS – 149.5% (Cost $ 346,763,645)			$	321,470,383
LIABILITIES IN EXCESS OF OTHER ASSETS – (49.5)%				(106,444,337	)
NET ASSETS – 100.0%			$	215,026,046

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

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

(b) Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2022.

(c) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2022.

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

(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 $105,828,005 which represents approximately 49.3% of net assets as of September 30, 2022.

(f) Issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.

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

(h) Represents an Affiliated Issuer.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At September 30, 2022, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date	Principal Amount			Value
UMBS, 30 Year, Single Family		3.000	%	TBA-30yr		$	(5,000,000	)	$	(4,344,531	)
UMBS, 30 Year, Single Family		3.500		TBA-30yr			(7,000,000	)		(6,290,155	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr			(5,000,000	)		(4,634,374	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr			(8,000,000	)		(7,408,123	)
UMBS, 30 Year, Single Family		4.500		TBA-30yr			(4,000,000	)		(3,805,624	)
GNMA		3.000		TBA-30yr			(2,000,000	)		(1,765,449	)
GNMA		3.500		TBA-30yr			(4,000,000	)		(3,633,993	)
UMBS, 30 Year, Single Family		3.500		TBA-30yr			(3,000,000	)		(2,697,656	)
UMBS, 30 Year, Single Family		4.500		TBA-30yr			(5,000,000	)		(4,751,366	)
(PROCEEDS RECEIVABLE:  $ (40,961,699))									$	(39,331,271	)

(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, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
10 Year U.S. Treasury Notes		(56)		12/20/22	$	(6,545,219	)	$	142,712
2 Year U.S. Treasury Notes		(42)		12/30/22		(8,626,406	)		81,743
20 Year U.S. Treasury Bonds		(27)		12/20/22		(3,412,969	)		119,879
5 Year U.S. Treasury Notes		(105)		12/30/22		(11,288,320	)		198,679
Ultra Long U.S. Treasury Bonds		(9)		12/20/22		(1,233,000	)		1,878
TOTAL FUTURES CONTRACTS								$	544,891

SWAP CONTRACTS — At September 30, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(a)		Termination Date	Notional Amount (000s)(b)		Market Value			Upfront Premium (Received) Paid	Unrealized Appreciation/ (Depreciation)
12M SOFR		2.750%	12/21/27		$    30		$(1,426	)	$(947)		$(479)

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2022.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index

Financing Rate Paid by the Fund(a)

Credit Spread at September 30, 2022(b)

Counterparty

Termination Date

Notional Amount (000s)

Value

Upfront Premiums (Received) Paid

Unrealized Appreciation/ (Depreciation)

Protection Sold:

Markit CMBX Series 11

3.250%

7.241%

JPMorgan Securities, Inc.

11/18/54

$550

$ (88,905)

$ (7,034)

$(81,871)

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

GOLDMAN SACHS U.S. MORTGAGES FUND

    ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)

Reference Obligation/Index	Financing Rate Paid by the Fund(a)			Credit Spread at September 30, 2022(b)			Counterparty		Termination Date		Notional Amount (000s)			Value				Upfront Premiums (Received) Paid				Unrealized Appreciation/ (Depreciation)
Markit CMBX Series 10		3.000	%		8.960	%		MS & Co. Int. PLC		11/17/59		$	400		$	(74,737	)		$	(61,137	)		$	(13,600	)
TOTAL															$	(163,642	)		$	(68,171	)		$	(95,471	)

(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, 2022, 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
9M IRS	Deutsche Bank AG (London)		1.850	%		11/22/2022		8,800,000			$	8,800,000			$	5			$	29,855			$	(29,850	)
9M IRS	JPMorgan Securities, Inc.		1.800			11/16/2022		8,800,000				8,800,000				2				28,600				(28,598	)
								17,600,000			$	17,600,000			$	7			$	58,455			$	(58,448	)
Written option contracts
Calls
9M IRS	Deutsche Bank AG (London)		1.599			11/22/2022		(8,800,000	)			(8,800,000	)			(2	)			(19,281	)			19,279
9M IRS	Deutsche Bank AG (London)		1.348			11/22/2022		(8,800,000	)			(8,800,000	)			(1	)			(10,574	)			10,573
9M IRS	JPMorgan Securities, Inc.		1.290			11/16/2022		(8,800,000	)			(8,800,000	)			(1	)			(10,560	)			10,559
9M IRS	JPMorgan Securities, Inc.		1.545			11/16/2022		(8,800,000	)			(8,800,000	)			(1	)			(18,040	)			18,039
								(35,200,000	)		$	(35,200,000	)		$	(5	)		$	(58,455	)		$	58,450
TOTAL								(17,600,000	)		$	(17,600,000	)		$	2			$	—			$	2

Currency Abbreviations:

USD —U.S. Dollar

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

    ADDITIONAL INVESTMENT INFORMATION (continued)

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
IO	—Interest Only Stripped Security
LIBOR	—London Interbank Offered Rate
MTA	—Monthly Treasury Average
PI	—Private Investment
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
STACR	—Structured Agency Credit Risk
UMBS	—Uniform Mortgage Backed Securities

Abbreviations:
9M IRS	—9 Months Interest Rate Swaptions
GNMA	—Government National Mortgage Association
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
SOFR	—Secured Overnight Funding Rate

110                    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, 2022 (Unaudited)

	Emerging Markets Debt Fund		High Yield Fund			High Yield Floating Rate Fund
Assets:
Investments in unaffiliated issuers, at value (cost $796,475,501, $1,648,658,287 and $3,700,993,706, respectively)(a)	$	500,845,535	$	1,369,808,598		$	3,362,945,891
Investments in affiliated issuers, at value (cost $38,190,370, $36,147,672 and $0, respectively)		38,190,370		36,147,672			—
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (cost $0, $65,601,801 and $47,230,627, respectively)		—		65,601,801			47,230,627
Purchased options, at value (premium paid $2,527,763, $635,905 and $0, respectively)		4,570,105		839,326			—
Cash		5,917,401		19,272,235			59,361,994
Foreign currencies, at value (cost $599,872, $27,279 and $497,599, respectively)		521,582		1,860			499,055
Unrealized gain on swap contracts		5,457		—			—
Unrealized gain on forward foreign currency exchange contracts		12,192,636		1,851,526			4,863,491
Variation margin on futures contracts		—		137,102			454,596
Variation margin on swaps contracts		56,408		—			—
Receivables:
Collateral on certain derivative contracts(b)		24,456,464		7,978,507			3,140,610
Interest and dividends		8,862,655		23,253,993			28,481,936
Investments sold		7,526,325		18,113,957			251,868,962
Due from broker		1,299,963		230,855			4,801,875
Fund shares sold		550,215		3,054,733			2,270,774
Reimbursement from investment adviser		47,863		46,628			—
Investments sold on an extended-settlement basis		—		3,837			—
Securities lending income		—		69,291			40,755
Upfront payments made on swap contracts		—		—			18,566
Other assets		60,009		74,671			295,031
Total assets		605,102,988		1,546,486,592			3,766,274,163
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		10,695,305		26,635			257,848
Unrealized loss on swap contracts		313,031		—			—
Variation margin on futures contracts		610,622		—			—
Variation margin on swaps contracts		—		15,739			—
Written option contracts, at value (premium received $3,959,323, $635,905 and $0, respectively)		4,684,484		933,191			—
Payables:
Fund shares redeemed		11,900,934		2,891,247			51,607,373
Due to broker — upfront payment		2,721,801		—			—
Management fees		418,470		828,678			1,696,562
Due to broker		412,740		—			2,371,261
Upfront payments received on swap contracts		306,450		—			—
Income distributions		160,693		107,316			6,373
Investments purchased		151,887		1,653,809			63,848,175
Distribution and Service fees and Transfer Agency fees		32,037		67,758			97,542
Investments purchased on an extended-settlement basis		—		13,877,727			—
Payable upon return of securities loaned		—		65,601,801			47,230,627
Unrealized loss on unfunded commitment		—		5,397			162,013
Collateral on certain derivative contracts		—		590,000			—
Borrowings on credit facility		—		—			120,000,000
Accrued expenses		401,171		355,322			1,086,790
Total liabilities		32,809,625		86,954,620			288,364,564
Net Assets:
Paid-in capital		1,093,797,623		2,266,270,363			4,241,998,200
Total distributable loss		(521,504,260)		(806,738,391	)		(764,088,601)
NET ASSETS	$	572,293,363	$	1,459,531,972		$	3,477,909,599
Net Assets:
Class A	$	22,810,951	$	92,135,687		$	3,755,683
Class C		5,248,153		3,981,362			871,069
Institutional		402,995,575		198,245,789			77,238,659
Service		—		4,435,573			—
Investor		26,563,296		13,578,394			4,842,768
Class R6		86,225,432		22,871,975			17,487,108
Class R		—		4,116,210			63,823
Class P		28,449,956		1,120,166,982			3,373,650,489
Total Net Assets	$	572,293,363	$	1,459,531,972		$	3,477,909,599
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		2,667,899		17,876,846			434,735
Class C		614,223		772,028			100,826
Institutional		47,079,254		38,384,828			8,944,626
Service		—		861,520			—
Investor		3,103,255		2,629,918			559,145
Class R6		10,072,250		4,421,211			2,021,949
Class R		—		799,636			7,391
Class P		3,326,324		216,841,368			389,813,069
Net asset value, offering and redemption price per share:(c)
Class A	$	8.55	$	5.15		$	8.64
Class C		8.54		5.16			8.64
Institutional		8.56		5.16			8.64
Service		—		5.15			—
Investor		8.56		5.16			8.66
Class R6		8.56		5.17			8.65
Class R		—		5.15			8.64
Class P		8.55		5.17			8.65

(a)   Includes loaned securities having a market value of $0, $64,112,516 and $46,186,232, respectively.

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

Fund	Futures		Swaps
Emerging Markets Debt	$	3,001,835	$	21,454,629
High Yield		1,954,281		6,024,226
High Yield Floating Rate		3,140,610		—

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

  Statements of Assets and Liabilities (continued)

     September 30, 2022 (Unaudited)

(c) Maximum public offering price per share for Class A Shares of Emerging Markets Debt, High Yield and High Yield Floating Rate Funds is $8.95, $5.40 and $8.84, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

September 30, 2022 (Unaudited)

	Investment Grade Credit Fund			Local Emerging Markets Debt Fund		U.S. Mortgages Fund
Assets:
Investments in unaffiliated issuers, at value (cost $610,774,381, $61,304,111 and $344,063,047, respectively)		$  522,552,417			$    47,866,816		$318,769,785
Investments in affiliated issuers, at value (cost $21,050,778, $3,371,691 and $2,700,598, respectively)		21,050,778			3,371,691		2,700,598
Purchased options, at value (premium paid $526,501, $302,413 and $58,455, respectively)		463,717			667,136		7
Cash		8,628,902			153,246		2,161,009
Foreign currencies, at value (cost $14,349, $2,917,323 and $0, respectively)		13,883			2,895,108		—
Unrealized gain on swap contracts		—			178		—
Unrealized gain on forward foreign currency exchange contracts		154,160			1,886,868		—
Variation margin on futures contracts		—			2,572		62,592
Variation margin on swaps contracts		—			21,635		—
Receivables:
Collateral on certain derivative contracts(a)		16,432,612			1,179,256		3,380,988
Interest and dividends		6,217,470			771,142		702,088
Reimbursement from investment adviser		33,198			54,183		19,004
Fund shares sold		13,858			4,059		78,887
Investments sold on an extended-settlement basis		—			2,216,203		110,128,086
Investments sold		—			60,646		1,110
Due from broker		—			300,402		—
Foreign tax reclaim		—			35,527		—
Other assets		57,662			40,797		51,016
Total assets		575,618,657			61,527,465		438,055,170
Liabilities:
Forward sale contracts, at value (proceeds received $0, $0 and $40,961,699, respectively)		—			—		39,331,271
Foreign currency overdraft, at value (identified cost $0, $0 and $1,722, respectively)		—			—		1,562
Unrealized loss on forward foreign currency exchange contracts		—			2,265,198		—
Unrealized loss on swap contracts		—			224,413		95,471
Variation margin on futures contracts		577,335			—		—
Variation margin on swaps contracts		450,387			—		103
Written option contracts, at value (premium received $526,501, $577,443 and $58,455, respectively)		494,118			676,657		5
Payables:
Fund shares redeemed		347,756			107,006		1,234,324
Management fees		163,637			38,479		61,997
Investments purchased		53,424			1,233,426		4,534
Distribution and Service fees and Transfer Agency fees		17,449			4,239		14,409
Income distributions		14,313			4,654		39,992
Investments purchased on an extended-settlement basis		—			—		181,047,638
Upfront payments received on swap contracts		—			40,854		68,171
Due to broker — upfront payment		—			13,775		—
Due to broker		—			59,994		920,900
Accrued expenses		199,310			214,389		208,747
Total liabilities		2,317,729			4,883,084		223,029,124
Net Assets:
Paid-in capital		701,205,570			226,914,345		264,440,901
Total distributable loss		(127,904,642	)		(170,269,964)		(49,414,855)
NET ASSETS		$  573,300,928			$    56,644,381		$215,026,046
Net Assets:
Class A		$5,982,617			$      3,162,164		$  21,715,721
Class C		—			1,686,366		—
Institutional		53,427,816			6,419,514		52,817,611
Separate Account Institutional		96,607,956			—		94,923,399
Investor		5,867,078			7,048,177		23,982,119
Class R6		284,099,637			22,703,555		17,595,763
Class P		127,315,824			15,624,605		3,991,433
Total Net Assets		$  573,300,928			$    56,644,381		$215,026,046
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		797,409			737,060		2,471,447
Class C		—			393,731		—
Institutional		7,119,847			1,501,742		5,994,718
Separate Account Institutional		12,870,180			—		10,801,202
Investor		781,908			1,646,514		2,723,441
Class R6		37,850,512			5,314,238		1,998,026
Class P		16,970,569			3,653,921		453,383
Net asset value, offering and redemption price per share:(b)
Class A		$7.50			$4.29		$8.79
Class C		—			4.28		—
Institutional		7.50			4.27		8.81
Separate Account Institutional		7.51			—		8.79
Investor		7.50			4.28		8.81
Class R6		7.51			4.27		8.81
Class P		7.50			4.28		8.80

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

Fund	Futures		Swaps		TBA
Investment Grade Credit	$	2,988,125	$	13,444,487	$	—
Local Emerging Markets Debt		59,415		1,119,841		—
U.S. Mortgages		—		80,988		3,300,000

(b) Maximum public offering price per share for Class A Shares of Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds is $7.79, $4.49 and $9.13, 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.            113

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2022 (Unaudited)

	Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund
Investment Income:
Interest		$    22,047,947			$    46,567,530			$  121,240,274
Dividends — affiliated issuers		302,163			157,720			896,348
Dividends — unaffiliated issuers		—			301,394			1,936,495
Securities lending income — affiliated issuers		—			385,071			543,686
Total investment income		22,350,110			47,411,715			124,616,803
Expenses:
Management fees		3,197,341			5,727,472			11,915,429
Transfer Agency fees(a)		177,699			313,771			676,211
Custody, accounting and administrative services		159,739			112,238			567,621
Professional fees		88,194			72,472			97,894
Distribution and Service (12b-1) fees(a)		57,670			161,746			9,837
Registration fees		54,936			91,022			258,635
Printing and mailing costs		45,846			32,729			21,935
Prime broker fees		37,816			—			616
Trustee fees		12,653			13,411			15,385
Service fees — Class C		8,226			5,866			1,543
Shareholder Administration fees — Service Class		—			7,056			—
Interest expense		—			—			919,382
Other		28,818			44,264			63,517
Total expenses		3,868,938			6,582,047			14,548,005
Less — expense reductions		(343,520	)		(625,192	)		(168,083)
Net expenses		3,525,418			5,956,855			14,379,922
NET INVESTMENT INCOME		18,824,692			41,454,860			110,236,881
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(98,774,305	)		(47,885,134	)		(79,136,164)
Purchased options		(10,291,745	)		—			—
Futures contracts		(19,645,722	)		(5,686,144	)		17,238,019
Written options		11,638,338			(175,327	)		—
Swap contracts		10,296,541			(1,534,341	)		532,396
Forward foreign currency exchange contracts		25,482,225			7,609,996			13,411,578
Foreign currency transactions		(5,118,538	)		(387,759	)		2,980,184
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(81,158,138	)		(196,863,471	)		(243,531,257)
Unfunded Loan Commitment		—			(4,186	)		(115,405)
Purchased options		2,353,330			203,421			—
Futures contracts		(606,721	)		(1,421,615	)		840,277
Written options		(801,453	)		(297,286	)		—
Swap contracts		(5,558,670	)		(2,884,058	)		(158,362)
Forward foreign currency exchange contracts		(8,639,517	)		(128,322	)		1,507,343
Foreign currency translation		(666	)		(49,742	)		(1,231,910)
Net realized and unrealized loss		(180,825,041	)		(249,503,968	)		(287,663,301)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$(162,000,349	)		$(208,049,108	)		$(177,426,420)

(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	$	32,992	$	24,678	$	—	$	—	$	15,836	$	3,949	$	110,126	$	—	$	20,572	$	22,417	$	—	$	4,799
High Yield		126,150		17,598		7,055		10,943		60,552		2,816		47,300		1,129		8,941		5,964		2,626		184,443
High Yield Floating Rate		5,044		4,628		—		165		2,421		740		23,153		—		3,340		36,946		40		609,571

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations (continued)

For the Six Months Ended September 30, 2022 (Unaudited)

