Goldman Sachs Trust

N-CSR 1 d878355dncsr.htm GOLDMAN SACHS TRUST Goldman Sachs Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


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

(Name and address of agents for service)

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2020

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

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Annual Report				March 31, 2020

				Long Short Credit Strategies Fund

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

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

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

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Goldman Sachs Long Short Credit Strategies Fund


TABLE OF CONTENTS

Portfolio Management Discussion and Analysis			1

Fund Basics			5

Schedule of Investments			9

Financial Statements			16

Financial Highlights			19

Notes to Financial Statements			26

Report of Independent Registered Public Accounting Firm			39

Other Information			42



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

Goldman Sachs Long Short Credit Strategies Fund

Recent Market Events related to COVID-19

While this annual report covers the twelve month period ended March 31, 2020, we want to describe some more recent events through the end of May.

An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.

PORTFOLIO RESULTS

Goldman Sachs Long Short Credit Strategies Fund

Investment Objective

The Fund seeks an absolute return comprised of income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Opportunistic Corporate Credit Portfolio Management Team discusses the Goldman Sachs Long Short Credit Strategies Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

Because the composition of the Index (e.g. short-term cash securities) is not comparable to the range of instruments in which the Fund may transact (e.g., various credit-related instruments), references to the Index are for informational purposes only and not an indication of how the Fund is managed.

What economic and market factors most influenced the corporate credit markets as a whole during the Reporting Period?

As the Reporting Period began with the second quarter of 2019, U.S. credit markets, specifically U.S. high yield corporate credit, as measured by the Bloomberg Barclays U.S. Corporate High Yield Index, delivered a positive total return amid a strong start and end to the quarter. A better than consensus expected earnings season, tepid domestic inflation, an accommodative Federal Reserve (“Fed”) and anticipation of a lengthier credit cycle buoyed sentiment for high yield assets during the quarter. Spreads, or yield differentials to duration-equivalent U.S. Treasuries, tightened during the quarter. CCC-rated bonds underperformed B-rated and BB-rated bonds, even in a quarter when equities rallied. Gross issuance volume totaled $74.7 billion, the highest quarterly total on record since the third quarter of 2017 and could be compared with $65.4 billion of issuance during the prior quarter. High yield mutual funds reported inflows in five of the first six months of calendar year 2019, but the quarterly number reflected an outflow of $600 million attributable primarily to May 2019.

U.S. high yield corporate credit generated positive, albeit more modest, returns in the third quarter of 2019. Ongoing trade uncertainty and broader market volatility challenged risk asset performance during the quarter. However, ongoing accommodation from central banks globally provided some cushion. Spreads widened during the third calendar quarter. CCC-rated bonds underperformed B-rated and BB-rated bonds, again in a quarter when equities rallied. Gross issuance volume in the third quarter of 2019 totaled $67.7 billion. High yield mutual funds reported a $2.8 billion inflow.

U.S. high yield corporate credit posted its third best quarterly return during the past three years in the fourth quarter of 2019. Accommodative central bank policy, improved investor sentiment toward risk assets, and a “Phase One” U.S.-China trade deal bolstered performance of high yield assets. Spreads tightened during the fourth calendar quarter. In a reversal from the prior two quarters, CCC-rated bonds outperformed B-rated and BB-rated bonds. Gross new issuance amounted to $78.4 billion, representing the highest quarterly issuance in 2019. High yield mutual funds reported $3.6 billion of inflows.

U.S. high yield corporate credit then experienced a sharp sell-off during the first quarter of 2020, with the Bloomberg Barclays U.S. Corporate High Yield Index posting a -12.68% quarterly return. This marked the weakest quarterly return since the fourth quarter of 2008 when the economy was grappling with the global financial crisis. Perceptions of slowing global economic growth alongside sharp equity and oil price declines — as well as outflows from the sector due to the twin oil-coronavirus shock — contributed to underperformance. Additionally, stressed liquidity conditions and increasing

PORTFOLIO RESULTS

concerns around what are known as fallen angels, or bonds moving from investment grade into high yield, also hurt risk sentiment. Spreads widened significantly. Lower oil prices especially weighed on energy-related issuers within the sector, many of which are CCC-rated. As a result, CCC-rated bonds substantially underperformed returns delivered by BB-rated and B-rated bonds. All of the 21 industries within the Bloomberg Barclays U.S. Corporate High Yield Index posted negative returns in the month of March 2020. Gross new issuance amounted to $72.7 billion in the first quarter of 2020, up 11% on a year over year basis, with 74% of the volume used for refinancing purposes. High yield mutual funds reported $16.7 billion of outflows for the quarter.

What key factors were responsible for the Fund’s performance during the Reporting Period?

As a part of our investment philosophy, we apply a value-oriented approach to credit market investing, with a focus on capital preservation via high conviction ideas. Consistent with the cornerstone of our fundamentally-based investment process focused on bottom-up security selection, the Fund’s performance during the Reporting Period was attributable to individual security selection.

We maintained our focus on corporate fundamentals and earnings during the Reporting Period. While the Fund posted negative absolute returns, it notably outperformed the -6.94% return of the Bloomberg Barclays U.S. Corporate High Yield Index during the Reporting Period. The Fund’s long position in the communications and consumer noncyclical sectors contributed positively to performance. Having a position in cash during a Reporting Period when the U.S. corporate high yield market sold off also helped as did the Fund’s tactical short position in a high yield credit default swap index, a position taken in an effort to mitigate risk and serve as a portfolio market hedge. The largest individual contributors during the Reporting Period included long positions in Sprint, Adient Global Holdings and Rite Aid.

Conversely, these gains were offset by long positioning in energy, capital goods and consumer cyclical credits, which detracted. The largest individual detractors during the Reporting Period were the Fund’s positions in Gulfport Energy, WPX Energy and Noble Holdings. The Fund’s interest rate swaps, which are used to hedge duration, detracted from performance as well.

Importantly, since the Fund’s portfolio is constructed through bottom-up, fundamental research and not relative to a benchmark, there is no requirement to hold issues from any single company or sector.

Which segments of the corporate credit sector most significantly affected Fund performance?

The corporate credit markets, as mentioned earlier, performed well during the first three quarters of the Reporting Period but were then hit hard in the first quarter of 2020 by a sell-off of riskier assets broadly, driven by both the oil supply shock and the rippling effects of the global spread of the COVID-19 pandemic. U.S. high yield corporate bonds and bank loans were among the weakest performers during the Reporting Period, as spreads widened. Investment grade corporate bonds performed comparatively better but also posted negative, albeit more modest, absolute returns. Our ability to identify select issuers within the corporate credit sector contributed positively to the Fund’s performance during the Reporting Period.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

The Fund does not use duration and yield curve positioning as active management strategies within its investment process. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.) That said, we maintained a long duration profile within the Fund’s portfolio, which may reduce sensitivity to declining interest rates. At the same time, the Fund does implement interest rate swaps to hedge the interest rate risk of certain bonds, thereby limiting the Fund’s exposure to changes in interest rates. The Fund’s interest rate swap positions detracted from its performance during the Reporting Period.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund used credit default swaps via a short position in a credit default swap high yield index to tactically hedge market risk, which contributed positively to performance. The Fund used interest rate swaps to hedge the interest rate risk of certain bonds, thereby limiting the Fund’s exposure to changes in interest rates. Interest rate swaps detracted from Fund performance during the Reporting Period.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, we continued to pursue investment opportunities based on fundamental, bottom-up research, which, in our view, offered compelling risk-adjusted return potential.

PORTFOLIO RESULTS

Prior to the OPEC-induced energy sell-off, we reduced the Fund’s exposure to lower quality exploration and production companies and energy service providers, including Noble Holdings, Gulfport Energy, QEP Resources, CNX Resources and Meg Energy, among others. Away from energy, we sought to position the Fund in sectors less likely to be impacted by COVID-19, such as communications, consumer noncyclicals, capital goods and technology, with more minor weightings in the hardest hit sectors, such as gaming, restaurants and retailers.

We reduced but maintained the Fund’s short position in a credit default swap high yield index, as a reflection of our cautious view. We believe we will continue to see increased market volatility as 2020 progresses. One of the key tenets of our investment philosophy is capital preservation, which leads us to take a more defensive, cautious position given certain market conditions. We also believe our hedged approach may provide for active downside management for investors seeking to mitigate market risk and volatility.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective August 6, 2019, Goldman Sachs Asset Management’s (“GSAM”) Alternative Credit platform was integrated with the GSAM Leveraged Credit platform. In so doing, Salvatore Lentini, Managing Director, no longer served as a portfolio manager for the Fund. Michael McGuiness, Head of Opportunistic Corporate Credit and a portfolio manager with 25 years of investment experience, joined Ashish Shah, Managing Director and co-Chief Investment Officer of Global Fixed Income, as a portfolio manager for the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and helps to ensure continuity in the Fund.

How was the Fund positioned at the end of March 2020?

Through most of the Reporting Period, the Fund remained focused on higher quality issuers amid higher volatility related to geopolitical uncertainty, oil price volatility and the economic shutdown driven by the COVID-19 global pandemic. We believe a focus on fundamentals and security selection may well be increasingly important in the credit picker’s market seen at the end of the Reporting Period. While we continued to see value in the credit markets, we believed the Fund’s ability to be flexible across the spectrum of corporate credit allowed us to capitalize on changing market conditions.

At the end of the Reporting Period, the Fund’s exposure to energy-related issues stood at approximately 6% of net assets, compared to major U.S. high yield corporate bond indices that ranged from 10% to 11%. We were biased toward holdings in issuers that are larger, higher-rated and maintain a strong hedge book (A hedge book is simply the use of various derivative instruments, including futures contracts, energy commodity swaps, options and more complex hedging structures such as basis swaps, collars and spreads on options, that participants in the energy commodity markets may use to hedge their energy price risk.). As for energy service providers, the Fund held investments in the structurally senior portion of these issuers’ capital structures, such as secured/guaranteed notes. We believed the Fund’s overall energy exposure was positioned well to withstand the recent downturn in commodity prices.

Away from energy, we maintained a similar bias toward higher quality issuers (holdings comprised of BB-rated and investment grade rated issues), structurally senior securities (secured high yield bonds and secured bank loans), and an opportunistic cash balance. The Fund had its most significant exposures outside of energy to the health care, media non-cable, media-cable & satellite TV, technology and packaging industries at the end of the Reporting Period.

Reflecting these views, as of March 31, 2020, approximately 52% of the Fund’s total net assets was invested in unsecured debt obligations, 12% in secured debt obligations, 29% in bank loans, 3% in investment grade corporate bonds, less than 1% in preferred and other equity securities and 6% in cash and cash equivalents. The Fund’s notional derivative exposure, calculated as a percentage of total net assets, was -12% in a credit default swap high yield index. The Fund had a total of 233 holdings at March 31, 2020, with the Fund’s top long positions, as measured by a percentage of total net assets invested, in the corporate issues of Charter Communications, Sprint and Centene.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we continued to scrutinize the Fund’s portfolio on a sector basis to identify potential vulnerabilities and opportunities. Still, the rippling effects of the COVID-19 pandemic have been large, and the large amount of forced selling resulted in investors selling what they could, not what they wanted. This dynamic created

PORTFOLIO RESULTS

a “nowhere to hide” environment that pressured all segments of the corporate credit markets—investment grade, high yield and leveraged loans alike.

Given the lack of liquidity and significant and broad forced selling that took place toward the end of the Reporting Period, the credit market dislocation has been large and has resulted in large, unrealized mark-to-market losses. We have been actively seeking to add attractive holdings to the Fund’s portfolio while effecting swaps that increase the overall quality of the portfolio and, at the same time, maintain upside to a potential rebound in credit markets. At the end of the Reporting Period, we believed the Fund’s holdings were deeply discounted and offered rather attractive returns for patient investors.

In short, we believe managers with a flexible approach are in the best position to source these opportunities as well as to navigate the cycle going forward. We further believe a sound approach, grounded in fundamentals with a focus on capital preservation, may offer a compelling means to navigate the current and anticipated market environment in the months ahead. We believe heightened volatility may lead to additional periods of technical dislocations in the market, which may provide for attractive single-name investing opportunities. We also intend to continue dynamically adjusting the Fund’s short position in a high yield credit default swap index, a position taken in an effort to mitigate risk during periods of market volatility and sell-offs.

As always, we intend to remain disciplined in our approach focused on credit selection. Our investment team has been identifying what we view as several investment opportunities in the new issue debt market, as we have seen what we consider to be attractive price entry points. Overall, we believe the Fund’s ability to be flexible across the corporate credit spectrum — high yield, loans, bank loans and investment grade credit — enables the Fund to step in and seek to take advantage of market opportunities when inefficiencies arise as well as to capitalize on changing and challenging market conditions.

FUND BASICS

FUND COMPOSITION¹

Percentage of Net Assets

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

FUND BASICS


TOP TEN INDUSTRY ALLOCATIONS²

As of March 31, 2020	Percentage of Net Assets

Media		9.4	%
Packaging		5.6
Automotive		4.4
Healthcare Providers & Services		4.3
Commercial Services		4.3
Telecommunication Services		4.1
Oil Field Services		4.0
Media – Non Cable		3.6
Pharmaceuticals		3.4
Investment Companies		3.3

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

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. The performance data in the graph for the Fund’s Institutional Shares, which do not impose an initial sales charge, do not reflect an initial sales charge for the period shown. Prior to March 24, 2014 (the effective date of the reorganization of the Predecessor Fund into the Fund), the maximum initial sales charge applicable to sales of Common Shares of the Predecessor Fund was 2.50%, which is not reflected in the following graph. For comparative purposes, the performance of the Fund’s benchmark, the ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Long Short Credit Strategies Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

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Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced April 30, 2014)
Excluding sales charges	-4.90%	-0.05%	N/A	-0.60%
Including sales charges	-8.47%	-0.80%	N/A	-1.24%

Class C (Commenced April 30, 2014)
Excluding contingent deferred sales charges	-5.50%	-0.79%	N/A	-1.34%
Including contingent deferred sales charges	-6.45%	-0.79%	N/A	-1.34%

Institutional Class**	-4.59%	0.29%	2.60%	—

Investor Class (Commenced April 30, 2014)	-4.56%	0.20%	N/A	-0.35%

Class P (Commenced April 20, 2018)	-4.47%	N/A	N/A	-2.36%

Class R (Commenced April 30, 2014)	-5.03%	-0.28%	N/A	-0.84%

Class R6 (Commenced November 30, 2017)	-4.46%	N/A	N/A	-1.84%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

Effective at the close of business on March 21, 2014, the Predecessor Fund, a closed-end management investment company that was operated as an “interval fund,” was reorganized with and into the Fund, with shareholders of the Predecessor Fund receiving Institutional Shares of the Fund upon consummation of the reorganization. Because the Predecessor Fund was the accounting survivor, the Fund has assumed the Predecessor Fund’s historical performance. The performance information shown in this report is for the Predecessor Fund for the period prior to March 24, 2014, and reflects the Predecessor Fund’s investment strategies and policies. However, the Fund’s current investment strategies and policies, including the ability to implement short positions, are different from those of the Predecessor Fund. As a result, the Fund’s performance may differ substantially from what is shown for periods prior to March 24, 2014.

FUND BASICS

Index Definitions

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

The Bloomberg Barclays U.S. Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities in the index are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. It is not possible to invest directly in an index.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Secured Debt Obligations – 41.0%
Bank Loans^(a)– 29.0%
Advertising^(b)(c)– 0.4%
	Terrier Media Buyer, Inc. (BB-/Ba3)(3M LIBOR + 4.250%)
$	473,813		5.700	%		12/17/26	$	418,140

Aerospace & Defense^(b)– 1.0%
	TransDigm, Inc. (B+/Ba3)(1M LIBOR + 2.250%)
	1,124,944		3.239			12/09/25		1,020,887

Automotive^(b)– 2.7%
	Adient US LLC (BB-/Ba3)(3M LIBOR + 4.000%)
	1,787,945		5.742			05/06/24		1,546,572
	Navistar International Corp. (BB-/Ba2)(1M LIBOR + 3.500%)
	1,220,831		4.280			11/06/24		1,049,915

								2,596,487

Chemicals^(b)– 0.4%
	Consolidated Energy Finance SA (BB/Ba2) (3M LIBOR + 2.500%)
	299,481		3.205			05/07/25		209,637
	INEOS Enterprises Holdings US Finco LLC (BB/Ba3)(3M LIBOR + 3.500%)
	170,076		5.113			08/28/26		149,101

								358,738

Commercial Services^(b)– 1.7%
	Garda World Security Corp. (B/B1)(3M LIBOR + 4.750%)
	382,008		6.390			10/30/26		359,088
	Prime Security Services Borrower LLC (BB-/Ba3) (1M LIBOR + 3.250%)
	1,167,814		4.606			09/23/26		1,042,857
	Sabert Corp. (B/B2)(3M LIBOR + 4.500%)
	272,000		5.500			12/10/26		250,240

								1,652,185

Consumer Cyclical Services^(b)– 1.5%
	AI Aqua Merger Sub, Inc. (B/B2)
	134,232		4.322			12/13/23		114,098
	(3M LIBOR + 4.250%)
	419,948		6.159	^(c)		12/13/23		365,354
	Allied Universal Holding Co. LLC (B-/B3) (1M LIBOR + 4.250%)
	552,615		5.239			07/10/26		508,406
	The Hertz Corp. (BB/Ba3)(1M LIBOR + 2.750%)
	645,276		3.740			06/30/23		453,306

								1,441,164

Consumer Products^(b)– 0.5%
	Energizer Holdings, Inc. (BB+/Ba1)(1M LIBOR + 2.250%)
	252,738		3.875			12/17/25		235,046

Diversified Manufacturing^(b)– 0.7%
	Apex Tool Group LLC (B-/B2)(1M LIBOR + 5.250%)
	687,444		6.500			08/01/24		525,606

Electrical Equipment^(b)– 0.1%
	Vistra Operations Co. LLC (BBB-/Baa3)(1M LIBOR + 1.750%)
	128,447		2.550			12/31/25		121,543

Entertainment^(b)(c)– 0.3%
	Allen Media LLC (BB/Ba3)(3M LIBOR + 5.500%)
	390,000		7.231			02/10/27		323,700


Secured Debt Obligations – (continued)
Environmental^(b)– 0.3%
	Core & Main LP (B+/B2)(1M LIBOR + 2.750%)
	289,519		4.330			08/01/24		254,053

Food & Beverage^(b)– 0.3%
	Dole Food Co., Inc. (B/B1)(1M LIBOR + 2.750%)
	302,785		3.750			04/06/24		271,371

Gaming^(b)– 0.8%
	Caesars Resort Collection LLC (BB/Ba3)(1M LIBOR + 2.750%)
	936,228		3.739			12/23/24		752,727

Health Care^(b)– 0.2%
	Athenahealth, Inc. (B/B2)(3M LIBOR + 4.500%)
	256,316		5.284			02/11/26		238,374

Health Care – Services^(b)– 0.6%
	Kindred Healthcare LLC (B+/B3)(1M LIBOR + 5.000%)
	763,375		6.000			07/02/25		629,784

Insurance^(b)– 1.1%
	HUB International Ltd. (B/B2)(3M LIBOR + 2.750%)
	1,184,926		4.551			04/25/25		1,100,796

Media – Cable^(b)– 0.3%
	CSC Holdings LLC (BB/Ba3)(1M LIBOR + 2.250%)
	306,635		2.862			07/17/25		291,816

Media – Non Cable^(b)– 3.6%
	Cumulus Media New Holdings, Inc. (B/B2) (6M LIBOR + 3.750%)
	56,715		4.822			03/31/26		45,325
	Entercom Media Corp. (BB-/Ba3)(1M LIBOR + 2.500%)
	322,426		3.489			11/18/24		290,183
	iHeartCommunications, Inc. (BB-/B1)(1M LIBOR + 3.000%)
	386,319		3.989			05/01/26		323,542
	Lions Gate Capital Holdings LLC (B+/Ba2) (1M LIBOR + 2.250%)
	1,122,844		3.239			03/24/25		1,004,945
	Nexstar Broadcasting, Inc. (BB/Ba3)(1M LIBOR + 2.750%)
	1,960,497		4.331			09/18/26		1,817,380

								3,481,375

Packaging^(b)– 3.8%
	Berry Global, Inc. (BBB-/Ba2)(1M LIBOR + 2.000%)
	307,959		2.863			10/01/22		293,202
	BWAY Holding Co. (B/B2)(3M LIBOR + 3.250%)
	1,360,007		5.084			04/03/24		1,102,463
	Flex Acquisition Co., Inc. (B/B2)^(c)(3M LIBOR + 3.000%)
	566,192		4.909			12/29/23		512,404
	Reynolds Group Holdings, Inc. (B+/B1)(1M LIBOR + 2.750%)
	1,431,883		3.739			02/05/23		1,349,550
	Trident TPI Holdings, Inc. (B-/B2)(1M LIBOR + 3.250%)
	515,337		4.000			10/17/24		422,576

								3,680,195

Pharmaceuticals^(b)– 0.7%
	Valeant Pharmaceuticals International, Inc. (BB/Ba2) (1M LIBOR + 3.000%)
	712,366		3.612			06/02/25		674,076


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Secured Debt Obligations – (continued)
Real Estate Investment Trust^(b)– 0.3%
	iStar, Inc. (BB/Ba2)(1M LIBOR + 2.750%)
$	381,225		3.766	%		06/28/23	$	339,290

Restaurant^(b)– 0.3%
	1011778 B.C. Unlimited Liability Co. (BB+/Ba2) (1M LIBOR + 1.750%)
	285,099		2.739			11/19/26		262,291

Technolgy – Software – 3.1%
	Castle US Holding Corp. (B-/B2)^(b)(1M LIBOR + 3.750%)
	300,000		5.200			01/29/27		237,939
	CommScope, Inc. (B+/Ba3)^(b)(1M LIBOR + 3.250%)
	1,271,610		4.239			04/06/26		1,195,313
	DCert Buyer, Inc. (B-/B2)^(b)(1M LIBOR + 4.000%)
	598,000		4.989			10/16/26		530,228
	SS&C Technologies Holdings Europe S.a.r.l. (BB+/Ba2)^(b) (1M LIBOR + 1.750%)
	211,084		2.739			04/16/25		196,836
	SS&C Technologies, Inc. (BB+/Ba2)^(b)(1M LIBOR + 1.750%)
	295,814		2.739			04/16/25		275,847
	VS Buyer LLC (B-/B1)^(d)
	550,000		0.000			02/28/27		525,250

								2,961,413

Technology^(d)– 0.4%
	Datto, Inc. (B/B2)(1M LIBOR + 4.250%)
	240,394		0.000			04/02/26		207,340
	Match Group, Inc. (BBB-/Ba1)^(b) (3M LIBOR + 1.750%)
	250,000		3.457			02/15/27		224,168

								431,508

Telecommunications^(b)– 1.7%
	Buzz Merger Sub Ltd. (B+/B1)^(c)(1M LIBOR + 2.750%)
	225,000		3.739			01/29/27		204,750
	Perforce Software, Inc. (B-/B2)(1M LIBOR + 3.750%)
	741,561		4.739			07/01/26		617,965
	PUG LLC (B/B2)(1M LIBOR + 3.500%)
	682,290		4.489			01/29/27		579,947
	Rackspace Hosting, Inc. (B+/B1)(3M LIBOR + 3.000%)
	285,274		4.763			11/03/23		246,762

								1,649,424

Telecommunications – Wireless^(b)– 0.6%
	SBA Senior Finance II LLC (BB+/Ba3)(1M LIBOR + 1.750%)
	248,106		2.740			04/11/25		233,964
	Sprint Communications, Inc. (BB/Ba2)(1M LIBOR + 3.000%)
	316,850		4.000			02/02/24		314,474

								548,438

Telecommunications – Wirelines^(b)– 1.0%
	CenturyLink, Inc. (BBB-/Ba3)(1M LIBOR + 2.250%)
	753,113		3.239			03/15/27		698,986
	Zayo Group Holdings, Inc. (B/B1)
	250,000		3.989			03/09/27		235,000

								933,986


Secured Debt Obligations – (continued)
Transportation^(b)– 0.9%
	XPO Logistics, Inc. (BBB-/Baa3)(1M LIBOR + 2.000%)
	925,000		3.613			02/24/25		872,146

	TOTAL BANK LOANS						$	28,066,559

Other Secured Debt Obligations – 12.0%
Aerospace & Defense^(e)(f)– 0.2%
	TransDigm, Inc. (B+/Ba3)
$	187,000		6.250	%		03/15/26	$	186,533

Commercial Services^(f)– 0.7%
	Allied Universal Holdco LLC/Allied Universal Finance Corp. (B-/B3)^(e)
	137,000		6.625			07/15/26		134,260
	APX Group, Inc. (B-/B3)^(e)
	233,000		6.750			02/15/27		195,720
	Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)
	362,000		5.750			04/15/26		354,760

								684,740

Electrical Equipment^(e)(f)– 1.2%
	Calpine Corp. (BB/Ba2)
	900,000		4.500			02/15/28		871,875
	Talen Energy Supply LLC (BB-/Ba3)
	300,000		6.625			01/15/28		249,000

								1,120,875

Environmental^(e)(f)– 0.0%
	GFL Environmental, Inc. (BB-/Ba3)
	40,000		5.125			12/15/26		39,000

Health Care – Services – 1.7%
	HCA, Inc. (BBB-/Baa3)
	234,000		5.250			04/15/25		245,012
	296,000		4.125	^(e)		06/15/29		298,028
	Tenet Healthcare Corp. (BB-/B1)^(e)
	557,000		4.625			07/15/24		533,327
	Tenet Healthcare Corp. (NR/B1)^(e)(f)
	156,000		4.625			09/01/24		148,980
	Tenet Healthcare Corp. (BB-/B1)^(e)(f)
	454,000		4.875			01/01/26		432,435

								1,657,782

Media^(e)– 2.1%
	Charter Communications Operating LLC/Charter Communications Operating Capital (BBB-/Ba1)
	567,000		3.750			02/15/28		559,152
	Clear Channel Worldwide Holdings, Inc. (B+/B1)^(f)
	319,000		5.125			08/15/27		296,670
	Diamond Sports Group LLC/Diamond Sports Finance Co. (BB/Ba2)^(f)
	200,000		5.375			08/15/26		162,000
	UPC Holding B.V. (B/B2)^(f)
	200,000		5.500			01/15/28		190,000
	Virgin Media Secured Finance PLC (BB-/Ba3)^(f)
	857,000		5.500			05/15/29		860,214

								2,068,036


10		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)
Metals & Mining^(e)(f)– 1.0%
	Cleveland-Cliffs, Inc. (BB-/Ba3)
$	185,000		4.875	%		01/15/24	$	168,350
	500,000		6.750			03/15/26		445,000
	Mauser Packaging Solutions Holding Co. (B/B2)
	345,000		5.500			04/15/24		317,400

								930,750

Oil Field Service^(e)(f)– 0.3%
	Transocean Phoenix 2 Ltd. (B/NR)
	280,000		7.750			10/15/24		242,200

Oil, Gas & Consumable Fuels^(e)(f)– 1.0%
	Transocean Sentry Ltd. (B/B2)
	1,127,000		5.375			05/15/23		946,680

Packaging^(e)(f)– 0.9%
	LABL Escrow Issuer LLC (B/B2)
	979,000		6.750			07/15/26		910,470

Pharmaceuticals^(e)(f)– 0.1%
	Bausch Health Cos., Inc. (BB/Ba2)
	125,000		5.500			11/01/25		125,625

Retailing^(e)(f)– 0.6%
	1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	251,000		5.000			10/15/25		242,215
	383,000		4.375			01/15/28		357,147

								599,362

Software^(e)(f)– 1.1%
	Camelot Finance SA (B/B2)
	1,098,000		4.500			11/01/26		1,048,590

Telecommunications – Wireless^(e)(f)– 0.3%
	Telesat Canada/Telesat LLC (BB-/Ba3)
	307,000		4.875			06/01/27		297,023

Telecommunications – Wirelines^(e)(f)– 0.8%
	Altice France SA (B/B2)
	791,000		7.375			05/01/26		790,011

	TOTAL OTHER SECURED DEBT OBLIGATIONS						$	11,647,677

	TOTAL SECURED DEBT OBLIGATIONS
	(Cost $43,728,017)						$	39,714,236



Unsecured Debt Obligations – 51.5%
Advertising^(e)(f)– 1.3%
	Lamar Media Corp. (BB-/Ba2)
$	250,000		4.000	%		02/15/30	$	233,750
	Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/B1)
	395,000		4.625			03/15/30		351,550
	Terrier Media Buyer, Inc. (CCC+/Caa1)
	844,000		8.875			12/15/27		721,620

								1,306,920


Unsecured Debt Obligations – (continued)
Aero Leasing^(e)(f)– 0.6%
	Avolon Holdings Funding, Ltd. (BBB-/Baa3)
	749,000		4.375			05/01/26		599,979

Aerospace & Defense^(e)– 1.5%
	Bombardier, Inc. (CCC+/Caa1)^(f)
	244,000		7.875			04/15/27		165,920
	TransDigm UK Holdings PLC (B-/B3)
	300,000		6.875			05/15/26		279,000
	TransDigm, Inc. (B-/B3)^(f)
	71,000		5.500			11/15/27		63,722
	Triumph Group, Inc. (CCC/Caa2)
	476,000		5.250			06/01/22		393,890
	766,000		7.750			08/15/25		536,200

								1,438,732

Apparel^(e)– 0.3%
	NIKE, Inc. (AA-/A1)
	280,000		2.850			03/27/30		295,770

Auto Components^(e)(f)– 2.0%
	Ashtead Capital, Inc. (BBB-/Baa3)
	1,090,000		5.250			08/01/26		1,044,558
	681,000		4.375			08/15/27		629,979
	242,000		4.000			05/01/28		214,872

								1,889,409

Automotive^(e)– 1.7%
	Adient Global Holdings Ltd. (B/B3)^(f)
	698,000		4.875			08/15/26		485,982
	Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)^(f)
	230,000		8.000			02/01/28		184,000
	Ford Motor Credit Co. LLC (BB+/Ba2)
	284,000		4.063			11/01/24		257,574
	Lear Corp. (BBB-/Baa2)
	272,000		4.250			05/15/29		239,292
	Navistar International Corp. (B-/B3)^(f)
	262,000		6.625			11/01/25		221,390
	Tesla, Inc. (B-/Caa1)^(f)
	258,000		5.300			08/15/25		241,875

								1,630,113

Banks^(b)(e)(f)– 0.3%
	Credit Suisse Group AG (BBB+/Baa2)(SOFR + 3.730%)
	300,000		4.194			04/01/31		307,389

Beverages^(e)– 0.3%
	PepsiCo., Inc. (A+/A1)
	265,000		2.750			03/19/30		281,401

Building Materials^(e)(f)– 0.5%
	Builders FirstSource, Inc. (BB-/B3)
	203,000		5.000			03/01/30		184,223
	Griffon Corp. (B+/B2)
	317,000		5.750			03/01/28		297,980

								482,203

Chemicals^(e)(f)– 0.3%
	Valvoline, Inc. (BB/Ba3)
	350,000		4.250			02/15/30		325,500


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Unsecured Debt Obligations – (continued)
Commercial Services^(e)– 1.9%
	HDTFS, Inc. (B-/Caa1)
$	126,000		6.250	%		10/15/22	$	90,720
	Nielsen Finance LLC/Nielsen Finance Co. (BB/B1)^(f)
	506,000		5.000			04/15/22		470,580
	Ritchie Bros Auctioneers, Inc. (BB+/Ba3)^(f)
	253,000		5.375			01/15/25		255,530
	The Hertz Corp. (B-/Caa1)^(f)
	269,000		5.500			10/15/24		152,657
	The Nielsen Co. Luxembourg S.a.r.l. (BB/B1)^(f)
	912,000		5.000			02/01/25		840,180

								1,809,667

Computers^(e)(f)– 1.0%
	Booz Allen Hamilton, Inc. (BB-/B1)
	797,000		5.125			05/01/25		781,060
	Science Applications International Corp. (BB-/B1)
	150,000		4.875			04/01/28		144,000

								925,060

Diversified Financial Services^(e)– 1.6%
	Alliance Data Systems Corp. (NR/NR)^(f)
	249,000		4.750			12/15/24		185,505
	Global Aircraft Leasing Co. Ltd. (NR/Ba2)^(f)(g)(PIK 7.250%, Cash 6.500%)
	188,000		6.500			09/15/24		117,030
	Nationstar Mortgage Holdings, Inc. (B/B2)^(f)
	943,000		8.125			07/15/23		921,782
	250,000		6.000			01/15/27		210,625
	Raymond James Financial, Inc. (BBB+/Baa1)
	50,000		4.650			04/01/30		51,948
	Springleaf Finance Corp. (BB-/Ba3)
	42,000		5.375			11/15/29		37,800

								1,524,690

Electrical^(e)(f)– 0.5%
	Calpine Corp. (B/B2)
	213,000		5.125			03/15/28		195,428
	Clearway Energy Operating LLC (BB/Ba2)
	329,000		4.750			03/15/28		302,680

								498,108

Electronics^(f)– 0.2%
	Sensata Technologies B.V. (BB+/Ba3)
	179,000		4.875			10/15/23		170,498
	16,000		5.625			11/01/24		15,420

								185,918

Energy-Alternate Sources^(e)(f)– 0.3%
	Enviva Partners LP/Enviva Partners Finance Corp. (B+/B1)
	275,000		6.500			01/15/26		265,375

Engineering & Construction^(e)– 0.5%
	AECOM (BB-/Ba3)
	84,000		5.875			10/15/24		79,800
	446,000		5.125			03/15/27		401,400

								481,200


Unsecured Debt Obligations – (continued)
Entertainment^(e)(f)– 0.1%
	Caesars Resort Collection LLC/CRC Finco, Inc. (B-/B3)
	82,000		5.250			10/15/25		59,143

Environmental^(e)(f)– 0.5%
	GFL Environmental, Inc. (B-/B3)
	204,000		7.000			06/01/26		197,880
	Stericycle, Inc. (BB-/NR)
	339,000		5.375			07/15/24		335,610

								533,490

Food & Drug Retailing^(e)(f)– 1.1%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC (BB-/B2)
	401,000		4.625			01/15/27		398,995
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC (BB-/B2)
	325,000		4.875			02/15/30		321,750
	Post Holdings, Inc. (B+/B2)
	360,000		4.625			04/15/30		344,700

								1,065,445

Healthcare Providers & Services^(e)– 4.3%
	Centene Corp. (BBB-/Ba1)
	202,000		4.750			05/15/22		200,990
	787,000		4.750			01/15/25		796,837
	126,000		5.375	^(f)		08/15/26		128,526
	424,000		4.250	^(f)		12/15/27		426,807
	850,000		3.375	^(f)		02/15/30		791,172
	Charles River Laboratories International, Inc. (BB/Ba3)^(f)
	553,000		5.500			04/01/26		564,060
	440,000		4.250			05/01/28		426,800
	Encompass Health Corp. (B+/B1)
	360,000		4.500			02/01/28		352,800
	HCA, Inc. (BB-/Ba2)
	500,000		3.500			09/01/30		456,250
	Surgery Center Holdings, Inc. (CCC/Caa2)^(f)
	86,000		6.750			07/01/25		62,780

								4,207,022

Home Builders^(e)(f)– 0.6%
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (BB-/B1)
	372,000		4.875			02/15/30		282,720
	Mattamy Group Corp. (BB/B1)
	298,000		4.625			03/01/30		259,260

								541,980

Household Products^(e)(f)– 0.2%
	Prestige Brands, Inc. (B+/B3)
	191,000		5.125			01/15/28		186,225

Insurance^(e)(f)– 0.9%
	Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	630,000		7.000			11/15/25		548,100
	Alliant Holdings Intermediate LLC (CCC+/Caa2)
	345,000		6.750			10/15/27		323,869

								871,969


12		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)
Internet – 2.7%
	GrubHub Holdings, Inc. (BB-/B1)^(e)(f)
$	890,000		5.500	%		07/01/27	$	783,200
	Match Group, Inc. (BB/Ba3)^(e)(f)
	241,000		5.000			12/15/27		230,155
	248,000		5.625			02/15/29		236,840
	653,000		4.125			08/01/30		587,700
	Netflix, Inc. (BB-/Ba3)
	425,000		5.875			11/15/28		454,750
	50,000		4.875	^(e)(f)		06/15/30		51,000
	Twitter, Inc. (BB+/Ba2)^(e)(f)
	277,000		3.875			12/15/27		265,920

								2,609,565

Iron/Steel^(e)– 0.4%
	Cleveland-Cliffs, Inc. (B/B2)
	524,000		5.750			03/01/25		404,790

Media^(e)– 7.3%
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)^(f)
	1,330,000		4.750			03/01/30		1,323,350
	700,000		4.500			08/15/30		684,250
	400,000		4.500			05/01/32		391,000
	Comcast Corp. (A-/A3)
	100,000		3.400			04/01/30		107,974
	CSC Holdings LLC (B/B3)^(f)
	1,141,000		5.750			01/15/30		1,141,000
	GCI LLC (B/B3)
	491,000		6.625	^(f)		06/15/24		483,635
	731,000		6.875			04/15/25		723,690
	Nexstar Broadcasting, Inc. (B/B3)^(f)
	95,000		5.625			07/15/27		90,725
	Sinclair Television Group, Inc. (B/B1)^(f)
	300,000		5.875			03/15/26		265,500
	Sirius XM Radio, Inc. (BB/Ba3)^(f)
	363,000		5.500			07/01/29		367,991
	TEGNA, Inc. (BB-/Ba3)^(f)
	450,000		4.625			03/15/28		398,250
	1,030,000		5.000			09/15/29		927,000
	Ziggo Bond Co. B.V. (B-/B3)^(f)
	200,000		5.125			02/28/30		192,750

								7,097,115

Oil Field Services^(e)– 4.0%
	Archrock Partners LP/Archrock Partners Finance Corp. (B+/B2)^(f)
	744,000		6.250			04/01/28		524,490
	CNX Resources Corp. (BB-/B3)^(f)
	417,000		7.250			03/14/27		296,070
	CrownRock LP/CrownRock Finance, Inc. (BB-/B2)^(f)
	821,000		5.625			10/15/25		426,920
	Diamondback Energy, Inc. (BBB-/Ba1)
	300,000		2.875			12/01/24		211,902
	300,000		3.250			12/01/26		211,500
	300,000		3.500			12/01/29		211,500
	Ensign Drilling, Inc. (BB-/Caa1)^(f)
	224,000		9.250			04/15/24		82,320
	Gulfport Energy Corp. (CCC+/Caa2)
	675,000		6.625			05/01/23		189,000

Unsecured Debt Obligations – (continued)
Oil Field Services^(e)– (continued)
	Indigo Natural Resources LLC (BB-/B3)^(f)
	418,000		6.875			02/15/26		288,420
	Laredo Petroleum, Inc. (B-/B3)
	245,000		10.125			01/15/28		93,100
	Montage Resources Corp. (B/B3)
	180,000		8.875			07/15/23		119,700
	Nabors Industries, Ltd. (B-/Ba3)^(f)
	395,000		7.500			01/15/28		117,513
	Noble Holding International Ltd. (B-/Caa1)^(f)
	541,000		7.875			02/01/26		142,012
	Parsley Energy LLC/Parsley Finance Corp. (BB/Ba3)^(f)
	697,000		5.375			01/15/25		529,720
	WPX Energy, Inc. (BB-/B1)
	253,000		5.250			09/15/24		151,800
	152,000		5.250			10/15/27		84,360
	326,000		4.500			01/15/30		176,040

								3,856,367

Packaging^(f)– 0.9%
	Graphic Packaging International LLC (BB+/Ba2)
	172,000		3.500			03/15/28		151,790
	Sealed Air Corp. (BB+/Ba3)^(e)
	118,000		4.000			12/01/27		109,740
	Silgan Holdings, Inc. (BB/Ba3)^(e)
	234,000		4.125			02/01/28		215,280
	Trident TPI Holdings, Inc. (CCC+/Caa2)^(e)
	526,000		9.250			08/01/24		431,320

								908,130

Pharmaceuticals – 2.6%
	Bausch Health Cos., Inc. (B/B3)^(e)(f)
	94,000		5.500			03/01/23		92,120
	110,000		5.875			05/15/23		108,075
	CVS Health Corp. (NR/Baa2)^(e)
	280,000		3.750			04/01/30		289,646
	Teva Pharmaceutical Finance Co. B.V. (BB/Ba2)
	976,000		2.950			12/18/22		897,920
	Teva Pharmaceutical Finance Netherlands III B.V. (BB/Ba2)
	1,212,000		2.800			07/21/23		1,108,980

								2,496,741

Pipelines^(e)– 1.6%
	Buckeye Partners LP (BB/B1)^(f)
	424,000		4.500			03/01/28		343,440
	Cheniere Energy Partners LP (BB/Ba2)^(f)
	669,000		4.500			10/01/29		595,410
	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (BB-/B1)^(f)
	288,000		5.625			05/01/27		156,960
	EnLink Midstream LLC (BB+/Ba1)
	360,000		5.375			06/01/29		194,400
	Hess Midstream Operations LP (BB+/Ba3)^(f)
	326,000		5.125			06/15/28		224,940

								1,515,150


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Unsecured Debt Obligations – (continued)
Real Estate Investment Trust^(e)– 2.2%
	iStar, Inc. (BB/Ba3)
$	491,000		5.250	%		09/15/22	$	452,947
	SBA Communications Corp. (BB-/B1)
	787,000		4.000			10/01/22		783,065
	482,000		3.875	^(f)		02/15/27		483,205
	VICI Properties LP/VICI Note Co., Inc. (BB/Ba3)^(f)
	94,000		3.500			02/15/25		87,420
	80,000		3.750			02/15/27		75,400
	250,000		4.125			08/15/30		235,000

								2,117,037

Retailing^(e)– 1.1%
	Asbury Automotive Group, Inc. (BB/B1)^(f)
	140,000		4.500			03/01/28		120,400
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (BB/Ba3)^(f)
	152,000		5.250			06/01/26		153,710
	Lowe’s Cos, Inc. (BBB+/Baa1)
	257,000		4.500			04/15/30		282,176
	McDonald’s Corp. (BBB+/Baa1)
	280,000		3.600			07/01/30		295,448
	The Home Depot, Inc. (NR/NR)
	72,000		3.350			04/15/50		76,282
	The Home Depot, Inc. (NR/A2)
	168,000		2.700			04/15/30		170,918
	Yum! Brands, Inc. (B+/B1)^(f)
	11,000		7.750			04/01/25		11,564

								1,110,498

Software – 1.5%
	Castle US Holding Corp. (CCC/Caa2)^(e)(f)
	221,000		9.500			02/15/28		211,055
	Fair Isaac Corp. (BB+/Ba2)^(e)(f)
	118,000		4.000			06/15/28		111,805
	Open Text Corp. (BB/Ba2)^(e)(f)
	255,000		3.875			02/15/28		240,656
	Open Text Holdings, Inc. (BB/Ba2)^(e)(f)
	257,000		4.125			02/15/30		241,580
	Oracle Corp. (A+/NR)
	249,000		2.950			04/01/30		250,606
	Oracle Corp. (A+/A3)
	250,000		3.600			04/01/50		249,778
	PTC, Inc. (BB-/Ba3)^(e)(f)
	136,000		4.000			02/15/28		127,840

								1,433,320

Telecommunication Services^(e)– 4.1%
	CenturyLink, Inc. (B+/B2)^(f)
	570,000		5.125			12/15/26		567,150
	CommScope, Inc. (B-/B3)^(f)
	248,000		8.250			03/01/27		241,180
	Sprint Corp. (BB/B1)
	1,932,000		7.625			03/01/26		2,168,670
	T-Mobile USA, Inc. (BB/Ba3)
	175,000		6.000			04/15/24		177,625
	Verizon Communications, Inc. (NR/Baa1)
	73,000		3.150			03/22/30		78,795


Unsecured Debt Obligations – (continued)
Telecommunication Services^(e)– (continued)
	ViaSat, Inc. (B/Caa1)^(f)
	824,000		5.625			09/15/25		769,410

								4,002,830

Transportation^(e)(f)– 0.6%
	Cargo Aircraft Management, Inc. (B+/Ba3)
	342,000		4.750			02/01/28		316,350
	XPO Logistics, Inc. (BB-/Ba3)
	242,000		6.750			08/15/24		232,623

								548,973

	TOTAL UNSECURED DEBT OBLIGATIONS
	(Cost $56,100,538)						$	49,813,224



U.S. Treasury Obligation^(h) – 2.1%
	U.S. Treasury Bill
$	2,000,000		0.000	%		04/14/20	$	1,999,955
	(Cost $1,988,869)


Shares		Description	Value

Common Stock* – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
	1,141,924	Prairie Provident Resources, Inc.	$	12,172
	(Cost $2,946,424)


Shares	Dividend Rate			Value

Investment Company⁽ⁱ⁾– 3.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
3,233,586		0.333	%	$	3,233,586
(Cost $3,233,586)

TOTAL INVESTMENTS – 97.9%
(Cost $107,997,434)				$	94,773,173

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%					2,002,385

NET ASSETS – 100.0%				$	96,775,558



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.


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND



(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 March 31, 2020. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London- Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2020.

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

(d)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(e)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

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

(g)		Pay-in-kind securities.

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

(i)		Represents an affiliated issuer.

Security ratings disclosed, if any, are obtained from Standard & Poor’s/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.



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

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT


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

1.250%		3M LIBOR	06/17/27	$	3,803	$	(173,901	)	$	73,436	$	(247,337	)

(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 March 31, 2020.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at March 31, 2020^(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:

CDX.NA.HY Index 34	(5.000)%	6.575%		06/20/25		11,200	$	708,228	$	475,568	$	232,660

(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.



Abbreviation:
CDX.NA.HY Index 34		—CDX North America High Yield Index 34


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statement of Assets and Liabilities

March 31, 2020



Assets:
Investments of unaffiliated issuers, at value (cost $104,763,848)	$	91,539,587
Investments of affiliated issuers, at value (cost $3,233,586)		3,233,586
Cash		1,103,689
Variation margin on swaps contracts		168,323
Receivables:
Dividends and interest		1,031,571
Investments sold		871,739
Collateral on swap contracts		848,247
Fund shares sold		67,172
Reimbursement from investment adviser		36,817
Other assets		75,821
Total assets		98,976,552

Liabilities:
Foreign currency overdraft, at value (identified cost $49)		48
Payables:
Investments purchased		1,517,904
Investments purchased on an extended — settlement basis		300,000
Management fees		83,329
Fund shares redeemed		48,405
Distribution and Service fees and Transfer Agency fees		3,663
Due to broker		3,570
Income distributions		202
Accrued expenses		243,873
Total liabilities		2,200,994

Net Assets:
Paid-in capital		143,486,208
Total distributable earnings (loss)		(46,710,650	)
NET ASSETS	$	96,775,558
Net Assets:
Class A	$	978,084
Class C		543,387
Institutional		14,591,614
Investor		2,187,415
Class P		76,233,506
Class R		23,774
Class R6		2,217,778
Total Net Assets	$	96,775,558
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		123,269
Class C		68,545
Institutional		1,841,313
Investor		275,852
Class P		9,630,984
Class R		2,999
Class R6		279,803
Net asset value, offering and redemption price per share:^(a)
Class A		$7.93
Class C		7.93
Institutional		7.92
Investor		7.93
Class P		7.92
Class R		7.93
Class R6		7.93

(a)

Maximum public offering price for Class A Shares of the Long Short Credit Strategies Funds is $8.24. 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.


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statement of Operations

For the Fiscal Year Ended March 31, 2020



Investment income:

Interest	$	5,612,726

Dividends — affiliated issuers		132,831

Total investment income		5,745,557

Expenses:

Management fees		1,105,263

Custody, accounting and administrative services		164,533

Professional fees		127,679

Registration fees		118,618

Printing and mailing costs		66,947

Transfer Agency fees^(a)		41,075

Trustee fees		18,189

Distribution and Service fees^(a)		12,487

Shareholder meeting expense		6,934

Other		8,571

Total expenses		1,670,296

Less — expense reductions		(411,919	)

Net expenses		1,258,377

NET INVESTMENT INCOME		4,487,180

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(719,221	)

Swap contracts		(499,885	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(8,664,550	)

Swap contracts		851,303

Net realized and unrealized loss		(9,032,353	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,545,173	)

(a)

Class specific Distribution and/or Service and Transfer Agent fees were as follows:


Distribution and Service Fees						Transfer Agent Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class P		Class R		Class R6
$	4,838	$	7,518	$	131	$	2,516	$	977	$	8,264	$	4,079	$	24,575	$	34	$	630


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statements of Changes in Net Assets


	For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019
From operations:
Net investment income	$	4,487,180		$	8,151,711
Net realized loss		(1,219,106	)		(11,544,997	)
Net change in unrealized gain (loss)		(7,813,247	)		4,116,488
Net increase (decrease) in net assets resulting from operations		(4,545,173	)		723,202

Distributions to shareholders:
From distributable earnings:
Class A Shares		(76,787	)		(326,270	)
Class C Shares		(24,766	)		(67,583	)
Institutional Shares		(940,220	)		(4,124,356	)
Investor Shares		(131,291	)		(405,543	)
Class P Shares^(a)		(3,781,933	)		(5,378,337	)
Class R Shares		(1,058	)		(1,512	)
Class R6 Shares		(101,272	)		(109,745	)
Total distributions to shareholders		(5,057,327	)		(10,413,346	)

From share transactions:
Proceeds from sales of shares		21,448,351			145,191,325
Reinvestment of distributions		5,053,589			10,328,319
Cost of shares redeemed		(40,269,305	)		(244,474,444	)
Net decrease in net assets resulting from share transactions		(13,767,365	)		(88,954,800	)
TOTAL DECREASE		(23,369,865	)		(98,644,944	)

Net assets:
Beginning of year		120,145,423			218,790,367

End of year	$	96,775,558		$	120,145,423

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Long Short Credit Strategies Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

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

Net investment income^(a)		0.33			0.38			0.32			0.33			0.32

Net realized and unrealized loss		(0.73	)		(0.34	)		(0.24	)		(0.03	)		(0.30	)

Total from investment operations		(0.40	)		0.04			0.08			0.30			0.02

Distributions to shareholders from net investment income		(0.38	)		(0.52	)		(0.34	)		(0.32	)		(0.34	)

Net asset value, end of year	$	7.93		$	8.71		$	9.19		$	9.45		$	9.47

Total return^(b)		(4.90	)%		0.61	%		0.86	%		3.20	%		0.19	%

Net assets, end of year (in 000s)	$	978		$	3,169		$	6,984		$	12,673		$	8,358

Ratio of net expenses to average net assets		1.47	%		1.47	%		1.43	%		1.45	%		1.49	%

Ratio of total expenses to average net assets		1.84	%		1.74	%		1.54	%		1.62	%		1.57	%

Ratio of net investment income to average net assets		3.74	%		4.15	%		3.40	%		3.43	%		3.34	%

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the NAV at the beginning of the 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)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without 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.		19

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Long Short Credit Strategies Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

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

Net investment income^(a)		0.26			0.31			0.25			0.26			0.25

Net realized and unrealized loss		(0.72	)		(0.34	)		(0.24	)		(0.03	)		(0.31	)

Total from investment operations		(0.46	)		(0.03	)		0.01			0.23			(0.06	)

Distributions to shareholders from net investment income		(0.31	)		(0.46	)		(0.27	)		(0.25	)		(0.26	)

Net asset value, end of year	$	7.93		$	8.70		$	9.19		$	9.45		$	9.47

Total return^(b)		(5.50	)%		(0.25	)%		0.12	%		2.43	%		(0.55	)%

Net assets, end of year (in 000s)	$	543		$	1,092		$	1,545		$	2,692		$	1,773

Ratio of net expenses to average net assets		2.22	%		2.22	%		2.18	%		2.20	%		2.23	%

Ratio of total expenses to average net assets		2.60	%		2.52	%		2.29	%		2.37	%		2.32	%

Ratio of net investment income to average net assets		3.00	%		3.39	%		2.65	%		2.68	%		2.61	%

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


20		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 Year


	Goldman Sachs Long Short Credit Strategies Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

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

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

Net realized and unrealized loss		(0.72	)		(0.34	)		(0.23	)		(0.03	)		(0.30	)

Total from investment operations		(0.37	)		0.07			0.12			0.33			0.05

Distributions to shareholders from net investment income		(0.41	)		(0.55	)		(0.38	)		(0.35	)		(0.37	)

Net asset value, end of year	$	7.92		$	8.70		$	9.18		$	9.44		$	9.46

Total return^(b)		(4.59	)%		0.84	%		1.32	%		3.55	%		0.53	%

Net assets, end of year (in 000s)	$	14,592		$	22,611		$	199,256		$	189,429		$	173,758

Ratio of net expenses to average net assets		1.13	%		1.13	%		1.09	%		1.11	%		1.15	%

Ratio of total expenses to average net assets		1.50	%		1.30	%		1.19	%		1.28	%		1.23	%

Ratio of net investment income to average net assets		4.07	%		4.45	%		3.74	%		3.77	%		3.68	%

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Long Short Credit Strategies Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

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

Net investment income^(a)		0.35			0.40			0.35			0.35			0.35

Net realized and unrealized loss		(0.72	)		(0.34	)		(0.24	)		(0.03	)		(0.31	)

Total from investment operations		(0.37	)		0.06			0.11			0.32			0.04

Distributions to shareholders from net investment income		(0.40	)		(0.55	)		(0.37	)		(0.34	)		(0.36	)

Net asset value, end of year	$	7.93		$	8.70		$	9.19		$	9.45		$	9.47

Total return^(b)		(4.56	)%		0.75	%		1.12	%		3.45	%		0.44	%

Net assets, end of year (in 000s)	$	2,187		$	4,261		$	7,357		$	9,347		$	5,067

Ratio of net expenses to average net assets		1.22	%		1.22	%		1.18	%		1.20	%		1.23	%

Ratio of total expenses to average net assets		1.59	%		1.50	%		1.28	%		1.38	%		1.32	%

Ratio of net investment income to average net assets		3.99	%		4.41	%		3.66	%		3.69	%		3.61	%

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


22		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
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	8.69		$	9.25

Net investment income^(b)		0.35			0.38

Net realized and unrealized loss		(0.71	)		(0.40	)

Total from investment operations		(0.36	)		(0.02	)

Distributions to shareholders from net investment income		(0.41	)		(0.54	)

Net asset value, end of period	$	7.92		$	8.69

Total return^(c)		(4.47	)%		(0.07	)%

Net assets, end of period (in 000s)	$	76,234		$	87,163

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

Ratio of total expenses to average net assets		1.49	%		1.52	%^(d)

Ratio of net investment income to average net assets		4.08	%		4.55	%^(d)

Portfolio turnover rate^(e)		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 accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Long Short Credit Strategies Fund
	Class R Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

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

Net investment income^(a)		0.30			0.35			0.30			0.30			0.30

Net realized and unrealized loss		(0.71	)		(0.34	)		(0.24	)		(0.02	)		(0.30	)

Total from investment operations		(0.41	)		0.01			0.06			0.28			—

Distributions to shareholders from net investment income		(0.36	)		(0.50	)		(0.32	)		(0.30	)		(0.31	)

Net asset value, end of year	$	7.93		$	8.70		$	9.19		$	9.45		$	9.47

Total return^(b)		(5.03	)%		0.24	%		0.61	%		2.94	%		0.04	%

Net assets, end of year (in 000s)	$	24		$	26		$	36		$	35		$	33

Ratio of net expenses to average net assets		1.72	%		1.72	%		1.68	%		1.70	%		1.74	%

Ratio of total expenses to average net assets		2.09	%		2.01	%		1.78	%		1.87	%		1.83	%

Ratio of net investment income to average net assets		3.48	%		3.88	%		3.15	%		3.18	%		3.08	%

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


24		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
	Year Ended March 31,						Period Ended March 31, 2018^(a)
	2020			2019			Period Ended March 31, 2018^(a)
Per Share Data

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

Net investment income^(b)		0.35			0.40			0.13

Net realized and unrealized loss		(0.71	)		(0.33	)		(0.20	)

Total from investment operations		(0.36	)		0.07			(0.07	)

Distributions to shareholders from net investment income		(0.41	)		(0.55	)		(0.23	)

Net asset value, end of period	$	7.93		$	8.70		$	9.18

Total return^(c)		(4.46	)%		0.85	%		(0.62	)%

Net assets, end of period (in 000s)	$	2,218		$	1,823		$	3,612

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

Ratio of total expenses to average net assets		1.50	%		1.43	%		1.05	%^(d)

Ratio of net investment income to average net assets		4.07	%		4.49	%		4.27	%^(d)

Portfolio turnover rate^(e)		164	%		220	%		267	%

(a)

Commenced operations on November 30, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements

March 31, 2020

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Long Short Credit Strategies Fund (the “Fund”) is a diversified fund that currently offers seven classes of shares: Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares. Class A Shares are sold with a front-end sales charge of up to 3.75%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00% which is imposed on redemptions made within 12 months of purchase.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

(“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.

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

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

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

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

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

i. Swap Contracts — Bilateral swap contracts are agreements in which the Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

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

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of March 31, 2020:



Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Bank Loans	$	—	$	26,242,211		$	1,824,348

Other Secured Obligations		—		11,647,677			—

Unsecured Debt Obligations		—		49,813,224			—

U.S Treasury Obligations		1,999,955		—			—

Common Stock and/or Other Equity Investments

North America		12,172		—			—

Investment Company		3,233,586		—			—

Total	$	5,245,713	$	87,703,112		$	1,824,348

Derivative Type

Assets^(a)

Credit Default Swap Contracts		—		232,660			—

Liabilities^(a)

Interest Rate Swap Contracts	$	—	$	(247,337	)	$	—

(a)

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

The following is a reconciliation of Level 3 investments for the fiscal year ended March 31, 2020:



	Bank Loans			Warrant

Beginning Balance as of April 1, 2019	$	—		$	17

Realized gain		5,484			—

Net change in unrealized gain (loss) relating to instruments still held at reporting date		(203,960	)		(17	)

Purchases		2,134,107			—

Sales		(706,448	)		—

Amortization		8,550			—

Transfers into Level 3		586,615			—

Ending Balance as of March 31, 2020	$	1,824,348		$	—

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2020. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.


Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	—	$	—		Variation Margin on swap contracts	$	(247,337)	^(a)
Credit	Variation Margin on swap contracts	$	232,660	^(a)	—		—
Total		$	232,660			$	(247,337)

(a)

Includes unrealized gain (loss) on centrally cleared swaps described in the Additional Investment Information section of the Schedule of Investments. Only variation margin as of March 31, 2020 is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:


Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) on swap contracts /Net change in unrealized gain (loss) on swap contracts	$	(1,024,148	)	$	110,251		1
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		524,263			741,052		1
Total		$	(499,885	)	$	851,303		2

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

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

For the fiscal year ended March 31, 2020, contractual and effective net management fees with GSAM were at the following rates:


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

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

March 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Fund invests. For the fiscal year ended March 31, 2020, GSAM waived $11,229 of the Fund’s management fee.

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

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


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

With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service 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 Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended March 31, 2020, Goldman Sachs retained $95 in front end sales charges, and it did not retain any contingent deferred sales charges.

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

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.13% 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 P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the Fund is 0.094%. These Other Expense limitations will remain in place through at least July 29, 2020 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under 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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

(as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the fiscal year ended March 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Management Fee Waiver		Transfer Agency Fee Waivers/ Credits		Other Expense Reimbursements		Total Expense Reductions
$	11,229	$	47	$	400,643	$	411,919

G. Line of Credit Facility — As of March 31, 2020, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2020, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000. The facility was increased to $700,000,000 effective April 28, 2020.

H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2020, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Fund.

As of March 31, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of 100% of outstanding Class R Shares of the Fund.

As of March 31, 2020, the Goldman Sachs VIT Multi-Strategy Alternatives Fund was the beneficial owner of 100% of outstanding Class R6 Shares of the Fund.

The following table provides information about the Fund’s investments in the Underlying Fund as of and for the fiscal year ended March 31, 2020:


Beginning Value as of March 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of March 31, 2020		Shares as of March 31, 2020		Dividend Income
$	9,883,769	$	110,357,680	$	(117,007,863	)	$	3,233,586		3,233,586	$	132,831

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2020, were as follows:


Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales of U.S. Government and Agency Obligations		Sales (Excluding U.S. Government and Agency Obligations)
$	—	$	159,561,656	$	—	$	154,746,264

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2020 was as follows:


Distributions paid from:
Ordinary Income	$	5,057,327

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

March 31, 2020

7. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended March 31, 2019 was as follows:


Distributions paid from:
Ordinary Income	$	10,413,346

As of March 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:


Undistributed ordinary income – net	$	1,556,671
Undistributed long-term capital gains		—
Total undistributed earnings	$	1,556,671
Capital loss carryforwards:
Perpetual Short-term	$	(27,895,437	)
Perpetual Long-term		(7,537,443	)
Total capital loss carryforwards	$	(35,432,880	)
Timing differences (Post October Loss Deferral/Distributions Payable)	$	(449,787	)
Unrealized gains (losses) – net		(12,384,654	)
Total accumulated earnings (losses) net	$	(46,710,650	)

As of March 31, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax Cost	$	107,161,818
Gross Unrealized gain		521,341
Gross Unrealized loss		(12,905,995	)
Net Unrealized gains(losses)	$	(12,384,654	)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, and differences in the tax treatment of swap transactions, market discount accretion and premium amortization and material modification of debt securities.

The Fund reclassed $5 from paid in capital to distributable earnings for the year ended March 31, 2020. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from certain non-deductible expenses.

GSAM has reviewed the Fund’s tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

8. OTHER RISKS (continued)

Derivatives Risk — The Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the 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.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

March 31, 2020

8. OTHER RISKS (continued)

reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

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

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

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

Short Position Risk — The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that the Fund uses the proceeds it

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

8. OTHER RISKS (continued)

receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of the Fund to the markets and therefore could magnify changes to the Fund’s NAV.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

The Fund has adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Fund has changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Fund applied the amendments on a modified retrospective basis beginning with the fiscal period ended March 31, 2020. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Fund.

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

11. SUBSEQUENT EVENTS

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

March 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019
	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		23,827		$	197,226			187,841		$	1,688,703
Reinvestment of distributions		8,826			76,779			37,564			325,884
Shares redeemed		(273,369	)		(2,386,800	)		(621,174	)		(5,513,680	)
		(240,716	)		(2,112,795	)		(395,769	)		(3,499,093	)
Class C Shares
Shares sold		—			—			2,339			21,500
Reinvestment of distributions		2,854			24,766			7,831			67,504
Shares redeemed		(59,794	)		(520,159	)		(52,865	)		(469,684	)
		(56,940	)		(495,393	)		(42,695	)		(380,680	)
Institutional Shares
Shares sold		450,237			3,873,625			1,094,503			9,938,491
Reinvestment of distributions		107,988			936,741			456,429			4,039,696
Shares redeemed		(1,316,869	)		(11,386,187	)		(20,645,953	)		(187,550,998	)
		(758,644	)		(6,575,821	)		(19,095,021	)		(173,572,811	)
Investor Shares
Shares sold		108,883			935,802			261,703			2,358,837
Reinvestment of distributions		15,097			131,139			46,765			405,540
Shares redeemed		(337,766	)		(2,944,855	)		(619,379	)		(5,489,449	)
		(213,786	)		(1,877,914	)		(310,911	)		(2,725,072	)
Class P Shares^(a)
Shares sold		1,822,359			15,930,000			14,275,383			130,828,502
Reinvestment of distributions		437,178			3,781,835			626,192			5,378,440
Shares redeemed		(2,662,165	)		(23,028,432	)		(4,867,963	)		(43,284,558	)
		(402,628	)		(3,316,597	)		10,033,612			92,922,384
Class R Shares
Shares sold		194			1,698			148			1,292
Reinvestment of distributions		122			1,057			174			1,510
Shares redeemed		(328	)		(2,872	)		(1,209	)		(11,075	)
		(12	)		(117	)		(887	)		(8,273	)
Class R6 Shares
Shares sold		58,520			510,000			39,312			354,000
Reinvestment of distributions		11,701			101,272			12,636			109,745
Shares redeemed		—			—			(235,684	)		(2,155,000	)
		70,221			611,272			(183,736	)		(1,691,255	)

NET DECREASE		(1,602,505	)	$	(13,767,365	)		(9,995,407	)	$	(88,954,800	)

(a)

Class P Shares commenced operations on April 20, 2018.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of

Goldman Sachs Long Short Credit Strategies Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Long Short Credit Strategies Fund (one of the funds constituting Goldman Sachs Trust, referred to hereafter as the “Fund”) as of March 31, 2020, the related statement of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2020 and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Fund will amortize its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.

At the Meeting, Dwight L. Bush, Kathryn A. Cassidy, Joaquin Delgado and Gregory G. Weaver were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Liquidity Risk Management Program (Unaudited)

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 11-12, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND



Fund Expenses — Six Month Period Ended March 31, 2020 (Unaudited)

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

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

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

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


	Long Short Credit Strategies Fund
Share Class	Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*
Class A
Actual	$	1,000.00	$	929.00		$	7.14
Hypothetical 5% return		1,000.00		1,017.60	+		7.47
Class C
Actual		1,000.00		926.50			10.74
Hypothetical 5% return		1,000.00		1,013.85	+		11.23
Institutional
Actual		1,000.00		930.50			5.50
Hypothetical 5% return		1,000.00		1,019.30	+		5.76
Investor
Actual		1,000.00		931.20			5.94
Hypothetical 5% return		1,000.00		1,018.85	+		6.21
Class P
Actual		1,000.00		931.60			5.41
Hypothetical 5% return		1,000.00		1,019.40	+		5.65
Class R
Actual		1,000.00		928.90			8.29
Hypothetical 5% return		1,000.00		1,016.40	+		8.67
Class R6
Actual		1,000.00		931.70			5.46
Hypothetical 5% return		1,000.00		1,019.35	+		5.70

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

Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Class A	Class C			Institutional			Investor			Class P			Class R			Class R6
1.48%		2.23	%		1.14	%		1.23	%		1.12	%		1.72	%		1.13	%

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/ Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002–2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 70	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr.Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Trustees and Officers (Unaudited) (continued)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Roy W. Templin Age: 59	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2020.

Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirement shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2020, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 42 portfolios (21 of which offered shares to the public).

⁴

This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

Information is provided as of March 31, 2020.

Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.66 trillion in assets under supervision as of March 31, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

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Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

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Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

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U.S. Mortgages Fund

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High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

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Local Emerging Markets Debt Fund

Fixed Income Alternatives

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Long Short Credit Strategies Fund

Fundamental Equity

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Equity Income Fund

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Small Cap Growth Fund

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Small Cap Value Fund

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Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

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Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

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Concentrated Growth Fund

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Technology Opportunities Fund

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Growth Opportunities Fund

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Rising Dividend Growth Fund

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Blue Chip Fund

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Income Builder Fund

Tax-Advantaged Equity

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U.S. Tax-Managed Equity Fund

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International Tax-Managed Equity Fund

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U.S. Equity Dividend and Premium Fund

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International Equity Dividend and Premium Fund

Equity Insights

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Small Cap Equity Insights Fund

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U.S. Equity Insights Fund

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Small Cap Growth Insights Fund

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Large Cap Growth Insights Fund

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Large Cap Value Insights Fund

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Small Cap Value Insights Fund

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International Small Cap Insights Fund

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International Equity Insights Fund

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Emerging Markets Equity Insights Fund

Fundamental Equity International

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International Equity Income Fund

∎

International Equity ESG Fund

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China Equity Fund⁵

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Emerging Markets Equity Fund

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Imprint Emerging Markets Opportunities Fund⁶

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ESG Emerging Markets Equity Fund

Alternative

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Real Estate Securities Fund

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International Real Estate Securities Fund

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Commodity Strategy Fund

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Global Real Estate Securities Fund

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Alternative Premia Fund

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Absolute Return Tracker Fund

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Managed Futures Strategy Fund

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MLP Energy Infrastructure Fund

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MLP & Energy Fund

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Multi-Manager Alternatives Fund

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Global Infrastructure Fund

Total Portfolio Solutions

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Global Managed Beta Fund

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Multi-Manager Non-Core Fixed Income Fund

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Multi-Manager U.S. Dynamic Equity Fund

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Multi-Manager Global Equity Fund

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Multi-Manager International Equity Fund

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Tactical Tilt Overlay Fund

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Balanced Strategy Portfolio

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Multi-Manager U.S. Small Cap Equity Fund

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Multi-Manager Real Assets Strategy Fund

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Growth and Income Strategy Portfolio

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Growth Strategy Portfolio

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Dynamic Global Equity Fund

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Satellite Strategies Portfolio

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Enhanced Dividend Global Equity Portfolio

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Tax-Advantaged Global Equity Portfolio

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Strategic Factor Allocation Fund

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Target Date Retirement Portfolio⁷

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Target Date 2025 Portfolio

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Target Date 2030 Portfolio

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Target Date 2035 Portfolio

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Target Date 2040 Portfolio

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Target Date 2045 Portfolio

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Target Date 2050 Portfolio

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Target Date 2055 Portfolio

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Target Date 2060 Portfolio

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GQG Partners International Opportunities Fund

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

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

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

⁴

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

⁵

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

⁶

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

⁷Effective

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

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

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


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

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

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

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

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

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

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

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this presentation concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

Goldman Sachs Funds

LOGO



Annual Report				March 31, 2020

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

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

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

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

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

LOGO

Goldman Sachs Multi Sector Fixed Income Funds

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BOND FUND

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CORE FIXED INCOME

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GLOBAL INCOME

∎

INCOME

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STRATEGIC INCOME


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussion and Analysis			4

Fund Basics			7

Schedules of Investments			30

Financial Statements			117

Financial Highlights			124

Bond Fund			124

Core Fixed Income			132

Global Income			140

Income			147

Strategic Income			154

Notes to the Financial Statements			161

Report of Independent Registered Public Accounting Firm			191

Other Information			196



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Multi Sector Fixed Income Funds

Market Review

During the 12 months ended March 31, 2020 (the “Reporting Period”), the performance of the fixed income markets was most influenced by economic growth expectations, central bank monetary policy and geopolitical events, including the emergence of a novel coronavirus (“COVID-19”).

In the second quarter of 2019, when the Reporting Period began, most spread, or non-government bond, sectors recorded gains. The quarter started on a positive note in April 2019, as developed markets’ central banks maintained the dovish stance they had shifted to in the prior quarter and kept monetary policy unchanged. (Dovish tends to suggest lower interest rates; opposite of hawkish.) In the U.S., the Federal Reserve (“Fed”) noted inflation softness might be due to “transitory factors.” The Bank of Japan clarified its forward guidance to signal unchanged monetary policy through the spring of 2020, while the Bank of England maintained its guidance around interest rate hikes occurring at a gradual pace and to a limited extent. Meanwhile, statements by Sweden’s Riksbank and the Bank of Canada were also somewhat dovish, as they generally focused on risks arising from slower global economic growth. Then, in May 2019, spread sectors were challenged by the escalation of U.S.-China trade tensions. That same month, market speculation about possible 2019 Fed interest rate cuts increased due to an accumulation of factors, including soft inflation, weakness in U.S. economic data, continued global economic growth headwinds from unresolved U.S.-China trade negotiations and weakness in the manufacturing sector. During June 2019, spread sector performance improved on raised prospects of ongoing monetary policy accommodation by global central banks, particularly by the Fed. At its June meeting, the U.S. central bank left interest rates unchanged, but eight of the 12 members on the Federal Open Market Committee projected rate cuts during the 2019 calendar year. In Europe, a dovish speech by outgoing European Central Bank (“ECB”) President Mario Draghi signaled forthcoming easing.

