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Shares		Description	Value

	Common Stocks – 92.7%
	Gathering + Processing – 29.5%
	116,525	Antero Midstream Corp.	$ 828,493
	17,402	Crestwood Equity Partners LP	636,217
	23,408	DCP Midstream LP	570,219
	32,993	EnLink Midstream LLC	261,964
	64,588	MPLX LP	1,802,651
	63,089	ONEOK, Inc.	4,496,984
	103,676	Targa Resources Corp.	3,744,777
	187,041	The Williams Cos., Inc.	4,414,168
	31,311	Western Midstream Partners LP	721,405

			17,476,878

	Marketing \| Wholesale – 1.0%
	30,164	Global Partners LP	567,687

	*Other \| Liquefaction – 7.7%**
	72,612	Cheniere Energy, Inc.	4,335,662
	30,784	Tellurian, Inc.	201,020

			4,536,682

	Pipeline Transportation \| Natural Gas – 32.0%
	170,300	Energy Transfer LP	2,317,783
	128,230	Enterprise Products Partners LP	3,655,837
	18,298	EQM Midstream Partners LP	553,881
	31,685	Equitrans Midstream Corp.	427,431
	117,543	Inter Pipeline Ltd.	2,143,566
	65,484	Keyera Corp.	1,580,292
	186,890	Kinder Morgan, Inc.	3,788,260
	86,862	TC Energy Corp.	4,450,748

			18,917,798

	Pipeline Transportation \| Petroleum – 19.3%
	84,724	Enbridge, Inc.	2,833,679
	26,277	Magellan Midstream Partners LP	1,752,150
	21,928	PBF Logistics LP	456,102
	77,049	Pembina Pipeline Corp.	2,820,616
	127,892	Plains GP Holdings LP Class A*	2,803,393
	26,975	SemGroup Corp. Class A	238,459
	27,271	Tallgrass Energy LP	533,966

			11,438,365

	Production + Mining \| Coal – 0.9%
	32,914	Alliance Resource Partners LP	509,180

	Regasification – 0.4%
	21,949	Golar LNG Ltd.	257,023

	Services \| Midstream – 1.0%
	36,676	USA Compression Partners LP	621,658

	Services \| Upstream – 0.9%
	52,027	Archrock, Inc.	505,182

	TOTAL COMMON STOCKS (Cost $51,460,141)		$54,830,453



Shares	Description	Value

Exchange Traded Fund – 1.5%
96,880	Alerian MLP ETF (Cost $959,289)	$ 880,639


Shares	Dividend Rate	Value

Investment Companies – 3.9%

ClearBridge Energy Midstream Opportunity Fund, Inc.
45,716	10.888%	$ 386,300

ClearBridge MLP & Midstream Fund, Inc.
35,140	10.737	386,189

ClearBridge MLP & Midstream Total Return Fund, Inc.
45,126	10.173	390,340

Kayne Anderson MLP/Midstream Investment Co.
27,818	10.198	392,790

Neuberger Berman MLP & Energy Income Fund, Inc.
57,053	9.579	393,095

Tortoise Energy Infrastructure Corp.
18,461	12.849	376,420

TOTAL INVESTMENT COMPANIES (Cost $2,234,612 )		$ 2,325,134

TOTAL INVESTMENTS – 98.1 % (Cost $54,654,042)		$58,036,226

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%		1,130,798

NET ASSETS – 100.0%		$59,167,024



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.



Investment Abbreviations:
ETF		— Exchange Traded Fund
GP		— General Partnership
LLC		— Limited Liability Company
LP		— Limited Partnership


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

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

Investments and Fair Value Measurements — U.S. GAAP defines the fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s portfolio 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.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of August 31, 2019:

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

Geographic and Sector Risk — The Fund focuses its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

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

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

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

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


MLP & ENERGY

Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	54,830,453	$	—	$	—
Exchange Traded Fund		880,639		—		—
Investment Companies		2,325,134		—		—

Total	$	58,036,226	$	—	$	—