	Investment Grade Credit Fund			Local Emerging Markets Debt Fund			U.S. Mortgages Fund
Investment Income:
Interest (net of foreign withholding taxes of $0, $14,908 and $0, respectively)		$  10,860,608			$  1,440,679			$  2,785,295
Dividends — affiliated issuers		154,985			34,814			46,000
Total investment income		11,015,593			1,475,493			2,831,295
Expenses:
Management fees		1,080,872			189,663			413,257
Transfer Agency fees(a)		104,274			13,553			64,030
Custody, accounting and administrative services		65,328			134,424			46,944
Professional fees		63,796			85,862			68,236
Registration fees		51,331			41,580			45,612
Printing and mailing costs		15,306			16,520			21,702
Trustee fees		12,329			11,836			12,023
Distribution and Service (12b-1) fees(a)		9,207			10,998			34,571
Prime broker fees		—			4,776			—
Service fees — Class C		—			2,214			—
Other		14,033			6,798			10,658
Total expenses		1,416,476			518,224			717,033
Less — expense reductions		(223,159	)		(286,044	)		(123,726)
Net expenses		1,193,317			232,180			593,307
NET INVESTMENT INCOME		9,822,276			1,243,313			2,237,988
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(16,440,852	)		(2,330,687	)		(9,033,611)
Purchased options		—			(1,161,977	)		(42,542)
Futures contracts		(12,844,209	)		(24,231	)		(126,211)
Written options		(68,008	)		1,307,359			17,179
Swap contracts		728,367			25,988			(298,916)
Forward foreign currency exchange contracts		611,825			(56,146	)		—
Foreign currency transactions		(538	)		(614,719	)		8
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(62,014,303	)		(5,302,784	)		(17,778,704)
Purchased options		24,322			396,609			22,774
Futures contracts		(2,331,138	)		110,325			579,613
Written options		(56,495	)		(107,546	)		(19,805)
Swap contracts		(4,479,567	)		(314,186	)		(93,929)
Forward foreign currency exchange contracts		14,247			(289,940	)		—
Foreign currency translation		(2,449	)		(38,776	)		155
Net realized and unrealized loss		(96,858,798	)		(8,400,711	)		(26,773,989)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$(87,036,522	)		$(7,157,398	)		$(24,536,001)

(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		$  9,207		$     —	$	4,419	$	—		$12,007	$16,128	$	3,449	$	45,691	$	22,580
Local Emerging Markets Debt		4,357		6,641		2,091		1,063		1,633	—		4,889		1,065		2,812
U.S. Mortgages		34,571		—		16,594		—		12,314	15,617		16,056		2,806		643

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

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, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022			For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal   Year Ended March 31, 2022
From operations:
Net investment income	$	18,824,692		$	49,297,106		$	41,454,860		$	94,150,783
Net realized gain (loss)		(86,413,206	)		(1,665,237	)		(48,058,709	)		20,249,789
Net change in unrealized loss		(94,411,835	)		(129,903,941	)		(201,445,259	)		(143,137,115)
Net decrease in net assets resulting from operations		(162,000,349	)		(82,272,072	)		(208,049,108	)		(28,736,543)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(609,150	)		(1,582,681	)		(2,689,896	)		(4,979,925)
Class C Shares		(127,348	)		(301,511	)		(107,189	)		(214,778)
Institutional Shares		(13,511,337	)		(36,684,513	)		(6,621,956	)		(14,905,771)
Service Shares		—			—			(143,645	)		(281,289)
Investor Shares		(834,451	)		(2,311,031	)		(416,057	)		(665,412)
Class R6 Shares		(3,693,006	)		(8,846,507	)		(1,101,120	)		(2,014,378)
Class R Shares		—			—			(111,238	)		(222,419)
Class P Shares		(786,410	)		(1,404,292	)		(34,550,119	)		(68,686,044)
Return of capital:
Class A Shares		—			—			—			(518,434)
Class C Shares		—			—			—			(22,359)
Institutional Shares		—			—			—			(1,551,764)
Service Shares		—			—			—			(29,284)
Investor Shares		—			—			—			(69,273)
Class R6 Shares		—			—			—			(209,707)
Class R Shares		—			—			—			(23,155)
Class P Shares		—			—			—			(7,150,556)
Total distributions to shareholders		(19,561,702	)		(51,130,535	)		(45,741,220	)		(101,544,548)
From share transactions:
Proceeds from sales of shares		153,179,947			378,031,510			198,039,172			539,521,780
Reinvestment of distributions		18,352,704			48,583,740			44,987,069			98,948,592
Cost of shares redeemed		(440,261,573	)		(565,991,271	)		(425,539,845	)		(686,271,740)
Net decrease in net assets resulting from share transactions		(268,728,922	)		(139,376,021	)		(182,513,604	)		(47,801,368)
TOTAL DECREASE		(450,290,973	)		(272,778,628	)		(436,303,932	)		(178,082,459)
Net assets:
Beginning of period		1,022,584,336			1,295,362,964			1,895,835,904			2,073,918,363
End of period	$	572,293,363		$	1,022,584,336		$	1,459,531,972		$	1,895,835,904

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

  Statements of Changes in Net Assets (continued)

	High Yield Floating Rate Fund						Investment Grade Credit Fund
	For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022			For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal   Year Ended March 31, 2022
From operations:
Net investment income		$     110,236,881			$   103,592,264			$      9,822,276			$    14,135,384
Net realized gain (loss)		(44,973,987	)		11,732,842			(28,013,415	)		7,188,159
Net change in unrealized loss		(242,689,314	)		(73,995,547	)		(68,845,383	)		(50,581,717)
Net increase (decrease) in net assets resulting from operations		(177,426,420	)		41,329,559			(87,036,522	)		(29,258,174)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(93,899	)		(125,229	)		(116,596	)		(410,680)
Class C Shares		(23,952	)		(20,302	)		—			—
Institutional Shares		(2,794,091	)		(3,187,831	)		(1,051,080	)		(4,531,788)
Separate Account Institutional Shares		—			—			(1,885,240	)		(6,705,271)
Investor Shares		(134,348	)		(186,916	)		(99,556	)		(192,946)
Class R6 Shares		(5,705,386	)		(6,796,879	)		(5,356,054	)		(7,116,322)
Class R Shares		(1,460	)		(666	)		—			—
Class P Shares		(101,343,901	)		(95,261,664	)		(2,639,912	)		(7,498,651)
Return of capital:
Class A Shares		—			—			—			(58,996)
Institutional Shares		—			—			—			(740,975)
Separate Account Institutional Shares		—			—			—			(1,062,860)
Investor Shares		—			—			—			(30,147)
Class R6 Shares		—			—			—			(907,560)
Class P Shares		—			—			—			(1,187,427)
Total distributions to shareholders		(110,097,037	)		(105,579,487	)		(11,148,438	)		(30,443,623)
From share transactions:
Proceeds from sales of shares		945,574,061			3,376,725,282			35,879,856			476,473,452
Reinvestment of distributions		110,074,254			105,557,577			11,055,314			30,177,326
Cost of shares redeemed		(1,981,286,193	)		(635,682,861	)		(74,692,639	)		(220,239,227)
Net increase (decrease) in net assets resulting from share transactions		(925,637,878	)		2,846,599,998			(27,757,469	)		286,411,551
TOTAL INCREASE (DECREASE)		(1,213,161,335	)		2,782,350,070			(125,942,429	)		226,709,754
Net assets:
Beginning of period		4,691,070,934			1,908,720,864			699,243,357			472,533,603
End of period		$  3,477,909,599			$4,691,070,934			$  573,300,928			$  699,243,357

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

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, 2022 (Unaudited)			For the Fiscal Year Ended March 31, 2022			For the Six Months Ended September 30, 2022 (Unaudited)			For the Fiscal   Year Ended March 31, 2022
From operations:
Net investment income		$    1,243,313			$    2,597,585			$    2,237,988		$         606,643
Net realized loss		(2,854,413	)		(2,811,525	)		(9,484,093	)	(810,978)
Net change in unrealized loss		(5,546,298	)		(3,130,535	)		(17,289,896	)	(15,688,501)
Net decrease in net assets resulting from operations		(7,157,398	)		(3,344,475	)		(24,536,001	)	(15,892,836)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(82,502	)		(166,179	)		(301,340	)	(319,782)
Class C Shares		(35,298	)		(58,135	)		—		—
Institutional Shares		(205,154	)		(458,752	)		(774,111	)	(1,270,915)
Separate Account Institutional Shares		—			—			(1,316,163	)	(1,769,329)
Investor Shares		(203,028	)		(176,552	)		(325,845	)	(552,267)
Class R6 Shares		(187,598	)		(895,067	)		(237,385	)	(155,602)
Class P Shares		(472,751	)		(1,027,268	)		(54,362	)	(99,368)
Return of capital:
Class A Shares		—			—			—		(23,740)
Institutional Shares		—			—			—		(94,353)
Separate Account Institutional Shares		—			—			—		(131,355)
Investor Shares		—			—			—		(41,000)
Class R6 Shares		—			—			—		(11,552)
Class P Shares		—			—			—		(7,377)
Total distributions to shareholders		(1,186,331	)		(2,781,953	)		(3,009,206	)	(4,476,640)
From share transactions:
Proceeds from sales of shares		25,604,617			20,697,708			25,606,437		113,342,752
Reinvestment of distributions		1,158,125			2,727,436			2,779,846		4,229,435
Cost of shares redeemed		(13,145,049	)		(42,874,205	)		(52,313,936	)	(187,165,191)
Net increase (decrease) in net assets resulting from share transactions		13,617,693			(19,449,061	)		(23,927,653	)	(69,593,004)
TOTAL INCREASE (DECREASE)		5,273,964			(25,575,489	)		(51,472,860	)	(89,962,480)
Net assets:
Beginning of period		51,370,417			76,945,906			266,498,906		356,461,386
End of period		$  56,644,381			$  51,370,417			$215,026,046		$  266,498,906

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Emerging Markets Debt Fund
	Class A Shares
	Six Months Ended
	September 30, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	10.65			$	11.98			$	10.36			$	12.20			$	12.67			$	12.73
Net investment income (a)			0.21				0.44				0.43				0.51				0.58				0.56
Net realized and unrealized gain (loss)			(2.09	)			(1.32	)			1.61				(1.85	)			(0.51	)			(0.08)
Total from investment operations			(1.88	)			(0.88	)			2.04				(1.34	)			0.07				0.48
Distributions to shareholders from net investment income			(0.22	)			(0.45	)			(0.42	)			(0.26	)			(0.50	)			(0.54)
Distributions to shareholders from return of capital			—				—				—				(0.24	)			(0.04	)			—
Total distributions			(0.22	)			(0.45	)			(0.42	)			(0.50	)			(0.54	)			(0.54)
Net asset value, end of period		$	8.55			$	10.65			$	11.98			$	10.36			$	12.20			$	12.67
Total return(b)			(17.81	)%			(7.64	)%			19.75	%			(11.48	)%			0.77	%			3.75%
Net assets, end of period (in 000s)		$	22,811			$	29,940			$	43,340			$	46,179			$	61,408			$	105,098
Ratio of net expenses to average net assets			1.15	%(c)			1.16	%			1.17	%			1.19	%			1.20	%			1.20%
Ratio of total expenses to average net assets			1.28	%(c)			1.22	%			1.25	%			1.26	%			1.24	%			1.23%
Ratio of net investment income to average net assets			4.45	%(c)			3.62	%			3.60	%			4.17	%			4.84	%			4.32%
Portfolio turnover rate(d)			11	%			32	%			79	%			87	%			80	%			70%

(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.                119

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	10.64			$	11.97			$	10.35			$	12.19			$	12.67			$	12.72
Net investment income(a)			0.18				0.35				0.34				0.42				0.48				0.46
Net realized and unrealized gain (loss)			(2.10	)			(1.32	)			1.61				(1.85	)			(0.51	)			(0.07)
Total from investment operations			(1.92	)			(0.97	)			1.95				(1.43	)			(0.03	)			0.39
Distributions to shareholders from net investment income			(0.18	)			(0.36	)			(0.33	)			(0.22	)			(0.41	)			(0.44)
Distributions to shareholders from return of capital			—				—				—				(0.19	)			(0.04	)			—
Total distributions			(0.18	)			(0.36	)			(0.33	)			(0.41	)			(0.45	)			(0.44)
Net asset value, end of period		$	8.54			$	10.64			$	11.97			$	10.35			$	12.19			$	12.67
Total return(b)			(18.14	)%			(8.34	)%			18.76	%			(12.07	)%			(0.06	)%			3.07%
Net assets, end of period (in 000s)		$	5,248			$	8,088			$	10,192			$	13,742			$	21,871			$	34,848
Ratio of net expenses to average net assets			1.90	%(c)			1.91	%			1.92	%			1.94	%			1.95	%			1.95%
Ratio of total expenses to average net assets			2.03	%(c)			1.97	%			2.00	%			2.01	%			1.99	%			1.98%
Ratio of net investment income to average net assets			3.69	%(c)			2.88	%			2.86	%			3.42	%			4.08	%			3.60%
Portfolio turnover rate(d)			11	%			32	%			79	%			87	%			80	%			70%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	10.66			$	11.99			$	10.37			$	12.21			$	12.69			$	12.74
Net investment income(a)			0.23				0.47				0.47				0.55				0.62				0.60
Net realized and unrealized gain (loss)			(2.09	)			(1.31	)			1.61				(1.85	)			(0.52	)			(0.07)
Total from investment operations			(1.86	)			(0.84	)			2.08				(1.30	)			0.10				0.53
Distributions to shareholders from net investment income			(0.24	)			(0.49	)			(0.46	)			(0.29	)			(0.53	)			(0.58)
Distributions to shareholders from return of capital			—				—				—				(0.25	)			(0.05	)			—
Total distributions			(0.24	)			(0.49	)			(0.46	)			(0.54	)			(0.58	)			(0.58)
Net asset value, end of period		$	8.56			$	10.66			$	11.99			$	10.37			$	12.21			$	12.69
Total return(b)			(17.67	)%			(7.35	)%			19.99	%			(11.10	)%			1.04	%			4.18%
Net assets, end of period (in 000s)		$	402,996			$	726,607			$	916,157			$	825,481			$	1,087,407			$	1,984,662
Ratio of net expenses to average net assets			0.86	%(c)			0.86	%			0.86	%			0.87	%			0.86	%			0.86%
Ratio of total expenses to average net assets			0.95	%(c)			0.89	%			0.92	%			0.92	%			0.90	%			0.89%
Ratio of net investment income to average net assets			4.73	%(c)			3.94	%			3.92	%			4.48	%			5.18	%			4.65%
Portfolio turnover rate(d)			11	%			32	%			79	%			87	%			80	%			70%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	10.67			$	12.00			$	10.38			$	12.21			$	12.69			$	12.74
Net investment income(a)			0.23				0.47				0.46				0.54				0.61				0.58
Net realized and unrealized gain (loss)			(2.11	)			(1.32	)			1.61				(1.83	)			(0.52	)			(0.06)
Total from investment operations			(1.88	)			(0.85	)			2.07				(1.29	)			0.09				0.52
Distributions to shareholders from net investment income			(0.23	)			(0.48	)			(0.45	)			(0.29	)			(0.52	)			(0.57)
Distributions to shareholders from return of capital			—				—				—				(0.25	)			(0.05	)			—
Total distributions			(0.23	)			(0.48	)			(0.45	)			(0.54	)			(0.57	)			(0.57)
Net asset value, end of period		$	8.56			$	10.67			$	12.00			$	10.38			$	12.21			$	12.69
Total return(b)			(17.68	)%			(7.47	)%			20.02	%			(11.16	)%			0.95	%			4.09%
Net assets, end of period (in 000s)		$	26,563			$	38,862			$	75,617			$	70,616			$	103,473			$	175,664
Ratio of net expenses to average net assets			0.90	%(c)			0.91	%			0.92	%			0.94	%			0.95	%			0.95%
Ratio of total expenses to average net assets			1.03	%(c)			0.97	%			1.00	%			1.01	%			0.99	%			0.98%
Ratio of net investment income to average net assets			4.69	%(c)			3.86	%			3.85	%			4.42	%			5.09	%			4.51%
Portfolio turnover rate(d)			11	%			32	%			79	%			87	%			80	%			70%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	10.66			$	11.99			$	10.37			$	12.21			$	12.69			$	12.74
Net investment income(a)			0.23				0.47				0.47				0.55				0.60				0.60
Net realized and unrealized gain (loss)			(2.09	)			(1.31	)			1.61				(1.85	)			(0.50	)			(0.07)
Total from investment operations			(1.86	)			(0.84	)			2.08				(1.30	)			0.10				0.53
Distributions to shareholders from net investment income			(0.24	)			(0.49	)			(0.46	)			(0.28	)			(0.53	)			(0.58)
Distributions to shareholders from return of capital			—				—				—				(0.26	)			(0.05	)			—
Total distributions			(0.24	)			(0.49	)			(0.46	)			(0.54	)			(0.58	)			(0.58)
Net asset value, end of period		$	8.56			$	10.66			$	11.99			$	10.37			$	12.21			$	12.69
Total return(b)			(17.66	)%			(7.34	)%			20.12	%			(11.17	)%			1.05	%			4.20%
Net assets, end of period (in 000s)		$	86,225			$	183,368			$	214,558			$	184,389			$	332,270			$	294,599
Ratio of net expenses to average net assets			0.86	%(c)			0.85	%			0.85	%			0.86	%			0.85	%			0.84%
Ratio of total expenses to average net assets			0.94	%(c)			0.88	%			0.91	%			0.91	%			0.90	%			0.89%
Ratio of net investment income to average net assets			4.73	%(c)			3.94	%			3.92	%			4.50	%			5.10	%			4.67%
Portfolio turnover rate(d)			11	%			32	%			79	%			87	%			80	%			70%

(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 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, 2022				Year Ended March 31,												Period Ended
	(Unaudited)				2022				2021				2020				March 31, 2019(a)
Per Share Data
Net asset value, beginning of period		$	10.65			$	11.99			$	10.37			$	12.20		$  12.59
Net investment income(b)			0.23				0.47				0.48				0.55		0.55
Net realized and unrealized gain (loss)			(2.09	)			(1.32	)			1.60				(1.84	)	(0.40)
Total from investment operations			(1.86	)			(0.85	)			2.08				(1.29	)	0.15
Distributions to shareholders from net investment income			(0.24	)			(0.49	)			(0.46	)			(0.29	)	(0.50)
Distributions to shareholders from return of capital			—				—				—				(0.25	)	(0.04)
Total distributions			(0.24	)			(0.49	)			(0.46	)			(0.54	)	(0.54)
Net asset value, end of period		$	8.55			$	10.65			$	11.99			$	10.37		$  12.20
Total return(c)			(17.68	)%			(7.43	)%			20.12	%			(11.10	)%	1.46%
Net assets, end of period (in 000s)		$	28,450			$	35,720			$	35,499			$	14,207		$ 14,908
Ratio of net expenses to average net assets			0.85	%(d)			0.85	%			0.85	%			0.86	%	0.85%(d)
Ratio of total expenses to average net assets			0.94	%(d)			0.88	%			0.90	%			0.91	%	0.91%(d)
Ratio of net investment income to average net assets			4.75	%(d)			3.97	%			3.96	%			4.49	%	5.00%(d)
Portfolio turnover rate(e)			11	%			32	%			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.