In the third quarter of 2019, spread sectors generally produced positive returns. Investment grade corporate bonds ended the quarter relatively unchanged, but high yield corporate bonds, agency mortgage-backed securities, external emerging markets debt and local emerging markets debt all notched gains. The outlook for global economic growth appeared to hinge on the outcome of U.S.-China trade negotiations and whether the services sector and household consumption would remain resilient in the face of a continued slowdown in global trade, investment and manufacturing activity. Regarding monetary policy, global central bank easing gained momentum during the third calendar quarter. In July 2019, the Fed delivered its first short-term interest rate cut since 2008, though Fed Chair Jerome Powell described it as a “mid-cycle adjustment.” Policymakers implemented another rate cut in September and announced they would stop trimming the Fed’s balance sheet. Elsewhere, the ECB delivered a package that included a rate cut, resumption of asset purchases, strengthened forward guidance and a tiering mechanism for bank deposits subject to negative interest rates. Emerging markets monetary policy was also broadly dovish, most notably in Turkey where the central bank lowered interest rates in July 2019 and again in September.

During the fourth quarter of 2019, spread sectors posted gains. Accommodative central bank policy, improved investor sentiment toward risk assets, a general election victory for the Conservative Party in the U.K., and the announcement of an agreement in principle for a “Phase One” trade deal between the U.S. and China bolstered spread sector performance. High yield corporate bonds performed particularly well, logging one of their best quarters since 2016. Near the end of October, the Fed cut short-term interest rates for a third time in 2019 and replaced a comment in its statement to “act as appropriate” with a more neutral comment that indicated its policy path would be dependent on the evolution of data and trade developments. In Europe, the first public address by new ECB president Christine Lagarde pointed to policy continuity, as it called for “a new European policy mix” that includes fiscal policy, which she believes could enable monetary policy to achieve its goal “faster and with fewer side effects.”

In the first quarter of 2020, spread sectors, with the exception of mortgage-backed securities, recorded negative returns. January 2020 began with improving macroeconomic data but also with heightened geopolitical uncertainty due to U.S.-Iran tensions. In the second half of the month, investor sentiment was challenged by concerns that Chinese and global economic growth could slow due to the outbreak of COVID-19 in China. Although risk-off investor sentiment, or reduced risk appetite, eased in early February, it resurfaced later in the month on news of an uptick in COVID-19 cases outside of China. Investor sentiment quickly worsened in March, as governments around the world initiated shutdowns and quarantines to stem what had then become a pandemic. Global central banks indicated their willingness to use monetary policy to address market volatility and economic conditions. In early March, the Fed cut the target federal funds rate by 50 basis points to a range of between 1.00% and 1.25%, citing “evolving” risks to U.S. economic activity from COVID-19. (A basis point is 1/100^th of a percentage point.) On March 15^th, the Fed slashed the

MARKET REVIEW

target federal funds rate to near zero. Other G10 banks, except for Sweden’s Riksbank, reduced their policy rates or held them at all-time lows. (Also known as Group of 10 nations, the G10 are actually 11 countries that participate in an agreement to provide the International Monetary Fund with additional funds to increase its lending ability. Members include Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, the U.K. and the U.S.) Quantitative easing measures were resumed in the U.S., the U.K. and Sweden, expanded in Europe and Japan and commenced in Australia, Canada and New Zealand. New policy measures were also launched, with the goal of easing stresses in corporate bond markets. Meanwhile, many governments began to make use of fiscal policy to stem supply-side shocks. Several announced large fiscal measures, which included direct support for health care efforts. Many of the measures also sought to provide income support to individuals, assistance to households, small businesses and larger companies, and loan guarantees. Finally, a sharp drop in crude oil prices during March 2020 added further to market volatility. Early in the month, a dispute between the Organization of the Petroleum Exporting Countries, or OPEC, and Russia led Saudi Arabia to lower the price at which it sells crude oil.

For the Reporting Period overall, spread sector performance was negative. Sovereign emerging markets debt underperformed U.S. Treasury securities most, followed by high yield corporate bonds and investment grade corporate bonds. Commercial mortgage-backed securities, asset backed securities, mortgage-backed securities and agency securities also lagged U.S. Treasuries, though to a lesser extent. During the Reporting Period, the U.S. Treasury sector posted strong gains, as U.S. Treasury yields fell along the curve, with those on the shortest maturities declining most. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.) The yield on the bellwether 10-year U.S. Treasury dropped approximately 174 basis points to end the Reporting Period at 0.67%.

Looking Ahead

At the end of the Reporting Period, the global economy was experiencing a severe slowdown. Non-essential economic activity had suddenly stopped around the world, with approximately one-third of the global population under full or partial lockdowns. Most forms of face-to-face consumption—a key driver of growth in many key economies — had come to a standstill. Manufacturers had reduced or shut down production, while construction had slowed or stalled. In our view, global economic growth rates had dropped to recession-like levels at the end of the Reporting Period.

The shape of the eventual global economic recovery, in our opinion, will most likely depend on COVID-19’s trajectory and any second- or third-round economic shocks. We think a V- or U-shaped recovery could occur if the economic influence of the virus is confined to direct impacts, such as production shutdowns, cancelled consumption, supply chain disruptions and employee absenteeism. An L-shaped recovery could unfold if labor market or consumption weakness is pronounced and sustained and/or if direct virus impacts are accompanied by materially tighter financial conditions, a downturn in global trade and a pullback in business investment. We cannot predict the evolution of COVID-19 and its rippling effects. But at the end of the Reporting Period, we planned to continue monitoring the incidence of new infections, the status of ongoing mitigation measures and the progress on development of a vaccine and/or therapeutic.

MARKET REVIEW

Goldman Sachs U.S. Fixed Income Investment Management Team Changes

There were several key changes to the Goldman Sachs U.S. Fixed Income Investment Management Team during the Reporting Period. After 26 years of distinguished service, Mark Van Wyk, head of Goldman Sachs Asset Management’s (“GSAM”) Government/Swaps strategy retired from the firm at the end of March 2020. Peter Stone has stepped in to lead the U.S. Government/Swaps team, and Simon Dangoor has stepped in to head the global Government/Swaps strategy. Similarly, Jonathan Bayliss, head of Macro Rates retired from the firm. Simon Dangoor stepped in to be the new head of Macro Rates, having oversight of the Duration, Country, Cross Macro and Government/Swaps strategies. Peter Stone and Alex Stiles have stepped in to co-head Duration. Simon Dangoor and Arnab Nilim have stepped in to co-head the Cross Macro strategy. Arnab Nilim was also hired during the Reporting Period to be the new head of the Currency strategy, replacing Sam Finkelstein, who is now focused on his responsibilities and role as co-chief investment officer. Kay Haigh was hired to be the new co-head of the Emerging Markets Debt strategy, along with Sam Finkelstein. Finally, Michael Goldstein, co-head of High Yield portfolio management and trading, retired from the firm, with his responsibilities assumed by Robert Magnuson. By design, all investment decisions for the Funds are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and helps to ensure continuity in the Funds.

PORTFOLIO RESULTS

Goldman Sachs Bond Fund

Investment Objective

The Fund seeks a total return consisting of capital appreciation and income that exceeds the total return of the Bloomberg Barclays U.S. Aggregate Bond Index.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Bond Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 5.66%, 4.88%, 6.01%, 5.49%, 5.82%, 6.03%, 5.40% and 6.03%, respectively. These returns compare to the 8.91% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Bloomberg Barclays Index”), during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

While the Fund produced positive absolute returns, it underperformed the Bloomberg Barclays Index on a relative basis. Within our top-down strategies, our cross-sector strategy detracted most overall from the Fund’s relative results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

Our top-down currency strategy also detracted from the Fund’s relative results during the Reporting Period, largely due to positioning around Latin American currencies, specifically, the Brazilian real and the Colombian peso. We had favored long positions in the Brazilian real for most of the Reporting Period, and we had favored short positions in the Colombian peso for the majority of the Reporting Period. The currency strategy is primarily implemented via currency forwards.

Partially offsetting these detractors was the Fund’s country strategy, which contributed most positively to its relative results during the Reporting Period. Within the Fund’s country strategy, long positions in Canadian rates versus short positions in European rates helped most. The Fund’s long U.S. inflation versus short U.K. inflation positioning also added to returns. The Fund’s country strategy is primarily implemented via interest rate swaps and/or futures.

Tactical management of the Fund’s duration and yield curve positioning strategy also contributed positively to relative performance during the Reporting Period. The duration strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Bottom-up individual issue selection generated mixed results during the Reporting Period but detracted overall.

Which fixed income market sectors most significantly affected Fund performance?

Implemented via our cross-sector strategy, the Fund’s overweight to investment grade corporate credit detracted most from relative results, as the credit market suffered a great deal of stress in the March 2020 sell-off. That said, these losses were largely offset by the Fund’s long U.S. duration position, which we used to hedge the Fund’s credit exposure. The credit losses were also partially offset by the Fund’s basis exposure, as credit derivatives outperformed cash bonds. (Basis exposure, or basis risk, is the financial risk that offsetting investments in a hedging strategy will not experience price changes in entirely opposite directions from each other. This imperfect correlation between the two investments creates the potential for excess gains or losses in a hedging strategy.) Within the securitized sector, overweights to collateralized loan obligations (“CLOs”) and to asset-backed securities (“ABS”) detracted from performance. These losses were slightly offset by an overweight to agency mortgage-backed securities (“MBS”), which contributed positively.

PORTFOLIO RESULTS

Security selection strategies generated mixed results but detracted overall. Selection within the corporate credit sector was the major detractor from the Fund’s relative performance during the Reporting Period, primarily due to selection of investment grade industrial issues. Within the industrial sector, energy-related bonds were particularly challenged, although non-energy names also struggled due to across the board spread widening within the corporate credit sector. (Spread widening is an increased differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating.)

Individual issue selection within the government/swaps sector also detracted, albeit more modestly. The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/or futures. Security selection within the emerging markets debt sector also modestly dampened relative results, with selection of emerging markets debt from Venezuela, Argentina and Ecuador especially detracting from performance. On the other hand, selection within the securitized sector contributed positively to the Fund’s performance, especially selection of MBS.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period, primarily driven by tactical U.S. rates positioning. Positioning around the seven- and 20-year segments of the U.S. Treasury yield curve also added to performance. We favored short positioning around the 20-year segment of the yield curve and long positioning around the seven-year segment of the yield curve.

How did the Fund use derivatives and similar instruments during the Reporting Period?

As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as purchased OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, Treasury futures and Eurodollar futures were used as warranted to facilitate specific duration, yield curve and country strategies; swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps and total return swaps to manage exposure to fluctuations in interest rates. The Fund also used forward sales contracts to help manage duration. The Fund used CLOs, collateralized mortgage obligations (“CMOs”), inverse floaters, interest only mortgage-backed securities and TBAs (“to be announced”) within its securitized selection strategy.

Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. Derivatives are used in combination with cash securities* to implement our views in the Fund. During the Reporting Period, positions in CLOs, CMOs, TBAs, futures and interest rate swaps contributed positively to relative results, while positions in currency forwards, credit default swaps, inverse floaters, interest-only mortgage-backed securities and swaptions detracted from relative results. The effect of the remaining derivatives and similar instruments mentioned above was rather neutral to the Fund’s results during the Reporting Period.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, we increased the Fund’s exposure relative to the Bloomberg Barclays Index in agency MBS given what we considered to be their attractive valuations.

Cash may include local currency, foreign currency, short-term investment funds, bank acceptances, commercial paper, margin, repurchase agreements, time deposits, variable-rate demand notes, and/or money market mutual funds. The Cash category may show a negative market value percentage as a result of a) the timing of trade date versus settlement date transactions and/or b) the portfolio’s derivative investments, which are collateralized by the portfolio’s available cash and securities. Such securities are AAA rated by an independent rating agency, have durations between -2 and 1 years, and are limited to the following sectors: governments, agencies, supranationals, corporates, and agency-backed adjustable-rate mortgages.

PORTFOLIO RESULTS

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

The Fund’s portfolio management team remained unchanged, led by Michael Swell and Ashish Shah.

How was the Fund positioned relative to its benchmark index at the end of March 2020?

At the end of March 2020, the Fund had overweighted allocations relative to the Bloomberg Barclays Index on a market-value weighted basis in pass-through mortgage-backed securities and investment grade corporate bonds and, to a lesser extent, in high yield corporate bonds and asset-backed securities. The Fund had underweighted exposure relative to the Bloomberg Barclays Index in U.S. government securities and, to a lesser extent, in quasi-government securities and held rather neutral positions compared to the Bloomberg Barclays Index in commercial mortgage-backed securities and emerging markets debt. The Fund had no exposure to covered bonds at the end of the Reporting Period. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also maintained a position in cash* at the end of the Reporting Period. The Fund had a modestly longer overall duration compared to that of the Bloomberg Barclays Index at the end of the Reporting Period, attributable primarily to a modestly long U.S. duration position relative to the Bloomberg Barclays Index.

In April 2020, the Board of Trustees of the Goldman Sachs Trust approved a change investment objective of the Fund. This change will become effective on July 29, 2020. The Fund’s current investment objective is to seek a total return consisting of capital appreciation and income that exceeds the total return of the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s new investment objective will be to seek a total return consisting of capital appreciation and income.

FUND BASICS

Bond Fund

as of March 31, 2020

FUND COMPOSITION¹

Percentage of Net Assets

LOGO

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

“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.

GOLDMAN SACHS BOND FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Bond Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	5.66%	2.52%	3.82%	—
Including sales charges	1.72%	1.74%	3.42%	—

Class C				—
Excluding contingent deferred sales charges	4.88%	1.74%	3.05%	—
Including contingent deferred sales charges	3.87%	1.74%	3.05%	—

Institutional	6.01%	2.87%	4.17%	—

Service	5.49%	2.36%	3.66%	—

Investor	5.82%	2.78%	4.03%	—

Class P (Commenced April 20, 2018)	6.03%	N/A	N/A	5.52%

Class R	5.40%	2.27%	3.55%	—

Class R6 (Commenced July 31, 2015)	6.03%	N/A	N/A	3.12%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs Core Fixed Income Fund

Investment Objective

The Fund seeks a total return consisting of capital appreciation and income that exceeds the total return of the Bloomberg Barclays U.S. Aggregate Bond Index.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Core Fixed Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 7.07%, 6.25%, 7.41%, 6.87%, 7.33%, 7.41%, 6.70% and 7.41%, respectively. These returns compare to the 8.91% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Bloomberg Barclays Index”), during the same period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Our top-down currency strategy also detracted from the Fund’s relative results during the Reporting Period, largely due to long positions in the Norwegian krone as well as positioning around the Australian dollar. These losses were partially offset by short positions in the Canadian dollar, which added value. The currency strategy is primarily implemented via currency forwards.

Partially offsetting these detractors was the Fund’s country strategy, which contributed most positively to its relative results during the Reporting Period. Within the Fund’s country strategy, long positions in U.S. inflation rates versus short positions in U.K. inflation rates helped most. Long positions in Canadian rates versus short positions in European rates also added to performance as did long positions in European rates versus short positions in Swedish rates. The Fund’s country strategy is primarily implemented via interest rate swaps and/or futures.

Bottom-up individual issue selection overall generated mixed results during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

Implemented via our cross-sector strategy, the Fund’s overweight to investment grade corporate credit detracted most from relative results, as the credit market suffered a great deal of stress in the March 2020 sell-off. That said, these losses were largely offset by the Fund’s basis exposure, as credit derivatives outperformed cash bonds. (Basis exposure, or basis risk, is the financial risk that offsetting investments in a hedging strategy will not experience price changes in entirely opposite directions from each other. This imperfect correlation between the two investments creates the potential for excess gains or losses in a hedging strategy.) The credit losses were also partially offset by the Fund’s long U.S. duration position, which we used to hedge the Fund’s credit exposure. Within the securitized sector, overweights to collateralized loan obligations (“CLOs”) and to asset-backed securities (“ABS”) detracted from performance. These losses

PORTFOLIO RESULTS

were slightly offset by an overweight to agency mortgage-backed securities (“MBS”), which contributed positively.

Security selection strategies generated mixed results. Selection within the corporate credit sector was the major detractor from the Fund’s relative performance during the Reporting Period, primarily due to selection of investment grade industrial issues. Within the industrial sector, energy-related bonds were particularly challenged, although non-energy names also struggled due to across the board spread widening within the corporate credit sector. (Spread widening is an increased differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating.) These losses were partially offset by the Fund’s “down in quality” bias within the investment grade corporate bond sector, which contributed positively.

Selection within the securitized sector contributed positively to the Fund’s performance, especially selection of MBS. Individual issue selection within the government/swaps sector also added value during the Reporting Period, primarily due to selection of U.S. Treasury bills. The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/or futures. Security selection within the emerging markets debt sector also modestly boosted relative results, with selection of emerging market debt from Mexico and Russia especially benefiting performance.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period, primarily driven by tactical U.S. rates positioning.

How did the Fund use derivatives and similar instruments during the Reporting Period?

As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as purchased OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, Treasury and international government bond futures, Eurodollar futures and other futures contracts were used as warranted to facilitate specific duration, yield curve and country strategies; swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. The Fund also used forward sales contracts to help manage duration. The Fund also used forward sales contracts to help manage duration. The Fund used collateralized loan obligations, collateralized mortgage obligations, inverse floaters, interest only mortgage-backed securities and TBAs (“to be announced”) within its securitized selection strategy.

Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. During the Reporting Period, positions in currency forwards, futures, interest rate swaps, collateralized loan obligations and TBAs contributed positively to relative results, while positions in swaptions, Eurodollar options and credit default swaps detracted from relative results, and positions in the remaining derivatives and similar instruments mentioned above did not meaningfully impact Fund performance.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, we increased the Fund’s exposure relative to the Bloomberg Barclays Index in agency MBS given what we considered to be their attractive valuations.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

The Fund’s portfolio management team remained unchanged, led by Michael Swell and Ashish Shah.

How was the Fund positioned relative to its benchmark index at the end of March 2020?

At the end of March 2020, the Fund had its most overweighted allocations relative to the Bloomberg Barclays Index on a market-value weighted basis in investment grade

PORTFOLIO RESULTS

corporate bonds, pass-through mortgage-backed securities and, to a lesser extent, asset-backed securities. The Fund had its most underweighted exposure relative to the Bloomberg Barclays Index in U.S. government securities. The Fund maintained rather neutral exposures relative to the Bloomberg Barclays Index to quasi-government securities, commercial mortgage-backed securities, high yield corporate bonds and emerging markets debt. The Fund had no exposure to covered bonds at the end of the Reporting Period. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also maintained a position in cash* at the end of the Reporting Period. The Fund had a neutral overall duration compared to that of the Bloomberg Barclays Index at the end of the Reporting Period, including a rather neutral U.S. duration position relative to the Bloomberg Barclays Index.

FUND BASICS

Core Fixed Income Fund

as of March 31, 2020

FUND COMPOSITION¹

Percentage of Net Assets

LOGO

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificate of deposit. 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.

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Performance Summary

March 31, 2020

Core Fixed Income Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	7.07%	2.83%	3.66%	—
Including sales charges	3.02%	2.06%	3.26%	—

Class C
Excluding contingent deferred sales charges	6.25%	2.07%	2.88%	—
Including contingent deferred sales charges	5.23%	2.07%	2.88%	—

Institutional	7.41%	3.18%	4.00%	—

Service	6.87%	2.67%	3.50%	—

Investor	7.33%	3.09%	3.91%	—

Class P (Commenced April 20, 2018)	7.41%	N/A	N/A	6.63%

Class R	6.70%	2.56%	3.39%	—

Class R6 (Commenced July 31, 2015)	7.41%	N/A	N/A	3.58%

PORTFOLIO RESULTS

Goldman Sachs Global Income Fund

Investment Objective

The Fund seeks a high total return, emphasizing current income, and, to a lesser extent, providing opportunities for capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Global Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P and Class R6 Shares generated average annual total returns, without sales charges, of 4.88%, 4.06%, 5.22%, 4.71%, 5.07%, 5.22% and 5.22%, respectively. These returns compare to the 6.57% average annual total return of the Fund’s benchmark, the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, hedged) (the “Bloomberg Barclays Index”), during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

While the Fund produced positive absolute returns, it underperformed the Bloomberg Barclays Index on a relative basis. Bottom-up individual issue selection overall detracted from the Fund’s performance during the Reporting Period, led by our corporate selection strategy. To a more modest degree, our emerging markets debt selection strategy also detracted. The corporate selection strategy is primarily implemented via cash rate bonds and credit default swaps (mainly index swaps). The emerging markets debt selection strategy implements directional, relative value and idiosyncratic trade ideas in local and external emerging market rates and corporate bonds. Individual issue selection strategies reflect any active views we take on a particular sector.

Within our top-down strategies, the Fund’s cross-sector strategy detracted most from relative results during the Reporting Period. The cross-sector strategy is primarily implemented via cash bonds and index/single-name credit default swaps. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

To a lesser extent, the Fund’s currency strategy also detracted. The Fund’s currency strategy detracted primarily because of overweight positions relative to the Bloomberg Barclays Index in Latin American emerging markets currencies, such as the Brazilian real, Colombian peso and Argentinean peso, which depreciated relative to the U.S. dollar in the third quarter of 2019. The Brazilian real experienced bearish momentum amidst the move by corporations to purchase U.S. dollars to repay U.S. dollar-denominated debt in the country. The Argentinean peso weakened relative to the U.S. dollar due to deteriorating investor sentiment against a backdrop of political instability and troubled financial conditions in the country. The Fund’s overweight to the Mexican peso in the first quarter of 2020 also detracted from results, as the currency weakened relative to the U.S. dollar due to negative sentiment around COVID-19. The Fund’s currency strategy primarily implements relative value positions in developed and emerging market currencies, using valuations relative to short- and medium-term fundamentals.

The Fund’s cross-macro strategy detracted from relative returns as well during the Reporting Period, attributable primarily to the Fund’s short exposure relative to the Bloomberg Barclays Index in Norwegian rates versus long New Zealand and Canadian rates exposures toward the end of the Reporting Period. These positions were challenged by the Norges Bank, Norway’s central bank, cutting interest rates more than we expected, while the Bank of Canada and Reserve Bank of New Zealand cut interest rates less than we expected and launched quantitative easing programs rather than moving rates into negative territory. Additionally, the collapse in oil prices during the Reporting Period was detrimental to the Fund’s long Norwegian krone position, given that Norway is a net exporter of oil. The cross-macro strategy in one in which we hold relative value positions

PORTFOLIO RESULTS

across rates, currencies and credit within the Fund. The cross-macro strategy is primarily implemented via interest rate swaps and/or futures.

Conversely, our duration strategy boosted the Fund’s relative results most during the Reporting Period. The duration strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Our country strategy also contributed positively to the Fund’s performance during the Reporting Period. This was primarily due to the Fund’s long U.S. Treasury inflation-protected securities versus short U.K. inflation securities position, which performed well on the back of lowered inflation expectations in the U.K., as optimism around Brexit resolution grew. (Brexit is the term for the U.K.’s path out of the European Union.) The Fund’s long Europe versus short Swedish rates trade in the first half of the Reporting Period also contributed positively to performance. European rates rallied in 2019 on the back of accommodative monetary policy and looser financial conditions in the Eurozone, whereas Sweden’s Riksbank delivered a less dovish read than the consensus expected due to anchored economic expectations and tight resource utilization. (Dovish tends to suggest lower interest rates; opposite of hawkish.) The Fund’s long Canadian versus short European rates positions added value as well, performing especially strongly in March 2020 as a part of our team’s rate convergence theme, wherein we believed the higher rate markets had more room to ease through interest rate cuts relative to the countries with already-lower rates. The Bank of Canada lowered its policy rates in response to the uncertain evolution of the COVID-19 pandemic and its potential economic repercussions, while the European Central Bank looked at other easing mechanisms. The country strategy is primarily implemented via interest rate swaps and/or futures.

Which fixed income market sectors most significantly affected Fund performance?

Our cross-sector strategy and corporate selection strategy were the largest detractors from the Fund’s performance during the Reporting Period due to the Fund’s overweight bias to investment grade corporate bonds in March 2020. The investment grade corporate bond market deteriorated due to the twin oil-coronavirus shock, as investor uncertainty, reduced bank dealer capacity to trade and near-term funding concerns impaired credit market functioning. The sector saw heavy outflows. Decisive action from major central banks, particularly investment grade corporate bond asset purchases announced by the U.S. Federal Reserve (“Fed”) on March 24, 2020, started to ease liquidity challenges and helped spreads to begin retracing toward the end of the month. (Spreads are yield differentials to duration-equivalent U.S. Treasuries.) The Fund’s rates-paired approach, implemented through our cross-macro strategy, offset some of the losses from the spread widening within the investment grade corporate bond sector. Both our cross-sector and corporate selection strategies are primarily implemented via cash rate bonds and credit default swaps (mainly index swaps).

Our emerging markets debt selection strategy modestly detracted overall from the Fund’s results during the Reporting Period. Such underperformance can be attributed primarily to the Fund’s long exposure to South Korean inflation in the second quarter of 2019 and its short exposure to Polish local rates. The position in South Korean inflation detracted due to a policy rate cut in the country in response to growing concerns around low inflation expectations resulting from economic disruptions due to the spread of COVID-19 and the fall in global oil prices. The emerging markets debt strategy implements directional, relative value and idiosyncratic trade ideas in local and external emerging market rates and corporate bonds.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

The Fund’s duration positioning contributed most positively to its results during the Reporting Period. The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through volatile markets. We tactically adjusted the Fund’s duration position throughout the Reporting Period as market conditions shifted. The Fund’s tactical positions in Japanese, U.S., U.K. and Australian rates during the Reporting Period helped most. The Fund had a long Japanese rates position toward the end of 2019, as we expected an unwinding of a sell-off that had occurred during November 2019 on high new supply and amid receding expectations for additional Bank of Japan monetary easing. The Fund’s U.S. rates position contributed positively to returns, as bond yields moved marginally higher during the fourth quarter of 2019 on the back of tentative signs of improving global economic growth and on rising optimism around prospects for a U.S.-China trade deal. The Fund’s short U.K. rates position in March 2020 also contributed positively, as U.K. rates reflected extreme market pricing, while we believed the

PORTFOLIO RESULTS

Bank of England was at its lower boundary for policy rates and would look at alternative easing measures beyond the rate cut it delivered.

How did the Fund use derivatives and similar instruments during the Reporting Period?

We used derivatives and similar instruments for the efficient management of the Fund. These derivatives and similar instruments allowed us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement. Derivatives are used in combination with cash* to implement our views in the Fund.

During the Reporting Period, we used Treasury futures, Eurodollar futures, interest rate and bond exchange traded futures contracts and swaptions to implement duration and country strategies within the Fund, especially in the U.S., Eurozone, U.K. and Japanese markets. Currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as by purchasing OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Interest rate and credit default swaps were also used as cost-efficient instruments to help grant us greater precision and versatility in the management of active strategies. Forward sales contracts were used to implement currency transactions based on our active views and for hedging purposes. Written option contracts were used to implement active views within our top-down and bottom-up selection strategies and for hedging purposes. The Fund used collateralized loan obligations, collateralized mortgage obligations, interest only mortgage-backed securities and TBAs (“to be announced”) within its securitized selection strategy. While the use of derivatives generated mixed results during the Reporting Period, as described earlier, overall, they had a positive impact on the Fund’s results, especially the use of futures.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

As mentioned earlier, we tactically adjusted the Fund’s duration position during the Reporting Period as market conditions and central bank policy shifted. Also, we established a long Australian rates versus short U.K. rates position, and we added a short U.S. rates versus long Australian rates position during the Reporting Period. We closed out the Fund’s long rates position in Europe versus other developed markets, including Norway and the U.K. We maintained the Fund’s exposure to perceived safe-haven currencies, such as the U.S. dollar, Japanese yen, Swiss franc and euro, and paired these positions with short exposures to currencies more sensitive to lower oil prices, such as the Canadian dollar.

From a sector perspective, on a market-value weighted basis, we increased the Fund’s exposures to residential mortgage-backed securities, especially mortgage pass-through securities, and to investment grade corporate bonds during the Reporting Period. We decreased the Fund’s exposures to quasi-government securities, asset-backed securities and emerging markets debt during the Reporting Period. We also reduced the Fund’s position in cash during the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective December 31, 2019, Simon Dangoor stepped up to become the co-lead portfolio manager of the Fund. Andrew Wilson stepped down as portfolio manager of the Fund effective the same date to become the chair of the Global Fixed Income and Liquidity Solutions team within Goldman Sachs Asset Management (“GSAM”). Effective February 25, 2020, Hugh Briscoe stepped up to become a portfolio manager of the Fund. Iain Lindsay stepped down as a portfolio manager of the Fund effective the same date.

How was the Fund positioned relative to its benchmark index at the end of March 2020?

At the end of March 2020, on a market-value weighted basis, the Fund had overweighted allocations relative to the Bloomberg Barclays Index in investment grade corporate bonds; residential mortgage-backed securities, especially mortgage pass-through securities; and asset-backed securities. The Fund had underweighted exposures relative to the Bloomberg Barclays Index in government securities and, to a lesser degree, quasi-government securities and emerging markets debt. The Fund had a rather neutrally weighted position relative to the Bloomberg Barclays Index in high

PORTFOLIO RESULTS

yield corporate bonds and had no positions in commercial mortgage-backed securities or covered bonds at the end of the Reporting Period. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also maintained a position in cash* at the end of the Reporting Period.

From a country perspective, on a market-value weighted basis, the Fund was overweight relative to the Bloomberg Barclays Index in the U.S., and to a much lesser degree, in Japan at the end of March 2020. The Fund was underweight compared to the Bloomberg Barclays Index in Australia, the Eurozone overall and the emerging markets overall. Within the Eurozone, the Fund was most underweight Germany and France and was rather neutrally weighted to the remaining Eurozone markets at the end of the Reporting Period. Within the emerging markets, the Fund was rather neutrally weighted to each of the individual constituent markets. The Fund was also relatively neutrally weighted at the end of the Reporting Period to Canada, Denmark, Sweden and the U.K. and had no exposure to Norway. The Fund had a modestly longer duration than that of the Bloomberg Barclays Index at the end of the Reporting Period.

In February 2020, the Board of Trustees of the Goldman Sachs Trust approved a change in the name, investment objective and principal investment strategy of the Fund. These changes will become effective after the close of business on April 30, 2020. The Fund’s name will change to the “Goldman Sachs Global Core Fixed Income Fund.” The Fund’s current investment objective is to seek a high total return, emphasizing current income, and, to a lesser extent, providing opportunities for capital appreciation. The Fund’s new investment objective will be to seek a total return consisting of capital appreciation and income. “Core” in the Fund’s name means that the Fund will focus its investments in intermediate and long-term investment grade bonds.

FUND BASICS

Global Income Fund

as of March 31, 2020


CURRENCY ALLOCATION¹

	Percentage of Net Assets

	as of 3/31/20			as of 3/31/19
U.S. Dollar		66.3	%		63.1	%
Japanese Yen		17.1			13.7
Euro		11.9			13.7
British Pound		4.3			5.8
Chinese Yuan Renminbi		3.2			0.0
Canadian Dollar		1.8			2.5
Thai Baht		1.6			0.6
South Korean Won		0.9			1.8
Swedish Krona		0.3			0.4
Singapore Dollar		0.2			0.3
Indonesian Rupiah		0.2			0.2
Danish Krone		0.1			0.1
Israeli Shekel		0.1			0.1
Russian Ruble		0.1			0.1
Australian Dollar		0.0			0.4
Mexican Peso		0.0			0.3
South African Rand		0.0			0.2
Czech Koruna		0.0			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.

GOLDMAN SACHS GLOBAL INCOME FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Global Income Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	4.88%	2.60%	3.40%	—
Including sales charges	0.92%	1 81%	3.01%	—

Class C
Excluding contingent deferred sales charges	4.06%	1.83%	2.65%	—
Including contingent deferred sales charges	3.04%	1.83%	2.65%	—

Institutional	5.22%	2.94%	3.76%	—

Service	4.71%	2.37%	3.20%	—

Investor (Commenced July 30, 2010)	5.07%	2.85%	N/A	3.53%

Class P (Commenced April 20, 2018)	5.22%	N/A	N/A	5.13%

Class R6 (Commenced July 31, 2015)	5.22%	N/A	N/A	3.36%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs Income Fund

Investment Objective

The Fund seeks a high level of current income, and secondarily, capital appreciation.

Portfolio Management Discussion and Analysis

The Goldman Sachs Income Fund (the “Fund”) launched on December 3, 2019. Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the period from its inception through March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund seeks to strike a balance between top-down sector positioning and rigorous bottom-up fundamental credit research.

Tactical management of the Fund’s duration and yield curve positioning strategy detracted from relative performance during the Reporting Period. The duration strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Our cross-sector strategy generated mixed results but detracted overall from the Fund’s relative results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

Bottom-up individual issue selection also led to mixed results but detracted overall from relative performance, especially within the corporate credit sector.

Which fixed income market sectors most significantly affected Fund performance?

The Fund seeks to be higher yielding than a typical bond strategy with less risk than high yield or emerging markets debt, with investments limited to no greater than 35% in emerging markets debt. The Fund can be utilized as a complement to an established core bond strategy.

Implemented via our cross-sector strategy, the Fund’s overweights to high yield corporate bonds and emerging markets debt detracted from relative returns. Most of this underperformance can be attributed to March 2020 when spreads widened significantly in both sectors. (Spread widening is an increased differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating.) These losses were partially offset by the positive contributions made by positioning in investment grade corporate bonds as well as by the Fund’s long U.S. rates positions, which was paired with a long credit position.

Among our security selection strategies, our selection of investment grade industrial and financial corporate bonds as well as our selection of external emerging markets debt detracted from the Fund’s relative performance during the Reporting Period. These detractors were partially offset by selection of agency securities within the government/swaps sector, which contributed positively. The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/or futures.

PORTFOLIO RESULTS

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

The Fund’s duration will typically range from three to six years. Tactical management of the Fund’s duration and yield curve positioning detracted from its results during the Reporting Period, primarily driven by tactical U.S. yield curve positioning. Rates rose during the month of December 2019 on continued optimism over the U.S.-China trade negotiations and signs of stable economic growth. During the month, our tactical short U.S. rate positions contributed positively to Fund returns. However, December 2019’s gains were offset as the Fund’s tactical short U.S. rates position detracted from returns during the first quarter of 2020. More specifically, during the month of February 2020, our tactical U.S. rates position was initially predicated on a what we saw as a lower probability of Federal Reserve (“Fed”) interest rate cuts in calendar year 2020. However, the mounting concerns around the impact of COVID-19 on global economic growth caused rates to rally and the implied probability of a Fed rate cut to increase substantially. In March 2020, the Fed cut the targeted federal funds rate range by a total of 150 basis points to combat the negative impact of the COVID-19 outbreak on the economy. (A basis point is 1/100^th of a percentage point.)

How did the Fund use derivatives and similar instruments during the Reporting Period?

As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily forward foreign exchange contracts. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, Treasury and other futures contracts were used as warranted to facilitate specific duration and yield curve strategies; credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

Given that the Fund was launched on December 3, 2019, there were no notable changes in the Fund’s weightings during the Reporting Period.

That said, in response to the significant market sell-off in March 2020, we continued to scrutinize the Fund in an effort to identify potential vulnerability and opportunities. In March 2020, we trimmed the Fund’s exposure to bonds within the energy sector as well as to bonds within other COVID-19-sensitive sectors. We also sold out of emerging markets debt issues that are heavily exposed to oil prices. With the dislocation of many sectors seen at the end of the Reporting Period, we sought to add positions we feel may provide opportunities to take advantage of any significant spread compression. For example, at the end of March 2020, we were looking to add credit exposure via investment grade cash bonds, aiming to capture attractive new issue premia, buy in the secondary market where spreads were more attractive, in our view, and get ahead of the potential liquidity wave of the Fed’s corporate credit purchase program. (A cash bond is an arrangement wherein a party gives to another an amount of money to secure the fulfillment of an obligation. In cases where the party fails to comply with the obligation, the money is forfeited in favor of the latter.) We also were adding exposure at the end of March 2020 to select non-COVID-19-exposed high quality high yield corporate bond issues that were trading at what we considered to be discounted levels. Our primary efforts toward the end of the Reporting Period were toward mitigating cyclicality risk and repositioning the Fund’s portfolio for a new environment.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

The Fund’s portfolio managers, since its inception, are Ashish Shah, Managing Director, Co-Chief Investment Officer of Global Fixed Income, and Ron Arons, Managing Director.

How was the Fund positioned relative to its benchmark index at the end of March 2020?

The Fund has the ability to invest across a variety of fixed income sectors, including government securities, mortgage-backed securities, securitized issues, investment grade

PORTFOLIO RESULTS

corporate bonds, high yield corporate bonds and emerging markets debt. At the end of March 2020, the Fund had its most overweighted allocations relative to the Bloomberg Barclays Index on a market-value weighted basis in high yield corporate bonds, emerging markets debt and investment grade corporate bonds. The Fund had its most underweighted exposure relative to the Bloomberg Barclays Index in pass-through mortgage-backed securities. The Fund had no exposure at the end of the Reporting Period to government securities, quasi-government securities, asset-backed securities, commercial mortgage-backed securities or covered bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also maintained a position in cash* at the end of the Reporting Period. The Fund had a neutral overall duration compared to that of the Bloomberg Barclays Index at the end of the Reporting Period, including a rather neutral U.S. duration position relative to the Bloomberg Barclays Index.

FUND BASICS

Income Fund

as of March 31, 2020

FUND COMPOSITION¹

Percentage of Net Assets

LOGO

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.

PORTFOLIO RESULTS

Goldman Sachs Strategic Income Fund

Investment Objective

The Fund seeks total return comprised of income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Strategic Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

We note that the Fund’s benchmark being the LIBOR Index is a means of emphasizing that the Fund has an unconstrained strategy. That said, this Fund employs a benchmark agnostic strategy and thus comparisons to a benchmark index are not particularly relevant.

What key factors were responsible for the Fund’s performance during the Reporting Period?

From a broad perspective, the Fund’s performance during the Reporting Period was due primarily to the massive sell-off in risk assets in February and March 2020 as a result of the coronavirus pandemic outbreak. This caused asset prices to plunge, liquidity to dry up, and spreads to widen substantially. (Spread widening is an increased differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating.)

More specifically, within our top-down strategies, our cross-sector strategy detracted most from the Fund’s performance during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors. Our currency strategy also detracted from the Fund’s performance during the Reporting Period. Most of the currency strategy’s weak performance can be attributed to the Fund’s exposure to emerging market currencies, including the Brazilian real, Russian ruble, Czech koruna and Colombian peso. Emerging market currencies as a whole came under pressure amid a broad sell-off in emerging market assets. Among developed market currencies, exposure to the Norwegian krona and Australian dollar detracted most.

Conversely, the Fund’s country strategy, wherein we trade based on our analysis of relative value rates across global interest rate markets, contributed positively to the Fund’s performance during the Reporting Period. Among others, trades that contributed especially positively to the Fund’s results included long U.S. versus short U.K. inflation rates positions and long European versus short Swedish rates positions. At the end of the Reporting Period, the Fund had long exposures to European, Japanese, Norwegian and Australian rates and short exposures to U.S., U.K. and Swedish rates.

The Fund’s combined duration and yield curve positioning strategy also added value during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Individual issue selection produced mixed results. These strategies reflect any active views we take on particular sectors.

Which fixed income market sectors most significantly affected Fund performance?

Within the Fund’s cross-sector strategy, long exposure to investment grade and high yield corporate bonds detracted most from performance during the Reporting Period. The Fund’s exposure to these sectors, along with its exposure to the emerging markets debt sector, actually contributed positively overall from the start of the Reporting Period in

PORTFOLIO RESULTS

April 2019 through January 2020. However, they then became the biggest detractors from the Fund’s results in February and March 2020 amid the bearish momentum shift in risk assets stemming from COVID-19 fears, which was accompanied by severe spread widening among these assets.

Individual issue selection within the emerging markets debt sector detracted from the Fund’s results during the Reporting Period, with the largest detractors being the external debt of Venezuela, South Africa and Argentina, especially during the months of August 2019 and February and March 2020 amid the broad sell-off in emerging markets assets, mentioned above. At the end of the Reporting Period, the Fund had long exposure to the external dollar sovereign debt of Venezuela, the Dominican Republic, Mexico, Colombia and Russia and short exposure to that of China. The Fund had long exposure to the local sovereign rates of China, Brazil, Mexico and South Africa and short exposure to the local sovereign rates of Poland.

Individual issue selection within the corporate bond sector also detracted from the Fund’s results during the Reporting Period, with weak performance driven mainly by selection of industrial investment grade credit and convertible high yield credit. To a lesser extent, issue selection within the government/swaps sector also dampened the Fund’s performance during the Reporting Period.

Conversely, issue selection within the securitized sector added value during the Reporting Period. Within the securitized sector, most of the positive performance derived from the Fund’s positions in adjustable rate mortgage-backed securities and asset-backed securities, only partially offset by the Fund’s positions in commercial mortgage-backed securities, which detracted. Issue selection within the municipal bond sector also contributed positively to Fund results during the Reporting Period, albeit more modestly so.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

The Fund’s tactical duration positioning was beneficial to results during the Reporting Period. While we tactically adjusted the Fund’s duration position as market conditions shifted throughout, we generally kept a short U.S. rates position in the Fund during the Reporting Period. The Fund’s yield curve positioning contributed positively to the Fund’s performance as well during the Reporting Period, as we tactically implemented long exposure to the long-term end of the U.S. Treasury yield curve as market opportunities presented.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we used interest rate and bond exchange traded futures contracts to implement duration and country strategies within the Fund, especially in the U.S., Eurozone and Japanese markets. Currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as by purchasing OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, we used written options contracts and swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. We used total return swaps to manage curve exposure across various strategies within the Fund. Our currency strategy used forward sales contracts to implement long and short views within the strategy. We additionally used equity swaps to manage equity exposure; Treasury futures and Eurodollar futures to manage currency exposures across developed markets; structured securities to gain exposure to local emerging market interest rates; yield curve options for hedging in the U.S.; and interest-only mortgage-backed securities to invest in mortgage pools.

The duration strategy, implemented through derivatives as described above, contributed positively to Fund performance during the Reporting Period. In the country strategy, the team primarily uses swaps/futures to express relative value trades in the interest rates of two separate countries. The country strategy overall contributed positively to the Fund’s performance during the Reporting Period. The currency strategy, implemented primarily through the use of currency

PORTFOLIO RESULTS

forwards, Treasury futures and Eurodollar futures, detracted from the Fund’s performance during the Reporting Period. The use of a credit default swap index to gain exposure to emerging markets debt also detracted.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

The Fund is a broadly diversified, multi-sector portfolio designed to provide total return opportunities from across the fixed income spectrum, including government, securitized, corporate credit and emerging market fixed income sectors.

Mortgage-backed securities had underperformed U.S. Treasuries during the first quarter of 2019, in the months just before the Reporting Period began, as interest rates rallied and elevated volatility increased concerns around faster repayments and heavier supply of mortgage-backed securities. This underperformance at the start of 2019 had pushed valuations wider, to levels not seen since 2013, while our team perceived the increase in prepayment risk to have already been reflected in mortgage-backed securities valuations. As such, we increased the Fund’s exposure to mortgage-backed securities in mid-May 2019. This change in the Fund’s weighting proved beneficial to its performance during the Reporting Period overall.

We also strategically increased the amount of the Fund’s U.S. rates pairing with corporate credit and emerging markets corporate debt. We implemented this change to increase carry and also to hedge potential downside risk, as duration and spreads are often negatively correlated. (Carry of an asset is the return obtained from holding it, if positive, or the cost of holding it, if negative.) This positioning was a particularly strong contributor to performance in February and March 2020, when duration rallied amid a flight to quality in response to contagion fears surrounding the coronavirus. Spreads widened considerably, and the Fund’s long positions in U.S. rates, mostly focused around the seven-year segment, benefited performance significantly.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

The Fund’s portfolio management team remained unchanged, led by Michael Swell and Ashish Shah.

How was the Fund positioned at the end of March 2020?

At the end of March 2020, the Fund had the majority of its total net assets invested in pass-through mortgage-backed securities, followed by investment grade corporate bonds, high yield corporate bonds and asset-backed securities. The Fund also had more modest exposures at the end of the Reporting Period to emerging markets debt, non-agency residential mortgage-backed securities, commercial mortgage-backed securities, agency residential mortgage-backed securities, quasi-government securities, U.S. Treasuries and equities. The Fund had a position in cash* at the end of the Reporting Period.

Cash may include local currency, foreign currency, short-term investment funds, bank acceptances, commercial paper, margin, repurchase agreements, time deposits, variable-rate demand notes and/or money market mutual funds. The Cash category may show a negative market value percentage as a result of a) the timing of trade date versus settlement date transactions and/or b) the portfolio’s derivative investments, which are collateralized by the portfolio’s available cash and securities. Such securities are AAA rated by an independent rating agency, have durations between -2 and 1 years, and are limited to the following sectors: governments, agencies, supranationals, corporates and agency-backed adjustable-rate mortgages.

FUND BASICS

Strategic Income Fund

as of March 31, 2020

FUND COMPOSITION¹

Percentage of Net Assets

LOGO

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

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on June 30, 2010 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the ICE Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Strategic Income Fund’s Lifetime Performance

Performance of a $1,000,000 investment, with distributions reinvested, from June 30, 2010 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Since Inception
Class A (Commenced June 30, 2010)
Excluding sales charges	-5.64%	-0.80%	1.18%
Including sales charges	-9.15%	-1.55%	0.78%

Class C (Commenced June 30, 2010)
Excluding contingent deferred sales charges	-6.27%	-1.51%	0.44%
Including contingent deferred sales charges	-7.21%	-1.51%	0.44%

Institutional (Commenced June 30, 2010)	-5.31%	-0.48%	1.51%

Investor (Commenced June 30, 2010)	-5.40%	-0.56%	1.42%

Class P (Commenced April 20, 2018)	-5.31%	N/A	-2.82%

Class R (Commenced June 30, 2010)	-5.89%	-1.05%	0.92%

Class R6 (Commenced July 31, 2015)	-5.30%	N/A	-0.70%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND BASICS

Index Definitions

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

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

The ICE BofAML U.S. Dollar 3-Month LIBOR Constant Maturity Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. It is not possible to invest directly in an index.

GOLDMAN SACHS BOND FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 51.4%
Advertising^(a)(b) – 0.1%
	Terrier Media Buyer, Inc.
$	415,000		8.875	%		12/15/27	$	354,825

Aerospace & Defense – 1.2%
	Bombardier, Inc.^(a)(b)
	150,000		7.500			03/15/25		104,625
	General Dynamics Corp.^(a)
	225,000		4.250			04/01/50		277,299
	Lockheed Martin Corp.^(a)
	30,000		4.090			09/15/52		36,093
	Northrop Grumman Corp.
	750,000		2.930	^(a)		01/15/25		763,830
	225,000		4.750			06/01/43		271,928
	25,000		4.030	^(a)		10/15/47		28,596
	725,000		5.250	^(a)		05/01/50		973,508
	TransDigm, Inc.^(a)
	50,000		6.500			05/15/25		47,500
	575,000		6.375			06/15/26		546,250
	425,000		7.500			03/15/27		412,250
	United Technologies Corp.^(a)
	475,000		3.950			08/16/25		518,425
	550,000		4.125			11/16/28		607,772
	200,000		4.050			05/04/47		218,690
	325,000		4.625			11/16/48		384,498

								5,191,264

Agriculture – 0.8%
	Altria Group, Inc.^(a)
	775,000		3.800			02/14/24		786,447
	65,000		4.400			02/14/26		67,043
	Archer-Daniels-Midland Co.^(a)
	175,000		3.250			03/27/30		185,250
	BAT Capital Corp.^(a)
	840,000		3.222			08/15/24		839,714
	65,000		3.215			09/06/26		62,184
	35,000		4.390			08/15/37		32,100
	25,000		4.758			09/06/49		24,998
	100,000		5.282			04/02/50		100,218
	IHS Markit Ltd.^(a)(b)
	550,000		4.000			03/01/26		545,980
	Philip Morris International, Inc.
	25,000		4.125			03/04/43		25,996
	Reynolds American, Inc.
	700,000		4.850			09/15/23		728,637

								3,398,567

Apparel^(a) – 0.1%
	NIKE, Inc.
	325,000		3.250			03/27/40		338,929
	275,000		3.375			03/27/50		300,053

								638,982

Automotive – 0.2%
	BMW US Capital LLC^(a)(b)
	30,000		3.625			04/18/29		30,613
	Daimler Finance North America LLC
	40,000		8.500			01/18/31		53,247


Corporate Obligations – (continued)
Automotive – (continued)
	General Motors Co.
	225,000		4.000			04/01/25		192,152
	General Motors Financial Co., Inc.^(a)
	30,000		3.700			05/09/23		26,991
	300,000		4.300			07/13/25		263,277
	10,000		5.250			03/01/26		8,809
	65,000		4.350			01/17/27		53,691
	125,000		5.650			01/17/29		108,135
	Hyundai Capital America
	70,000		2.750			09/27/26		64,378

								801,293

Banks – 13.1%
	AIB Group PLC^(b)
	1,300,000		4.750			10/12/23		1,248,767
	Banco do Brasil SA^(a)(c)
	(10 Year CMT + 4.398%)
	200,000		6.250			10/29/49		157,000
	(10 Year CMT + 6.362%)
	200,000		9.000			06/29/49		189,413
	Banco Santander SA
	600,000		4.250			04/11/27		610,296
	400,000		3.306			06/27/29		389,608
	Bank of America Corp.
	625,000		4.125			01/22/24		665,356
	325,000		4.200			08/26/24		345,150
	1,300,000		3.248	^(a)		10/21/27		1,357,356
	925,000		4.183	^(a)		11/25/27		972,915
	100,000		6.110			01/29/37		125,739
	(3M USD LIBOR + 0.940%)
	875,000		3.864	^(a)(c)		07/23/24		913,832
	(3M USD LIBOR + 0.990%)
	75,000		2.496	^(a)(c)		02/13/31		72,510
	(3M USD LIBOR + 1.190%)
	525,000		2.884	^(a)(c)		10/22/30		524,885
	(3M USD LIBOR + 1.310%)
	750,000		4.271	^(a)(c)		07/23/29		812,557
	(3M USD LIBOR + 1.575%)
	525,000		3.824	^(a)(c)		01/20/28		549,707
	(3M USD LIBOR + 3.150%)
	1,000,000		4.083	^(a)(c)		03/20/51		1,129,960
	Barclays PLC^(a)(c) (3M USD LIBOR + 1.400%)
	1,275,000		4.610			02/15/23		1,288,349
	BNP Paribas SA^(b)
	1,750,000		3.500			03/01/23		1,759,450
	550,000		3.375			01/09/25		547,850
	(5 Year USD Swap + 4.149%)
	200,000		6.625	^(a)(c)		12/31/99		177,500
	BPCE SA^(b)
	1,025,000		4.000			09/12/23		1,040,006
	525,000		4.625			09/12/28		579,626
	CIT Bank NA^(a)(c)(SOFR + 1.715%)
	600,000		2.969			09/27/25		525,984
	CIT Group, Inc.^(a)
	25,000		4.750			02/16/24		24,250


30		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)
	Citigroup, Inc.
$	1,450,000		2.700	%^(a)		10/27/22	$	1,458,642
	1,050,000		3.400			05/01/26		1,109,577
	125,000		4.300			11/20/26		131,651
	1,200,000		4.125			07/25/28		1,238,160
	40,000		8.125			07/15/39		62,356
	(3M USD LIBOR + 1.192%)
	45,000		4.075	^(a)(c)		04/23/29		47,800
	(3M USD LIBOR + 1.563%)
	15,000		3.887	^(a)(c)		01/10/28		15,664
	(SOFR + 1.422%)
	550,000		2.976	^(a)(c)		11/05/30		532,312
	(SOFR + 3.914%)
	450,000		4.412	^(a)(c)		03/31/31		494,357
	Citizens Financial Group, Inc.^(a)
	65,000		2.850			07/27/26		63,537
	Cooperatieve Rabobank UA
	875,000		3.125			04/26/21		881,151
	Credit Agricole SA^(a)(b)(c) (5 Year USD Swap + 4.319%)
	250,000		6.875			12/31/99		225,018
	Credit Suisse Group AG^(a)(b)
	875,000		4.282			01/09/28		904,199
	(3M USD LIBOR + 1.410%)
	525,000		3.869	^(c)		01/12/29		529,888
	(SOFR + 3.730%)
	550,000		4.194	^(c)		04/01/31		563,546
	Credit Suisse Group Funding Guernsey Ltd.
	307,000		4.550			04/17/26		324,121
	Deutsche Bank AG
	925,000		2.700			07/13/20		910,894
	65,000		4.100			01/13/26		59,645
	HSBC Holdings PLC
	200,000		4.950			03/31/30		220,652
	(3M USD LIBOR + 1.000%)
	450,000		2.692	^(a)(c)		05/18/24		417,573
	(3M USD LIBOR + 1.055%)
	625,000		3.262	^(a)(c)		03/13/23		625,887
	(3M USD LIBOR + 1.211%)
	600,000		3.803	^(a)(c)		03/11/25		614,688
	Huntington Bancshares, Inc.^(a)
	825,000		4.000			05/15/25		864,748
	Itau Unibanco Holding SA^(a)(b)(c) (5 Year CMT + 3.222%)
	200,000		4.625			12/31/99		163,500
	JPMorgan Chase & Co.
	65,000		3.300	^(a)		04/01/26		68,177
	1,200,000		3.625	^(a)		12/01/27		1,257,312
	30,000		6.400			05/15/38		42,763
	(3M USD LIBOR + 0.945%)
	905,000		3.509	^(a)(c)		01/23/29		941,372
	(3M USD LIBOR + 1.000%)
	1,875,000		4.023	^(a)(c)		12/05/24		1,984,237
	(3M USD LIBOR + 1.245%)
	1,000,000		3.960	^(a)(c)		01/29/27		1,078,400
	(3M USD LIBOR + 3.800%)
	1,710,000		5.300	^(a)(c)		12/29/49		1,594,729


Corporate Obligations – (continued)
Banks – (continued)
	(SOFR + 1.160%)
	825,000		2.301	%^(a)(c)		10/15/25		822,805
	(SOFR + 3.125%)
	800,000		4.600	^(a)(c)		12/31/99		704,368
	(SOFR + 3.790%)
	75,000		4.493	^(a)(c)		03/24/31		86,467
	KeyCorp.
	20,000		2.550			10/01/29		17,993
	Mitsubishi UFJ Financial Group, Inc.
	302,000		2.950			03/01/21		302,329
	30,000		3.761			07/26/23		31,067
	60,000		3.741			03/07/29		63,762
	700,000		3.751			07/18/39		708,701
	Morgan Stanley, Inc.
	1,050,000		3.700			10/23/24		1,107,466
	115,000		4.000			07/23/25		123,129
	425,000		3.950			04/23/27		441,129
	30,000		4.300			01/27/45		35,940
	(3M USD LIBOR + 0.847%)
	350,000		3.737	^(a)(c)		04/24/24		363,132
	(3M USD LIBOR + 1.400%)
	1,550,000		3.201	^(a)(c)		10/24/23		1,497,703
	(3M USD LIBOR + 1.628%)
	700,000		4.431	^(a)(c)		01/23/30		775,705
	(SOFR + 1.152%)
	800,000		2.720	^(a)(c)		07/22/25		804,344
	(SOFR + 3.120%)
	400,000		3.622	^(a)(c)		04/01/31		418,536
	(SOFR + 4.840%)
	675,000		5.597	^(a)(c)		03/24/51		931,372
	Royal Bank of Canada^(c) (3M USD LIBOR + 0.390%)
	875,000		2.160			04/30/21		861,394
	Royal Bank of Scotland Group PLC
	826,000		3.875			09/12/23		833,806
	(3M USD LIBOR + 1.480%)
	1,160,000		3.498	^(a)(c)		05/15/23		1,164,118
	(3M USD LIBOR + 1.550%)
	850,000		4.519	^(a)(c)		06/25/24		863,642
	(3M USD LIBOR + 1.762%)
	225,000		4.269	^(a)(c)		03/22/25		233,672
	(5 Year CMT + 2.100%)
	200,000		3.754	^(a)(c)		11/01/29		184,000
	Santander Holdings USA, Inc.^(a)
	65,000		4.400			07/13/27		63,703
	Santander UK PLC
	1,000,000		2.875			06/18/24		999,830
	Standard Chartered PLC^(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,325,000		4.247			01/20/23		1,330,856
	State Street Corp.^(a)(c)
	(3M USD LIBOR + 1.030%)
	60,000		4.141			12/03/29		65,612
	(SOFR + 2.650%)
	25,000		3.152	^(b)		03/30/31		25,551
	The Bank of New York Mellon Corp.^(a)(c) (3M USD LIBOR + 0.634%)
	35,000		2.661			05/16/23		35,399


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	The Bank of Nova Scotia
$	50,000		3.400	%		02/11/24	$	52,147
	Truist Bank^(a)
	350,000		2.250			03/11/30		320,751
	Wells Fargo & Co.
	2,750,000		3.000			10/23/26		2,813,085
	600,000		4.300			07/22/27		635,772
	75,000		4.150	^(a)		01/24/29		81,804
	(3M USD LIBOR + 4.240%)
	75,000		5.013	^(a)(c)		04/04/51		95,141
	Westpac Banking Corp.^(a)(c)(5 Year CMT + 2.000%)
	575,000		4.110			07/24/34		552,926

								55,883,779

Beverages^(a) – 2.0%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	325,000		4.700			02/01/36		339,222
	2,350,000		4.900			02/01/46		2,588,713
	Anheuser-Busch InBev Worldwide, Inc.
	1,225,000		4.600			04/15/48		1,296,111
	200,000		5.550			01/23/49		235,076
	Bacardi Ltd.^(b)
	600,000		5.300			05/15/48		653,880
	Constellation Brands, Inc.
	625,000		4.400			11/15/25		628,775
	225,000		3.700			12/06/26		223,362
	500,000		3.600			02/15/28		489,740
	625,000		3.150			08/01/29		581,081
	Keurig Dr Pepper, Inc.
	750,000		4.057			05/25/23		780,562
	65,000		4.417			05/25/25		69,262
	50,000		5.085			05/25/48		62,320
	Molson Coors Beverage Co.
	35,000		3.000			07/15/26		32,851
	PepsiCo., Inc.
	475,000		3.625			03/19/50		559,308

								8,540,263

Biotechnology^(a) – 0.0%
	Amgen, Inc.
	25,000		2.600			08/19/26		26,258

Building Materials^(a)(b) – 0.6%
	Carrier Global Corp.
	1,125,000		2.493			02/15/27		1,062,090
	1,575,000		2.722			02/15/30		1,446,102

								2,508,192

Chemicals – 1.2%
	CNAC HK Finbridge Co. Ltd.
	270,000		3.125			06/19/22		266,880
	200,000		4.625			03/14/23		205,750
	DuPont de Nemours, Inc.^(a)
	425,000		4.205			11/15/23		447,351
	25,000		4.493			11/15/25		26,785
	50,000		5.419			11/15/48		57,925


Corporate Obligations – (continued)
Chemicals – (continued)
	Huntsman International LLC^(a)
	415,000		4.500			05/01/29		354,915
	Syngenta Finance NV^(b)
	1,210,000		3.698			04/24/20		1,211,730
	1,485,000		3.933			04/23/21		1,398,722
	The Sherwin-Williams Co.^(a)
	12,000		2.750			06/01/22		12,024
	500,000		3.450			06/01/27		512,690
	475,000		2.950			08/15/29		466,046

								4,960,818

Commercial Services^(a) – 0.4%
	Global Payments, Inc.
	375,000		2.650			02/15/25		379,785
	225,000		3.200			08/15/29		216,135
	PayPal Holdings, Inc.
	1,175,000		2.650			10/01/26		1,151,723

								1,747,643

Computers – 1.5%
	Apple, Inc.^(a)
	900,000		2.750			01/13/25		948,330
	1,875,000		2.450			08/04/26		1,959,956
	Dell International LLC/EMC Corp.^(a)(b)
	600,000		5.450			06/15/23		615,408
	55,000		4.000			07/15/24		55,605
	305,000		6.020			06/15/26		315,800
	175,000		8.100			07/15/36		201,628
	100,000		8.350			07/15/46		117,240
	Hewlett Packard Enterprise Co.^(a)
	939,000		4.900			10/15/25		970,766
	155,000		6.350			10/15/45		180,160
	Oracle Corp.^(a)
	400,000		3.600			04/01/40		399,768
	375,000		3.600			04/01/50		374,666
	425,000		3.850			04/01/60		427,605
	Seagate HDD Cayman
	65,000		4.750			01/01/25		63,538

								6,630,470

Cosmetics/Personal Care^(a) – 0.1%
	The Procter & Gamble Co.
	225,000		3.600			03/25/50		277,508

Diversified Financial Services – 1.9%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,150,000		4.625			07/01/22		987,240
	450,000		3.300	^(a)		01/23/23		381,271
	400,000		4.875	^(a)		01/16/24		343,556
	Air Lease Corp.^(a)
	875,000		3.750			06/01/26		754,294
	50,000		3.250			10/01/29		39,903
	Aircastle Ltd.^(a)
	25,000		4.125			05/01/24		21,900
	45,000		4.250			06/15/26		38,553
	Ally Financial, Inc.
	50,000		8.000			11/01/31		57,812


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	American Express Co.^(a)(c) (3M USD LIBOR + 3.285%)
$	345,000		4.026	%		12/29/49	$	291,525
	Ares Capital Corp.^(a)
	30,000		4.200			06/10/24		27,884
	Avolon Holdings Funding Ltd.^(a)(b)
	65,000		5.250			05/15/24		52,394
	425,000		3.950			07/01/24		334,896
	675,000		2.875			02/15/25		533,722
	Capital One Financial Corp.^(a)
	55,000		3.800			01/31/28		54,300
	GE Capital International Funding Co.
	1,600,000		3.373			11/15/25		1,610,640
	250,000		4.418			11/15/35		270,082
	Global Aircraft Leasing Co. Ltd.^(a)(b)(d) (PIK 7.250%, Cash 6.500%)
	900,000		6.500			09/15/24		560,250
	Huarong Finance 2019 Co. Ltd.
	480,000		3.750			05/29/24		475,800
	Huarong Finance II Co. Ltd.
	200,000		5.500			01/16/25		210,000
	Jefferies Group LLC/Jefferies Group Capital Finance, Inc.
	25,000		4.150			01/23/30		23,946
	LPL Holdings, Inc.^(a)(b)
	5,000		4.625			11/15/27		4,575
	Mastercard, Inc.^(a)
	250,000		3.300			03/26/27		271,905
	175,000		3.350			03/26/30		194,189
	125,000		3.850			03/26/50		152,634
	Raymond James Financial, Inc.^(a)
	75,000		4.650			04/01/30		77,922
	TD Ameritrade Holding Corp.^(a)
	55,000		3.300			04/01/27		55,611
	The Charles Schwab Corp.^(a)
	65,000		3.250			05/22/29		64,377
	Visa, Inc.^(a)
	200,000		2.050			04/15/30		199,710
	100,000		2.700			04/15/40		99,264

								8,190,155

Electrical – 2.1%
	AEP Transmission Co. LLC^(a)
	50,000		3.650			04/01/50		50,881
	Alliant Energy Finance LLC^(a)(b)
	375,000		3.750			06/15/23		399,341
	100,000		4.250			06/15/28		103,690
	Ameren Corp.^(a)
	125,000		3.500			01/15/31		124,704
	American Electric Power Co., Inc.^(a)
	250,000		2.300			03/01/30		233,165
	Berkshire Hathaway Energy Co.^(a)
	225,000		3.250			04/15/28		232,351
	400,000		3.700	^(b)		07/15/30		427,808
	55,000		4.450			01/15/49		64,542
	50,000		4.250	^(b)		10/15/50		56,546
	Dominion Energy, Inc.
	675,000		3.071	^(e)		08/15/24		669,924
	225,000		3.375	^(a)		04/01/30		222,739


Corporate Obligations – (continued)
Electrical – (continued)
	Exelon Corp.^(a)
	325,000		4.050			04/15/30		332,228
	50,000		4.700			04/15/50		52,282
	FirstEnergy Corp.^(a)
	700,000		2.650			03/01/30		660,744
	NRG Energy, Inc.^(a)(b)
	675,000		3.750			06/15/24		667,143
	Ohio Power Co.^(a)
	200,000		2.600			04/01/30		198,732
	Sempra Energy^(a)(c) (3M USD LIBOR + 0.500%)
	1,125,000		2.331			01/15/21		1,065,634
	Southern California Edison Co.^(a)
	725,000		3.700			08/01/25		746,402
	450,000		4.200			03/01/29		479,722
	The Southern Co.^(a)
	1,050,000		3.250			07/01/26		1,057,927
	Virginia Electric & Power Co.^(a)
	65,000		3.300			12/01/49		67,314
	Vistra Operations Co. LLC^(a)(b)
	1,175,000		3.550			07/15/24		1,105,404

								9,019,223

Electrical Components & Equipment^(a)(b) – 0.3%
	Energizer Holdings, Inc.
	1,075,000		7.750			01/15/27		1,091,125

Electronics^(a) – 0.0%
	Fortive Corp.
	65,000		3.150			06/15/26		66,262

Engineering & Construction^(a) – 0.1%
	Mexico City Airport Trust
	200,000		4.250			10/31/26		177,250
	250,000		3.875	^(b)		04/30/28		209,000
	310,000		5.500	^(b)		07/31/47		255,905

								642,155

Environmental^(a)(b) – 0.1%
	GFL Environmental, Inc.
	255,000		8.500			05/01/27		255,956

Food & Drug Retailing^(a) – 0.4%
	Campbell Soup Co.
	65,000		3.950			03/15/25		67,442
	Conagra Brands, Inc.
	65,000		4.600			11/01/25		69,012
	Mars, Inc.^(b)
	225,000		2.700			04/01/25		228,501
	Post Holdings, Inc.^(b)
	450,000		5.750			03/01/27		459,000
	225,000		5.500			12/15/29		225,000
	Sysco Corp.
	50,000		6.600			04/01/40		53,767
	275,000		6.600			04/01/50		298,581
	The JM Smucker Co.
	225,000		2.375			03/15/30		208,919

								1,610,222


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Gaming^(a) – 0.2%
	Boyd Gaming Corp.^(b)
$	900,000		4.750	%		12/01/27	$	742,500
	Las Vegas Sands Corp.
	70,000		3.200			08/08/24		62,981
	Wynn Macau Ltd.^(b)
	200,000		5.125			12/15/29		170,000

								975,481

Gas^(a) – 0.1%
	NiSource, Inc.
	575,000		3.650			06/15/23		587,679

Healthcare Providers & Services – 1.2%
	Acadia Healthcare Co., Inc.^(a)
	682,000		5.625			02/15/23		647,900
	Anthem, Inc.^(a)
	60,000		4.101			03/01/28		64,563
	Catalent Pharma Solutions, Inc.^(a)(b)
	130,000		5.000			07/15/27		126,100
	Centene Corp.^(a)(b)
	680,000		4.250			12/15/27		684,502
	DH Europe Finance II S.a.r.l.^(a)
	700,000		2.200			11/15/24		687,344
	275,000		2.600			11/15/29		274,365
	35,000		3.400			11/15/49		34,651
	HCA, Inc.
	425,000		5.375			02/01/25		434,562
	150,000		5.875	^(a)		02/15/26		157,875
	Tenet Healthcare Corp.
	500,000		6.750			06/15/23		461,250
	560,000		5.125	^(a)		05/01/25		534,800
	Thermo Fisher Scientific, Inc.^(a)
	250,000		4.497			03/25/30		281,690
	UnitedHealth Group, Inc.
	25,000		3.850			06/15/28		27,775
	Zimmer Biomet Holdings, Inc.^(a)
	65,000		3.550			04/01/25		65,426
	800,000		3.550			03/20/30		794,664

								5,277,467

Household Products^(a) – 0.1%
	Kimberly-Clark Corp.
	100,000		3.100			03/26/30		107,269
	60,000		2.875			02/07/50		58,662
	Prestige Brands, Inc.^(b)
	150,000		5.125			01/15/28		146,250

								312,181

Insurance – 1.5%
	American International Group, Inc.^(a)
	1,075,000		3.900			04/01/26		1,107,841
	375,000		4.200			04/01/28		387,885
	Arch Capital Finance LLC^(a)
	1,000,000		4.011			12/15/26		1,009,350
	Athene Holding Ltd.^(a)
	40,000		4.125			01/12/28		36,659


Corporate Obligations – (continued)
Insurance – (continued)
	AXA Equitable Holdings, Inc.^(a)
	65,000		4.350			04/20/28		64,316
	5,000		5.000			04/20/48		4,580
	Brighthouse Financial, Inc.^(a)
	70,000		3.700			06/22/27		61,907
	Great-West Lifeco Finance 2018 LP^(a)(b)
	325,000		4.047			05/17/28		350,194
	Lincoln National Corp.^(a)
	70,000		3.050			01/15/30		65,046
	Marsh & McLennan Cos., Inc.^(a)
	575,000		4.375			03/15/29		640,625
	Nippon Life Insurance Co.^(a)(b)(c)(5 Year CMT + 2.612%)
	250,000		3.400			01/23/50		240,358
	Reinsurance Group of America, Inc.^(a)
	65,000		3.900			05/15/29		65,684
	Teachers Insurance & Annuity Association of America^(b)
	295,000		4.900			09/15/44		334,928
	The Northwestern Mutual Life Insurance Co.^(b)
	800,000		6.063			03/30/40		1,031,508
	The Progressive Corp.^(a)
	250,000		3.950			03/26/50		287,847
	Willis North America, Inc.^(a)
	70,000		2.950			09/15/29		68,188
	XLIT Ltd.
	775,000		4.450			03/31/25		799,955

								6,556,871

Internet^(a) – 0.3%
	Amazon.com, Inc.
	400,000		3.875			08/22/37		478,372
	Booking Holdings, Inc.
	65,000		3.600			06/01/26		65,151
	eBay, Inc.
	65,000		3.600			06/05/27		64,852
	Expedia Group, Inc.
	65,000		5.000			02/15/26		58,759
	Match Group, Inc.^(b)
	662,000		4.125			08/01/30		595,800

								1,262,934

Iron/Steel – 0.0%
	ArcelorMittal SA
	60,000		6.125			06/01/25		59,000
	Vale Overseas Ltd.
	134,000		6.250			08/10/26		143,382

								202,382

Machinery-Diversified^(a) – 0.4%
	Deere & Co.
	125,000		3.750			04/15/50		145,252
	Otis Worldwide Corp.^(b)
	175,000		2.293			04/05/27		167,708
	1,275,000		2.565			02/15/30		1,234,965
	Westinghouse Air Brake Technologies Corp.
	30,000		4.950			09/15/28		28,956

								1,576,881


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Media – 3.5%
	Altice Financing SA^(a)(b)
$	1,050,000		7.500	%		05/15/26	$	1,021,125
	CCO Holdings LLC/CCO Holdings Capital Corp.^(a)(b)
	845,000		4.750			03/01/30		840,775
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	400,000		3.579			07/23/20		398,528
	1,012,000		4.500			02/01/24		1,044,839
	1,960,000		4.908			07/23/25		2,106,726
	15,000		6.384			10/23/35		17,831
	Comcast Corp.^(a)
	550,000		3.700			04/15/24		590,051
	225,000		3.100			04/01/25		238,282
	550,000		3.950			10/15/25		606,155
	256,000		3.300			02/01/27		268,959
	550,000		3.300			04/01/27		580,343
	350,000		3.150			02/15/28		366,639
	375,000		4.150			10/15/28		423,821
	575,000		4.250			10/15/30		667,880
	75,000		3.750			04/01/40		83,388
	50,000		4.950			10/15/58		68,002
	Cox Communications, Inc.^(a)(b)
	50,000		3.350			09/15/26		49,722
	30,000		3.500			08/15/27		29,273
	Diamond Sports Group LLC/Diamond Sports Finance Co.^(a)(b)
	420,000		5.375			08/15/26		340,200
	Discovery Communications LLC^(a)
	45,000		4.900			03/11/26		45,803
	Entercom Media Corp.^(a)(b)
	400,000		7.250			11/01/24		334,000
	675,000		6.500			05/01/27		587,250
	Fox Corp.^(a)
	300,000		4.030			01/25/24		311,686
	275,000		4.709			01/25/29		301,673
	100,000		3.500			04/08/30		99,799
	iHeartCommunications, Inc.^(a)(b)
	300,000		4.750			01/15/28		270,000
	NBCUniversal Media LLC
	458,000		4.450			01/15/43		543,774
	TEGNA, Inc.^(a)(b)
	950,000		4.625			03/15/28		840,750
	The Walt Disney Co.
	1,125,000		4.000			10/01/23		1,201,331
	325,000		4.700	^(a)		03/23/50		422,815
	Ziggo Bond Co. B.V.^(a)(b)
	200,000		5.125			02/28/30		192,750

								14,894,170

Mining – 0.4%
	Arconic Corp.^(a)(b)
	45,000		6.125			02/15/28		45,956
	Glencore Finance Canada Ltd.^(b)
	650,000		4.250			10/25/22		634,965
	Glencore Funding LLC^(a)(b)
	300,000		4.125			03/12/24		280,455
	65,000		4.000			03/27/27		59,311


Corporate Obligations – (continued)
Mining – (continued)
	Newmont Corp.^(a)
	650,000		2.250			10/01/30		604,325

								1,625,012

Miscellaneous Manufacturing – 0.1%
	3M Co.^(a)
	75,000		3.700			04/15/50		83,636
	General Electric Co.
	75,000		2.700			10/09/22		73,772
	250,000		3.100			01/09/23		248,583

								405,991

Oil Field Services – 1.2%
	BP Capital Markets America, Inc.^(a)
	30,000		3.796			09/21/25		31,173
	450,000		4.234			11/06/28		486,464
	Cenovus Energy, Inc.^(a)
	195,000		4.250			04/15/27		95,960
	Cimarex Energy Co.^(a)
	60,000		4.375			03/15/29		40,248
	Devon Energy Corp.^(a)
	287,000		5.850			12/15/25		233,707
	265,000		5.600			07/15/41		168,090
	Gazprom PJSC Via Gaz Capital SA
	230,000		5.150	^(b)		02/11/26		239,559
	240,000		7.288			08/16/37		305,100
	Gazprom PJSC Via Gaz Finance PLC^(b)
	280,000		3.250			02/25/30		260,400
	Halliburton Co.^(a)
	2,000		3.800			11/15/25		1,779
	Laredo Petroleum, Inc.^(a)
	740,000		9.500			01/15/25		296,000
	Marathon Petroleum Corp.^(a)
	175,000		3.800			04/01/28		147,228
	50,000		6.500			03/01/41		47,066
	MEG Energy Corp.^(a)(b)
	24,000		7.000			03/31/24		10,920
	825,000		7.125			02/01/27		383,625
	Nabors Industries, Inc.
	5,000		4.625			09/15/21		3,169
	Noble Energy, Inc.^(a)
	35,000		3.850			01/15/28		24,761
	5,000		5.250			11/15/43		3,124
	Occidental Petroleum Corp.
	1,800,000		2.900	^(a)		08/15/24		989,550
	300,000		5.550	^(a)		03/15/26		159,024
	50,000		7.875			09/15/31		27,624
	Petrobras Global Finance B.V.
	30,000		5.999			01/27/28		29,055
	30,000		5.093	^(b)		01/15/30		27,150
	Petroleos de Venezuela SA^(f)
	4,280,000		6.000			10/28/22		128,400
	1,110,000		5.375			04/12/27		66,600
	Petroleos Mexicanos
EUR	410,000		5.125			03/15/23		388,034
$	140,000		6.490	^(a)(b)		01/23/27		103,250
	150,000		6.500			03/13/27		110,273


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Oil Field Services – (continued)
	Petroleos Mexicanos – (continued)
$	40,000		5.950	%^(a)(b)		01/28/31	$	27,504
	10,000		6.750			09/21/47		6,550
	40,000		6.350			02/12/48		25,000
	160,000		7.690	^(a)(b)		01/23/50		109,600
	28,000		6.950	^(a)(b)		01/28/60		18,550
	Schlumberger Holdings Corp.^(a)(b)
	30,000		4.300			05/01/29		28,612
	Total Capital International SA
	30,000		3.750			04/10/24		31,767
	Valero Energy Corp.^(a)
	65,000		3.400			09/15/26		58,348
	WPX Energy, Inc.^(a)
	5,000		4.500			01/15/30		2,700

								5,115,964

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

Pharmaceuticals – 4.0%
	AbbVie, Inc.
	1,100,000		3.375			11/14/21		1,124,310
	725,000		3.750	^(a)		11/14/23		754,319
	650,000		4.050	^(a)(b)		11/21/39		678,203
	25,000		4.875	^(a)		11/14/48		29,000
	1,650,000		4.250	^(a)(b)		11/21/49		1,771,143
	Allergan Funding SCS^(a)
	30,000		4.550			03/15/35		33,902
	Bausch Health Americas, Inc.^(a)(b)
	200,000		9.250			04/01/26		210,000
	Bausch Health Cos., Inc.^(a)(b)
	650,000		9.000			12/15/25		684,125
	95,000		5.000			01/30/28		89,300
	95,000		5.250			01/30/30		89,300
	Bayer US Finance II LLC^(a)(b)
	950,000		3.875			12/15/23		974,035
	Becton Dickinson & Co.^(a)
	580,000		3.700			06/06/27		589,048
	372,000		4.685			12/15/44		396,861
	175,000		4.669			06/06/47		191,727
	(3M USD LIBOR + 0.875%)
	919,000		2.250	^(c)		12/29/20		887,984
	Bristol-Myers Squibb Co.^(a)(b)
	1,345,000		3.875			08/15/25		1,459,594
	300,000		3.900			02/20/28		332,943
	55,000		4.625			05/15/44		69,616
	75,000		4.250			10/26/49		94,856
	Cigna Corp.^(a)
	1,446,000		3.750			07/15/23		1,475,238
	60,000		4.125			11/15/25		64,157
	525,000		2.400			03/15/30		497,007
	1,125,000		3.400			03/15/50		1,065,701
	CVS Health Corp.^(a)
	425,000		3.500			07/20/22		436,254
	950,000		3.375			08/12/24		973,588
	510,000		3.875			07/20/25		535,163


Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	CVS Health Corp.^(a) – (continued)
	70,000		2.875			06/01/26		70,713
	275,000		4.250			04/01/50		284,842
	McKesson Corp.^(a)
	65,000		3.796			03/15/24		67,317
	Mylan NV^(a)
	10,000		3.950			06/15/26		10,137
	Mylan, Inc.^(a)
	60,000		5.400			11/29/43		61,633
	Pfizer, Inc.^(a)
	750,000		3.450			03/15/29		825,292
	200,000		2.625			04/01/30		209,396
	Zoetis, Inc.^(a)
	50,000		4.450			08/20/48		59,395

								17,096,099

Pipelines – 2.8%
	Antero Midstream Partners LP/Antero Midstream Finance Corp.^(a)(b)
	900,000		5.750			03/01/27		567,000
	Cheniere Corpus Christi Holdings LLC^(a)
	60,000		5.875			03/31/25		53,680
	Energy Transfer Operating LP^(a)
	350,000		4.650			06/01/21		340,851
	875,000		4.200			09/15/23		777,507
	65,000		4.050			03/15/25		57,689
	40,000		4.750			01/15/26		35,088
	725,000		5.500			06/01/27		635,122
	550,000		5.250			04/15/29		465,283
	Enterprise Products Operating LLC^(a)(c) (3M USD LIBOR + 2.778%)
	475,000		4.358			06/01/67		277,504
	EQM Midstream Partners LP^(a)
	1,700,000		4.750			07/15/23		1,228,522
	325,000		5.500			07/15/28		180,934
	Genesis Energy LP/Genesis Energy Finance Corp.^(a)
	400,000		6.500			10/01/25		286,000
	615,000		7.750			02/01/28		439,725
	Kinder Morgan Energy Partners LP^(a)
	1,025,000		3.500			09/01/23		1,010,117
	Kinder Morgan, Inc.
	30,000		4.300	^(a)		06/01/25		30,581
	60,000		4.300	^(a)		03/01/28		59,615
	500		7.750			01/15/32		571
	MPLX LP^(a)
	50,000		4.250	^(b)		12/01/27		43,243
	225,000		4.800			02/15/29		197,474
	200,000		4.500			04/15/38		142,058
	ONEOK, Inc.^(a)
	70,000		3.400			09/01/29		53,005
	Phillips 66 Partners LP^(a)
	65,000		3.750			03/01/28		60,896
	Plains All American Pipeline LP/PAA Finance Corp.^(a)
	600,000		3.650			06/01/22		550,128
	425,000		3.850			10/15/23		384,387
	65,000		4.650			10/15/25		52,482


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pipelines – (continued)
	Sabine Pass Liquefaction LLC^(a)
$	800,000		6.250	%		03/15/22	$	775,992
	300,000		5.625			04/15/23		278,994
	60,000		5.000			03/15/27		51,922
	Sunoco Logistics Partners Operations LP^(a)
	200,000		4.250			04/01/24		175,924
	100,000		5.400			10/01/47		78,800
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.^(a)
	370,000		6.750			03/15/24		325,600
	500,000		5.875			04/15/26		412,500
	The Williams Cos., Inc.^(a)
	915,000		3.600			03/15/22		896,425
	5,000		4.300			03/04/24		4,552
	450,000		3.900			01/15/25		403,704
	Western Midstream Operating LP^(a)
	475,000		3.100			02/01/25		248,126
	65,000		4.650			07/01/26		33,594
	375,000		4.050			02/01/30		164,599
	100,000		5.450			04/01/44		37,342
	100,000		5.300			03/01/48		39,557

								11,857,093

Real Estate Investment Trust – 2.1%
	Alexandria Real Estate Equities, Inc.^(a)
	325,000		3.800			04/15/26		326,092
	380,000		3.375			08/15/31		352,773
	American Campus Communities Operating Partnership LP^(a)
	800,000		3.750			04/15/23		812,080
	American Tower Corp.^(a)
	925,000		3.375			05/15/24		923,918
	Boston Properties LP^(a)
	35,000		2.900			03/15/30		32,035
	Brixmor Operating Partnership LP^(a)
	60,000		4.125			05/15/29		61,462
	Camden Property Trust^(a)
	65,000		3.150			07/01/29		63,944
	Crown Castle International Corp.
	575,000		5.250			01/15/23		605,417
	1,275,000		3.150	^(a)		07/15/23		1,273,840
	65,000		3.100	^(a)		11/15/29		63,400
	75,000		3.300	^(a)		07/01/30		74,384
	50,000		4.150	^(a)		07/01/50		49,450
	EPR Properties^(a)
	65,000		3.750			08/15/29		49,607
	Healthpeak Properties, Inc.^(a)
	65,000		3.500			07/15/29		63,560
	Kilroy Realty LP^(a)
	500,000		4.750			12/15/28		525,200
	National Retail Properties, Inc.^(a)
	400,000		4.000			11/15/25		414,752
	Regency Centers LP^(a)
	700,000		2.950			09/15/29		657,146
	Scenery Journey Ltd.^(a)
	200,000		13.000			11/06/22		154,841
	Service Properties Trust^(a)
	65,000		4.950			10/01/29		52,136


Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
	Simon Property Group LP^(a)
	50,000		2.000			09/13/24		47,977
	Spirit Realty LP^(a)
	725,000		4.000			07/15/29		684,342
	Trust F/1401^(a)(b)
	300,000		5.250			12/15/24		278,062
	VEREIT Operating Partnership LP^(a)
	800,000		4.625			11/01/25		782,400
	Welltower, Inc.^(a)
	5,000		4.000			06/01/25		5,038
	Weyerhaeuser Co.
	50,000		7.375			03/15/32		61,698
	WP Carey, Inc.^(a)
	425,000		3.850			07/15/29		414,392

								8,829,946

Retailing^(a) – 0.7%
	Dollar Tree, Inc.
	525,000		4.000			05/15/25		539,485
	10,000		4.200			05/15/28		10,173
	Lowe’s Cos., Inc.
	325,000		5.000			04/15/40		370,077
	475,000		5.125			04/15/50		568,242
	McDonald’s Corp.
	75,000		4.450			09/01/48		83,066
	125,000		4.200			04/01/50		139,108
	Starbucks Corp.
	850,000		3.800			08/15/25		903,150
	The Home Depot, Inc.
	275,000		3.900			12/06/28		305,899
	Walgreens Boots Alliance, Inc.
	65,000		3.450			06/01/26		64,436
	5,000		4.800			11/18/44		4,894
	Yum! Brands, Inc.^(b)
	58,000		7.750			04/01/25		60,973

								3,049,503

Savings & Loans^(a)(b)(c) – 0.1%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	400,000		3.960			07/18/30		407,668

Semiconductors – 1.7%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	1,100,000		3.000			01/15/22		1,089,352
	1,125,000		3.625			01/15/24		1,112,434
	500,000		3.125			01/15/25		472,830
	53,000		3.500			01/15/28		48,870
	Broadcom, Inc.^(b)
	1,150,000		3.125			10/15/22		1,138,258
	860,000		3.625	^(a)		10/15/24		843,316
	60,000		4.250	^(a)		04/15/26		60,230
	Microchip Technology, Inc.
	525,000		3.922			06/01/21		508,460
	Micron Technology, Inc.^(a)
	35,000		5.327			02/06/29		38,345
	NXP B.V./NXP Funding LLC^(b)
	1,325,000		3.875			09/01/22		1,331,214


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Semiconductors – (continued)
	NXP B.V./NXP Funding LLC/NXP USA, Inc.^(a)(b)
$	65,000		3.875	%		06/18/26	$	63,478
	Qorvo, Inc.^(a)(b)
	600,000		4.375			10/15/29		552,000

								7,258,787

Software^(a) – 0.7%
	Adobe, Inc.
	450,000		2.150			02/01/27		457,537
	600,000		2.300			02/01/30		596,124
	Camelot Finance SA^(b)
	650,000		4.500			11/01/26		620,750
	Fair Isaac Corp.^(b)
	5,000		4.000			06/15/28		4,737
	Fiserv, Inc.
	300,000		3.800			10/01/23		311,988
	55,000		3.850			06/01/25		58,472
	750,000		3.200			07/01/26		769,050
	PTC, Inc.^(b)
	294,000		4.000			02/15/28		276,360
	VMware, Inc.
	35,000		3.900			08/21/27		34,606

								3,129,624

Telecommunication Services – 3.6%
	AT&T, Inc.^(a)
	1,375,000		3.000			06/30/22		1,379,345
	65,000		3.800			03/01/24		68,323
	400,000		4.450			04/01/24		423,756
	2,415,000		3.400			05/15/25		2,507,036
	460,000		3.600			07/15/25		479,256
	555,000		4.125			02/17/26		587,900
	175,000		4.900			08/15/37		196,469
	225,000		5.450			03/01/47		271,433
	25,000		4.500			03/09/48		27,099
	Deutsche Telekom International Finance B.V.
	25,000		8.750			06/15/30		34,353
	Intelsat Jackson Holdings SA^(a)(b)
	715,000		9.750			07/15/25		446,875
	Level 3 Financing, Inc.^(a)
	1,150,000		5.625			02/01/23		1,144,250
	Sprint Capital Corp.
	376,000		6.875			11/15/28		428,640
	Sprint Corp.^(a)
	579,000		7.625			02/15/25		644,137
	Telefonica Emisiones SA
	150,000		5.462			02/16/21		153,092
	325,000		4.570			04/27/23		344,871
	Verizon Communications, Inc.
	925,000		3.376			02/15/25		991,961
	630,000		4.329			09/21/28		720,581
	350,000		3.150	^(a)		03/22/30		377,786
	50,000		4.125			08/15/46		58,040
	925,000		4.862			08/21/46		1,206,829
	1,230,000		5.012			04/15/49		1,659,516
	200,000		4.000	^(a)		03/22/50		235,954


Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Vodafone Group PLC
	1,175,000		3.750			01/16/24		1,223,445

								15,610,947

Toys/Games/Hobbies^(a)(b) – 0.2%
	Mattel, Inc.
	650,000		5.875			12/15/27		663,000

Transportation^(a) – 0.2%
	Canadian Pacific Railway Co.
	200,000		2.050			03/05/30		186,336
	CSX Corp.
	65,000		3.250			06/01/27		66,580
	25,000		3.800			04/15/50		26,095
	Union Pacific Corp.
	40,000		3.799			10/01/51		43,248
	United Parcel Service, Inc.
	575,000		5.300			04/01/50		750,875

								1,073,134

	TOTAL CORPORATE OBLIGATIONS
	(Cost $225,816,966)						$	220,003,774



Mortgage-Backed Obligations – 56.0%
Collateralized Mortgage Obligations – 3.6%
Interest Only^(g) – 1.3%
	FHLMC REMIC Series 4314, Class SE^(c) (-1x1M USD LIBOR + 6.050%)
$	712,565		5.345	%		03/15/44	$	116,387
	FHLMC REMIC Series 4320, Class SD^(c) (-1x1M USD LIBOR + 6.100%)
	3,286,836		5.395			07/15/39		664,322
	FHLMC REMIC Series 4583, Class ST^(c) (-1x1M USD LIBOR + 6.000%)
	1,367,028		5.295			05/15/46		229,159
	FHLMC REMIC Series 4936, Class ES^(c) (-1x1M USD LIBOR + 6.000%)
	298,197		5.295			12/25/49		34,580
	FHLMC REMIC Series 4936, Class PS^(c) (-1x1M USD LIBOR + 6.000%)
	784,245		5.295			12/25/49		101,568
	FHLMC STRIPS Series 304, Class C45
	208,334		3.000			12/15/27		12,284
	FNMA REMIC Series 2011-124, Class SC^(c) (-1x1M USD LIBOR + 6.550%)
	325,348		5.603			12/25/41		58,786
	FNMA REMIC Series 2012-5, Class SA^(c) (-1x1M USD LIBOR + 5.950%)
	495,896		5.003			02/25/42		78,411
	FNMA REMIC Series 2012-88, Class SB^(c) (-1x1M USD LIBOR + 6.670%)
	344,756		5.723			07/25/42		60,984
	FNMA REMIC Series 2014-6, Class SA^(c) (-1x1M USD LIBOR + 6.600%)
	383,652		5.653			02/25/44		71,041


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(g) – (continued)
	FNMA REMIC Series 2015-34, Class LS^(c) (-1x1M USD LIBOR + 6.100%)
$	821,721		5.153	%		06/25/45	$	156,175
	FNMA REMIC Series 2016-69, Class BS^(c) (-1x1M USD LIBOR + 6.100%)
	2,095,453		5.153			10/25/46		431,553
	FNMA REMIC Series 2017-31, Class SG^(c) (-1x1M USD LIBOR + 6.100%)
	978,090		5.153			05/25/47		163,525
	FNMA REMIC Series 2017-86, Class SB^(c)(-1x M USD LIBOR + 6.150%)
	739,004		5.203			11/25/47		115,938
	FNMA REMIC Series 2018-17, Class CS^(c) (-1x1M USD LIBOR + 3.450%)
	2,033,829		2.500			03/25/48		109,916
	FNMA REMIC Series 2019-41, Class SB^(c) (-1x1M USD LIBOR + 6.050%)
	881,669		5.103			08/25/49		143,173
	GNMA REMIC Series 2010-101, Class S^(c) (-1x1M USD LIBOR + 6.000%)
	358,238		5.227			08/20/40		63,801
	GNMA REMIC Series 2010-20, Class SE^(c) (-1x1M USD LIBOR + 6.250%)
	776,984		5.477			02/20/40		152,306
	GNMA REMIC Series 2013-134, Class DS^(c) (-1x1M USD LIBOR + 6.100%)
	104,840		5.327			09/20/43		19,769
	GNMA REMIC Series 2013-152, Class SG^(c) (-1x1M USD LIBOR + 6.150%)
	324,008		5.377			06/20/43		61,856
	GNMA REMIC Series 2013-181, Class SA^(c) (-1x1M USD LIBOR + 6.100%)
	442,944		5.327			11/20/43		88,852
	GNMA REMIC Series 2014-132, Class SL^(c) (-1x1M USD LIBOR + 6.100%)
	503,887		5.327			10/20/43		67,764
	GNMA REMIC Series 2014-133, Class BS^(c) (-1x1M USD LIBOR + 5.600%)
	265,764		4.827			09/20/44		46,890
	GNMA REMIC Series 2014-162, Class SA^(c) (-1x1M USD LIBOR + 5.600%)
	245,181		4.827			11/20/44		40,363
	GNMA REMIC Series 2015-110, Class MS^(c) (-1x1M USD LIBOR + 5.710%)
	1,678,642		4.937			08/20/45		267,707
	GNMA REMIC Series 2015-111, Class IM
	720,054		4.000			08/20/45		74,481
	GNMA REMIC Series 2015-119, Class SN^(c) (-1x1M USD LIBOR + 6.250%)
	340,053		5.477			08/20/45		56,468
	GNMA REMIC Series 2015-123, Class SP^(c) (-1x1M USD LIBOR + 6.250%)
	366,995		5.477			09/20/45		65,992
	GNMA REMIC Series 2015-167, Class AS^(c) (-1x1M USD LIBOR + 6.250%)
	256,669		5.477			11/20/45		42,435


Mortgage-Backed Obligations – (continued)
Interest Only^(g) – (continued)
	GNMA REMIC Series 2015-168, Class SD^(c) (-1x1M USD LIBOR + 6.200%)
	176,439		5.427			11/20/45		33,517
	GNMA REMIC Series 2015-57, Class AS^(c) (-1x1M USD LIBOR + 5.600%)
	1,415,360		4.827			04/20/45		223,534
	GNMA REMIC Series 2016-109, Class IH
	1,034,522		4.000			10/20/45		106,220
	GNMA REMIC Series 2016-27, Class IA
	510,873		4.000			06/20/45		42,081
	GNMA REMIC Series 2018-105, Class SC^(c) (-1x1M USD LIBOR + 6.200%)
	383,082		5.427			08/20/48		52,960
	GNMA REMIC Series 2018-122, Class HS^(c)(-1X 1M USD LIBOR + 6.200%)
	994,035		5.427			09/20/48		175,806
	GNMA REMIC Series 2018-122, Class SE^(c) (-1x1M USD LIBOR + 6.200%)
	777,731		5.427			09/20/48		109,842
	GNMA REMIC Series 2018-124, Class SN^(c)(-1X 1M USD LIBOR + 6.200%)
	860,179		5.427			09/20/48		151,375
	GNMA REMIC Series 2018-137, Class SN^(c) (-1x1M USD LIBOR + 6.150%)
	873,477		5.377			10/20/48		129,784
	GNMA REMIC Series 2018-139, Class SQ^(c) (-1x1M USD LIBOR + 6.150%)
	701,774		5.377			10/20/48		96,053
	GNMA REMIC Series 2018-72, Class IB
	563,544		4.000			04/20/46		69,950
	GNMA REMIC Series 2019-128, Class IO
	1,278,510		4.000			10/20/49		139,896
	GNMA REMIC Series 2019-129, Class AI
	590,173		3.500			10/20/49		70,296
	GNMA REMIC Series 2019-151, Class IA
	2,530,913		3.500			12/20/49		277,117
	GNMA REMIC Series 2019-151, Class NI
	1,460,027		3.500			10/20/49		132,464
	GNMA REMIC Series 2019-20, Class SF^(c) (-1x1M USD LIBOR + 3.790%)
	530,750		3.017			02/20/49		40,956
	GNMA REMIC Series 2019-97, Class SC^(c) (-1x1M USD LIBOR + 6.100%)
	793,942		5.327			08/20/49		105,170
	GNMA REMIC Series 2019-98, Class SC^(c) (-1x1M USD LIBOR + 6.050%)
	942,714		5.277			08/20/49		125,664

								5,679,171

Regular Floater^(c) – 0.0%
	FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	88,139		1.397			07/25/41		87,397

Sequential Fixed Rate – 0.2%
	FNMA REMIC Series 2005-70, Class PA
	45,759		5.500			08/25/35		52,327


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
	FNMA REMIC Series 2011-52, Class GB
$	376,009		5.000	%		06/25/41	$	430,958
	FNMA REMIC Series 2012-111, Class B
	29,697		7.000			10/25/42		36,646
	FNMA REMIC Series 2012-153, Class B
	85,265		7.000			07/25/42		107,615

								627,546

Sequential Floating Rate^(c) – 2.1%
	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A^(b) (1M USD LIBOR + 0.900%)
	732,823		1.605			09/15/35		636,283
	Brunel Residential Mortgage Securitisation No. 1 PLC Series 2007-1X, Class A4B (3M GBP LIBOR + 0.220%)
GBP	240,911		0.972			01/13/39		281,732
	Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2^(b) (1M USD LIBOR + 2.400%)
$	531,792		3.347			04/25/31		466,039
	Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2^(b) (1M USD LIBOR + 2.300%)
	991,661		3.247			08/25/31		850,266
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A3 (1M USD LIBOR + 0.250%)
	1,805,855		1.197			11/25/36		1,384,822
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A^(b) (1M USD LIBOR + 0.830%)
	116,572		1.630			06/15/35		106,434
	GNMA REMIC Series 2019-1, Class SN^(a) (-1x1M USD LIBOR + 6.050%)
	274,932		5.277			01/20/49		36,946
	GNMA REMIC Series 2019-6, Class SA^(a) (-1x1M USD LIBOR + 6.050%)
	275,015		5.277			01/20/49		38,448
	GNMA REMIC Series 2019-69, Class S^(a) (-1x1M USD LIBOR + 3.270%)
	1,724,238		2.497			06/20/49		121,025
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	765,006		1.551			08/20/56		932,758
	Lehman XS Trust Series 2007-4N, Class 1A1 (1M LIBOR + 0.130%)
$	229		1.077			03/25/47		—
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	706,351		1.609			11/15/49		861,139
	Stratton Mortgage Funding PLC Series 2019-1, Class A (3M SONIA IR + 1.200%)
	1,390,111		1.911			05/25/51		1,680,394
	Tower Bridge Funding No. 2 PLC, Class A (3M GBP LIBOR + 0.900%)
	893,564		1.437			03/20/56		1,086,754
	Tower Bridge Funding No. 1 PLC, Class A (3M GBP LIBOR + 1.000%)
	330,951		1.537			03/20/56		397,938

								8,880,978

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	15,275,092


Mortgage-Backed Obligations – (continued)
Federal Agencies – 52.4%
Adjustable Rate FHLMC^(c) – 0.0%
	(12M USD LIBOR + 1.748%)
$	29,168		3.989			09/01/35		30,278

FHLMC – 1.8%
	107,031		6.000			08/01/27		118,485
	11,928		5.000			08/01/33		13,336
	2,342		5.000			09/01/33		2,619
	2,672		5.000			10/01/33		2,988
	3,005		5.000			11/01/34		3,340
	169,462		5.000			12/01/34		188,304
	4,348		5.000			07/01/35		4,831
	878		5.000			11/01/35		981
	33,473		5.000			03/01/39		36,866
	5,858		5.000			05/01/39		6,451
	19,620		5.000			04/01/40		21,723
	3,508		5.000			08/01/40		3,884
	47,020		4.000			02/01/41		51,138
	768		5.000			04/01/41		848
	3,450		5.000			06/01/41		3,805
	1,619,447		4.000			03/01/48		1,731,643
	1,950,778		4.000			04/01/48		2,081,880
	3,263,917		4.500			08/01/48		3,561,109

								7,834,231

GNMA – 20.1%
	28,002		5.500			11/15/32		31,312
	17,809		5.500			01/15/33		20,058
	35,388		5.500			02/15/33		40,418
	41,324		5.500			03/15/33		47,146
	44,926		5.500			07/15/33		50,333
	15,393		5.500			08/15/33		17,228
	9,088		5.500			09/15/33		10,126
	19,779		5.500			04/15/34		22,134
	7,999		5.500			05/15/34		8,716
	182,821		5.500			09/15/34		209,617
	173,698		5.500			12/15/34		198,561
	125,369		5.500			01/15/35		143,720
	481		5.500			05/15/36		533
	6,803		4.000			02/20/41		7,387
	10,370		4.000			11/20/41		11,262
	1,713		4.000			01/20/42		1,859
	5,506		4.000			04/20/42		5,974
	3,198		4.000			10/20/42		3,470
	934,834		4.000			08/20/43		1,013,732
	5,674		4.000			03/20/44		6,146
	6,860		4.000			05/20/44		7,431
	472,834		4.000			11/20/44		511,263
	108,518		4.000			12/20/44		117,337
	30,811		4.000			05/20/45		33,316
	121,264		4.000			07/20/45		131,006
	3,854,669		4.500			05/20/48		4,118,854
	689,280		4.000			01/20/46		743,576
	5,649,286		4.500			08/20/48		6,030,289
	1,325,396		5.000			08/20/48		1,417,246
	2,251,479		4.500			09/20/48		2,402,621
	549,265		5.000			09/20/48		587,158
	4,067,541		5.000			10/20/48		4,346,564


40		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)
$	3,082,066		5.000	%		11/20/48		$	3,290,358
	2,293,201		5.000			12/20/48			2,442,268
	7,127,289		4.500			01/20/49			7,582,358
	6,279,541		5.000			01/20/49			6,681,357
	2,651,086		4.000			02/20/49			2,824,710
	3,480,054		4.000			03/20/49			3,706,065
	146,236		4.500			03/20/49			155,368
	735,143		5.000			03/20/49			780,978
	2,724,892		4.000			05/20/49			2,899,518
	193,333		4.500			05/20/49			205,118
	1,527,304		5.000			05/20/49			1,620,857
	1,749,257		5.000			06/20/49			1,859,172
	20,000,000		2.500			TBA-30yr	^(h)		20,909,168
	1,000,000		3.000			TBA-30yr	^(h)		1,057,667
	7,000,000		4.500			TBA-30yr	^(h)		7,422,075

									85,733,430

UMBS – 10.3%
	1,858		6.000			06/01/21			1,897
	8,801		5.000			08/01/23			9,132
	3,950		5.500			09/01/23			4,101
	2,627		5.500			10/01/23			2,729
	16,403		5.000			02/01/24			16,828
	3,269		5.500			05/01/25			3,352
	10,770		4.500			02/01/39			11,841
	7,891		4.500			04/01/39			8,665
	8,085		4.500			08/01/39			8,878
	117,519		4.500			12/01/39			129,051
	100,682		4.500			06/01/40			110,809
	46,456		4.500			08/01/41			50,898
	64,260		3.000			12/01/42			68,314
	146,377		3.000			01/01/43			155,609
	38,343		3.000			02/01/43			40,762
	14,191		3.000			03/01/43			15,086
	213,196		3.000			04/01/43			226,645
	37,273		3.000			05/01/43			39,623
	49,567		3.000			06/01/43			52,694
	15,217		3.000			07/01/43			16,177
	39,549		5.000			06/01/44			43,265
	22,205		3.500			03/01/45			23,654
	562,404		3.000			04/01/45			595,417
	1,982,947		4.500			04/01/45			2,187,446
	221,646		4.500			05/01/45			244,504
	1,260,638		4.500			06/01/45			1,371,478
	568,666		4.000			11/01/45			611,278
	187,635		4.000			03/01/46			201,408
	126,910		4.000			06/01/46			136,063
	31,965		4.000			08/01/46			34,270
	206,057		4.000			10/01/46			220,917
	208,226		4.000			06/01/47			225,797
	1,853,962		4.500			07/01/47			2,005,761
	422,440		4.500			11/01/47			456,764
	2,912,570		4.000			02/01/48			3,161,453
	488,070		4.000			12/01/47			530,932
	1,503,893		4.000			01/01/48			1,635,964
	2,221,985		4.000			03/01/48			2,411,033
	1,664,943		4.000			06/01/48			1,810,117


Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	1,218,445		4.000			08/01/48			1,318,976
	811,662		4.500			09/01/48			884,714
	3,580,636		5.000			11/01/48			3,915,286
	17,823,205		5.000			10/01/49			19,226,531

									44,226,119

UMBS, 30 Year, Single Family^(h) – 20.2%
	55,000,000		2.500			TBA-30yr			57,012,587
	1,000,000		4.000			TBA-30yr			1,067,430
	9,000,000		3.000			TBA-30yr			9,437,906
	18,000,000		3.500			TBA-30yr			19,038,325

									86,556,248

	TOTAL FEDERAL AGENCIES							$	224,380,306

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $234,541,894)							$	239,655,398



Agency Debentures – 1.7%
	Dominican Republic^(b)
$	560,000		6.400	%		06/05/49		$	483,525
	FNMA
	4,000,000		1.875			09/24/26			4,258,800
	800,000		6.250			05/15/29			1,144,064
	Israel Government AID Bond⁽ⁱ⁾
	300,000		5.500			12/04/23			349,533
	877,000		5.500			04/26/24			1,028,098
	40,000		5.500			09/18/33			58,831
	Republic of Egypt^(b)
	200,000		4.550			11/20/23			175,500

	TOTAL AGENCY DEBENTURES
	(Cost $7,103,793)							$	7,498,351



Asset-Backed Securities^(c) – 6.8%
Collateralized Loan Obligations – 3.7%
	AGL CLO 3 Ltd. Series 2020-3A, Class A^(b) (3M USD LIBOR + 1.300%)
$	1,300,000		2.190	%		01/15/33		$	1,171,811
	Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A^(b) (3M USD LIBOR + 1.090%)
	1,759,000		2.909			04/20/31			1,652,501
	KREF Ltd. Series 2018-FL1, Class A^(b) (1M USD LIBOR + 1.100%)
	1,950,000		1.900			06/15/36			1,814,170
	Magnetite XXIV Ltd. Series 2019-24A, Class A^(b) (3M USD LIBOR + 1.330%)
	2,000,000		3.237			01/15/33			1,867,652
	Marble Point CLO XIV Ltd. Series 2018-2A, Class A1^(b) (3M USD LIBOR + 1.330%)
	3,000,000		3.149			01/20/32			2,788,467
	MidOcean Credit CLO Series 2018-8X, Class A2 (3M USD LIBOR + 1.300%)
	500,000		2.995			02/20/31			457,583


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(c) – (continued)
Collateralized Loan Obligations – (continued)
	Mill City Mortgage Loan Trust Series 2017-2, Class A3^(b)
$	373,206		2.893	%		07/25/59	$	374,867
	Mountain View CLO LLC Series 2016-1A, Class AR^(b) (3M USD LIBOR + 1.360%)
	1,200,000		2.079			04/14/33		1,122,910
	Orec Ltd. Series 2018-CRE1, Class A^(b) (1M USD LIBOR + 1.180%)
	1,475,000		1.885			06/15/36		1,349,501
	Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A^(b) (1M USD LIBOR + 0.850%)
	95,925		1.797			06/25/35		95,503
	TICP CLO VIII Ltd. Trust Series 2017-8A, Class A1^(b)(-1X 1M USD LIBOR + 6.050%)
	2,000,000		3.049			10/20/30		1,897,570
	Whitehorse Ltd. Series 2014-9A, Class AR^(b) (3M USD LIBOR + 1.160%)
	1,248,698		2.996			07/17/26		1,225,363

								15,817,898

Home Equity – 0.5%
	Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2 (1M LIBOR + 0.800%)
	5,705		1.747			10/27/32		4,613
	Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1 (1M USD LIBOR + 0.660%)
	1,470		1.607			10/25/32		1,205
	CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1M USD LIBOR + 0.620%)
	912		1.567			01/25/32		734
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 1A1
	2,285		7.000			09/25/37		2,250
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	20,813		7.000			09/25/37		19,949
	Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%)
	257		1.547			11/25/32		193
	Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%)
	1,298,055		1.177			04/25/37		1,062,483
	Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.220%)
	2,973,414		1.167			04/25/37		858,195
	Renaissance Home Equity Loan Trust Series 2003-2, Class A (1M USD LIBOR + 0.880%)
	786		1.827			08/25/33		635

								1,950,257

Other^(a) – 0.0%
	GNMA REMIC Series 2019-4, Class SJ(-1X 1M USD LIBOR + 6.050%)
	935,533		5.277			01/20/49		137,876

Student Loan – 2.6%
	AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	948,683		2.157			09/26/33		847,046


Asset-Backed Securities^(c) – (continued)
Student Loan – (continued)
	Navient Student Loan Trust Series 2016-7A, Class A^(b) (1M USD LIBOR + 1.150%)
	994,574		2.097			03/25/66		955,413
	Navient Student Loan Trust Series 2017-2A, Class A^(b) (1M USD LIBOR + 1.050%)
	3,368,936		1.997			12/27/66		3,165,973
	PHEAA Student Loan Trust Series 2016-1A, Class A^(b) (1M USD LIBOR + 1.150%)
	1,459,033		2.097			09/25/65		1,369,644
	Scholar Funding Trust Series 2010-A, Class A^(b) (3M USD LIBOR + 0.750%)
	389,942		2.545			10/28/41		359,889
	SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%)
	192,915		1.914			01/25/27		186,364
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	1,092,753		1.934			10/25/28		1,033,462
	SLM Student Loan Trust Series 2006-10, Class A5A (3M USD LIBOR + 0.100%)
	117,674		1.894			04/25/27		112,767
	SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	716,147		2.124			01/25/22		659,489
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	200,835		2.544			04/25/23		186,222
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	464,687		3.444			07/25/22		427,884
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	811,367		3.494			07/25/23		742,504
	SLM Student Loan Trust Series 2008-6, Class A4 (3M USD LIBOR + 1.100%)
	1,010,812		2.894			07/25/23		952,538

								10,999,195

	TOTAL ASSET-BACKED SECURITIES
	(Cost $30,754,144)						$	28,905,226



Foreign Debt Obligations – 4.3%
Sovereign – 4.3%
	Dominican Republic^(b)
$	150,000		4.500	%		01/30/30	$	128,625
	200,000		5.875			01/30/60		167,500
	Ecuador Government International Bond
	360,000		9.625			06/02/27		96,300
	300,000		8.875	^(b)		10/23/27		78,750
	Japanese Government CPI Linked Bond
	JPY1,737,322,560		0.100			03/10/29		16,110,688
	Mexico Government International Bond
$	200,000		4.500			04/22/29		204,375
	Republic of Indonesia^(b)
	EUR250,000		2.150			07/18/24		269,004


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Romania^(b)
EUR	130,000		3.375	%		01/28/50	$	127,832
	Republic of Romania^(b)
	70,000		2.000			01/28/32		69,772
	Republic of South Africa
$	330,000		4.850			09/30/29		268,950
	200,000		5.750			09/30/49		144,874
	United Mexican States^(a)
	540,000		4.500			01/31/50		537,030

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $19,384,610)						$	18,203,700



Municipal Debt Obligations – 2.0%
California^(a) – 0.5%
	California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%		04/01/39	$	340,767
	California State GO Bonds Build America Taxable Series 2010
	625,000		7.950			03/01/36		627,475
	East Bay Municipal Utility District Water System RB Build America SubSeries 2010
	900,000		5.874			06/01/40		1,266,426

								2,234,668

Illinois – 1.3%
	Chicago Illinois GO Bonds Prerefunded Taxable Series B^(a)
	2,374,000		7.750			01/01/42		3,064,264
	Illinois State GO Bonds Build America Series 2010^(a)
	115,000		6.630			02/01/35		123,784
	730,000		7.350			07/01/35		819,074
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,460,000		5.100			06/01/33		1,449,240

								5,456,362

Minnesota^(a)(c) – 0.0%
	Northstar Education Finance, Inc. (Student Loan Asset Backed) Series 2007-1, Class A1 (3M USD LIBOR + 0.000%)
	91,192		1.894			04/28/30		87,013

New York^(a) – 0.1%
	Port Authority of New York & New Jersey Consolidated Bonds – 192 Series 2015
	375,000		4.810			10/15/65		447,765

Ohio^(a) – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270			02/15/50		333,723

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $7,875,462)						$	8,559,531



U.S. Treasury Obligations – 1.0%
	United States Treasury Bonds
$	1,100,000		3.625	%^(j)		02/15/44	$	1,617,344
	1,260,000		2.000			02/15/50		1,463,372


U.S. Treasury Obligations – (continued)
	United States Treasury Inflation Indexed Note^(j)
	1,233,815		0.125			07/15/22		1,221,084
	United States Treasury Notes^(j)
	80,000		2.875			08/15/28		94,562

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $3,878,338)						$	4,396,362


Shares	Dividend Rate		Value


Investment Company^(k) – 0.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,970,018		0.333%	$	1,970,018
(Cost $1,970,018)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $531,325,225)			$	529,192,360


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investment^(b)(c) – 0.9%
Certificate of Deposit – 0.9%
	Societe Generale SA (FEDL01 + 0.450%)
$	4,000,000		0.550	%		08/17/20	$	3,984,849
	(Cost $4,000,000)

	TOTAL INVESTMENTS – 124.6%
	(Cost $535,325,225)						$	533,177,209

	LIABILITIES IN EXCESS OF OTHER ASSETS – (24.6)%							(105,357,930	)

	NET ASSETS – 100.0%						$	427,819,279



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 March 31, 2020.

(d)		Pay-in-kind securities.

(e)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2020.

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

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


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2020



(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 $115,945,158 which represents approximately 27.1% of the Fund’s net assets as of March 31, 2020.

(i)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $1,436,462, which represents approximately 0.3% of the Fund’s net assets as of March 31, 2020.

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

(k)		Represents an affiliated issuer.



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



Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
CDOR		—Canadian Dollar Offered Rate
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
CPI		—Consumer Price Index
EURO		—Euro Offered Rate
FEDL01		—Federal Funds Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GMAC		—General Motors Acceptance Corporation
GNMA		—Government National Mortgage Association
GO		—General Obligation
JIBAR		—Johannesburg Interbank Agreed Rate
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
PLC		—Public Limited Company
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
SONIA IR		—Sterling Overnight Index Average Rate
STIBOR		—Stockholm Interbank Offered Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	AUD	1,325,281	CAD	1,138,649		06/17/20	$	5,645
	AUD	2,492,433	USD	1,470,984		06/17/20		62,424
	CAD	2,191,208	EUR	1,402,767		06/17/20		6,466
	CAD	2,163,835	JPY	161,691,310		06/17/20		29,967
	CAD	4,618,341	USD	3,222,913		06/17/20		61,225
	CHF	1,841,047	USD	1,895,827		06/17/20		24,050


44		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
MS & Co. Int. PLC (continued)	CLP	860,861,223	USD	1,001,980		05/22/20	$	5,260
	COP	4,045,460,554	USD	990,078		04/07/20		5,327
	EUR	729,934	CAD	1,134,681		06/17/20		562
	EUR	4,512,597	CZK	120,796,514		06/17/20		126,304
	EUR	372,813	HUF	125,764,771		06/17/20		27,175
	EUR	3,503,565	NOK	38,674,822		06/17/20		154,495
	EUR	440,640	PLN	1,921,029		06/17/20		23,201
	EUR	9,043,128	SEK	96,008,840		06/17/20		281,533
	EUR	11,315,421	USD	12,280,212		05/14/20		221,493
	EUR	3,832,694	USD	4,141,384		06/17/20		98,284
	GBP	2,761,212	USD	3,249,875		04/29/20		182,138
	GBP	2,764,989	USD	3,293,425		06/17/20		145,626
	IDR	15,584,523,115	USD	951,785		04/07/20		7,440
	ILS	21,775,930	USD	5,923,082		06/17/20		249,265
	INR	28,338,377	USD	364,351		04/28/20		7,531
	JPY	161,847,007	USD	1,497,169		04/30/20		10,484
	JPY	290,482,121	USD	2,666,290		06/17/20		44,220
	KRW	2,898,044,552	USD	2,343,766		04/21/20		36,245
	KRW	1,219,405,761	USD	976,251		06/02/20		26,012
	MXN	18,166,316	USD	736,990		06/17/20		20,014
	NOK	12,340,062	EUR	1,059,013		06/17/20		15,833
	NOK	21,257,060	USD	1,934,094		06/17/20		111,152
	NZD	3,338,174	USD	1,970,157		06/17/20		20,500
	PLN	1,576,434	EUR	342,338		06/17/20		2,266
	TWD	57,931,441	USD	1,916,315		04/17/20		4,085
	USD	1,025,115	AUD	1,498,377		04/22/20		103,345
	USD	3,844,832	AUD	5,980,271		06/17/20		165,616
	USD	3,940,704	BRL	18,422,679		04/02/20		395,709
	USD	1,088,892	BRL	5,522,841		05/05/20		28,568
	USD	2,847,995	CAD	3,752,690		04/23/20		180,651
	USD	13,752,765	CAD	18,796,042		06/17/20		386,752
	USD	10,018,067	CHF	9,369,305		06/17/20		247,584
	USD	794,394	CNH	5,538,790		06/17/20		14,193
	USD	2,709,412	COP	9,315,646,884		04/07/20		417,254
	USD	808,768	CZK	18,177,992		06/17/20		76,591
	USD	270,236	EUR	238,744		05/14/20		6,462
	USD	7,986,727	EUR	7,108,351		06/17/20		123,576
	USD	11,060,083	GBP	8,531,678		04/29/20		455,744
	USD	221,681	GBP	171,287		06/17/20		8,636
	USD	7,267,778	HUF	2,172,484,284		06/17/20		613,332
	USD	4,305,279	IDR	61,353,768,799		04/07/20		528,966
	USD	1,194,909	IDR	17,075,325,413		05/28/20		157,232
	USD	11,116,121	ILS	37,960,436		06/17/20		356,304
	USD	1,610,370	INR	120,189,986		04/16/20		32,150
	USD	1,157,485	INR	87,105,420		04/20/20		13,936
	USD	3,405,730	INR	254,130,139		04/28/20		70,804
	USD	12,205,904	JPY	1,308,578,456		04/30/20		16,106
	USD	3,094,847	JPY	321,494,833		06/17/20		94,954
	USD	3,534,733	KRW	4,223,141,871		04/21/20		66,489
	USD	7,215,821	MXN	145,098,049		04/27/20		1,124,932
	USD	3,021,649	MXN	68,089,034		06/17/20		184,329
	USD	299,817	NOK	2,811,921		04/27/20		29,296
	USD	9,217,446	NZD	14,583,164		06/17/20		521,060
	USD	565,292	PLN	2,163,534		06/17/20		42,461


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	2,563,498	RUB	191,876,409		05/22/20	$	125,586
	USD	4,329,478	SEK	41,569,268		04/27/20		124,590
	USD	2,086,815	SEK	20,021,065		06/17/20		59,487
	USD	2,766,049	THB	87,843,642		06/17/20		88,358
	USD	398,833	TRY	2,467,859		04/20/20		27,894
	USD	1,179,757	TRY	7,524,066		05/04/20		53,724
	USD	786,378	TRY	4,883,562		05/11/20		56,898
	USD	1,363,570	TRY	8,478,614		05/12/20		97,423
	USD	391,159	TRY	2,437,942		05/14/20		27,288
	USD	788,833	TRY	4,919,472		05/20/20		55,771
	USD	1,168,379	TRY	7,358,718		05/27/20		73,903
	USD	395,179	TRY	2,477,315		06/04/20		27,450
	USD	794,460	TRY	5,104,327		06/17/20		39,645
	USD	511,396	TRY	3,387,601		06/19/20		10,737
	USD	6,548,074	TWD	195,296,093		04/17/20		74,103
	USD	1,382,036	TWD	41,451,969		04/20/20		7,298
	USD	4,613,230	ZAR	79,161,373		06/17/20		232,436

TOTAL							$	9,661,845

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	1,243,986	EUR	715,099		06/17/20	$	(25,699	)
	AUD	1,219,984	JPY	82,030,470		06/17/20		(14,867	)
	AUD	2,130,316	USD	1,457,456		04/22/20		(146,931	)
	AUD	6,323,826	USD	4,141,763		06/17/20		(251,183	)
	BRL	18,422,678	USD	3,869,774		04/02/20		(324,781	)
	BRL	850,541	USD	167,123		05/05/20		(3,829	)
	CAD	1,582,821	GBP	931,627		06/17/20		(33,187	)
	CAD	1,073,245	JPY	82,747,205		06/17/20		(8,927	)
	CAD	4,587,088	USD	3,475,454		04/23/20		(215,034	)
	CAD	5,987,069	USD	4,361,042		06/17/20		(103,588	)
	CHF	363,839	AUD	638,303		06/17/20		(13,282	)
	CHF	2,283,252	EUR	2,160,670		06/17/20		(9,083	)
	CHF	1,097,462	GBP	948,109		06/17/20		(34,790	)
	CHF	7,892,347	USD	8,428,808		06/17/20		(198,526	)
	CNH	2,522,452	USD	361,686		06/17/20		(6,371	)
	COP	5,270,186,329	USD	1,546,961		04/07/20		(250,206	)
	COP	3,857,535,618	USD	1,122,617		05/08/20		(175,582	)
	CZK	162,214,150	EUR	6,397,718		06/17/20		(543,368	)
	CZK	18,105,818	USD	777,267		06/17/20		(47,998	)
	EUR	679,949	AUD	1,239,009		06/17/20		(10,121	)
	EUR	1,018,047	CAD	1,589,997		06/17/20		(4,512	)
	EUR	342,338	CZK	9,509,810		06/17/20		(4,348	)
	EUR	1,341,397	GBP	1,228,264		06/17/20		(43,864	)
	EUR	339,021	JPY	40,609,952		06/17/20		(3,915	)
	EUR	1,689,111	NOK	20,973,755		06/17/20		(149,520	)
	EUR	19,078,665	USD	21,481,287		06/17/20		(376,757	)
	GBP	1,568,508	USD	2,017,041		04/29/20		(67,484	)
	GBP	3,447,174	USD	4,422,845		06/17/20		(135,302	)
	HUF	1,577,438,923	EUR	4,523,670		06/17/20		(172,228	)
	HUF	240,402,989	USD	777,505		06/17/20		(41,137	)


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	IDR	45,769,245,684	USD	3,315,708		04/07/20	$	(498,619	)
	IDR	27,149,030,720	USD	1,944,563		05/28/20		(294,701	)
	IDR	5,486,574,458	USD	380,959		06/08/20		(48,227	)
	ILS	16,220,118	USD	4,687,953		06/17/20		(90,390	)
	INR	176,385,370	USD	2,350,912		04/20/20		(35,267	)
	INR	158,930,380	USD	2,180,496		04/28/20		(94,868	)
	JPY	83,865,017	EUR	713,153		06/17/20		(6,329	)
	JPY	961,286,198	USD	9,166,547		06/17/20		(196,712	)
	KRW	3,003,211,857	USD	2,526,850		04/21/20		(60,470	)
	MXN	147,448,503	USD	7,401,729		04/27/20		(1,212,174	)
	MXN	100,577,979	USD	4,635,667		06/17/20		(444,510	)
	NOK	37,421,792	EUR	3,528,329		06/17/20		(302,450	)
	NOK	56,312,672	USD	5,947,100		06/17/20		(528,980	)
	NZD	1,945,746	EUR	1,072,686		06/17/20		(26,282	)
	NZD	3,043,560	NOK	18,957,413		06/17/20		(9,018	)
	NZD	8,258,924	USD	5,149,204		06/17/20		(224,155	)
	PLN	2,405,761	EUR	528,301		06/17/20		(3,031	)
	RUB	258,254,225	USD	3,707,171		05/22/20		(425,887	)
	SEK	86,933,252	EUR	8,110,413		06/17/20		(168,772	)
	SEK	39,781,000	USD	4,148,911		04/27/20		(124,914	)
	SEK	25,246,727	USD	2,685,757		06/17/20		(129,278	)
	THB	24,584,556	USD	773,335		06/17/20		(23,937	)
	TRY	4,600,884	USD	726,813		04/20/20		(35,262	)
	TRY	4,902,619	USD	749,268		05/04/20		(15,554	)
	TRY	2,746,105	USD	442,777		05/11/20		(32,578	)
	TRY	4,878,228	USD	785,837		05/12/20		(57,351	)
	TRY	2,366,645	USD	380,980		05/14/20		(27,749	)
	TRY	2,541,919	USD	405,174		05/27/20		(27,110	)
	TRY	1,684,355	USD	267,953		06/04/20		(17,930	)
	TRY	4,336,738	USD	673,875		06/17/20		(32,569	)
	TWD	205,451,571	USD	6,838,025		04/17/20		(27,406	)
	TWD	41,517,665	USD	1,381,234		04/20/20		(4,318	)
	USD	1,819,337	AUD	3,082,759		06/17/20		(77,255	)
	USD	1,052,343	CAD	1,491,679		06/17/20		(8,401	)
	USD	586,425	CHF	564,524		04/23/20		(811	)
	USD	586,411	CLP	507,538,814		05/22/20		(7,428	)
	USD	987,480	COP	4,045,460,554		05/08/20		(5,690	)
	USD	12,200,390	EUR	11,243,884		05/14/20		(222,277	)
	USD	5,432,461	EUR	4,969,224		06/17/20		(64,420	)
	USD	3,802,384	GBP	3,139,554		06/17/20		(102,543	)
	USD	940,583	IDR	15,584,523,115		05/28/20		(6,497	)
	USD	626,985	INR	48,469,671		04/28/20		(9,078	)
	USD	5,676,007	JPY	611,642,556		04/30/20		(21,625	)
	USD	2,051,615	JPY	223,967,946		06/17/20		(38,246	)
	USD	764,140	KRW	946,956,118		04/21/20		(13,545	)
	USD	3,348,224	MXN	81,548,463		06/17/20		(49,960	)
	USD	1,542,816	NOK	17,668,498		06/17/20		(157,158	)
	USD	741,946	RUB	60,252,353		05/22/20		(23,598	)
	USD	377,946	SEK	3,742,442		06/17/20		(1,013	)
	USD	2,129,431	TWD	64,379,609		04/17/20		(4,723	)
	ZAR	51,967,202	USD	3,021,608		06/17/20		(145,741	)

TOTAL							$	(9,603,227	)


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At March 31, 2020, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
GNMA		4.000	%	TBA-30yr		04/21/20	$	(3,000,000	)	$	(3,188,068	)
UMBS, 30 Year, Single Family		5.000		TBA-30yr		04/15/20		(7,000,000	)		(7,554,557	)

TOTAL (Proceeds Receivable: $(10,812,188))										$	(10,742,625	)

(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 March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		149			06/19/20	$	33,059,375		$	2,567,250
1 Month SOFR		84			07/31/20		34,981,798			293,251
2 Year U.S. Treasury Notes		54			06/30/20		11,900,672			51,924
10 Year U.K. Long Gilt		3			06/26/20		507,485			25,111
10 Year U.S. Treasury Notes		223			06/19/20		30,927,312			578,952

Total									$	3,516,488
Short position contracts:
Australian 10 Year Government Bonds		(5	)		06/15/20		(463,203	)		1,974
Eurodollars		(1	)		06/15/20		(248,687	)		(2,940	)
Eurodollars		(4	)		12/14/20		(996,600	)		(17,595	)
Japan 10 Year Government Bonds		(14	)		06/15/20		(19,864,962	)		358,936
Ultra 10 Year U.S. Treasury Notes		(40	)		06/19/20		(6,241,250	)		(221,045	)
5 Year U.S. Treasury Notes		(72	)		06/30/20		(9,025,875	)		(197,157	)
30 day Federal Funds		(84	)		07/31/20		(34,981,798	)		(292,184	)
20 Year U.S. Treasury Bonds		(7	)		06/19/20		(1,253,438	)		(3,619	)

Total									$	(373,630	)

TOTAL FUTURES CONTRACTS									$	3,142,858

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M BID Avg^(a)	5.440%	01/03/22	BRL	23,340		$	118,695		$	37,376		$	81,319
Mexico IB TIIE 28 Days^(a)	6.000	06/15/22	MXN	53,390	^(b)		13,511			701			12,810
3M JIBAR^(c)	6.500	06/17/22	ZAR	64,200	^(b)		81,481			7,796			73,685
6.943%^(a)	1M BID Avg	01/02/23	BRL	4,525			(35,004	)		—			(35,004	)
1M BID Avg^(d)	5.750	01/02/23		845			2,612			965			1,647
1M BID Avg^(a)	6.372	01/02/23		525			2,687			—			2,687
1M BID Avg^(a)	6.660	01/02/23		3,004			24,494			5,310			19,184
1M BID Avg^(d)	5.330	01/02/24		4,800			(18,783	)		(1,007	)		(17,776	)


48		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)
1M LIBOR+0.090 % ^(c)		3M LIBOR	07/25/24	$	24,700		$	(25,207	)	$	395		$	(25,602	)
6.260^(a)		1M BID Avg	01/02/25	BRL	600			611			(385	)		996
6M EURO^(f)		0.000 % ^(e)	03/18/25	EUR	2,410			(386	)		—			(386	)
6M GBP^(e)		0.400	03/18/25	GBP	13,540			135,989			21,593			114,396
3M NZDOR^(c)		1.500^(f)	03/18/25	NZD	7,860			202,287			(18,400	)		220,687
6M CDOR^(f)		1.750	03/18/25	CAD	6,070			168,372			732			167,640
2.000^(f)		3M NIBOR^(e)	03/18/25	NOK	112,400			(616,997	)		(250,732	)		(366,265	)
1.000^(f)		6M GBP	03/18/25	GBP	270			(8,055	)		(6,008	)		(2,047	)
6M GBP^(e)		0.270	06/17/25		14,020	^(b)		18,619			5,001			13,618
6M CNY^(c)		2.500	06/17/25	CNY	25,070			40,966			6,450			34,516
1.400^(f)		6M WIBOR^(e)	06/17/25	PLN	5,710	^(b)		(36,064	)		(7,292	)		(28,772	)
6M JYOR^(f)		(0.100)	06/22/27	JPY	2,160,340	^(b)		(105,052	)		149,967			(255,019	)
6M JYOR^(f)		0.050	03/10/29		1,751,000			(1,090	)		1,598			(2,688	)
0.050^(f)		6M JYOR	03/10/29		1,751,000			(68,270	)		(208,267	)		139,997
0.500^(f)		6M GBP	03/10/30	GBP	5,710	^(b)		53,576			109,397			(55,821	)
6M AUDOR^(f)		1.000	03/11/30	AUD	10,280	^(b)		(67,400	)		(162,303	)		94,903
6M EURO^(f)		0.500^(e)	03/18/30	EUR	5,440			(852	)		(81	)		(771	)
6M AUDOR^(f)		1.750	03/18/30	AUD	12,160			615,125			327,041			288,084
6M CDOR^(c)		3.500^(f)	03/18/30	CAD	2,950			176,951			(28,006	)		204,957
2.000^(f)		3M NIBOR^(e)	03/18/30	NOK	9,780			(85,611	)		(4,795	)		(80,816	)
0.500^(c)		3M STIBOR^(e)	03/18/30	SEK	42,960			(49,062	)		(114,306	)		65,244
0.500^(f)		6M EURO^(e)	03/18/30	EUR	4,090			(242,665	)		(482,251	)		239,586
0.570^(e)		6M GBP	03/18/30	GBP	5,260			(173,582	)		22,630			(196,212	)
6M AUDOR^(f)		1.750	03/19/30	AUD	4,530	^(b)		68,971			85,342			(16,371	)
6M EURO^(f)		(0.250)^(e)	06/17/30	EUR	7,050	^(b)		(191,990	)		(288,227	)		96,237
0.308^(e)		6M GBP	06/17/30	GBP	3,840	^(b)		(487	)		(11,003	)		10,516
0.400^(e)		6M GBP	06/17/30		5,590	^(b)		(63,677	)		(20,604	)		(43,073	)
6M EURO^(f)		0.250^(e)	06/18/30	EUR	2,300	^(b)		5,924			(40,419	)		46,343
1.750^(c)		3M LIBOR^(f)	06/18/30	$	5,070	^(b)		(203,607	)		(223,232	)		19,625
6M EURO^(f)		0.280^(e)	07/06/31	EUR	530	^(b)		12,088			1,124			10,964
0.750^(f)		6M EURO^(e)	03/18/40		130			(15,211	)		(6,761	)		(8,450	)
0.400^(e)		6M GBP	06/17/40	GBP	2,570	^(b)		(32,938	)		(10,451	)		(22,487	)
1.750^(c)		3M LIBOR^(f)	06/19/40	$	1,150	^(b)		(77,442	)		(30,892	)		(46,550	)
6M JYOR^(f)		0.500	06/20/40	JPY	177,440	^(b)		35,988			33,676			2,312
6M JYOR^(f)		0.500	06/20/50		307,760	^(b)		50,763			51,055			(292	)
1.750^(c)		3M LIBOR^(f)	06/20/50	$	2,200	^(b)		(144,953	)		(91,767	)		(53,186	)

TOTAL							$	(434,675	)	$	(1,139,040	)	$	704,365

(a)

Payments made monthly.

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2020.

(c)

Payments made quarterly.

(d)

Payments made at maturity.

(e)

Payments made annually.

(f)

Payments made semi-annually.


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Paid by the Fund^(a)		Credit Spread at March 31, 2020^(b)	Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)%	0.125%	Barclays Bank PLC		06/20/21	$	80	$	(923	)	$	179		$	(1,102	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.172	Barclays Bank PLC		12/20/21		690		(10,990	)		(945	)		(10,045	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089	BofA Securities LLC		12/20/20		830		(5,880	)		710			(6,590	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125	BofA Securities LLC		06/20/21		670		(7,633	)		1,916			(9,549	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089	Citibank NA		12/20/20		720		(5,100	)		876			(5,976	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125	Citibank NA		06/20/21		560		(6,426	)		1,281			(7,707	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.218	Citibank NA		06/20/22		80		(1,503	)		(536	)		(967	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125	Deutsche Bank AG (London)		06/20/21		460		(5,240	)		1,310			(6,550	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089	JPMorgan Securities, Inc.		12/20/20		6,410		(45,412	)		7,244			(52,656	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125	JPMorgan Securities, Inc.		06/20/21		10		(116	)		23			(139	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.110	JPMorgan Securities, Inc.		06/20/22		140		(2,628	)		(680	)		(1,948	)

TOTAL									$	(91,851	)	$	11,378		$	(103,229	)

(a)

Payments made quarterly.

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at March 31, 2020^(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.NA.IG Index 33	(1.000)%		1.000%		12/20/24	$	100	$	322		$	1,604		$	(1,282	)
Protection Sold:
Federative Republic of Brazil, 4.250%, 01/07/25	1.000		1.000		06/20/20		210		123			236			(113	)
CDX.NA.IG Index 28	1.000		1.000		06/20/22		11,100		(5,786	)		170,318			(176,104	)
General Electric Co. 2.700%, 10/09/22	1.000		1.000		12/20/24		475		(24,354	)		(7,140	)		(17,214	)
The Boeing Co., 8.750%, 08/15/21	1.000		1.000		06/20/24		500		(61,767	)		9,158			(70,925	)
Prudential Financial, Inc., 3.500%, 05/15/24	1.000		1.000		06/20/24		825		9,934			11,752			(1,818	)
Republic of Indonesia, 5.875%, 03/13/20	1.000		1.000		06/20/24		2,430		(67,405	)		6,327			(73,732	)


50		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 March 31, 2020^(b)	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
State of Qatar, 9.750%, 06/15/30	1.000 %	1.000 %	06/20/24	$	210	$	(1,024	)	$	3,875		$	(4,899	)
State of Qatar, 9.750%, 06/15/30	1.000	1.000	12/20/24		100		(905	)		1,992			(2,897	)
General Electric Co. 2.700%, 10/09/22	1.000	1.000	06/20/24		1,125		(47,528	)		(16,223	)		(31,305	)

TOTAL						$	(198,390	)	$	181,899		$	(380,289	)

(a)

Payments made quarterly.