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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Fund
	Class A Shares
	Six Months Ended
	September 30, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	6.00			$	6.39			$	5.47			$	6.32			$	6.34			$	6.57
Net investment income (a)			0.13				0.26				0.31				0.33				0.33				0.33
Net realized and unrealized gain (loss)			(0.83	)			(0.36	)			0.93				(0.83	)			(0.01	)			(0.24)
Total from investment operations			(0.70	)			(0.10	)			1.24				(0.50	)			0.32				0.09
Distributions to shareholders from net investment income			(0.15	)			(0.26	)			(0.32	)			(0.35	)			(0.34	)			(0.32)
Distributions to shareholders from return of capital			—				(0.03	)			—				—	(b)			—				—
Total distributions			(0.15	)			(0.29	)			(0.32	)			(0.35	)			(0.34	)			(0.32)
Net asset value, end of period		$	5.15			$	6.00			$	6.39			$	5.47			$	6.32			$	6.34
Total return(c)			(11.81	)%			(1.77	)%			23.07	%			(8.50	)%			5.20	%			1.37%
Net assets, end of period (in 000s)		$	92,136			$	111,249			$	126,459			$	120,003			$	163,355			$	179,807
Ratio of net expenses to average net assets			0.99	%(d)			1.00	%			1.03	%			1.03	%			1.04	%			1.05%
Ratio of total expenses to average net assets			1.11	%(d)			1.10	%			1.11	%			1.11	%			1.11	%			1.08%
Ratio of net investment income to average net assets			4.81	%(d)			4.15	%			5.04	%			5.26	%			5.31	%			5.00%
Portfolio turnover rate(e)			17	%			56	%			71	%			80	%			59	%			69%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	6.01			$	6.40			$	5.47			$	6.32			$	6.34			$	6.57
Net investment income(a)			0.11				0.22				0.26				0.29				0.29				0.28
Net realized and unrealized gain (loss)			(0.83	)			(0.37	)			0.95				(0.84	)			(0.02	)			(0.23)
Total from investment operations			(0.72	)			(0.15	)			1.21				(0.55	)			0.27				0.05
Distributions to shareholders from net investment income			(0.13	)			(0.22	)			(0.28	)			(0.30	)			(0.29	)			(0.28)
Distributions to shareholders from return of capital			—				(0.02	)			—				—	(b)			—				—
Total distributions			(0.13	)			(0.24	)			(0.28	)			(0.30	)			(0.29	)			(0.28)
Net asset value, end of period		$	5.16			$	6.01			$	6.40			$	5.47			$	6.32			$	6.34
Total return(c)			(12.12	)%			(2.50	)%			22.12	%			(9.02	)%			4.41	%			0.64%
Net assets, end of period (in 000s)		$	3,981			$	5,607			$	6,448			$	9,942			$	15,532			$	33,221
Ratio of net expenses to average net assets			1.74	%(d)			1.75	%			1.78	%			1.78	%			1.79	%			1.80%
Ratio of total expenses to average net assets			1.86	%(d)			1.85	%			1.86	%			1.86	%			1.85	%			1.83%
Ratio of net investment income to average net assets			4.04	%(d)			3.40	%			4.27	%			4.52	%			4.53	%			4.26%
Portfolio turnover rate(e)			17	%			56	%			71	%			80	%			59	%			69%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	6.02			$	6.41			$	5.48			$	6.33			$	6.35			$	6.58
Net investment income(a)			0.14				0.28				0.33				0.35				0.35				0.35
Net realized and unrealized gain (loss)			(0.84	)			(0.36	)			0.94				(0.83	)			(0.01	)			(0.23)
Total from investment operations			(0.70	)			(0.08	)			1.27				(0.48	)			0.34				0.12
Distributions to shareholders from net investment income			(0.16	)			(0.28	)			(0.34	)			(0.37	)			(0.36	)			(0.35)
Distributions to shareholders from return of capital			—				(0.03	)			—				—	(b)			—				—
Total distributions			(0.16	)			(0.31	)			(0.34	)			(0.37	)			(0.36	)			(0.35)
Net asset value, end of period		$	5.16			$	6.02			$	6.41			$	5.48			$	6.33			$	6.35
Total return(c)			(11.81	)%			(1.48	)%			23.34	%			(8.05	)%			5.50	%			1.72%
Net assets, end of period (in 000s)		$	198,246			$	263,256			$	295,209			$	250,926			$	338,503			$	2,488,697
Ratio of net expenses to average net assets			0.71	%(d)			0.72	%			0.75	%			0.75	%			0.75	%			0.73%
Ratio of total expenses to average net assets			0.78	%(d)			0.77	%			0.78	%			0.77	%			0.75	%			0.74%
Ratio of net investment income to average net assets			5.08	%(d)			4.43	%			5.29	%			5.55	%			5.52	%			5.32%
Portfolio turnover rate(e)			17	%			56	%			71	%			80	%			59	%			69%

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	6.00			$	6.39			$	5.46			$	6.31			$	6.33			$	6.56
Net investment income(a)			0.13				0.25				0.30				0.32				0.32				0.31
Net realized and unrealized gain (loss)			(0.84	)			(0.37	)			0.94				(0.84	)			(0.02	)			(0.23)
Total from investment operations			(0.71	)			(0.12	)			1.24				(0.52	)			0.30				0.08
Distributions to shareholders from net investment income			(0.14	)			(0.24	)			(0.31	)			(0.33	)			(0.32	)			(0.31)
Distributions to shareholders from return of capital			—				(0.03	)			—				—	(b)			—				—
Total distributions			(0.14	)			(0.27	)			(0.31	)			(0.33	)			(0.32	)			(0.31)
Net asset value, end of period		$	5.15			$	6.00			$	6.39			$	5.46			$	6.31			$	6.33
Total return(c)			(11.91	)%			(1.99	)%			22.80	%			(8.56	)%			4.97	%			1.20%
Net assets, end of period (in 000s)		$	4,436			$	6,867			$	8,331			$	5,563			$	10,858			$	11,172
Ratio of net expenses to average net assets			1.21	%(d)			1.22	%			1.25	%			1.25	%			1.25	%			1.23%
Ratio of total expenses to average net assets			1.28	%(d)			1.27	%			1.28	%			1.27	%			1.27	%			1.24%
Ratio of net investment income to average net assets			4.56	%(d)			3.94	%			4.80	%			5.05	%			5.10	%			4.81%
Portfolio turnover rate(e)			17	%			56	%			71	%			80	%			59	%			69%

(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.

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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Fund
	Investor Shares
	Six Months Ended
	September 30, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	6.02			$	6.40			$	5.48			$	6.33			$	6.35			$	6.58
Net investment income(a)			0.14				0.28				0.33				0.35				0.35				0.34
Net realized and unrealized gain (loss)			(0.84	)			(0.36	)			0.93				(0.83	)			(0.02	)			(0.23)
Total from investment operations			(0.70	)			(0.08	)			1.26				(0.48	)			0.33				0.11
Distributions to shareholders from net investment income			(0.16	)			(0.27	)			(0.34	)			(0.37	)			(0.35	)			(0.34)
Distributions to shareholders from return of capital			—				(0.03	)			—				—	(b)			—				—
Total distributions			(0.16	)			(0.30	)			(0.34	)			(0.37	)			(0.35	)			(0.34)
Net asset value, end of period		$	5.16			$	6.02			$	6.40			$	5.48			$	6.33			$	6.35
Total return(c)			(11.67	)%			(1.52	)%			23.34	%			(8.25	)%			5.46	%			1.65%
Net assets, end of period (in 000s)		$	13,578			$	16,174			$	14,217			$	13,268			$	18,830			$	25,259
Ratio of net expenses to average net assets			0.74	%(d)			0.75	%			0.78	%			0.78	%			0.79	%			0.80%
Ratio of total expenses to average net assets			0.86	%(d)			0.85	%			0.86	%			0.86	%			0.86	%			0.83%
Ratio of net investment income to average net assets			5.06	%(d)			4.40	%			5.29	%			5.52	%			5.56	%			5.25%
Portfolio turnover rate(e)			17	%			56	%			71	%			80	%			59	%			69%

(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.                129

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	6.03			$	6.42			$	5.49			$	6.34			$	6.36			$	6.59
Net investment income(a)			0.14				0.28				0.33				0.35				0.35				0.35
Net realized and unrealized gain (loss)			(0.84	)			(0.36	)			0.94				(0.83	)			(0.01	)			(0.23)
Total from investment operations			(0.70	)			(0.08	)			1.27				(0.48	)			0.34				0.12
Distributions to shareholders from net investment income			(0.16	)			(0.28	)			(0.34	)			(0.37	)			(0.36	)			(0.35)
Distributions to shareholders from return of capital			—				(0.03	)			—				—	(b)			—				—
Total distributions			(0.16	)			(0.31	)			(0.34	)			(0.37	)			(0.36	)			(0.35)
Net asset value, end of period		$	5.17			$	6.03			$	6.42			$	5.49			$	6.34			$	6.36
Total return(c)			(11.78	)%			(1.46	)%			23.32	%			(8.02	)%			5.51	%			1.74%
Net assets, end of period (in 000s)		$	22,872			$	70,219			$	41,825			$	49,791			$	81,751			$	244,099
Ratio of net expenses to average net assets			0.70	%(d)			0.71	%			0.74	%			0.74	%			0.74	%			0.71%
Ratio of total expenses to average net assets			0.77	%(d)			0.76	%			0.77	%			0.76	%			0.75	%			0.71%
Ratio of net investment income to average net assets			5.00	%(d)			4.45	%			5.31	%			5.55	%			5.58	%			5.33%
Portfolio turnover rate(e)			17	%			56	%			71	%			80	%			59	%			69%

(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.

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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Fund
	Class R Shares
	Six Months Ended
	September 30, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	6.00			$	6.38			$	5.47			$	6.31			$	6.33			$	6.56
Net investment income(a)			0.13				0.25				0.30				0.32				0.32				0.31
Net realized and unrealized gain (loss)			(0.84	)			(0.36	)			0.92				(0.83	)			(0.02	)			(0.23)
Total from investment operations			(0.71	)			(0.11	)			1.22				(0.51	)			0.30				0.08
Distributions to shareholders from net investment income			(0.14	)			(0.24	)			(0.31	)			(0.33	)			(0.32	)			(0.31)
Distributions to shareholders from return of capital			—				(0.03	)			—				—	(b)			—				—
Total distributions			(0.14	)			(0.27	)			(0.31	)			(0.33	)			(0.32	)			(0.31)
Net asset value, end of period		$	5.15			$	6.00			$	6.38			$	5.47			$	6.31			$	6.33
Total return(c)			(11.92	)%			(1.87	)%			22.57	%			(8.58	)%			4.93	%			1.13%
Net assets, end of period (in 000s)		$	4,116			$	4,551			$	6,089			$	9,899			$	12,560			$	14,068
Ratio of net expenses to average net assets			1.24	%(d)			1.25	%			1.28	%			1.28	%			1.29	%			1.30%
Ratio of total expenses to average net assets			1.36	%(d)			1.35	%			1.36	%			1.36	%			1.36	%			1.33%
Ratio of net investment income to average net assets			4.56	%(d)			3.90	%			4.84	%			5.01	%			5.06	%			4.74%
Portfolio turnover rate(e)			17	%			56	%			71	%			80	%			59	%			69%

(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.                131

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, 2022				Year Ended March 31,												Period Ended
	(Unaudited)				2022				2021				2020				March 31, 2019
Per Share Data
Net asset value, beginning of period		$	6.02			$	6.41			$	5.48			$	6.33		$6.42
Net investment income(a)			0.14				0.28				0.33				0.35		0.33
Net realized and unrealized gain (loss)			(0.83	)			(0.36	)			0.94				(0.83	)	(0.08)
Total from investment operations			(0.69	)			(0.08	)			1.27				(0.48	)	0.25
Distributions to shareholders from net investment income			(0.16	)			(0.28	)			(0.34	)			(0.37	)	(0.34)
Distributions to shareholders from return of capital			—				(0.03	)			—				—	(b)	—
Total distributions			(0.16	)			(0.31	)			(0.34	)			(0.37	)	(0.34)
Net asset value, end of period		$	5.17			$	6.02			$	6.41			$	5.48		$6.33
Total return(c)			(11.80	)%			(1.47	)%			23.35	%			(8.04	)%	4.00%
Net assets, end of period (in 000s)		$	1,120,167			$	1,417,912			$	1,575,340			$	1,331,465		$1,604,685
Ratio of net expenses to average net assets			0.70	%(d)			0.71	%			0.74	%			0.74	%	0.74%(d)
Ratio of total expenses to average net assets			0.77	%(d)			0.76	%			0.77	%			0.76	%	0.77%(d)
Ratio of net investment income to average net assets			5.10	%(d)			4.44	%			5.31	%			5.55	%	5.67%(d)
Portfolio turnover rate(e)			17	%			56	%			71	%			80	%	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.

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Floating Rate Fund
	Class A Shares
	Six Months Ended
	September 30, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.23			$	9.36			$	7.89			$	9.36			$	9.65		$   9.72
Net investment income (a)			0.21				0.29				0.32				0.45				0.44		0.37
Net realized and unrealized gain (loss)			(0.59	)			(0.13	)			1.48				(1.47	)			(0.29	)	(0.07)
Total from investment operations			(0.38	)			0.16				1.80				(1.02	)			0.15		0.30
Distributions to shareholders from net investment income			(0.21	)			(0.29	)			(0.33	)			(0.45	)			(0.44	)	(0.37)
Distributions to shareholders from return of capital			—				—				—				—				—		(0.00)(b)
Total distributions			(0.21	)			(0.29	)			(0.33	)			(0.45	)			(0.44	)	(0.37)
Net asset value, end of period		$	8.64			$	9.23			$	9.36			$	7.89			$	9.36		$   9.65
Total return(c)			(4.15	)%			1.83	%			22.96	%			(11.44	)%			1.57	%	3.00%
Net assets, end of period (in 000s)		$	3,756			$	3,623			$	3,583			$	2,788			$	3,802		$ 4,259
Ratio of net expenses to average net assets			0.99	%(d)			0.96	%			1.06	%			1.04	%			0.97	%	0.94%
Ratio of total expenses to average net assets			1.00	%(d)			0.98	%			1.11	%			1.04	%			0.97	%	0.96%
Ratio of net investment income to average net assets			4.66	%(d)			3.05	%			3.62	%			4.86	%			4.57	%	3.83%
Portfolio turnover rate(e)			15	%			26	%			53	%			39	%			69	%	44%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.23			$	9.36			$	7.89			$	9.36			$	9.65			$	9.72
Net investment income(a)			0.17				0.22				0.26				0.38				0.36				0.30
Net realized and unrealized gain (loss)			(0.58	)			(0.13	)			1.47				(1.47	)			(0.28	)			(0.08)
Total from investment operations			(0.41	)			0.09				1.73				(1.09	)			0.08				0.22
Distributions to shareholders from net investment income			(0.18	)			(0.22	)			(0.26	)			(0.38	)			(0.37	)			(0.29)
Distributions to shareholders from return of capital			—				—				—				—				—				(0.00)(b	)
Total distributions			(0.18	)			(0.22	)			(0.26	)			(0.38	)			(0.37	)			(0.29)
Net asset value, end of period		$	8.64			$	9.23			$	9.36			$	7.89			$	9.36			$	9.65
Total return(c)			(4.51	)%			0.96	%			22.18	%			(12.10	)%			0.81	%			2.23%
Net assets, end of period (in 000s)		$	871			$	1,178			$	578			$	673			$	1,126			$	2,443
Ratio of net expenses to average net assets			1.73	%(d)			1.71	%			1.81	%			1.79	%			1.71	%			1.69%
Ratio of total expenses to average net assets			1.74	%(d)			1.73	%			1.87	%			1.79	%			1.72	%			1.71%
Ratio of net investment income to average net assets			3.88	%(d)			2.31	%			2.93	%			4.12	%			3.74	%			3.06%
Portfolio turnover rate(e)			15	%			26	%			53	%			39	%			69	%			44%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.23			$	9.36			$	7.90			$	9.36			$	9.66			$	9.73
Net investment income(a)			0.22				0.32				0.36				0.48				0.43				0.40
Net realized and unrealized gain (loss)			(0.59	)			(0.13	)			1.46				(1.45	)			(0.26	)			(0.07)
Total from investment operations			(0.37	)			0.19				1.82				(0.97	)			0.17				0.33
Distributions to shareholders from net investment income			(0.22	)			(0.32	)			(0.36	)			(0.49	)			(0.47	)			(0.39)
Distributions to shareholders from return of capital			—				—				—				—				—				(0.01)
Total distributions			(0.22	)			(0.32	)			(0.36	)			(0.49	)			(0.47	)			(0.40)
Net asset value, end of period		$	8.64			$	9.23			$	9.36			$	7.90			$	9.36			$	9.66
Total return(b)			(4.10	)%			2.06	%			23.34	%			(11.03	)%			1.81	%			3.45%
Net assets, end of period (in 000s)		$	77,239			$	71,792			$	75,149			$	79,977			$	89,465			$	3,906,449
Ratio of net expenses to average net assets			0.65	%(c)			0.63	%			0.72	%			0.70	%			0.61	%			0.60%
Ratio of total expenses to average net assets			0.66	%(c)			0.65	%			0.76	%			0.70	%			0.62	%			0.62%
Ratio of net investment income to average net assets			4.81	%(c)			3.38	%			3.99	%			5.16	%			4.51	%			4.16%
Portfolio turnover rate(d)			15	%			26	%			53	%			39	%			69	%			44%