(b)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
6M IRS	Deutsche Bank AG (London)		1.985	%		06/09/2020		2,500,000		$	2,500,000		$	218		$	25,000		$	(24,782	)
3M IRS	JPMorgan Securities, Inc.		1.770			04/08/2020		7,200,000			7,200,000			—			87,414			(87,414	)

Total purchased option contracts								9,700,000		$	9,700,000		$	218		$	112,414		$	(112,196	)
Written option contracts
Calls
1Y IRS	Barclays Bank PLC		(0.340	)		03/25/2021		(15,990,000	)		(15,990,000	)		(16,393	)		(18,710	)		2,317
4M IRS	Barclays Bank PLC		(0.400	)		06/26/2020		(6,090,000	)		(6,090,000	)		(8,919	)		(18,747	)		9,828
6M IRS	Barclays Bank PLC		(0.350	)		05/27/2020		(19,710,000	)		(19,710,000	)		(30,524	)		(29,261	)		(1,263	)
1Y IRS	BofA Securities LLC		(0.390	)		03/25/2021		(15,120,000	)		(15,120,000	)		(11,721	)		(18,329	)		6,608
1M IRS	Deutsche Bank AG (London)		0.395			09/30/2020		(8,300,000	)		(8,300,000	)		(93,350	)		(105,410	)		12,060
6M IRS	Deutsche Bank AG (London)		0.395			09/30/2020		(8,300,000	)		(8,300,000	)		(93,350	)		(86,320	)		(7,030	)
1Y IRS	JPMorgan Securities, Inc.		(0.390	)		03/25/2021		(10,630,000	)		(10,630,000	)		(8,241	)		(11,381	)		3,140
4M IRS	JPMorgan Securities, Inc.		(0.400	)		06/26/2020		(9,580,000	)		(9,580,000	)		(14,031	)		(30,577	)		16,546
6M IRS	JPMorgan Securities, Inc.		(0.350	)		08/13/2020		(12,940,000	)		(12,940,000	)		(37,722	)		(34,090	)		(3,632	)
6M IRS	MS & Co. Int. PLC		(0.350	)		08/13/2020		(12,940,000	)		(12,940,000	)		(37,722	)		(33,669	)		(4,053	)
1Y IRS	UBS AG (London)		(0.256	)		08/27/2020		(4,380,000	)		(4,380,000	)		(34,106	)		(70,560	)		36,454
6M IRS	UBS AG (London)		0.350			05/27/2020		(4,020,000	)		(4,020,000	)		(129,353	)		(4,455	)		(124,898	)
6M IRS	UBS AG (London)		0.380			07/02/2021		(1,240,000	)		(1,240,000	)		(63,373	)		(48,218	)		(15,155	)
								(129,240,000	)	$	(129,240,000	)	$	(578,805	)	$	(509,727	)	$	(69,078	)
Puts
1Y IRS	Barclays Bank PLC		0.340	%		03/25/2021		(15,990,000	)		(15,990,000	)		(18,859	)		(18,709	)		(150	)
6M IRS	Barclays Bank PLC		0.100			05/27/2020		(19,710,000	)		(19,710,000	)		(34,516	)		(59,866	)		25,350
1Y IRS	BofA Securities LLC		0.390			03/25/2021		(15,120,000	)		(15,120,000	)		(22,478	)		(16,143	)		(6,335	)
6M IRS	Deutsche Bank AG (London)		1.894			06/09/2020		(22,500,000	)		(22,500,000	)		(1	)		(14,167	)		14,166
6M IRS	Deutsche Bank AG (London)		2.235			06/09/2020		(2,500,000	)		(2,500,000	)		(83	)		(10,833	)		10,750


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts (continued)
1Y IRS	JPMorgan Securities, Inc.		0.390	%		03/25/2021		(10,630,000	)	$	(10,630,000	)	$	(15,804	)	$	(11,381	)	$	(4,423	)
3M IRS	JPMorgan Securities, Inc.		2.020			04/08/2020		(10,800,000	)		(10,800,000	)		—			(43,494	)		43,494
6M IRS	UBS AG (London)		0.100			05/27/2020		(4,020,000	)		(4,020,000	)		(1,407	)		(13,812	)		12,405
6M IRS	UBS AG (London)		0.380			07/02/2021		(1,240,000	)		(1,240,000	)		(21,105	)		(15,647	)		(5,458	)
								(102,510,000	)	$	(102,510,000	)	$	(114,253	)	$	(204,052	)	$	89,799

Total written option contracts								(231,750,000	)	$	(231,750,000	)	$	(693,058	)	$	(713,779	)	$	20,721

TOTAL								(222,050,000	)	$	(222,050,000	)	$	(692,840	)	$	(601,365	)	$	(91,475	)



Abbreviations:
1M BID Avg		—1 month Brazilian Interbank Deposit Average
1Y IRS		—1 Year Interest Rate Swaptions
3M IRS		—3 Month Interest Rate Swaptions
6M IRS		—6 Month Interest Rate Swaptions
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.IG Index 28		—CDX North America Investment Grade Index 28
CDX.NA.IG Index 33		—CDX North America Investment Grade Index 33
Mexico IB TIIE 28D		—Mexico Interbank TIIE 28 Days
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 40.8%
Aerospace & Defense – 1.1%
	General Dynamics Corp.^(a)
$	825,000		4.250	%		04/01/50	$	1,016,763
	Northrop Grumman Corp.^(a)
	1,925,000		2.930			01/15/25		1,960,497
	2,750,000		3.250			01/15/28		2,888,682
	105,000		4.030			10/15/47		120,104
	2,275,000		5.250			05/01/50		3,054,802
	The Boeing Co.^(a)
	1,575,000		3.450			11/01/28		1,395,560
	United Technologies Corp.
	1,775,000		3.950	^(a)		08/16/25		1,937,270
	775,000		4.125	^(a)		11/16/28		856,406
	800,000		5.700			04/15/40		1,014,600
	350,000		4.050	^(a)		05/04/47		382,708
	550,000		4.625	^(a)		11/16/48		650,689

								15,278,081

Agriculture^(a) – 0.3%
	Altria Group, Inc.
	1,775,000		3.800			02/14/24		1,801,217
	Archer-Daniels-Midland Co.
	525,000		3.250			03/27/30		555,749
	BAT Capital Corp.
	1,685,000		3.222			08/15/24		1,684,427
	425,000		4.758			09/06/49		424,966
	225,000		5.282			04/02/50		225,491

								4,691,850

Apparel^(a) – 0.2%
	NIKE, Inc.
	975,000		3.250			03/27/40		1,016,789
	900,000		3.375			03/27/50		981,990

								1,998,779

Automotive – 0.2%
	Ford Motor Credit Co. LLC
	1,200,000		5.875			08/02/21		1,175,856
	General Motors Co.
	550,000		4.000			04/01/25		469,706
	General Motors Financial Co., Inc.^(a)
	675,000		4.300			07/13/25		592,373
	300,000		5.650			01/17/29		259,524

								2,497,459

Banks – 9.4%
	Banco Santander SA
	400,000		4.250			04/11/27		406,864
	800,000		3.306			06/27/29		779,216
	Bank of America Corp.
	3,050,000		4.125			01/22/24		3,246,938
	1,250,000		4.200			08/26/24		1,327,500
	5,000,000		4.183	^(a)		11/25/27		5,259,000
	350,000		6.110			01/29/37		440,087
	(3M USD LIBOR + 0.940%)
	5,550,000		3.864	^(a)(b)		07/23/24		5,796,309
	(3M USD LIBOR + 0.990%)
	225,000		2.496	^(a)(b)		02/13/31		217,530


Corporate Obligations – (continued)
Banks – (continued)
	(3M USD LIBOR + 1.190%)
	1,325,000		2.884	%^(a)(b)		10/22/30		1,324,709
	(3M USD LIBOR + 1.370%)
	1,550,000		3.593	^(a)(b)		07/21/28		1,605,381
	(3M USD LIBOR + 3.150%)
	3,350,000		4.083	^(a)(b)		03/20/51		3,785,366
	Barclays PLC^(a)(b) (3M USD LIBOR + 1.400%)
	2,725,000		4.610			02/15/23		2,753,531
	BNP Paribas SA^(c)
	3,825,000		3.500			03/01/23		3,845,655
	900,000		3.375			01/09/25		896,481
	(5 Year USD Swap + 4.149%)
	650,000		6.625	^(a)(b)		12/31/99		576,875
	BPCE SA
	925,000		2.650			02/03/21		925,130
	2,250,000		4.000	^(c)		09/12/23		2,282,940
	1,150,000		4.625	^(c)		09/12/28		1,269,658
	Capital One NA^(a)
	1,700,000		2.650			08/08/22		1,681,827
	CIT Bank NA^(a)(b)(SOFR + 1.715%)
	1,500,000		2.969			09/27/25		1,314,960
	CIT Group, Inc.^(a)
	224,000		4.750			02/16/24		217,280
	Citigroup, Inc.
	2,575,000		2.700	^(a)		10/27/22		2,590,347
	2,500,000		4.600			03/09/26		2,670,200
	3,175,000		3.400			05/01/26		3,355,149
	1,150,000		4.125			07/25/28		1,186,570
	(SOFR + 1.422%)
	1,375,000		2.976	^(a)(b)		11/05/30		1,330,780
	(SOFR + 3.914%)
	1,425,000		4.412	^(a)(b)		03/31/31		1,565,462
	Credit Agricole SA^(c)
	1,050,000		3.250			10/04/24		1,049,045
	(5 Year USD Swap + 4.319%)
	600,000		6.875	^(a)(b)		12/31/99		540,042
	Credit Suisse Group AG^(a)(c)
	1,400,000		4.282			01/09/28		1,446,718
	(3M USD LIBOR + 1.410%)
	1,675,000		3.869	^(b)		01/12/29		1,690,594
	(SOFR + 3.730%)
	1,925,000		4.194	^(b)		04/01/31		1,972,413
	Credit Suisse Group Funding Guernsey Ltd.
	683,000		4.550			04/17/26		721,091
	Deutsche Bank AG
	3,350,000		2.700			07/13/20		3,298,912
	HSBC Holdings PLC
	600,000		4.950			03/31/30		661,956
	(3M USD LIBOR + 1.000%)
	850,000		2.692	^(a)(b)		05/18/24		788,749
	(3M USD LIBOR + 1.055%)
	1,200,000		3.262	^(a)(b)		03/13/23		1,201,704
	(3M USD LIBOR + 1.211%)
	1,625,000		3.803	^(a)(b)		03/11/25		1,664,780
	Huntington Bancshares, Inc.^(a)
	1,625,000		4.000			05/15/25		1,703,292


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	JPMorgan Chase & Co.^(a)(b)
	(3M USD LIBOR + 0.945%)
$	1,400,000		3.509	%		01/23/29	$	1,456,266
	(3M USD LIBOR + 1.000%)
	7,500,000		4.023			12/05/24		7,936,950
	(3M USD LIBOR + 1.245%)
	2,275,000		3.960			01/29/27		2,453,360
	(3M USD LIBOR + 1.337%)
	2,150,000		3.782			02/01/28		2,290,545
	(3M USD LIBOR + 1.360%)
	800,000		3.882			07/24/38		893,888
	(3M USD LIBOR + 3.800%)
	2,250,000		5.300			12/29/49		2,098,327
	(SOFR + 3.125%)
	2,350,000		4.600			12/31/99		2,069,081
	(SOFR + 3.790%)
	275,000		4.493			03/24/31		317,045
	Lloyds Bank PLC^(b) (3M USD LIBOR + 0.490%)
	1,550,000		2.232			05/07/21		1,525,851
	Mitsubishi UFJ Financial Group, Inc.
	1,700,000		3.751			07/18/39		1,721,131
	Morgan Stanley, Inc.
	2,200,000		4.875			11/01/22		2,301,574
	3,300,000		3.700			10/23/24		3,480,609
	700,000		4.000			07/23/25		749,483
	4,000,000		3.950			04/23/27		4,151,800
	(3M USD LIBOR + 0.847%)
	550,000		3.737	^(a)(b)		04/24/24		570,636
	(3M USD LIBOR + 1.628%)
	1,150,000		4.431	^(a)(b)		01/23/30		1,274,373
	(SOFR + 1.152%)
	1,050,000		2.720	^(a)(b)		07/22/25		1,055,702
	(SOFR + 3.120%)
	1,325,000		3.622	^(a)(b)		04/01/31		1,386,400
	(SOFR + 4.840%)
	2,175,000		5.597	^(a)(b)		03/24/51		3,001,087
	Royal Bank of Canada^(b) (3M USD LIBOR + 0.390%)
	1,525,000		2.160			04/30/21		1,501,286
	Royal Bank of Scotland Group PLC
	1,336,000		3.875			09/12/23		1,348,625
	(3M USD LIBOR + 1.480%)
	1,883,000		3.498	^(a)(b)		05/15/23		1,889,685
	(3M USD LIBOR + 1.550%)
	2,100,000		4.519	^(a)(b)		06/25/24		2,133,705
	(3M USD LIBOR + 1.762%)
	400,000		4.269	^(a)(b)		03/22/25		415,416
	(5 Year CMT + 2.100%)
	500,000		3.754	^(a)(b)		11/01/29		460,000
	Santander UK PLC
	2,325,000		2.875			06/18/24		2,324,605
	Standard Chartered PLC^(a)(b)(c)(3M USD LIBOR + 1.150%)
	3,008,000		4.247			01/20/23		3,021,295
	State Street Corp.^(a)(b)(c)(SOFR + 2.650%)
	100,000		3.152			03/30/31		102,202
	Truist Bank^(a)
	1,250,000		2.250			03/11/30		1,145,538


Corporate Obligations – (continued)
Banks – (continued)
	UBS Group AG^(c)
	2,550,000		4.125			09/24/25		2,697,619
	Wells Fargo & Co.
	2,700,000		3.000			10/23/26		2,761,938
	1,525,000		4.300			07/22/27		1,615,920
	(3M USD LIBOR + 4.240%)
	325,000		5.013	^(a)(b)		04/04/51		412,279
	Westpac Banking Corp.^(a)(b)(5 Year CMT + 2.000%)
	1,350,000		4.110			07/24/34		1,298,174

								133,253,436

Beverages^(a) – 1.8%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	850,000		4.700			02/01/36		887,196
	6,675,000		4.900			02/01/46		7,353,046
	Anheuser-Busch InBev Worldwide, Inc.
	2,000,000		4.750			01/23/29		2,205,340
	3,275,000		4.600			04/15/48		3,465,114
	475,000		5.550			01/23/49		558,306
	Bacardi Ltd.^(c)
	1,500,000		5.300			05/15/48		1,634,700
	Constellation Brands, Inc.
	1,375,000		4.400			11/15/25		1,383,305
	625,000		3.700			12/06/26		620,450
	1,075,000		3.600			02/15/28		1,052,941
	1,425,000		3.150			08/01/29		1,324,865
	(3M USD LIBOR + 0.700%)
	2,100,000		2.392	^(b)		11/15/21		2,008,923
	Keurig Dr Pepper, Inc.
	1,400,000		4.057			05/25/23		1,457,050
	225,000		5.085			05/25/48		280,438
	PepsiCo., Inc.
	1,500,000		3.625			03/19/50		1,766,235

								25,997,909

Building Materials^(a)(c) – 0.6%
	Carrier Global Corp.
	3,375,000		2.493			02/15/27		3,186,270
	4,900,000		2.722			02/15/30		4,498,984

								7,685,254

Chemicals – 0.8%
	CNAC HK Finbridge Co. Ltd.
	870,000		3.125			06/19/22		859,947
	300,000		4.625			03/14/23		308,625
	DuPont de Nemours, Inc.^(a)
	925,000		4.205			11/15/23		973,646
	975,000		4.493			11/15/25		1,044,625
	75,000		5.419			11/15/48		86,887
	Ecolab, Inc.
	133,000		5.500			12/08/41		157,367
	231,000		3.950	^(a)		12/01/47		237,510
	Huntsman International LLC^(a)
	850,000		4.500			05/01/29		726,934
	Sasol Financing International Ltd.
	400,000		4.500			11/14/22		168,000


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)
Chemicals – (continued)
	Sasol Financing USA LLC^(a)
$	200,000		5.875	%		03/27/24	$	81,960
	Syngenta Finance NV^(c)
	2,115,000		3.698			04/24/20		2,118,024
	2,590,000		3.933			04/23/21		2,439,521
	The Sherwin-Williams Co.^(a)
	20,000		2.750			06/01/22		20,040
	325,000		3.125			06/01/24		323,612
	1,900,000		3.450			06/01/27		1,948,222

								11,494,920

Commercial Services^(a) – 0.6%
	Global Payments, Inc.
	875,000		2.650			02/15/25		886,165
	550,000		3.200			08/15/29		528,330
	IHS Markit Ltd.
	2,800,000		4.000	^(c)		03/01/26		2,779,532
	1,775,000		4.250			05/01/29		1,855,017
	PayPal Holdings, Inc.
	3,000,000		2.650			10/01/26		2,940,570

								8,989,614

Computers^(a) – 1.1%
	Apple, Inc.
	1,925,000		2.750			01/13/25		2,028,373
	4,050,000		2.450			08/04/26		4,233,505
	Dell International LLC/EMC Corp.^(c)
	1,625,000		5.450			06/15/23		1,666,730
	2,200,000		6.020			06/15/26		2,277,902
	1,000,000		8.100			07/15/36		1,152,160
	Hewlett Packard Enterprise Co.
	2,400,000		2.250			04/01/23		2,335,200
	1,782,000		4.900			10/15/25		1,842,285
	410,000		6.350			10/15/45		476,551

								16,012,706

Cosmetics/Personal Care^(a) – 0.1%
	The Procter & Gamble Co.
	725,000		3.600			03/25/50		894,193

Diversified Financial Services – 1.6%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	2,075,000		4.625			07/01/22		1,781,325
	1,450,000		3.300	^(a)		01/23/23		1,228,542
	900,000		4.875	^(a)		01/16/24		773,001
	Air Lease Corp.^(a)
	2,250,000		2.300			02/01/25		1,773,157
	2,200,000		3.750			06/01/26		1,896,510
	American Express Co.^(a)
	700,000		3.625			12/05/24		725,249
	(3M USD LIBOR + 3.285%)
	1,010,000		4.026	^(b)		12/29/49		853,450
	Avolon Holdings Funding Ltd.^(a)(c)
	975,000		3.950			07/01/24		768,290
	2,125,000		2.875			02/15/25		1,680,237
	GE Capital International Funding Co.
	3,500,000		3.373			11/15/25		3,523,275
	800,000		4.418			11/15/35		864,264


Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Huarong Finance 2017 Co. Ltd.
	200,000		4.750			04/27/27		205,938
	200,000		4.250			11/07/27		199,875
	Huarong Finance 2019 Co. Ltd.
	500,000		3.750			05/29/24		495,625
	390,000		3.875	^(a)		11/13/29		380,128
	Mastercard, Inc.^(a)
	850,000		3.300			03/26/27		924,477
	625,000		3.350			03/26/30		693,531
	400,000		3.850			03/26/50		488,428
	Raymond James Financial, Inc.^(a)
	275,000		4.650			04/01/30		285,714
	TD Ameritrade Holding Corp.^(a)
	1,950,000		2.950			04/01/22		1,950,702
	Visa, Inc.^(a)
	650,000		2.050			04/15/30		649,058
	325,000		2.700			04/15/40		322,608

								22,463,384

Electrical – 2.1%
	AEP Transmission Co. LLC^(a)
	225,000		3.650			04/01/50		228,965
	Alliant Energy Finance LLC^(a)(c)
	825,000		3.750			06/15/23		878,551
	225,000		4.250			06/15/28		233,303
	Ameren Corp.^(a)
	400,000		3.500			01/15/31		399,052
	American Electric Power Co., Inc.^(a)
	850,000		2.300			03/01/30		792,761
	Arizona Public Service Co.^(a)
	1,175,000		2.950			09/15/27		1,200,674
	Berkshire Hathaway Energy Co.^(a)
	400,000		3.250			04/15/28		413,068
	1,275,000		3.700	^(c)		07/15/30		1,363,638
	250,000		4.250	^(c)		10/15/50		282,730
	Dominion Energy, Inc.
	1,650,000		3.071	^(d)		08/15/24		1,637,592
	725,000		3.375	^(a)		04/01/30		717,714
	Duke Energy Corp.^(a)
	2,100,000		3.150			08/15/27		2,104,893
	Emera US Finance LP^(a)
	950,000		2.700			06/15/21		962,891
	Enel Finance International NV^(c)
	1,375,000		2.875			05/25/22		1,333,062
	Entergy Corp.^(a)
	1,025,000		2.950			09/01/26		1,018,706
	Exelon Corp.^(a)
	1,125,000		3.497			06/01/22		1,092,229
	1,000,000		4.050			04/15/30		1,022,240
	125,000		4.700			04/15/50		130,705
	FirstEnergy Corp.^(a)
	2,175,000		2.650			03/01/30		2,053,026
	Florida Power & Light Co.^(a)
	832,000		4.125			02/01/42		945,393
	NRG Energy, Inc.^(a)(c)
	1,625,000		3.750			06/15/24		1,606,085


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Electrical – (continued)
	Ohio Power Co.^(a)
$	675,000		2.600	%		04/01/30	$	670,721
	Sempra Energy^(a)(b) (3M USD LIBOR + 0.500%)
	1,900,000		2.331			01/15/21		1,799,737
	Southern California Edison Co.^(a)
	1,075,000		4.200			03/01/29		1,146,004
	The Southern Co.^(a)
	1,730,000		3.250			07/01/26		1,743,061
	Vistra Operations Co. LLC^(a)(c)
	3,350,000		3.550			07/15/24		3,151,579

								28,928,380

Engineering & Construction^(a) – 0.1%
	Mexico City Airport Trust
	400,000		4.250			10/31/26		354,500
	440,000		3.875	^(c)		04/30/28		367,840
	200,000		5.500	^(c)		10/31/46		162,000
	420,000		5.500			07/31/47		346,710
	340,000		5.500	^(c)		07/31/47		280,670

								1,511,720

Environmental^(a) – 0.3%
	Republic Services, Inc.
	1,650,000		2.500			08/15/24		1,668,711
	Waste Management, Inc.
	2,800,000		3.200			06/15/26		2,918,020

								4,586,731

Food & Drug Retailing^(a) – 0.5%
	Mars, Inc.^(c)
	525,000		2.700			04/01/25		533,169
	925,000		3.200			04/01/30		968,632
	Smithfield Foods, Inc.^(c)
	2,350,000		2.650			10/03/21		2,200,634
	Sysco Corp.
	225,000		6.600			04/01/40		241,952
	875,000		6.600			04/01/50		950,031
	The JM Smucker Co.
	700,000		2.375			03/15/30		649,971
	Tyson Foods, Inc.
	1,250,000		3.900			09/28/23		1,300,988

								6,845,377

Gas^(a) – 0.3%
	NiSource, Inc.
	1,275,000		3.650			06/15/23		1,303,114
	2,500,000		3.490			05/15/27		2,534,275

								3,837,389

Hand/Machine Tools^(a) – 0.1%
	Stanley Black & Decker, Inc.
	1,400,000		4.250			11/15/28		1,499,106

Healthcare Providers & Services^(a) – 0.8%
	Centene Corp.^(c)
	2,850,000		4.250			12/15/27		2,868,867
	DH Europe Finance II S.a.r.l.
	1,725,000		2.200			11/15/24		1,693,812


Corporate Obligations – (continued)
Healthcare Providers & Services^(a) – (continued)
	625,000		2.600			11/15/29		623,556
	1,225,000		3.250			11/15/39		1,185,163
	Stryker Corp.
	575,000		2.625			03/15/21		575,799
	475,000		3.375			11/01/25		502,251
	Thermo Fisher Scientific, Inc.
	450,000		3.000			04/15/23		460,525
	775,000		4.497			03/25/30		873,239
	400,000		4.100			08/15/47		425,100
	Zimmer Biomet Holdings, Inc.
	2,475,000		3.550			03/20/30		2,458,492

								11,666,804

Household Products^(a) – 0.0%
	Kimberly-Clark Corp.
	350,000		3.100			03/26/30		375,442

Insurance – 1.0%
	AIA Group Ltd.^(a)(c)
	875,000		3.900			04/06/28		924,018
	American International Group, Inc.^(a)
	3,875,000		3.900			04/01/26		3,993,381
	Arch Capital Finance LLC^(a)
	1,200,000		4.011			12/15/26		1,211,220
	Arch Capital Group Ltd.
	1,125,000		7.350			05/01/34		1,462,196
	Berkshire Hathaway Finance Corp.^(a)
	2,075,000		1.850			03/12/30		2,012,439
	Great-West Lifeco Finance 2018 LP^(a)(c)
	1,125,000		4.047			05/17/28		1,212,210
	Marsh & McLennan Cos., Inc.^(a)
	1,325,000		4.375			03/15/29		1,476,222
	Nippon Life Insurance Co.^(a)(b)(c)(5 Year CMT + 2.612%)
	865,000		3.400			01/23/50		831,637
	The Progressive Corp.^(a)
	850,000		3.950			03/26/50		978,681

								14,102,004

Internet^(a) – 0.4%
	Amazon.com, Inc.
	2,300,000		5.200			12/03/25		2,739,208
	1,300,000		4.800			12/05/34		1,693,783
	525,000		3.875			08/22/37		627,863
	Expedia Group, Inc.
	825,000		3.800			02/15/28		725,481
	Prosus NV^(c)
	420,000		3.680			01/21/30		381,360

								6,167,695

Machinery-Diversified^(a) – 0.4%
	Deere & Co.
	425,000		3.750			04/15/50		493,859
	Otis Worldwide Corp.^(c)
	625,000		2.293			04/05/27		598,956
	4,000,000		2.565			02/15/30		3,874,400

								4,967,215


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)
Media^(a) – 1.8%
	Charter Communications Operating LLC/Charter Communications Operating Capital
$	8,750,000		4.908	%		07/23/25	$	9,405,025
	Comcast Corp.
	1,275,000		3.700			04/15/24		1,367,845
	725,000		3.100			04/01/25		767,797
	1,300,000		3.950			10/15/25		1,432,730
	1,173,000		3.300			02/01/27		1,232,377
	1,775,000		3.300			04/01/27		1,872,927
	1,550,000		3.150			02/15/28		1,623,687
	1,775,000		4.150			10/15/28		2,006,087
	1,325,000		4.250			10/15/30		1,539,027
	325,000		3.750			04/01/40		361,348
	200,000		4.950			10/15/58		272,006
	Fox Corp.
	700,000		4.030			01/25/24		727,267
	400,000		3.500			04/08/30		399,196
	600,000		5.476			01/25/39		695,983
	The Walt Disney Co.
	1,075,000		4.700			03/23/50		1,398,543
	Time Warner Cable LLC
	275,000		5.875			11/15/40		288,778

								25,390,623

Mining – 0.3%
	Glencore Funding LLC^(c)
	1,300,000		4.125	^(a)		03/12/24		1,215,305
	1,181,000		4.625			04/29/24		1,110,813
	Newmont Corp.^(a)
	2,050,000		2.250			10/01/30		1,905,947

								4,232,065

Miscellaneous Manufacturing – 0.1%
	3M Co.^(a)
	275,000		3.700			04/15/50		306,666
	General Electric Co.
	225,000		2.700			10/09/22		221,317
	625,000		3.100			01/09/23		621,456
	700,000		5.875			01/14/38		828,506

								1,977,945

Oil Field Services – 0.9%
	BP Capital Markets America, Inc.^(a)
	1,775,000		3.224			04/14/24		1,810,713
	1,000,000		4.234			11/06/28		1,081,030
	Cenovus Energy, Inc.^(a)
	1,025,000		4.250			04/15/27		504,402
	Devon Energy Corp.^(a)
	514,000		5.850			12/15/25		418,555
	280,000		5.600			07/15/41		177,604
	Gazprom PJSC Via Gaz Capital SA^(c)
	990,000		5.150			02/11/26		1,031,147
	Gazprom PJSC Via Gaz Finance PLC^(c)
	1,210,000		3.250			02/25/30		1,125,299
	Marathon Petroleum Corp.^(a)
	600,000		3.625			09/15/24		533,640
	375,000		3.800			04/01/28		315,487


Corporate Obligations – (continued)
Oil Field Services – (continued)
	Newfield Exploration Co.
	1,649,000		5.625			07/01/24		821,169
	Occidental Petroleum Corp.^(a)
	5,000,000		2.900			08/15/24		2,748,750
	475,000		5.550			03/15/26		251,788
	Petroleos Mexicanos
EUR	1,250,000		5.125			03/15/23		1,183,032
$	340,000		6.490	^(a)(c)		01/23/27		250,750
	330,000		6.500			03/13/27		242,602
	400,000		5.950	^(a)(c)		01/28/31		275,040
	20,000		6.750			09/21/47		13,100
	63,000		6.350			02/12/48		39,375
	391,000		7.690	^(a)(c)		01/23/50		267,835
	103,000		6.950	^(a)(c)		01/28/60		68,238

								13,159,556

Pharmaceuticals – 3.4%
	AbbVie, Inc.
	2,325,000		3.375			11/14/21		2,376,382
	1,575,000		3.750	^(a)		11/14/23		1,638,693
	3,250,000		4.050	^(a)(c)		11/21/39		3,391,017
	125,000		4.875	^(a)		11/14/48		145,000
	4,900,000		4.250	^(a)(c)		11/21/49		5,259,758
	Bayer US Finance II LLC^(a)(c)
	850,000		3.875			12/15/23		871,505
	1,475,000		4.250			12/15/25		1,519,486
	Becton Dickinson & Co.^(a)
	1,600,000		2.894			06/06/22		1,588,672
	2,200,000		3.363			06/06/24		2,197,888
	1,000,000		3.700			06/06/27		1,015,600
	1,100,000		4.669			06/06/47		1,205,138
	(3M USD LIBOR + 0.875%)
	1,669,000		2.250	^(b)		12/29/20		1,612,671
	Bristol-Myers Squibb Co^(a)(c)
	1,200,000		4.125			06/15/39		1,442,208
	3,240,000		3.875			08/15/25		3,516,048
	700,000		3.900			02/20/28		776,867
	350,000		4.250			10/26/49		442,663
	Cigna Corp.^(a)
	5,100,000		4.125			11/15/25		5,453,328
	1,650,000		2.400			03/15/30		1,562,022
	3,475,000		3.400			03/15/50		3,291,833
	CVS Health Corp.^(a)
	4,050,000		3.875			07/20/25		4,249,827
	675,000		4.780			03/25/38		735,973
	725,000		4.250			04/01/50		750,948
	Elanco Animal Health, Inc.
	1,675,000		4.662			08/27/21		1,655,965
	650,000		5.022	^(a)		08/28/23		659,214
	Pfizer, Inc.^(a)
	675,000		2.625			04/01/30		706,712
	Zoetis, Inc.^(a)
	100,000		4.450			08/20/48		118,790

								48,184,208


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pipelines – 2.0%
	Abu Dhabi Crude Oil Pipeline LLC^(c)
$	1,190,000		4.600	%		11/02/47	$	1,198,925
	Columbia Pipeline Group, Inc.^(a)
	925,000		3.300			06/01/20		925,287
	Energy Transfer Operating LP^(a)
	1,375,000		4.650			06/01/21		1,339,057
	775,000		5.200			02/01/22		730,205
	1,950,000		4.200			09/15/23		1,732,731
	1,700,000		2.900			05/15/25		1,441,362
	50,000		4.950			06/15/28		42,120
	1,225,000		5.250			04/15/29		1,036,313
	575,000		5.300			04/15/47		439,622
	Enterprise Products Operating LLC^(a)
	215,000		3.350			03/15/23		211,012
	85,000		3.750			02/15/25		85,490
	(3M USD LIBOR + 2.778%)
	2,460,000		4.358	^(b)		06/01/67		1,437,181
	EQM Midstream Partners LP^(a)
	3,625,000		4.750			07/15/23		2,619,642
	775,000		5.500			07/15/28		431,458
	Kinder Morgan Energy Partners LP^(a)
	4,500,000		3.450			02/15/23		4,436,370
	MPLX LP^(a)
	275,000		4.500			04/15/38		195,330
	645,000		5.500			02/15/49		554,752
	Plains All American Pipeline LP/PAA Finance Corp.^(a)
	525,000		3.650			06/01/22		481,362
	1,100,000		3.850			10/15/23		994,884
	Sabine Pass Liquefaction LLC^(a)
	1,475,000		6.250			03/15/22		1,430,735
	1,650,000		5.625			03/01/25		1,564,612
	1,025,000		5.000			03/15/27		887,004
	The Williams Cos., Inc.^(a)
	785,000		3.600			03/15/22		769,064
	850,000		3.900			01/15/25		762,552
	800,000		4.000			09/15/25		706,488
	Western Midstream Operating LP^(a)
	1,575,000		3.100			02/01/25		822,733
	900,000		3.950			06/01/25		456,480
	975,000		4.050			02/01/30		427,957
	225,000		5.450			04/01/44		84,020
	225,000		5.300			03/01/48		89,003

								28,333,751

Real Estate Investment Trust^(a) – 2.1%
	Alexandria Real Estate Equities, Inc.
	750,000		3.800			04/15/26		752,520
	800,000		3.375			08/15/31		742,680
	American Campus Communities Operating Partnership LP
	2,575,000		3.750			04/15/23		2,613,882
	American Homes 4 Rent LP
	723,000		4.900			02/15/29		690,400
	American Tower Corp.
	2,100,000		3.375			05/15/24		2,097,543
	1,750,000		2.400			03/15/25		1,724,590


Corporate Obligations – (continued)
Real Estate Investment Trust^(a) – (continued)
	Crown Castle International Corp.
	2,150,000		3.150			07/15/23		2,148,043
	225,000		3.300			07/01/30		223,153
	125,000		4.150			07/01/50		123,625
	CubeSmart LP
	1,500,000		4.000			11/15/25		1,488,210
	Digital Realty Trust LP
	1,525,000		2.750			02/01/23		1,516,369
	Essex Portfolio LP
	875,000		3.000			01/15/30		818,685
	Healthcare Trust of America Holdings LP
	2,275,000		3.700			04/15/23		2,205,658
	Kilroy Realty LP
	1,500,000		3.800			01/15/23		1,519,050
	1,025,000		4.750			12/15/28		1,076,660
	National Retail Properties, Inc.
	1,150,000		4.000			11/15/25		1,192,412
	Regency Centers LP
	1,950,000		2.950			09/15/29		1,830,621
	Spirit Realty LP
	1,900,000		4.000			07/15/29		1,793,448
	1,200,000		3.400			01/15/30		1,037,388
	Ventas Realty LP
	975,000		3.500			02/01/25		959,039
	VEREIT Operating Partnership LP
	1,675,000		4.625			11/01/25		1,638,150
	400,000		3.950			08/15/27		377,208
	WP Carey, Inc.
	1,000,000		3.850			07/15/29		975,040

								29,544,374

Retailing^(a) – 0.7%
	Dollar Tree, Inc.
	975,000		4.000			05/15/25		1,001,900
	1,999,000		4.200			05/15/28		2,033,643
	Lowe’s Cos., Inc.
	1,050,000		5.000			04/15/40		1,195,634
	1,550,000		5.125			04/15/50		1,854,265
	McDonald’s Corp.
	200,000		4.450			09/01/48		221,510
	425,000		4.200			04/01/50		472,966
	Starbucks Corp.
	1,850,000		3.800			08/15/25		1,965,680
	The Home Depot, Inc.
	625,000		3.900			12/06/28		695,225
	Walmart, Inc.
	800,000		4.050			06/29/48		1,012,992

								10,453,815

Savings & Loans^(a)(b)(c) – 0.1%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	975,000		3.960			07/18/30		993,691

Semiconductors – 1.1%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	1,725,000		3.000			01/15/22		1,708,302
	2,800,000		3.625			01/15/24		2,768,724


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

Corporate Obligations – (continued)
Semiconductors – (continued)
$	975,000		3.125	%		01/15/25	$	922,019
	161,000		3.500			01/15/28		148,455
	Broadcom, Inc.^(c)
	2,675,000		3.125			10/15/22		2,647,688
	2,350,000		3.625	^(a)		10/15/24		2,304,410
	1,300,000		4.250	^(a)		04/15/26		1,304,992
	Microchip Technology, Inc.
	1,025,000		3.922			06/01/21		992,707
	NXP B.V./NXP Funding LLC^(c)
	1,975,000		4.125			06/01/21		1,992,795
	NXP B.V./NXP Funding LLC^(c)
	225,000		4.625			06/01/23		232,198

								15,022,290

Software^(a) – 1.0%
	Adobe, Inc.
	1,400,000		2.150			02/01/27		1,423,450
	1,850,000		2.300			02/01/30		1,838,049
	Fiserv, Inc.
	700,000		3.800			10/01/23		727,972
	2,775,000		2.750			07/01/24		2,780,883
	1,825,000		3.200			07/01/26		1,871,355
	1,075,000		4.200			10/01/28		1,163,666
	Oracle Corp.
	1,325,000		3.600			04/01/40		1,324,231
	1,250,000		3.600			04/01/50		1,248,888
	1,425,000		3.850			04/01/60		1,433,735

								13,812,229

Telecommunication Services – 3.0%
	AT&T, Inc.^(a)
	1,600,000		3.950			01/15/25		1,686,240
	6,125,000		3.400			05/15/25		6,358,424
	1,449,000		3.600			07/15/25		1,509,655
	2,975,000		3.875			01/15/26		3,076,209
	100,000		4.125			02/17/26		105,928
	1,975,000		4.250			03/01/27		2,109,932
	1,165,000		4.900			08/15/37		1,307,922
	1,100,000		4.850			03/01/39		1,243,682
	Telefonica Emisiones SA
	1,375,000		4.570			04/27/23		1,459,067
	1,200,000		4.665			03/06/38		1,249,752
	Verizon Communications, Inc.
	5,066,000		4.329			09/21/28		5,794,389
	625,000		3.875	^(a)		02/08/29		699,863
	2,251,000		4.016	^(a)		12/03/29		2,536,945
	1,075,000		3.150	^(a)		03/22/30		1,160,344
	500,000		5.250			03/16/37		638,785
	2,175,000		4.812			03/15/39		2,680,231
	25,000		4.125			08/15/46		29,020
	2,750,000		4.862			08/21/46		3,587,870
	1,343,000		5.012			04/15/49		1,811,976
	600,000		4.000	^(a)		03/22/50		707,862
	Vodafone Group PLC
	2,275,000		3.750			01/16/24		2,368,798

								42,122,894


Corporate Obligations – (continued)
Transportation^(a) – 0.3%
	Burlington Northern Santa Fe LLC
	800,000		4.050			06/15/48		932,448
	Canadian Pacific Railway Co.
	575,000		2.050			03/05/30		535,716
	CSX Corp.
	125,000		3.800			04/15/50		130,476
	United Parcel Service, Inc.
	1,950,000		5.300			04/01/50		2,546,447

								4,145,087

Trucking & Leasing^(c) – 0.2%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,225,000		3.375	^(a)		02/01/22		1,237,115
	1,425,000		4.250			01/17/23		1,459,072

								2,696,187

	TOTAL CORPORATE OBLIGATIONS
	(Cost $580,230,350)						$	575,814,163



Mortgage-Backed Obligations – 44.2%
Collateralized Mortgage Obligations – 1.3%
Inverse Floaters^(b) – 0.0%
	GNMA REMIC Series 2002-13, Class SB(-1x1M USD LIBOR + 37.567%)
$	24,918		34.278	%		02/16/32	$	35,724

Sequential Fixed Rate – 0.3%
	FHLMC REMIC Series 2755, Class ZA
	408,628		5.000			02/15/34		464,812
	FHLMC REMIC Series 4246, Class PT
	194,204		6.500			02/15/36		231,139
	FHLMC REMIC Series 4273, Class PD
	948,607		6.500			11/15/43		1,150,137
	FNMA REMIC Series 2011-52, Class GB
	868,998		5.000			06/25/41		995,993
	FNMA REMIC Series 2011-99, Class DB
	855,113		5.000			10/25/41		977,653
	FNMA REMIC Series 2012-111, Class B
	128,686		7.000			10/25/42		158,798
	FNMA REMIC Series 2012-153, Class B
	483,166		7.000			07/25/42		609,815

								4,588,347

Sequential Floating Rate^(b) – 1.0%
	Brunel Residential Mortgage Securitisation No. 1 PLC Series 2007-1X, Class A4B (3M GBP LIBOR + 0.220%)
GBP	642,430		0.972			01/13/39		751,286
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
	1,737,817		1.551			08/20/56		2,118,890
	HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
$	190,975		1.230			01/19/36		164,047
	Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	174,764		1.667			10/25/34		151,080


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	1,526,629		1.609	%		11/15/49	$	1,861,171
	Ripon Mortgages PLC Series 1X, Class A2 (3M GBP LIBOR + 0.800%)
	125		1.551			08/20/56		152
	Sequoia Mortgage Trust Series 2003-4, Class 1A2(6M USD LIBOR + 0.660%)
$	398,644		2.375			07/20/33		341,223
	Stratton Mortgage Funding PLC Series 2019-1, Class A (3M SONIA IR + 1.200%)
GBP	3,892,310		1.911			05/25/51		4,705,105
	Tower Bridge Funding No. 2 PLC, Class A (3M GBP LIBOR + 0.900%)
	1,936,056		1.437			03/20/56		2,354,634
	Tower Bridge Funding No. 1 PLC, Class A (3M GBP LIBOR + 1.000%)
	761,138		1.537			03/20/56		915,198
	Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7(1 Year CMT + 2.592%)
$	17,447		3.773			02/25/33		15,466

								13,378,252

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	18,002,323

Commercial Mortgage-Backed Securities – 0.2%
Sequential Fixed Rate – 0.1%
	Bank Series 2019-BN21, Class A5
$	950,000		2.851	%		10/17/52	$	976,900

Sequential Floating Rate^(b)(c) – 0.1%
	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A (1M USD LIBOR + 0.900%)
	1,685,493		1.605			09/15/35		1,463,451
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A (1M USD LIBOR + 0.830%)
	250,631		1.630			06/15/35		228,833

								1,692,284

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	2,669,184

Federal Agencies – 42.7%
Adjustable Rate FNMA^(b) – 0.2%
	(1 Year CMT + 2.223%)
$	3,375		4.571	%		06/01/33	$	3,493
	(12M USD LIBOR + 1.233%)
	155,216		3.682			06/01/35		158,677
	(12M USD LIBOR + 1.558%)
	838,728		4.002			09/01/34		859,261
	(12M USD LIBOR + 1.672%)
	398,202		4.482			07/01/34		408,982
	(12M USD LIBOR + 1.734%)
	889,205		4.401			05/01/35		920,836

								2,351,249


Mortgage-Backed Obligations – (continued)
FHLMC – 1.0%
	23,126		5.000			05/01/23		23,984
	73,387		4.500			10/01/23		75,976
	22,435		5.500			10/01/25		24,601
	9,751		7.500			12/01/30		11,395
	4,907		7.500			01/01/31		5,731
	9,090		5.000			10/01/33		10,155
	2,002		5.000			04/01/35		2,239
	14,900		5.000			07/01/35		16,555
	80,297		5.000			12/01/35		89,499
	175,066		5.000			01/01/38		193,007
	414,667		5.000			01/01/39		456,679
	138,167		5.000			06/01/39		152,174
	18,445		4.000			06/01/40		20,048
	10,422		5.000			08/01/40		11,539
	3,204		4.500			11/01/40		3,527
	163,092		4.000			02/01/41		177,373
	2,283		5.000			04/01/41		2,518
	10,249		5.000			06/01/41		11,306
	12,099		4.000			11/01/41		13,148
	4,048,618		4.000			03/01/48		4,329,107
	4,876,946		4.000			04/01/48		5,204,700
	3,263,917		4.500			08/01/48		3,561,109

								14,396,370

FNMA – 0.0%
	15,681		8.000			02/01/31		17,993
	15,167		7.000			03/01/31		16,507

								34,500

GNMA – 20.2%
	7,783		6.000			11/15/38		8,970
	51,318		5.000			07/15/40		54,633
	82,470		5.000			01/15/41		91,446
	6,803		4.000			02/20/41		7,387
	10,370		4.000			11/20/41		11,262
	1,713		4.000			01/20/42		1,859
	5,506		4.000			04/20/42		5,974
	3,198		4.000			10/20/42		3,470
	55,717		4.000			08/20/43		60,419
	5,674		4.000			03/20/44		6,146
	6,860		4.000			05/20/44		7,431
	472,834		4.000			11/20/44		511,263
	30,811		4.000			05/20/45		33,316
	4,522,886		4.000			07/20/45		4,886,234
	76,170		4.000			10/20/45		82,170
	546,421		4.500			02/20/48		585,450
	1,616,735		4.500			04/20/48		1,728,046
	4,493,678		4.500			05/20/48		4,801,659
	7,046,914		4.500			08/20/48		7,522,176
	7,621,024		5.000			08/20/48		8,149,166
	29,056,039		4.500			09/20/48		31,006,573
	1,648,292		5.000			09/20/48		1,762,004
	4,067,541		5.000			10/20/48		4,346,564
	17,408,477		5.000			11/20/48		18,584,973
	3,844,080		5.000			12/20/48		4,093,959
	3,996,953		4.500			01/20/49		4,252,154


60		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)
GNMA – (continued)
$	17,150,926		5.000	%		01/20/49		$	18,248,382
	11,488,040		4.000			02/20/49			12,240,411
	10,440,162		4.000			03/20/49			11,118,196
	3,045,682		4.500			03/20/49			3,235,862
	6,965,529		5.000			03/20/49			7,399,813
	9,082,972		4.000			05/20/49			9,665,058
	3,462,173		4.500			05/20/49			3,673,221
	4,636,025		5.000			05/20/49			4,919,999
	1,000,099		5.000			07/20/49			1,056,671
	62,000,000		2.500			TBA-30yr	^(e)		64,818,421
	28,000,000		3.000			TBA-30yr	^(e)		29,614,670
	24,000,000		4.500			TBA-30yr	^(e)		25,447,114
	1,000,000		5.000			TBA-30yr	^(e)		1,059,831

									285,102,353

UMBS – 9.8%
	9,336		5.000			04/01/23			9,673
	14,003		5.000			05/01/23			14,378
	41,042		5.000			07/01/23			42,671
	22,955		5.500			09/01/23			23,831
	7,880		5.500			10/01/23			8,186
	65,613		5.000			02/01/24			67,312
	27,562		5.000			04/01/24			29,719
	18,741		5.000			07/01/24			20,207
	20,287		5.000			12/01/24			21,874
	26,477		7.000			08/01/27			29,453
	978		6.500			09/01/27			1,078
	97,789		7.000			03/01/28			109,919
	23,749		5.000			04/01/28			25,832
	1,533		6.500			05/01/28			1,707
	33,245		5.000			02/01/32			36,160
	20,927		4.500			04/01/39			22,980
	8,313		4.500			05/01/39			9,129
	6,800		4.500			07/01/39			7,468
	33,312		4.500			08/01/39			36,581
	311,658		4.500			12/01/39			342,240
	680,598		4.500			05/01/41			749,915
	98,074		4.500			08/01/41			107,452
	26,897		3.000			11/01/42			28,594
	544,126		3.000			12/01/42			577,564
	771,461		3.000			01/01/43			820,121
	106,751		3.000			02/01/43			113,485
	796,397		3.000			03/01/43			846,631
	1,366,392		3.000			04/01/43			1,452,577
	974,327		3.000			05/01/43			1,035,782
	96,743		3.000			06/01/43			102,846
	822,923		3.000			07/01/43			874,828
	859,471		5.000			05/01/44			946,519
	2,974,421		4.500			04/01/45			3,281,169
	332,469		4.500			05/01/45			366,756
	1,260,638		4.500			06/01/45			1,371,478
	187,635		4.000			03/01/46			201,408
	126,910		4.000			06/01/46			136,063
	31,965		4.000			08/01/46			34,270
	206,057		4.000			10/01/46			220,917
	416,452		4.000			06/01/47			451,593


Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	4,943,898		4.500			07/01/47			5,348,696
	1,126,507		4.500			11/01/47			1,218,039
	488,070		4.000			12/01/47			530,932
	2,005,190		4.000			01/01/48			2,181,285
	5,220,487		4.000			02/01/48			5,663,338
	4,076,667		4.000			03/01/48			4,420,477
	4,178,470		4.000			06/01/48			4,526,406
	4,153,200		4.000			07/01/48			4,502,645
	6,092,229		4.000			08/01/48			6,594,881
	1,623,324		4.500			09/01/48			1,769,429
	9,446,279		5.000			11/01/48			10,329,136
	37,550,782		5.000			10/01/49			40,507,378
	35,015,777		3.000			12/01/49			36,731,870

									138,904,878

UMBS, 30 Year, Single Family^(e) – 11.5%
	87,000,000		2.500			TBA-30yr			90,183,547
	20,000,000		3.000			TBA-30yr			20,973,124
	48,000,000		3.500			TBA-30yr			50,768,866

									161,925,537

	TOTAL FEDERAL AGENCIES							$	602,714,887

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $611,743,121)							$	623,386,394



Agency Debentures – 3.7%
	FHLB
$	6,800,000		2.125	%		06/09/23		$	7,149,180
	3,500,000		3.375			09/08/23			3,834,180
	750,000		3.375			12/08/23			825,622
	2,400,000		5.000			09/28/29			3,248,976
	FNMA
	3,700,000		1.875			09/24/26			3,939,390
	4,200,000		6.250			05/15/29			6,006,336
	Israel Government AID Bond^(f)
	7,827,000		5.500			09/18/23			9,077,441
	1,200,000		5.500			12/04/23			1,398,132
	2,400,000		5.500			04/26/24			2,813,496
	4,700,000		5.500			09/18/33			6,912,619
	Mexico Government International Bond
	450,000		4.500			04/22/29			459,844
	240,000		3.250	^(a)		04/16/30			226,440
	Republic of Colombia^(a)
	350,000		4.500			03/15/29			357,328
	470,000		5.200			05/15/49			493,941
	State of Israel
	200,000		4.500			12/31/99			200,000
	Tennessee Valley Authority
	5,400,000		3.875			02/15/21			5,548,500

	TOTAL AGENCY DEBENTURES
	(Cost $47,454,109)							$	52,491,425


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(b) – 7.2%
Collateralized Loan Obligations^(c) – 5.2%
	AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	4,100,000		2.190	%		01/15/33	$	3,695,711
	Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	4,000,000		2.821			04/15/33		3,710,428
	Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
	4,990,860		2.644			01/27/28		4,690,769
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	2,208,816		3.081			07/15/26		2,138,711
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	14,600,000		2.422			04/15/33		13,577,985
	Galaxy XVIII CLO Ltd. Series 2018-28A, Class A2 (3M USD LIBOR + 1.070%)
	6,000,000		2.901			07/15/31		5,679,174
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R (3M USD LIBOR + 1.130%)
	295,665		2.949			04/18/26		294,782
	KREF Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.100%)
	4,200,000		1.900			06/15/36		3,907,443
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	6,900,000		2.581			04/15/29		6,585,388
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	902,380		2.893			07/25/59		906,394
	Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	3,500,000		2.079			04/14/33		3,275,153
	OHA Credit Funding 3 Ltd. Series 2019-3A, Class A1 (3M USD LIBOR + 1.320%)
	2,150,000		3.139			07/20/32		2,031,643
	OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A (3M USD LIBOR + 1.450%)
	2,000,000		2.756			04/18/33		1,806,012
	Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	2,450,000		1.885			06/15/36		2,241,544
	Palmer Square CLO Ltd. Series 2019-1A, Class A1 (3M USD LIBOR + 1.340%)
	6,000,000		3.275			11/14/32		5,593,488
	Recette CLO Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
	5,182,192		2.739			10/20/27		5,016,880
	Venture CDO Ltd. Series 2020-39A, Class A1^(g) (3M USD LIBOR + 1.280%)
	6,900,000		0.000			04/15/33		6,485,717
	WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	1,777,806		2.663			05/01/26		1,751,104

								73,388,326


Asset-Backed Securities^(b) – (continued)
Other^(c) – 1.0%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
	5,700,000		1.855			06/15/28		5,219,460
	BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	3,100,000		1.755			09/15/35		2,843,600
	Dryden Senior Loan Fund Series 2019-76A, Class A1 (3M USD LIBOR + 1.330%)
	6,000,000		3.264			10/20/32		5,675,334
	Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A (1M USD LIBOR + 0.850%)
	208,778		1.797			06/25/35		207,860

								13,946,254

Student Loan – 1.0%
	Access Group, Inc. Series 2015-1, Class A^(c) (1M USD LIBOR + 0.700%)
	1,219,625		1.647			07/25/56		1,101,159
	AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	1,597,272		2.157			09/26/33		1,426,149
	Educational Funding of the South, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.650%)
	1,624,825		2.444			04/25/35		1,527,459
	Higher Education Funding I Series 2014-1, Class A^(c) (3M USD LIBOR + 1.050%)
	3,785,721		2.729			05/25/34		3,595,070
	Navient Student Loan Trust Series 2016-7A, Class A^(c) (1M USD LIBOR + 1.150%)
	1,856,538		2.097			03/25/66		1,783,437
	Nelnet Student Loan Trust Series 2006-1, Class A5 (3M USD LIBOR + 0.110%)
	461,987		1.793			08/23/27		440,444
	Nelnet Student Loan Trust Series 2013-5A, Class A^(c) (1M USD LIBOR + 0.630%)
	420,678		1.577			01/25/37		394,729
	PHEAA Student Loan Trust Series 2016-1A, Class A^(c) (1M USD LIBOR + 1.150%)
	2,865,957		2.097			09/25/65		2,690,372
	Scholar Funding Trust Series 2010-A, Class A^(c) (3M USD LIBOR + 0.750%)
	1,039,847		2.545			10/28/41		959,704
	SLC Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	775,453		0.841			09/15/26		760,019
	SLM Student Loan Trust Series 2005-3, Class A5 (3M USD LIBOR + 0.090%)
	111,601		1.884			10/25/24		111,601

								14,790,143

	TOTAL ASSET-BACKED SECURITIES
	(Cost $108,799,056)						$	102,124,723


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Debt Obligations – 2.4%
Sovereign – 2.4%
	Abu Dhabi Government International Bond
$	460,000		2.500	%^(c)		10/11/22	$	462,300
	420,000		3.125	^(c)		10/11/27		428,400
	240,000		4.125	^(c)		10/11/47		260,175
	450,000		4.125			10/11/47		487,828
	Japanese Government CPI Linked Bond
JPY	2,071,500,480		0.100			03/10/29		19,209,615
	Kuwait International Government Bond
$	4,120,000		3.500			03/20/27		4,273,212
	Perusahaan Penerbit SBSN Indonesia III
	2,030,000		4.550			03/29/26		2,076,944
	Republic of Indonesia
	790,000		3.700	^(c)		01/08/22		794,937
	200,000		5.875			01/15/24		217,688
EUR	280,000		2.150	^(c)		07/18/24		301,285
$	420,000		4.125	^(c)		01/15/25		431,419
	380,000		4.125			01/15/25		390,331
	1,380,000		4.350	^(c)		01/08/27		1,427,437
	Republic of Qatar^(c)
	210,000		3.875			04/23/23		217,350
	230,000		4.500			04/23/28		254,150
	Republic of Romania^(c)
EUR	360,000		3.375			01/28/50		353,996
	100,000		2.000			01/28/32		99,675
	Republic of South Africa
$	510,000		4.850			09/30/29		415,650
	380,000		5.750			09/30/49		275,261
	United Mexican States
EUR	760,000		1.625			04/08/26		793,674
$	640,000		4.500	^(a)		01/31/50		636,480

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $34,228,917)						$	33,807,807



Municipal Debt Obligations – 1.5%
California^(a) – 0.4%
	California State GO Bonds Build America Taxable Series 2009
$	950,000		7.500	%		04/01/34	$	1,498,217
	1,650,000		7.550			04/01/39		2,677,455
	California State GO Bonds Build America Taxable Series 2010
	1,645,000		7.950			03/01/36		1,651,514

								5,827,186

Illinois – 0.7%
	Chicago Illinois GO Bonds Prerefunded Taxable Series B^(a)
	5,475,000		7.750			01/01/42		7,066,911
	Illinois State GO Bonds Build America Series 2010^(a)
	160,000		6.630			02/01/35		172,221
	1,595,000		7.350			07/01/35		1,789,622
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,170,000		5.100			06/01/33		1,161,377

								10,190,131


Municipal Debt Obligations – (continued)
New Hampshire^(a)(b) – 0.2%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.000%)
	3,024,396		2.644	%		10/25/37		2,854,537

Ohio^(a) – 0.2%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,700,000		6.270			02/15/50		2,269,313

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $18,748,869)						$	21,141,167



U.S. Treasury Obligations – 7.1%
	United States Treasury Bonds
$	210,000		3.375	%^(h)		05/15/44	$	298,495
	27,960,000		2.875	^(h)		11/15/46		37,488,244
	1,820,000		3.375	^(h)		11/15/48		2,695,306
	1,570,000		2.000			02/15/50		1,823,408
	United States Treasury Inflation Indexed Note^(h)
	437,444		0.125			07/15/22		432,930
	United States Treasury Notes
	1,500,000		2.875			10/15/21		1,560,059
	7,470,000		1.750			09/30/22		7,738,453
	9,920,000		2.875			05/31/25		11,156,125
	34,700,000		1.625			09/30/26		37,118,156

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $88,077,643)						$	100,311,176


Shares	Dividend Rate		Value


Investment Company⁽ⁱ⁾ – 9.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
131,413,400		0.333%	$	131,413,400
(Cost $131,413,400)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $1,620,695,465)			$	1,640,490,255


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investment^(b)(c) – 0.7%
Certificate of Deposit – 0.7%
	Societe Generale SA (FEDL01 + 0.450%)
$	10,000,000		0.550	%		08/17/20	$	9,962,123
	(Cost $10,000,000)

	TOTAL INVESTMENTS – 116.9%
	(Cost $1,630,695,465)						$	1,650,452,378

	LIABILITIES IN EXCESS OF OTHER ASSETS – (16.9)%							(238,141,967	)

	NET ASSETS – 100.0%						$	1,412,310,411


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020



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

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

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2020.

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

(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2020.

(e)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $282,865,573 which represents approximately 20.0% of the Fund’s net assets as of March 31, 2020.

(f)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $20,201,688, which represents approximately 1.4% of the Fund’s net assets as of March 31, 2020.

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

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

(i)		Represents an affiliated issuer.



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

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
BP		—British Pound Offered Rate
CDO		—Collateralized Debt Obligation
CDOR		—Canadian Dollar Offered Rate
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
CPI		—Consumer Price Index
EURO		—Euro Offered Rate
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
PLC		—Public Limited Company
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STIBOR		—Stockholm Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Barclays Bank PLC	USD	267,184	GBP	206,446		06/17/20	$	10,410
	USD	16,241,457	NZD	25,603,709		06/17/20		973,181
	USD	1,128,738	SEK	10,689,868		06/17/20		46,285
Citibank NA	CAD	6,543,000	JPY	493,064,122		06/17/20		51,961
	USD	9,643,382	EUR	8,556,000		06/17/20		178,865
Credit Suisse International (London)	USD	2,254,607	NZD	3,578,997		06/17/20		120,341
Deutsche Bank AG	GBP	4,006,020	USD	4,701,221		04/29/20		278,011
	USD	4,750,616	AUD	7,259,000		06/17/20		284,693
JPMorgan Securities, Inc.	CAD	6,325,519	USD	4,389,000		06/17/20		109,127
	USD	970,294	AUD	1,475,508		06/17/20		62,524
	USD	3,194,203	CAD	4,367,465		06/17/20		88,464
	USD	2,923,437	CHF	2,781,367		06/17/20		22,979
	USD	6,630,891	JPY	710,621,494		04/30/20		11,239
	USD	136,558	NZD	216,555		06/17/20		7,419


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

GOLDMAN SACHS 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
MS & Co. Int. PLC	USD	426,993	EUR	375,044		06/17/20	$	12,124
	USD	7,943,120	JPY	851,837,675		04/30/20		7,998
State Street Bank (London)	USD	21,014,373	GBP	16,210,354		04/29/20		865,921
UBS AG (London)	EUR	11,310,837	SEK	119,844,279		06/17/20		376,466
	NZD	7,785,000	USD	4,631,919		06/17/20		10,514
	USD	20,195,330	CAD	27,570,039		06/17/20		590,057

TOTAL							$	4,108,579

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Barclays Bank PLC	AUD	13,277,723	USD	8,691,174		06/17/20	$	(522,378	)
	CHF	23,218	USD	24,999		06/17/20		(787	)
	EUR	1,220,000	SEK	13,533,582		06/17/20		(20,863	)
	GBP	3,446,085	USD	4,419,948		06/17/20		(133,759	)
	NOK	46,269,641	USD	4,872,797		06/17/20		(420,967	)
	NZD	3,991,225	NOK	24,860,133		06/17/20		(11,826	)
Citibank NA	CHF	2,623,215	USD	2,807,770		06/17/20		(72,234	)
	EUR	2,120,497	NOK	26,103,378		06/17/20		(165,874	)
	NZD	4,088,238	AUD	4,016,780		06/17/20		(33,284	)
	SEK	135,516,078	EUR	12,647,560		06/17/20		(268,205	)
	SEK	10,689,868	USD	1,132,828		06/17/20		(50,374	)
JPMorgan Securities, Inc.	CHF	215,492	USD	227,416		06/17/20		(2,697	)
	EUR	625,904	USD	706,836		06/17/20		(14,471	)
	GBP	201,244	USD	260,098		06/17/20		(9,794	)
	JPY	142,919,866	USD	1,405,144		06/17/20		(71,548	)
	NOK	55,545,491	EUR	5,287,932		06/17/20		(505,125	)
	USD	5,285,289	JPY	568,885,901		04/30/20		(14,052	)
	USD	1,640,194	NOK	19,028,950		06/17/20		(190,675	)
MS & Co. Int. PLC	GBP	1,234,000	USD	1,542,663		04/29/20		(8,878	)
	JPY	1,456,003,723	USD	13,922,125		06/17/20		(336,043	)
	USD	116,248	NZD	195,673		06/17/20		(437	)
UBS AG (London)	EUR	2,033,000	JPY	242,394,590		06/17/20		(12,929	)
	EUR	15,943,229	USD	17,981,778		06/17/20		(345,621	)
Westpac Banking Corp.	USD	2,740,152	EUR	2,525,325		05/14/20		(49,922	)

TOTAL							$	(3,262,743	)

FORWARD SALES CONTRACTS — At March 31, 2020, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
GNMA		4.000	%	TBA-30yr		02/18/20	$	(10,000,000	)	$	(10,626,893	)
UMBS, 30 Year, Single Family		5.000		TBA-30yr		03/09/20		(12,000,000	)		(12,950,670	)
UMBS, 30 Year, Single Family		4.500		TBA-30yr		05/14/20		(9,000,000	)		(9,671,577	)

TOTAL (Proceeds Receivable: $(33,194,063))										$	(33,249,140	)

(a)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
20 Year U.S. Treasury Bonds		22			06/19/20	$	3,939,375		$	202,771
Ultra Long U.S. Treasury Bonds		295			06/19/20		65,453,125			5,107,030
10 Year U.S. Treasury Notes		256			06/19/20		35,504,000			155,661
5 Year U.S. Treasury Notes		186			06/30/20		23,316,843			13,380
2 Year U.S. Treasury Notes		405			06/30/20		89,255,039			892,062
1 Month SOFR		100			07/31/20		41,644,998			364,647

Total									$	6,735,551
Short position contracts:
30 day Federal Funds		(100	)		07/31/20		(41,644,998	)		(363,637	)
10 Year U.K. Long Gilt		(8	)		06/26/20		(1,353,293	)		(4,248	)
Japan 10 Year Government Bonds		(18	)		06/15/20		(25,540,665	)		464,943
Ultra 10 Year U.S. Treasury Notes		(97	)		06/19/20		(15,135,031	)		(522,288	)

Total									$	(425,230	)

TOTAL FUTURES CONTRACTS									$	6,310,321

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR+0.090%^(a)	3M LIBOR	07/25/24	$	23,200		$	(23,676	)	$	376		$	(24,052	)
0.050^(b)	6M JYOR^(b)	03/10/29	JPY	2,088,000			(81,409	)		(248,350	)		166,941
6M JYOR^(b)	0.050%^(b)	03/10/29		2,088,000			(1,299	)		(125,924	)		124,625
0.500^(c)	3M STIBOR^(a)	03/18/30	SEK	49,220			(56,213	)		(177,658	)		121,445
2.000^(c)	3M NIBOR^(b)	03/18/30	NOK	20,670			(180,959	)		(73,654	)		(107,305	)
6M EURO^(b)	0.000^(c)	03/18/25	EUR	1,690			(270	)		(12,104	)		11,834
0.500^(c)	6M EURO^(b)	03/18/30		5,620			(333,442	)		(655,580	)		322,138
6M EURO^(b)	0.500^(c)	03/18/30		7,150			(1,120	)		—			(1,120	)
0.750^(c)	6M EURO^(b)	03/18/40		350			(40,951	)		(18,202	)		(22,749	)
1.500^(b)	6M AUDOR^(b)	03/18/25	AUD	1,240			(34,379	)		(21,125	)		(13,254	)
2.000^(c)	3M NIBOR^(b)	03/18/25	NOK	157,670			(865,531	)		(431,800	)		(433,731	)
1.000^(b)	6M GBP^(b)	03/18/25	GBP	520			(15,514	)		(11,571	)		(3,943	)
1.750^(b)	3M LIBOR^(a)	06/18/30	$	6,730	^(d)		(270,271	)		(279,156	)		8,885
1.750^(b)	3M LIBOR^(a)	06/19/40		1,420	^(d)		(95,625	)		(38,298	)		(57,327	)
1.750^(b)	3M LIBOR^(a)	06/20/50		2,360	^(d)		(155,496	)		(86,714	)		(68,782	)
0.500^(b)	6M GBP^(b)	03/10/30	GBP	6,780	^(d)		63,615			130,249			(66,634	)
0.570^(c)	6M GBP^(c)	03/18/30		6,100			(201,303	)		26,244			(227,547	)
0.308^(c)	6M GBP^(c)	06/17/30		4,540	^(d)		(575	)		(13,028	)		12,453
0.400^(c)	6M GBP^(c)	06/17/30		6,650	^(d)		(75,752	)		(24,495	)		(51,257	)
0.400^(c)	6M GBP^(c)	06/17/40		3,030	^(d)		(38,834	)		(12,293	)		(26,541	)
6M AUDOR^(b)	1.750^(b)	03/19/30	AUD	10,070	^(d)		153,320			177,762			(24,442	)
6M JYOR^(b)	0.500^(b)	06/20/40	JPY	204,560	^(d)		41,488			38,644			2,844
6M CDOR^(a)	2.000^(b)	03/18/30	CAD	1,830			109,770			(23,251	)		133,021
6M CDOR^(b)	1.750^(b)	03/18/25		6,480			179,745			(2,354	)		182,099


66		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 AUDOR^(b)		1.750 % ^(b)	03/18/30	AUD	13,070		$	661,159		$	273,020		$	388,139
3M NZDOR^(a)		1.500^(b)	03/18/25	NZD	10,980			282,583			(3,071	)		285,654
6M EURO^(b)		0.280^(c)	07/06/31	EUR	960	^(d)		21,896			3,511			18,385
6M JYOR^(b)		0.500^(b)	06/20/50	JPY	333,880	^(d)		55,071			53,099			1,972
6M JYOR^(b)		(0.100)^(b)	06/22/27		2,675,190	^(d)		(130,088	)		188,990			(319,078	)
6M EURO^(b)		(0.250)^(c)	06/17/30	EUR	8,380	^(d)		(228,210	)		(342,441	)		114,231
6M AUDOR^(b)		1.000^(b)	03/11/30	AUD	12,200	^(d)		(79,988	)		(192,413	)		112,425
6M GBP^(c)		0.400^(c)	03/18/25	GBP	15,710			157,784			25,054			132,730
6M GBP^(c)		0.270^(c)	06/17/25		16,530	^(d)		21,952			5,890			16,062

TOTAL							$	(1,162,522	)	$	(1,870,643	)	$	708,121

(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 March 31, 2020.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2020^(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 28		1.000%		1.103%		06/20/22	$	33,100	$	(17,253	)	$	507,744		$	(524,997	)
CDX.NA.IG Index 33		1.000		1.079		12/20/24		45,300		(146,342	)		406,387			(552,729	)
General Electric Co. 2.700%, 10/09/22		1.000		2.055		06/20/24		2,825		(119,349	)		(40,739	)		(78,610	)
General Electric Co. 2.700%, 10/09/22		1.000		2.165		12/20/24		1,225		(62,808	)		(18,415	)		(44,393	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		1.669		12/20/24		1,080		(31,166	)		13,515			(44,681	)
Prudential Financial, Inc., 3.500%, 05/15/24		1.000		0.715		06/20/24		2,950		35,519			42,009			(6,490	)
Republic of Chile, 3.875%, 08/05/20		1.000		1.175		12/20/24		1,000		(8,613	)		19,993			(28,606	)
Republic of Colombia, 10.375%, 01/28/33		1.000		1.953		06/20/24		3,580		(137,253	)		(13,448	)		(123,805	)
Republic of Indonesia, 5.875%, 03/13/20		1.000		1.736		06/20/24		2,160		(59,917	)		10,792			(70,709	)
Russian Federation, 7.500%, 03/31/30		1.000		1.841		12/20/24		1,000		(36,656	)		3,747			(40,403	)
State of Qatar, 9.750%, 06/15/30		1.000		1.209		12/20/24		170		(1,537	)		3,392			(4,929	)
The Boeing Co., 8.750%, 08/15/21		1.000		4.389		06/20/24		1,225		(151,329	)		22,450			(173,779	)
United Mexican States, 4.150%, 03/28/27		1.000		2.035		06/20/24		410		(17,221	)		(5,125	)		(12,096	)

TOTAL									$	(753,925	)	$	952,302		$	(1,706,227	)

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
6M IRS	Deutsche Bank AG (London)		1.985	%		06/09/2020		9,900,000		$	9,900,000		$	209		$	115,056		$	(114,847	)
Written option contracts
Calls
1Y IRS	Barclays Bank PLC		(0.340	)		03/25/2021		(19,370,000	)		(19,370,000	)		(19,858	)		(22,665	)		2,807
4M IRS	Barclays Bank PLC		(0.400	)		06/26/2020		(7,070,000	)		(7,070,000	)		(10,355	)		(21,764	)		11,409
6M IRS	Barclays Bank PLC		(0.350	)		05/27/2020		(18,960,000	)		(18,960,000	)		(29,362	)		(28,120	)		(1,242	)
1Y IRS	BofA Securities LLC		(0.390	)		03/25/2021		(18,320,000	)		(18,320,000	)		(14,202	)		(22,208	)		8,006
1M IRS	Deutsche Bank AG (London)		0.395			09/30/2020		(9,900,000	)		(9,900,000	)		(111,345	)		(125,730	)		14,385
6M IRS	Deutsche Bank AG (London)		0.395			09/30/2020		(9,900,000	)		(9,900,000	)		(111,345	)		(102,960	)		(8,385	)
1Y IRS	JPMorgan Securities, Inc.		(0.390	)		03/25/2021		(13,070,000	)		(13,070,000	)		(10,133	)		(13,986	)		3,853
4M IRS	JPMorgan Securities, Inc.		(0.400	)		06/26/2020		(11,110,000	)		(11,110,000	)		(16,271	)		(35,459	)		19,188
6M IRS	JPMorgan Securities, Inc.		(0.350	)		08/13/2020		(14,500,000	)		(14,500,000	)		(42,270	)		(38,200	)		(4,070	)
6M IRS	MS & Co. Int. PLC		(0.350	)		08/13/2020		(14,500,000	)		(14,500,000	)		(42,269	)		(37,728	)		(4,541	)
1Y IRS	UBS AG (London)		(0.256	)		08/27/2020		(3,980,000	)		(3,980,000	)		(30,992	)		(64,115	)		33,123
6M IRS	UBS AG (London)		0.350			05/27/2020		(3,850,000	)		(3,850,000	)		(123,883	)		(4,267	)		(119,616	)
6M IRS	UBS AG (London)		0.380			07/02/2021		(2,270,000	)		(2,270,000	)		(116,013	)		(88,270	)		(27,743	)

								(146,800,000	)	$	(146,800,000	)	$	(678,298	)	$	(605,472	)	$	(72,826	)
Puts
1Y IRS	Barclays Bank PLC		0.340			03/25/2021		(19,370,000	)		(19,370,000	)		(22,846	)		(22,664	)		(182	)
6M IRS	Barclays Bank PLC		0.100			05/27/2020		(18,960,000	)		(18,960,000	)		(33,201	)		(57,672	)		24,471
1Y IRS	BofA Securities LLC		0.390			03/25/2021		(18,320,000	)		(18,320,000	)		(27,236	)		(19,560	)		(7,676	)
6M IRS	Deutsche Bank AG (London)		2.235			06/09/2020		(24,000,000	)		(24,000,000	)		(80	)		(24,000	)		23,920
1Y IRS	JPMorgan Securities, Inc.		0.390			03/25/2021		(24,320,000	)		(24,320,000	)		(19,431	)		(59,292	)		39,861
6M IRS	UBS AG (London)		0.100			05/27/2020		(3,850,000	)		(3,850,000	)		(1,348	)		(13,228	)		11,880
6M IRS	UBS AG (London)		0.380			07/02/2021		(2,270,000	)		(2,270,000	)		(38,637	)		(28,644	)		(9,993	)

								(111,090,000	)	$	(111,090,000	)	$	(142,779	)	$	(225,060	)	$	82,281

Total written option contracts								(257,890,000	)	$	(257,890,000	)	$	(821,077	)	$	(830,532	)	$	9,455

TOTAL								(247,990,000	)	$	(247,990,000	)	$	(820,868	)	$	(715,476	)	$	(105,392	)



Abbreviations:
1M BID Avg		—1 Month Brazilian Interbank Deposit Average
1Y IRS		—1 Year Interest Rate Swaptions
4M IRS		—4 Month Interest Rate Swaptions
6M IRS		—6 Month Interest Rate Swaptions
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.IG Index 28		—CDX North America Investment Grade Index 28
CDX.NA.IG Index 33		—CDX North America Investment Grade Index 33
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Sovereign Debt Obligations – 36.2%
British Pound – 2.2%
	United Kingdom Treasury
GBP	740,000		4.250	%		06/07/32	$	1,326,505
	1,450,000		4.500			09/07/34		2,772,421
	3,420,000		3.500			01/22/45		6,791,548
	1,360,000		1.750			01/22/49		2,080,657
	710,000		3.500			07/22/68		1,912,363

								14,883,494

Canadian Dollar – 1.8%
	British Columbia Province of Canada
CAD	2,600,000		2.850			06/18/25		1,973,897
	2,000,000		4.950			06/18/40		1,974,689
	Canadian Government Bond
	1,760,000		2.750			12/01/48		1,677,734
	Ontario Province of Canada
	3,700,000		2.850			06/02/23		2,766,311
	1,700,000		2.600			06/02/25		1,273,544
	2,300,000		4.650			06/02/41		2,197,021

								11,863,196

Chinese Yuan – 3.2%
	China Development Bank
CNY	26,490,000		3.500			08/13/26		3,823,070
	7,420,000		4.040			04/10/27		1,108,199
	10,080,000		3.650			05/21/29		1,475,271
	12,220,000		3.740			07/12/29		1,792,669
	10,700,000		3.450			09/20/29		1,558,949
	China Government Bond
	18,480,000		3.250			06/06/26		2,692,516
	22,460,000		3.250			11/22/28		3,285,438
	17,560,000		3.290			05/23/29		2,590,292
	2,890,000		4.080			10/22/48		460,819
CNY	14,570,000		3.860			07/22/49		2,271,262

								21,058,485

Danish Krone – 0.1%
	Kingdom of Denmark
DKK	3,000,000		4.500			11/15/39		826,023

Euro – 6.7%
	French Republic Government Bond OAT
EUR	5,300,000		0.000	^(a)		03/25/25		5,947,018
	1,700,000		4.500			04/25/41		3,356,460
	800,000		1.750	^(b)		05/25/66		1,177,420
	Ireland Government Bond
	1,030,000		0.900			05/15/28		1,219,902
	Italy Buoni Poliennali Del Tesoro
	2,210,000		1.450			05/15/25		2,495,467
	3,580,000		2.800			12/01/28		4,401,259
	1,750,000		2.950	^(b)		09/01/38		2,167,994
	1,000,000		2.800	^(b)		03/01/67		1,164,000
	Italy Certificati di Credito del Tesoro/CCTS-eu^(c)(-1x6M Euribor + 1.850%)
	4,320,000		1.526			01/15/25		4,873,824
	Kingdom of Belgium^(b)
	580,000		0.800			06/22/27		680,948
	1,020,000		0.900			06/22/29		1,219,364
	910,000		2.150			06/22/66		1,458,377