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

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

(c) 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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.25			$	9.38			$	7.91			$	9.38			$	9.67			$	9.73
Net investment income(a)			0.22				0.31				0.34				0.48				0.45				0.40
Net realized and unrealized gain (loss)			(0.59	)			(0.13	)			1.48				(1.47	)			(0.28	)			(0.07)
Total from investment operations			(0.37	)			0.18				1.82				(0.99	)			0.17				0.33
Distributions to shareholders from net investment income			(0.22	)			(0.31	)			(0.35	)			(0.48	)			(0.46	)			(0.39)
Distributions to shareholders from return of capital			—				—				—				—				—				(0.00)(	b)
Total distributions			(0.22	)			(0.31	)			(0.35	)			(0.48	)			(0.46	)			(0.39)
Net asset value, end of period		$	8.66			$	9.25			$	9.38			$	7.91			$	9.38			$	9.67
Total return(c)			(4.02	)%			1.98	%			23.35	%			(11.18	)%			1.83	%			3.36%
Net assets, end of period (in 000s)		$	4,843			$	6,293			$	3,825			$	705			$	1,431			$	5,599
Ratio of net expenses to average net assets			0.73	%(d)			0.71	%			0.80	%			0.78	%			0.71	%			0.69%
Ratio of total expenses to average net assets			0.74	%(d)			0.73	%			0.84	%			0.78	%			0.72	%			0.70%
Ratio of net investment income to average net assets			4.83	%(d)			3.30	%			3.74	%			5.14	%			4.69	%			4.07%
Portfolio turnover rate(e)			15	%			26	%			53	%			39	%			69	%			44%

(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 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, 2022			Year Ended March 31,												Period Ended
	(Unaudited)			2022			2021			2020			2019			March 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	9.24		$	9.36		$	7.90		$	9.37		$	9.67		$	9.69
Net investment income(b)		0.21			0.32			0.33			0.49			0.45			0.13
Net realized and unrealized gain (loss)		(0.58	)		(0.12	)		1.49			(1.47	)		(0.28	)		(0.02)
Total from investment operations		(0.37	)		0.20			1.82			(0.98	)		0.17			0.11
Distributions to shareholders from net investment income		(0.22	)		(0.32	)		(0.36	)		(0.49	)		(0.47	)		(0.13)
Distributions to shareholders from return of capital		—			—			—			—			—			(0.00)(c)
Total distributions		(0.22	)		(0.32	)		(0.36	)		(0.49	)		(0.47	)		(0.13)
Net asset value, end of period	$	8.65		$	9.24		$	9.36		$	7.90		$	9.37		$	9.67
Total return(d)		(3.98	)%		2.18	%		23.35	%		(11.11	)%		1.82	%		1.17%
Net assets, end of period (in 000s)	$	17,487		$	355,784		$	143,999		$	24,486		$	26,552		$	210,985
Ratio of net expenses to average net assets		0.62	%(e)		0.62	%		0.70	%		0.69	%		0.60	%		0.58%(e)
Ratio of total expenses to average net assets		0.63	%(e)		0.64	%		0.75	%		0.69	%		0.61	%		0.59%(e)
Ratio of net investment income to average net assets		4.63	%(e)		3.41	%		3.59	%		5.20	%		4.69	%		4.12%(e)
Portfolio turnover rate(f)		15	%		26	%		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.

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Floating Rate Fund
	Class R Shares
	Six Months Ended
	September 30, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.23			$	9.35			$	7.89			$	9.36			$	9.65			$	9.73
Net investment income(a)			0.20				0.26				0.30				0.44				0.42				0.34
Net realized and unrealized gain (loss)			(0.59	)			(0.11	)			1.47				(1.48	)			(0.30	)			(0.08)
Total from investment operations			(0.39	)			0.15				1.77				(1.04	)			0.12				0.26
Distributions to shareholders from net investment income			(0.20	)			(0.27	)			(0.31	)			(0.43	)			(0.41	)			(0.34)
Distributions to shareholders from return of capital			—				—				—				—				—				(0.00)(b	)
Total distributions			(0.20	)			(0.27	)			(0.31	)			(0.43	)			(0.41	)			(0.34)
Net asset value, end of period		$	8.64			$	9.23			$	9.35			$	7.89			$	9.36			$	9.65
Total return(c)			(4.38	)%			1.58	%			22.69	%			(11.64	)%			1.31	%			2.74%
Net assets, end of period (in 000s)		$	64			$	68			$	13			$	11			$	100			$	79
Ratio of net expenses to average net assets			1.24	%(d)			1.18	%			1.29	%			1.27	%			1.22	%			1.19%
Ratio of total expenses to average net assets			1.25	%(d)			1.20	%			1.34	%			1.27	%			1.23	%			1.21%
Ratio of net investment income to average net assets			4.43	%(d)			2.79	%			3.38	%			4.75	%			4.40	%			3.54%
Portfolio turnover rate(e)			15	%			26	%			53	%			39	%			69	%			44%

(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.

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Floating Rate Fund
	Class P Shares
	Six Months Ended
	September 30, 2022			Year Ended March 31,									Period Ended
	(Unaudited)			2022			2021			2020			March 31, 2019(a)(b)
Per Share Data
Net asset value, beginning of period	$	9.25		$	9.37		$	7.91		$	9.37		$	9.69
Net investment income(c)		0.22			0.32			0.35			0.49			0.45
Net realized and unrealized gain (loss)		(0.60	)		(0.12	)		1.47			(1.46	)		(0.33)
Total from investment operations		(0.38	)		0.20			1.82			(0.97	)		0.12
Distributions to shareholders from net investment income		(0.22	)		(0.32	)		(0.36	)		(0.49	)		(0.44)
Net asset value, end of period	$	8.65		$	9.25		$	9.37		$	7.91		$	9.37
Total return(d)		(4.08	)%		2.18	%		23.49	%		(11.11	)%		1.32%
Net assets, end of period (in 000s)	$	3,373,650		$	4,252,333		$	1,681,575		$	1,132,605		$	2,215,089
Ratio of net expenses to average net assets		0.65	%(e)		0.62	%		0.71	%		0.69	%		0.62%(e)
Ratio of total expenses to average net assets		0.66	%(e)		0.64	%		0.76	%		0.69	%		0.63%(e)
Ratio of net investment income to average net assets		5.00	%(e)		3.40	%		3.94	%		5.22	%		5.04%(e)
Portfolio turnover rate(f)		15	%		26	%		53	%		39	%		69%

(a) Commenced operations on April 20, 2018.

(b) Commenced operations on .

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

(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.                139

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	8.76			$	9.59			$	8.96			$	9.16			$	9.01			$	9.06
Net investment income (a)			0.11				0.20				0.24				0.27				0.28				0.26
Net realized and unrealized gain (loss)			(1.24	)			(0.58	)			0.77				(0.06	)			0.16				(0.05)
Total from investment operations			(1.13	)			(0.38	)			1.01				0.21				0.44				0.21
Distributions to shareholders from net investment income			(0.13	)			(0.17	)			(0.25	)			(0.29	)			(0.29	)			(0.26)
Distributions to shareholders from net realized gains			—				(0.22	)			(0.13	)			(0.12	)			—				—
Distributions to shareholders from return of capital			—				(0.06	)			—				—				—				—
Total distributions			(0.13	)			(0.45	)			(0.38	)			(0.41	)			(0.29	)			(0.26)
Net asset value, end of period		$	7.50			$	8.76			$	9.59			$	8.96			$	9.16			$	9.01
Total return(b)			(12.89	)%			(4.42	)%			11.23	%			1.98	%			5.14	%			2.34%
Net assets, end of period (in 000s)		$	5,983			$	8,652			$	9,743			$	9,832			$	7,895			$	10,198
Ratio of net expenses to average net assets			0.71	%(c)			0.71	%			0.72	%			0.72	%			0.72	%			0.72%
Ratio of total expenses to average net assets			0.78	%(c)			0.79	%			0.79	%			0.81	%			0.84	%			0.84%
Ratio of net investment income to average net assets			2.75	%(c)			2.04	%			2.40	%			2.86	%			3.19	%			2.85%
Portfolio turnover rate(d)			28	%			31	%			69	%			76	%			82	%			82%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	8.76			$	9.59			$	8.96			$	9.17			$	9.01			$	9.06
Net investment income(a)			0.13				0.23				0.27				0.30				0.31				0.29
Net realized and unrealized gain (loss)			(1.25	)			(0.58	)			0.78				(0.07	)			0.17				(0.04)
Total from investment operations			(1.12	)			(0.35	)			1.05				0.23				0.48				0.25
Distributions to shareholders from net investment income			(0.14	)			(0.20	)			(0.29	)			(0.32	)			(0.32	)			(0.30)
Distributions to shareholders from net realized gains			—				(0.22	)			(0.13	)			(0.12	)			—				—
Distributions to shareholders from return of capital			—				(0.06	)			—				—				—				—
Total distributions			(0.14	)			(0.48	)			(0.42	)			(0.44	)			(0.32	)			(0.30)
Net asset value, end of period		$	7.50			$	8.76			$	9.59			$	8.96			$	9.17			$	9.01
Total return(b)			(12.85	)%			(4.00	)%			11.47	%			2.44	%			5.50	%			2.69%
Net assets, end of period (in 000s)		$	53,428			$	66,925			$	123,553			$	51,976			$	40,548			$	163,229
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			0.45	%(c)			0.46	%			0.45	%			0.47	%			0.48	%			0.48%
Ratio of net investment income to average net assets			3.08	%(c)			2.38	%			2.69	%			3.19	%			3.49	%			3.18%
Portfolio turnover rate(d)			28	%			31	%			69	%			76	%			82	%			82%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	8.76			$	9.60			$	8.97			$	9.17			$	9.02			$	9.07
Net investment income(a)			0.13				0.23				0.27				0.31				0.31				0.29
Net realized and unrealized gain (loss)			(1.24	)			(0.59	)			0.78				(0.07	)			0.16				(0.04)
Total from investment options			(1.11	)			(0.36	)			1.05				0.24				0.47				0.25
Distributions to shareholders from net investment income			(0.14	)			(0.20	)			(0.29	)			(0.32	)			(0.32	)			(0.30)
Distributions to shareholders from net realized gains			—				(0.22	)			(0.13	)			(0.12	)			—				—
Distributions to shareholders from return of capital			—				(0.06	)			—				—				—				—
Total distributions			(0.14	)			(0.48	)			0.42				(0.44	)			(0.32	)			(0.30)
Net asset value, end of period		$	7.51			$	8.76			$	9.60			$	8.97			$	9.17			$	9.02
Total Return(b)			(12.73	)%			(4.09	)%			11.60	%			2.45	%			5.39	%			2.69%
Net assets, end of period (in 000s)		$	96,608			$	123,397			$	177			$	226,962			$	228,692			$	233,908
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			0.44	%(c)			0.45	%			0.45	%			0.46	%			0.49	%			0.48%
Ratio of net investment income to average net assets			3.09	%(c)			2.39	%			2.75	%			3.21	%			3.55	%			3.19%
Portfolio turnover rate(d)			28	%			31	%			69	%			76	%			82	%			82%

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

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

(c) Annualized.

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

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

GOLDMAN SACHS 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	8.76			$	9.59			$	8.96			$	9.17			$	9.02			$	9.07
Net investment income(a)			0.12				0.22				0.26				0.30				0.31				0.28
Net realized and unrealized gain (loss)			(1.24	)			(0.58	)			0.78				(0.07	)			0.15				(0.04)
Total from investment operations			(1.12	)			(0.36	)			1.04				0.23				0.46				0.24
Distributions to shareholders from net investment income			(0.14	)			(0.19	)			(0.28	)			(0.32	)			(0.31	)			(0.29)
Distributions to shareholders from net realized gains			—				(0.22	)			(0.13	)			(0.12	)			—				—
Distributions to shareholders from return of capital			—				(0.06	)			—				—				—				—
Total distributions			(0.14	)			(0.47	)			(0.41	)			(0.44	)			(0.31	)			(0.29)
Net asset value, end of period		$	7.50			$	8.76			$	9.59			$	8.96			$	9.17			$	9.02
Total return(b)			(12.88	)%			(4.07	)%			11.38	%			2.35	%			5.28	%			2.60%
Net assets, end of period (in 000s)		$	5,867			$	3,815			$	5,364			$	4,628			$	3,164			$	4,600
Ratio of net expenses to average net assets			0.46	%(c)			0.46	%			0.46	%			0.47	%			0.47	%			0.47%
Ratio of total expenses to average net assets			0.53	%(c)			0.54	%			0.54	%			0.56	%			0.58	%			0.57%
Ratio of net investment income to average net assets			3.04	%(c)			2.30	%			2.63	%			3.10	%			3.45	%			3.10%
Portfolio turnover rate(d)			28	%			31	%			69	%			76	%			82	%			82%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	8.76			$	9.59			$	8.96			$	9.17			$	9.02			$	9.07
Net investment income(a)			0.13				0.22				0.27				0.31				0.33				0.29
Net realized and unrealized gain (loss)			(1.24	)			(0.57	)			0.78				(0.08	)			0.14				(0.04)
Total from investment operations			(1.11	)			(0.35	)			1.05				0.23				0.47				0.25
Distributions to shareholders from net investment income			(0.14	)			(0.20	)			(0.29	)			(0.32	)			(0.32	)			(0.30)
Distributions to shareholders from net realized gains			—				(0.22	)			(0.13	)			(0.12	)			—				—
Distributions to shareholders from return of capital			—				(0.06	)			—				—				—				—
Total distributions			(0.14	)			(0.48	)			(0.42	)			(0.44	)			(0.32	)			(0.30)
Net asset value, end of period		$	7.51			$	8.76			$	9.59			$	8.96			$	9.17			$	9.02
Total return(b)			(12.84	)%			(3.99	)%			11.48	%			2.45	%			5.39	%			2.70%
Net assets, end of period (in 000s)		$	284,100			$	320,086			$	1,228			$	978			$	675			$	17
Ratio of net expenses to average net assets			0.37	%(c)			0.37	%			0.37	%			0.37	%			0.37	%			0.37%
Ratio of total expenses to average net assets			0.44	%(c)			0.45	%			0.45	%			0.46	%			0.54	%			0.46%
Ratio of net investment income to average net assets			3.10	%(c)			2.35	%			2.74	%			3.20	%			3.63	%			3.20%
Portfolio turnover rate(d)			28	%			31	%			69	%			76	%			82	%			82%

(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 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, 2022			Year Ended March 31,									Period Ended
	(Unaudited)			2022			2021			2020			March 31, 2019
Per Share Data
Net asset value, beginning of period	$	8.76		$	9.59		$	8.96		$	9.16		$	8.93
Net investment income(a)		0.13			0.23			0.27			0.31			0.30
Net realized and unrealized gain (loss)		(1.25	)		(0.58	)		0.78			(0.07	)		0.23
Total from investment operations		(1.12	)		(0.35	)		1.05			0.24			0.53
Distributions to shareholders from net investment income		(0.14	)		(0.20	)		(0.29	)		(0.32	)		(0.30)
Distributions to shareholders from net realized gains		—			(0.22	)		(0.13	)		(0.12	)		—
Distributions to shareholders from return of capital		—			(0.06	)		—			—			—
Total distributions		(0.14	)		(0.48	)		(0.42	)		(0.44	)		(0.30)
Net asset value, end of period	$	7.50		$	8.76		$	9.59		$	8.96		$	9.16
Total return(b)		(12.74	)%		(4.10	)%		11.61	%		2.45	%		6.12%
Net assets, end of period (in 000s)	$	127,316		$	176,368		$	156,039		$	189,611		$	196,668
Ratio of net expenses to average net assets		0.37	%(c)		0.37	%		0.37	%		0.37	%		0.37%(c)
Ratio of total expenses to average net assets		0.44	%(c)		0.45	%		0.45	%		0.46	%		0.51%(c)
Ratio of net investment income to average net assets		3.09	%(c)		2.38	%		2.73	%		3.22	%		3.57%(c)
Portfolio turnover rate(d)		28	%		31	%		69	%		76	%		82%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	5.00			$	5.56			$	4.98			$	5.76			$	6.89			$	6.38
Net investment income (a)			0.12				0.19				0.20				0.24				0.34				0.36
Net realized and unrealized gain (loss)			(0.72	)			(0.55	)			0.58				(0.79	)			(1.17	)			0.52
Total from investment operations			(0.60	)			(0.36	)			0.78				(0.55	)			(0.83	)			0.88
Distributions to shareholders from net investment income			(0.11	)			(0.20	)			—				—	(b)			—				—
Distributions to shareholders from return of capital			—				—				(0.20	)			(0.23	)			(0.30	)			(0.37)
Total distributions			(0.11	)			(0.20	)			(0.20	)			(0.23	)			(0.30	)			(0.37)
Net asset value, end of period		$	4.29			$	5.00			$	5.56			$	4.98			$	5.76			$	6.89
Total return(c)			(12.29	)%			(6.51	)%			15.65	%			(10.05	)%			(12.08	)%			13.93%
Net assets, end of period (in 000s)		$	3,162			$	3,842			$	4,795			$	4,808			$	5,465			$	8,880
Ratio of net expenses to average net assets			1.22	%(d)			1.21	%			1.21	%			1.23	%			1.21	%			1.22%
Ratio of total expenses to average net assets			2.47	%(d)			1.74	%			1.84	%			1.63	%			1.53	%			1.44%
Ratio of net investment income to average net assets			4.96	%(d)			3.44	%			3.56	%			4.13	%			5.75	%			5.47%
Portfolio turnover rate(e)			79	%			123	%			111	%			84	%			117	%			112%

(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.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Local Emerging Markets Debt Fund
	Class C Shares
	Six Months Ended
	September 30, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	5.00			$	5.55			$	4.98			$	5.75			$	6.88			$	6.38
Net investment income(a)			0.10				0.15				0.16				0.20				0.29				0.32
Net realized and unrealized gain (loss)			(0.73	)			(0.54	)			0.57				(0.78	)			(1.17	)			0.50
Total from investment operations			(0.63	)			(0.39	)			0.73				(0.58	)			(0.88	)			0.82
Distributions to shareholders from net investment income			(0.09	)			(0.16	)			—				—	(b)			—				—
Distributions to shareholders from return of capital			—				—				(0.16	)			(0.19	)			(0.25	)			(0.32)
Total distributions			(0.09	)			(0.16	)			(0.16	)			(0.19	)			(0.25	)			(0.32)
Net asset value, end of period		$	4.28			$	5.00			$	5.55			$	4.98			$	5.75			$	6.88
Total return(c)			(12.65	)%			(7.39	)%			15.02	%			(10.74	)%			(12.76	)%			13.10%
Net assets, end of period (in 000s)		$	1,686			$	1,879			$	2,055			$	2,526			$	4,457			$	7,115
Ratio of net expenses to average net assets			1.97	%(d)			1.96	%			1.96	%			1.98	%			1.96	%			1.96%
Ratio of total expenses to average net assets			3.22	%(d)			2.50	%			2.58	%			2.38	%			2.27	%			2.18%
Ratio of net investment income to average net assets			4.21	%(d)			2.69	%			2.82	%			3.44	%			4.99	%			4.77%
Portfolio turnover rate(e)			79	%			123	%			111	%			84	%			117	%			112%

(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.                147

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	4.99			$	5.54			$	4.97			$	5.74			$	6.87			$	6.37
Net investment income(a)			0.12				0.20				0.22				0.26				0.38				0.38
Net realized and unrealized gain (loss)			(0.72	)			(0.53	)			0.57				(0.78	)			(1.20	)			0.50
Total from investment operations			(0.60	)			(0.33	)			0.79				(0.52	)			(0.82	)			0.88
Distributions to shareholders from net investment income			(0.12	)			(0.22	)			—				—	(b)			—				—
Distributions to shareholders from return of capital			—				—				(0.22	)			(0.25	)			(0.31	)			(0.38)
Total distributions			(0.12	)			(0.22	)			(0.22	)			(0.25	)			(0.31	)			(0.38)
Net asset value, end of period		$	4.27			$	4.99			$	5.54			$	4.97			$	5.74			$	6.87
Total return(c)			(12.22	)%			(6.43	)%			16.26	%			(9.82	)%			(11.86	)%			14.29%
Net assets, end of period (in 000s)		$	6,420			$	11,750			$	11,320			$	16,667			$	32,419			$	245,127
Ratio of net expenses to average net assets			0.92	%(d)			0.92	%			0.91	%			0.93	%			0.91	%			0.92%
Ratio of total expenses to average net assets			2.10	%(d)			1.41	%			1.51	%			1.29	%			1.10	%			1.10%
Ratio of net investment income to average net assets			5.24	%(d)			3.72	%			3.86	%			4.48	%			6.33	%			5.80%
Portfolio turnover rate(e)			79	%			123	%			111	%			84	%			117	%			112%

(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.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Local Emerging Markets Debt Fund
	Investor Shares
	Six Months Ended
	September 30, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	4.99			$	5.55			$	4.97			$	5.74			$	6.87			$	6.37
Net investment income(a)			0.12				0.20				0.21				0.26				0.35				0.38
Net realized and unrealized gain (loss)			(0.71	)			(0.55	)			0.58				(0.79	)			(1.17	)			0.50
Total from investment operations			(0.59	)			(0.35	)			0.79				(0.53	)			(0.82	)			0.88
Distributions to shareholders from net investment income			(0.12	)			(0.21	)			—				—	(b)			—				—
Distributions to shareholders from return of capital			—				—				(0.21	)			(0.24	)			(0.31	)			(0.38)
Total distributions			(0.12	)			(0.21	)			(0.21	)			(0.24	)			(0.31	)			(0.38)
Net asset value, end of period		$	4.28			$	4.99			$	5.55			$	4.97			$	5.74			$	6.87
Total return(c)			(12.21	)%			(6.29	)%			15.97	%			(9.69	)%			(11.91	)%			14.24%
Net assets, end of period (in 000s)		$	7,048			$	8,364			$	4,781			$	5,557			$	6,057			$	10,263
Ratio of net expenses to average net assets			0.97	%(d)			0.96	%			0.96	%			0.98	%			0.96	%			0.97%
Ratio of total expenses to average net assets			2.21	%(d)			1.50	%			1.60	%			1.38	%			1.25	%			1.16%
Ratio of net investment income to average net assets			5.20	%(d)			3.70	%			3.80	%			4.35	%			6.03	%			5.78%
Portfolio turnover rate(e)			79	%			123	%			111	%			84	%			117	%			112%

(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.                149

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, 2022			Year Ended March 31,												Period Ended
	(Unaudited)			2022			2021			2020			2019			March 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	4.99		$	5.55		$	4.97		$	5.74		$	6.87		$	6.48
Net investment income(b)		0.13			0.21			0.22			0.27			0.34			0.14
Net realized and unrealized gain (loss)		(0.73	)		(0.55	)		0.58			(0.79	)		(1.16	)		0.37
Total from investment operations		(0.60	)		(0.34	)		0.80			(0.52	)		(0.82	)		0.51
Distributions to shareholders from net investment income		(0.12	)		(0.22	)		—			—	(c)		—			—
Distributions to shareholders from return of capital		—			—			(0.22	)		(0.25	)		(0.31	)		(0.12)
Total distributions		(0.12	)		(0.22	)		(0.22	)		(0.25	)		(0.31	)		(0.12)
Net asset value, end of period	$	4.27		$	4.99		$	5.55		$	4.97		$	5.74		$	6.87
Total return(d)		(12.21	)%		(6.42	)%		16.27	%		(9.82	)%		(11.86	)%		7.88%
Net assets, end of period (in 000s)	$	22,704		$	4,672		$	24,800		$	30,325		$	92,937		$	56,354
Ratio of net expenses to average net assets		0.89	%(e)		0.90	%		0.90	%		0.91	%		0.90	%		0.90%(e)
Ratio of total expenses to average net assets		2.00	%(e)		1.36	%		1.48	%		1.28	%		1.18	%		0.87%(e)
Ratio of net investment income to average net assets		5.65	%(e)		3.72	%		3.87	%		4.60	%		5.91	%		6.04%(e)
Portfolio turnover rate(f)		79	%		123	%		111	%		84	%		117	%		112%

(a) Commenced operations on .

(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.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Local Emerging Markets Debt Fund
	Class P Shares
	Six Months Ended
	September 30, 2022				Year Ended March 31,												Period Ended
	(Unaudited)				2022				2021				2020				March 31, 2019(a)
Per Share Data
Net asset value, beginning of period		$	4.99			$	5.55			$	4.97			$	5.74		$ 6.75
Net investment income(b)			0.12				0.21				0.22				0.26		0.31
Net realized and unrealized gain (loss)			(0.71	)			(0.55	)			0.58				(0.78	)	(1.03)
Total from investment operations			(0.59	)			(0.34	)			0.80				(0.52	)	(0.72)
Distributions to shareholders from net investment income			(0.12	)			(0.22	)			—				—	(c)	—
Distributions to shareholders from return of capital			—				—				(0.22	)			(0.25	)	(0.29)
Total distributions			(0.12	)			(0.22	)			(0.22	)			(0.25	)	(0.29)
Net asset value, end of period		$	4.28			$	4.99			$	5.55			$	4.97		$ 5.74
Total return(d)			(12.01	)%			(6.42	)%			16.27	%			(9.82	)%	(10.66)%
Net assets, end of period (in 000s)		$	15,625			$	20,864			$	29,194			$	30,957		$52,263
Ratio of net expenses to average net assets			0.91	%(e)			0.91	%			0.90	%			0.92	%	0.90%(e)
Ratio of total expenses to average net assets			2.13	%(e)			1.41	%			1.50	%			1.28	%	1.24%(e)
Ratio of net investment income to average net assets			5.26	%(e)			3.73	%			3.87	%			4.48	%	5.75%(e)
Portfolio turnover rate(f)			79	%			123	%			111	%			84	%	117%

(a) Commenced operations on .

(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.                151

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.87			$	10.56			$	10.55			$	10.29			$	10.21			$	10.45
Net investment income (loss)(a)			0.07				(0.01	)			0.12				0.19				0.24				0.15
Net realized and unrealized gain (loss)			(1.05	)			(0.57	)			0.16				0.36				0.12				(0.16)
Total from investment operations			(0.98	)			(0.58	)			0.28				0.55				0.36				(0.01)
Distributions to shareholders from net investment income			(0.10	)			(0.10	)			(0.27	)			(0.28	)			(0.28	)			(0.23)
Distributions to shareholders from return of capital			—				(0.01	)			—				(0.01	)			—				—(b	)
Total distributions			(0.10	)			(0.11	)			(0.27	)			(0.29	)			(0.28	)			(0.23)
Net asset value, end of period		$	8.79			$	9.87			$	10.56			$	10.55			$	10.29			$	10.21
Total return(c)			(9.95	)%			(5.48	)%			2.54	%			5.41	%			3.60	%			(0.10)%
Net assets, end of period (in 000s)		$	21,716			$	30,488			$	38,327			$	30,384			$	31,394			$	24,967
Ratio of net expenses to average net assets			0.78	%(d)			0.77	%			0.78	%			0.79	%			0.78	%			0.77%
Ratio of total expenses to average net assets			0.88	%(d)			0.84	%			0.81	%			0.85	%			0.86	%			0.87%
Ratio of net investment income (loss) to average net assets			1.54	%(d)			(0.08	)%			1.08	%			1.82	%			2.37	%			1.40%
Portfolio turnover rate(e)			712	%			1,242	%			1,027	%			1,233	%			963	%			1,149%

(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 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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.89			$	10.58			$	10.58			$	10.32			$	10.23			$	10.47
Net investment income(a)			0.09				0.02				0.16				0.21				0.27				0.19
Net realized and unrealized gain (loss)			(1.05	)			(0.57	)			0.14				0.38				0.14				(0.16)
Total from investment operations			(0.96	)			(0.55	)			0.30				0.59				0.41				0.03
Distributions to shareholders from net investment income			(0.12	)			(0.13	)			(0.30	)			(0.32	)			(0.32	)			(0.27)
Distributions to shareholders from return of capital			—				(0.01	)			—				(0.01	)			—				—(b	)
Total distributions			(0.12	)			(0.14	)			(0.30	)			(0.33	)			(0.32	)			(0.27)
Net asset value, end of period		$	8.81			$	9.89			$	10.58			$	10.58			$	10.32			$	10.23
Total return(c)			(9.77	)%			(5.24	)%			2.88	%			5.75	%			4.05	%			0.24%
Net assets, end of period (in 000s)		$	52,818			$	66,445			$	89,598			$	52,878			$	34,027			$	80,298
Ratio of net expenses to average net assets			0.45	%(d)			0.44	%			0.45	%			0.45	%			0.44	%			0.43%
Ratio of total expenses to average net assets			0.55	%(d)			0.51	%			0.48	%			0.51	%			0.51	%			0.52%
Ratio of net investment income to average net assets			1.87	%(d)			0.16	%			1.48	%			1.98	%			2.68	%			1.78%
Portfolio turnover rate(e)			712	%			1,242	%			1,027	%			1,233	%			963	%			1,149%

(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.                153

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.87			$	10.56			$	10.55			$	10.30			$	10.21			$	10.45
Net investment income(a)			0.09				0.03				0.15				0.22				0.28				0.18
Net realized and unrealized gain (loss)			(1.05	)			(0.58	)			0.17				0.36				0.13				(0.15)
Total from investment options			(0.96	)			(0.55	)			0.32				0.58				0.41				0.03
Distributions to shareholders from net investment income			(0.12	)			(0.13	)			(0.31	)			(0.32	)			(0.32	)			(0.27)
Distributions to shareholders from net realized gains			—				—				—				—				—				—
Distributions to shareholders from return of capital			—				(0.01	)			—				(0.01	)			—				—(b)
Total distributions			(0.12	)			(0.14	)			(0.31	)			(0.33	)			(0.32	)			(0.27)
Net asset value, end of period		$	8.79			$	9.87			$	10.56			$	10.55			$	10.30			$	10.21
Total Return(c)			(9.79	)%			(5.25	)%			2.99	%			5.67	%			4.07	%			0.24%
Net assets, end of period (in 000s)		$	94,923			$	115,063			$	150,887			$	207,621			$	215,647			$	221,303
Ratio of net expenses to average net assets			0.44	%(d)			0.43	%			0.44	%			0.44	%			0.44	%			0.43%
Ratio of total expenses to average net assets			0.54	%(d)			0.50	%			0.47	%			0.49	%			0.51	%			0.52%
Ratio of net investment income to average net assets			1.90	%(d)			0.25	%			1.44	%			2.13	%			2.77	%			1.77%
Portfolio turnover rate(e)			712	%			1,242	%			1,027	%			1,233	%			963	%			1,149%

(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.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Mortgages Fund
	Investor Shares
	Six Months Ended
	September 30, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.89			$	10.58			$	10.58			$	10.32			$	10.23			$	10.47
Net investment income(a)			0.09				0.01				0.16				0.22				0.27				0.18
Net realized and unrealized gain (loss)			(1.05	)			(0.57	)			0.14				0.36				0.13				(0.16)
Total from investment operations			(0.96	)			(0.56	)			0.30				0.58				0.40				0.02
Distributions to shareholders from net investment income			(0.12	)			(0.12	)			(0.30	)			(0.31	)			(0.31	)			(0.26)
Distributions to shareholders from return of capital			—				(0.01	)			—				(0.01	)			—				—(b	)
Total distributions			(0.12	)			(0.13	)			(0.30	)			(0.32	)			(0.31	)			(0.26)
Net asset value, end of period		$	8.81			$	9.89			$	10.58			$	10.58			$	10.32			$	10.23
Total return(c)			(9.81	)%			(5.32	)%			2.79	%			5.66	%			3.96	%			0.15%
Net assets, end of period (in 000s)		$	23,982			$	30,695			$	57,023			$	114,242			$	152,715			$	154,957
Ratio of net expenses to average net assets			0.53	%(d)			0.52	%			0.53	%			0.54	%			0.54	%			0.52%
Ratio of total expenses to average net assets			0.63	%(d)			0.59	%			0.57	%			0.59	%			0.61	%			0.61%
Ratio of net investment income to average net assets			1.80	%(d)			0.10	%			1.47	%			2.09	%			2.67	%			1.68%
Portfolio turnover rate(e)			712	%			1,242	%			1,027	%			1,233	%			963	%			1,149%

(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.                155

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, 2022				Year Ended March 31,
	(Unaudited)				2022				2021				2020				2019				2018
Per Share Data
Net asset value, beginning of period		$	9.89			$	10.58			$	10.58			$	10.32			$	10.23			$	10.48
Net investment income(a)			0.09				0.05				0.17				0.22				0.29				0.19
Net realized and unrealized gain (loss)			(1.05	)			(0.60	)			0.14				0.37				0.12				(0.17)
Total from investment operations			(0.96	)			(0.55	)			0.31				0.59				0.41				0.02
Distributions to shareholders from net investment income			(0.12	)			(0.13	)			(0.31	)			(0.32	)			(0.32	)			(0.27)
Distributions to shareholders from return of capital			—				(0.01	)			—				(0.01	)			—				—(b)
Total distributions			(0.12	)			(0.14	)			(0.31	)			(0.33	)			(0.32	)			(0.27)
Net asset value, end of period		$	8.81			$	9.89			$	10.58			$	10.58			$	10.32			$	10.23
Total return(c)			(9.77	)%			(5.23	)%			2.89	%			5.77	%			4.06	%			0.16%
Net assets, end of period (in 000s)		$	17,596			$	19,337			$	8,245			$	20,349			$	14,387			$	5,104
Ratio of net expenses to average net assets			0.44	%(d)			0.43	%			0.44	%			0.44	%			0.44	%			0.42%
Ratio of total expenses to average net assets			0.54	%(d)			0.50	%			0.49	%			0.50	%			0.52	%			0.51%
Ratio of net investment income to average net assets			1.91	%(d)			0.47	%			1.55	%			2.11	%			2.88	%			1.80%
Portfolio turnover rate(e)			712	%			1,242	%			1,027	%			1,233	%			963	%			1,149%