Foreign Sovereign Debt Obligations – (continued)
Euro – (continued)
	Portugal Obrigacoes do Tesouro OT^(b)
EUR	1,200,000		1.950			06/15/29		1,462,603
	Republic of Austria^(b)
	450,000		1.500			11/02/86		660,467
	460,000		2.100	^(d)		09/20/17		873,700
	Republic of Indonesia^(b)
	650,000		2.625			06/14/23		714,196
	240,000		2.150			07/18/24		258,244
	Republic of Romania^(b)
	400,000		3.375			01/28/50		393,329
	70,000		2.000			01/28/32		69,772
	Spain Government Bond^(b)
	2,100,000		3.800			04/30/24		2,661,557
	1,215,000		5.900			07/30/26		1,803,925
	3,250,000		1.500			04/30/27		3,844,724
$	1,110,000		3.450			07/30/66		1,879,922

								44,784,472

Indonesian Rupiah – 0.2%
	Republic of Indonesia
IDR	18,441,000,000		8.750			05/15/31		1,172,490

Israeli Shekel – 0.1%
	Israel Government Bond
ILS	2,430,000		2.000			03/31/27		737,224

Japanese Yen – 17.1%
	Government of Japan
JPY	171,350,000		0.100			08/01/21		1,598,587
	1,324,200,000		0.100			09/20/21		12,357,886
	1,376,350,000		0.100			11/01/21		12,849,176
	571,400,000		0.100			02/01/22		5,337,814
	3,219,950,000		0.100			03/01/22		30,096,688
	590,850,000		0.100			09/20/24		5,549,566
	815,800,000		2.500			09/20/34		10,006,135
	367,900,000		0.400			03/20/39		3,473,879
	1,305,950,000		0.300			12/20/39		12,120,406
	145,000,000		1.400			09/20/45		1,678,831
	423,750,000		0.400			12/20/49		3,920,530
	368,700,000		0.500			03/20/59		3,506,225
	Japanese Government CPI Linked Bond
	1,251,858,672		0.100			03/10/29		11,608,843

								114,104,566

Russian Ruble – 0.1%
	Russian Federation Bond
RUB	26,160,000		7.050			01/19/28		340,649

Singapore Dollar – 0.2%
	Singapore Government Bond
SGD	2,150,000		2.750			07/01/23		1,598,111

South Korean Won – 0.9%
	Inflation Linked Korea Treasury Bond
KRW	1,839,015,655		1.000			06/10/26		1,519,909
	Korea Treasury Bond
	2,598,070,000		1.875			06/10/29		2,188,626
	2,641,660,000		1.375			12/10/29		2,133,910

								5,842,445


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Sovereign Debt Obligations – (continued)
Swedish Krona – 0.3%
	Sweden Government Bond
SEK	21,290,000		3.500	%		06/01/22	$	2,336,368

Thai Baht – 1.6%
	Thailand Government Bond
THB	126,490,000		1.875			06/17/22		3,921,157
	47,730,000		3.625			06/16/23		1,576,724
	153,590,000		2.400			12/17/23		4,899,333

								10,397,214

United States Dollar – 1.7%
	Abu Dhabi Government International Bond
$	500,000		3.125	^(b)		10/11/27		510,000
	600,000		4.125	^(b)		10/11/47		650,437
	1,370,000		4.125			10/11/47		1,485,166
	Republic of Indonesia
	970,000		5.875			01/15/24		1,055,784
	200,000		4.125	^(b)		01/15/25		205,438
	4,340,000		4.125			01/15/25		4,457,994
	790,000		3.850	^(b)		07/18/27		794,937
	Republic of Qatar^(b)
	1,820,000		5.103			04/23/48		2,208,456
	United Mexican States^(e)
	200,000		4.500			01/31/50		198,900

								11,567,112

	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $232,868,724)						$	241,511,849



Corporate Obligations – 36.1%
Aerospace & Defense^(e) – 0.8%
	General Dynamics Corp.
$	400,000		3.375	%		05/15/23	$	418,508
	200,000		4.250			04/01/50		246,488
	Northrop Grumman Corp.
	1,700,000		2.930			01/15/25		1,731,348
	2,250,000		3.250			01/15/28		2,363,467
	150,000		5.250			05/01/50		201,416
	United Technologies Corp.
	93,000		3.650			08/16/23		98,108

								5,059,335

Agriculture – 0.4%
	Altria Group, Inc.^(e)
EUR	200,000		3.125			06/15/31		216,570
	Archer-Daniels-Midland Co.^(e)
$	400,000		3.250			03/27/30		423,428
	BAT Capital Corp.^(e)
	450,000		3.222			08/15/24		449,847
	50,000		3.557			08/15/27		47,922
	650,000		4.758			09/06/49		649,949
	500,000		5.282			04/02/50		501,090
	BAT International Finance PLC^(b)
	200,000		3.500			06/15/22		198,516
	Reynolds American, Inc.
	108,000		3.250			06/12/20		107,670
	150,000		4.000			06/12/22		151,914

								2,746,906


Corporate Obligations – (continued)
Apparel^(e) – 0.0%
	NIKE, Inc.
	275,000		3.375			03/27/50		300,053

Automotive – 0.2%
	General Motors Financial Co., Inc.^(e)
	200,000		5.650			01/17/29		173,016
	Volkswagen Leasing GmbH
EUR	1,050,000		1.625			08/15/25		1,094,306

								1,267,322

Banks – 11.8%
	AIB Group PLC^(b)(c)(e) (3M USD LIBOR + 1.874%)
$	1,050,000		4.263			04/10/25		1,008,441
	Australia & New Zealand Banking Group Ltd.^(b)(c)(e)(5 Year CMT + 1.288%)
	750,000		2.950			07/22/30		708,038
	Banco Bilbao Vizcaya Argentaria SA
EUR	600,000		0.750			09/11/22		643,621
	Banco de Sabadell SA
	400,000		0.875			03/05/23		426,725
	Banco Santander SA
$	800,000		2.706			06/27/24		791,136
	400,000		3.306			06/27/29		389,608
	Bank of America Corp.
	1,450,000		4.125			01/22/24		1,543,626
	150,000		3.875			08/01/25		160,605
	750,000		5.875			02/07/42		1,051,432
	(3M USD LIBOR + 0.810%)
	2,900,000		3.366	^(c)(e)		01/23/26		3,016,957
	(3M USD LIBOR + 3.150%)
	600,000		4.083	^(c)(e)		03/20/51		677,976
	Barclays PLC^(e)
	900,000		3.684			01/10/23		906,957
	(3M USD LIBOR + 1.400%)
	800,000		4.610	^(c)		02/15/23		808,376
	BNP Paribas SA
	1,450,000		3.375	^(b)		01/09/25		1,444,330
	1,250,000		3.375			01/09/25		1,245,112
	(3M Euribor + 1.800%)
EUR	1,100,000		2.125	^(c)(e)		01/23/27		1,207,803
	(5 Year USD Swap + 1.483%)
$	950,000		4.375	^(b)(c)(e)		03/01/33		973,912
	(5 Year USD Swap + 4.149%)
	400,000		6.625	^(b)(c)(e)		03/25/49		355,000
	BPCE SA^(b)
	2,350,000		4.000			09/12/23		2,384,404
	CaixaBank SA
EUR	400,000		1.125			05/17/24		430,965
	Citigroup, Inc.^(e)
GBP	600,000		2.750			01/24/24		742,219
	(SOFR + 3.914%)
$	700,000		4.412	^(c)		03/31/31		768,999
	Commerzbank AG
EUR	550,000		4.000			03/23/26		556,666
	Commonwealth Bank of Australia^(b)(c)(e)(5 Year CMT + 2.050%)
$	1,000,000		3.610			09/12/34		919,400
	Cooperatieve Rabobank UA
EUR	550,000		3.875			07/25/23		642,014


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Credit Agricole SA^(b)
$	800,000		3.375	%		01/10/22	$	798,168
	300,000		3.750			04/24/23		305,640
	Credit Suisse Group AG^(b)(c)(e)
	(3M USD LIBOR + 1.410%)
	2,800,000		3.869			01/12/29		2,826,068
	(SOFR + 1.560%)
	1,550,000		2.593			09/11/25		1,475,197
	Deutsche Bank AG
	2,400,000		2.700			07/13/20		2,363,400
	100,000		3.125			01/13/21		95,442
	Dexia Credit Local SA
GBP	5,900,000		1.125			06/15/22		7,395,226
	HSBC Holdings PLC
$	200,000		4.250			08/18/25		206,026
	450,000		4.950			03/31/30		496,467
	(3M USD LIBOR + 1.211%)
	3,150,000		3.803	^(c)(e)		03/11/25		3,227,112
	JPMorgan Chase & Co.^(e)
	3,200,000		3.625			12/01/27		3,352,832
	(3M USD LIBOR + 1.000%)
	2,050,000		4.023	^(c)		12/05/24		2,169,433
	(3M USD LIBOR + 1.360%)
	950,000		3.882	^(c)		07/24/38		1,061,492
	KBC Group NV
EUR	800,000		0.750			10/18/23		848,827
	Kreditanstalt fuer Wiederaufbau^(f)
	3,000,000		0.625			01/07/28		3,492,033
	Macquarie Group Ltd.
	350,000		0.625			02/03/27		339,404
	(3M USD LIBOR + 1.372%)
$	300,000		3.763	^(b)(c)(e)		11/28/28		310,470
	Mitsubishi UFJ Financial Group, Inc.
	750,000		3.751			07/18/39		759,323
	Morgan Stanley, Inc.
	50,000		3.875			04/29/24		52,655
	1,700,000		3.700			10/23/24		1,793,041
	300,000		4.000			07/23/25		321,207
	(-1x3M Euribor + 0.753%)
EUR	550,000		0.637	^(c)(e)		07/26/24		580,881
	(SOFR + 1.152%)
$	1,300,000		2.720	^(c)(e)		07/22/25		1,307,059
	(SOFR + 3.120%)
	2,000,000		3.622	^(c)(e)		04/01/31		2,092,680
	(SOFR + 4.840%)
	1,175,000		5.597	^(c)(e)		03/24/51		1,621,277
	Royal Bank of Scotland Group PLC
	200,000		3.875			09/12/23		201,890
	(3M USD LIBOR + 1.480%)
	1,200,000		3.498	^(c)(e)		05/15/23		1,204,260
	(3M USD LIBOR + 1.550%)
	900,000		4.519	^(c)(e)		06/25/24		914,445
	Santander UK PLC
	1,700,000		2.875			06/18/24		1,699,711
	Societe Generale SA
EUR	1,700,000		1.750			03/22/29		1,774,489


Corporate Obligations – (continued)
Banks – (continued)
	State Street Corp.^(b)(c)(e)(SOFR + 2.650%)
$	1,050,000		3.152			03/30/31		1,073,121
	The Huntington National Bank^(e)
	1,950,000		3.250			05/14/21		1,964,976
	The PNC Financial Services Group, Inc.^(e)
	600,000		3.500			01/23/24		622,170
	Truist Bank^(e)
	1,150,000		1.500			03/10/25		1,114,522
	900,000		2.250			03/11/30		824,787
	Wells Fargo & Co.^(c)(e) (3M USD LIBOR + 4.240%)
	625,000		5.013			04/04/51		792,844
	Wells Fargo Bank NA^(e)
	2,600,000		3.550			08/14/23		2,724,878
	Westpac Banking Corp.^(c)(e)(5 Year CMT + 2.000%)
	1,000,000		4.110			07/24/34		961,610

								78,969,385

Beverages^(e) – 1.9%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	750,000		4.900			02/01/46		826,185
	Anheuser-Busch InBev Worldwide, Inc.
	500,000		4.150			01/23/25		539,140
	2,300,000		4.750			01/23/29		2,536,141
	700,000		4.600			04/15/48		740,635
	Bacardi Ltd.^(b)
	1,200,000		4.700			05/15/28		1,279,608
	Constellation Brands, Inc.
	1,500,000		3.200			02/15/23		1,499,430
	1,500,000		4.400			11/15/25		1,509,060
	Keurig Dr Pepper, Inc.
	3,250,000		4.417			05/25/25		3,463,102
	50,000		5.085			05/25/48		62,320
	PepsiCo., Inc.
	350,000		3.625			03/19/50		412,121

								12,867,742

Building Materials^(b)(e) – 0.3%
	Carrier Global Corp.
	650,000		2.493			02/15/27		613,652
	900,000		2.722			02/15/30		826,344
	300,000		3.377			04/05/40		262,881

								1,702,877

Chemicals – 0.7%
	CNAC HK Finbridge Co. Ltd.
	630,000		3.125			06/19/22		622,720
	410,000		4.625			03/14/23		421,788
	DuPont de Nemours, Inc.^(e)
	600,000		4.493			11/15/25		642,846
	1,200,000		4.725			11/15/28		1,314,804
	Sasol Financing International Ltd.
	560,000		4.500			11/14/22		235,200
	Sasol Financing USA LLC^(e)
	200,000		5.875			03/27/24		81,960
	Syngenta Finance NV^(b)(e)
	750,000		4.441			04/24/23		707,602


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Chemicals – (continued)
	Syngenta Finance NV^(b)(e) – (continued)
$	600,000		4.892	%		04/24/25	$	556,854
	200,000		5.182			04/24/28		170,386
	200,000		5.676			04/24/48		161,298

								4,915,458

Commercial Services – 0.2%
	DP World Crescent Ltd.
	200,000		4.848			09/26/28		182,000
	Global Payments, Inc.^(e)
	300,000		3.200			08/15/29		288,180
	Societa Iniziative Autostradali e Servizi SpA
EUR	550,000		3.375			02/13/24		631,865

								1,102,045

Computers^(e) – 0.7%
	Apple, Inc.
$	400,000		2.950			09/11/49		422,396
	Dell International LLC/EMC Corp.^(b)
	1,100,000		6.020			06/15/26		1,138,951
	950,000		4.900			10/01/26		945,811
	Hewlett Packard Enterprise Co.
	1,850,000		4.900			10/15/25		1,912,585

								4,419,743

Cosmetics/Personal Care^(e) – 0.0%
	The Procter & Gamble Co.
	200,000		3.600			03/25/50		246,674

Diversified Financial Services – 1.5%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,400,000		3.500	^(e)		05/26/22		1,184,820
	2,149,000		4.625			07/01/22		1,844,852
	Air Lease Corp.^(e)
	1,150,000		3.250			03/01/25		916,159
	Avolon Holdings Funding Ltd.^(b)(e)
	400,000		3.950			07/01/24		315,196
	GE Capital International Funding Co.
	1,350,000		3.373			11/15/25		1,358,977
	1,350,000		4.418			11/15/35		1,458,445
	Huarong Finance 2019 Co. Ltd.
	380,000		3.750			05/29/24		376,675
	Huarong Finance II Co. Ltd.
	370,000		5.000			11/19/25		385,031
	200,000		4.625			06/03/26		203,438
	200,000		4.875			11/22/26		204,614
	JAB Holdings B.V.
EUR	1,000,000		1.000			12/20/27		1,031,255
	Visa, Inc.^(e)
$	450,000		2.050			04/15/30		449,348
	200,000		2.700			04/15/40		198,528

								9,927,338

Electrical – 0.7%
	AEP Transmission Co. LLC^(e)
	150,000		3.650			04/01/50		152,643
	Ameren Corp.^(e)
	150,000		2.500			09/15/24		145,731


Corporate Obligations – (continued)
Electrical – (continued)
	Berkshire Hathaway Energy Co.^(b)(e)
	25,000		4.250			10/15/50		28,273
	Dominion Energy, Inc.^(e)
	900,000		3.375			04/01/30		890,955
	Duke Energy Carolinas LLC^(e)
	700,000		3.200			08/15/49		705,845
	Electricite de France SA^(b)(e)
	1,450,000		4.500			09/21/28		1,596,522
	Exelon Corp.^(e)
	50,000		4.700			04/15/50		52,282
	innogy Finance B.V.
GBP	250,000		6.125			07/06/39		448,650
	Sempra Energy^(e)
$	700,000		3.400			02/01/28		710,311

								4,731,212

Engineering & Construction^(e) – 0.2%
	Mexico City Airport Trust
	540,000		3.875	^(b)		04/30/28		451,440
	200,000		5.500	^(b)		10/31/46		162,000
	430,000		5.500	^(b)		07/31/47		354,965
	200,000		5.500			07/31/47		165,100

								1,133,505

Food & Drug Retailing^(e) – 0.2%
	General Mills, Inc.
	500,000		2.875			04/15/30		499,000
	Kraft Heinz Foods Co.
	80,000		2.800			07/02/20		80,210
	Sysco Corp.
	350,000		6.600			04/01/50		380,013
	The Kroger Co.
	550,000		3.950			01/15/50		570,091

								1,529,314

Healthcare Providers & Services – 1.0%
	Baxter International, Inc.^(b)(e)
	50,000		3.950			04/01/30		54,052
	DH Europe Finance II S.a.r.l.^(e)
EUR	300,000		0.450			03/18/28		296,519
$	250,000		2.600			11/15/29		249,422
EUR	800,000		0.750			09/18/31		769,136
	Medtronic Global Holdings SCA^(e)
	1,500,000		0.375			03/07/23		1,625,514
	400,000		0.250			07/02/25		418,519
	500,000		1.625			03/07/31		548,764
	800,000		1.000			07/02/31		821,987
	300,000		2.250			03/07/39		339,042
	150,000		1.500			07/02/39		151,330
	Thermo Fisher Scientific, Inc.
$	200,000		4.497	^(e)		03/25/30		225,352
EUR	450,000		0.875	^(e)		10/01/31		427,393
	200,000		2.375			04/15/32		220,809
	550,000		1.875	^(e)		10/01/49		479,653

								6,627,492


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Household Products^(e) – 0.0%
	Kimberly-Clark Corp.
$	150,000		3.100	%		03/26/30	$	160,904

Insurance – 0.9%
	American International Group, Inc.^(e)
	2,150,000		3.900			04/01/26		2,215,683
	Aviva PLC^(c)(e)
	(5 Year EUR Swap + 5.130%)
EUR	450,000		6.125			07/05/43		541,300
	(5 Year UK Government Bond + 2.850%)
GBP	450,000		6.125			11/14/36		628,975
	AXA SA^(c)(e) (3M Euribor + 3.200%)
EUR	550,000		3.250			05/28/49		599,261
	Chubb INA Holdings, Inc.^(e)
	100,000		0.875			06/15/27		101,801
	400,000		1.550			03/15/28		424,590
	550,000		1.400			06/15/31		546,299
	M&G PLC^(c)(e)(5 year UK Government Bond + 3.724%)
GBP	100,000		6.340			12/19/63		122,631
	MetLife, Inc.
$	500,000		4.368			09/15/23		525,800
	110,000		3.600			04/10/24		115,729

								5,822,069

Internet^(e) – 0.2%
	Expedia Group, Inc.
	1,150,000		3.250			02/15/30		938,630
	Prosus NV^(b)
	210,000		3.680			01/21/30		190,680

								1,129,310

Lodging^(e) – 0.2%
	Marriott International, Inc.
	1,500,000		4.650			12/01/28		1,435,620

Machinery-Diversified^(e) – 0.1%
	Deere & Co.
	150,000		3.750			04/15/50		174,303
	Otis Worldwide Corp.^(b)
	550,000		3.112			02/15/40		518,523

								692,826

Media – 1.7%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(e)
	150,000		3.579			07/23/20		149,448
	900,000		4.500			02/01/24		929,205
	3,400,000		4.908			07/23/25		3,654,524
	650,000		4.800			03/01/50		680,985
	Comcast Corp.
	1,000,000		3.700	^(e)		04/15/24		1,072,820
	750,000		3.950	^(e)		10/15/25		826,575
	500,000		3.400	^(e)		04/01/30		539,870
	800,000		5.650			06/15/35		1,070,176
	850,000		3.750	^(e)		04/01/40		945,064
	550,000		4.700	^(e)		10/15/48		712,976
	Fox Corp.^(e)
	200,000		4.030			01/25/24		207,791
	200,000		3.500			04/08/30		199,598


Corporate Obligations – (continued)
Media – (continued)
	The Walt Disney Co.^(e)
	50,000		4.700			03/23/50		65,049
	Time Warner Cable LLC^(e)
	100,000		4.125			02/15/21		101,871

								11,155,952

Mining^(b) – 0.3%
	Glencore Funding LLC
	1,400,000		4.125			05/30/23		1,328,656
	650,000		4.125	^(e)		03/12/24		607,652

								1,936,308

Miscellaneous Manufacturing – 0.1%
	3M Co.^(e)
	100,000		3.700			04/15/50		111,515
	General Electric Co.
	100,000		2.700			10/09/22		98,363
	300,000		3.100			01/09/23		298,299
	300,000		6.750			03/15/32		357,972

								866,149

Multi-National – 0.6%
	European Investment Bank
EUR	3,400,000		0.875			01/14/28		4,031,360

Oil Field Services – 0.8%
	BP Capital Markets America, Inc.^(e)
$	2,100,000		3.790			02/06/24		2,158,275
	BP Capital Markets PLC
	250,000		3.814			02/10/24		259,405
	Devon Energy Corp.^(e)
	100,000		5.850			12/15/25		81,431
	Gazprom PJSC Via Gaz Capital SA
	310,000		5.150	^(b)		02/11/26		322,884
	210,000		5.150			02/11/26		218,728
	240,000		8.625	^(g)		04/28/34		330,075
	310,000		7.288			08/16/37		394,087
	Gazprom PJSC Via Gaz Finance PLC^(b)
	400,000		3.250			02/25/30		372,000
	Occidental Petroleum Corp.
	600,000		5.550	^(e)		03/15/26		318,048
	250,000		6.450			09/15/36		119,035
	Petroleos Mexicanos
EUR	500,000		5.125			03/15/23		473,213
$	210,000		6.500			03/13/27		154,383
	50,000		5.950	^(b)(e)		01/28/31		34,380
	10,000		6.950	^(b)(e)		01/28/60		6,625
	Total Capital International SA^(e)
	350,000		3.461			07/12/49		362,621

								5,605,190

Pharmaceuticals^(e) – 2.8%
	AbbVie, Inc.
	300,000		3.750			11/14/23		312,132
	1,350,000		2.600	^(b)		11/21/24		1,361,839
	1,350,000		2.950	^(b)		11/21/26		1,381,414
	200,000		4.250			11/14/28		215,098
	1,200,000		3.200	^(b)		11/21/29		1,202,628


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pharmaceuticals^(e) – (continued)
	AbbVie, Inc. – (continued)
$	550,000		4.050	% ^(b)		11/21/39	$	573,865
	625,000		4.875			11/14/48		725,000
	2,600,000		4.250	^(b)		11/21/49		2,790,892
	Bayer US Finance II LLC^(b)
	750,000		3.875			12/15/23		768,975
	1,000,000		4.250			12/15/25		1,030,160
	550,000		4.375			12/15/28		587,675
	Becton Dickinson & Co.
	1,600,000		2.894			06/06/22		1,588,672
	3,275,000		3.363			06/06/24		3,271,856
	Bristol-Myers Squibb Co.^(b)
	50,000		4.250			10/26/49		63,238
	Cigna Corp.
	698,000		3.750			07/15/23		712,114
	200,000		2.400			03/15/30		189,336
	600,000		4.900			12/15/48		713,508
	CVS Health Corp.
	550,000		2.800			07/20/20		549,835
	100,000		5.050			03/25/48		115,371
	600,000		4.250			04/01/50		621,474

								18,775,082

Pipelines – 1.0%
	Abu Dhabi Crude Oil Pipeline LLC^(b)
	1,260,000		4.600			11/02/47		1,269,450
	Energy Transfer Operating LP^(e)
	250,000		5.250			04/15/29		211,492
	Enterprise Products Operating LLC^(e)
	700,000		2.850			04/15/21		691,614
	500,000		3.750			02/15/25		502,880
	100,000		4.150			10/16/28		100,239
	EQM Midstream Partners LP^(e)
	550,000		4.750			07/15/23		397,463
	MPLX LP^(e)
	250,000		4.500			04/15/38		177,572
	150,000		5.500			02/15/49		129,012
	Plains All American Pipeline LP/PAA Finance Corp.^(e)
	50,000		4.700			06/15/44		32,825
	Sabine Pass Liquefaction LLC^(e)
	1,500,000		5.625			03/01/25		1,422,375
	Sunoco Logistics Partners Operations LP^(e)
	250,000		5.300			04/01/44		172,530
	The Williams Cos., Inc.^(e)
	550,000		3.600			03/15/22		538,835
	450,000		3.900			01/15/25		403,704
	Western Midstream Operating LP^(e)
	250,000		4.750			08/15/28		118,035
	500,000		4.050			02/01/30		219,465
	50,000		5.450			04/01/44		18,671
	50,000		5.300			03/01/48		19,779

								6,425,941

Real Estate Investment Trust^(e) – 1.0%
	Alexandria Real Estate Equities, Inc.
	500,000		3.375			08/15/31		464,175


Corporate Obligations – (continued)
Real Estate Investment Trust^(e) – (continued)
	American Tower Corp.
	450,000		3.300			02/15/21		450,103
	400,000		3.800			08/15/29		408,104
	Crown Castle International Corp.
	150,000		3.300			07/01/30		148,768
	100,000		4.150			07/01/50		98,900
	Healthpeak Properties, Inc.
	200,000		3.250			07/15/26		197,258
	Logicor Financing S.a.r.l.
EUR	600,000		2.250			05/13/25		660,324
	550,000		3.250			11/13/28		606,698
	Prologis Euro Finance LLC
	800,000		1.000			02/06/35		718,473
	Ventas Realty LP/Ventas Capital Corp.
$	200,000		3.250			08/15/22		196,896
	VEREIT Operating Partnership LP
	900,000		4.625			11/01/25		880,200
	WEA Finance LLC/Westfield UK & Europe Finance PLC^(b)
	400,000		3.750			09/17/24		386,164
	WPC Eurobond B.V.
EUR	1,200,000		1.350			04/15/28		1,156,112

								6,372,175

Retailing^(e) – 0.6%
	Dollar Tree, Inc.
$	650,000		4.000			05/15/25		667,934
	950,000		4.200			05/15/28		966,463
	Lowe’s Cos., Inc.
	1,550,000		3.650			04/05/29		1,591,757
	675,000		5.125			04/15/50		807,502
	McDonald’s Corp.
	125,000		4.200			04/01/50		139,108

								4,172,764

Savings & Loans^(b)(c)(e) – 0.1%
	Nationwide Building Society
	(3M USD LIBOR + 1.181%)
	200,000		3.622			04/26/23		198,698
	(3M USD LIBOR + 1.855%)
	500,000		3.960			07/18/30		509,585

								708,283

Semiconductors – 0.9%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(e)
	500,000		3.000			01/15/22		495,160
	Broadcom, Inc.^(b)
	1,850,000		3.125			10/15/22		1,831,111
	1,850,000		3.625	^(e)		10/15/24		1,814,110
	1,850,000		4.250	^(e)		04/15/26		1,857,104

								5,997,485

Software^(e) – 0.7%
	Adobe, Inc.
	700,000		2.300			02/01/30		695,478
	Fidelity National Information Services, Inc.
EUR	400,000		0.750			05/21/23		433,973
GBP	250,000		2.602			05/21/25		311,407


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Software^(e) – (continued)
	Fidelity National Information Services, Inc. – (continued)
EUR	550,000		0.625	%		12/03/25	$	575,422
	650,000		1.500			05/21/27		696,590
	Fiserv, Inc.
$	650,000		3.200			07/01/26		666,510
	Oracle Corp.
	550,000		3.600			04/01/40		549,681
	550,000		3.600			04/01/50		549,511
	550,000		3.850			04/01/60		553,371

								5,031,943

Supranational^(f) – 0.4%
	European Financial Stability Facility
EUR	900,000		1.375			05/31/47		1,230,935
	FMS Wertmanagement
GBP	1,100,000		1.375			03/07/25		1,404,567

								2,635,502

Telecommunication Services – 2.9%
	AT&T, Inc.^(e)
$	2,000,000		2.800			02/17/21		2,000,320
	1,450,000		3.200			03/01/22		1,470,865
	250,000		3.000			06/30/22		250,790
	300,000		3.950			01/15/25		316,170
	150,000		3.400			05/15/25		155,717
	1,600,000		4.100			02/15/28		1,679,088
EUR	600,000		1.800			09/14/39		549,720
$	100,000		4.350			06/15/45		104,952
	100,000		4.850			07/15/45		111,005
	550,000		5.450			03/01/47		663,504
	600,000		4.500			03/09/48		650,382
	British Telecommunications PLC^(e)
	850,000		5.125			12/04/28		947,087
	650,000		4.250	^(b)		11/08/49		619,541
	Deutsche Telekom AG^(b)(e)
$	500,000		3.625			01/21/50		492,930
	Deutsche Telekom International Finance B.V.^(b)(e)
	500,000		2.485			09/19/23		495,015
	1,300,000		4.375			06/21/28		1,424,878
	Telefonica Emisiones SA^(e)
EUR	500,000		1.788			03/12/29		554,168
	Verizon Communications, Inc.
$	350,000		2.625			08/15/26		361,368
	3,084,000		4.329			09/21/28		3,527,418
	650,000		5.012			04/15/49		876,980
	300,000		4.000	^(e)		03/22/50		353,931
	Vodafone Group PLC
	1,550,000		3.750			01/16/24		1,613,906

								19,219,735

Trading Companies & Distributors^(e) – 0.1%
	Blackstone Property Partners Europe Holdings S.a.r.l.
EUR	450,000		2.200			07/24/25		489,679

Transportation^(e) – 0.1%
	CSX Corp.
$	400,000		3.800			04/15/50		417,524


Corporate Obligations – (continued)
Transportation^(e) – (continued)
	United Parcel Service, Inc.
	100,000		5.300			04/01/50		130,587

								548,111

	TOTAL CORPORATE OBLIGATIONS
	(Cost $243,180,131)						$	240,758,789



Asset-Backed Securities^(c) – 7.6%
Collateralized Loan Obligations^(b) – 5.0%
	AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	2,100,000		2.190	%		01/15/33	$	1,892,925
	Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	2,100,000		2.821			04/15/33		1,947,975
	Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
	3,793,053		2.644			01/27/28		3,564,985
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	5,300,000		2.878			04/15/33		4,928,995
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R (3M USD LIBOR + 1.130%)
	486,978		2.949			04/18/26		485,523
	Madison Park Funding XII Ltd. Series 2014-12A, Class AR (3M USD LIBOR + 1.260%)
	1,372,677		3.079			07/20/26		1,358,521
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,300,000		2.581			04/15/29		5,058,341
	Magnetite XXIV Ltd. Series 2019-24A, Class A (3M USD LIBOR + 1.330%)
	1,400,000		3.237			01/15/33		1,307,356
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	551,454		2.893			07/25/59		553,907
	Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	1,800,000		2.079			04/14/33		1,684,364
	OFSI Fund VII Ltd. Series 2014-7A, Class AR (3M USD LIBOR + 0.900%)
	584,805		2.719			10/18/26		579,807
	Trinitas CLO II Ltd. Series 2014-2A, Class A1R (3M USD LIBOR + 1.180%)
	304,636		3.011			07/15/26		299,696
	Tryon Park CLO Ltd. Series 2013-1A, Class A1SR (3M USD LIBOR + 0.890%)
	3,700,000		2.721			04/15/29		3,556,951
	Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	3,475,000		2.975			04/15/33		3,266,358
	Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	2,100,000		2.801			04/15/31		1,962,584


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(c) – (continued)
Collateralized Loan Obligations^(b) – (continued)
	WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
$	829,643		2.663	%		05/01/26	$	817,182

								33,265,470

Home Equity – 0.0%
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 1A1
	1,350		7.000			09/25/37		1,330
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	45,096		7.000			09/25/37		43,224

								44,554

Student Loans – 2.6%
	ECMC Group Student Loan Trust Series 2017-1A, Class A^(b) (1M USD LIBOR + 1.200%)
	5,179,054		2.147			12/27/66		4,586,899
	Educational Services of America, Inc. Series 2015-2, Class A^(b) (1M USD LIBOR + 1.000%)
	905,900		1.947			12/25/56		861,831
	Higher Education Funding I Series 2014-1, Class A^(b) (3M USD LIBOR + 1.050%)
	3,112,704		2.729			05/25/34		2,955,946
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	304,773		2.629			02/25/42		283,620
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3 (1M USD LIBOR + 1.050%)
	1,200,000		1.823			07/20/43		1,117,892
	Navient Student Loan Trust Series 2017-2A, Class A^(b) (1M USD LIBOR + 1.050%)
	4,839,018		1.997			12/27/66		4,547,489
	Nelnet Student Loan Trust Series 2011-1A, Class A^(b) (1M USD LIBOR + 0.850%)
	187,094		1.797			02/25/48		171,328
	PHEAA Student Loan Trust Series 2016-1A, Class A^(b) (1M USD LIBOR + 1.150%)
	2,344,874		2.097			09/25/65		2,201,213
	Scholar Funding Trust Series 2010-A, Class A^(b) (3M USD LIBOR + 0.750%)
	617,409		2.545			10/28/41		569,824

								17,296,042

	TOTAL ASSET-BACKED SECURITIES
	(Cost $53,852,269)						$	50,606,066



Mortgage-Backed Obligations – 25.1%
Collateralized Mortgage Obligations – 1.8%
Interest Only^(h) – 0.9%
	FHLMC REMIC Series 3852, Class SW^(c) (-1x1M USD LIBOR + 6.000%)
$	379,801		5.295	%		05/15/41	$	58,963
	FHLMC REMIC Series 4314, Class SE^(c) (-1x1M USD LIBOR + 6.050%)
	327,198		5.345			03/15/44		53,443


Mortgage-Backed Obligations – (continued)
Interest Only^(h) – (continued)
	FHLMC REMIC Series 4320, Class SD^(c) (-1x1M USD LIBOR + 6.100%)
	238,092		5.395			07/15/39		48,122
	FHLMC REMIC Series 4583, Class ST^(c) (-1x1M USD LIBOR + 6.000%)
	1,114,858		5.295			05/15/46		186,887
	FHLMC REMIC Series 4792, Class SA^(c) (-1x1M USD LIBOR + 6.200%)
	983,273		5.495			05/15/48		95,654
	FHLMC REMIC Series 4936, Class ES^(c) (-1x1M USD LIBOR + 6.000%)
	334,198		5.295			12/25/49		38,755
	FHLMC STRIPS Series 304, Class C45
	250,001		3.000			12/15/27		14,741
	FNMA REMIC Series 2011-124, Class SC^(c) (-1x1M USD LIBOR + 6.550%)
	334,917		5.603			12/25/41		60,515
	FNMA REMIC Series 2012-5, Class SA^(c) (-1x1M USD LIBOR + 5.950%)
	495,896		5.003			02/25/42		78,411
	FNMA REMIC Series 2014-6, Class SA^(c) (-1x1M USD LIBOR + 6.600%)
	397,603		5.653			02/25/44		73,625
	FNMA REMIC Series 2015-34, Class LS^(c) (-1x1M USD LIBOR + 6.100%)
	1,415,187		5.153			06/25/45		268,968
	FNMA REMIC Series 2017-31, Class SG^(c) (-1x1M USD LIBOR + 6.100%)
	821,438		5.153			05/25/47		137,334
	FNMA REMIC Series 2017-86, Class SB^(c)(-1x M USD LIBOR + 6.150%)
	628,153		5.203			11/25/47		98,548
	FNMA REMIC Series 2018-17, Class CS^(c) (-1x1M USD LIBOR + 3.450%)
	3,361,792		2.500			03/25/48		181,684
	FNMA REMIC Series 2018-38, Class SG^(c) (-1x1M USD LIBOR + 6.200%)
	343,842		5.253			06/25/48		37,103
	FNMA REMIC Series 2019-41, Class SB^(c) (-1x1M USD LIBOR + 6.050%)
	1,318,977		5.103			08/25/49		214,187
	GNMA REMIC Series 2010-101, Class S^(c) (-1x1M USD LIBOR + 6.000%)
	763,047		5.227			08/20/40		135,896
	GNMA REMIC Series 2010-20, Class SE^(c) (-1x1M USD LIBOR + 6.250%)
	585,965		5.477			02/20/40		114,862
	GNMA REMIC Series 2013-124, Class CS^(c) (-1x1M USD LIBOR + 6.050%)
	626,826		5.277			08/20/43		120,872
	GNMA REMIC Series 2013-134, Class DS^(c) (-1x1M USD LIBOR + 6.100%)
	126,912		5.327			09/20/43		23,931
	GNMA REMIC Series 2013-152, Class SG^(c) (-1x1M USD LIBOR + 6.150%)
	226,291		5.377			06/20/43		43,201


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(h) – (continued)
	GNMA REMIC Series 2013-152, Class TS^(c) (-1x1M USD LIBOR + 6.100%)
$	212,937		5.327	%		06/20/43	$	38,839
	GNMA REMIC Series 2013-181, Class SA^(c) (-1x1M USD LIBOR + 6.100%)
	745,715		5.327			11/20/43		149,586
	GNMA REMIC Series 2014-117, Class SJ^(c) (-1x1M USD LIBOR + 5.600%)
	1,790,842		4.827			08/20/44		318,416
	GNMA REMIC Series 2014-132, Class SL^(c) (-1x1M USD LIBOR + 6.100%)
	503,887		5.327			10/20/43		67,764
	GNMA REMIC Series 2014-133, Class BS^(c) (-1x1M USD LIBOR + 5.600%)
	265,764		4.827			09/20/44		46,890
	GNMA REMIC Series 2014-158, Class SA^(c) (-1x1M USD LIBOR + 5.600%)
	843,690		4.895			10/16/44		147,588
	GNMA REMIC Series 2015-110, Class MS^(c) (-1x1M USD LIBOR + 5.710%)
	1,483,451		4.937			08/20/45		236,579
	GNMA REMIC Series 2015-111, Class IM
	710,053		4.000			08/20/45		73,447
	GNMA REMIC Series 2015-123, Class SP^(c) (-1x1M USD LIBOR + 6.250%)
	366,995		5.477			09/20/45		65,991
	GNMA REMIC Series 2015-129, Class IC
	295,523		4.500			09/16/45		46,201
	GNMA REMIC Series 2015-167, Class AS^(c) (-1x1M USD LIBOR + 6.250%)
	256,669		5.477			11/20/45		42,435
	GNMA REMIC Series 2015-168, Class SD^(c) (-1x1M USD LIBOR + 6.200%)
	176,439		5.427			11/20/45		33,517
	GNMA REMIC Series 2015-57, Class AS^(c) (-1x1M USD LIBOR + 5.600%)
	1,204,702		4.827			04/20/45		190,264
	GNMA REMIC Series 2016-1, Class ST^(c) (-1x1M USD LIBOR + 6.200%)
	330,997		5.427			01/20/46		55,740
	GNMA REMIC Series 2016-138, Class GI
	778,555		4.000			10/20/46		90,547
	GNMA REMIC Series 2016-27, Class IA
	435,498		4.000			06/20/45		35,872
	GNMA REMIC Series 2018-105, Class SC^(c) (-1x1M USD LIBOR + 6.200%)
	459,698		5.427			08/20/48		63,552
	GNMA REMIC Series 2018-122, Class SE^(c) (-1x1M USD LIBOR + 6.200%)
	983,219		5.427			09/20/48		138,863
	GNMA REMIC Series 2018-137, Class SN^(c) (-1x1M USD LIBOR + 6.150%)
	1,104,263		5.377			10/20/48		164,074
	GNMA REMIC Series 2018-139, Class SQ^(c) (-1x1M USD LIBOR + 6.150%)
	697,451		5.377			10/20/48		95,461


Mortgage-Backed Obligations – (continued)
Interest Only^(h) – (continued)
	GNMA REMIC Series 2018-147, Class SA^(c) (-1x1M USD LIBOR + 6.200%)
	885,865		5.427			10/20/48		141,642
	GNMA REMIC Series 2018-72, Class IB
	915,760		4.000			04/20/46		113,670
	GNMA REMIC Series 2019-1, Class SN^(c) (-1x1M USD LIBOR + 6.050%)
	522,806		5.277			01/20/49		70,256
	GNMA REMIC Series 2019-110, Class SD^(c) (-1x1M USD LIBOR + 6.100%)
	1,246,140		5.327			09/20/49		189,036
	GNMA REMIC Series 2019-110, Class SE^(c) (-1x1M USD LIBOR + 6.100%)
	1,295,072		5.327			09/20/49		171,531
	GNMA REMIC Series 2019-128, Class IO
	885,123		4.000			10/20/49		96,851
	GNMA REMIC Series 2019-129, Class AI
	1,180,346		3.500			10/20/49		140,593
	GNMA REMIC Series 2019-151, Class IA
	4,293,862		3.500			12/20/49		470,148
	GNMA REMIC Series 2019-151, Class NI
	1,551,026		3.500			10/20/49		140,720
	GNMA REMIC Series 2019-20, Class SF^(c) (-1x1M USD LIBOR + 3.790%)
	1,432,061		3.017			02/20/49		110,507
	GNMA REMIC Series 2019-69, Class S^(c) (-1x1M USD LIBOR + 3.270%)
	1,503,182		2.497			06/20/49		105,509
	GNMA REMIC Series 2019-78, Class SE^(c)(-1X 1M USD LIBOR + 6.100%)
	391,971		5.327			06/20/49		53,288
	GNMA REMIC Series 2019-97, Class SC^(c) (-1x1M USD LIBOR + 6.100%)
	1,017,171		5.327			08/20/49		134,740
	GNMA REMIC Series 2019-98, Class SC^(c) (-1x1M USD LIBOR + 6.050%)
	1,414,071		5.277			08/20/49		188,496

								6,314,315

Others-CMO^(c) – 0.0%
	GNMA REMIC Series 2019-4, Class SJ(-1X 1M USD LIBOR + 6.050%)
	1,210,627		5.277			01/20/49		178,419

Sequential Fixed Rate – 0.2%
	FNMA REMIC Series 2011-52, Class GB
	376,009		5.000			06/25/41		430,958
	FNMA REMIC Series 2011-99, Class DB
	352,105		5.000			10/25/41		402,563
	FNMA REMIC Series 2012-111, Class B
	39,596		7.000			10/25/42		48,861
	FNMA REMIC Series 2012-153, Class B
	170,529		7.000			07/25/42		215,229

								1,097,611


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(c) – 0.7%
	Countrywide Alternative Loan Trust Series 2005-38, Class A1(12M MTA + 1.500%)
$	74,925		3.466	%		09/25/35		$	61,261
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1 (1M USD LIBOR + 0.210%)
	233,512		0.983			03/20/46			179,484
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1
	27,666		4.120			04/20/35			23,013
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	799,522		1.551			08/20/56			974,844
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
$	317,517		4.104			08/19/36			256,560
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	774,707		1.609			11/15/49			944,475
	Residential Accredit Loans, Inc. Series 2005-QO5, Class A1(12M MTA + 1.000%)
	517,412		2.966			01/25/46			415,992
	Sequoia Mortgage Trust Series 2004-10, Class A3A(6M USD LIBOR + 0.660%)
$	59,371		2.635			11/20/34			49,539
	Tower Bridge Funding No. 2 PLC, Class A (3M GBP LIBOR + 0.900%)
GBP	744,637		1.437			03/20/56			905,628
	Tower Bridge Funding No. 1 PLC, Class A (3M GBP LIBOR + 1.000%)
	463,431		1.537			03/20/56			557,233

									4,368,029

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	11,958,374

Federal Agencies – 23.3%
FHLMC – 0.0%
$	2,394		5.000			01/01/33			2,677
	374		5.000			06/01/33			418
	3,961		5.000			07/01/33			4,429
	4,998		5.000			08/01/33			5,589
	775		5.000			10/01/33			866
	2,581		5.000			11/01/33			2,886
	1,188		5.000			12/01/33			1,329
	3,882		5.000			02/01/34			4,335
	1,492		5.000			03/01/34			1,657
	2,676		5.000			04/01/34			2,973
	4,077		5.000			05/01/34			4,558
	60,464		5.000			06/01/34			67,554
	911		5.000			11/01/34			1,012
	16,332		5.000			04/01/35			18,258
	706		5.000			11/01/35			789
	7,416		5.000			02/01/37			8,307
	271		5.000			11/01/37			299
	22,075		5.000			01/01/40			24,467
	13,834		4.000			06/01/40			15,036
	122,319		4.000			02/01/41			133,030
	9,074		4.000			11/01/41			9,861

									310,330


Mortgage-Backed Obligations – (continued)
GNMA – 11.8%
	472,834		4.000			11/20/44			511,263
	44,085		4.000			05/20/45			47,668
	1,097,702		4.000			07/20/45			1,185,886
	795,902		4.000			01/20/46			858,597
	409,623		4.500			02/20/48			438,881
	137,390		4.500			03/20/48			146,903
	538,912		4.500			04/20/48			576,015
	1,262,559		4.500			05/20/48			1,349,090
	1,711,905		4.500			08/20/48			1,827,360
	1,988,093		5.000			08/20/48			2,125,869
	6,422,271		4.500			09/20/48			6,853,399
	1,098,530		5.000			09/20/48			1,174,316
	1,246,528		5.000			10/20/48			1,332,037
	5,322,778		5.000			11/20/48			5,682,501
	762,111		5.000			12/20/48			811,651
	7,228,688		4.500			01/20/49			7,690,232
	4,090,455		5.000			01/20/49			4,352,196
	2,651,086		4.000			02/20/49			2,824,710
	2,610,040		4.000			03/20/49			2,779,549
	1,354,350		4.500			03/20/49			1,438,919
	2,000,000		5.000			03/20/49			2,124,695
	3,633,189		4.000			05/20/49			3,866,024
	1,546,091		4.500			05/20/49			1,640,338
	784,581		5.000			05/20/49			832,639
	18,000,000		2.500			TBA-30yr	⁽ⁱ⁾		18,818,251
	6,000,000		4.500			TBA-30yr	⁽ⁱ⁾		6,361,778
	1,000,000		5.000			TBA-30yr	⁽ⁱ⁾		1,059,831

									78,710,598

UMBS – 4.4%
	372,860		5.000			06/01/23			387,118
	71,327		5.000			01/01/24			74,559
	68,220		5.000			01/01/25			71,003
	292,471		4.500			07/01/36			322,259
	28,497		4.500			12/01/36			31,400
	31,978		4.500			05/01/38			35,156
	20,909		4.500			05/01/39			22,961
	13,554		4.500			06/01/39			14,884
	8,085		4.500			08/01/39			8,878
	13,844		4.500			09/01/39			15,245
	19,554		4.500			10/01/39			21,533
	7,535		4.500			03/01/40			8,297
	111,929		4.500			04/01/40			123,187
	9,186		4.500			12/01/40			10,110
	111,044		4.500			01/01/41			122,213
	32,149		4.500			04/01/41			35,424
	53,820		4.500			06/01/41			59,302
	46,213		4.500			07/01/41			50,920
	68,939		4.500			08/01/41			75,672
	207,803		4.500			09/01/41			228,968
	159,012		4.500			10/01/41			175,207
	144,925		4.500			11/01/41			159,685
	101,994		4.500			12/01/41			112,382
	93,370		4.500			01/01/42			102,880
	9,012		4.500			03/01/42			9,906
	36,840		4.500			04/01/42			40,498
	89,115		3.000			12/01/42			94,736


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	218,802		3.000	%		01/01/43	$	232,601
	272,570		3.000			04/01/43		289,762
	630,319		4.500			06/01/45		685,739
	3,194,870		4.500			11/01/47		3,456,461
	6,701,678		4.000			01/01/48		7,260,896
	811,662		4.500			09/01/48		884,714
	568,994		5.000			11/01/48		622,172
	8,906,370		5.000			10/01/49		9,607,621
	3,878,145		3.000			12/01/49		4,068,209

								29,522,558

UMBS, 30 Year, Single Family⁽ⁱ⁾ – 7.1%
	22,000,000		2.500			TBA-30yr		22,805,035
	17,000,000		3.500			TBA-30yr		17,980,640
	1,000,000		4.000			TBA-30yr		1,067,430
	5,000,000		5.000			TBA-30yr		5,396,112

								47,249,217

	TOTAL FEDERAL AGENCIES						$	155,792,703

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $164,685,856)						$	167,751,077



Agency Debenture – 0.4%
	FHLMC
$	1,800,000		6.750	%		03/15/31	$	2,810,358
	(Cost $2,249,880)



Municipal Debt Obligation^(c)(e) – 0.4%
New Hampshire – 0.4%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.000%)
$	2,505,928		2.644	%		10/25/37	$	2,365,188
	(Cost $2,486,012)



U.S. Treasury Obligation – 0.2%
	United States Treasury Bonds
$	1,010,000		2.000	%		02/15/50	$	1,173,020
	(Cost $1,179,088)


Shares		Dividend Rate	Value


Investment Company^(j) – 2.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	14,122,305	0.333%	$	14,122,305
	(Cost $14,122,305)

	TOTAL INVESTMENTS – 108.1%
	(Cost $714,624,265)		$	721,098,652

	LIABILITIES IN EXCESS OF OTHER ASSETS – (8.1)%			(53,813,674	)

	NET ASSETS – 100.0%		$	667,284,978



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

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

(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 March 31, 2020.

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

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

(f)		Guaranteed by a foreign government until maturity.

(g)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2020.

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

(i)		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 $73,489,077 which represents approximately 11.0% of the Fund’s net assets as of March 31, 2020.

(j)		Represents an affiliated issuer.


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020



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



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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	NZD	3,915,073	USD	2,310,266		06/17/20	$	24,411
	TWD	69,763,225	USD	2,307,697		04/17/20		4,921
	EUR	5,343,381	CZK	143,002,801		06/17/20		150,873
	EUR	872,971	CAD	1,357,032		06/17/20		673
	CAD	5,693,575	USD	3,971,012		06/17/20		77,737
	CAD	2,583,106	EUR	1,653,723		06/17/20		7,543
	USD	1,626,280	TWD	48,777,567		04/20/20		8,592
	USD	1,361,579	INR	102,473,202		04/20/20		16,277
	USD	4,574,237	AUD	7,114,235		06/17/20		197,378
	GBP	3,317,678	USD	3,951,224		06/17/20		175,255
	USD	9,479,080	EUR	8,436,724		06/17/20		146,504
	USD	593,951	DKK	4,009,174		04/17/20		1,280
	CHF	1,348,431	USD	1,391,950		06/17/20		14,218
	USD	5,379,108	ZAR	92,393,270		06/17/20		266,058
	JPY	349,042,116	USD	3,203,624		06/17/20		53,315
	USD	11,951,062	CHF	11,176,900		06/17/20		295,589
	ILS	24,251,817	USD	6,617,119		06/17/20		257,012
	EUR	10,322,331	SEK	109,596,661		06/17/20		320,668
	USD	14,734,986	THB	467,799,939		06/17/20		475,292
	PLN	1,871,439	EUR	406,402		06/17/20		2,689


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	3,686,354	MXN	83,044,821		06/17/20	$	225,817
	USD	7,819,109	TWD	233,206,027		04/17/20		88,441
	USD	4,237,769	KRW	5,063,185,308		04/21/20		79,642
	JPY	282,518,000	USD	2,608,358		04/30/20		23,380
	EUR	518,868	PLN	2,262,074		06/17/20		27,319
	USD	594,861	TRY	3,940,499		06/19/20		12,490
	USD	2,328,062	JPY	244,697,110		06/17/20		44,775
	NOK	14,499,090	EUR	1,244,321		06/17/20		18,580
	COP	4,084,463,041	USD	999,624		04/07/20		5,378
	USD	2,509,936	SEK	24,080,327		06/17/20		71,566
	USD	688,224	ILS	2,412,747		05/13/20		5,719
	CLP	1,003,478,947	USD	1,167,977		05/22/20		6,131
	AUD	1,595,285	CAD	1,370,631		06/17/20		6,794
	USD	1,363,087	BRL	6,909,845		05/05/20		36,473
	USD	1,821,902	EUR	1,625,235		05/14/20		26,281
	USD	11,096,611	NZD	17,556,394		06/17/20		627,193
	KRW	3,429,382,838	USD	2,773,567		04/21/20		42,804
	NOK	30,176,269	USD	2,744,762		06/17/20		158,646
	EUR	4,607,926	USD	4,979,061		06/17/20		118,156
	MXN	21,765,146	USD	882,986		06/17/20		23,983
	INR	34,177,329	USD	439,423		04/28/20		9,083
	USD	16,634,097	CAD	22,734,174		06/17/20		467,646
	USD	3,933,948	INR	293,516,368		04/28/20		82,158
	IDR	20,346,827,322	USD	1,242,630		04/07/20		9,713
	EUR	4,181,680	NOK	46,162,364		06/17/20		184,204
	USD	12,726,911	ILS	43,462,537		06/17/20		407,534
	USD	282,028	GBP	217,916		06/17/20		10,987
	USD	22,923,948	CNH	159,461,167		04/02/20		445,588
	USD	4,788,470	BRL	22,363,074		04/02/20		485,241
	EUR	10,920,038	USD	11,929,262		05/14/20		135,610
	CAD	2,566,804	JPY	191,802,851		06/17/20		35,548
	USD	2,868,019	RUB	214,570,504		05/22/20		141,762
	USD	959,475	CNH	6,689,798		06/17/20		17,142
	USD	704,053	JPY	73,609,405		04/30/20		18,359
	AUD	2,986,324	USD	1,762,473		06/17/20		74,791
	USD	1,417,707	TRY	9,041,621		05/04/20		64,561
	USD	1,412,250	TRY	8,894,830		05/27/20		89,307
	KRW	1,331,332,228	USD	1,065,859		06/02/20		28,400
	USD	3,036,305	COP	10,446,072,811		04/07/20		466,000
	USD	1,414,988	TRY	8,799,892		05/12/20		100,864
	EUR	441,544	HUF	148,950,456		06/17/20		32,185
	USD	468,190	TRY	2,918,048		05/14/20		32,661
	USD	473,214	TRY	2,966,506		06/04/20		32,870
	USD	936,450	TRY	5,815,539		05/11/20		67,756
	USD	478,396	TRY	2,960,169		04/20/20		33,458
	USD	947,396	TRY	5,908,326		05/20/20		66,983
	USD	1,823,669	INR	136,109,513		04/16/20		36,409
	USD	994,479	TRY	6,389,430		06/17/20		49,627
	USD	5,192,593	IDR	73,996,241,704		04/07/20		638,136
	CAD	2,761,129	USD	1,905,443		04/23/20		57,119
	USD	710,845	PLN	2,704,266		06/17/20		57,343
	USD	1,423,893	IDR	20,347,534,047		05/28/20		187,361


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	2,517,073	SEK	24,155,095		04/27/20	$	73,695
	USD	1,571,401	SGD	2,121,978		04/15/20		78,107
	USD	958,725	CZK	21,548,448		06/17/20		90,792
	USD	1,543,887	IDR	21,328,803,338		04/28/20		239,533
	USD	8,409,710	KRW	9,936,998,000		05/22/20		244,885
	GBP	4,157,000	USD	4,874,145		04/29/20		292,745
	USD	10,653,656	MXN	214,227,139		04/27/20		1,660,884
	USD	8,988,660	HUF	2,686,890,179		06/17/20		758,559
	USD	15,476,713	CAD	20,388,000		04/23/20		985,287
	USD	35,733,848	GBP	27,564,863		04/29/20		1,472,455

TOTAL							$	14,609,201

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	1,475,385	EUR	848,117		06/17/20	$	(30,480	)
	AUD	1,446,980	JPY	97,293,517		06/17/20		(17,634	)
	AUD	7,046,284	USD	4,615,061		06/17/20		(280,007	)
	BRL	22,363,076	USD	4,694,030		04/02/20		(390,801	)
	BRL	1,022,508	USD	200,913		05/05/20		(4,603	)
	CAD	1,867,970	GBP	1,099,494		06/17/20		(39,206	)
	CAD	1,292,295	JPY	99,635,963		06/17/20		(10,750	)
	CAD	7,130,965	USD	5,194,382		06/17/20		(123,495	)
	CHF	424,289	AUD	744,353		06/17/20		(15,489	)
	CHF	2,696,018	EUR	2,551,206		06/17/20		(10,649	)
	CHF	1,291,992	GBP	1,116,123		06/17/20		(40,904	)
	CHF	10,560,042	USD	11,280,467		06/17/20		(268,263	)
	CNH	10,990,044	USD	1,570,157		04/02/20		(20,951	)
	CNH	7,082,086	USD	1,015,478		06/17/20		(17,886	)
	COP	6,361,609,771	USD	1,867,327		04/07/20		(302,022	)
	COP	4,624,594,897	USD	1,345,846		05/08/20		(210,496	)
	CZK	194,563,065	EUR	7,673,558		06/17/20		(651,727	)
	CZK	21,950,683	USD	942,324		06/17/20		(58,190	)
	EUR	811,940	AUD	1,479,542		06/17/20		(12,096	)
	EUR	1,218,055	CAD	1,902,372		06/17/20		(5,398	)
	EUR	406,402	CZK	11,289,424		06/17/20		(5,161	)
	EUR	1,573,711	GBP	1,440,781		06/17/20		(51,206	)
	EUR	408,025	JPY	48,875,695		06/17/20		(4,711	)
	EUR	2,028,329	NOK	25,187,349		06/17/20		(179,692	)
	EUR	1,753,000	USD	1,960,045		05/14/20		(23,264	)
	EUR	23,149,904	USD	26,065,835		06/17/20		(457,764	)
	GBP	4,066,373	USD	5,217,448		06/17/20		(159,755	)
	HUF	2,026,697,106	EUR	5,806,774		06/17/20		(215,473	)
	HUF	283,045,161	USD	915,418		06/17/20		(48,434	)
	IDR	53,649,414,382	USD	3,886,636		04/07/20		(584,524	)
	IDR	32,674,556,291	USD	2,340,347		05/28/20		(354,696	)
	IDR	6,669,768,190	USD	463,114		06/08/20		(58,627	)
	ILS	19,387,304	USD	5,603,752		06/17/20		(108,456	)
	INR	206,819,880	USD	2,756,550		04/20/20		(41,350	)
	INR	190,306,762	USD	2,611,045		04/28/20		(113,667	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	JPY	98,348,946	EUR	836,312		06/17/20	$	(7,415	)
	JPY	1,005,974,426	USD	9,589,491		06/17/20		(202,667	)
	KRW	3,477,683,565	USD	2,926,062		04/21/20		(70,024	)
	MXN	217,743,603	USD	10,930,454		04/27/20		(1,790,069	)
	MXN	121,573,904	USD	5,603,484		06/17/20		(537,411	)
	NOK	36,041,755	EUR	3,390,640		06/17/20		(282,920	)
	NOK	69,097,583	USD	7,296,623		06/17/20		(648,405	)
	NZD	2,307,681	EUR	1,272,221		06/17/20		(31,170	)
	NZD	3,828,932	NOK	23,849,259		06/17/20		(11,345	)
	NZD	9,810,180	USD	6,116,738		06/17/20		(266,626	)
	PLN	2,888,735	EUR	634,361		06/17/20		(3,640	)
	RUB	290,753,744	USD	4,171,156		05/22/20		(476,943	)
	SEK	104,214,536	EUR	9,722,709		06/17/20		(202,368	)
	SEK	30,114,618	USD	3,203,505		06/17/20		(154,105	)
	THB	47,911,868	USD	1,498,573		06/17/20		(38,102	)
	TRY	5,474,561	USD	864,777		04/20/20		(41,906	)
	TRY	5,858,314	USD	895,319		05/04/20		(18,578	)
	TRY	3,252,236	USD	524,384		05/11/20		(38,583	)
	TRY	5,866,381	USD	945,020		05/12/20		(68,969	)
	TRY	2,846,043	USD	458,152		05/14/20		(33,370	)
	TRY	3,012,645	USD	480,206		05/27/20		(32,130	)
	TRY	2,010,222	USD	319,794		06/04/20		(21,399	)
	TRY	5,195,279	USD	807,282		06/17/20		(39,017	)
	TWD	237,186,622	USD	7,892,343		04/17/20		(29,720	)
	TWD	49,966,762	USD	1,662,323		04/20/20		(5,197	)
	USD	2,165,833	AUD	3,670,964		06/17/20		(92,639	)
	USD	1,260,304	CAD	1,786,456		06/17/20		(10,060	)
	USD	850,871	CLP	736,429,001		05/22/20		(10,779	)
	USD	21,274,196	CNH	151,291,767		06/18/20		(36,605	)
	USD	997,001	COP	4,084,463,041		05/08/20		(5,745	)
	USD	90,542,148	EUR	83,389,067		05/14/20		(1,589,240	)
	USD	6,399,696	EUR	5,854,393		06/17/20		(76,346	)
	USD	551,754	GBP	451,040		04/29/20		(8,861	)
	USD	4,516,066	GBP	3,729,304		06/17/20		(122,391	)
	USD	1,228,006	IDR	20,346,827,322		05/28/20		(8,483	)
	USD	756,885	INR	58,511,729		04/28/20		(10,959	)
	USD	115,222,168	JPY	12,450,389,000		04/30/20		(756,911	)
	USD	2,458,585	JPY	268,400,885		06/17/20		(45,885	)
	USD	917,134	KRW	1,136,665,509		04/21/20		(16,349	)
	USD	3,978,252	MXN	96,890,814		06/17/20		(59,255	)
	USD	1,943,417	NOK	22,265,241		06/17/20		(198,831	)
	USD	879,936	RUB	71,458,317		05/22/20		(27,987	)
	USD	450,936	SEK	4,465,188		06/17/20		(1,208	)
	USD	2,572,022	TWD	77,760,486		04/17/20		(5,702	)
	ZAR	62,213,313	USD	3,617,333		06/17/20		(174,443	)

TOTAL							$	(13,228,585	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At March 31, 2020, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
GNMA		4.000	%	TBA-30yr		02/18/20	$	(4,000,000	)	$	(4,250,757	)
UMBS, 30 Year, Single Family		3.000		TBA-30yr		03/05/20		(1,000,000	)		(1,048,656	)

TOTAL (Proceeds Receivable: $(5,189,219))										$	(5,299,413	)

(a)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 3 Year Government Bonds		52			06/15/20	$	3,745,757		$	7,686
Australian 10 Year Government Bonds		67			06/15/20		6,206,926			38,659
Eurodollars		13			06/15/20		3,232,938			39,446
French 10 Year Government Bonds		52			06/08/20		9,589,622			(268,459	)
Italian 10 Year Government Bonds		18			06/08/20		2,214,710			(17,100	)
Italian 10 Year Government Bonds		3			06/08/20		467,883			(13,614	)
Japan 10 Year Government Bonds		3			06/15/20		4,256,777			19,241
Ultra 10 Year U.S. Treasury Notes		113			06/19/20		17,631,531			910,700
Ultra Long U.S. Treasury Bonds		44			06/19/20		9,762,500			345,615
1 Month SOFR		101			07/31/20		42,061,448			361,780
2 Year German Euro-Schatz		111			06/08/20		13,734,506			(18,532	)
5 Year German Euro-Bobl		54			06/08/20		8,052,644			(54,279	)
10 Year German Euro-Bund		77			06/08/20		14,650,111			(175,456	)
10 Year U.S. Treasury Notes		26			06/19/20		3,605,875			28,730

Total									$	1,204,417
Short position contracts:
Euro Buxl 30 Year Bonds		(3	)		06/08/20		(694,496	)		26,222
30 day Federal Funds		(101	)		07/31/20		(42,061,448	)		(360,451	)
2 Year U.S. Treasury Notes		(108	)		06/30/20		(23,801,344	)		(15,560	)
5 Year U.S. Treasury Notes		(62	)		06/30/20		(7,772,281	)		(183,643	)

Total									$	(533,432	)

TOTAL FUTURES CONTRACTS									$	670,985

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund^(a)

Payments
Received
by the Fund^(a)

Counterparty

Termination
Date

Notional
Amount
(000s)

Value

Unrealized
Appreciation/
(Depreciation)*

3M KLIBOR

3.565%

JPMorgan Securities, Inc.

03/14/24

MYR

10,040

105,266

(a)

Payments made quarterly.

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


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M BID Avg^(a)	4.811%^(a)	01/03/22	BRL	4,875		$	12,318		$	—		$	12,318
1M BID Avg^(a)	5.440^(a)	01/03/22		25,945			131,942			45,196			86,746
3M LIBOR^(d)	1.750^(b)	03/18/22	$	10,960			292,834			235,236			57,598
1.750%^(b)	6M CDOR^(b)	03/18/22	CAD	9,810			(139,793	)		(88,638	)		(51,155	)
Mexico IB TIIE 28 Days^(a)	6.000^(a)	06/15/22	MXN	48,050	^(c)		12,161			631			11,530
3M JIBAR^(d)	6.500^(d)	06/17/22	ZAR	80,780	^(c)		102,524			9,796			92,728
6.245^(e)	1M BID Avg^(e)	01/02/23	BRL	4,950			(23,176	)		—			(23,176	)
7.223^(a)	1M BID Avg^(a)	01/02/23		4,500			(40,201	)		—			(40,201	)
1M BID Avg^(e)	5.750^(a)	01/02/23		4,050			12,519			5,764			6,755
1M BID Avg^(a)	6.372^(a)	01/02/23		1,275			6,525			—			6,525
1M BID Avg^(a)	6.660^(a)	01/02/23		2,505			20,426			5,347			15,079
1M BID Avg^(e)	5.330^(e)	01/02/24		6,000			(23,479	)		(1,220	)		(22,259	)
1M LIBOR+0.090^(d)	3M LIBOR	07/25/24	$	28,200			(28,779	)		452			(29,231	)
6.260^(a)	1M BID Avg^(a)	01/02/25	BRL	100			102			3			99
6M EURO^(b)	0.080^(f)	01/15/25	EUR	4,960			87,011			27,567			59,444
6M EURO^(b)	0.000^(f)	03/18/25		9,080			(1,453	)		—			(1,453	)
6M GBP^(f)	0.400^(f)	03/18/25	GBP	15,670			157,383			8,741			148,642
6M CHFOR^(b)	(0.500)^(f)	03/18/25	CHF	4,390			4,805			43,319			(38,514	)
6M GBP^(b)	1.000^(b)	03/18/25	GBP	1,860			55,494			53,961			1,533
3M NZDOR^(d)	1.500^(b)	03/18/25	NZD	9,920			255,303			(20,678	)		275,981
3M CDOR^(b)	1.750^(b)	03/18/25	CAD	6,810			188,898			(1,513	)		190,411
2.000^(b)	6M NIBOR^(f)	03/18/25	NOK	136,330			(748,361	)		(315,562	)		(432,799	)
0.000^(b)	6M EURO^(f)	03/18/25	EUR	9,080			(121,926	)		(369,601	)		247,675
6M GBP^(f)	0.270^(f)	06/17/25	GBP	16,640	^(c)		22,098			8,775			13,323
1.400^(b)	6M WIBOR^(f)	06/17/25	PLN	4,000	^(c)		(25,264	)		(9,226	)		(16,038	)
6M EURO^(b)	0.250^(f)	03/18/27	EUR	7,700			244,800			187,911			56,889
6M CDOR^(b)	2.750^(b)	06/21/28	CAD	8,010	^(c)		421,722			(52,195	)		473,917
1.500^(b)	6M EURO^(f)	06/21/28	EUR	5,050	^(c)		(417,993	)		(59,157	)		(358,836	)
0.500^(b)	6M GBP^(b)	03/10/30	GBP	6,720	^(c)		63,052			128,962			(65,910	)
6M AUDOR^(b)	1.000^(b)	03/11/30	AUD	12,100	^(c)		(79,333	)		(191,013	)		111,680
6M CHFOR^(b)	(0.200)^(f)	03/18/30	CHF	1,110			3,714			458			3,256
6M EURO^(b)	0.000^(f)	03/18/30	EUR	9,290			(1,454	)		—			(1,454	)
6M GBP^(b)	1.000^(b)	03/18/30	GBP	2,090			106,266			(571	)		106,837
6M AUDOR^(b)	1.750^(b)	03/18/30	AUD	12,210			617,655			299,924			317,731
3M LIBOR^(d)	2.000^(b)	03/18/30	$	710			90,989			27,105			63,884
3M CDOR^(b)	2.000^(b)	03/18/30	CAD	3,600			215,941			(33,776	)		249,717
2.000^(b)	6M NIBOR^(f)	03/18/30	NOK	14,410			(126,140	)		(7,064	)		(119,076	)
0.500^(d)	3M STIBOR^(f)	03/18/30	SEK	49,460			(56,486	)		(123,975	)		67,489
0.500^(b)	6M EURO^(f)	03/18/30	EUR	8,010			(475,244	)		(901,518	)		426,274
0.570^(f)	6M GBP^(f)	03/18/30	GBP	6,090			(200,973	)		15,033			(216,006	)
6M AUDOR^(b)	1.750^(b)	03/19/30	AUD	10,090	^(c)		153,625			178,624			(24,999	)
6M EURO^(b)	(0.250)^(f)	06/17/30	EUR	8,380	^(c)		(228,210	)		(342,538	)		114,328
3M KWCDC^(d)	1.000^(d)	06/17/30	KRW	2,267,220			(14,238	)		13,911			(28,149	)
0.308^(f)	6M GBP^(f)	06/17/30	GBP	4,570	^(c)		(579	)		(13,046	)		12,467
0.400^(f)	6M GBP^(f)	06/17/30		6,640	^(c)		(75,638	)		(24,415	)		(51,223	)
1.750^(d)	3M LIBOR^(b)	06/18/30	$	6,800	^(c)		(273,082	)		(280,728	)		7,646
6M EURO^(b)	0.280^(f)	07/06/31	EUR	800	^(c)		18,246			2,135			16,111
1.250^(b)	6M GBP^(b)	03/18/35	GBP	1,360			(154,846	)		(50,412	)		(104,434	)
6M EURO^(b)	0.750^(f)	03/18/40	EUR	780			91,263			44,096			47,167
6M GBP^(b)	1.250^(b)	03/18/40	GBP	540			80,004			22,801			57,203
0.400^(f)	6M GBP^(f)	06/17/40		3,050	^(c)		(39,090	)		(16,427	)		(22,663	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1.750 % ^(d)		3M LIBOR^(b)	06/19/40	$	1,400	^(c)	$	(94,278	)	$	(37,745	)	$	(56,533	)
6M JYOR^(b)		0.500 % ^(b)	06/20/40	JPY	244,300	^(c)		49,549			48,239			1,310
6M GBP^(b)		1.250^(b)	03/18/50	GBP	550			127,059			32,803			94,256
6M JYOR^(b)		0.500^(b)	06/20/50	JPY	328,990	^(c)		54,264			52,314			1,950
1.750^(d)		3M LIBOR^(b)	06/20/50	$	2,330	^(c)		(153,519	)		(85,593	)		(67,926	)

TOTAL							$	156,957		$	(1,527,507	)	$	1,684,464

(a)

Payments made monthly.

(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 March 31, 2020.

(d)

Payments made quarterly.

(e)

Payments made at the termination date.

(f)

Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Paid by the Fund^(a)		Credit Spread at March 31, 2020^(b)			Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)%		0.101	%	Barclays Bank PLC		12/20/21	$	460	$	(7,326	)	$	(630	)	$	(6,696	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.074		Citibank NA		12/20/20		13,280		(94,080	)		14,501			(108,581	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.089		Deutsche Bank AG (London)		06/20/21		100		(1,139	)		(6	)		(1,133	)

TOTAL											$	(102,545	)	$	13,865		$	(116,410	)

(a)

Payments made quarterly.

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)			Credit Spread at March 31, 2020^(b)			Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 28		1.000	%		1.103	%		06/20/22	$	22,525	$	(11,652	)	$	362,173		$	(373,825	)
CDX.NA.IG Index 32		1.000			1.024			06/20/24		13,890		(13,956	)		169,513			(183,469	)
CDX.NA.IG Index 33		1.000			1.079			12/20/24		22,050		(71,233	)		224,303			(295,536	)
iTraxx Europe Series 33		1.000			1.238			06/20/30	EUR	7,450		(180,850	)		(307,681	)		126,831
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000			1.576			06/20/24	$	1,130		(24,412	)		4,556			(28,968	)
Republic of Chile, 3.875%, 08/05/20		1.000			1.175			12/20/24		1,000		(8,613	)		23,910			(32,523	)
Republic of Colombia, 10.375%, 01/28/33		1.000			1.953			06/20/24		2,950		(113,100	)		(9,224	)		(103,876	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)			Credit Spread at March 31, 2020^(b)			Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Republic of Indonesia, 5.875%, 03/13/20		1.000	%		1.736	%		06/20/24	$	110	$	(3,051	)	$	(211	)	$	(2,840	)
Republic of Peru, 8.750%, 11/21/33		1.000			0.972			06/20/24		20		28			415			(387	)
Russian Federation, 7.500%, 03/31/30		1.000			1.841			12/20/24		1,580		(57,924	)		8,884			(66,808	)
Unibail-Rodamco-Westfield SE, 2.375%, 02/25/21		1.000			2.166			06/20/24	EUR	1,200		(61,999	)		21,251			(83,250	)
United Mexican States, 4.150%, 03/28/27		1.000			2.035			06/20/24	$	320		(13,440	)		(4,000	)		(9,440	)

TOTAL											$	(560,202	)	$	493,889		$	(1,054,091	)

(a)

Payments made quarterly.

(b)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts

6M IRS	Deutsche Bank AG (London)		1.985	%		06/09/2020		11,400,000		$	11,400,000		$	235		$	132,625		$	(132,390	)
Written option contracts
Calls
1Y IRS	Barclays Bank PLC		(0.340	)		03/25/2021		(18,850,000	)		(18,850,000	)		(19,324	)		(22,056	)		2,732
4M IRS	Barclays Bank PLC		(0.400	)		06/26/2020		(7,320,000	)		(7,320,000	)		(10,721	)		(22,533	)		11,812
6M IRS	Barclays Bank PLC		(0.350	)		05/27/2020		(22,190,000	)		(22,190,000	)		(34,365	)		(32,972	)		(1,393	)
1Y IRS	BofA Securities LLC		(0.390	)		03/25/2021		(17,810,000	)		(17,810,000	)		(13,806	)		(21,590	)		7,784
1M IRS	Deutsche Bank AG (London)		0.395			09/30/2020		(9,900,000	)		(9,900,000	)		(111,345	)		(125,730	)		14,385
6M IRS	Deutsche Bank AG (London)		0.395			09/30/2020		(9,900,000	)		(9,900,000	)		(111,345	)		(102,960	)		(8,385	)
1Y IRS	JPMorgan Securities, Inc.		(0.390	)		03/25/2021		(12,110,000	)		(12,110,000	)		(9,388	)		(12,982	)		3,594
4M IRS	JPMorgan Securities, Inc.		(0.400	)		06/26/2020		(11,490,000	)		(11,490,000	)		(16,829	)		(36,674	)		19,845
6M IRS	JPMorgan Securities, Inc.		(0.350	)		08/13/2020		(15,360,000	)		(15,360,000	)		(44,777	)		(40,466	)		(4,311	)
6M IRS	MS & Co. Int. PLC		(0.350	)		08/13/2020		(15,360,000	)		(15,360,000	)		(44,776	)		(39,966	)		(4,810	)
1Y IRS	UBS AG (London)		(0.256	)		08/27/2020		(5,070,000	)		(5,070,000	)		(39,479	)		(81,676	)		42,197
6M IRS	UBS AG (London)		0.350			05/27/2020		(4,560,000	)		(4,560,000	)		(146,730	)		(5,054	)		(141,676	)
6M IRS	UBS AG (London)		0.380			07/02/2021		(1,860,000	)		(1,860,000	)		(95,059	)		(72,327	)		(22,732	)

								(151,780,000	)	$	(151,780,000	)	$	(697,944	)	$	(616,986	)	$	(80,958	)
Puts
1Y IRS	Barclays Bank PLC		0.340			03/25/2021		(18,850,000	)		(18,850,000	)		(22,233	)		(22,056	)		(177	)
6M IRS	Barclays Bank PLC		0.100			05/27/2020		(22,190,000	)		(22,190,000	)		(38,858	)		(67,305	)		28,447
1Y IRS	BofA Securities LLC		0.390			03/25/2021		(17,810,000	)		(17,810,000	)		(26,477	)		(19,015	)		(7,462	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts (continued)
6M IRS	Deutsche Bank AG (London)		2.235	%		06/09/2020		(27,000,000	)	$	(27,000,000	)	$	(91	)	$	(27,000	)	$	26,909
1Y IRS	JPMorgan Securities, Inc.		0.390			03/25/2021		(25,160,000	)		(25,160,000	)		(18,003	)		(65,536	)		47,533
6M IRS	UBS AG (London)		0.100			05/27/2020		(4,560,000	)		(4,560,000	)		(1,597	)		(15,668	)		14,071
6M IRS	UBS AG (London)		0.380			07/02/2021		(1,860,000	)		(1,860,000	)		(31,658	)		(23,470	)		(8,188	)

								(117,430,000	)	$	(117,430,000	)	$	(138,917	)	$	(240,050	)	$	101,133

Total written option contracts								(269,210,000	)	$	(269,210,000	)	$	(836,861	)	$	(857,036	)	$	20,175

TOTAL								(257,810,000	)	$	(257,810,000	)	$	(836,626	)	$	(724,411	)	$	(112,215	)



Abbreviations:
1Y IRS		—1 Year Interest Rate Swaptions
1M BID Avg		—1 Month Brazilian Interbank Deposit Average
4M IRS		—4 Month Interest Rate Swaptions
6M IRS		—6 Month Interest Rate Swaptions
BoA Securities LLC		—Bank of America Securities LLC
CDX.NA.IG Index 28		—CDX North America Investment Grade Index 28
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D		—Mexico Interbank TIIE 28 Days


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

GOLDMAN SACHS INCOME FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – 1.0%
Diversified Manufacturing^(b) – 0.4%
	AI Aqua Merger Sub, Inc.
$	29,923		0.000	%		12/13/23	$	25,435
	19,948		0.000			12/13/23		16,956
	Apex Tool Group LLC
	64,589		0.000			08/01/24		49,383

								91,774

Entertainment^(c) – 0.3%
	Playtika Holding Corp.(6M LIBOR + 6.000%)
	64,188		7.072			12/10/24		59,587

Healthcare Providers & Services^(c) – 0.1%
	Envision Healthcare Corp. (1M LIBOR + 3.750%)
	49,874		4.739			10/10/25		25,186

Technology – Software/Services^(b) – 0.2%
	Vertafore, Inc.
	39,798		0.000			07/02/25		34,860
	25,000		0.000			07/02/26		21,300

								56,160

	TOTAL BANK LOANS
	(Cost $285,369)						$	232,707



Corporate Obligations – 83.2%
Advertising^(d)(e) – 0.2%
	Terrier Media Buyer, Inc.
	50,000		8.875			12/15/27		42,750

Aerospace & Defense^(d)(e) – 0.4%
	Bombardier, Inc.
	85,000		7.500			12/01/24		59,075
	TransDigm, Inc.
	50,000		5.500			11/15/27		44,875

								103,950

Agriculture – 0.7%
	MHP Lux SA
	200,000		6.950			04/03/26		167,625

Automotive – 0.8%
	Adient US LLC^(d)(e)
	40,000		7.000			05/15/26		37,000
	Dealer Tire LLC/DT Issuer LLC^(d)(e)
	35,000		8.000			02/01/28		28,000
	Delphi Technologies PLC^(e)
	30,000		5.000			10/01/25		23,925
	General Motors Financial Co., Inc.^(d)
	50,000		3.250			01/05/23		46,246
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc.^(d)(e)
	60,000		6.250			05/15/26		56,700

								191,871

Banks – 15.1%
	Banco do Brasil SA^(c)(d)(10 Year CMT + 4.398%)
	200,000		6.250			04/15/49		157,000
	Banco Mercantil del Norte SA^(c)(d)(10 year CMT + 5.353%)
	200,000		7.625			01/10/49		148,500


Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp.
	125,000		4.200			08/26/24		132,750
	175,000		3.248	^(d)		10/21/27		182,721
	(3M USD LIBOR + 3.150%)
	41,000		4.083	^(c)(d)		03/20/51		46,328
	BNP Paribas SA^(e)
	200,000		3.375			01/09/25		199,218
	Citigroup, Inc.
	125,000		3.400			05/01/26		132,093
	125,000		4.300			11/20/26		131,651
	(SOFR + 3.914%)
	75,000		4.412	^(c)(d)		03/31/31		82,393
	Credit Bank of Moscow Via CBOM Finance PLC^(e)
	200,000		4.700			01/29/25		152,630
	Credit Suisse Group AG^(c)(d)(e)(SOFR + 3.730%)
	250,000		4.194			04/01/31		256,157
	Credit Suisse Group Funding Guernsey Ltd.
	250,000		4.550			04/17/26		263,942
	HSBC Holdings PLC
	205,000		4.950			03/31/30		226,168
	Huntington Bancshares, Inc.^(d)
	50,000		2.625			08/06/24		50,629
	Itau Unibanco Holding SA^(c)(d)(5 Year CMT + 3.981%)
	200,000		6.125			12/12/99		185,375
	JPMorgan Chase & Co.^(d)
	(SOFR + 1.160%)
	200,000		2.301	^(c)		10/15/25		199,468
	125,000		3.625			12/01/27		130,970
	(3M USD LIBOR + 3.800%)
	40,000		5.300	^(c)		12/29/49		37,304
	Morgan Stanley, Inc. (SOFR + 1.152%)
	175,000		2.720	^(c)(d)		07/22/25		175,950
	125,000		3.950			04/23/27		129,744
	Turkiye Vakiflar Bankasi TAO
	210,000		6.000			11/01/22		188,016
	Wells Fargo & Co.
	125,000		4.300			07/22/27		132,453
	Yapi ve Kredi Bankasi A/S^(c)(d)(e)(5 Year USD Swap + 11.245%)
	200,000		13.875			01/15/99		196,062

								3,537,522

Beverages^(d) – 1.9%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	175,000		3.650			02/01/26		183,760
	Anheuser-Busch InBev Worldwide, Inc.
	50,000		4.750			01/23/29		55,134
	Constellation Brands, Inc.
	175,000		3.700			12/06/26		173,726
	PepsiCo., Inc.
	24,000		2.750			03/19/30		25,485

								438,105

Building Materials^(d)(e) – 0.9%
	Builders FirstSource, Inc.
	17,000		5.000			03/01/30		15,428


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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Building Materials^(d)(e) – (continued)
	Griffon Corp.
$	17,000		5.750	%		03/01/28	$	15,980
	JELD-WEN, Inc.
	200,000		4.875			12/15/27		176,500

								207,908

Chemicals^(d) – 1.5%
	Kraton Polymers LLC/Kraton Polymers Capital Corp.^(e)
	50,000		7.000			04/15/25		44,250
	OCI NV^(e)
	200,000		5.250			11/01/24		189,500
	The Sherwin-Williams Co.
	125,000		3.125			06/01/24		124,466

								358,216

Commercial Services^(d) – 1.5%
	IHS Markit Ltd.
	50,000		3.625			05/01/24		50,792
	PayPal Holdings, Inc.
	250,000		2.650			10/01/26		245,047
	Refinitiv US Holdings, Inc.^(e)
	55,000		8.250			11/15/26		58,025

								353,864

Computers^(d) – 2.0%
	Dell International LLC/EMC Corp.^(e)
	240,000		4.000			07/15/24		242,637
	Hewlett Packard Enterprise Co.
	225,000		4.900			10/15/25		232,612

								475,249

Distribution & Wholesale^(d)(e)(f) – 0.3%
	Core & Main Holdings LP(PIK 9.375%, Cash 8.625%)
	70,000		8.625			09/15/24		64,050

Diversified Financial Services – 3.7%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust^(d)
	150,000		4.875			01/16/24		128,833
	Air Lease Corp.^(d)
	120,000		3.750			06/01/26		103,446
	American Express Co.^(c)(d) (3M USD LIBOR + 3.285%)
	25,000		4.026			12/29/49		21,125
	Avolon Holdings Funding Ltd.^(d)(e)
	60,000		3.950			07/01/24		47,279
	50,000		2.875			02/15/25		39,535
	Global Aircraft Leasing Co. Ltd.^(d)(e)(f)(PIK 7.250%, Cash 6.500%)
	85,000		6.500			09/15/24		52,913
	LPL Holdings, Inc.^(d)(e)
	195,000		4.625			11/15/27		178,425
	Muthoot Finance Ltd.^(e)
	200,000		6.125			10/31/22		170,375
	Navient Corp.^(d)
	150,000		5.000			03/15/27		129,000

								870,931


Corporate Obligations – (continued)
Electrical^(d) – 2.1%
	American Electric Power Co., Inc.
	25,000		2.300			03/01/30		23,317
	FirstEnergy Corp.
	75,000		2.650			03/01/30		70,794
	Sempra Energy
	50,000		3.400			02/01/28		50,736
	The Southern Co.
	120,000		3.250			07/01/26		120,906
	Transelec SA
	200,000		3.875			01/12/29		178,000
	Vistra Operations Co. LLC^(e)
	60,000		4.300			07/15/29		53,317

								497,070

Electronics^(e) – 0.1%
	Sensata Technologies B.V.
	25,000		4.875			10/15/23		23,812
	2,000		5.625			11/01/24		1,928

								25,740

Engineering & Construction^(d) – 1.4%
	IHS Netherlands Holdco B.V.
	200,000		7.125			03/18/25		169,000
	Mexico City Airport Trust
	200,000		5.500			10/31/46		162,000

								331,000

Entertainment^(d) – 2.1%
	Lions Gate Capital Holdings LLC^(e)
	130,000		5.875			11/01/24		111,800
	Motion Bondco DAC^(e)
	200,000		6.625			11/15/27		152,000
	Pinewood Finance Co., Ltd.
GBP	100,000		3.250			09/30/25		115,767
	Scientific Games International, Inc.^(e)
	185,000		8.250			03/15/26		118,400

								497,967

Environmental^(d)(e) – 1.0%
	GFL Environmental, Inc.
	117,000		7.000			06/01/26		113,490
	Waste Pro USA, Inc.
	119,000		5.500			02/15/26		109,629

								223,119

Food & Beverages – 0.1%
	General Mills, Inc.
	26,000		2.875			04/15/30		25,948

Food & Drug Retailing^(d) – 0.6%
	Kraft Heinz Foods Co.
	115,000		5.000			07/15/35		115,101
	Post Holdings, Inc.^(e)
	22,000		4.625			04/15/30		21,065

								136,166


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)
Gaming^(d)(e) – 0.9%
	Boyd Gaming Corp.
$	200,000		4.750	%		12/01/27	$	165,000
	Station Casinos LLC
	44,000		4.500			02/15/28		35,640

								200,640

Gas^(d) – 0.2%
	NiSource, Inc.
	50,000		3.490			05/15/27		50,686

Healthcare Providers & Services – 2.0%
	Centene Corp.^(d)(e)
	60,000		4.250			12/15/27		60,397
	Charles River Laboratories International, Inc.^(d)(e)
	60,000		4.250			05/01/28		58,200
	CHS/Community Health Systems, Inc.^(d)(e)
	40,000		8.000			03/15/26		38,000
	HCA, Inc.
	50,000		5.375			02/01/25		51,125
	60,000		5.625	^(d)		09/01/28		63,000
	MEDNAX, Inc.^(d)(e)
	50,000		6.250			01/15/27		40,161
	MPH Acquisition Holdings LLC^(e)
	50,000		7.125			06/01/24		44,000
	Tenet Healthcare Corp.
	58,000		6.750			06/15/23		53,505
	Zimmer Biomet Holdings, Inc.^(d)
	50,000		3.550			03/20/30		49,666

								458,054

Home Builders^(d)(e) – 0.2%
	Mattamy Group Corp.
	42,000		4.625			03/01/30		36,540

Housewares^(d) – 0.2%
	Newell Brands, Inc.
	38,000		4.200			04/01/26		37,240

Insurance^(d) – 2.2%
	Acrisure LLC/Acrisure Finance, Inc.^(e)
	60,000		8.125			02/15/24		56,400
	60,000		10.125			08/01/26		57,600
	American International Group, Inc.
	175,000		3.900			04/01/26		180,346
	Arch Capital Finance LLC
	55,000		4.011			12/15/26		55,514
	AXA Equitable Holdings, Inc.
	60,000		4.350			04/20/28		59,369
	HUB International Ltd.^(e)
	60,000		7.000			05/01/26		57,600
	Prudential Financial, Inc.^(c) (3M USD LIBOR + 3.920%)
	50,000		5.625			06/15/43		46,849

								513,678

Internet – 2.3%
	Match Group, Inc.^(d)(e)
	53,000		4.125			08/01/30		47,700


Corporate Obligations – (continued)
Internet – (continued)
	Netflix, Inc.
	185,000		5.875			02/15/25		194,712
	50,000		4.875	^(d)(e)		06/15/30		51,000
	Twitter, Inc.^(d)(e)
	60,000		3.875			12/15/27		57,600
	Uber Technologies, Inc.^(d)(e)
	195,000		7.500			11/01/23		191,588

								542,600

Iron/Steel^(d)(e) – 0.5%
	Cleveland-Cliffs, Inc.
	75,000		4.875			01/15/24		68,250
	50,000		6.750			03/15/26		44,500

								112,750

Machinery-Diversified^(d)(e) – 0.2%
	Titan Acquisition Ltd./Titan Co-Borrower LLC
	57,000		7.750			04/15/26		47,595

Media – 6.3%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(d)
	175,000		4.908			07/23/25		188,100
	Comcast Corp.^(d)
	100,000		4.150			10/15/28		113,019
	DISH DBS Corp.
	123,000		7.750			07/01/26		125,768
	Entercom Media Corp.^(d)(e)
	190,000		6.500			05/01/27		165,300
	Gray Television, Inc.^(d)(e)
	180,000		7.000			05/15/27		179,100
	iHeartCommunications, Inc.^(d)
	55,000		8.375			05/01/27		47,025
	Meredith Corp.^(d)
	195,000		6.875			02/01/26		167,700
	Scripps Escrow, Inc.^(d)(e)
	115,000		5.875			07/15/27		101,200
	TEGNA, Inc.^(d)(e)
	50,000		4.625			03/15/28		44,250
	The Walt Disney Co.
	44,000		3.800			03/22/30		49,327
	Virgin Media Secured Finance PLC^(d)(e)
	200,000		5.500			05/15/29		200,750
	Ziggo Bond Co. B.V.^(d)(e)
EUR	100,000		3.375			02/28/30		98,894

								1,480,433

Metals & Mining – 0.9%^(d)
	Anglo American Capital Co.
	200,000		5.625			04/01/30		202,890

Mining^(d) – 2.3%
	Aleris International, Inc.^(e)
	85,000		10.750			07/15/23		85,000
	Arconic Corp.^(e)
	52,000		6.125			02/15/28		53,105
	FMG Resources August 2006 Pty Ltd.^(e)
	35,000		5.125			03/15/23		34,781


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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Mining^(d) – (continued)
	Freeport-McMoRan, Inc.
$	200,000		5.400	%		11/14/34	$	186,000
	Glencore Funding LLC^(e)
	50,000		4.125			03/12/24		46,742
	Newmont Corp.
	50,000		2.250			10/01/30		46,487
	Novelis Corp.^(e)
	100,000		4.750			01/30/30		89,500

								541,615

Miscellaneous Manufacturing – 0.5%
	General Electric Co.
	125,000		3.375			03/11/24		123,783

Oil Field Services – 2.9%
	Antero Resources Corp.^(d)
	17,000		5.375			11/01/21		12,070
	30,000		5.125			12/01/22		16,200
	BP Capital Markets America, Inc.^(d)
	115,000		3.796			09/21/25		119,498
	Devon Energy Corp.^(d)
	55,000		5.850			12/15/25		44,787
	DNO ASA^(d)(e)
	100,000		8.750			05/31/23		53,550
	Kosmos Energy Ltd.^(d)
	200,000		7.125			04/04/26		110,282
	Laredo Petroleum, Inc.^(d)
	40,000		9.500			01/15/25		16,000
	Nabors Industries, Inc.^(d)
	60,000		5.750			02/01/25		13,200
	Occidental Petroleum Corp.^(d)
	60,000		2.700			02/15/23		36,214
	Petrobras Global Finance B.V.
	190,000		5.299			01/27/25		180,856
	Transocean, Inc.^(d)(e)
	40,000		8.000			02/01/27		19,000
	USA Compression Partners LP/USA Compression Finance Corp.^(d)
	83,000		6.875			04/01/26		51,875

								673,532

Packaging^(e) – 1.3%
	Sealed Air Corp.
	113,000		6.875			07/15/33		114,695
	Trivium Packaging Finance B.V.^(d)
	200,000		8.500			08/15/27		201,000

								315,695

Pharmaceuticals^(d) – 4.1%
	AbbVie, Inc.^(e)
	175,000		3.200			11/21/29		175,383
	Bausch Health Cos., Inc.
EUR	100,000		4.500			05/15/23		105,273
$	175,000		9.000	^(e)		12/15/25		184,188
	35,000		5.000	^(e)		01/30/28		32,900
	Becton Dickinson & Co.
	175,000		3.700			06/06/27		177,730


Corporate Obligations – (continued)
Pharmaceuticals^(d) – (continued)
	Cigna Corp.
	84,000		3.750			07/15/23		85,698
	CVS Health Corp.
	125,000		3.375			08/12/24		128,104
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.^(e)
	77,000		7.250			08/15/26		65,450

								954,726

Pipelines^(d) – 3.8%
	Antero Midstream Partners LP/Antero Midstream Finance Corp.
	60,000		5.375			09/15/24		40,800
	Buckeye Partners LP
	215,000		3.950			12/01/26		176,300
	50,000		4.125			12/01/27		41,000
	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.^(e)
	25,000		5.625			05/01/27		13,625
	Energy Transfer Operating LP
	60,000		4.050			03/15/25		53,252
	EnLink Midstream Partners LP
	40,000		4.400			04/01/24		20,200
	Enterprise Products Operating LLC
	60,000		3.350			03/15/23		58,887
	Genesis Energy LP/Genesis Energy Finance Corp.
	95,000		7.750			02/01/28		67,925
	MPLX LP
	60,000		4.000			03/15/28		50,999
	NuStar Logistics LP
	45,000		6.000			06/01/26		33,750
	Plains All American Pipeline LP/PAA Finance Corp.
	60,000		3.850			10/15/23		54,266
	Sabine Pass Liquefaction LLC
	115,000		5.625			04/15/23		106,948
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
	45,000		5.500			08/15/22		9,900
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	95,000		5.375			02/01/27		78,375
	The Williams Cos., Inc.
	60,000		4.550			06/24/24		54,805
	Western Midstream Operating LP
	50,000		3.100			02/01/25		26,118

								887,150

Real Estate Investment Trust^(d) – 2.4%
	Alexandria Real Estate Equities, Inc.
	115,000		3.800			04/15/26		115,387
	American Tower Corp.
	175,000		3.375			05/15/24		174,795
	Realogy Group LLC/Realogy Co-Issuer Corp.^(e)
	70,000		9.375			04/01/27		58,450
	Regency Centers LP
	60,000		2.950			09/15/29		56,327
	Spirit Realty LP
	60,000		4.000			07/15/29		56,635


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)
Real Estate Investment Trust^(d) – (continued)
	VEREIT Operating Partnership LP
$	55,000		4.875	%		06/01/26	$	52,956
	WP Carey, Inc.
	60,000		3.850			07/15/29		58,502

								573,052

Retailing^(d) – 1.6%
	Asbury Automotive Group, Inc.^(e)
	5,000		4.500			03/01/28		4,300
	Beacon Roofing Supply, Inc.^(e)
	205,000		4.875			11/01/25		185,012
	IRB Holding Corp.^(e)
	54,000		6.750			02/15/26		43,200
	Lowe’s Cos., Inc.
	20,000		5.125			04/15/50		23,926
	The Home Depot, Inc.
	30,000		3.350			04/15/50		31,784
	Yum! Brands, Inc.^(e)
	2,000		7.750			04/01/25		2,103
	88,000		4.750			01/15/30		82,720

								373,045

Semiconductors^(d) – 2.4%
	Amkor Technology, Inc.^(e)
	55,000		6.625			09/15/27		50,737
	Broadcom Corp./Broadcom Cayman Finance Ltd.
	185,000		3.625			01/15/24		182,934
	NXP B.V./NXP Funding LLC/NXP USA, Inc.^(e)
	240,000		3.875			06/18/26		234,379
	Qorvo, Inc.^(e)
	100,000		4.375			10/15/29		92,000

								560,050

Software^(d) – 3.0%
	Adobe, Inc.
	25,000		2.150			02/01/27		25,419
	50,000		2.300			02/01/30		49,677
	Camelot Finance SA^(e)
	195,000		4.500			11/01/26		186,225
	Castle US Holding Corp.^(e)
	45,000		9.500			02/15/28		42,975
	Fair Isaac Corp.^(e)
	15,000		4.000			06/15/28		14,213
	Fiserv, Inc.
	240,000		3.200			07/01/26		246,096
	Open Text Holdings, Inc.^(e)
	67,000		4.125			02/15/30		62,980
	Oracle Corp.
	36,000		3.600			04/01/50		35,968
	PTC, Inc.^(e)
	31,000		3.625			02/15/25		29,062

								692,615

Telecommunication Services – 6.3%
	Altice France SA^(d)(e)
EUR	100,000		2.125			02/15/25		101,191


Corporate Obligations – (continued)
Telecommunication Services – (continued)
	AT&T, Inc.^(d)
$	125,000		4.125			02/17/26		132,410
	50,000		4.250			03/01/27		53,416
	Intelsat Jackson Holdings SA^(e)
	55,000		9.500			09/30/22		55,550
	MTN Mauritius Investments Ltd.
	200,000		6.500			10/13/26		190,437
	Sprint Capital Corp.
	125,000		8.750			03/15/32		164,688
	Sprint Corp.
	90,000		7.875			09/15/23		98,775
	Telecom Italia SpA^(d)
EUR	175,000		2.875			01/28/26		181,388
	Telesat Canada/Telesat LLC^(d)(e)
$	195,000		6.500			10/15/27		188,906
	Verizon Communications, Inc.
	225,000		3.376			02/15/25		241,288
	50,000		4.329			09/21/28		57,189
	17,000		3.150	^(d)		03/22/30		18,350

								1,483,588

Toys/Games/Hobbies^(d)(e) – 0.2%
	Mattel, Inc.
	38,000		5.875			12/15/27		38,760

Transportation^(d) – 0.1%
	Canadian Pacific Railway Co.
	25,000		2.050			03/05/30		23,292

	TOTAL CORPORATE OBLIGATIONS
	(Cost $21,677,609)						$	19,473,060



Mortgage-Backed Obligations – 18.6%
Collateralized Mortgage Obligations^(c) – 0.5%
Interest Only – 0.5%
	FNMA REMIC Series 2017-86, Class SB(-1x M USD LIBOR + 6.150%)
$	359,123		5.203	%		11/25/47	$	56,341
	GNMA REMIC Series 2018-124, Class SN(-1X 1M USD LIBOR + 6.200%)
	354,777		5.427			09/20/48		62,434

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	118,775

Federal Agencies^(g) – 18.1%
GNMA – 4.5%
	1,000,000		4.500			TBA-30yr		1,060,296

UMBS, 30 Year, Single Family – 13.6%
	1,000,000		2.500			TBA-30yr		1,036,593
	1,000,000		3.500			TBA-30yr		1,057,685
	1,000,000		5.000			TBA-30yr		1,079,222

								3,173,500

	TOTAL FEDERAL AGENCIES						$	4,233,796

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $4,294,751)						$	4,352,571


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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Debt Obligations – 13.4%
Sovereign – 13.4%
	Dominican Republic
$	190,000		5.500	%		01/27/25	$	181,925
	Mexico Government International Bond
	340,000		4.500			04/22/29		347,438
	Perusahaan Penerbit SBSN
	350,000		4.150			03/29/27		350,437
	Republic of Angola^(e)
	200,000		8.250			05/09/28		76,000
	Republic of Argentina
	270,000		4.625			01/11/23		79,059
	Republic of Egypt
EUR	180,000		4.750			04/11/25		171,970
	Republic of Ghana^(e)
$	210,000		6.375			02/11/27		152,906
	Republic of Lebanon^(h)
	10,000		6.200			02/26/25		1,800
	10,000		6.750			11/29/27		1,800
	20,000		6.850			05/25/29		3,600
	110,000		6.650			02/26/30		19,800
	Republic of Morocco Ecuador
	200,000		10.750			03/28/22		62,500
	Republic Of Nigeria
	200,000		7.625			11/21/25		154,000
	Republic of Paraguay
	200,000		4.700			03/27/27		201,375
	Republic of Romania^(e)
EUR	70,000		3.375			01/28/50		68,833
	Republic of South Africa
$	100,000		4.665			01/17/24		93,500
	Republic of Turkey
	200,000		6.125			10/24/28		176,125
	Russian Federation Bond
	400,000		4.750			05/27/26		425,400
	Saudi Government International Bond^(e)
	200,000		2.750			02/03/32		185,000
	State of Israel
	200,000		2.750			07/03/30		200,000
	Ukraine Government Bond
	190,000		7.750			09/01/23		177,650

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $3,816,928)						$	3,131,118


Shares	Dividend Rate			Value


Investment Company⁽ⁱ⁾ – 1.9%
Goldman Sachs Financial Square Government Fund – Institutional Shares
455,147		0.333	%	$	455,147
(Cost $455,147)

TOTAL INVESTMENTS – 118.1%
(Cost $30,529,804)				$	27,644,603

LIABILITIES IN EXCESS OF OTHER ASSETS – (18.1)%					(4,230,037	)

NET ASSETS – 100.0%				$	23,414,566



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 March 31, 2020. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		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.

(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 March 31, 2020.

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

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

(f)		Pay-in-kind securities.

(g)		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 $4,233,796 which represents approximately 18.1% of the Fund’s net assets as of March 31, 2020.

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

(i)		Represents an affiliated issuer.



Currency Abbreviations:
EUR		—Euro
GBP		—British Pound
USD		—U.S. Dollar

Investment Abbreviations:
BP		—British Pound Offered Rate
CMT		—Constant Maturity Treasury Indexes
EURO		—Euro Offered Rate
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
MTN		—Medium Term Note
PLC		—Public Limited Company
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate


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

GOLDMAN SACHS INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	202,120	EUR	180,376		05/14/20	$	2,834
	USD	131,302	GBP	102,444		04/29/20		3,969

TOTAL							$	6,803

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	EUR	262,000	USD	293,152		05/14/20	$	(3,684	)
	USD	817,646	EUR	753,358		05/14/20		(14,692	)

TOTAL							$	(18,376	)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		4			06/19/20	$	887,500		$	86,243
2 Year U.S. Treasury Notes		11			06/30/20		2,424,211			325
10 Year U.S. Treasury Notes		3			06/19/20		416,062			7,281

Total									$	93,849
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(1	)		06/19/20		(156,031	)		248
5 Year U.S. Treasury Notes		(9	)		06/30/20		(1,128,235	)		(28,783	)
10 Year German Euro-Bund		(1	)		06/08/20		(190,261	)		(740	)
20 Year U.S. Treasury Bonds		(4	)		06/19/20		(716,250	)		(2,700	)
30 day Federal Funds		(1	)		05/29/20		(416,408	)		(6,044	)

Total									$	(38,019	)

TOTAL FUTURES CONTRACTS									$	55,830


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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.000%^(a)		6M EURO^(b)	03/18/24	EUR	310	^(c)	$	(3,900	)	$	(3,218	)	$	(682	)
0.750^(a)		6M EURO^(b)	03/18/40		70			(8,164	)		(3,648	)		(4,516	)

TOTAL							$	(12,064	)	$	(6,866	)	$	(5,198	)

(a)

Payments made semi-annually.

(b)

Payments made annually.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2020.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2020^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY Index 34		5.000%	6.575%		06/20/25	$	50	$	(3,162	)	$	(2,072	)	$	(1,090	)
CDX.NA.IG Index 28		1.000	1.103		06/20/22		625		359			9,593			(9,234	)
CDX.NA.IG Index 33		1.000	1.079		12/20/24		3,700		(12,020	)		79,699			(91,719	)

TOTAL								$	(14,823	)	$	87,220		$	(102,043	)

(a)

Payments made quarterly.

(b)



Abbreviations:
CDX.NA.IG Index 28		—CDX North America Investment Grade Index 28
CDX.NA.IG Index 33		—CDX North America Investment Grade Index 33
CDX.NA.IG Index 34		—CDX North America Investment Grade Index 34
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a)(b) – 2.4%
Building Materials – 0.2%
	CPG International, Inc. (3M LIBOR + 3.750%)
$	2,722,010		5.933	%		05/05/24	$	2,257,580

Chemicals – 0.3%
	Momentive Performance Materials, Inc. (1M LIBOR + 3.250%)
	2,322,450		4.240			05/15/24		1,866,437
	Starfruit Finco B.V. (1M LIBOR + 3.000%)
	1,688,145		3.863			10/01/25		1,502,449

								3,368,886

Food & Drug Retailers – 0.1%
	B&G Foods, Inc. (1M LIBOR + 2.500%)
	547,250		3.489			10/10/26		506,376

Health Care – Services – 0.2%
	MPH Acquisition Holdings LLC (3M LIBOR + 2.750%)
	1,977,046		4.200			06/07/23		1,741,442

Health Care – Services – 0.2%
	Sotera Health Holdings LLC (1M LIBOR + 4.500%)
	1,984,733		5.500			12/11/26		1,718,659

Media – Broadcasting & Radio – 0.1%
	Getty Images, Inc. (1M LIBOR + 4.500%)
	928,077		5.500			02/19/26		733,181

Media – Cable – 0.2%
	CSC Holdings LLC (1M LIBOR + 2.250%)
	1,979,644		2.862			07/17/25		1,883,968

Media – Non Cable^(c) – 0.0%
	Terrier Media Buyer, Inc. (3M LIBOR + 4.250%)
	498,750		5.700			12/17/26		440,147

Real Estate Investment Trust^(c) – 0.1%
	Brookfield Property REIT, Inc. (1M LIBOR + 2.250%)
	2,050,000		3.239			08/28/23		1,332,500

Services Cyclical – Business Services – 0.2%
	Travelport Finance (Luxembourg) S.a.r.l. (3M LIBOR + 5.000%)
	3,631,750		6.072			05/29/26		2,326,136

Services Cyclical – Consumer Services – 0.3%
	Asurion LLC (1M LIBOR + 3.000%)
	2,698,432		3.989			08/04/22		2,545,511

Technology – Software/Services – 0.5%
	Infor (US), Inc. (3M LIBOR + 2.750%)
	2,007,705		3.750			02/01/22		1,924,385
	The Ultimate Software Group, Inc. (1M LIBOR + 3.750%)
	920,375		4.739			05/04/26		854,412
	Vertafore, Inc. (1M LIBOR + 3.250%)
	3,097,658		4.239			07/02/25		2,713,270

								5,492,067

	TOTAL BANK LOANS
	(Cost $28,681,961)						$	24,346,453



Corporate Obligations – 46.0%
Advertising^(d)(e) – 0.1%
	Outfront Media Capital LLC/Outfront Media Capital Corp.
	665,000		5.000			08/15/27		615,125
	Terrier Media Buyer, Inc.
	800,000		8.875			12/15/27		684,000

								1,299,125

Aerospace & Defense^(e) – 0.9%
	Bombardier, Inc.^(d)
	2,661,000		7.500			12/01/24		1,849,395
	General Dynamics Corp.
	925,000		4.250			04/01/50		1,140,007
	Northrop Grumman Corp.
	130,000		4.030			10/15/47		148,701
	2,325,000		5.250			05/01/50		3,121,940
	SSL Robotics LLC^(d)
	440,000		9.750			12/31/23		457,600
	TransDigm, Inc.
	1,685,000		6.500			05/15/25		1,600,750
	1,250,000		5.500	^(d)		11/15/27		1,121,875
	Triumph Group, Inc.
	450,000		7.750			08/15/25		315,000

								9,755,268

Agriculture^(e) – 0.1%
	Archer-Daniels-Midland Co.
	800,000		3.250			03/27/30		846,856

Apparel^(e) – 0.5%
	NIKE, Inc.
	2,275,000		2.850			03/27/30		2,403,128
	1,950,000		3.250			03/27/40		2,033,577
	600,000		3.375			03/27/50		654,660

								5,091,365

Automotive^(e) – 0.6%
	Adient US LLC^(d)
	980,000		7.000			05/15/26		906,500
	American Axle & Manufacturing, Inc.
	550,000		6.250			04/01/25		451,000
	465,000		6.250			03/15/26		355,725
	460,000		6.500			04/01/27		354,775
	Cooper-Standard Automotive, Inc.^(d)
	650,000		5.625			11/15/26		487,500
	Dana, Inc.
	515,000		5.375			11/15/27		419,725
	Navistar International Corp.^(d)
	460,000		6.625			11/01/25		388,700
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc.^(d)
	1,570,000		8.500			05/15/27		1,369,825
	Tesla, Inc.^(d)
	1,085,000		5.300			08/15/25		1,017,187

								5,750,937

Banks – 6.4%
	Banco do Brasil SA^(b)(e)
	(10 Year CMT + 4.398%)
	1,900,000		6.250			10/29/49		1,491,500


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	(10 Year CMT + 6.362%)
$	630,000		9.000	%		06/29/49	$	596,649
	Bank of America Corp.^(b)(e)
	(3M USD LIBOR + 0.970%)
	450,000		3.458			03/15/25		466,578
	(3M USD LIBOR + 0.990%)
	400,000		2.496			02/13/31		386,720
	(3M USD LIBOR + 3.150%)
	3,950,000		4.083			03/20/51		4,463,342
	BNP Paribas SA^(d)
	5,700,000		3.375			01/09/25		5,677,713
	BPCE SA^(d)
	675,000		4.875			04/01/26		669,074
	CIT Bank NA^(b)(e)(SOFR + 1.715%)
	1,850,000		2.969			09/27/25		1,621,784
	Citigroup, Inc.^(e)
	6,250,000		3.200			10/21/26		6,472,312
	(SOFR + 3.914%)
	1,175,000		4.412	^(b)		03/31/31		1,290,820
	Credit Suisse Group AG^(b)(d)(e)
	(5 Year CMT + 3.293%)
	1,200,000		5.100			12/31/99		929,130
	(SOFR + 3.730%)
	2,450,000		4.194			04/01/31		2,510,343
	Freedom Mortgage Corp.^(d)(e)
	480,000		8.125			11/15/24		386,400
	490,000		8.250			04/15/25		389,550
	HSBC Holdings PLC
	800,000		4.950			03/31/30		882,608
	ING Groep NV^(d)
	4,000,000		4.625			01/06/26		4,221,200
	Itau Unibanco Holding SA^(b)(d)(e)(5 Year CMT + 3.222%)
	860,000		4.625			12/31/99		703,050
	JPMorgan Chase & Co.^(b)(e)
	(SOFR + 1.160%)
	7,525,000		2.301			10/15/25		7,504,983
	(SOFR + 3.790%)
	425,000		4.493			03/24/31		489,978
	Morgan Stanley, Inc.^(b)(e)
	(SOFR + 1.152%)
	7,225,000		2.720			07/22/25		7,264,232
	(SOFR + 3.120%)
	1,975,000		3.622			04/01/31		2,066,522
	(SOFR + 4.840%)
	2,025,000		5.597			03/24/51		2,794,115
	QNB Finance Ltd.
	230,000		3.500			03/28/24		227,341
	Royal Bank of Scotland Group PLC^(b)(e)
	(3M USD LIBOR + 1.762%)
	1,975,000		4.269			03/22/25		2,051,117
	(5 Year CMT + 2.100%)
	675,000		3.754			11/01/29		621,000
	Societe Generale SA^(b)(e)(5 Year USD Swap + 3.929%)
	450,000		6.750			12/31/99		378,000
	State Street Corp.^(b)(d)(e)(SOFR + 2.650%)
	175,000		3.152			03/30/31		178,854


Corporate Obligations – (continued)
Banks – (continued)
	Truist Bank^(b)(e) (5 Year CMT + 1.150%)
	4,025,000		2.636			09/17/29		3,818,719
	Turkiye Vakiflar Bankasi TAO
	200,000		8.125			03/28/24		192,174
	270,000		5.250	^(d)		02/05/25		228,150
	UBS Group AG^(d)
	5,050,000		4.125			09/24/25		5,342,344
	Wells Fargo & Co.^(b)(e) (3M USD LIBOR + 4.240%)
	475,000		5.013			04/04/51		602,561

								66,918,863

Beverages^(e) – 1.7%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	3,225,000		4.900			02/01/46		3,552,595
	Constellation Brands, Inc.
	2,325,000		4.400			11/15/25		2,339,043
	Keurig Dr Pepper, Inc.
	5,650,000		4.057			05/25/23		5,880,237
	3,475,000		4.417			05/25/25		3,702,856
	325,000		5.085			05/25/48		405,077
	PepsiCo., Inc.
	1,275,000		3.625			03/19/50		1,501,300

								17,381,108

Building Materials^(d)(e) – 0.3%
	Cornerstone Building Brands, Inc.
	1,760,000		8.000			04/15/26		1,524,600
	Griffon Corp.
	527,000		5.750			03/01/28		495,380
	JELD-WEN, Inc.
	560,000		4.875			12/15/27		494,200
	Summit Materials LLC/Summit Materials Finance Corp.
	520,000		6.500			03/15/27		492,700

								3,006,880

Chemicals – 1.8%
	CNAC HK Finbridge Co. Ltd.
	2,560,000		3.125			06/19/22		2,530,419
	1,020,000		4.625			03/14/23		1,049,325
	370,000		3.375			06/19/24		368,034
	DuPont de Nemours, Inc.^(e)
	3,425,000		4.493			11/15/25		3,669,579
	Kraton Polymers LLC/Kraton Polymers Capital Corp.^(d)(e)
	1,555,000		7.000			04/15/25		1,376,175
	OCI NV^(d)(e)
	975,000		5.250			11/01/24		923,813
	PQ Corp.^(d)(e)
	2,705,000		6.750			11/15/22		2,705,000
	Sasol Financing International Ltd.
	4,008,000		4.500			11/14/22		1,683,360
	Sasol Financing USA LLC^(e)
	2,580,000		5.875			03/27/24		1,057,284
	Starfruit Finco B.V./Starfruit US Holdco LLC^(d)(e)
	1,330,000		8.000			10/01/26		1,168,738


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Chemicals – (continued)
	The Chemours Co.^(e)
$	1,055,000		6.625	%		05/15/23	$	896,750
	490,000		7.000			05/15/25		407,925
	550,000		5.375			05/15/27		426,250
	Tronox Finance PLC^(d)(e)
	470,000		5.750			10/01/25		411,250
	Tronox, Inc.^(d)(e)
	465,000		6.500			04/15/26		418,500

								19,092,402

Commercial Services^(e) – 1.1%
	Allied Universal Holdco LLC/Allied Universal Finance Corp.^(d)
	1,500,000		6.625			07/15/26		1,470,000
	1,345,000		9.750			07/15/27		1,257,575
	APX Group, Inc.
	357,000		7.875			12/01/22		339,150
	GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC^(d)
	800,000		7.125			07/31/26		625,000
	Herc Holdings, Inc.^(d)
	2,330,000		5.500			07/15/27		2,143,600
	MPH Acquisition Holdings LLC^(d)
	495,000		7.125			06/01/24		435,600
	Prime Security Services Borrower LLC/Prime Finance, Inc.^(d)
	1,210,000		6.250			01/15/28		1,040,600
	The Hertz Corp.^(d)
	490,000		7.625			06/01/22		396,900
	2,675,000		6.000			01/15/28		1,404,375
	The Nielsen Co. Luxembourg S.a.r.l.^(d)
	1,485,000		5.000			02/01/25		1,368,056
	Verscend Escrow Corp.^(d)
	970,000		9.750			08/15/26		945,750

								11,426,606

Computers – 1.7%
	Banff Merger Sub, Inc.^(d)(e)
	485,000		9.750			09/01/26		424,375
	Dell International LLC/EMC Corp.^(d)(e)
	5,625,000		6.020			06/15/26		5,824,181
	Hewlett Packard Enterprise Co.^(e)
	3,725,000		4.900			10/15/25		3,851,017
	Oracle Corp.^(d)
	2,250,000		3.600			04/01/40		2,248,695
	2,150,000		3.600			04/01/50		2,148,086
	2,500,000		3.850			04/01/60		2,515,325
	Presidio Holdings, Inc.^(d)(e)
	315,000		8.250			02/01/28		277,594

								17,289,273

Cosmetics/Personal Care^(e) – 0.1%
	The Procter & Gamble Co.
	575,000		3.600			03/25/50		709,188

Distribution & Wholesale^(d)(e) – 0.6%
	Core & Main Holdings LP^(f)(PIK 9.375%, Cash 8.625%)
	1,900,000		8.625			09/15/24		1,738,500
	Performance Food Group, Inc.
	1,900,000		5.500			10/15/27		1,767,000


Corporate Obligations – (continued)
Distribution & Wholesale^(d)(e) – (continued)
	Resideo Funding, Inc.
	1,650,000		6.125			11/01/26		1,434,687
	Univar Solutions USA, Inc.
	550,000		5.125			12/01/27		500,500
	Wolverine Escrow LLC
	460,000		8.500			11/15/24		371,450
	460,000		9.000			11/15/26		363,400

								6,175,537

Diversified Financial Services – 2.2%
	AerCap Holdings NV^(b)(e)(5 Year CMT + 4.535%)
	985,000		5.875			10/10/79		687,038
	Air Lease Corp.
	2,425,000		2.250			01/15/23		2,031,956
	Altice France Holding SA^(d)(e)
	1,865,000		10.500			05/15/27		1,971,286
	Avolon Holdings Funding, Ltd.^(d)(e)
	1,500,000		3.250			02/15/27		1,151,205
	BAT Capital Corp.^(d)
	475,000		5.282			04/02/50		476,036
	Global Aircraft Leasing Co. Ltd.^(d)(e)(f)(PIK 7.250%, Cash 6.500%)
	3,175,000		6.500			09/15/24		1,976,437
	Huarong Finance 2017 Co. Ltd.
	250,000		4.250			11/07/27		249,844
	Huarong Finance 2019 Co. Ltd.^(e)
	220,000		3.875			11/13/29		214,431
	420,000		3.375			02/24/30		397,294
	Huarong Finance II Co. Ltd.
	1,370,000		5.500			01/16/25		1,438,500
	450,000		4.625			06/03/26		457,734
	Icahn Enterprises LP/Icahn Enterprises Finance Corp.^(e)
	1,475,000		4.750			09/15/24		1,357,000
	LPL Holdings, Inc.^(d)(e)
	825,000		4.625			11/15/27		754,875
	Mastercard, Inc.^(e)
	925,000		3.350			03/26/30		1,026,426
	650,000		3.850			03/26/50		793,695
	Nationstar Mortgage Holdings, Inc.^(d)(e)
	525,000		8.125			07/15/23		513,188
	Navient Corp.
	2,100,000		5.875			03/25/21		2,073,750
	Raymond James Financial, Inc.^(e)
	400,000		4.650			04/01/30		415,584
	Springleaf Finance Corp.^(e)
	975,000		5.375			11/15/29		877,500
	Visa, Inc.^(d)
	2,325,000		2.050			04/15/30		2,321,629
	1,200,000		2.700			04/15/40		1,191,168

								22,376,576

Electric^(d) – 0.9%
	AEP Transmission Co. LLC
	575,000		3.650			04/01/50		585,132
	Ameren Corp.
	1,425,000		3.500			01/15/31		1,421,623


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Electric^(d) – (continued)
	Dominion Energy, Inc.
$	2,700,000		3.375	%		04/01/30	$	2,672,865
	Edison International
	2,150,000		4.950			04/15/25		2,145,033
	Exelon Corp.
	2,600,000		4.050			04/15/30		2,657,824
	350,000		4.700			04/15/50		365,974

								9,848,451

Electrical^(e) – 0.9%
	Berkshire Hathaway Energy Co.^(d)
	1,000,000		3.700			07/15/30		1,069,520
	1,000,000		4.250			10/15/50		1,130,920
	Calpine Corp.
	2,715,000		5.750			01/15/25		2,538,525
	235,000		4.500	^(d)		02/15/28		227,656
	Talen Energy Supply LLC^(d)
	1,125,000		6.625			01/15/28		933,750
	Vistra Operations Co. LLC^(d)
	3,336,000		3.550			07/15/24		3,138,409

								9,038,780

Electrical Components & Equipment^(d)(e) – 0.1%
	Energizer Holdings, Inc.
	500,000		7.750			01/15/27		507,500

Engineering & Construction^(e) – 0.4%
	Mexico City Airport Trust
	200,000		4.250			10/31/26		177,250
	320,000		4.250	^(d)		10/31/26		283,600
	310,000		3.875	^(d)		04/30/28		259,160
	468,000		5.500			10/31/46		379,080
	690,000		5.500	^(d)		10/31/46		558,900
	2,985,000		5.500			07/31/47		2,464,117
	520,000		5.500	^(d)		07/31/47		429,260

								4,551,367

Entertainment^(e) – 0.3%
	AMC Entertainment Holdings, Inc.
	2,450,000		5.875			11/15/26		1,016,750
	Lions Gate Capital Holdings LLC^(d)
	470,000		6.375			02/01/24		399,500
	565,000		5.875			11/01/24		485,900
	Motion Bondco DAC^(d)
	1,010,000		6.625			11/15/27		767,600
	Scientific Games International, Inc.^(d)
	1,400,000		8.250			03/15/26		896,000

								3,565,750

Environmental^(d)(e) – 0.2%
	GFL Environmental, Inc.
	115,000		5.125			12/15/26		112,125
	930,000		8.500			05/01/27		933,488
	Stericycle, Inc.
	1,000,000		5.375			07/15/24		990,000

								2,035,613


Corporate Obligations – (continued)
Food & Drug Retailing^(e) – 0.8%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC^(d)
	500,000		7.500			03/15/26		533,125
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(d)
	875,000		4.625			01/15/27		870,625
	870,000		5.875			02/15/28		876,525
	577,000		4.875			02/15/30		571,230
	B&G Foods, Inc.
	2,005,000		5.250			04/01/25		1,974,925
	475,000		5.250			09/15/27		460,750
	Post Holdings, Inc.^(d)
	775,000		5.500			12/15/29		775,000
	Sysco Corp.
	650,000		6.600			04/01/40		698,971
	1,600,000		6.600			04/01/50		1,737,200

								8,498,351

Forest Products & Paper^(e) – 0.2%
	Mercer International, Inc.
	1,000,000		7.375			01/15/25		862,500
	1,040,000		5.500			01/15/26		800,800

								1,663,300

Gaming^(d)(e) – 0.2%
	Station Casinos LLC
	2,153,000		4.500			02/15/28		1,743,930

Healthcare Providers & Services^(e) – 1.4%
	Acadia Healthcare Co., Inc.
	100,000		6.125			03/15/21		98,000
	800,000		5.125			07/01/22		774,000
	535,000		6.500			03/01/24		521,625
	Alcon Finance Corp.^(d)
	5,575,000		3.000			09/23/29		5,471,193
	Centene Corp.^(d)
	850,000		3.375			02/15/30		791,171
	CHS/Community Health Systems, Inc.
	470,000		6.250			03/31/23		446,500
	450,000		8.625	^(d)		01/15/24		445,500
	465,000		8.000	^(d)		03/15/26		441,750
	Encompass Health Corp.
	1,100,000		4.500			02/01/28		1,078,000
	Envision Healthcare Corp.^(d)
	1,175,000		8.750			10/15/26		284,938
	Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA^(d)
	243,000		6.625			05/15/22		225,990
	Polaris Intermediate Corp.^(d)(f)(PIK 9.250%, Cash 8.500%)
	550,000		8.500			12/01/22		430,375
	RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.^(d)
	420,000		9.750			12/01/26		402,150
	Select Medical Corp.^(d)
	1,200,000		6.250			08/15/26		1,200,000
	Thermo Fisher Scientific, Inc.
	575,000		4.497			03/25/30		647,887


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Healthcare Providers & Services^(e) – (continued)
	West Street Merger Sub, Inc.^(d)
$	1,095,000		6.375	%		09/01/25	$	947,175

								14,206,254

Household Products^(e) – 0.0%
	Kimberly-Clark Corp.
	300,000		3.100			03/26/30		321,807

Insurance – 1.3%
	Acrisure LLC/Acrisure Finance, Inc.^(d)(e)
	440,000		8.125			02/15/24		413,600
	2,555,000		7.000			11/15/25		2,222,850
	American International Group, Inc.^(e)
	825,000		3.900			04/01/26		850,204
	Arch Capital Finance LLC^(e)
	2,253,000		4.011			12/15/26		2,274,066
	Genworth Holdings, Inc.
	450,000		7.625			09/24/21		427,500
	GTCR AP Finance, Inc.^(d)(e)
	1,375,000		8.000			05/15/27		1,258,125
	HUB International Ltd.^(d)(e)
	2,610,000		7.000			05/01/26		2,505,600
	Nippon Life Insurance Co.^(b)(d)(e)(5 Year CMT + 2.612%)
	930,000		3.400			01/23/50		894,130
	The Progressive Corp.^(e)
	700,000		3.950			03/26/50		805,973
	USI, Inc.^(d)(e)
	2,250,000		6.875			05/01/25		2,078,437

								13,730,485

Internet – 0.9%
	GrubHub Holdings, Inc.^(d)(e)
	2,530,000		5.500			07/01/27		2,226,400
	Netflix, Inc.
	2,820,000		5.500			02/15/22		2,897,550
	Prosus NV^(d)(e)
	850,000		3.680			01/21/30		771,800
	Twitter, Inc.^(d)(e)
	920,000		3.875			12/15/27		883,200
	Uber Technologies, Inc.^(d)(e)
	2,150,000		7.500			11/01/23		2,112,375
	430,000		8.000			11/01/26		428,387

								9,319,712

Iron/Steel^(d)(e) – 0.0%
	Cleveland-Cliffs, Inc.
	585,000		5.875			06/01/27		355,388

Leisure Time^(d)(e) – 0.0%
	Viking Cruises Ltd.
	520,000		5.875			09/15/27		306,800

Lodging^(e) – 0.1%
	Diamond Resorts International, Inc.^(d)
	460,000		7.750			09/01/23		327,750
	455,000		10.750			09/01/24		277,550
	Fortune Star BVI Ltd.
	200,000		5.250			03/23/22		184,250

								789,550


Corporate Obligations – (continued)
Machinery – Construction & Mining^(d)(e) – 0.1%
	The Manitowoc Co., Inc.
	565,000		9.000			04/01/26		499,319

Machinery-Diversified^(e) – 0.1%
	Deere & Co.
	625,000		3.750			04/15/50		726,263

Media – 3.1%
	Altice Financing SA^(d)(e)
	1,535,000		7.500			05/15/26		1,492,787
	Charter Communications Operating LLC/Charter Communications Operating Capital^(e)
	650,000		4.464			07/23/22		671,437
	7,325,000		4.908			07/23/25		7,873,349
	Comcast Corp.^(e)
	1,200,000		3.400			04/01/30		1,295,688
	950,000		3.750			04/01/40		1,056,248
	330,000		4.950			10/15/58		448,810
	CSC Holdings LLC^(d)(e)
	1,000,000		5.750			01/15/30		1,000,000
	Cumulus Media New Holdings, Inc.^(d)(e)
	1,415,000		6.750			07/01/26		1,266,425
	Diamond Sports Group LLC/Diamond Sports Finance Co.^(d)(e)
	875,000		5.375			08/15/26		708,750
	2,340,000		6.625			08/15/27		1,564,875
	DISH DBS Corp.
	470,000		5.875			11/15/24		453,550
	450,000		7.750			07/01/26		460,125
	Entercom Media Corp.^(d)(e)
	2,705,000		7.250			11/01/24		2,258,675
	iHeartCommunications, Inc.^(e)
	430,000		8.375			05/01/27		367,650
	1,300,000		5.250	^(d)		08/15/27		1,144,000
	LCPR Senior Secured Financing DAC^(d)(e)
	450,000		6.750			10/15/27		442,688
	Meredith Corp.^(e)
	1,550,000		6.875			02/01/26		1,333,000
	Nexstar Broadcasting, Inc.^(d)(e)
	1,350,000		5.625			07/15/27		1,289,250
	Scripps Escrow, Inc.^(d)(e)
	1,555,000		5.875			07/15/27		1,368,400
	Sinclair Television Group, Inc.^(d)(e)
	470,000		5.500			03/01/30		388,925
	Sirius XM Radio, Inc.^(d)(e)
	1,310,000		4.625			07/15/24		1,323,100
	TEGNA, Inc.^(d)(e)
	1,045,000		5.000			09/15/29		940,500
	The Walt Disney Co.^(e)
	475,000		4.700			03/23/50		617,961
	Univision Communications, Inc.^(d)(e)
	565,000		5.125			05/15/23		484,487
	485,000		5.125			02/15/25		413,463
	UPC Holding B.V.^(d)(e)
	465,000		5.500			01/15/28		441,750
	Virgin Media Secured Finance PLC^(d)(e)
	450,000		5.500			05/15/29		451,688


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Media – (continued)
	Ziggo Bond Co. B.V.^(d)(e)
EUR	500,000		3.375	%		02/28/30	$	494,468
$	400,000		5.125			02/28/30		385,500

								32,437,549

Media^(d) – 0.1%
	Fox Corp.
	1,475,000		3.500			04/08/30		1,472,035

Mining^(e) – 0.5%
	First Quantum Minerals Ltd.^(d)
	2,121,000		7.250			04/01/23		1,739,220
	Freeport-McMoRan, Inc.
	340,000		3.550			03/01/22		328,525
	2,460,000		3.875			03/15/23		2,343,150
	Novelis Corp.^(d)
	950,000		4.750			01/30/30		850,250

								5,261,145

Miscellaneous Manufacturing^(e) – 0.1%
	3M Co.
	400,000		3.700			04/15/50		446,060
	Foxtrot Escrow Issuer LLC/Foxtrot Escrow Corp.^(d)
	455,000		12.250			11/15/26		354,331
	FXI Holdings, Inc.^(d)
	500,000		7.875			11/01/24		343,750

								1,144,141

Oil Field Services – 1.1%
	Antero Resources Corp.^(e)
	2,434,000		5.375			11/01/21		1,728,140
	Gazprom PJSC Via Gaz Capital SA^(d)
	4,280,000		5.150			02/11/26		4,457,887
	Gazprom PJSC Via Gaz Finance PLC^(d)
	240,000		3.250			02/25/30		223,200
	MEG Energy Corp.^(d)(e)
	345,000		7.000			03/31/24		156,975
	490,000		7.125			02/01/27		227,850
	Nabors Industries Ltd.^(d)(e)
	520,000		7.250			01/15/26		166,400
	Nabors Industries, Inc.
	62,000		4.625			09/15/21		39,293
	Petrobras Global Finance B.V.
	250,000		5.999			01/27/28		242,125
	192,000		5.093	^(d)		01/15/30		173,760
	Petroleos de Venezuela SA^(g)
	137,050,000		6.000			10/28/22		4,111,500
	USA Compression Partners LP/USA Compression Finance Corp.^(e)
	545,000		6.875			04/01/26		340,625

								11,867,755

Packaging^(e) – 1.3%
	ARD Finance SA^(f)
	(PIK 5.750%, Cash 5.000%)
EUR	575,000		5.000			06/30/27		481,637
	(PIK 7.250%, Cash 6.500%)
$	2,400,000		6.500	^(d)		06/30/27		2,112,000


Corporate Obligations – (continued)
Packaging^(e) – (continued)
	Berry Global, Inc.^(d)
	1,495,000		4.500			02/15/26		1,442,675
	Flex Acquisition Co., Inc.^(d)
	1,095,000		6.875			01/15/25		1,023,825
	480,000		7.875			07/15/26		441,600
	LABL Escrow Issuer LLC^(d)
	450,000		6.750			07/15/26		418,500
	465,000		10.500			07/15/27		433,031
	Mauser Packaging Solutions Holding Co.^(d)
	2,010,000		7.250			04/15/25		1,547,700
	Sealed Air Corp.^(d)
	2,450,000		6.500			12/01/20		2,410,188
	500,000		4.000			12/01/27		465,000
	Trivium Packaging Finance B.V.^(d)
	875,000		5.500			08/15/26		864,063
	1,775,000		8.500			08/15/27		1,783,875

								13,424,094

Pharmaceuticals^(e) – 1.8%
	AbbVie, Inc.
	8,725,000		3.200	^(d)		11/21/29		8,744,108
	175,000		4.875			11/14/48		203,000
	300,000		4.250	^(d)		11/21/49		322,026
	Bausch Health Cos., Inc.^(d)
	2,875,000		6.500			03/15/22		2,918,125
	Becton Dickinson & Co.
	3,475,000		3.363			06/06/24		3,471,664
	Bristol-Myers Squibb Co.^(d)
	500,000		4.250			10/26/49		632,375
	CVS Health Corp.
	975,000		4.250			04/01/50		1,009,895
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.^(d)
	535,000		7.250			08/15/26		454,750
	Par Pharmaceutical, Inc.^(d)
	480,000		7.500			04/01/27		477,600
	Pfizer, Inc.
	550,000		2.625			04/01/30		575,839
	Zoetis, Inc.
	150,000		4.450			08/20/48		178,185

								18,987,567

Pipelines^(e) – 2.5%
	Blue Racer Midstream LLC/Blue Racer Finance Corp.^(d)
	480,000		6.125			11/15/22		360,000
	Buckeye Partners LP
	1,145,000		4.350			10/15/24		960,575
	1,962,000		3.950			12/01/26		1,608,840
	Cheniere Energy Partners LP^(d)
	2,000,000		4.500			10/01/29		1,780,000
	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.^(d)
	259,000		5.625			05/01/27		141,155
	Energy Transfer Operating LP
	6,075,000		3.600			02/01/23		5,362,585
	EQM Midstream Partners LP
	3,130,000		4.750			07/15/23		2,261,926


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pipelines^(e) – (continued)
	Genesis Energy LP/Genesis Energy Finance Corp.
$	595,000		6.000	%		05/15/23	$	431,375
	2,620,000		7.750			02/01/28		1,873,300
	Global Partners LP/GLP Finance Corp.
	445,000		7.000			08/01/27		333,750
	NGL Energy Partners LP/NGL Energy Finance Corp.
	520,000		7.500			04/15/26		182,000
	Plains All American Pipeline LP/PAA Finance Corp.
	4,925,000		3.600			11/01/24		4,056,082
	Sabine Pass Liquefaction LLC
	800,000		5.625			04/15/23		743,984
	5,550,000		5.625			03/01/25		5,262,787
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	600,000		6.750			03/15/24		528,000

								25,886,359

Real Estate Investment Trust – 1.5%
	China Evergrande Group^(e)
	750,000		8.250			03/23/22		605,906
	Crown Castle International Corp.^(d)
	875,000		3.300			07/01/30		867,816
	525,000		4.150			07/01/50		519,225
	Kaisa Group Holdings Ltd.^(e)
	200,000		10.875			07/23/23		161,750
	260,000		9.375			06/30/24		201,175
	MPT Operating Partnership LP/MPT Finance Corp.^(e)
	2,270,000		4.625			08/01/29		2,095,936
	Realogy Group LLC/Realogy Co-Issuer Corp.^(d)(e)
	1,585,000		9.375			04/01/27		1,323,475
	SBA Communications Corp.^(e)
	2,935,000		4.000			10/01/22		2,920,325
	Spirit Realty LP^(e)
	3,750,000		3.200			01/15/27		3,362,588
	Starwood Property Trust, Inc.^(e)
	1,550,000		5.000			12/15/21		1,418,250
	Sunac China Holdings Ltd.^(e)
	240,000		8.350			04/19/23		227,400
	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC^(d)(e)
	495,000		6.000			04/15/23		453,544
	560,000		7.125			12/15/24		414,400
	VICI Properties LP/VICI Note Co., Inc.^(d)(e)
	718,000		3.500			02/15/25		667,740
	Yuzhou Properties Co. Ltd.^(e)
	200,000		7.700			02/20/25		166,813

								15,406,343

Retailing^(e) – 1.0%
	Asbury Automotive Group, Inc.^(d)
	123,000		4.500			03/01/28		105,780
	Beacon Roofing Supply, Inc.^(d)
	1,635,000		4.875			11/01/25		1,475,587
	eG Global Finance PLC^(d)
	1,413,000		6.750			02/07/25		1,155,127
	1,000,000		8.500			10/30/25		890,000
	Golden Nugget, Inc.^(d)
	440,000		8.750			10/01/25		226,600


Corporate Obligations – (continued)
Retailing^(e) – (continued)
	Lowe’s Cos., Inc.
	875,000		5.000			04/15/40		996,362
	1,500,000		5.125			04/15/50		1,794,450
	McDonald’s Corp.
	325,000		4.450			09/01/48		359,954
	650,000		4.200			04/01/50		723,359
	PetSmart, Inc.^(d)
	485,000		7.125			03/15/23		449,838
	565,000		5.875			06/01/25		563,587
	485,000		8.875			06/01/25		441,350
	Staples, Inc.^(d)
	460,000		7.500			04/15/26		406,525
	1,555,000		10.750			04/15/27		1,189,575
	Yum! Brands, Inc.^(d)
	72,000		7.750			04/01/25		75,690

								10,853,784

Semiconductors – 1.7%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(e)
	3,072,000		3.875			01/15/27		2,930,442
	116,000		3.500			01/15/28		106,961
	Broadcom, Inc.^(d)(e)
	9,100,000		4.250			04/15/26		9,134,944
	275,000		4.750			04/15/29		278,713
	NXP B.V./NXP Funding LLC^(d)
	3,325,000		4.125			06/01/21		3,354,958
	NXP B.V./NXP Funding LLC^(d)(e)
	1,975,000		4.875			03/01/24		2,011,281

								17,817,299

Software^(e) – 1.3%
	Camelot Finance SA^(d)
	2,750,000		4.500			11/01/26		2,626,250
	Castle US Holding Corp.^(d)
	1,085,000		9.500			02/15/28		1,036,175
	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.^(d)
	2,902,000		5.750			03/01/25		2,698,860
	Fidelity National Information Services, Inc.
EUR	1,600,000		0.750			05/21/23		1,735,893
	2,100,000		1.500			05/21/27		2,250,520
	PTC, Inc.^(d)
$	672,000		3.625			02/15/25		630,000
	Rackspace Hosting, Inc.^(d)
	490,000		8.625			11/15/24		438,550
	Solera LLC/Solera Finance, Inc.^(d)
	1,000,000		10.500			03/01/24		980,000
	The Dun & Bradstreet Corp.^(d)
	415,000		10.250			02/15/27		416,038
	Veritas US, Inc./Veritas Bermuda Ltd.^(d)
	475,000		7.500			02/01/23		434,625

								13,246,911

Telecommunication Services – 3.0%
	Altice France SA^(d)(e)
	420,000		8.125			02/01/27		437,850
	460,000		5.500			01/15/28		433,550


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Telecommunication Services – (continued)
	AT&T, Inc.^(e)
$	5,750,000		4.125	%		02/17/26	$	6,090,860
	CenturyLink, Inc.
	1,680,000		5.800			03/15/22		1,709,400
	445,000		5.625	^(e)		04/01/25		442,775
	465,000		5.125	^(d)(e)		12/15/26		462,675
	Digicel Group One Ltd.^(d)(e)
	1,797,000		8.250			12/30/22		720,597
	Digicel Ltd.^(e)
	1,645,000		6.000	^(d)		04/15/21		888,300
	604,000		6.000			04/15/21		326,160
	Frontier Communications Corp.^(d)(e)
	455,000		8.000			04/01/27		448,175
	Hughes Satellite Systems Corp.
	425,000		6.625			08/01/26		425,000
	Intelsat Jackson Holdings SA^(d)(e)
	2,900,000		8.000			02/15/24		2,827,500
	SoftBank Group Corp.^(e)
	2,175,000		4.750			09/19/24		1,952,062
	Sprint Communications, Inc.
	2,765,000		6.000			11/15/22		2,875,600
	Telecom Italia Capital SA
	950,000		7.200			07/18/36		983,250
	315,000		7.721			06/04/38		333,112
	Verizon Communications, Inc.
	6,800,000		4.125			03/16/27		7,628,104
	925,000		3.150	^(e)		03/22/30		998,436
	525,000		5.012			04/15/49		708,330
	475,000		4.000	^(e)		03/22/50		560,391

								31,252,127

Toys/Games/Hobbies^(d)(e) – 0.2%
	Mattel, Inc.
	995,000		6.750			12/31/25		1,014,900
	1,310,000		5.875			12/15/27		1,336,200

								2,351,100

Transportation^(e) – 0.3%
	CSX Corp.
	200,000		3.800			04/15/50		208,762
	United Parcel Service, Inc.
	1,850,000		5.300			04/01/50		2,415,860

								2,624,622

Trucking & Leasing^(d)(e) – 0.0%
	Fortress Transportation & Infrastructure Investors LLC
	450,000		6.500			10/01/25		328,500

Water^(b)(e) – 0.5%
	Thames Water Utilities Finance PLC(-1x3M GBP LIBOR + 7.970%)
GBP	3,975,000		5.750			09/13/30		5,242,180