(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.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Mortgages Fund
	Class P Shares
	Six Months Ended
	September 30, 2022				Year Ended March 31,												Period Ended
	(Unaudited)				2022				2021				2020				March 31, 2019(a)
Per Share Data
Net asset value, beginning of period		$	9.89			$	10.58			$	10.58			$	10.32		$10.16
Net investment income(b)			0.09				0.02				0.14				0.23		0.28
Net realized and unrealized gain (loss)			(1.06	)			(0.57	)			0.17				0.36		0.18
Total from investment operations			(0.97	)			(0.55	)			0.31				0.59		0.46
Distributions to shareholders from net investment income			(0.12	)			(0.13	)			(0.31	)			(0.32	)	(0.30)
Distributions to shareholders from return of capital			—				(0.01	)			—				(0.01	)	—
Total distributions			(0.12	)			(0.14	)			(0.31	)			(0.33	)	(0.30)
Net asset value, end of period		$	8.80			$	9.89			$	10.58			$	10.58		$10.32
Total return(c)			(9.87	)%			(5.23	)%			2.89	%			5.77	%	4.57%
Net assets, end of period (in 000s)		$	3,991			$	4,471			$	12,382			$	4,971		$8,575
Ratio of net expenses to average net assets			0.44	%(d)			0.43	%			0.44	%			0.44	%	0.44%(d)
Ratio of total expenses to average net assets			0.54	%(d)			0.50	%			0.46	%			0.49	%	0.52%(d)
Ratio of net investment income to average net assets			1.91	%(d)			0.17	%			1.30	%			2.17	%	2.89%(d)
Portfolio turnover rate(e)			712	%			1,242	%			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.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2022 (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
Investment Grade Credit and U.S. Mortgages	A, Institutional, Separate Account Institutional, Investor, R6     and P	Diversified
Local Emerging Markets Debt	A, C, Institutional, Investor, R6 and P	Non-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 R, Class R6 and Class P Shares are not subject to a sales charge.

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

    2.    SIGNIFICANT ACCOUNTING POLICIES

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

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

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

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination 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

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    2.    SIGNIFICANT ACCOUNTING POLICIES (continued)

(“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.

    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

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Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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 and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. 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

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    3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. 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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September 30, 2022 (Unaudited)

    3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

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

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

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    3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

A non-deliverable bond forward is a short term forward contract between two parties to buy or sell a bond denominated in a non-deliverable foreign currency at a specified future time and price. Non-deliverable bond forwards are marked-to-market daily using market quotations. Unrealized gains or losses on non-deliverable bond forwards are recorded by 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

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September 30, 2022 (Unaudited)

    3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, 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.

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 the Valuation Procedures. 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 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, 2022:

EMERGING MARKETS DEBT

Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—	$	362,039,741	$	—
Corporate Obligations		—		138,805,794		—
Investment Company		38,190,370		—		—
Total	$	38,190,370	$	500,845,535	$	—

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    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)	$	—		$	12,192,636		$	—
Interest Rate Swap Contracts(a)		—			3,995,769			—
Credit Default Swap Contracts(a)		—			21,060			—
Purchased Option Contracts		—			4,570,105			—
Total	$	—		$	20,779,570		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(10,695,305	)	$	—
Futures Contracts(a)		(4,290,734	)		—			—
Interest Rate Swap Contracts(a)		—			(2,043,766	)		—
Credit Default Swap Contracts(a)		—			(1,448,181	)		—
Written Option Contracts		—			(4,684,484	)		—
Total	$	(4,290,734	)	$	(18,871,736	)	$	—
HIGH YIELD
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,254,462,334		$	—
Bank Loans		—			83,046,681			166,688
Securities Lending Reinvestment Vehicle		65,601,801			—			—
Exchange Traded Funds		15,343,856			—			—
Common Stock and/or Other Equity Investments
Europe		9,781,684			—			—
North America		2,054,654			919,632			—
Rights		—			197,983			—
Warrants		—			70,030			—
Investment Company		36,147,672			—			—
Short-term Investments		—			3,765,056			—
Total	$	128,929,667		$	1,342,461,716		$	166,688
Liabilities
Fixed Income
Unfunded Loan Committment(a)	$	—		$	(5,397	)	$	—

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September 30, 2022 (Unaudited)

    3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

HIGH YIELD (continued) Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,851,526		$	—
Futures Contracts(a)		436,595			—			—
Credit Default Swap Contracts(a)		—			70,000			—
Purchased Option Contracts		—			839,326			—
Total	$	436,595		$	2,760,852		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(26,635	)	$	—
Futures Contracts(a)		(3,137,128	)		—			—
Interest Rate Swap Contracts(a)		—			(19,258	)		—
Credit Default Swap Contracts(a)		—			(1,509,088	)		—
Written Option Contracts		—			(933,191	)		—
Total	$	(3,137,128	)	$	(2,488,172	)	$	—
HIGH YIELD FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	2,969,143,621		$	86,026,574
Corporate Obligations		—			207,578,667			—
Asset-Backed Securities		—			32,527,448			—
Exchange Traded Funds		49,210,051			—			—
Securities Lending Reinvestment Vehicle		47,230,627			—			—
Common Stock and/or Other Equity Investments(b)
Europe		168,902			4,898,608			—
North America		793,777			1,614,022			1,627
Warrants		—			97,149			1,628
Short-term Investments		—			10,883,817			—
Total	$	97,403,357		$	3,226,743,332		$	86,029,829
Liabilities
Fixed Income
Unfunded Loan Committments(a)	$	—		$	(162,013	)	$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	4,863,491		$	—
Futures Contracts		7,481,532			—			—
Total	$	7,481,532		$	4,863,491		$	—

166                    

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

    3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

HIGH YIELD FLOATING RATE (continued) Derivative Type	Level 1			Level 2			Level 3
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(257,848	)	$	—
Futures Contracts		(25,197	)		—			—
Total	$	(25,197	)	$	(257,848	)	$	—
	Bank Loans			Common Stock			Warrants
Beginning Balance as of April 1, 2022	$	67,972,356		$	8,137		$	8,138
Realized gain (loss)		(821,135	)		—			—
Net change in unrealized gain (loss) relating to instruments still held at reporting date		(9,072,625	)		6,510			(6,510	)
Purchases		1,895,000			—			—
Sales		(7,100,191	)		—			—
Amortization		—			—			—
Transfers into Level 3		75,732,789			—			—
Transfers out of Level 3		(42,650,743	)		—			—
Ending Balance as of September 30, 2022	$	86,026,574		$	1,627		$	1,628
Transfers of the above instruments into or out of Level 3 can be attributable to changes in the availability of valid pricing sources or in the observability of significant inputs used to measure the fair value of those instruments.

INVESTMENT GRADE CREDIT
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	501,998,721	$	—
Sovereign Debt Obligations		—		16,400,120		—
Municipal Debt Obligations		—		4,153,576		—
Investment Company		21,050,778		—		—
Total	$	21,050,778	$	522,552,417	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—	$	154,160	$	—
Futures Contracts(a)		2,379,681		—		—
Interest Rate Swap Contracts(a)		—		178,044		—
Purchased Option Contracts		—		463,717		—
Total	$	2,379,681	$	795,921	$	—

                167

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    3.    INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INVESTMENT GRADE CREDIT (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities
Futures Contracts(a)	$	(6,436,666	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(142,343	)		—
Credit Default Swap Contracts(a)		—			(4,325,190	)		—
Written Option Contracts		—			(494,118	)		—
Total	$	(6,436,666	)	$	(4,961,651	)	$	—
LOCAL EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	45,281,770		$	—
Structured Notes		—			1,370,998			—
Corporate Obligations		—			1,107,567			—
U.S. Treasury Obligations		106,481			—			—
Investment Company		3,371,691			—			—
Total	$	3,478,172		$	47,760,335		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,886,868		$	—
Futures Contracts(a)		241,701			—			—
Interest Rate Swap Contracts(a)		—			475,254			—
Credit Default Swap Contracts(a)		—			278			—
Purchased Option Contracts		—			667,136			—
Total	$	241,701		$	3,029,536		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(2,265,198	)	$	—
Futures Contracts(a)		(160,465	)		—			—
Interest Rate Swap Contracts(a)		—			(513,101	)		—
Credit Default Swap Contracts(a)		—			(9,566	)		—
Written Option Contracts		—			(676,657	)		—
Total	$	(160,465	)	$	(3,464,522	)	$	—

168                    

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

    3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. MORTGAGES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	279,288,740		$	—
Asset-Backed Securities		—			21,320,312			—
U.S. Treasury Obligations		18,160,733			—			—
Investment Company		2,700,598			—			—
Total	$	20,861,331		$	300,609,052		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(39,331,271	)	$	—
Derivative Type
Assets
Futures Contracts(a)	$	547,524		$	—		$	—
Purchased Option Contracts		—			7			—
Total	$	547,524		$	7		$	—
Liabilities
Futures Contracts(a)	$	(2,633	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(479	)		—
Credit Default Swap Contracts(a)		—			(95,471	)		—
Written Option Contracts		—			(5	)		—
Total	$	(2,633	)	$	(95,955	)	$	—

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

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

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, 2022. 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.

                169

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    4.    INVESTMENTS IN DERIVATIVES (continued)

EMERGING MARKETS DEBT

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Variation margin on swap contracts; Receivable for unrealized gain on swap contracts	$	21,060	(a)	Variation margin on swap contracts; Payable for unrealized loss on swap contracts	$	(1,448,181	)(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value		15,648,746		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(14,203,111	)
Interest rate	Variation margin on swap contracts; Purchased options, at value		5,109,764	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value		(7,511,178	)(a)
Total		$	20,779,570			$	(23,162,470	)
HIGH YIELD
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Variation margin on swap contracts	$	70,000	(a)	Variation margin on swap contracts	$	(1,509,088	)(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		1,851,526		Payable for unrealized loss on forward foreign currency exchange contracts		(26,635	)
Interest rate	Variation margin on futures contracts		1,275,921	(a)	Variation margin on futures contracts		(4,089,577	)(a)
Total		$	3,197,447			$	(5,625,300	)
HIGH YIELD FLOATING RATE
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	4,863,491		Payable for unrealized loss on forward foreign currency contracts	$	(257,848	)
Interest rate	Variation margin on futures contracts		7,481,532	(a)	Variation margin on futures contracts		(25,197	)(a)
Total		$	12,345,023			$	(283,045	)

170                    

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

    4.    INVESTMENTS IN DERIVATIVES (continued)

INVESTMENT GRADE CREDIT

Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit		$	—		Variation margin on swap contracts	$	(4,325,190	)(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		154,160				—
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value		3,021,442	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value		(7,073,127	)(a)
Total		$	3,175,602			$	(11,398,317	)
LOCAL EMERGING MARKETS DEBT
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Variation margin on swap contracts	$	278	(a)	Variation margin on swap contracts	$	(9,566	)(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts: Purchased options, at value		2,554,004		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(2,941,855	)
Interest rate	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts		716,955	(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts; Variation margin on futures Contracts		(673,566	)(a)(b)
Total		$	3,271,237			$	(3,624,987	)
U.S. MORTGAGES
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit		$	—		Payable for unrealized loss on swap contracts	$	(95,471	)(b)
Interest rate	Variation margin on futures contracts; Purchased options, at value		544,898	(a)	Variation margin on swap contracts; Written options, at value		(484	)(a)
Total		$	544,898			$	(95,955	)

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

(b) Aggregate of amounts include $313,031, 224,413 and 95,471 for the Emerging Markets Debt, 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, 2022. 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,

                171

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    4.    INVESTMENTS IN DERIVATIVES (continued)

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)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	(2,471,936	)	$	(863,723	)
Currency	Net realized gain (loss) from purchased options, written options and forward foreign currency contracts/Net change in unrealized gain (loss) on purchased options, written options and forward foreign currency contracts.		26,980,188			(7,024,957	)
Interest rate	Net realized gain (loss) from futures contracts, written options and swap contracts /Net change in unrealized gain (loss) on futures contracts, Purchased options, written options and swap contracts		(7,028,615	)		(5,364,351	)
Total		$	17,479,637		$	(13,253,031	)
HIGH YIELD
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	(1,534,341	)	$	2,864,801
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		7,609,996			128,322
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts		(5,861,471	)		1,534,738
Total		$	214,184		$	4,527,861
HIGH YIELD FLOATING RATE
Risk	Statement 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	$	532,396		$	(158,362	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/ Net change in unrealized gain (loss) on forward foreign currency exchange contracts		13,411,578			1,507,343
Interest rate	Net realized gain (loss) from futures contracts /Net change in unrealized gain (loss) on futures contracts		17,238,019			840,277
Total		$	31,181,993		$	2,189,258

172                    

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

    4.    INVESTMENTS IN DERIVATIVES (continued)

INVESTMENT GRADE CREDIT

Risk	Statement 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	$	698,616		$	(4,397,517	)
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		611,825			14,247
Interest rate	Net realized gain (loss) from futures contracts, written options and swap contracts /Net change in unrealized gain (loss) on written futures contracts, written options and swap contracts		(12,882,466	)		(2,445,361	)
Total		$	(11,572,025	)	$	(6,828,631	)
LOCAL EMERGING MARKETS DEBT
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts	$	(3,155	)	$	(18,413	)
Currency	Net realized gain (loss) on forward foreign currency exchange contracts, purchased option and written option contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased option and written option contracts.		89,236			(877	)
Interest rate	Net realized gain (loss) on futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts		4,912			(185,448	)
Total		$	90,993		$	(204,738	)
U.S. MORTGAGES
Risk	Statement 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	$	(240,506	)	$	(101,848	)
Interest rate	Net realized gain (loss) from futures contracts, swap contracts, purchased option and written option contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased option and written option contracts		(209,984	)		590,501
Total		$	(450,490	)	$	488,653

                173

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    4.    INVESTMENTS IN DERIVATIVES (continued)

For the six months ended September 30, 2022, the relevant values for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units(a)
	Futures		Forward		Swap		Purchased		Purchased		Written		Written
	contracts		contracts		Agreements		Options		Swaptions		Options		Swaptions
Emerging Markets Debt		1,387	$	949,567,060	$	449,539,546		378,255,418	$	17,474,000		279,145,595	$	34,948,000
High Yield		1,627		57,616,836		90,050,914		—		14,595,000		1,495,000		29,190,000
High Yield Floating Rate		2,161		126,286,624		26,250,900		—		—		—		—
Investment Grade Credit		1,492		5,163,261		451,197,003		—		44,596,000		580,000		89,192,000
Local Emerging Markets Debt		87		126,751,130		57,093,303		45,516,223		—		33,729,901		—
U.S. Mortgages		157		—		17,357,959		—		20,558,571		215,000		36,358,571

(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, 2022.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

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

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

174                    

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

    4.    INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of September 30, 2022:

      Emerging Markets Debt Fund

	Derivative Assets(1)								Derivative Liabilities(1)
					Forward							Forward									Net Derivative			Collateral
	Options				Currency							Currency			Options						Asset			(Received)		Net
Counterparty	Purchased		Swaps		Contracts		Total		Swaps			Contracts			Written			Total			(Liabilities)			Pledged(1)		Amount(2)
Barclays Bank PLC	$	204,883	$	—	$	—	$	204,883	$	(313,031	)	$	—		$	(109,933	)	$	(422,964	)		$  (218,081	)		$218,081	$	—
BNP Paribas SA		154,747		—		—		154,747		—			—			(88,356	)		(88,356	)		66,391			—		66,391
BofA Securities LLC		470,631		—		—		470,631		—			—			(320,402	)		(320,402	)		150,229			—		150,229
Citibank NA		270,125		—		—		270,125		—			—			(414,341	)		(414,341	)		(144,216	)		—		(144,216	)
Credit Suisse International		43,029		—		—		43,029		—			—			(39,605	)		(39,605	)		3,424			—		3,424
Deutsche Bank AG (London)		950,352		5,457		—		955,809		—			—			(894,197	)		(894,197	)		61,612			—		61,612
HSBC Bank PLC		521,985		—		—		521,985		—			—			(682,124	)		(682,124	)		(160,139	)		—		(160,139	)
JPMorgan Securities, Inc.		588,904		—		12,192,636		12,781,540		—			(10,695,305	)		(736,568	)		(11,431,873	)		1,349,667			—		1,349,667
MS & Co. Int. PLC		528,355		—		—		528,355		—			—			(910,781	)		(910,781	)		(382,426	)		—		(382,426	)
Standard Chartered Bank		429,163		—		—		429,163		—			—			(366,260	)		(366,260	)		62,903			—		62,903
UBS AG (London)		407,931		—		—		407,931		—			—			(121,917	)		(121,917	)		286,014			—		286,014
Total	$	4,570,105	$	5,457	$	12,192,636	$	16,768,198	$	(313,031	)	$	(10,695,305	)	$	(4,684,484	)	$	(15,692,820	)		$1,075,378			$218,081	$	1,293,459

(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.