	TOTAL CORPORATE OBLIGATIONS
	(Cost $555,337,808)						$	478,432,115


Mortgage-Backed Obligations – 43.4%
Collateralized Mortgage Obligations – 11.1%
Interest Only^(h) – 3.8%
	FHLMC REMIC Series 3753, Class SK^(b) (-1x1M USD LIBOR + 6.050%)
	5,361,080		5.345			11/15/38		195,931
	FHLMC REMIC Series 3852, Class SW^(b) (-1x1M USD LIBOR + 6.000%)
	3,009,921		5.295			05/15/41		467,279
	FHLMC REMIC Series 4468, Class SY^(b) (-1x1M USD LIBOR + 6.100%)
	9,509,545		5.395			05/15/45		1,815,311
	FHLMC STRIPS Series 304, Class C45
	16,878,871		3.000			12/15/27		995,236
	FNMA REMIC Series 2011-100, Class S^(b) (-1x1M USD LIBOR + 6.450%)
	7,282,378		5.503			10/25/41		1,194,642
	FNMA REMIC Series 2012-88, Class SB^(b) (-1x1M USD LIBOR + 6.670%)
	6,895,112		5.723			07/25/42		1,219,684
	FNMA REMIC Series 2017-104, Class SB^(b)(-1X 1M USD LIBOR + 6.150%)
	2,728,933		5.203			01/25/48		398,383
	FNMA REMIC Series 2017-69, Class SG^(b)(-1X 1M USD LIBOR + 6.150%)
	3,616,651		5.203			09/25/47		590,647
	FNMA REMIC Series 2017-86, Class SB^(b)(-1x M USD LIBOR + 6.150%)
	2,956,015		5.203			11/25/47		463,754
	GNMA REMIC Series 2010-35, Class DS^(b) (-1x1M USD LIBOR + 5.680%)
	7,253,998		4.907			03/20/40		1,218,531
	GNMA REMIC Series 2010-85, Class SN^(b) (-1x1M USD LIBOR + 5.940%)
	9,012,878		5.167			07/20/40		1,827,095
	GNMA REMIC Series 2013-103, Class DS^(b) (-1x1M USD LIBOR + 6.150%)
	8,843,537		5.377			07/20/43		1,674,649
	GNMA REMIC Series 2013-117, Class PS^(b) (-1x1M USD LIBOR + 6.150%)
	12,149,914		5.377			04/20/43		1,893,574
	GNMA REMIC Series 2013-134, Class DS^(b) (-1x1M USD LIBOR + 6.100%)
	77,251		5.327			09/20/43		14,567
	GNMA REMIC Series 2013-152, Class TS^(b) (-1x1M USD LIBOR + 6.100%)
	212,937		5.327			06/20/43		38,839
	GNMA REMIC Series 2014-11, Class NI
	5,855,701		4.500			12/16/42		447,723
	GNMA REMIC Series 2014-132, Class SL^(b) (-1x1M USD LIBOR + 6.100%)
	14,774,655		5.327			10/20/43		1,986,925
	GNMA REMIC Series 2014-133, Class BS^(b) (-1x1M USD LIBOR + 5.600%)
	7,175,630		4.827			09/20/44		1,266,024
	GNMA REMIC Series 2014-180, Class PI
	8,109,536		4.000			08/20/44		926,999


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(h) – (continued)
	GNMA REMIC Series 2015-111, Class SM^(b) (-1x1M USD LIBOR + 6.200%)
$	9,125,266		5.427	%		08/20/45	$	1,560,303
	GNMA REMIC Series 2015-126, Class LS^(b) (-1x1M USD LIBOR + 6.200%)
	5,941,881		5.427			09/20/45		1,015,985
	GNMA REMIC Series 2015-129, Class IC
	2,955,230		4.500			09/16/45		462,015
	GNMA REMIC Series 2015-133, Class SA^(b) (-1x1M USD LIBOR + 5.700%)
	3,412,354		4.927			09/20/45		552,867
	GNMA REMIC Series 2015-133, Class SB^(b) (-1x1M USD LIBOR + 5.700%)
	4,689,929		4.927			09/20/45		688,964
	GNMA REMIC Series 2015-144, Class QS^(b) (-1x1M USD LIBOR + 5.700%)
	10,104,417		4.927			10/20/45		1,680,825
	GNMA REMIC Series 2015-168, Class SD^(b) (-1x1M USD LIBOR + 6.200%)
	17,352,743		5.427			11/20/45		3,296,395
	GNMA REMIC Series 2015-95, Class GI
	27,752,730		4.500			07/16/45		4,972,162
	GNMA REMIC Series 2016-6, Class S^(b) (-1x1M USD LIBOR + 5.650%)
	12,814,948		4.877			01/20/46		2,229,440
	GNMA REMIC Series 2017-112, Class SJ^(b)(-1X 1M USD LIBOR + 5.660%)
	2,953,941		4.887			07/20/47		419,725
	GNMA REMIC Series 2018-105, Class SC^(b) (-1x1M USD LIBOR + 6.200%)
	2,681,571		5.427			08/20/48		370,719
	GNMA REMIC Series 2018-122, Class HS^(b)(-1X 1M USD LIBOR + 6.200%)
	1,975,689		5.427			09/20/48		349,423
	GNMA REMIC Series 2018-124, Class SN^(b)(-1X 1M USD LIBOR + 6.200%)
	3,703,057		5.427			09/20/48		651,666
	GNMA REMIC Series 2018-139, Class SQ^(b) (-1x1M USD LIBOR + 6.150%)
	3,872,007		5.377			10/20/48		529,965
	GNMA REMIC Series 2018-79, Class SD^(b)(-1X 1M USD LIBOR + 6.200%)
	1,411,074		5.427			06/20/48		209,627
	GNMA REMIC Series 2019-151, Class NI
	7,277,987		3.500			10/20/49		660,310
	GNMA REMIC Series 2019-97, Class SC^(b) (-1x1M USD LIBOR + 6.100%)
	3,055,423		5.327			08/20/49		404,739
	GNMA Series 2018-7, Class DS^(b)(-1X 1M USD LIBOR + 5.700%)
	3,093,993		4.927			01/20/48		481,759

								39,172,682


Mortgage-Backed Obligations – (continued)
Regular Floater^(b) – 0.4%
	FHLMC REMIC Series 3231, Class FB (1M USD LIBOR + 0.350%)
	321,439		1.055			10/15/36		317,673
	FHLMC REMIC Series 3314, Class FC (1M USD LIBOR + 0.400%)
	193,568		1.105			12/15/36		191,602
	FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
	288,977		1.305			09/15/37		288,641
	FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	172,209		1.555			06/15/39		172,770
	FHLMC REMIC Series 3827, Class KF (1M USD LIBOR + 0.370%)
	477,916		1.075			03/15/41		472,157
	FNMA REMIC Series 2006-45, Class TF (1M USD LIBOR + 0.400%)
	599,805		1.347			06/25/36		594,058
	FNMA REMIC Series 2006-76, Class QF (1M USD LIBOR + 0.400%)
	654,169		1.347			08/25/36		647,955
	FNMA REMIC Series 2006-79, Class PF (1M USD LIBOR + 0.400%)
	694,282		1.347			08/25/36		687,609
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	860,619		1.297			04/25/37		850,571
	FNMA REMIC Series 2007-75, Class VF (1M USD LIBOR + 0.450%)
	239,935		1.397			08/25/37		238,149
	FNMA REMIC Series 2009-84, Class WF (1M USD LIBOR + 1.100%)
	82,753		2.047			10/25/39		83,433

								4,544,618

Sequential Fixed Rate – 0.9%
	CSMC Trust Series 2014-USA, Class E^(d)
	3,550,000		4.373			09/15/37		2,595,131
	Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	379,340		5.500			02/25/36		324,979
	Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	623,789		6.000			06/25/36		489,185
	Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	1,203,466		6.500			07/25/36		994,935
	Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	962,238		6.000			08/25/36		731,792
	Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	3,028,433		6.000			10/25/37		2,043,938
	WF-RBS Commercial Mortgage Trust Series 2012-C6, Class B
	2,500,000		4.697			04/15/45		2,559,922

								9,739,882

Sequential Floating Rate^(b) – 6.0%
	Banc of America Funding Trust Series 2006-H, Class 6A1 (1M USD LIBOR + 0.190%)
	13,624,151		0.963			10/20/36		10,272,151


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	Banc of America Funding Trust Series 2007-2, Class 2A1
$	31,685		4.174	%		03/25/37	$	27,381
	Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2^(d) (1M USD LIBOR + 2.400%)
	4,197,067		3.347			04/25/31		3,678,122
	Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2^(d) (1M USD LIBOR + 2.300%)
	4,147,025		3.247			08/25/31		3,555,726
	Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2^(d) (1M USD LIBOR + 2.150%)
	367,753		3.097			09/25/31		313,653
	Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%)
	460,188		1.447			07/25/35		304,196
	Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%)
	582,490		1.747			12/25/35		445,061
	Countrywide Alternative Loan Trust Series 2005-9CB, Class 1A5 (1M USD LIBOR + 0.500%)
	500,920		1.447			05/25/35		374,745
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A2B (1M USD LIBOR + 0.170%)
	512,322		1.117			11/25/36		521,090
	Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1M USD LIBOR + 0.500%)
	3,040,129		1.447			08/25/37		1,997,541
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A^(d) (1M USD LIBOR + 0.830%)
	926,750		1.630			06/15/35		846,148
	FHLMC Stacr Remic Trust Series 2020-DNA1, Class M2^(d) (1M USD LIBOR + 1.700%)
	3,712,000		2.647			01/25/50		2,358,353
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA2, Class M3 (1M USD LIBOR + 3.900%)
	700,000		4.847			12/25/27		685,968
	FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA1, Class M3 (1M USD LIBOR + 5.550%)
	1,618,909		6.497			07/25/28		1,558,198
	FHLMC Structured Agency Credit Risk Debt Notes Trust Series 2016-DNA3, Class M3 (1M USD LIBOR + 5.000%)
	347,724		5.947			12/25/28		330,352
	FNMA Connecticut Avenue Securities Series 2018-C01, Class 1M2 (1M USD LIBOR + 2.250%)
	2,837,000		3.197			07/25/30		2,443,516
	FNMA Connecticut Avenue Securities Series 2018-C03, Class 1M2 (1M USD LIBOR + 2.150%)
	2,175,000		3.097			10/25/30		1,874,655
	FNMA Connecticut Avenue Securities Series 2016-C01, Class 1M2 (1M USD LIBOR + 6.750%)
	2,175,278		7.697			08/25/28		2,121,956
	FNMA Connecticut Avenue Securities Series 2017-C07, Class 1M2 (1M USD LIBOR + 2.400%)
	1,565,000		3.347			05/25/30		1,365,724


Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	GNMA REMIC Series 2019-1, Class SN^(d) (-1x1M USD LIBOR + 6.050%)
	4,229,730		5.277			01/20/49		568,403
	GNMA REMIC Series 2019-6, Class SA^(d) (-1x1M USD LIBOR + 6.050%)
	1,385,555		5.277			01/20/49		193,703
	GNMA REMIC Series 2019-69, Class S^(d) (-1x1M USD LIBOR + 3.270%)
	3,161,555		2.497			06/20/49		221,910
	GNMA REMIC Series 2019-78, Class SE^(d)(-1X 1M USD LIBOR + 6.100%)
	2,646,451		5.327			06/20/49		359,779
	Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1 (1M USD LIBOR + 0.260%)
	2,919,579		1.207			06/25/35		2,221,193
	Lehman XS Trust Series 2007-5H, Class 3A4
	3,732,341		3.057			05/25/37		3,183,280
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	5,514,094		1.609			11/15/49		6,722,439
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1(12M MTA + 0.800%)
$	1,280,135		2.766			12/25/46		1,993,717
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A(12M MTA + 0.850%)
	418,774		2.816			12/25/46		687,301
	Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1 (1M LIBOR + 0.200%)
	1,013,515		1.147			05/25/47		1,013,515
	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A (1M USD LIBOR + 0.240%)
	1,238,309		1.187			12/25/36		1,060,230
	Residential Accredit Loans, Inc. Series 2005-QA12, Class CB3
	2,037,987		4.862			12/25/35		1,648,900
	Residential Accredit Loans, Inc. Series 2005-QO5, Class A1(12M MTA + 1.000%)
	2,891,041		2.966			01/25/46		2,324,358
	Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1 (1M USD LIBOR + 0.270%)
	1,755,777		1.217			02/25/46		1,060,771
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1(12M MTA + 0.800%)
	3,239,618		2.766			09/25/46		2,649,612
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.205%)
	136,749		1.152			09/25/46		118,010
	Residential Funding Mortgage Securities I Series 2005-SA5, Class 2A
	1,171,252		4.383			11/25/35		976,005
	Ripon Mortgages PLC Series 1X, Class A2 (3M GBP LIBOR + 0.800%)
GBP	460		1.551			08/20/56		559

								62,078,221

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	115,535,403


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
Federal Agencies – 32.3%
FHLMC – 0.1%
$	14,552		5.000	%		01/01/33		$	16,270
	564		5.000			03/01/33			631
	7,938		5.000			04/01/33			8,875
	1,199		5.000			05/01/33			1,341
	3,893		5.000			06/01/33			4,353
	24,078		5.000			07/01/33			26,922
	34,941		5.000			08/01/33			39,041
	4,231		5.000			09/01/33			4,714
	6,992		5.000			10/01/33			7,818
	15,691		5.000			11/01/33			17,543
	8,387		5.000			12/01/33			9,377
	7,530		5.000			01/01/34			8,420
	25,696		5.000			02/01/34			28,689
	10,769		5.000			03/01/34			11,977
	19,593		5.000			04/01/34			21,772
	26,787		5.000			05/01/34			29,933
	367,534		5.000			06/01/34			410,631
	6,794		5.000			11/01/34			7,549
	99,275		5.000			04/01/35			110,984
	4,289		5.000			11/01/35			4,795

									771,635

GNMA – 11.6%
	23,859,899		5.000			12/20/48			25,410,881
	10,910,495		4.500			01/20/49			11,607,118
	9,005,469		4.500			03/20/49			9,567,794
	9,943,273		4.500			05/20/49			10,549,398
	19,000,000		2.500			TBA-30yr	⁽ⁱ⁾		19,863,709
	6,000,000		3.000			TBA-30yr	⁽ⁱ⁾		6,346,001
	35,000,000		4.500			TBA-30yr	⁽ⁱ⁾		37,110,374

									120,455,275

UMBS – 4.5%
	18,799		5.500			05/01/25			19,274
	35,437		4.500			08/01/37			38,579
	8,563		4.500			04/01/39			9,398
	13,154		4.000			08/01/39			14,291
	7,427		4.000			09/01/39			8,069
	39,028		4.500			10/01/39			42,833
	5,050		4.500			05/01/41			5,536
	21,145		4.500			06/01/41			23,181
	29,804		4.500			08/01/41			32,765
	7,176		4.500			10/01/41			7,862
	3,654		4.500			11/01/42			3,991
	33,974		4.500			12/01/43			37,160
	43,533,946		5.000			10/01/49			46,961,632

									47,204,571

UMBS, 30 Year, Single Family⁽ⁱ⁾ – 16.1%
	140,000,000		2.500			TBA-30yr			145,122,950
	15,000,000		4.000			TBA-30yr			16,011,447
	6,000,000		3.000			TBA-30yr			6,291,937

									167,426,334

	TOTAL FEDERAL AGENCIES							$	335,857,815

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $443,279,185)							$	451,393,218


Agency Debenture – 0.0%
	Republic of Turkey
	390,000		5.250			03/13/30			312,000
	(Cost $384,042)



Asset-Backed Securities^(b) – 16.4%
Collateralized Loan Obligations^(d) – 8.5%
	ACIS CLO Ltd. Series 2014-4A, Class A (3M USD LIBOR + 1.420%)
$	24,344,395		3.183	%		05/01/26		$	23,739,996
	Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	4,800,000		2.821			04/15/33			4,452,514
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	9,000,000		2.878			04/15/33			8,369,991
	Greywolf CLO III Ltd. Series 2020-3RA, Class BR (3M USD LIBOR + 2.450%)
	6,000,000		4.252			04/15/33			4,820,172
	Halsey Point CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%)
	25,900,000		3.257			01/20/33			23,395,263
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	1,331,288		2.893			07/25/59			1,337,211
	OCP CLO Ltd. Series 2014-5A, Class A2R (3M USD LIBOR + 1.400%)
	2,950,000		3.194			04/26/31			2,519,840
	OCP CLO Ltd. Series 2014-5A, Class BR (3M USD LIBOR + 1.800%)
	2,200,000		3.594			04/26/31			1,765,515
	OCP CLO Ltd. Series 2015-8A, Class A2AR (3M USD LIBOR + 1.450%)
	850,000		3.286			04/17/27			821,018
	Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	3,947,000		1.885			06/15/36			3,611,174
	OZLM XV Ltd. Series 2016-15A, Class A2AR (3M USD LIBOR + 1.750%)
	1,500,000		2.768			04/20/33			1,326,348
	Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A (1M USD LIBOR + 0.850%)
	784,327		1.797			06/25/35			780,878
	TICP CLO VII Ltd. Series 2017-7A, Class BR (3M USD LIBOR + 1.700%)
	2,300,000		3.210			04/15/33			1,958,783
	Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	6,200,000		2.975			04/15/33			5,827,746
	Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	3,900,000		2.801			04/15/31			3,644,800

									88,371,249

Home Equity – 0.3%
	Lehman XS Trust Series 2007-3, Class 1BA2 (6M USD LIBOR + 0.500%)
	157,622		2.033			03/25/37			132,170


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(b) – (continued)
Home Equity – (continued)
	Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.170%)
$	785,503		1.117	%		11/25/36	$	154,951
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1 (1M USD LIBOR + 0.215%)
	3,567,127		1.162			03/25/37		2,535,232

								2,822,353

Other^(d) – 0.1%
	GNMA REMIC Series 2018-67, Class PS(-1X 1M USD LIBOR + 6.200%)
	5,739,636		5.427			05/20/48		839,244
	GNMA REMIC Series 2019-4, Class SJ(-1X 1M USD LIBOR + 6.050%)
	6,227,675		5.277			01/20/49		917,817

								1,757,061

Student Loan – 7.5%
	Access Group, Inc. Series 2015-1, Class A^(d) (1M USD LIBOR + 0.700%)
	19,087,133		1.647			07/25/56		17,233,137
	Scholar Funding Trust Series 2010-A, Class A^(d) (3M USD LIBOR + 0.750%)
	19,475,459		2.545			10/28/41		17,974,446
	SLM Student Loan Trust Series 2006-10, Class A5A (3M USD LIBOR + 0.100%)
	36,773		1.894			04/25/27		35,240
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	10,956,640		2.544			04/25/23		10,159,436
	SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%)
	11,805,021		2.794			10/25/21		11,093,458
	SLM Student Loan Trust Series 2008-6, Class A4 (3M USD LIBOR + 1.100%)
	16,310,167		2.894			07/25/23		15,369,878
	South Texas Higher Education Authority, Inc. Series 2013-1, Class A1 (1M USD LIBOR + 0.600%)
	5,903,794		2.255			12/03/29		5,824,978

								77,690,573

	TOTAL ASSET-BACKED SECURITIES
	(Cost $182,542,042)						$	170,641,236



Foreign Debt Obligations – 1.4%
Sovereign – 1.4%
	Dominican Republic
DOP	30,000,000		18.500	%		02/04/28	$	699,884
$	700,000		4.500	^(d)		01/30/30		600,250
	3,160,000		5.875	^(d)		01/30/60		2,646,500
	Republic of Egypt^(d)
	2,790,000		4.550			11/20/23		2,448,225
	Republic of Indonesia
	5,310,000		4.450			02/11/24		5,469,300
	Republic of Romania^(d)
EUR	820,000		3.375			01/28/50		806,325


Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Romania^(d)
	230,000		2.000	%		01/28/32		229,252
	Republic of South Africa
	670,000		5.750			09/30/49		485,328
	Ukraine Government Bond^(d)
EUR	1,550,000		4.375			01/27/30		1,350,500

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $16,266,222)						$	14,735,564



Municipal Debt Obligations – 1.0%
Illinois – 0.9%
	Illinois State GO Bonds Build America Series 2010^(d)(e)
$	4,470,000		7.350	%		07/01/35	$	5,015,430
	Illinois State GO Bonds Taxable-Pension Series 2003
	4,280,000		5.100			06/01/33		4,248,456

								9,263,886

Minnesota^(b)(e) – 0.1%
	Northstar Education Finance, Inc. (Student Loan Asset Backed) Series 2007-1, Class A1 (3M USD LIBOR)
	1,492,228		1.894			04/28/30		1,423,849

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $10,630,175)						$	10,687,735



U.S. Treasury Obligations^(j) – 0.1%
	United States Treasury Bond
$	10,000		2.750	%		11/15/47	$	13,192
	United States Treasury Note
	1,270,000		2.750			02/28/25		1,414,860

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $1,274,631)						$	1,428,052


Units					Expiration Date		Value


Warrant^(g) – 0.0%
	True Religion Warrant
$	2,355					10/27/22	$	—
	True Religion Warrant 2
	8,897					10/27/22		—

	TOTAL WARRANT
	(Cost $—)						$	—


Shares		Description	Value


Exchange Traded Fund – 0.5%
	SPDR Portfolio Short Term Corporate Bond ETF
	173,106		$	5,236,456
	(Cost $5,257,627)


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Shares	Dividend Rate	Value

Investment Company^(k) – 9.6%
Goldman Sachs Financial Square Government Fund – Institutional Shares
99,264,768	0.333%	$	99,264,768
(Cost $99,264,768)

TOTAL INVESTMENTS – 120.8%
(Cost $1,342,918,461)		$	1,256,477,597

LIABILITIES IN EXCESS OF OTHER ASSETS – (20.8)%			(216,346,956	)

NET ASSETS – 100.0%		$	1,040,130,641



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 March 31, 2020. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2020.

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

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

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

(f)		Pay-in-kind securities.

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

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

(i)		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 $230,746,418 which represents approximately 22.2% of the Fund’s net assets as of March 31, 2020.

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

(k)		Represents an affiliated issuer.



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

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
CDO		—Collateralized Debt Obligation
CDOR		—Canadian Dollar Offered Rate
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
ETF		—Exchange Traded Fund
EURO		—Euro Offered Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
JIBAR		—Johannesburg Interbank Agreed Rate
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
MTA		—Monthly Treasury Average
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
PI		—Private Investment
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STIBOR		—Stockholm Interbank Offered Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	AUD	7,798,934	CAD	6,700,657		06/17/20	$	33,214
	AUD	6,972,408	USD	4,114,469		06/17/20		175,136
	CAD	12,746,481	EUR	8,160,630		06/17/20		36,958
	CAD	12,633,120	JPY	944,054,425		06/17/20		174,467
	CAD	4,422,712	NOK	32,655,000		06/17/20		3,127
	CAD	33,738,059	USD	23,403,086		06/17/20		588,315
	CHF	5,821,157	USD	5,999,450		06/17/20		70,958
	CLP	4,877,354,450	USD	5,676,887		05/22/20		29,801
	COP	23,859,448,057	USD	5,839,317		04/07/20		31,415
	EUR	2,001,021	CAD	3,110,580		06/17/20		1,541
	EUR	25,671,612	CZK	686,640,900		06/17/20		740,903
	EUR	2,220,217	HUF	748,967,868		06/17/20		161,838
	EUR	20,722,357	NOK	228,748,417		06/17/20		913,748
	EUR	2,563,219	PLN	11,174,423		06/17/20		135,025
	EUR	58,008,342	SEK	615,739,209		06/17/20		1,818,308
	EUR	9,655,525	USD	10,507,891		05/14/20		159,899
	EUR	10,782,507	USD	11,650,846		06/17/20		276,599
	GBP	19,729,820	USD	23,153,714		04/29/20		1,369,214
	GBP	7,728,924	USD	9,203,927		06/17/20		409,193
	HUF	3,179,228,179	USD	9,676,263		06/17/20		61,898
	IDR	91,044,223,420	USD	5,560,292		04/07/20		43,464
	ILS	129,052,466	USD	35,271,346		06/17/20		1,308,340
	INR	268,955,287	USD	3,458,000		04/28/20		71,475
	JPY	4,246,305,688	USD	38,310,814		04/30/20		1,244,787
	JPY	808,701,357	USD	7,422,264		06/17/20		123,790
	KRW	11,314,739,043	USD	9,148,440		04/21/20		143,758
	KRW	5,996,533,165	USD	4,800,798		06/02/20		127,918
	MXN	50,680,784	USD	2,055,941		06/17/20		55,964
	NOK	57,836,373	EUR	4,961,297		06/17/20		76,611
	NOK	58,264,420	USD	5,567,842		04/27/20		37,490
	NOK	72,231,959	USD	6,477,086		06/17/20		472,705
	NZD	17,464,530	USD	10,294,855		06/17/20		119,780
	PLN	16,771,039	EUR	3,642,000		06/17/20		24,100
	TWD	369,297,458	USD	12,215,981		04/17/20		26,053
	USD	27,023,112	AUD	41,872,199		06/17/20		1,262,261
	USD	20,409,017	BRL	94,118,200		04/02/20		2,298,269
	USD	3,207,452	BRL	16,255,915		05/05/20		86,496
	USD	17,709,288	CAD	23,514,965		04/23/20		995,272
	USD	97,175,138	CAD	132,805,863		06/17/20		2,735,839
	USD	60,347,565	CHF	56,431,053		06/17/20		1,500,239
	USD	4,621,290	CNH	32,221,250		06/17/20		82,564
	USD	16,595,841	COP	57,063,296,357		04/07/20		2,555,142
	USD	11,040,561	CZK	249,791,934		06/17/20		979,397
	USD	5,613,025	EUR	4,996,262		05/14/20		92,966
	USD	47,240,410	EUR	41,982,569		06/17/20		799,933
	USD	44,679,994	GBP	34,465,863		04/29/20		1,841,091
	USD	2,078,967	GBP	1,606,366		06/17/20		80,993
	USD	46,015,631	HUF	13,754,992,533		06/17/20		3,883,287
	USD	27,062,806	IDR	385,563,987,548		04/07/20		3,331,411


110		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
MS & Co. Int. PLC (continued)	USD	7,309,445	IDR	104,452,517,159		05/28/20	$	961,806
	USD	67,425,250	ILS	230,252,640		06/17/20		2,160,563
	USD	8,795,969	INR	656,487,131		04/16/20		175,608
	USD	5,502,424	INR	413,244,524		04/20/20		77,214
	USD	19,403,576	INR	1,447,564,576		04/28/20		407,321
	USD	19,558,533	JPY	2,028,056,176		06/17/20		634,587
	USD	22,529,638	KRW	26,930,019,344		04/21/20		413,433
	USD	9,717,389	MXN	187,337,707		04/27/20		1,853,376
	USD	15,607,733	MXN	349,146,349		06/17/20		1,058,555
	USD	62,593,218	NZD	99,049,753		06/17/20		3,526,812
	USD	5,355,609	PLN	21,738,000		05/21/20		102,382
	USD	5,575,070	PLN	21,348,861		06/17/20		415,986
	USD	16,144,640	RUB	1,208,919,460		05/22/20		784,545
	USD	15,384,421	SEK	147,217,521		06/17/20		477,204
	USD	14,896,202	THB	471,089,483		06/17/20		536,235
	USD	2,534,783	TRY	15,684,478		04/20/20		177,280
	USD	7,269,498	TRY	46,362,237		05/04/20		331,042
	USD	4,990,396	TRY	30,991,354		05/11/20		361,076
	USD	7,533,531	TRY	46,851,450		05/12/20		537,007
	USD	2,495,014	TRY	15,550,451		05/14/20		174,054
	USD	5,022,783	TRY	31,324,002		05/20/20		355,122
	USD	7,773,752	TRY	48,953,295		05/27/20		492,845
	USD	2,429,097	TRY	15,227,647		06/04/20		168,730
	USD	4,883,542	TRY	31,376,268		06/17/20		243,699
	USD	2,893,492	TRY	19,167,151		06/19/20		60,750
	USD	39,735,724	TWD	1,185,166,208		04/17/20		448,032
	USD	7,328,645	TWD	219,779,296		04/20/20		39,758
	USD	22,715,423	ZAR	386,132,548		06/17/20		1,346,818

TOTAL							$	51,914,792

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	7,418,681	EUR	4,264,590		06/17/20	$	(153,262	)
	AUD	7,274,902	JPY	489,157,110		06/17/20		(88,657	)
	AUD	41,740,397	USD	27,343,412		06/17/20		(1,663,649	)
	BRL	94,118,200	USD	19,995,001		04/02/20		(1,884,252	)
	BRL	2,351,768	USD	462,100		05/05/20		(10,587	)
	CAD	7,656,526	GBP	4,497,705		06/17/20		(149,563	)
	CAD	6,316,443	JPY	486,997,764		06/17/20		(52,541	)
	CAD	13,416,256	USD	10,154,038		04/23/20		(618,002	)
	CAD	35,042,732	USD	25,524,912		06/17/20		(605,749	)
	CHF	2,075,821	AUD	3,641,727		06/17/20		(75,780	)
	CHF	11,070,573	EUR	10,478,257		06/17/20		(46,293	)
	CHF	5,201,042	GBP	4,497,009		06/17/20		(169,573	)
	CHF	55,072,993	USD	58,831,732		06/17/20		(1,400,619	)
	CNH	29,651,984	USD	4,251,705		06/17/20		(74,889	)
	COP	33,203,848,300	USD	9,746,345		04/07/20		(1,576,378	)
	COP	25,927,755,041	USD	7,545,473		05/08/20		(1,180,146	)
	CZK	1,095,458,761	EUR	43,204,842		06/17/20		(3,669,454	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	CZK	115,485,761	USD	4,957,705		06/17/20	$	(306,149	)
	EUR	1,938,851	AUD	3,532,975		06/17/20		(28,850	)
	EUR	2,803,142	CAD	4,378,009		06/17/20		(12,444	)
	EUR	5,900,000	CZK	163,895,923		06/17/20		(74,939	)
	EUR	6,515,618	GBP	5,986,086		06/17/20		(237,928	)
	EUR	943,058	JPY	112,965,149		06/17/20		(10,890	)
	EUR	12,101,140	NOK	151,769,854		06/17/20		(1,216,427	)
	EUR	1,307,000	USD	1,461,317		05/14/20		(17,295	)
	EUR	123,759,832	USD	139,369,184		06/17/20		(2,467,943	)
	GBP	4,342,246	USD	5,467,659		04/29/20		(70,520	)
	GBP	21,890,468	USD	28,089,792		06/17/20		(862,752	)
	HUF	8,694,580,189	EUR	24,974,180		06/17/20		(994,051	)
	HUF	1,390,505,714	USD	4,497,138		06/17/20		(237,939	)
	IDR	294,519,764,129	USD	21,337,440		04/07/20		(3,209,799	)
	IDR	179,680,318,452	USD	12,867,647		05/28/20		(1,948,371	)
	ILS	99,383,692	USD	28,729,809		06/17/20		(559,685	)
	IDR	34,828,753,578	USD	2,418,328		06/08/20		(306,146	)
	INR	1,012,219,026	USD	13,491,113		04/20/20		(202,368	)
	INR	1,000,065,278	USD	13,724,608		04/28/20		(600,845	)
	JPY	480,046,653	EUR	4,082,037		06/17/20		(36,134	)
	JPY	5,828,701,692	USD	55,588,519		06/17/20		(1,200,459	)
	KRW	18,521,702,878	USD	15,583,838		04/21/20		(372,939	)
	MXN	219,703,141	USD	11,072,291		04/27/20		(1,849,649	)
	MXN	583,908,336	USD	27,019,464		06/17/20		(2,687,588	)
	NOK	237,680,666	EUR	22,423,375		06/17/20		(1,935,971	)
	NOK	504,191,782	USD	53,199,882		06/17/20		(4,689,116	)
	NZD	11,603,719	EUR	6,397,111		06/17/20		(156,733	)
	NZD	24,999,891	NOK	155,716,773		06/17/20		(74,074	)
	NZD	49,076,888	USD	30,607,780		06/17/20		(1,341,725	)
	PLN	6,834,547	EUR	1,500,854		06/17/20		(8,611	)
	PLN	22,657,000	USD	5,582,024		05/21/20		(106,711	)
	PLN	8,850,598	USD	2,328,982		06/17/20		(190,180	)
	RUB	1,602,341,719	USD	23,013,329		05/22/20		(2,654,551	)
	SEK	585,389,584	EUR	54,616,066		06/17/20		(1,139,021	)
	SEK	180,022,128	USD	19,135,760		06/17/20		(906,754	)
	THB	144,585,142	USD	4,548,090		06/17/20		(140,779	)
	TRY	19,869,635	USD	3,170,292		04/20/20		(183,727	)
	TRY	13,523,240	USD	2,066,734		05/04/20		(42,879	)
	TRY	16,651,040	USD	2,684,781		05/11/20		(197,540	)
	TRY	31,083,065	USD	5,007,195		05/12/20		(365,431	)
	TRY	15,079,779	USD	2,427,524		05/14/20		(176,813	)
	TRY	108,658,491	USD	16,512,355		05/27/20		(351,390	)
	TRY	10,313,498	USD	1,640,709		06/04/20		(109,790	)
	TRY	25,712,231	USD	3,995,362		06/17/20		(193,103	)
	TWD	1,332,023,822	USD	44,301,413		04/17/20		(145,459	)
	TWD	115,565,938	USD	3,844,715		04/20/20		(12,019	)
	USD	10,781,473	AUD	18,267,083		06/17/20		(456,903	)
	USD	2,927,051	CAD	4,149,251		06/17/20		(23,514	)
	USD	12,078,000	CHF	11,776,521		06/17/20		(202,769	)
	USD	4,607,135	CLP	3,987,475,364		05/22/20		(58,361	)
	USD	5,823,994	COP	23,859,448,057		05/08/20		(33,559	)
	USD	11,293,351	EUR	10,369,122		05/14/20		(162,846	)
	USD	37,481,737	EUR	34,284,713		06/17/20		(443,490	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	USD	16,431,443	GBP	13,519,900		06/17/20	$	(384,411	)
	USD	5,494,853	IDR	91,044,223,420		05/28/20		(37,956	)
	USD	1,761,446	INR	136,170,317		04/28/20		(25,505	)
	USD	38,331,241	JPY	4,147,440,319		04/30/20		(303,400	)
	USD	15,286,913	JPY	1,664,094,621		06/17/20		(240,881	)
	USD	2,129,795	KRW	2,639,695,142		04/21/20		(38,047	)
	USD	14,688,776	MXN	359,513,790		06/17/20		(292,420	)
	USD	10,762,820	NOK	124,333,388		06/17/20		(1,199,906	)
	USD	4,662,000	RUB	378,594,027		05/22/20		(148,280	)
	USD	1,044,851	SEK	10,346,168		06/17/20		(2,800	)
	USD	13,425,774	TWD	405,903,822		04/17/20		(29,744	)
	ZAR	314,471,872	USD	18,348,724		06/17/20		(945,826	)

TOTAL							$	(53,084,499	)

FORWARD SALES CONTRACT — At March 31, 2020, the Fund had the following forward sales contracts:

Description

Interest
Rate

Maturity
Date^(a)

Settlement
Date

Principal
Amount

Value

UMBS, 30 Year, Single Family

(Proceeds Receivable: $(2,271,094))

5.000

TBA-30yr

03/09/20

(2,000,000

)

(2,158,445

)

(a)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 10 Year Government Bonds		11			06/15/20	$	1,019,047		$	45,585
1 Month SOFR		875			07/31/20		364,393,733			3,045,690
10 Year U.K. Long Gilt		5			06/26/20		845,808			33,579
10 Year U.S. Treasury Notes		1,514			06/19/20		209,972,875			6,178,661

Total									$	9,303,515
Short position contracts:
Eurodollars		(105	)		06/15/20		(26,112,187	)		(467,756	)
Eurodollars		(3	)		12/14/20		(747,450	)		(13,197	)
Ultra Long U.S. Treasury Bonds		(108	)		06/19/20		(23,962,500	)		219,889
Ultra 10 Year U.S. Treasury Notes		(264	)		06/19/20		(41,192,250	)		(1,065,157	)
30 day Federal Funds		(875	)		07/31/20		(364,393,733	)		(3,034,893	)
2 Year U.S. Treasury Notes		(874	)		06/30/20		(192,614,578	)		4,063
5 Year U.S. Treasury Notes		(1,654	)		06/30/20		(207,344,406	)		(5,899,247	)
20 Year U.S. Treasury Bonds		(178	)		06/19/20		(31,873,125	)		(196,727	)

Total									$	(10,453,025	)

TOTAL FUTURES CONTRACTS									$	(1,149,510	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M EURO^(a)		0.250%^(b)	06/18/30	EUR	16,050	^(c)	$	41,338		$	(280,936	)	$	322,274
6M EURO^(a)		(0.250)^(b)	06/17/30		47,780	^(c)		(1,301,177	)		(1,956,661	)		655,484
6M GBP^(b)		0.270	06/17/25	GBP	71,890	^(c)		95,470			25,611			69,859
6M EURO^(a)		0.280^(b)	07/06/31	EUR	14,340	^(c)		327,067			65,844			261,223
6M GBP^(b)		0.400	03/18/25	GBP	71,580			718,918			39,905			679,013
6M JYOR^(a)		0.500	06/20/40	JPY	1,298,680	^(c)		263,396			246,342			17,054
6M JYOR^(a)		0.500	06/20/50		2,000,610	^(c)		329,984			318,074			11,910
6M AUDOR^(a)		1.000	03/11/30	AUD	71,970	^(c)		(471,866	)		(1,135,894	)		664,028
6M GBP^(a)		1.000	03/18/25	GBP	320			9,547			10,304			(757	)
3M NZDOR^(d)		1.500^(a)	03/18/25	NZD	79,990			2,058,638			(150,529	)		2,209,167
6M AUDOR^(a)		1.750	03/18/30	AUD	78,340			3,962,906			1,869,483			2,093,423
6M AUDOR^(a)		1.750	03/19/30		33,530	^(c)		510,510			631,602			(121,092	)
6M CDOR^(a)		1.750	03/18/25	CAD	53,300			1,478,455			4,367			1,474,088
6.244%^(f)		1M BID Avg	01/02/23	BRL	32,550			(152,399	)		—			(152,399	)
6.260^(e)		1M BID Avg	01/02/25		6,310			6,422			(4,566	)		10,988
6.943^(e)		1M BID Avg	01/02/23		15,100			(116,809	)		—			(116,809	)
7.223^(e)		1M BID Avg	01/02/23		21,975			(196,313	)		—			(196,313	)
6M CDOR^(d)		2.000^(a)	03/18/30	CAD	21,680			1,300,445			(215,729	)		1,516,174
6M CNY^(d)		2.500	06/17/25	CNY	250,780			409,791			28,938			380,853
1.750^(d)		3M LIBOR^(a)	06/20/50	$	14,640	^(c)		(964,602	)		(537,647	)		(426,955	)
1.750^(d)		3M LIBOR^(a)	06/18/30		36,050	^(c)		(1,447,736	)		(1,550,603	)		102,867
1.750^(d)		3M LIBOR^(a)	06/19/40		8,490	^(c)		(571,727	)		(230,477	)		(341,250	)
1M LIBOR+0.090^(d)		3M LIBOR	07/25/24		312,900			(321,481	)		5,468			(326,949	)
2.250^(d)		3M LIBOR^(a)	03/18/50		3,890			(1,456,099	)		(217,700	)		(1,238,399	)
2.000^(a)		3M NIBOR^(b)	03/18/30	NOK	168,840			(1,477,971	)		(82,774	)		(1,395,197	)
1M BID Avg^(f)		5.330	01/02/24	BRL	52,025			(203,581	)		(10,621	)		(192,960	)
1M BID Avg^(e)		5.440	01/03/22		222,110			1,129,528			253,102			876,426
3M JIBAR^(d)		6.500	06/17/22	ZAR	729,150	^(c)		925,422			88,121			837,301
1M BID Avg^(f)		5.750	01/02/23		63,705			196,916			76,712			120,204
Mexico IB TIIE 28 Days^(e)		6.000	06/15/22	MXN	529,570	^(c)		134,023			6,957			127,066
1M BID Avg^(e)		6.660	01/02/23	BRL	10,840			88,390			19,163			69,227
(0.250)^(a)		6M EURO^(b)	03/18/23	EUR	10,760			(28,882	)		(23,307	)		(5,575	)
0.500^(a)		6M EURO^(b)	03/18/30		29,260			(1,742,091	)		(3,454,475	)		1,712,384
0.750^(a)		6M EURO^(b)	03/18/40		800			(93,602	)		(41,603	)		(51,999	)
1.250^(a)		6M EURO^(b)	12/19/28		2,630			(355,184	)		(69,039	)		(286,145	)
0.308^(b)		6M GBP	06/17/30	GBP	19,880	^(c)		(2,519	)		(56,663	)		54,144
0.400^(b)		6M GBP	06/17/30		37,900	^(c)		(431,728	)		(139,438	)		(292,290	)
0.400^(b)		6M GBP	06/17/40		13,180	^(c)		(168,920	)		(53,574	)		(115,346	)
0.500^(a)		6M GBP	03/10/30		39,970	^(c)		375,030			767,136			(392,106	)
0.570^(b)		6M GBP	03/18/30		27,810			(917,744	)		68,593			(986,337	)
2.000^(a)		6M NIBOR^(b)	03/18/25	NOK	978,570			(5,371,689	)		(2,321,316	)		(3,050,373	)
0.500^(d)		6M STIBOR^(b)	03/18/30	SEK	297,810			(340,117	)		(803,292	)		463,175
1.400^(a)		6M WIBOR^(b)	06/17/25	PLN	61,505	^(c)		(388,464	)		(76,829	)		(311,635	)

TOTAL							$	(4,160,505	)	$	(8,887,951	)	$	4,727,446

(a)

Payments made semi-annually.

(b)

Payments made annually.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2020.

(d)

Payments made quarterly.

(e)

Payments made monthly.

(f)

Payments made at termination date.


114		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


Reference Obligation/ Index	Financing Rate Paid by the Fund^(a)		Credit Spread at March 31, 2020^(b)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)%	0.089%		Barclays Bank PLC		06/20/21		10,330	$	(119,257	)	$	11,413	$	(130,670	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089		Citibank NA		06/20/21		2,060		(23,782	)		4,888		(28,670	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089		Deutsche Bank AG (London)		06/20/21		11,160		(128,839	)		10,321		(139,160	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089		JPMorgan Securities, Inc.		06/20/21		3,640		(42,023	)		4,613		(46,636	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089		UBS AG (London)		06/20/21		5,910		(68,222	)		7,266		(75,488	)

TOTAL										$	(382,123	)	$	38,501	$	(420,624	)

(a)

Payments made quarterly.

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2020^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)%	0.342%		12/20/23	$	5,890	$	(145,740	)	$	(51,153	)	$	(94,587	)
Protection Sold:
CDX.NA.IG Index 33		1.000	1.079		12/20/24		12,550		(40,543	)		208,157			(248,700	)
Federative Republic of Brazil, 4.250%, 01/07/25		1.000	0.810		06/20/20		1,150		674			1,295			(621	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000	1.669		12/20/24		3,250		(93,787	)		41,028			(134,815	)
Republic of Colombia, 10.375%, 01/28/33		1.000	1.830		12/20/23		12,040		(360,425	)		(176,773	)		(183,652	)
Republic of Indonesia, 5.875%, 03/13/20		1.000	1.736		06/20/24		8,760		(242,994	)		48,264			(291,258	)
Russian Federation, 7.500%, 03/31/30		1.000	1.841		12/20/24		1,340		(49,119	)		4,540			(53,659	)
State of Qatar, 9.750%, 06/15/30		1.000	1.138		06/20/24		1,330		(6,484	)		24,419			(30,903	)
State of Qatar, 9.750%, 06/15/30		1.000	1.209		12/20/24		520		(4,701	)		10,380			(15,081	)

TOTAL								$	(943,119	)	$	110,157		$	(1,053,276	)

(a)

(b)

Payments made quarterly.


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts

6M IRS	Deutsche Bank AG (London)		1.985	%		06/09/2020		28,800,000		$	28,800,000		$	2,510		$	825,839		$	(823,329	)
Written option contracts
Calls
1M IRS	Deutsche Bank AG (London)		0.395			09/30/2020		(43,000,000	)		(43,000,000	)		(483,621	)		(546,100	)		62,479
1Y IRS	Barclays Bank PLC		(0.340	)		03/25/2021		(146,220,000	)		(146,220,000	)		(149,900	)		(171,090	)		21,190
1Y IRS	BofA Securities LLC		(0.390	)		03/25/2021		(138,260,000	)		(138,260,000	)		(107,180	)		(167,605	)		60,425
1Y IRS	JPMorgan Securities, Inc.		(0.390	)		03/25/2021		(96,430,000	)		(96,430,000	)		(74,753	)		(103,266	)		28,513
1Y IRS	UBS AG (London)		(0.256	)		08/27/2020		(31,620,000	)		(31,620,000	)		(246,220	)		(506,838	)		260,618
4M IRS	Barclays Bank PLC		(0.400	)		06/26/2020		(35,950,000	)		(35,950,000	)		(52,653	)		(110,666	)		58,013
4M IRS	JPMorgan Securities, Inc.		(0.400	)		06/26/2020		(56,530,000	)		(56,530,000	)		(82,794	)		(180,428	)		97,634
6M IRS	Barclays Bank PLC		(0.350	)		05/27/2020		(112,090,000	)		(112,090,000	)		(173,589	)		(164,540	)		(9,049	)
6M IRS	BNP Paribas SA		(0.350	)		08/13/2020		(76,940,000	)		(76,940,000	)		(224,291	)		(197,692	)		(26,599	)
6M IRS	Deutsche Bank AG (London)		0.395			09/30/2020		(43,000,000	)		(43,000,000	)		(483,621	)		(447,200	)		(36,421	)
6M IRS	JPMorgan Securities, Inc.		(0.350	)		08/13/2020		(76,940,000	)		(76,940,000	)		(224,291	)		(202,697	)		(21,594	)
6M IRS	UBS AG (London)		0.350			05/27/2020		(25,250,000	)		(25,250,000	)		(812,483	)		(27,986	)		(784,497	)
6M IRS	UBS AG (London)		0.380			07/02/2021		(30,140,000	)		(30,140,000	)		(1,540,362	)		(1,068,450	)		(471,912	)
								(912,370,000	)	$	(912,370,000	)	$	(4,655,758	)	$	(3,894,558	)	$	(761,200	)
Puts
1Y IRS	Barclays Bank PLC		0.340			03/25/2021		(146,220,000	)		(146,220,000	)		(172,465	)		(171,090	)		(1,375	)
1Y IRS	BofA Securities LLC		0.390			03/25/2021		(138,260,000	)		(138,260,000	)		(205,544	)		(147,615	)		(57,929	)
1Y IRS	JPMorgan Securities, Inc.		0.390			03/25/2021		(96,430,000	)		(96,430,000	)		(143,359	)		(370,876	)		227,517
6M IRS	Barclays Bank PLC		0.100			05/27/2020		(112,090,000	)		(112,090,000	)		(196,283	)		(346,684	)		150,401
6M IRS	Deutsche Bank AG (London)		2.235			06/09/2020		(28,800,000	)		(28,800,000	)		(966	)		(288,000	)		287,034
6M IRS	UBS AG (London)		0.100			05/27/2020		(25,250,000	)		(25,250,000	)		(8,842	)		(86,756	)		77,914
6M IRS	UBS AG (London)		0.380			07/02/2021		(30,140,000	)		(30,140,000	)		(512,999	)		(414,931	)		(98,068	)

								(577,190,000	)	$	(577,190,000	)	$	(1,240,458	)	$	(1,825,952	)	$	585,494

Total written option contracts								(1,489,560,000	)	$	(1,489,560,000	)	$	(5,896,216	)	$	(5,720,510	)	$	(175,706	)

TOTAL								(1,460,760,000	)	$	(1,460,760,000	)	$	(5,893,706	)	$	(4,894,671	)	$	(999,035	)



Abbreviations:
1M BID Avg		—1 Month Brazilian Interbank Deposit Average
1Y IRS		—1 Year Interest Rate Swaptions
3M IRS		—3 Month Interest Rate Swaptions
6M IRS		—6 Month Interest Rate Swaptions
CS International (London)		—Credit Suisse International (London)
CDX.NA.IG Index 33		—CDX North America Investment Grade Index 33
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D		—Mexico Interbank TIIE 28 Days
SOFR		—Secured Overnight Funding Rate


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2020


	Bond Fund			Core Fixed Income Fund		Global Income Fund

Assets:
Investments of unaffiliated issuers, at value (cost $533,355,207, $1,499,282,065 and $700,501,960, respectively)	$	531,207,191		$	1,519,038,978	$	706,976,347
Investments of affiliated issuers, at value (cost $1,970,018, $131,413,400 and $14,122,305, respectively)		1,970,018			131,413,400		14,122,305
Purchased options, at value (premium paid $112,414, $115,056 and $132,625, respectively)		218			209		235
Cash		6,601,337			17,698,037		8,276,650
Foreign currencies, at value (cost $74,894, $2,247 and $2,410,411, respectively)		98,170			20,867		2,544,386
Unrealized gain on swap contracts		—			—		105,266
Unrealized gain on forward foreign currency exchange contracts		9,661,845			4,108,579		14,609,201
Variation margin on futures contracts		—			—		362,814
Variation margin on swaps contracts		66,610			—		—
Receivables:
Investments sold on an extended-settlement basis		39,546,914			113,937,461		35,827,937
Collateral on certain derivative contracts^(a)		6,749,928			10,389,174		16,742,720
Interest and Dividends		2,980,088			7,793,013		4,018,214
Fund shares sold		295,301			26,888,117		601,070
Investments sold		214,602			369,639		277,044
Reimbursement from investment adviser		62,502			98,897		72,498
Due from broker — upfront payment		34,496			43,352		—
Upfront payments made on swap contracts		13,539			—		14,501
Other assets		67,937			104,357		64,445

Total assets		599,570,696			1,831,904,080		804,615,633


Liabilities:
Forward sale contracts, at value (proceeds received $10,812,188, $33,194,063 and $5,189,219, respectively)		10,742,625			33,249,140		5,299,413
Written option contracts, at value (premium received $713,779, $830,532, and $857,036, respectively)		693,058			821,077		836,861
Unrealized loss on swap contracts		103,229			—		116,410
Unrealized loss on forward foreign currency exchange contracts		9,603,227			3,262,743		13,228,585
Variation margin on futures contracts		60,774			220,759		—
Variation margin on swaps contracts		—			538,125		225,385
Payables:
Investments purchased on an extended — settlement basis		143,813,246			359,447,380		105,162,887
Investments purchased		3,002,111			9,636,516		9,673,358
Collateral on certain derivative contracts^(b)		1,960,000			5,884,888		1,260,000
Fund shares redeemed		1,065,219			5,596,329		662,323
Management fees		149,562			367,610		367,650
Distribution and Service fees and Transfer Agency fees		68,319			94,534		39,925
Income distributions		24,133			63,185		18,416
Upfront payments received on swap contracts		2,161			—		636
Accrued expenses		463,753			411,383		438,806

Total liabilities		171,751,417			419,593,669		137,330,655


Net Assets:
Paid-in capital		428,204,698			1,368,554,963		645,496,264
Total distributable earnings (loss)		(385,419	)		43,755,448		21,788,714

NET ASSETS	$	427,819,279		$	1,412,310,411	$	667,284,978
Net Assets:
Class A	$	84,503,143		$	125,490,175	$	42,358,160
Class C		12,468,019			8,330,729		6,299,929
Institutional		133,067,467			292,906,032		250,975,675
Service		44,646			1,140,629		196,379
Investor		26,436,000			122,100,316		47,717,160
Class P		81,064,476			704,747,193		7,900,465
Class R		5,315,636			4,774,073		—
Class R6		84,919,892			152,821,264		311,837,210

Total Net Assets	$	427,819,279		$	1,412,310,411	$	667,284,978
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,176,889			11,634,903		3,330,769
Class C		1,207,803			768,474		499,560
Institutional		12,879,815			27,043,197		19,769,461
Service		4,321			105,284		15,557
Investor		2,567,211			11,310,555		3,766,179
Class P		7,849,343			64,970,190		621,759
Class R		514,837			442,370		—
Class R6		8,221,953			14,095,743		24,557,002
Net asset value, offering and redemption price per share:^(c)
Class A		$10.33			$10.79		$12.72
Class C		10.32			10.84		12.61
Institutional		10.33			10.83		12.70
Service		10.33			10.83		12.62
Investor		10.30			10.80		12.67
Class P		10.33			10.85		12.71
Class R		10.32			10.79		—
Class R6		10.33			10.84		12.70

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Forward Foreign Currencies		Futures		Swaps		TBA
Bond	$	2,320,000	$	299,387	$	4,130,541	$	—
Core Fixed		1,010,000		—		9,039,174		340,000

Global Income		8,010,000		2,051,097		6,661,623		20,000

(b)

Segregated for initial margin and/or collateral as follows:


Fund	Forward Foreign Currencies		Swaps		TBA
Bond	$	—	$	—	$	1,960,000
Core Fixed		150,000		354,888		5,380,000

Global Income		—		—		1,260,000

(c)

Maximum public offering price per share for Class A Shares of the Bond, Core Fixed Income and Global Income Funds is $10.73, $11.21 and $13.22, 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.		117

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

March 31, 2020


	Income Fund			Strategic Income Fund

Assets:
Investments of unaffiliated issuers, at value (cost $30,074,657 and $1,243,653,693, respectively)	$	27,189,456		$	1,157,212,829
Investments of affiliated issuers, at value (cost $455,147 and $99,264,768, respectively)		455,147			99,264,768
Purchased options, at value (premium paid $0 and $825,839, respectively)		—			2,510
Cash		472,333			17,169,492
Foreign currencies, at value (cost $96,655 and $125,933, respectively)		96,746			281,714
Unrealized gain on forward foreign currency exchange contracts		6,803			51,914,792
Variation margin on futures contracts		34,839			583,258
Variation margin on swaps contracts		—			641,547
Deferred offering costs		106,908			—
Receivables:
Interest and Dividends		346,658			8,860,540
Collateral on certain derivative contracts^(a)		237,289			39,236,157
Investments sold		3,869			3,758,856
Investments sold on an extended — settlement basis		—			83,771,172
Fund shares sold		—			386,338
Upfront payments made on swap contracts		—			38,501
Reimbursement from investment adviser		—			8,256
Other assets		7,495			49,323

Total assets		28,957,543			1,463,180,053


Liabilities:
Forward sale contracts, at value (proceeds $0 and $2,271,094, respectively)		—			2,158,445
Written option contracts, at value (premium received $0 and $5,720,510, respectively)		—			5,896,216
Unrealized loss on swap contracts		—			420,624
Unrealized loss on forward foreign currency exchange contracts		18,376			53,084,499
Variation margin on swaps contracts		4,912			—
Payables:
Investments purchased on an extended — settlement basis		4,659,854			319,773,348
Investments purchased		614,850			26,226,029
Offering expense		123,115			—
Management fees		11,208			551,291
Due to Broker		1,605			291,965
Distribution and Service fees and Transfer Agency fees		941			160,103
Collateral on certain derivative contracts^(b)		—			6,450,000
Fund shares redeemed		—			7,126,003
Accrued expenses		108,116			910,889

Total liabilities		5,542,977			423,049,412


Net Assets:
Paid-in capital		26,373,546			3,158,447,633
Total distributable earnings (loss)		(2,958,980	)		(2,118,316,992	)
NET ASSETS	$	23,414,566		$	1,040,130,641
Net Assets:
Class A	$	141,878		$	115,256,754
Class C		64,963			89,308,306
Institutional		22,264,183			564,586,377
Investor		44,966			25,178,674
Class P		808,702			235,966,118
Class R		44,893			3,055,811
Class R6		44,981			6,778,601
Total Net Assets	$	23,414,566		$	1,040,130,641
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		15,974			13,590,712
Class C		7,316			10,556,899
Institutional		2,507,407			66,535,526
Investor		5,064			2,967,627
Class P		91,074			27,855,526
Class R		5,056			360,944
Class R6		5,066			799,079
Net asset value, offering and redemption price per share:^(c)
Class A	$	8.88		$	8.48
Class C		8.88			8.46
Institutional		8.88			8.49
Investor		8.88			8.48
Class P		8.88			8.47
Class R		8.88			8.47
Class R6		8.88			8.48

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Forward Foreign Currencies		Futures		Swaps		TBA
Income	$	—	$	52,630	$	184,659	$	—

Strategic Income		13,970,000		742,730		24,267,427		256,000

(b)

Includes segregated cash for initial margin and/or collateral on TBA transactions of $6,450,000 for the Strategic Income Fund.

(c)

Maximum public offering price per share for Class A Shares of the Income and Strategic Income Funds is $9.23 and $8.81, 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.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2020


	Bond Fund			Core Fixed Income Fund			Global Income Fund
Investment income:

Interest (net of foreign withholding taxes of $0, $168 and $26,002)	$	13,693,385		$	32,448,688		$	13,116,118

Dividends — affiliated issuers		459,767			1,250,068			791,398

Total investment income		14,153,152			33,698,756			13,907,516

Expenses:

Management fees		1,850,710			4,633,774			4,400,197

Distribution and Service fees^(a)		357,971			329,809			217,709

Custody, accounting and administrative services		294,730			302,464			219,535

Transfer Agency fees^(a)		288,715			531,048			347,296

Professional fees		158,966			148,502			149,669

Registration fees		136,264			205,195			115,199

Printing and mailing costs		84,020			111,694			97,712

Trustee fees		18,783			19,978			19,182

Shareholder meeting expense		16,680			14,882			25,474

Prime Broker Fees		12,973			—			22,668

Service Share fees — Service Plan		96			2,463			2,734

Service Share fees — Shareholder Administration Plan		96			2,463			2,734

Other		22,037			37,293			27,108

Total expenses		3,242,041			6,339,565			5,647,217

Less — expense reductions		(731,859	)		(1,125,977	)		(690,994	)

Net expenses		2,510,182			5,213,588			4,956,223

NET INVESTMENT INCOME		11,642,970			28,485,168			8,951,293

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		6,906,877			23,751,614			7,901,410

Purchased options		927,700			(174,736	)		1,068,834

Futures contracts		17,112,868			26,955,775			17,088,402

Written options		(1,030,078	)		(128,853	)		(1,021,991	)

Swap contracts		(962,846	)		(3,432,025	)		(1,393,327	)

Forward foreign currency exchange contracts		(1,414,716	)		(234,801	)		12,433,103

Foreign currency transactions		(337,890	)		182,284			(3,390,191	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(8,171,015	)		(16,738	)		(3,226,179	)

Purchased options		(540,393	)		(137,197	)		(501,194	)

Futures contracts		1,834,723			5,219,046			(555,040	)

Written options		376,109			9,455			345,196

Swap contracts		(709,013	)		(1,920,103	)		(974,254	)

Forward foreign currency exchange contracts		41,936			550,105			(2,810,950	)

Foreign currency translation		28,442			27,476			169,545

Net realized and unrealized gain		14,062,704			50,651,302			25,133,364

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,705,674		$	79,136,470		$	34,084,657

(a)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
Bond	$	218,013	$	92,065	$	47,893	$	113,366	$	11,968	$	57,100	$	15	$	42,937	$	27,000	$	12,452	$	23,877
Core Fixed Income		235,531		70,365		23,913		122,476		9,147		95,145		394		62,813		183,506		6,218		51,349
Global Income		142,356		75,353		—		74,025		9,796		102,073		438		70,335		2,443		—		88,186


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended March 31, 2020


	Income Fund^(a)			Strategic Income Fund
Investment income:

Interest (net of foreign withholding taxes of $415 and $14,440)	$	354,581		$	53,967,015

Dividends — affiliated issuers		2,462			1,780,069

Total investment income		357,043			55,747,084

Expenses:

Professional fees		51,780			205,119

Amortization of offering costs		51,507			—

Management fees		44,983			8,404,191

Printing and mailing costs		30,513			90,789

Custody, accounting and administrative services		25,449			440,187

Organization costs		12,000			—

Trustee fees		9,651			19,793

Transfer Agency fees^(b)		3,341			862,616

Registration fees		555			211,998

Distribution and Service fees^(b)		356			1,643,829

Shareholder meeting expense		—			62,054

Prime Broker Fees		—			90,568

Other		4,627			26,171

Total expenses		234,762			12,057,315

Less — expense reductions		(181,849	)		(354,885	)

Net expenses		52,913			11,702,430

NET INVESTMENT INCOME		304,130			44,044,654

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(107,953	)		(10,245,718	)

Investment — affiliated issuers		—			(50,144,332	)

Purchased options		—			20,030,362

Futures contracts		164,299			22,014,067

Written options		—			(18,811,687	)

Swap contracts		(71,734	)		(15,169,915	)

Forward foreign currency exchange contracts		24,909			(9,378,600	)

Foreign currency transactions		(1,316	)		564,116

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(2,885,201	)		(75,731,561	)

Investments — affiliated issuers		—			40,995,017

Purchased options		—			(9,271,182	)

Futures contracts		55,830			5,952,206

Written options		—			6,836,017

Swap contracts		(107,241	)		(6,638,682	)

Forward foreign currency exchange contracts		(11,573	)		(3,319,379	)

Foreign currency translation		54			207,556

Net realized and unrealized loss		(2,939,926	)		(102,111,715	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,635,796	)	$	(58,067,061	)

(a)

Commenced operations on December 3, 2019.

(b)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class P		Class R		Class R6
Income	$	96	$	179	$	81	$	50	$	23	$	3,196	$	21	$	25	$	21	$	5
Strategic Income		410,726		1,210,773		22,330		213,578		157,401		314,220		78,859		90,496		5,806		2,256


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Bond Fund						Core Fixed Income Fund
	For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019
From operations:
Net investment income	$	11,642,970		$	14,281,168		$	28,485,168		$	30,028,467

Net realized gain (loss)		21,201,915			(7,845,088	)		46,919,258			(2,500,713	)

Net change in unrealized gain (loss)		(7,139,211	)		10,647,573			3,732,044			21,211,439
Net increase (decrease) in net assets resulting from operations		25,705,674			17,083,653			79,136,470			48,739,193

Distributions to shareholders:

From distributable earnings:

Class A Shares		(2,433,447	)		(2,346,462	)		(3,249,602	)		(1,504,319	)

Class C Shares		(185,799	)		(169,625	)		(177,099	)		(138,472	)

Institutional Shares		(4,472,781	)		(5,740,892	)		(8,532,589	)		(10,291,006	)

Service Shares		(1,015	)		(5,121	)		(30,865	)		(22,157	)

Investor Shares		(1,006,504	)		(866,606	)		(1,740,445	)		(1,020,405	)

Class P Shares^(a)		(2,828,261	)		(1,946,046	)		(22,136,637	)		(12,475,336	)

Class R Shares		(248,890	)		(444,289	)		(145,994	)		(104,062	)

Class R6 Shares		(2,493,166	)		(1,876,845	)		(6,095,880	)		(5,799,985	)

Return of capital:

Class A Shares		—			(244,669	)		—			—

Class C Shares		—			(26,060	)		—			—

Institutional Shares		—			(532,844	)		—			—

Service Shares		—			(612	)		—			—

Investor Shares		—			(81,784	)		—			—

Class P Shares^(a)		—			(186,212	)		—			—

Class R Shares		—			(51,807	)		—			—

Class R6 Shares		—			(170,427	)		—			—

Total distributions to shareholders		(13,669,863	)		(14,690,301	)		(42,109,111	)		(31,355,742	)

From share transactions:

Proceeds from sales of shares		133,640,576			218,721,578			734,273,516			986,499,098

Reinvestment of distributions		13,110,709			13,847,454			41,111,691			30,920,666

Cost of shares redeemed		(192,751,023	)		(333,810,042	)		(484,022,906	)		(932,859,923	)

Net increase (decrease) in net assets resulting from share transactions		(45,999,738	)		(101,241,010	)		291,362,301			84,559,841

TOTAL INCREASE (DECREASE)		(33,963,927	)		(98,847,658	)		328,389,660			101,943,292

Net assets:
Beginning of year		461,783,206			560,630,864			1,083,920,751			981,977,459

End of year	$	427,819,279		$	461,783,206		$	1,412,310,411		$	1,083,920,751

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Global Income Fund						Income Fund^(a)
	For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019			For the Period Ended March 31, 2020
From operations:

Net investment income	$	8,951,293		$	10,429,095		$	304,130

Net realized gain (loss)		32,686,240			19,692,157			8,205

Net change in unrealized loss		(7,552,876	)		(6,287,409	)		(2,948,131	)
Net increase (decrease) in net assets resulting from operations		34,084,657			23,833,843			(2,635,796	)

Distributions to shareholders:

From distributable earnings:

Class A Shares		(1,559,422	)		(1,017,618	)		(1,422	)

Class C Shares		(150,935	)		(75,805	)		(521	)

Institutional Shares		(7,916,411	)		(4,967,706	)		(317,318	)

Service Shares		(20,104	)		(24,270	)		—

Investor Shares		(1,656,079	)		(934,660	)		(627	)

Class P Shares		(247,987	)		(116,187	)^(b)		(3,382	)

Class R Shares		—			—			(546	)

Class R6 Shares		(9,122,934	)		(3,792,977	)		(643	)

Total distributions to shareholders		(20,673,872	)		(10,929,223	)		(324,459	)

From share transactions:

Proceeds from sales of shares		227,403,940			172,259,396			26,050,439

Reinvestment of distributions		20,078,335			10,461,498			324,457

Cost of shares redeemed		(210,120,151	)		(325,070,222	)		(75	)

Net increase (decrease) in net assets resulting from share transactions		37,362,124			(142,349,328	)		26,374,821

TOTAL INCREASE (DECREASE)		50,772,909			(129,444,708	)		23,414,566

Net assets:
Beginning of year		616,512,069			745,956,777			—

End of year	$	667,284,978		$	616,512,069		$	23,414,566

(a)

Commenced operations on December 3, 2019.