      Local Emerging Markets Debt Fund

	Derivative Assets(1)								Derivative Liabilities(1)
					Forward							Forward									Net Derivative			Collateral
	Options				Currency							Currency			Options						Asset			(Received)		Net
Counterparty	Purchased		Swaps		Contracts		Total		Swaps			Contracts			Written			Total			(Liabilities)			Pledged(1)		Amount(2)
Barclays Bank PLC	$	39,417	$	—	$	12,716	$	52,133	$	—		$	—		$	(21,103	)	$	(21,103	)		$    31,030		$	—	$	31,030
BNP Paribas SA		30,058		—		—		30,058		—			—			(17,211	)		(17,211	)		12,847			—		12,847
BofA Securities LLC		90,441		—		—		90,441		(78,207	)		—			(61,449	)		(139,656	)		(49,215	)		—		(49,215	)
Citibank NA		44,699		—		—		44,699		(119,698	)		—			(71,370	)		(191,068	)		(146,369	)		—		(146,369	)
Credit Suisse International		8,145		—		—		8,145		—			—			(7,739	)		(7,739	)		406			—		406
Deutsche Bank AG (London)		46,047		—		—		46,047		—			—			(32,336	)		(32,336	)		13,711			—		13,711
HSBC Bank PLC		101,614		—		—		101,614		—			—			(131,806	)		(131,806	)		(30,192	)		—		(30,192	)
JPMorgan Securities, Inc.		43,776		—		1,874,152		1,917,928		(8,039	)		(1,951,142	)		(63,137	)		(2,022,318	)		(104,390	)		104,390		—
MS & Co. Int. PLC		102,508		178		—		102,686		(18,469	)		(314,056	)		(176,817	)		(509,342	)		(406,656	)		290,000		(116,656	)
Standard Chartered Bank		83,080		—		—		83,080		—			—			(69,927	)		(69,927	)		13,153			—		13,153
UBS AG (London)		77,351		—		—		77,351		—			—			(23,762	)		(23,762	)		53,589			—		53,589
Total	$	667,136	$	178	$	1,886,868	$	2,554,182	$	(224,413	)	$	(2,265,198	)	$	(676,657	)	$	(3,166,268	)		$(612,086	)		$394,390	$	(217,696	)

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

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

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

     5.    AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended September 30, 2022, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate^
	First			Next			Next			Next			Over
Fund	$1 billion			$1 billion			$3 billion			$3 billion			$8 billion			Effective Rate
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			0.70			0.67**
High Yield Floating Rate		0.60			0.54			0.51			0.50			0.49			0.54			0.53
Investment Grade Credit		0.34			0.31			0.29			0.28			0.28			0.34			0.34
Local Emerging Markets Debt		0.80			0.80			0.72			0.68			0.67			0.80			0.78
U.S. Mortgages		0.34			0.31			0.29			0.28			0.28			0.34			0.33

^ The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

** 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, 2023.

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, 2022, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Emerging Markets Debt	$	35,804
High Yield		15,099
High Yield Floating Rate		168,083
Investment Grade Credit		13,751
Local Emerging Markets Debt		4,558
U.S. Mortgages		8,497

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.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

     5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 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, 2022, Goldman Sachs retained the following amounts:

	Front End Sales Charge
Fund Name	Class A
Emerging Markets Debt		$1,025
High Yield		1,549
High Yield Floating Rate		133
Investment Grade Credit		98
Local Emerging Markets Debt		5
U.S. Mortgages		55

During the six months ended September 30, 2022, Goldman Sachs did not retain any portion of Class C Shares’ CDSC.

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

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

     5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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.

Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.04% as an annual percentage rate of the average net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Debt Fund, 0.05% as an annual percentage rate of the average net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Fund and 0.03% as an annual percentage rate of the average net assets attributable to Class A, Class C and Investor Shares of the Local Emerging Markets Debt Fund. This arrangement will remain in effect through at least July 29, 2023, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are 0.024%, 0.004%, 0.104%, 0.004%, 0.074% and 0.074%, respectively. These Other Expense limitations will remain in place through at least July 29, 2023, 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, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

					Other		Total
	Management		Transfer Agency		Expense		Expense
Fund	Fee Waiver		Waivers/Credits		Reimbursements		Reductions
Emerging Markets Debt		$  35,804		$13,452		$294,264		$343,520
High Yield		260,563		31,223		333,407		625,193
High Yield Floating Rate		168,083		—		—		168,083
Investment Grade Credit		13,751		—		209,408		223,159
Local Emerging Markets Debt		4,558		2,011		279,475		286,044
U.S. Mortgages		8,497		—		115,229		123,726

G. Line of Credit Facility — As of September 30, 2022, the Funds participated in a $1,250,000,000 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, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

     5.    AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

In addition, the High Yield Floating Rate Fund also participated in a $300,000,000 committed, unsecured credit facility for the purpose of providing short-term, temporary working capital to the Fund (the “Credit Facility”). The Credit Facility is intended to enable the Fund to more efficiently manage various factors associated with the length of settlement of bank loan transactions and may also be used to satisfy redemption requests. The interest rate on borrowings is based on the federal funds rate as defined in the credit agreement and the Fund is required to pay a fee based on the amount of the commitment that has not been utilized. Under the Credit Facility, the Fund had an average outstanding balance and weighted average annual interest rate for the six months ended September 30, 2022 of $137,857,143 and 3.60%, respectively. As of September 30, 2022, there was $120,000,000 of outstanding borrowings under the Credit Facility at a weighted average annual interest rate of 4.33%.

H. Other Transactions with Affiliates — For the six months ended September 30, 2022, Goldman Sachs earned $30,606, $21,807, $1,281, and $5,934, 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, 2022, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:

			Goldman Sachs
			VIT Multi Strategic
	Goldman Sachs Balanced	Goldman Sachs	Alternative
Fund	Strategy Portfolio	Growth and Income Portfolio	Portfolio
Local Emerging Markets Debt	9%	14%	14%

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended September 30, 2022:

		Beginning							Ending
		Value as of							Value as of		Shares as of
		March 31,		Purchases		Proceeds			September 30,		September 30,		Dividend
Fund	Underlying Fund	2022		at Cost		from Sales			2022		2022		Income
Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	44,863,818	$	309,793,566	$	(316,467,014	)	$	38,190,370		38,190,370	$	302,163
High Yield	Goldman Sachs Financial Square Government Fund — Institutional Shares		2,032,935		347,400,550		(313,285,813	)		36,147,672		36,147,672		157,720
High Yield Floating Rate	Goldman Sachs Financial Square Government Fund — Institutional Shares		428,511,981		1,260,497,723		(1,689,009,704	)		—		—		896,348
Investment Grade Credit	Goldman Sachs Financial Square Government Fund — Institutional Shares		15,028,790		130,932,389		(124,910,401	)		21,050,778		21,050,778		154,985
Local Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares		7,571,306		37,896,356		(42,095,971	)		3,371,691		3,371,691		34,814
U.S. Mortgages	Goldman Sachs Financial Square Government Fund — Institutional Shares		18,003,275		73,412,909		(88,715,586	)		2,700,598		2,700,598		46,000

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (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, 2022, were as follows:

					Sales and		Sales and
	Purchases of		Purchases (Excluding		Maturities of		Maturities of (Excluding
	U.S. Government and		U.S. Government and		U.S. Government and		U.S. Government and
Fund	Agency Obligations		Agency Obligations)		Agency Obligations		Agency Obligations)
Emerging Markets Debt	$	—	$	76,985,264	$	—	$	301,521,789
High Yield		—		267,254,844		—		488,083,417
High Yield Floating Rate		—		651,842,338		—		1,544,635,490
Investment Grade Credit		—		165,258,258		705,138		197,056,735
Local Emerging Markets Debt		13,874,794		28,147,536		13,756,966		15,655,798
U.S. Mortgages		2,149,832,230		1,720,512		2,151,034,750		5,674,094

     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

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

     7.    SECURITIES LENDING (continued)

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, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the High Yield and High Yield Floating Rate Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended September 30, 2022, are reported under Investment Income on the Statements of Operations.

	For the Fiscal Year Ended September 30, 2022			Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of September 30, 2022
	Earnings of GSAL	Amounts Received
	Relating to	by the Funds
	Securities	from Lending to
Fund	Loaned	Goldman Sachs
High Yield	$42,957		$288,356		$18,531,856
High Yield Floating Rate	60,330		—		2,345,747

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended September 30, 2022.

	Beginning							Ending
	Value as of		Purchases		Proceeds			Value as of		Shares as of
Fund	September 30, 2022		at cost		from Sales			September 30, 2022		September 30, 2022
High Yield	$	55,872,185		$177,422,533		$(167,692,917	)		$65,601,801		65,601,801
High Yield Floating Rate		101,645,980		389,144,148		(443,559,501	)		47,230,627		47,230,627

     8.    TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2022, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Emerging						High Yield			Investment			Local Emerging			U.S.
	Markets Debt			High Yield			Floating Rate			Grade Credit			Markets Debt			Mortgages
Capital loss carryforwards:
Perpetual Short-Term	$	(30,951,626	)	$	(144,064,022	)	$	(122,946,076	)	$	—		$	(106,165,077	)	$	(4,615,804)
Perpetual Long-Term		(90,801,842	)		(323,719,033	)		(264,794,225	)		—			(42,896,309	)		(6,986,423)
Total capital loss carryforwards		(121,753,468	)		(467,783,055	)		(387,740,301	)		—			(149,061,386	)		(11,602,227)
Timing differences (Post October Capital Loss Deferral/Qualified Late Year Ordinary Loss Deferral/Dividends Payable/Straddle Loss Deferral/Defaulted Bonds)	$	(26,370,023	)	$	(5,313,873	)	$	(2,434	)	$	(6,708,569	)	$	(7,945,917	)	$	(4,870,397)

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

     8.    TAX INFORMATION (continued)

As of September 30, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Emerging						High Yield			Investment			Local Emerging			U.S.
	Markets Debt			High Yield			Floating Rate			Grade Credit			Markets Debt			Mortgages
Tax Cost	$	843,941,848		$	1,750,723,180		$	3,759,222,134		$	627,610,766		$	65,251,486		$	346,332,702
Gross unrealized gain		408,386			11,448,158			1,898,895			272,496			18,921			920,126
Gross unrealized loss		(305,314,330	)		(290,613,267	)		(350,944,511	)		(84,280,067	)		(14,031,900	)		(25,782,445)
Net unrealized loss	$	(304,905,944	)	$	(279,165,109	)	$	(349,045,616	)	$	(84,007,571	)	$	(14,012,979	)		$(24,862,319)

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 foreign currency contracts, differences to the tax treatment of partnership investments, swap transactions, market discount accretion and premium amortization and material modification of debt securities.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

     9.    OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (together, referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, 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. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, 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. The use of derivatives is also subject to operational and legal risks. Operational risks refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks refer to the risks of loss resulting from insufficient documentation, or legality or enforceability of a contract. 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. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. 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.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 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.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

     9.    OTHER RISKS (continued)

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 sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which 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.

Foreign Custody Risk — If the Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. 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. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

                183

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

     9.    OTHER RISKS (continued)

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. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations 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 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.

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

184                    

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

     9.    OTHER RISKS (continued)

after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund’s redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

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

Market and Credit Risks — In the normal course of business, 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 — Local Emerging Markets Debt Fund is non-diversified, meaning that the permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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

     10.    INDEMNIFICATIONS

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

     11.    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.

                185

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    12.    SUMMARY OF SHARE TRANSACTIONS

    Share activity is as follows:

	Emerging Markets Debt Fund
	For the Six Months Ended
	September 30, 2022						For the Fiscal Year Ended
	(Unaudited)						March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		475,286		$	4,526,156			1,651,254		$	19,893,605
Reinvestment of distributions		43,043			403,514			99,988			1,193,376
Shares redeemed		(661,874	)		(6,336,869	)		(2,558,281	)		(30,398,592	)
		(143,545	)		(1,407,199	)		(807,039	)		(9,311,611	)
Class C Shares
Shares sold		11,997			119,468			161,201			1,950,029
Reinvestment of distributions		13,239			124,293			24,916			295,537
Shares redeemed		(170,974	)		(1,638,529	)		(277,532	)		(3,336,521	)
		(145,738	)		(1,394,768	)		(91,415	)		(1,090,955	)
Institutional Shares
Shares sold		9,478,557			91,979,209			23,850,243			283,181,383
Reinvestment of distributions		1,346,185			12,689,339			2,919,721			34,700,841
Shares redeemed		(31,897,882	)		(305,371,457	)		(35,016,080	)		(410,302,231	)
		(21,073,140	)		(200,702,909	)		(8,246,116	)		(92,420,007	)
Investor Shares
Shares sold		527,682			5,036,571			1,131,708			13,662,197
Reinvestment of distributions		88,802			834,153			193,299			2,310,190
Shares redeemed		(1,157,033	)		(10,814,244	)		(3,984,952	)		(47,969,913	)
		(540,549	)		(4,943,520	)		(2,659,945	)		(31,997,526	)
Class R6 Shares
Shares sold		5,091,545			51,513,482			3,287,950			38,695,520
Reinvestment of distributions		370,697			3,514,995			729,534			8,679,506
Shares redeemed		(12,589,264	)		(115,040,001	)		(4,710,424	)		(56,036,960	)
		(7,127,022	)		(60,011,524	)		(692,940	)		(8,661,934	)
Class P Shares
Shares sold		523			5,061			1,766,070			20,648,776
Reinvestment of distributions		83,875			786,410			118,683			1,404,290
Shares redeemed		(111,220	)		(1,060,473	)		(1,493,307	)		(17,947,054	)
		(26,822	)		(269,002	)		391,446			4,106,012
NET DECREASE		(29,056,816	)	$	(268,728,922	)		(12,106,009	)	$	(139,376,021	)

186                    

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

    12.    SUMMARY OF SHARE TRANSACTIONS (continued)

	High Yield Fund
	For the Six Months Ended
	September 30, 2022						For the Fiscal Year Ended
	(Unaudited)						March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		514,432		$	2,866,258			1,796,717		$	11,445,108
Reinvestment of distributions		463,936			2,536,809			813,245			5,166,365
Shares redeemed		(1,627,674	)		(9,028,635	)		(3,866,714	)		(24,540,875	)
		(649,306	)		(3,625,568	)		(1,256,752	)		(7,929,402	)
Class C Shares
Shares sold		71,980			397,433			167,589			1,071,563
Reinvestment of distributions		19,415			106,342			36,859			234,409
Shares redeemed		(252,389	)		(1,385,168	)		(279,387	)		(1,776,707	)
		(160,994	)		(881,393	)		(74,939	)		(470,735	)
Institutional Shares
Shares sold		10,917,173			60,330,676			29,268,957			187,740,742
Reinvestment of distributions		1,112,364			6,099,922			2,227,610			14,211,416
Shares redeemed		(17,385,892	)		(95,623,034	)		(33,835,560	)		(213,248,026	)
		(5,356,355	)		(29,192,436	)		(2,338,993	)		(11,295,868	)
Service Shares
Shares sold		66,897			378,047			369,370			2,345,129
Reinvestment of distributions		25,062			137,276			47,272			299,816
Shares redeemed		(374,988	)		(2,037,590	)		(576,592	)		(3,649,091	)
		(283,029	)		(1,522,267	)		(159,950	)		(1,004,146	)
Investor Shares
Shares sold		343,717			1,881,564			843,426			5,409,308
Reinvestment of distributions		75,961			416,046			115,667			734,665
Shares redeemed		(478,510	)		(2,640,992	)		(490,466	)		(3,121,311	)
		(58,832	)		(343,382	)		468,627			3,022,662
Class R6 Shares
Shares sold		2,261,023			12,666,588			5,603,091			34,444,501
Reinvestment of distributions		184,769			1,029,463			349,648			2,221,190
Shares redeemed		(9,672,498	)		(53,285,073	)		(821,858	)		(5,257,963	)
		(7,226,706	)		(39,589,022	)		5,130,881			31,407,728
Class R Shares
Shares sold		97,359			554,741			85,724			545,230
Reinvestment of distributions		20,358			111,092			38,645			245,479
Shares redeemed		(76,939	)		(431,159	)		(319,272	)		(2,001,652	)
		40,778			234,674			(194,903	)		(1,210,943	)
Class P Shares
Shares sold		21,778,162			118,963,865			46,286,395			296,520,199
Reinvestment of distributions		6,302,254			34,550,119			11,908,184			75,835,252
Shares redeemed		(46,814,284	)		(261,108,194	)		(68,484,485	)		(432,676,115	)
		(18,733,868	)		(107,594,210	)		(10,289,906	)		(60,320,664	)
NET DECREASE		(32,428,312	)	$	(182,513,604	)		(8,715,935	)	$	(47,801,368	)

                187

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    12.    SUMMARY OF SHARE TRANSACTIONS (continued)

	High Yield Floating Rate Fund
	For the Six Months Ended
	September 30, 2022						For the Fiscal Year Ended
	(Unaudited)						March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		146,476		$	1,346,624			256,161		$	2,398,054
Reinvestment of distributions		10,333			91,292			13,021			121,657
Shares redeemed		(114,572	)		(1,008,372	)		(259,638	)		(2,428,722	)
		42,237			429,544			9,544			90,989
Class C Shares
Shares sold		36,406			329,774			105,808			989,900
Reinvestment of distributions		2,711			23,952			2,176			20,294
Shares redeemed		(65,886	)		(586,488	)		(42,200	)		(392,212	)
		(26,769	)		(232,762	)		65,784			617,982
Institutional Shares
Shares sold		31,075,242			281,394,205			15,143,635			141,976,325
Reinvestment of distributions		312,437			2,777,100			339,591			3,169,939
Shares redeemed		(30,220,320	)		(271,399,506	)		(15,734,986	)		(145,099,114	)
		1,167,359			12,771,799			(251,760	)		47,150
Investor Shares
Shares sold		275,820			2,458,775			516,591			4,836,555
Reinvestment of distributions		15,152			134,348			19,968			186,915
Shares redeemed		(411,837	)		(3,653,700	)		(264,314	)		(2,473,391	)
		(120,865	)		(1,060,577	)		272,245			2,550,079
Class R6 Shares
Shares sold		2,185,437			19,081,792			22,747,368			213,510,827
Reinvestment of distributions		641,491			5,704,601			728,261			6,796,562
Shares redeemed		(39,320,292	)		(348,353,844	)		(338,760	)		(3,171,275	)
		(36,493,364	)		(323,567,451	)		23,136,869			217,136,114
Class R Shares
Shares sold		—			—			6,175			57,796
Reinvestment of distributions		165			1,460			72			666
Shares redeemed		(150	)		(1,303	)		(305	)		(2,792	)
		15			157			5,942			55,670
Class P Shares
Shares sold		71,089,964			640,962,891			321,873,810			3,012,955,825
Reinvestment of distributions		11,443,334			101,341,501			10,190,386			95,261,544
Shares redeemed		(152,569,939	)		(1,356,282,980	)		(51,636,494	)		(482,115,355	)
		(70,036,641	)		(613,978,588	)		280,427,702			2,626,102,014
NET INCREASE (DECREASE)		(105,468,028	)	$	(925,637,878	)		303,666,326		$	2,846,599,998

188                    

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

    12.    SUMMARY OF SHARE TRANSACTIONS (continued)

	Investment Grade Credit Fund
	For the Six Months Ended
	September 30, 2022						For the Fiscal Year Ended
	(Unaudited)						March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		22,803		$	184,278			216,073		$	2,080,817
Reinvestment of distributions		14,513			116,290			49,014			469,490
Shares redeemed		(227,913	)		(1,825,467	)		(293,007	)		(2,778,940	)
		(190,597	)		(1,524,899	)		(27,920	)		(228,633	)
Institutional Shares
Shares sold		663,174			5,315,952			6,576,044			62,337,670
Reinvestment of distributions		130,701			1,046,391			540,430			5,191,271
Shares redeemed		(1,315,614	)		(10,648,596	)		(12,354,045	)		(114,765,717	)
		(521,739	)		(4,286,253	)		(5,237,571	)		(47,236,776	)
Separate Account Institutional Shares
Shares sold		606,007			5,000,980			1,361,135			13,191,041
Reinvestment of distributions		224,156			1,797,123			790,393			7,584,981
Shares redeemed		(2,044,793	)		(16,820,546	)		(6,471,194	)		(62,000,337	)
		(1,214,630	)		(10,022,443	)		(4,319,666	)		(41,224,315	)
Investor Shares
Shares sold		518,667			4,305,977			111,353			1,073,588
Reinvestment of distributions		12,479			99,556			23,264			223,093
Shares redeemed		(184,770	)		(1,580,210	)		(258,222	)		(2,487,686	)
		346,376			2,825,323			(123,605	)		(1,191,005	)
Class R6 Shares
Shares sold		1,547,546			12,584,423			35,677,287			332,184,130
Reinvestment of distributions		669,531			5,356,054			843,106			8,022,736
Shares redeemed		(905,893	)		(7,239,374	)		(109,058	)		(1,027,817	)
		1,311,184			10,701,103			36,411,335			339,179,049
Class P Shares
Shares sold		1,031,751			8,488,246			6,847,520			65,606,206
Reinvestment of distributions		329,656			2,639,900			907,907			8,685,755
Shares redeemed		(4,533,593	)		(36,578,446	)		(3,884,464	)		(37,178,730	)
		(3,172,186	)		(25,450,300	)		3,870,963			37,113,231
NET INCREASE (DECREASE)		(3,441,592	)	$	(27,757,469	)		30,573,536		$	286,411,551

                189

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2022 (Unaudited)

    12.    SUMMARY OF SHARE TRANSACTIONS (continued)

	Local Emerging Markets Debt Fund
	For the Six Months Ended
	September 30, 2022						For the Fiscal Year Ended
	(Unaudited)						March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		26,052		$	120,649			76,926		$	428,510
Reinvestment of distributions		17,862			81,881			30,120			164,239
Shares redeemed		(74,598	)		(350,206	)		(201,040	)		(1,106,500	)
		(30,684	)		(147,676	)		(93,994	)		(513,751	)
Class C Shares
Shares sold		38,168			176,548			54,241			295,640
Reinvestment of distributions		7,719			35,292			10,668			58,015
Shares redeemed		(28,261	)		(131,836	)		(58,725	)		(326,602	)
		17,626			80,004			6,184			27,053
Institutional Shares
Shares sold		20,654			95,271			1,475,948			7,877,062
Reinvestment of distributions		38,764			178,100			74,759			406,320
Shares redeemed		(914,722	)		(4,343,814	)		(1,235,245	)		(6,739,185	)
		(855,304	)		(4,070,443	)		315,462			1,544,197
Investor Shares
Shares sold		333,418			1,597,072			1,190,902			5,877,892
Reinvestment of distributions		44,340			202,985			32,490			176,538
Shares redeemed		(406,361	)		(1,830,472	)		(409,819	)		(2,216,502	)
		(28,603	)		(30,415	)		813,573			3,837,928
Class R6 Shares
Shares sold		5,097,192			23,600,000			845,070			4,800,000
Reinvestment of distributions		42,551			187,116			162,342			895,067
Shares redeemed		(761,980	)		(3,590,986	)		(4,541,560	)		(24,075,100	)
		4,377,763			20,196,130			(3,534,148	)		(18,380,033	)
Class P Shares
Shares sold		3,313			15,077			263,584			1,418,604
Reinvestment of distributions		103,351			472,751			188,358			1,027,257
Shares redeemed		(635,507	)		(2,897,735	)		(1,532,474	)		(8,410,316	)
		(528,843	)		(2,409,907	)		(1,080,532	)		(5,964,455	)
NET INCREASE (DECREASE)		2,951,955		$	13,617,693			(3,573,455	)	$	(19,449,061	)

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

    12.    SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Mortgages Fund
	For the Six Months Ended
	September 30, 2022						For the Fiscal Year Ended
	(Unaudited)						March 31, 2022
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		298,314		$	2,815,731			581,574		$	6,071,957
Reinvestment of distributions		24,491			229,041			25,281			263,451
Shares redeemed		(940,820	)		(8,821,295	)		(1,148,320	)		(12,051,981	)
		(618,015	)		(5,776,523	)		(541,465	)		(5,716,573	)
Institutional Shares
Shares sold		1,318,193			12,577,847			5,043,466			53,413,029
Reinvestment of distributions		72,981			683,858			122,341			1,281,622
Shares redeemed		(2,112,047	)		(19,955,722	)		(6,916,518	)		(72,051,093	)
		(720,873	)		(6,694,017	)		(1,750,711	)		(17,356,442	)
Separate Account Institutional Shares
Shares sold		626,617			5,960,454			1,492,519			15,750,913
Reinvestment of distributions		133,737			1,249,357			174,204			1,817,327
Shares redeemed		(1,617,616	)		(15,395,537	)		(4,301,458	)		(44,954,462	)
		(857,262	)		(8,185,726	)		(2,634,735	)		(27,386,222	)
Investor Shares
Shares sold		244,162			2,267,582			2,003,381			21,073,024
Reinvestment of distributions		34,796			325,843			56,634			593,146
Shares redeemed		(659,260	)		(6,285,535	)		(4,346,396	)		(45,566,014	)
		(380,302	)		(3,692,110	)		(2,286,381	)		(23,899,844	)
Class R6 Shares
Shares sold		207,649			1,964,823			1,584,436			16,583,829
Reinvestment of distributions		25,371			237,385			16,135			167,150
Shares redeemed		(190,151	)		(1,791,190	)		(424,758	)		(4,430,090	)
		42,869			411,018			1,175,813			12,320,889
Class P Shares
Shares sold		2,167			20,000			42,373			450,000
Reinvestment of distributions		5,811			54,362			10,174			106,739
Shares redeemed		(6,822	)		(64,657	)		(770,659	)		(8,111,551	)
		1,156			9,705			(718,112	)		(7,554,812	)
NET DECREASE		(2,532,427	)	$	(23,927,653	)		(6,755,591	)	$	(69,593,004	)

                191

    GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2022 (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 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, Class R6, Class R or Class P Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 01, 2022 through September 30, 2022, 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.

	Emerging Markets Debt Fund							High Yield Fund							High Yield Floating Rate Fund
	Beginning		Ending			Expenses		Beginning		Ending			Expenses		Beginning		Ending			Expenses
	Account		Account			Paid for the		Account		Account			Paid for the		Account		Account			Paid for the
	Value		Value			6 months ended		Value		Value			6 months ended		Value		Value			6 months ended
Share Class	4/1/22		9/30/22			9/30/22*		4/1/22		9/30/22			9/30/22*		4/1/22		9/30/22			9/30/22*
Class A
Actual		$1,000.00		$  821.90			$5.27		$1,000.00		$  881.90			$4.68		$1,000.00		$  958.50			$4.85
Hypothetical 5% return		1,000.00		1,019.30	+		5.84		1,000.00		1,020.10	+		5.02		1,000.00		1,020.10	+		5.01
Class C
Actual		1,000.00		818.60			8.68		1,000.00		878.80			8.20		1,000.00		954.90			8.50
Hypothetical 5% return		1,000.00		1,015.50	+		9.62		1,000.00		1,016.30	+		8.80		1,000.00		1,016.40	+		8.77
Institutional
Actual		1,000.00		823.30			3.95		1,000.00		881.90			3.36		1,000.00		959.00			3.19
Hypothetical 5% return		1,000.00		1,020.70	+		4.38		1,000.00		1,021.50	+		3.61		1,000.00		1,021.80	+		3.29
Service
Actual		—		—			—		1,000.00		880.90			5.71		—		—			—
Hypothetical 5% return		—		—+			—		1,000.00		1,025.10	+		6.13		—		—	+		—
Investor
Actual		1,000.00		823.20			4.13		1,000.00		883.30			3.50		1,000.00		959.80			3.61
Hypothetical 5% return		1,000.00		1,020.50	+		4.58		1,000.00		1,021.30	+		3.76		1,000.00		1,021.40	+		3.72
Class R6
Actual		1,000.00		823.40			3.91		1,000.00		882.20			3.31		1,000.00		960.20			3.06
Hypothetical 5% return		1,000.00		1,020.80	+		4.33		1,000.00		1,021.50	+		3.56		1,000.00		1,021.90	+		3.15
Class R
Actual		—		—			—		1,000.00		880.80			5.85		1,000.00		956.20			6.09
Hypothetical 5% return		—		—+			—		1,000.00		1,018.80	+		6.28		1,000.00		1,018.80	+		6.29
Class P
Actual		1,000.00		823.20			3.90		1,000.00		882.00			3.31		1,000.00		959.20			3.19
Hypothetical 5% return		1,000.00		1,020.80	+		4.33		1,000.00		1,021.50	+		3.56		1,000.00		1,021.80	+		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, 2022. 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		1.15	%		1.90	%		0.86	%		—	%		0.90	%		0.86	%		—	%		0.85	%
High Yield		0.99			1.74			0.71			1.21			0.74			0.70			1.24			0.70
High Yield Floating Rate		0.99			1.73			0.65			—			0.73			0.62			1.24			0.65

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

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    GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2022 (Unaudited) (continued)

	Investment Grade Credit Fund							Local Emerging Markets Debt Fund							U.S. Mortgages Fund
	Beginning		Ending			Expenses		Beginning		Ending			Expenses		Beginning		Ending			Expenses
	Account		Account			Paid for the		Account		Account			Paid for the		Account		Account			Paid for the
	Value		Value			6 months ended		Value		Value			6 months ended		Value		Value			6 months ended
Share Class	4/1/22		9/30/22			9/30/22*		4/1/22		9/30/22			9/30/22*		4/1/22		9/30/22			9/30/22*
Class A
Actual		$1,000.00		$ 871.10			$3.33		$1,000.00		$ 877.10			$5.73		$1,000.00		$ 900.50			$3.70
Hypothetical 5% return		1,000.00		1,021.50	+		3.60		1,000.00		1,019.00	+		6.16		1,000.00		1,021.20	+		3.94
Class C
Actual		—		—			—		1,000.00		873.50			9.24		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,015.20	+		9.93		—		—	+		—
Institutional
Actual		1,000.00		871.50			1.78		1,000.00		877.80			4.32		1,000.00		902.30			2.13
Hypothetical 5% return		1,000.00		1,023.20	+		1.93		1,000.00		1,020.50	+		4.65		1,000.00		1,022.80	+		2.27
Separate Account Institutional
Actual		1,000.00		872.70			1.74		—		—			—		1,000.00		902.10			2.08
Hypothetical 5% return		1,000.00		1,023.20	+		1.88		—		—	+		—		1,000.00		1,022.90	+		2.22
Investor
Actual		1,000.00		871.20			2.16		1,000.00		877.90			4.55		1,000.00		901.90			2.51
Hypothetical 5% return		1,000.00		1,022.80	+		2.33		1,000.00		1,020.20	+		4.90		1,000.00		1,022.40	+		2.67
Class R6
Actual		1,000.00		871.60			1.73		1,000.00		877.90			4.19		1,000.00		902.30			2.08
Hypothetical 5% return		1,000.00		1,023.20	+		1.87		1,000.00		1,020.60	+		4.50		1,000.00		1,022.90	+		2.22
Class P
Actual		1,000.00		872.60			1.74		1,000.00		879.90			4.28		1,000.00		901.30			2.08
Hypothetical 5% return		1,000.00		1,023.20	+		1.88		1,000.00		1,020.50	+		4.60		1,000.00		1,022.90	+		2.22

  * 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, 2022. 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		1.22			1.97			0.92			—			0.97			0.89			0.91
U.S. Mortgages		0.78			—			0.45			0.44			0.53			0.44			0.44

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

193

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (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, 2023 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 14-15, 2022 (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;

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

194                    

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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, 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 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 developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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 usingrankings and ratings compiled by the Outside Data Provider as of December 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2022. 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

                195

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the 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, 2022. They considered that the High Yield Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the ten-year period, in the third quartile for the three- and five-year periods, 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, 2022. The Trustees noted that the High Yield Floating Rate 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 underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2022. They observed that the Investment Grade Credit Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2022. The Trustees considered 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‑, three-, and five-year periods and in the third quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended March 31, 2022. They observed that the U.S. Mortgages 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 three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2022. The Trustees noted that the U.S. Mortgages Fund had experienced certain portfolio management changes in early 2022.

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. 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 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

196                    

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME 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 2021 and 2020, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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

Average Daily	Emerging Markets			High Yield			High Yield			Investment			Local Emerging			U.S. Mortgages
Net Assets	Debt Fund			Fund			Floating Rate Fund			Grade Credit Fund			Markets Debt Fund			Fund
First $1 billion		—			—			0.60	%		0.34	%		—			0.34	%
Next $1 billion		—			—			0.54			0.31			—			0.31
First $2 billion		0.80	%		0.70	%		—			—			0.80	%		—
Next $3 billion		0.72			0.63			0.51			0.29			0.72			0.29
Next $3 billion		0.68			0.60			0.50			0.28			0.68			0.28
Over $8 billion		0.67			0.59			0.49			0.28			0.67			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 waive a portion of its management fee for the High Yield Fund and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the 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 Floating Rate Fund, which 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 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.

                197

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME 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; (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, 2023.

198                    

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachsis 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 $2.19 trillion in assets under supervision as of September 30, 2022, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ 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

∎ Large Cap Core Fund⁴

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund⁵

∎ 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

∎ Defensive Equity Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

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

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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

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

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

⁴  Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁵  Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth 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 OFFICERS Jessica Palmer, Chair James A. McNamara, President Dwight L. Bush Joseph F. DiMaria, Principal Financial Officer, Principal Kathryn A. Cassidy Accounting Officer and Treasurer John G.Chou Caroline L. Kraus, Secretary Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Gregory G. Weaver Paul C. Wirth GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent 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, 2022 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. © 2022 Goldman Sachs. All rights reserved. 298274-OTU-1702381 SSFISAR-22

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 26, 2022.
(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 2, 2022

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 2, 2022
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	December 2, 2022

EX-99.CERT

CERTIFICATIONS

(Section 302)

I, James A. McNamara, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: December 2, 2022

/s/ James A. McNamara

James A. McNamara

President/Chief Executive Officer

CERTIFICATIONS

(Section 302)

I, Joseph F. DiMaria, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: December 2, 2022

/s/ Joseph F. DiMaria

Joseph F. DiMaria

Principal Financial Officer

EX-99.906 CERT

EX-99.906CERT

Certification Under Section 906

of the Sarbanes-Oxley Act of 2002

James A. McNamara, President/Chief Executive Officer, and Joseph F. DiMaria, Principal Financial Officer of the Goldman Sachs Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended September 30, 2022 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President/Chief Executive Officer	Principal Financial Officer
Goldman Sachs Trust	Goldman Sachs Trust
/s/ James A. McNamara	/s/ Joseph F. DiMaria
James A. McNamara	Joseph F. DiMaria
December 2, 2022	December 2, 2022

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.