(b)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Strategic Income Fund
	For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	44,044,654		$	126,373,084

Net realized loss		(61,141,707	)		(40,895,733	)

Net change in unrealized loss		(40,970,008	)		(107,542,585	)
Net decrease in net assets resulting from operations		(58,067,061	)		(22,065,234	)

Distributions to shareholders:

From distributable earnings:

Class A Shares		(11	)		(1,046,263	)

Class C Shares		(5	)		(653,211	)

Institutional Shares		(59	)		(10,054,263	)

Investor Shares		(4	)		(635,964	)

Class P Shares^(a)		(22	)		(1,794,734	)

Class R Shares		—			(27,364	)

Class R6 Shares		(1	)		(224,128	)

Return of capital:

Class A Shares		(4,959,068	)		(6,491,310	)

Class C Shares		(2,745,797	)		(4,052,701	)

Institutional Shares		(26,378,884	)		(62,379,439	)

Investor Shares		(1,944,099	)		(3,945,699	)

Class P Shares^(a)		(10,249,840	)		(11,135,030	)

Class R Shares		(124,892	)		(169,774	)

Class R6 Shares		(254,375	)		(1,390,551	)

Total distributions to shareholders		(46,657,057	)		(104,000,431	)

From share transactions:

Proceeds from sales of shares		195,430,419			1,328,491,815

Reinvestment of distributions		41,855,613			93,927,115

Cost of shares redeemed		(859,812,535	)		(4,164,007,815	)

Net decrease in net assets resulting from share transactions		(622,526,503	)		(2,741,588,885	)

TOTAL DECREASE		(727,250,621	)		(2,867,654,550	)

Net assets:
Beginning of year		1,767,381,262			4,635,035,812

End of year	$	1,040,130,641		$	1,767,381,262

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS BOND FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Bond Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.06		$	9.95		$	10.14		$	10.28		$	10.44

Net investment income^(a)		0.24			0.25			0.21			0.19			0.21

Net realized and unrealized gain (loss)		0.32			0.12			(0.19	)		(0.07	)		(0.03	)

Total from investment operations		0.56			0.37			0.02			0.12			0.18

Distributions to shareholders from net investment income		(0.29	)		(0.24	)		(0.18	)		(0.25	)		(0.34	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(b)

Distributions to shareholders from return of capital		—			(0.02	)		(0.03	)		—			—

Total distributions		(0.29	)		(0.26	)		(0.21	)		(0.26	)		(0.34	)

Net asset value, end of year	$	10.33		$	10.06		$	9.95		$	10.14		$	10.28

Total return^(c)		5.66	%		3.84	%		0.22	%		1.15	%		1.83	%

Net assets, end of year (in 000s)	$	84,503		$	85,671		$	101,231		$	117,249		$	129,351

Ratio of net expenses to average net assets		0.79	%		0.80	%		0.79	%		0.78	%		0.78	%

Ratio of total expenses to average net assets		0.95	%		1.00	%		0.93	%		0.97	%		1.00	%

Ratio of net investment income to average net assets		2.34	%		2.59	%		2.03	%		1.87	%		2.00	%

Portfolio turnover rate^(d)		742	%		429	%		372	%		517	%		588	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)


124		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 Year


	Goldman Sachs Bond Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.05		$	9.95		$	10.14		$	10.27		$	10.44

Net investment income^(a)		0.16			0.18			0.13			0.11			0.13

Net realized and unrealized gain (loss)		0.32			0.11			(0.18	)		(0.05	)		(0.03	)

Total from investment operations		0.48			0.29			(0.05	)		0.06			0.10

Distributions to shareholders from net investment income		(0.21	)		(0.17	)		(0.12	)		(0.18	)		(0.27	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(b)

Distributions to shareholders from return of capital		—			(0.02	)		(0.02	)		—			—

Total distributions		(0.21	)		(0.19	)		(0.14	)		(0.19	)		(0.27	)

Net asset value, end of year	$	10.32		$	10.05		$	9.95		$	10.14		$	10.27

Total return^(c)		4.88	%		2.97	%		(0.53	)%		0.50	%		0.98	%

Net assets, end of year (in 000s)	$	12,468		$	8,217		$	14,476		$	19,081		$	17,254

Ratio of net expenses to average net assets		1.54	%		1.55	%		1.54	%		1.53	%		1.53	%

Ratio of total expenses to average net assets		1.70	%		1.74	%		1.68	%		1.72	%		1.75	%

Ratio of net investment income to average net assets		1.53	%		1.82	%		1.29	%		1.10	%		1.25	%

Portfolio turnover rate^(d)		742	%		429	%		372	%		517	%		588	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Bond Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.05		$	9.95		$	10.14		$	10.28		$	10.44

Net investment income^(a)		0.28			0.28			0.24			0.23			0.24

Net realized and unrealized gain (loss)		0.32			0.12			(0.18	)		(0.07	)		(0.02	)

Total from investment operations		0.60			0.40			0.06			0.16			0.22

Distributions to shareholders from net investment income		(0.32	)		(0.28	)		(0.21	)		(0.29	)		(0.38	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(b)

Distributions to shareholders from return of capital		—			(0.02	)		(0.04	)		—			—

Total distributions		(0.32	)		(0.30	)		(0.25	)		(0.30	)		(0.38	)

Net asset value, end of year	$	10.33		$	10.05		$	9.95		$	10.14		$	10.28

Total return^(c)		6.01	%		4.19	%		0.56	%		1.50	%		2.18	%

Net assets, end of year (in 000s)	$	133,067		$	155,541		$	314,928		$	329,358		$	279,435

Ratio of net expenses to average net assets		0.45	%		0.46	%		0.45	%		0.44	%		0.44	%

Ratio of total expenses to average net assets		0.62	%		0.64	%		0.59	%		0.63	%		0.66	%

Ratio of net investment income to average net assets		2.69	%		2.89	%		2.37	%		2.19	%		2.33	%

Portfolio turnover rate^(d)		742	%		429	%		372	%		517	%		588	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Bond Fund
	Service Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.05		$	9.95		$	10.14		$	10.28		$	10.44

Net investment income^(a)		0.24			0.22			0.19			0.17			0.18

Net realized and unrealized gain (loss)		0.31			0.13			(0.18	)		(0.06	)		(0.01	)

Total from investment operations		0.55			0.35			0.01			0.11			0.17

Distributions to shareholders from net investment income		(0.27	)		(0.23	)		(0.17	)		(0.24	)		(0.33	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(b)

Distributions to shareholders from return of capital		—			(0.02	)		(0.03	)		—			—

Total distributions		(0.27	)		(0.25	)		(0.20	)		(0.25	)		(0.33	)

Net asset value, end of year	$	10.33		$	10.05		$	9.95		$	10.14		$	10.28

Total return^(c)		5.49	%		3.67	%		0.06	%		0.99	%		1.68	%

Net assets, end of year (in 000s)	$	45		$	66		$	410		$	1,293		$	1,119

Ratio of net expenses to average net assets		0.95	%		0.96	%		0.95	%		0.94	%		0.94	%

Ratio of total expenses to average net assets		1.12	%		1.11	%		1.09	%		1.13	%		1.17	%

Ratio of net investment income to average net assets		2.29	%		2.28	%		1.87	%		1.69	%		1.74	%

Portfolio turnover rate^(d)		742	%		429	%		372	%		517	%		588	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Bond Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.02		$	9.92		$	10.11		$	10.25		$	10.40

Net investment income^(a)		0.27			0.28			0.23			0.22			0.23

Net realized and unrealized gain (loss)		0.32			0.11			(0.18	)		(0.07	)		(0.01	)

Total from investment operations		0.59			0.39			0.05			0.15			0.22

Distributions to shareholders from net investment income		(0.31	)		(0.27	)		(0.20	)		(0.28	)		(0.37	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(b)

Distributions to shareholders from return of capital		—			(0.02	)		(0.04	)		—			—

Total distributions		(0.31	)		(0.29	)		(0.24	)		(0.29	)		(0.37	)

Net asset value, end of year	$	10.30		$	10.02		$	9.92		$	10.11		$	10.25

Total return^(c)		5.82	%		4.10	%		0.47	%		1.40	%		2.18	%

Net assets, end of year (in 000s)	$	26,436		$	33,495		$	36,267		$	44,207		$	39,939

Ratio of net expenses to average net assets		0.54	%		0.55	%		0.54	%		0.53	%		0.53	%

Ratio of total expenses to average net assets		0.70	%		0.75	%		0.68	%		0.72	%		0.75	%

Ratio of net investment income to average net assets		2.61	%		2.85	%		2.27	%		2.12	%		2.23	%

Portfolio turnover rate^(d)		742	%		429	%		372	%		517	%		588	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Bond Fund
	Class P Shares
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.05		$	9.87

Net investment income^(b)		0.28			0.27

Net realized and unrealized gain		0.32			0.19

Total from investment operations		0.60			0.46

Distributions to shareholders from net investment income		(0.32	)		(0.26	)

Distributions to shareholders from return of capital		—			(0.02	)

Total distributions		(0.32	)		(0.28	)

Net asset value, end of period	$	10.33		$	10.05

Total return^(c)		6.03	%		4.72	%

Net assets, end of period (in 000s)	$	81,064		$	87,881

Ratio of net expenses to average net assets		0.44	%		0.44	%^(d)

Ratio of total expenses to average net assets		0.60	%		0.67	%^(d)

Ratio of net investment income to average net assets		2.69	%		3.00	%^(d)

Portfolio turnover rate^(e)		742	%		429	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Bond Fund
	Class R Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.05		$	9.94		$	10.13		$	10.27		$	10.43

Net investment income^(a)		0.23			0.23			0.18			0.16			0.18

Net realized and unrealized gain (loss)		0.30			0.12			(0.18	)		(0.06	)		(0.02	)

Total from investment operations		0.53			0.35			—			0.10			0.16

Distributions to shareholders from net investment income		(0.26	)		(0.22	)		(0.16	)		(0.23	)		(0.32	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(b)

Distributions to shareholders from return of capital		—			(0.02	)		(0.03	)		—			—

Total distributions		(0.26	)		(0.24	)		(0.19	)		(0.24	)		(0.32	)

Net asset value, end of year	$	10.32		$	10.05		$	9.94		$	10.13		$	10.27

Total return^(c)		5.40	%		3.58	%		(0.03	)%		0.90	%		1.58	%

Net assets, end of year (in 000s)	$	5,316		$	19,263		$	22,970		$	25,639		$	9,241

Ratio of net expenses to average net assets		1.04	%		1.05	%		1.04	%		1.03	%		1.03	%

Ratio of total expenses to average net assets		1.22	%		1.25	%		1.18	%		1.22	%		1.26	%

Ratio of net investment income to average net assets		2.24	%		2.34	%		1.78	%		1.58	%		1.77	%

Portfolio turnover rate^(d)		742	%		429	%		372	%		517	%		588	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Bond Fund
	Class R6 Shares
	Year Ended March 31,												Period Ended March 31, 2016^(a)
	2020			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.05		$	9.95		$	10.14		$	10.28		$	10.33

Net investment income^(b)		0.28			0.29			0.24			0.23			0.16

Net realized and unrealized gain (loss)		0.32			0.11			(0.18	)		(0.07	)		0.08

Total from investment operations		0.60			0.40			0.06			0.16			0.24

Distributions to shareholders from net investment income		(0.32	)		(0.28	)		(0.22	)		(0.29	)		(0.29	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(c)

Distributions to shareholders from return of capital		—			(0.02	)		(0.03	)		—			—

Total distributions		(0.32	)		(0.30	)		(0.25	)		(0.30	)		(0.29	)

Net asset value, end of period	$	10.33		$	10.05		$	9.95		$	10.14		$	10.28

Total return^(d)		6.03	%		4.10	%		0.58	%		1.51	%		2.42	%

Net assets, end of period (in 000s)	$	84,920		$	71,648		$	70,350		$	51,028		$	10

Ratio of net expenses to average net assets		0.44	%		0.45	%		0.44	%		0.43	%		0.47	%^(e)

Ratio of total expenses to average net assets		0.60	%		0.65	%		0.58	%		0.60	%		0.69	%^(e)

Ratio of net investment income to average net assets		2.67	%		2.95	%		2.37	%		2.24	%		2.37	%^(e)

Portfolio turnover rate^(f)		742	%		429	%		372	%		517	%		588	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.41		$	10.23		$	10.40		$	10.53		$	10.64

Net investment income^(a)		0.22			0.25			0.19			0.19			0.21

Net realized and unrealized gain (loss)		0.51			0.19			(0.13	)		(0.09	)		(0.07	)

Total from investment operations		0.73			0.44			0.06			0.10			0.14

Distributions to shareholders from net investment income		(0.27	)		(0.26	)		(0.23	)		(0.23	)		(0.25	)

Distributions to shareholders from net realized gains		(0.08	)		—			—			—			—

Total distributions		(0.35	)		(0.26	)		(0.23	)		(0.23	)		(0.25	)

Net asset value, end of year	$	10.79		$	10.41		$	10.23		$	10.40		$	10.53

Total return^(b)		7.07	%		4.40	%		0.56	%		0.94	%		1.35	%

Net assets, end of year (in 000s)	$	125,490		$	57,754		$	62,399		$	148,548		$	142,299

Ratio of net expenses to average net assets		0.74	%		0.79	%		0.79	%		0.79	%		0.78	%

Ratio of total expenses to average net assets		0.84	%		0.86	%		0.84	%		0.84	%		0.85	%

Ratio of net investment income to average net assets		2.07	%		2.45	%		1.82	%		1.77	%		1.98	%

Portfolio turnover rate^(c)		693	%		396	%		273	%		363	%		450	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


132		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 Year


	Goldman Sachs Core Fixed Income Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.46		$	10.29		$	10.46		$	10.59		$	10.69

Net investment income^(a)		0.15			0.17			0.11			0.11			0.13

Net realized and unrealized gain (loss)		0.50			0.19			(0.13	)		(0.09	)		(0.06	)

Total from investment operations		0.65			0.36			(0.02	)		0.02			0.07

Distributions to shareholders from net investment income		(0.19	)		(0.19	)		(0.15	)		(0.15	)		(0.17	)

Distributions to shareholders from net realized gains		(0.08	)		—			—			—			—

Total distributions		(0.27	)		(0.19	)		(0.15	)		(0.15	)		(0.17	)

Net asset value, end of year	$	10.84		$	10.46		$	10.29		$	10.46		$	10.59

Total return^(b)		6.25	%		3.52	%		(0.18	)%		0.20	%		0.69	%

Net assets, end of year (in 000s)	$	8,331		$	6,585		$	9,817		$	15,714		$	18,124

Ratio of net expenses to average net assets		1.50	%		1.54	%		1.54	%		1.54	%		1.53	%

Ratio of total expenses to average net assets		1.60	%		1.61	%		1.59	%		1.59	%		1.60	%

Ratio of net investment income to average net assets		1.37	%		1.67	%		1.09	%		1.02	%		1.23	%

Portfolio turnover rate^(c)		693	%		396	%		273	%		363	%		450	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.45		$	10.27		$	10.45		$	10.57		$	10.68

Net investment income^(a)		0.26			0.27			0.23			0.22			0.24

Net realized and unrealized gain (loss)		0.51			0.21			(0.14	)		(0.07	)		(0.06	)

Total from investment operations		0.77			0.48			0.09			0.15			0.18

Distributions to shareholders from net investment income		(0.31	)		(0.30	)		(0.27	)		(0.27	)		(0.29	)

Distributions to shareholders from net realized gains		(0.08	)		—			—			—			—

Total distributions		(0.39	)		(0.30	)		(0.27	)		(0.27	)		(0.29	)

Net asset value, end of year	$	10.83		$	10.45		$	10.27		$	10.45		$	10.57

Total return^(b)		7.41	%		4.75	%		0.81	%		1.38	%		1.69	%

Net assets, end of year (in 000s)	$	292,906		$	181,702		$	850,477		$	776,135		$	697,260

Ratio of net expenses to average net assets		0.41	%		0.45	%		0.45	%		0.44	%		0.44	%

Ratio of total expenses to average net assets		0.51	%		0.51	%		0.50	%		0.50	%		0.51	%

Ratio of net investment income to average net assets		2.46	%		2.66	%		2.20	%		2.11	%		2.31	%

Portfolio turnover rate^(c)		693	%		396	%		273	%		363	%		450	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Service Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.46		$	10.28		$	10.45		$	10.58		$	10.69

Net investment income^(a)		0.21			0.23			0.18			0.17			0.19

Net realized and unrealized gain (loss)		0.50			0.20			(0.14	)		(0.09	)		(0.07	)

Total from investment operations		0.71			0.43			0.04			0.08			0.12

Distributions to shareholders from net investment income		(0.26	)		(0.25	)		(0.21	)		(0.21	)		(0.23	)

Distributions to shareholders from net realized gains		(0.08	)		—			—			—			—

Total distributions		(0.34	)		(0.25	)		(0.21	)		(0.21	)		(0.23	)

Net asset value, end of year	$	10.83		$	10.46		$	10.28		$	10.45		$	10.58

Total return^(b)		6.87	%		4.23	%		0.41	%		0.79	%		1.19	%

Net assets, end of year (in 000s)	$	1,141		$	855		$	1,035		$	1,522		$	1,578

Ratio of net expenses to average net assets		0.91	%		0.95	%		0.95	%		0.94	%		0.94	%

Ratio of total expenses to average net assets		1.01	%		1.02	%		1.00	%		1.00	%		1.01	%

Ratio of net investment income to average net assets		1.95	%		2.28	%		1.68	%		1.61	%		1.82	%

Portfolio turnover rate^(c)		693	%		396	%		273	%		363	%		450	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.42		$	10.24		$	10.41		$	10.54		$	10.65

Net investment income^(a)		0.24			0.27			0.22			0.21			0.23

Net realized and unrealized gain (loss)		0.52			0.20			(0.13	)		(0.08	)		(0.06	)

Total from investment operations		0.76			0.47			0.09			0.13			0.17

Distributions to shareholders from net investment income		(0.30	)		(0.29	)		(0.26	)		(0.26	)		(0.28	)

Distributions to shareholders from net realized gains		(0.08	)		—			—			—			—

Total distributions		(0.38	)		(0.29	)		(0.26	)		(0.26	)		(0.28	)

Net asset value, end of year	$	10.80		$	10.42		$	10.24		$	10.41		$	10.54

Total return^(b)		7.33	%		4.66	%		0.81	%		1.19	%		1.60	%

Net assets, end of year (in 000s)	$	122,100		$	17,645		$	45,129		$	38,620		$	5,058

Ratio of net expenses to average net assets		0.48	%		0.54	%		0.54	%		0.53	%		0.53	%

Ratio of total expenses to average net assets		0.59	%		0.60	%		0.59	%		0.59	%		0.60	%

Ratio of net investment income to average net assets		2.27	%		2.66	%		2.11	%		2.01	%		2.23	%

Portfolio turnover rate^(c)		693	%		396	%		273	%		363	%		450	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Core Fixed Income Fund
	Class P Shares
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.47		$	10.20

Net investment income^(b)		0.27			0.28

Net realized and unrealized gain		0.50			0.27

Total from investment operations		0.77			0.55

Distributions to shareholders from net investment income		(0.31	)		(0.28	)

Distributions to shareholders from net realized gains		(0.08	)		—

Total distributions		(0.39	)		(0.28	)

Net asset value, end of period	$	10.85		$	10.47

Total return^(c)		7.41	%		5.50	%

Net assets, end of period (in 000s)	$	704,747		$	595,010

Ratio of net expenses to average net assets		0.40	%		0.44	%^(d)

Ratio of total expenses to average net assets		0.50	%		0.52	%^(d)

Ratio of net investment income to average net assets		2.47	%		2.91	%^(d)

Portfolio turnover rate^(e)		693	%		396	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Core Fixed Income Fund
	Class R Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.42		$	10.24		$	10.41		$	10.54		$	10.65

Net investment income^(a)		0.20			0.22			0.17			0.16			0.19

Net realized and unrealized gain (loss)		0.50			0.20			(0.14	)		(0.09	)		(0.08	)

Total from investment operations		0.70			0.42			0.03			0.07			0.11

Distributions to shareholders from net investment income		(0.25	)		(0.24	)		(0.20	)		(0.20	)		(0.22	)

Distributions to shareholders from net realized gains		(0.08	)		—			—			—			—

Total distributions		(0.33	)		(0.24	)		(0.20	)		(0.20	)		(0.22	)

Net asset value, end of year	$	10.79		$	10.42		$	10.24		$	10.41		$	10.54

Total return^(b)		6.70	%		4.14	%		0.31	%		0.69	%		1.09	%

Net assets, end of year (in 000s)	$	4,774		$	4,444		$	4,637		$	944		$	9,524

Ratio of net expenses to average net assets		1.00	%		1.04	%		1.04	%		1.03	%		1.03	%

Ratio of total expenses to average net assets		1.10	%		1.11	%		1.09	%		1.10	%		1.11	%

Ratio of net investment income to average net assets		1.88	%		2.20	%		1.63	%		1.50	%		1.79	%

Portfolio turnover rate^(c)		693	%		396	%		273	%		363	%		450	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Core Fixed Income Fund
	Class R6 Shares
	Year Ended March 31,												Period Ended March 31, 2016^(a)
	2020			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.46		$	10.28		$	10.45		$	10.57		$	10.52

Net investment income^(b)		0.27			0.29			0.26			0.23			0.16

Net realized and unrealized gain (loss)		0.50			0.19			(0.16	)		(0.08	)		0.08

Total from investment operations		0.77			0.48			0.10			0.15			0.24

Distributions to shareholders from net investment income		(0.31	)		(0.30	)		(0.27	)		(0.27	)		(0.19	)

Distributions to shareholders from net realized gains		(0.08	)		—			—			—			—

Total Distributions		(0.39	)		(0.30	)		(0.27	)		(0.27	)		(0.19	)

Net asset value, end of period	$	10.84		$	10.46		$	10.28		$	10.45		$	10.57

Total Return^(c)		7.41	%		4.76	%		0.92	%		1.40	%		2.34	%

Net assets, end of period (in 000s)	$	152,821		$	219,927		$	8,482		$	56,117		$	57,091

Ratio of net expenses to average net assets		0.40	%		0.44	%		0.43	%		0.42	%		0.43	%^(d)

Ratio of total expenses to average net assets		0.50	%		0.51	%		0.47	%		0.48	%		0.49	%^(d)

Ratio of net investment income to average net assets		2.51	%		2.84	%		2.50	%		2.13	%		2.36	%^(d)

Portfolio turnover rate^(e)		693	%		396	%		273	%		363	%		450	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Global Income Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.47		$	12.17		$	12.21		$	12.24		$	12.76

Net investment income^(a)		0.14			0.17			0.09			0.09			0.13

Net realized and unrealized gain (loss)		0.47			0.31			0.08			0.05			0.07

Total from investment operations		0.61			0.48			0.17			0.14			0.20

Distributions to shareholders from net investment income		(0.20	)		(0.18	)		(0.21	)		(0.12	)		(0.71	)

Distributions to shareholders from net realized gains		(0.16	)		—			—			(0.05	)		(0.01	)

Total distributions		(0.36	)		(0.18	)		(0.21	)		(0.17	)		(0.72	)

Net asset value, end of year	$	12.72		$	12.47		$	12.17		$	12.21		$	12.24

Total return^(b)		4.88	%		3.99	%		1.38	%		1.14	%		1.67	%

Net assets, end of year (in 000s)	$	42,358		$	63,453		$	78,752		$	136,317		$	111,852

Ratio of net expenses to average net assets		1.01	%		1.03	%		1.03	%		1.03	%		1.03	%

Ratio of total expenses to average net assets		1.13	%		1.20	%		1.14	%		1.13	%		1.15	%

Ratio of net investment income to average net assets		1.08	%		1.39	%		0.76	%		0.71	%		1.06	%

Portfolio turnover rate^(c)		610	%		302	%		172	%		289	%		261	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Global Income Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.37		$	12.07		$	12.11		$	12.14		$	12.67

Net investment income^(a)		0.04			0.08			0.01			—	^(b)		0.04

Net realized and unrealized gain		0.46			0.31			0.07			0.05			0.05

Total from investment operations		0.50			0.39			0.08			0.05			0.09

Distributions to shareholders from net investment income		(0.10	)		(0.09	)		(0.12	)		(0.03	)		(0.61	)

Distributions to shareholders from net realized gains		(0.16	)		—			—			(0.05	)		(0.01	)

Total distributions		(0.26	)		(0.09	)		(0.12	)		(0.08	)		(0.62	)

Net asset value, end of year	$	12.61		$	12.37		$	12.07		$	12.11		$	12.14

Total return^(c)		4.06	%		3.24	%		0.68	%		0.42	%		0.83	%

Net assets, end of year (in 000s)	$	6,300		$	8,725		$	12,984		$	20,808		$	12,653

Ratio of net expenses to average net assets		1.76	%		1.78	%		1.74	%		1.74	%		1.77	%

Ratio of total expenses to average net assets		1.88	%		1.94	%		1.89	%		1.88	%		1.90	%

Ratio of net investment income (loss) to average net assets		0.33	%		0.63	%		0.05	%		(0.03	)%		0.31	%

Portfolio turnover rate^(d)		610	%		302	%		172	%		289	%		261	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Global Income Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.45		$	12.15		$	12.19		$	12.22		$	12.74

Net investment income^(a)		0.18			0.21			0.13			0.13			0.17

Net realized and unrealized gain		0.47			0.31			0.08			0.05			0.07

Total from investment operations		0.65			0.52			0.21			0.18			0.24

Distributions to shareholders from net investment income		(0.24	)		(0.22	)		(0.25	)		(0.16	)		(0.75	)

Distributions to shareholders from net realized gains		(0.16	)		—			—			(0.05	)		(0.01	)

Total distributions		(0.40	)		(0.22	)		(0.25	)		(0.21	)		(0.76	)

Net asset value, end of year	$	12.70		$	12.45		$	12.15		$	12.19		$	12.22

Total return^(b)		5.22	%		4.34	%		1.72	%		1.48	%		2.00	%

Net assets, end of year (in 000s)	$	250,976		$	252,456		$	321,021		$	627,253		$	639,915

Ratio of net expenses to average net assets		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%

Ratio of total expenses to average net assets		0.79	%		0.86	%		0.80	%		0.79	%		0.81	%

Ratio of net investment income to average net assets		1.37	%		1.73	%		1.08	%		1.05	%		1.41	%

Portfolio turnover rate^(c)		610	%		302	%		172	%		289	%		261	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Global Income Fund
	Service Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.38		$	12.09		$	12.12		$	12.16		$	12.71

Net investment income^(a)		0.13			0.15			0.07			0.07			0.09

Net realized and unrealized gain		0.44			0.30			0.09			0.04			0.05

Total from investment operations		0.57			0.45			0.16			0.11			0.14

Distributions to shareholders from net investment income		(0.17	)		(0.16	)		(0.19	)		(0.10	)		(0.68	)

Distributions to shareholders from net realized gains		(0.16	)		—			—			(0.05	)		(0.01	)

Total distributions		(0.33	)		(0.16	)		(0.19	)		(0.15	)		(0.69	)

Net asset value, end of year	$	12.62		$	12.38		$	12.09		$	12.12		$	12.16

Total return^(b)		4.71	%		3.75	%		1.31	%		0.90	%		1.23	%

Net assets, end of year (in 000s)	$	196		$	1,930		$	1,799		$	2,772		$	2,280

Ratio of net expenses to average net assets		1.19	%		1.19	%		1.19	%		1.19	%		1.18	%

Ratio of total expenses to average net assets		1.30	%		1.36	%		1.30	%		1.29	%		1.29	%

Ratio of net investment income to average net assets		1.02	%		1.24	%		0.60	%		0.56	%		0.75	%

Portfolio turnover rate^(c)		610	%		302	%		172	%		289	%		261	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Global Income Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.43		$	12.13		$	12.17		$	12.20		$	12.72

Net investment income^(a)		0.17			0.20			0.12			0.11			0.16

Net realized and unrealized gain		0.46			0.31			0.08			0.06			0.07

Total from investment operations		0.63			0.51			0.20			0.17			0.23

Distributions to shareholders from net investment income		(0.23	)		(0.21	)		(0.24	)		(0.15	)		(0.74	)

Distributions to shareholders from net realized gains		(0.16	)		—			—			(0.05	)		(0.01	)

Total distributions		(0.39	)		(0.21	)		(0.24	)		(0.20	)		(0.75	)

Net asset value, end of year	$	12.67		$	12.43		$	12.13		$	12.17		$	12.20

Total return^(b)		5.07	%		4.25	%		1.63	%		1.39	%		1.95	%

Net assets, end of year (in 000s)	$	47,717		$	53,615		$	62,988		$	97,332		$	31,548

Ratio of net expenses to average net assets		0.76	%		0.78	%		0.78	%		0.78	%		0.78	%

Ratio of total expenses to average net assets		0.88	%		0.95	%		0.89	%		0.88	%		0.90	%

Ratio of net investment income to average net assets		1.31	%		1.64	%		1.00	%		0.90	%		1.26	%

Portfolio turnover rate^(c)		610	%		302	%		172	%		289	%		261	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Global Income Fund
	Class P Shares
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	12.46		$	12.10

Net investment income^(b)		0.18			0.21

Net realized and unrealized gain		0.47			0.36

Total from investment operations		0.65			0.57

Distributions to shareholders from net investment income		(0.24	)		(0.21	)

Distributions to shareholders from net realized gains		(0.16	)		—

Total distributions		(0.40	)		(0.21	)

Net asset value, end of period	$	12.71		$	12.46

Total return^(c)		5.22	%		4.77	%

Net assets, end of period (in 000s)	$	7,900		$	8,170

Ratio of net expenses to average net assets		0.68	%		0.69	%^(d)

Ratio of total expenses to average net assets		0.78	%		0.87	%^(d)

Ratio of net investment income to average net assets		1.38	%		1.82	%^(d)

Portfolio turnover rate^(e)		610	%		302	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Global Income Fund
	Class R6 Shares
	Year Ended March 31,												Period Ended March 31, 2016^(a)
	2020			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	12.45		$	12.16		$	12.19		$	12.22		$	12.55

Net investment income^(b)		0.17			0.21			0.15			0.11			0.09

Net realized and unrealized gain		0.48			0.30			0.07			0.07			0.26

Total from investment operations		0.65			0.51			0.22			0.18			0.35

Distributions to shareholders from net investment income		(0.24	)		(0.22	)		(0.25	)		(0.16	)		(0.67	)

Distributions to shareholders from net realized gains		(0.16	)		—			—			(0.05	)		(0.01	)

Total distributions		(0.40	)		(0.22	)		(0.25	)		(0.21	)		(0.68	)

Net asset value, end of period	$	12.70		$	12.45		$	12.16		$	12.19		$	12.22

Total return^(c)		5.22	%		4.35	%		1.73	%		1.50	%		2.92	%

Net assets, end of period (in 000s)	$	311,837		$	228,163		$	268,413		$	5,468		$	520

Ratio of net expenses to average net assets		0.68	%		0.68	%		0.68	%		0.67	%		0.68	%^(d)

Ratio of total expenses to average net assets		0.78	%		0.85	%		0.78	%		0.77	%		0.79	%^(d)

Ratio of net investment income to average net assets		1.36	%		1.74	%		1.25	%		0.92	%		1.10	%^(d)

Portfolio turnover rate^(e)		610	%		302	%		172	%		289	%		261	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


146		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 the Period


	Goldman Sachs Income Fund
	Class A Shares
	Period Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(b)		0.11

Net realized and unrealized loss		(1.11	)

Total from investment operations		(1.00	)

Distributions to shareholders from net investment income		(0.12	)

Net asset value, end of period	$	8.88

Total return^(c)		(10.14	)%

Net assets, end of period (in 000s)	$	142

Ratio of net expenses to average net assets		0.98	%^(d)

Ratio of total expenses to average net assets		2.58	%^(d)

Ratio of net investment income to average net assets		3.44	%^(d)

Portfolio turnover rate^(e)		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout the Period


	Goldman Sachs Income Fund
	Class C Shares
	Period Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(b)		0.09

Net realized and unrealized loss		(1.12	)

Total from investment operations		(1.03	)

Distributions to shareholders from net investment income		(0.09	)

Net asset value, end of period	$	8.88

Total return^(c)		(10.35	)%

Net assets, end of period (in 000s)	$	65

Ratio of net expenses to average net assets		1.73	%^(d)

Ratio of total expenses to average net assets		3.40	%^(d)

Ratio of net investment income to average net assets		2.67	%^(d)

Portfolio turnover rate^(e)		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout the Period


	Goldman Sachs Income Fund
	Institutional Shares
	Period Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(b)		0.12

Net realized and unrealized loss		(1.11	)

Total from investment operations		(0.99	)

Distributions to shareholders from net investment income		(0.13	)

Net asset value, end of period	$	8.88

Total return^(c)		(10.03	)%

Net assets, end of period (in 000s)	$	22,264

Ratio of net expenses to average net assets		0.64	%^(d)

Ratio of total expenses to average net assets		2.53	%^(d)

Ratio of net investment income to average net assets		3.72	%^(d)

Portfolio turnover rate^(e)		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout the Period


	Goldman Sachs Income Fund
	Investor Shares
	Period Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(b)		0.12

Net realized and unrealized loss		(1.12	)

Total from investment operations		(1.00	)

Distributions to shareholders from net investment income		(0.12	)

Net asset value, end of period	$	8.88

Total return^(c)		(10.06	)%

Net assets, end of period (in 000s)	$	45

Ratio of net expenses to average net assets		0.73	%^(d)

Ratio of total expenses to average net assets		2.62	%^(d)

Ratio of net investment income to average net assets		3.63	%^(d)

Portfolio turnover rate^(e)		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout the Period


	Goldman Sachs Income Fund
	Class P Shares
	Period Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(b)		0.12

Net realized and unrealized loss		(1.11	)

Total from investment operations		(0.99	)

Distributions to shareholders from net investment income		(0.13	)

Net asset value, end of period	$	8.88

Total return^(c)		(10.03	)%

Net assets, end of period (in 000s)	$	809

Ratio of net expenses to average net assets		0.60	%^(d)

Ratio of total expenses to average net assets		0.63	%^(d)

Ratio of net investment income to average net assets		3.76	%^(d)

Portfolio turnover rate^(e)		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout the Period


	Goldman Sachs Income Fund
	Class R Shares
	Period Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(b)		0.10

Net realized and unrealized loss		(1.11	)

Total from investment operations		(1.01	)

Distributions to shareholders from net investment income		(0.11	)

Net asset value, end of period	$	8.88

Total return^(c)		(10.21	)%

Net assets, end of period (in 000s)	$	45

Ratio of net expenses to average net assets		1.23	%^(d)

Ratio of total expenses to average net assets		3.12	%^(d)

Ratio of net investment income to average net assets		3.13	%^(d)

Portfolio turnover rate^(e)		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout the Period


	Goldman Sachs Income Fund
	Class R6 Shares
	Period Ended March 31, 2020^(a)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(b)		0.12

Net realized and unrealized loss		(1.11	)

Total from investment operations		(0.99	)

Distributions to shareholders from net investment income		(0.13	)

Net asset value, end of period	$	8.88

Total return^(c)		(10.03	)%

Net assets, end of period (in 000s)	$	45

Ratio of net expenses to average net assets		0.63	%^(d)

Ratio of total expenses to average net assets		2.52	%^(d)

Ratio of net investment income to average net assets		3.73	%^(d)

Portfolio turnover rate^(e)		110	%

(a)

Commenced operations on December 3, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Income Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.28		$	9.54		$	9.70		$	9.41		$	10.06

Net investment income^(a)		0.26			0.35			0.17			0.19			0.28

Net realized and unrealized gain (loss)		(0.78	)		(0.31	)		(0.25	)		0.26			(0.52	)

Total from investment operations		(0.52	)		0.04			(0.08	)		0.45			(0.24	)

Distributions to shareholders from net investment income		—	^(b)		(0.05	)		(0.05	)		(0.11	)		(0.41	)

Distributions to shareholders from return of capital		(0.28	)		(0.25	)		(0.03	)		(0.05	)		—

Total distributions		(0.28	)		(0.30	)		(0.08	)		(0.16	)		(0.41	)

Net asset value, end of year	$	8.48		$	9.28		$	9.54		$	9.70		$	9.41

Total return^(c)		(5.64	)%		0.46	%		(0.86	)%		4.84	%		(2.49	)%

Net assets, end of year (in 000s)	$	115,257		$	202,337		$	311,146		$	646,435		$	1,383,885

Ratio of net expenses to average net assets		1.01	%		0.99	%		0.95	%		0.92	%		0.90	%

Ratio of total expenses to average net assets		1.04	%		1.01	%		0.95	%		0.93	%		0.91	%

Ratio of net investment income to average net assets		2.84	%		3.72	%		1.81	%		1.96	%		2.83	%

Portfolio turnover rate^(d)		491	%		169	%		128	%		184	%		212	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


154		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 Year


	Goldman Sachs Strategic Income Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.25		$	9.52		$	9.71		$	9.41		$	10.06

Net investment income^(a)		0.19			0.28			0.10			0.12			0.21

Net realized and unrealized gain (loss)		(0.77	)		(0.32	)		(0.26	)		0.28			(0.52	)

Total from investment operations		(0.58	)		(0.04	)		(0.16	)		0.40			(0.31	)

Distributions to shareholders from net investment income		—	^(b)		(0.04	)		(0.02	)		(0.07	)		(0.34	)

Distributions to shareholders from return of capital		(0.21	)		(0.19	)		(0.01	)		(0.03	)		—

Total distributions		(0.21	)		(0.23	)		(0.03	)		(0.10	)		(0.34	)

Net asset value, end of year	$	8.46		$	9.25		$	9.52		$	9.71		$	9.41

Total return^(c)		(6.27	)%		(0.41	)%		(1.60	)%		4.25	%		(3.21	)%

Net assets, end of year (in 000s)	$	89,308		$	150,514		$	252,929		$	448,657		$	710,230

Ratio of net expenses to average net assets		1.77	%		1.74	%		1.70	%		1.60	%		1.65	%

Ratio of total expenses to average net assets		1.79	%		1.76	%		1.70	%		1.68	%		1.66	%

Ratio of net investment income to average net assets		2.10	%		2.97	%		1.01	%		1.26	%		2.08	%

Portfolio turnover rate^(d)		491	%		169	%		128	%		184	%		212	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Strategic Income Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.28		$	9.55		$	9.70		$	9.41		$	10.06

Net investment income^(a)		0.29			0.38			0.20			0.22			0.31

Net realized and unrealized gain (loss)		(0.76	)		(0.32	)		(0.25	)		0.26			(0.52	)

Total from investment operations		(0.47	)		0.06			(0.05	)		0.48			(0.21	)

Distributions to shareholders from net investment income		(0.01	)		(0.06	)		(0.07	)		(0.13	)		(0.44	)

Distributions to shareholders from return of capital		(0.31	)		(0.27	)		(0.03	)		(0.06	)		—

Total distributions		(0.32	)		(0.33	)		(0.10	)		(0.19	)		(0.44	)

Net asset value, end of year	$	8.49		$	9.28		$	9.55		$	9.70		$	9.41

Total return^(b)		(5.31	)%		0.71	%		(0.49	)%		5.19	%		(2.16	)%

Net assets, end of year (in 000s)	$	564,586		$	950,665		$	3,849,088		$	6,435,385		$	11,261,977

Ratio of net expenses to average net assets		0.68	%		0.65	%		0.61	%		0.58	%		0.56	%

Ratio of total expenses to average net assets		0.70	%		0.66	%		0.61	%		0.59	%		0.57	%

Ratio of net investment income to average net assets		3.18	%		4.10	%		2.08	%		2.31	%		3.17	%

Portfolio turnover rate^(c)		491	%		169	%		128	%		184	%		212	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


156		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 Year


	Goldman Sachs Strategic Income Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.28		$	9.55		$	9.70		$	9.41		$	10.06

Net investment income^(a)		0.29			0.37			0.19			0.21			0.31

Net realized and unrealized gain (loss)		(0.78	)		(0.32	)		(0.24	)		0.26			(0.53	)

Total from investment operations		(0.49	)		0.05			(0.05	)		0.47			(0.22	)

Distributions to shareholders from net investment income		(0.01	)		(0.05	)		(0.07	)		(0.13	)		(0.43	)

Distributions to shareholders from return of capital		(0.30	)		(0.27	)		(0.03	)		(0.05	)		—

Total distributions		(0.31	)		(0.32	)		(0.10	)		(0.18	)		(0.43	)

Net asset value, end of year	$	8.48		$	9.28		$	9.55		$	9.70		$	9.41

Total return^(b)		(5.40	)%		0.61	%		(0.56	)%		5.10	%		(2.24	)%

Net assets, end of year (in 000s)	$	25,179		$	96,019		$	189,884		$	345,997		$	332,917

Ratio of net expenses to average net assets		0.76	%		0.74	%		0.70	%		0.67	%		0.65	%

Ratio of total expenses to average net assets		0.79	%		0.76	%		0.70	%		0.68	%		0.66	%

Ratio of net investment income to average net assets		3.15	%		3.98	%		2.01	%		2.23	%		3.09	%

Portfolio turnover rate^(c)		491	%		169	%		128	%		184	%		212	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

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
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.27		$	9.62

Net investment income^(b)		0.29			0.33

Net realized and unrealized gain (loss)		(0.77	)		(0.35	)

Total from investment operations		(0.48	)		(0.02	)

Distributions to shareholders from net investment income		(0.01	)		(0.06	)

Distributions to shareholders from return of capital		(0.31	)		(0.27	)

Total distributions		(0.32	)		(0.33	)

Net asset value, end of period	$	8.47		$	9.27

Total return^(c)		(5.31	)%		(0.12	)%

Net assets, end of period (in 000s)	$	235,966		$	336,979

Ratio of net expenses to average net assets		0.67	%		0.64	%^(d)

Ratio of total expenses to average net assets		0.69	%		0.68	%^(d)

Ratio of net investment income to average net assets		3.18	%		3.84	%^(d)

Portfolio turnover rate^(e)		491	%		169	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


158		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 Year


	Goldman Sachs Strategic Income Fund
	Class R Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.26		$	9.53		$	9.70		$	9.40		$	10.05

Net investment income^(a)		0.24			0.32			0.14			0.16			0.25

Net realized and unrealized gain (loss)		(0.77	)		(0.31	)		(0.25	)		0.28			(0.52	)

Total from investment operations		(0.53	)		0.01			(0.11	)		0.44			(0.27	)

Distributions to shareholders from net investment income		—			(0.05	)		(0.04	)		(0.10	)		(0.38	)

Distributions to shareholders from return of capital		(0.26	)		(0.23	)		(0.02	)		(0.04	)		—

Total distributions		(0.26	)		(0.28	)		(0.06	)		(0.14	)		(0.38	)

Net asset value, end of year	$	8.47		$	9.26		$	9.53		$	9.70		$	9.40

Total return^(b)		(5.89	)%		0.10	%		(1.12	)%		4.71	%		(2.73	)%

Net assets, end of year (in 000s)	$	3,056		$	4,986		$	7,361		$	9,577		$	9,399

Ratio of net expenses to average net assets		1.27	%		1.24	%		1.20	%		1.14	%		1.15	%

Ratio of total expenses to average net assets		1.29	%		1.26	%		1.20	%		1.18	%		1.16	%

Ratio of net investment income to average net assets		2.59	%		3.46	%		1.46	%		1.66	%		2.58	%

Portfolio turnover rate^(c)		491	%		169	%		128	%		184	%		212	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

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
	Year Ended March 31,												Period Ended March, 2016^(a)
	2020			2019			2018			2017			Period Ended March, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.28		$	9.55		$	9.70		$	9.41		$	10.04

Net investment income^(b)		0.29			0.35			0.21			0.21			0.20

Net realized and unrealized gain (loss)		(0.77	)		(0.29	)		(0.26	)		0.27			(0.50	)

Total from investment operations		(0.48	)		0.06			(0.05	)		0.48			(0.30	)

Distributions to shareholders from net investment income		(0.01	)		(0.10	)		(0.06	)		(0.13	)		(0.33	)

Distributions to shareholders from return of capital		(0.31	)		(0.23	)		(0.04	)		(0.06	)		—

Total distributions		(0.32	)		(0.33	)		(0.10	)		(0.19	)		(0.33	)

Net asset value, end of period	$	8.48		$	9.28		$	9.55		$	9.70		$	9.41

Total return^(c)		(5.30	)%		0.70	%		(0.48	)%		5.21	%		(3.05	)%

Net assets, end of period (in 000s)	$	6,779		$	25,882		$	24,628		$	66,431		$	19,708

Ratio of net expenses to average net assets		0.67	%		0.64	%		0.60	%		0.56	%		0.53	%^(d)

Ratio of total expenses to average net assets		0.69	%		0.66	%		0.60	%		0.57	%		0.55	%^(d)

Ratio of net investment income to average net assets		3.16	%		3.73	%		2.14	%		2.18	%		3.19	%^(d)

Portfolio turnover rate^(e)		491	%		169	%		128	%		184	%		212	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2020

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:


Fund	Share Classes Offered	Diversified/ Non-diversified
Bond and Core Fixed Income	A, C, Institutional, Service, Investor, P, R and R6	Diversified
Global Income	A, C, Institutional, Service, Investor, P and R6	Non-diversified
Income* and Strategic Income	A, C, Institutional, Investor, P, R and R6	Diversified

Commenced operations on December 3, 2019.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

161

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

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

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


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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

162

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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

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

ii. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

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

iv. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real

163

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

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

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

v. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby 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.

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

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

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

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

164

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Private Investments — Private investments may include, but are not limited to, investments in private equity or debt instruments. The investment manager estimates the fair value of private investments based upon various factors, including, but not limited to, transactions in similar instruments, completed or pending third-party transactions in underlying investments or comparable entities, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure, offerings in equity or debt capital markets, and changes in current and projected financial ratios or cash flows.

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

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

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the

165

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

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

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

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

166

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM or GSAMI believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM and GSAMI, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining 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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2020:



BOND

Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—	$	220,003,774		$	—

Mortgage-Backed Obligations		—		239,655,398			—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		4,396,362		7,498,351			—

Asset-Backed Securities		—		28,905,226			—

Foreign Debt Obligations		16,110,688		2,093,012			—

Municipal Debt Obligations		—		8,559,531			—

Investment Company		1,970,018		—			—

Short-term Investments		—		3,984,849			—

Total	$	22,477,068	$	510,700,141		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(10,742,625	)	$	—

Total	$	—	$	(10,742,625	)	$	—

167

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



BOND (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	9,661,845		$	—

Futures Contracts^(a)		3,877,398			—			—

Interest Rate Swap Contracts^(a)		—			1,961,953			—

Options Purchased		—			218			—

Total	$	3,877,398		$	11,624,016		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(9,603,227	)	$	—

Futures Contracts^(a)		(734,540	)		—			—

Interest Rate Swap Contracts^(a)		—			(1,257,588	)		—

Credit Default Swap Contracts^(a)		—			(483,518	)		—

Written Option Contracts		—			(693,058	)		—

Total	$	(734,540	)	$	(12,037,391	)	$	—

CORE FIXED INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	575,814,163		$	—

Mortgage-Backed Obligations		—			623,386,394			—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		100,311,176			52,491,425			—

Asset-Backed Securities		—			102,124,723			—

Foreign Debt Obligations		19,209,615			14,598,192			—

Municipal Debt Obligations		—			21,141,167			—

Investment Company		131,413,400			—			—

Short-term Investments		—			9,962,123			—

Total	$	250,934,191		$	1,399,518,187		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(33,249,140	)	$	—

Total	$	—		$	(33,249,140	)	$	—

(a)

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

168

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



CORE FIXED INCOME (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	4,108,579		$	—

Futures Contracts^(a)		7,200,494			—			—

Interest Rate Swap Contracts^(a)		—			2,155,882			—

Options Purchased		—			209			—

Total	$	7,200,494		$	6,264,670		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(3,262,743	)	$	—

Futures Contracts^(a)		(890,173	)		—			—

Interest Rate Swap Contracts^(a)		—			(1,447,761	)		—

Credit Default Swap Contracts^(a)		—			(1,706,227	)		—

Written Option Contracts		—			(821,077	)		—

Total	$	(890,173	)	$	(7,237,808	)	$	—

GLOBAL INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Foreign Sovereign Debt Obligations	$	166,434,698		$	75,077,151		$	—

Corporate Obligations		—			240,758,789			—

Asset-Backed Securities		—			50,606,066			—

Mortgage-Backed Obligations		—			167,751,077			—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		1,173,020			2,810,358			—

Municipal Debt Obligation		—			2,365,188			—

Investment Company		14,122,305			—			—

Total	$	181,730,023		$	539,368,629		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(5,299,413	)	$	—

Total	$	—		$	(5,299,413	)	$	—

(a)

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

169

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



GLOBAL INCOME (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	14,609,201		$	—

Futures Contracts^(a)		1,778,079			—			—

Interest Rate Swap Contracts^(a)		—			3,561,765			—

Credit Default Swap Contracts^(a)		—			126,831			—

Options Purchased		—			235			—

Total	$	1,778,079		$	18,298,032		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(13,228,585	)	$	—

Futures Contracts^(a)		(1,107,094	)		—			—

Interest Rate Swap Contracts^(a)		—			(1,772,035	)		—

Credit Default Swap Contracts^(a)		—			(1,297,332	)		—

Written Option Contracts		—			(836,861	)		—

Total	$	(1,107,094	)	$	(17,134,813	)	$	—

INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Bank Loans	$	—		$	232,707		$	—

Corporate Obligations		—			19,473,060			—

Mortgage-Backed Obligations		—			4,352,571			—

Foreign Debt Obligations		—			3,131,118			—

Investment Company		455,147			—			—

Total	$	455,147		$	27,189,456		$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	6,803		$	—

Futures Contracts		94,097			—			—

Total	$	94,097		$	6,803		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	(18,376	)	$	—

Futures Contracts		(38,267	)		—			—

Interest Rate Swap Contracts		—			(5,198	)		—

Credit Default Swap Contracts		—			(102,043	)		—

Total	$	(38,267	)	$	(125,617	)	$	—

(a)

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



STRATEGIC INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Bank Loans	$	—		$	22,573,806		$	1,772,647

Corporate Obligations		—			478,432,115			—

Mortgage-Backed Obligations		—			451,393,218			—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		1,428,052			312,000			—

Asset-Backed Securities		—			170,641,236			—

Foreign Debt Obligations		—			14,735,564			—

Municipal Debt Obligations		—			10,687,735			—

Exchange Traded Fund		5,236,456			—			—

Investment Company		99,264,768			—			—

Total	$	105,929,276		$	1,148,775,674		$	1,772,647

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(2,158,445	)	$	—

Total	$	—		$	(2,158,445	)	$	—

Derivative Type

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	51,914,792		$	—

Futures Contracts^(a)		9,527,467			—			—

Interest Rate Swap Contracts^(a)		—			14,734,389			—

Options Purchased		—			2,510			—

Total	$	9,527,467		$	66,651,691		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(53,084,499	)	$	—

Futures Contracts^(a)		(10,676,977	)		—			—

Interest Rate Swap Contracts^(a)		—			(10,006,943	)		—

Credit Default Swap Contracts^(a)		—			(1,473,900	)		—

Written Option Contracts		—			(5,896,216	)		—

Total	$	(10,676,977	)	$	(70,461,558	)	$	—

(a)

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

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

171

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

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 March 31, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.



BOND
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	5,839,569	^(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(2,685,186)	^(a)
Credit	—		—		Variation margin on swap contracts; Payable for unrealized loss on swap contracts		(483,518)	^(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		9,661,845		Payable for unrealized loss on forward foreign currency exchange contracts		(9,603,227)
Total		$	15,501,414			$	(12,771,931)

CORE FIXED INCOME
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	9,356,585	^(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(3,159,011)	^(a)
Credit	—		—		Variation margin on swap contracts;		(1,706,227)	^(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		4,108,579		Payable for unrealized loss on forward foreign currency exchange contracts.		(3,262,743)
Total		$	13,465,164			$	(8,127,981)

GLOBAL INCOME
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	5,340,079	^(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(3,715,990)	^(a)
Credit	Variation margin on swap contracts		126,831	^(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts		(1,297,332)	^(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		14,609,201		Payable for unrealized loss on forward foreign currency exchange contracts.		(13,228,585)
Total		$	20,076,111			$	(18,241,907)

172

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

(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 $103,229 and $116,410 for the Bond and Global 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.



INCOME
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	94,097	^(a)	Variation margin on futures contracts; Variation margin on swap contracts;	$	(43,465)	^(a)
Credit	—		—		Variation margin on swap contracts		(102,043)	^(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		6,803		Payable for unrealized loss on forward foreign currency exchange contracts.		(18,376)
Total		$	100,900			$	(163,884)

STRATEGIC INCOME
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	24,258,309	^(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(26,574,079)	^(a)
Credit	—		—		Payable for unrealized loss on swap contracts; Variation margin on swap contracts		(1,473,900)	^(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		51,914,792		Payable for unrealized loss on forward foreign currency exchange contracts.		(53,084,499)
Total		$	76,173,101			$	(81,132,478)

(a)

(b)

Aggregate of amounts include $420,624 for the Strategic Income Fund, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

173

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:



BOND FUND
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) on 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.	$	17,437,241		$	1,234,100			1,430
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(1,389,597	)		(272,674	)		32
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(1,414,716	)		41,936			523
Total		$	14,632,928		$	1,003,362			1,985

CORE FIXED INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts, swap contracts and written options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts	$	26,680,077		$	4,913,883			1,564
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(3,459,916	)		(1,742,682	)		10
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(234,801	)		550,105			228
Total		$	22,985,360		$	3,721,306			1,802

GLOBAL INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from purchased options contracts, futures, swap contracts and written options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts	$	17,476,930		$	(293,103	)		1,579
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(1,735,012	)		(1,392,189	)		14
Currency	Net realized gain (loss) forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		12,433,103			(2,810,950	)		533
Total		$	28,175,021		$	(4,496,242	)		2,126

(a)

Average number of contracts is based on the average of month end balances for the fiscal year end March 31, 2020

174

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	168,000		$	50,632			28
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(75,435	)		(102,043	)		1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		24,909			(11,573	)		2
Total		$	117,474		$	(62,984	)		31

STRATEGIC INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) on 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	$	14,849,157		$	(4,621,610	)		11,393
Credit	Net realized gain (loss) from purchased options contracts and swap contracts/Net change in unrealized gain (loss) on purchased options contracts and swap contracts		(8,295,736	)		353,500			21
Equity	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		1,509,406			1,146,469			1
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(9,378,600	)		(3,319,379	)		525
Total		$	(1,315,773	)	$	(6,441,020	)		11,940

(a)

Average number of contracts is based on the average of month end balances for the fiscal year end March 31, 2020.

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

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.

175

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

4. INVESTMENTS IN DERIVATIVES (continued)

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

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

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2020:



Bond Fund
	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾
Counterparty	Options Purchased		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Barclays Bank PLC	$	—	$	—	$	—	$	(11,147	)	$	—		$	(109,211	)	$	(120,358	)	$	(120,358	)	$	20,000	$	(100,358	)
Bank of America Securities LLC		—		—		—		(16,139	)		—			(34,199	)		(50,338	)		(50,338	)		20,000		(30,338	)
Citibank NA		—		—		—		(14,650	)		—			—			(14,650	)		(14,650	)		—		(14,650	)
Deutsche Bank AG (London)		218		—		218		(6,550	)		—			(186,784	)		(193,334	)		(193,116	)		—		(193,116	)
JPMorgan Securities, Inc.		—		—		—		(54,743	)		—			(75,798	)		(130,541	)		(130,541	)		130,541		—
MS & Co. Int. PLC		—		9,661,845		9,661,845		—			(9,603,227	)		(37,722	)		(9,640,949	)		20,896			—		20,896
UBS AG (London)		—		—		—		—			—			(249,344	)		(249,344	)		(249,344	)		—		(249,344	)

Total	$	218	$	9,661,845	$	9,662,063	$	(103,229	)	$	(9,603,227	)	$	(693,058	)	$	(10,399,514	)	$	(737,451	)	$	170,541	$	(566,910	)

(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 Income Fund
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Barclays Bank PLC	$	—	$	—	$	—	$	—	$	(6,696	)	$	—		$	(125,501	)	$	(132,197	)	$	(132,197	)	$	132,197	$	—
BofA Securities LLC		—		—		—		—		—			—			(40,283	)		(40,283	)		(40,283	)		—		(40,283	)
Citibank NA		—		—		—		—		(108,581	)		—			—			(108,581	)		(108,581	)		—		(108,581	)
Deutsche Bank AG (London)		235		—		—		235		(1,133	)		—			(222,781	)		(223,914	)		(223,679	)		—		(223,679	)
JPMorgan Securities, Inc.		—		105,266		—		105,266		—			—			(88,997	)		(88,997	)		16,269			—		16,269
MS & Co. Int. PLC		—		—		14,609,201		14,609,201		—			(13,228,585	)		(44,776	)		(13,273,361	)		1,335,840			—		1,335,840
UBS AG (London)		—		—		—		—		—			—			(314,523	)		(314,523	)		(314,523	)		—		(314,523	)

Total	$	235	$	105,266	$	14,609,201	$	14,714,702	$	(116,410	)	$	(13,228,585	)	$	(836,861	)	$	(14,181,856	)	$	532,846		$	132,197	$	665,043

(1)

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

(2)

176

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)


Strategic Income Fund
	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾
Counterparty	Options Purchased		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Barclays Bank PLC	$	—	$	—	$	—	$	(130,670	)	$	—		$	(744,890	)	$	(875,560	)	$	(875,560	)	$	600,000	$	(275,560	)
BNP Paribas SA		—		—		—		—			—			(224,291	)		(224,291	)		(224,291	)		—		(224,291	)
BofA Securities LLC		—		—		—		—			—			(312,724	)		(312,724	)		(312,724	)		—		(312,724	)
Citibank NA		—		—		—		(28,670	)		—			—			(28,670	)		(28,670	)		—		(28,670	)
Deutsche Bank AG (London)		2,510		—		2,510		(139,160	)		—			(968,208	)		(1,107,368	)		(1,104,858	)		420,000		(684,858	)
JPMorgan Securities, Inc.		—		—		—		(46,636	)		—			(525,197	)		(571,833	)		(571,833	)		170,000		(401,833	)
MS & Co. Int. PLC		—		51,914,792		51,914,792		—			(53,084,499	)		—			(53,084,499	)		(1,169,707	)		1,169,707		—
UBS AG (London)		—		—		—		(75,488	)		—			(3,120,906	)		(3,196,394	)		(3,196,394	)		2,350,000		(846,394	)

Total	$	2,510	$	51,914,792	$	51,917,302	$	(420,624	)	$	(53,084,499	)	$	(5,896,216	)	$	(59,401,339	)	$	(7,484,037	)	$	4,709,707	$	(2,774,330	)

(1)

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

(2)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the fiscal year ended March 31, 2020, contractual and effective net management fees with GSAM and GSAMI were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate#
Fund	First $1 Billion			Next $1 Billion			Next $3 Billion			Next $3 Billion			Over $8 Billion			Effective Rate			Effective Net Management Rate#
Bond		0.41	%		0.37	%		0.35	%		0.34	%		0.34	%		0.41	%		0.40	%
Core Fixed Income		0.40			0.36			0.34			0.33			0.32			0.39			0.36	*
Global Income		0.65			0.59			0.56			0.55			0.54			0.65			0.64
Income		0.55			0.50			0.47			0.46			0.45			0.55			0.55
Strategic Income		0.60			0.54			0.51			0.50			0.49			0.58			0.57

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

Effective October 18, 2019, the Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.33% as an annual percentage rate of the Fund’s average net assets. Had the waiver been in place for the whole fiscal year, the Effective Net Management Fee rate would have been 0.32%, inclusive of the management fee waivers of affiliated underlying funds. This management fee waiver arrangement will remain in effect through at least October 18, 2020, and prior to such date, GSAM 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 an affiliated Underlying Fund. GSAM and GSAMI have agreed to waive a portion of their management fee payable by the Funds in an amount equal to the management fee they earn as investment advisers to the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended March 31, 2020, GSAM waived $ 34,312, $ 464,910, $ 183 and $ 139,265 of the Fund’s management fee for the Bond, Core Fixed Income, Income and Strategic Income Funds, respectively. For the fiscal year ended March 31, 2020, GSAMI waived $ 65,868 of the Fund’s management fee for the Global Income Fund.

177

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

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

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


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

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

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 fiscal year ended March 31, 2020, Goldman Sachs retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Bond	$	4,507	$	57
Core Fixed Income		7,274		763
Global Income		1,273		11
Income		—		—
Strategic Income		4,179		1

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

Effective July 30, 2019, Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Global Income Fund. This arrangement will remain in effect through at least July 29, 2020, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F. Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Bond, Core Fixed Income, Global Income, Income and Strategic Income Funds are 0.004%, 0.014%, 0.004%, 0.054% and 0.054%, respectively. These Other Expense limitations will remain in place through at least July 29, 2020 for the Bond, Core Fixed Income, Global Income and Strategic Income Funds, and through at least December 3, 2020 for the Income Fund, and prior to such date GSAM and GSAMI may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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

For the fiscal year ended March 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Transfer Agency Waivers/Credits		Distribution and Service Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Bond	$	34,312	$	805	$	—	$	696,742	$	731,859
Core Fixed Income		464,910		586		—		660,481		1,125,977
Global Income		65,868		23,730		69		601,327		690,994
Income		183		—		—		181,666		181,849
Strategic Income		139,265		1,981		—		213,639		354,885

G. Line of Credit Facility — As of March 31, 2020, the Funds participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2020, the Funds did not have any borrowings under the facility. Prior to April 30, 20219 the facility was $770,000,000. The facility was increased to $700,000,000 effective April 28, 2020.

H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2020, Goldman Sachs earned $57,794, $73,906 and $457,191 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 March 31, 2020, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:


Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio
Global Income		24	%		18	%

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of March 31, 2020, the GS VIT Multi-Strategy Alternatives fund was the beneficial owner of 27% of outstanding Class R6 Shares of the Strategic Income Fund.

As of March 31, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 38% or more of outstanding Service Shares of Goldman Sachs Bond Fund and approximately 32%, 69%, 99% and 6% of outstanding Class A, Class C, Institutional and Class P Shares and approximately 100% of outstanding of Investor, Class R and Class R6 Shares, respectively of Goldman Sachs Income Fund.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended March 31, 2020:


Fund	Market Value as of March 31, 2019		Purchases at Cost		Proceeds from Sales			Market Value as of March 31, 2020		Shares as of March 31, 2020		Dividend Income
Bond	$	45,426,180	$	264,784,164	$	(308,240,326	)	$	1,970,018		1,970,018	$	459,767
Core Fixed Income		82,512,155		972,574,431		(923,673,186	)		131,413,400		131,413,400		1,250,068
Global Income		35,651,263		366,540,122		(388,069,080	)		14,122,305		14,122,305		791,398
Income		—		29,041,352		(28,586,205	)		455,147		455,147		2,462
Strategic Income		21,405,495		1,249,165,582		(1,171,306,309	)		99,264,768		99,264,768		1,780,069

The following table provides information about the investment in the shares of an issuer deemed to be an affiliate by the Strategic Income Fund for the fiscal year ended March 31, 2020:

Name of Affiliated Issuer

Market

Value as of
March 31, 2019

Purchases
at Cost

Proceeds
from Sales

Realized
Gain Loss

Net Change in
Unrealized
Gain (loss)

Market
Value as of
March 31, 2020

Montage Resource Corp. — Common Stock

28,801,743

—

(19,652,428

)

(50,144,332

)

40,995,017

—

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2020, were:


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Bond	$	3,612,733,029	$	184,082,749	$	3,572,790,440	$	179,193,375
Core Fixed Income		8,509,418,730		430,941,139		8,320,366,457		255,462,327
Global Income		2,804,603,625		1,436,959,652		2,759,191,302		1,369,627,769
Income		28,539,850		32,516,982		24,294,850		6,526,195
Strategic Income		6,157,469,279		551,646,757		5,929,373,592		1,094,875,547

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

7. TAX INFORMATION

The tax character of distributions paid during the for the fiscal year ended March 31, 2020 was as follows:


	Bond		Core Fixed Income		Global Income		Income		Strategic Income
Distribution paid from:
Ordinary income	$	13,669,863	$	42,109,111	$	17,193,942	$	320,155	$	102
Net long-term capital gains		—		—		3,479,930		4,304		—
Total taxable distributions	$	13,669,863	$	42,109,111	$	20,673,872	$	324,459	$	102
Tax return of capital	$	—	$	—	$	—	$	—	$	46,656,955

The tax character of distributions paid during the fiscal year ended March 31, 2019 was as follows:


	Bond		Core Fixed Income		Global Income		Strategic Income
Distribution paid from:
Ordinary income	$	13,395,886	$	31,355,742	$	10,929,223	$	14,435,927
Total taxable distributions	$	13,395,886	$	31,355,742	$	10,929,223	$	14,435,927
Tax return of capital	$	1,294,415	$	—	$	—	$	89,564,504

As of March 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:


	Bond			Core Fixed Income			Global Income			Income			Strategic Income
Undistributed ordinary income — net	$	178,005		$	14,493,328		$	15,428,445		$	—		$	—
Undistributed long-term capital gains		2,475,808			14,046,135			5,622,882			34,076			—
Total undistributed earnings	$	2,653,813		$	28,539,463		$	21,051,327		$	34,076		$	—
Capital loss carryforwards ⁽¹⁾		—			—			—			—			—
Perpetual Short-Term		—			—			—			—			(1,224,334,736	)
Perpetual Long-Term		—			—			—			—			(791,274,613	)
Total capital loss carryforwards	$	—		$	—		$	—		$	—		$	(2,015,609,349	)
Timing differences (Post October Capital Loss Deferral/Late Year Loss Deferral/Dividends Payable and Straddle Deferrals)	$	(901,258	)	$	(3,643,087	)	$	(5,673,525	)	$	—		$	(16,983,731	)
Unrealized gains (losses) — net		(2,137,974	)		18,859,072			6,410,912			(2,993,056	)		(85,723,912	)
Total accumulated earnings (losses) net	$	(385,419	)	$	43,755,448		$	21,788,714		$	(2,958,980	)	$	(2,118,316,992	)

(1)

The Bond, Core Fixed Income, and Global Income Funds utilized $17,414,961, $18,735,548 and $8,420,679, respectively, of capital losses in the current fiscal year.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

7. TAX INFORMATION (continued)

As of March 31, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Bond			Core Fixed Income			Global Income			Income			Strategic Income
Tax Cost	$	538,822,981		$	1,637,617,804		$	717,335,213		$	30,571,662		$	1,343,244,910
Gross unrealized gain		14,263,483			50,063,906			21,932,211			139,676			23,790,085
Gross unrealized loss		(16,401,457	)		(31,204,834	)		(15,521,299	)		(3,132,732	)		(109,513,997	)
Net unrealized gains (losses)	$	(2,137,974	)	$	18,859,072		$	6,410,912		$	(2,993,056	)	$	(85,723,912	)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts, differences in the tax treatment of underlying funds investments, swap transactions, market discount accretion and premium amortization.

The Income Fund reclassed $1,275 from paid in capital to distributable earnings for the year ending March 31, 2020. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from nondeductible expenses.

The Strategic Income Fund reclassed $30,408,188 from paid in capital to distributable earnings for the year ending March 31, 2020. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from net operating losses.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

8. OTHER RISKS (continued)

adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

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

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

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

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

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

8. OTHER RISKS (continued)

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. A Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

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

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

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also

184

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

8. OTHER RISKS (continued)

significantly impact a Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

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

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund’s NAV.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal year ended March 31, 2020. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Funds.

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

11. SUBSEQUENT EVENTS

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

At a meeting held on February 11-12, 2020, upon the recommendation of GSAMI, the Board of Trustees of the Goldman Sachs Trust approved a change in the name, investment objective and principal investment strategy of the Global Income Fund. Effective after the close of business on April 30, 2020, the Global Income Fund’s name changed to the “Goldman Sachs Global Core Fixed Income Fund.”

185

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Bond Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,642,597		$	17,073,250			2,185,022		$	21,344,637
Reinvestment of distributions		216,053			2,248,816			244,979			2,403,950
Shares redeemed		(2,199,693	)		(22,767,209	)		(4,082,586	)		(40,074,225	)
		(341,043	)		(3,445,143	)		(1,652,585	)		(16,325,638	)
Class C Shares
Shares sold		642,365			6,770,290			147,909			1,442,442
Reinvestment of distributions		15,061			156,695			17,007			166,764
Shares redeemed		(267,376	)		(2,755,334	)		(802,598	)		(7,844,001	)
		390,050			4,171,651			(637,682	)		(6,234,795	)
Institutional Shares
Shares sold		5,315,319			55,087,881			4,100,590			40,262,334
Reinvestment of distributions		410,967			4,273,510			609,579			5,980,318
Shares redeemed		(8,315,942	)		(85,754,042	)		(20,893,643	)		(204,776,401	)
		(2,589,656	)		(26,392,651	)		(16,183,474	)		(158,533,749	)
Service Shares
Shares sold		4,092			40,890			5,639			55,456
Reinvestment of distributions		96			993			584			5,733
Shares redeemed		(6,387	)		(65,597	)		(40,944	)		(397,946	)
		(2,199	)		(23,714	)		(34,721	)		(336,757	)
Investor Shares
Shares sold		879,029			9,065,470			1,066,729			10,426,901
Reinvestment of distributions		96,623			1,001,319			96,964			948,365
Shares redeemed		(1,750,074	)		(18,144,447	)		(1,478,173	)		(14,438,629	)
		(774,422	)		(8,077,658	)		(314,480	)		(3,063,363	)
Class P Shares^(a)
Shares sold		1,725,921			17,917,005			12,346,083			121,371,840
Reinvestment of distributions		271,881			2,828,279			217,924			2,132,258
Shares redeemed		(2,891,893	)		(30,061,290	)		(3,820,573	)		(37,001,641	)
		(894,091	)		(9,316,006	)		8,743,434			86,502,457
Class R Shares
Shares sold		164,868			1,699,008			450,536			4,416,959
Reinvestment of distributions		14,874			154,369			18,226			178,638
Shares redeemed		(1,582,541	)		(16,271,278	)		(861,666	)		(8,435,190	)
		(1,402,799	)		(14,417,901	)		(392,904	)		(3,839,593	)
Class R6 Shares
Shares sold		2,500,038			25,986,782			1,983,266			19,401,009
Reinvestment of distributions		235,029			2,446,728			207,082			2,031,428
Shares redeemed		(1,640,760	)		(16,931,826	)		(2,134,114	)		(20,842,009	)
		1,094,307			11,501,684			56,234			590,428

NET DECREASE		(4,519,853	)	$	(45,999,738	)		(10,416,178	)	$	(101,241,010	)

(a)

Class P Shares commenced operations on April 20, 2018.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Core Fixed Income Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		7,667,253		$	83,079,471			859,937		$	8,728,376
Reinvestment of distributions		290,646			3,130,966			139,982			1,421,931
Shares redeemed		(1,870,447	)		(20,039,210	)		(1,549,770	)		(15,676,729	)
		6,087,452			66,171,227			(549,851	)		(5,526,422	)
Class C Shares
Shares sold		464,600			5,032,931			124,329			1,268,027
Reinvestment of distributions		15,463			167,034			12,779			130,458
Shares redeemed		(341,038	)		(3,651,813	)		(462,158	)		(4,706,160	)
		139,025			1,548,152			(325,050	)		(3,307,675	)
Institutional Shares
Shares sold		23,150,088			249,400,464			4,845,565			49,377,460
Reinvestment of distributions		716,370			7,742,021			977,384			9,969,120
Shares redeemed		(14,209,082	)		(153,251,003	)		(71,216,558	)		(727,795,302	)
		9,657,376			103,891,482			(65,393,609	)		(668,448,722	)
Service Shares
Shares sold		54,975			593,528			32,626			331,593
Reinvestment of distributions		759			8,202			773			7,880
Shares redeemed		(32,184	)		(349,532	)		(52,385	)		(533,499	)
		23,550			252,198			(18,986	)		(194,026	)
Investor Shares
Shares sold		11,701,150			126,091,507			504,874			5,129,453
Reinvestment of distributions		161,102			1,740,263			100,545			1,020,223
Shares redeemed		(2,245,559	)		(24,045,896	)		(3,318,291	)		(33,652,171	)
		9,616,693			103,785,874			(2,712,872	)		(27,502,495	)
Class P Shares^(a)
Shares sold		23,462,615			253,934,269			64,528,745			660,845,396
Reinvestment of distributions		2,046,617			22,135,589			1,221,263			12,475,336
Shares redeemed		(17,380,102	)		(186,721,103	)		(8,908,948	)		(90,620,729	)
		8,129,130			89,348,755			56,841,060			582,700,003
Class R Shares
Shares sold		118,143			1,260,132			77,977			793,451
Reinvestment of distributions		13,210			142,070			9,869			100,309
Shares redeemed		(115,620	)		(1,240,039	)		(114,084	)		(1,152,252	)
		15,733			162,163			(26,238	)		(258,492	)
Class R6 Shares
Shares sold		1,366,681			14,881,214			25,430,249			260,025,342
Reinvestment of distributions		560,447			6,045,546			567,747			5,795,409
Shares redeemed		(8,852,238	)		(94,724,310	)		(5,801,856	)		(58,723,081	)
		(6,925,110	)		(73,797,550	)		20,196,140			207,097,670

NET INCREASE		26,743,849		$	291,362,301			8,010,594		$	84,559,841

(a)

Class P Shares commenced operations on April 20, 2018.

187

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Global Income Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		666,723		$	8,497,208			1,156,585		$	13,991,043
Reinvestment of distributions		110,121			1,412,741			78,659			952,476
Shares redeemed		(2,533,357	)		(32,655,064	)		(2,617,348	)		(31,518,669	)
		(1,756,513	)		(22,745,115	)		(1,382,104	)		(16,575,150	)
Class C Shares
Shares sold		26,962			342,382			58,410			699,958
Reinvestment of distributions		10,626			135,038			5,789			69,529
Shares redeemed		(243,329	)		(3,085,869	)		(434,306	)		(5,199,309	)
		(205,741	)		(2,608,449	)		(370,107	)		(4,429,822	)
Institutional Shares
Shares sold		6,987,029			89,805,795			6,027,982			72,732,238
Reinvestment of distributions		591,182			7,577,752			381,282			4,609,921
Shares redeemed		(8,083,603	)		(103,264,071	)		(12,549,140	)		(151,516,859	)
		(505,392	)		(5,880,524	)		(6,139,876	)		(74,174,700	)
Service Shares
Shares sold		18,748			236,371			21,225			254,076
Reinvestment of distributions		1,542			19,596			1,934			23,273
Shares redeemed		(160,555	)		(2,058,013	)		(16,158	)		(193,580	)
		(140,265	)		(1,802,046	)		7,001			83,769
Investor Shares
Shares sold		1,474,799			18,984,120			1,661,824			19,972,695
Reinvestment of distributions		129,436			1,656,005			77,357			933,877
Shares redeemed		(2,151,570	)		(27,543,366	)		(2,617,963	)		(31,499,436	)
		(547,335	)		(6,903,241	)		(878,782	)		(10,592,864	)
Class P Shares^(a)
Shares sold		43,061			552,039			754,785			9,132,869
Reinvestment of distributions		19,333			247,987			9,594			116,187
Shares redeemed		(96,274	)		(1,234,645	)		(108,740	)		(1,306,929	)
		(33,880	)		(434,619	)		655,639			7,942,127
Class R6 Shares
Shares sold		8,646,077			108,986,025			4,566,866			55,476,517
Reinvestment of distributions		703,794			9,029,216			310,362			3,756,235
Shares redeemed		(3,112,453	)		(40,279,123	)		(8,639,576	)		(103,835,440	)
		6,237,418			77,736,118			(3,762,348	)		(44,602,688	)

NET INCREASE (DECREASE)		3,048,292		$	37,362,124			(11,870,577	)	$	(142,349,328	)

(a)

Class P Shares commenced operations on April 20, 2018.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Goldman Sachs Income Fund^(a)

	For the Period Ended March 31, 2020

	Shares			Dollars

Class A Shares
Shares sold		15,828		$	160,010
Reinvestment of distributions		147			1,422
Shares redeemed		(1	)		(10	)
		15,974			161,422
Class C Shares
Shares sold		7,263			72,854
Reinvestment of distributions		54			519
Shares redeemed		(1	)		(10	)
		7,316			73,363
Institutional Shares
Shares sold		2,474,927			24,750,010
Reinvestment of distributions		32,481			317,318
Shares redeemed		(1	)		(10	)
		2,507,407			25,067,318
Investor Shares
Shares sold		5,001			50,010
Reinvestment of distributions		64			627
Shares redeemed		(1	)		(10	)
		5,064			50,627
Class P Shares
Shares sold		90,702			917,535
Reinvestment of distributions		373			3,382
Shares redeemed		(1	)		(15	)
		91,074			920,902
Class R Shares
Shares sold		5,001			50,010
Reinvestment of distributions		56			546
Shares redeemed		(1	)		(10	)
		5,056			50,546
Class R6 Shares
Shares sold		5,001			50,010
Reinvestment of distributions		66			643
Shares redeemed		(1	)		(10	)
		5,066			50,643

NET INCREASE		2,636,957		$	26,374,821

(a)

Commenced operations on December 3, 2019.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Strategic Income Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,333,774		$	40,120,028			5,356,686		$	49,817,262
Reinvestment of distributions		490,074			4,515,940			752,267			6,978,071
Shares redeemed		(13,041,523	)		(120,215,951	)		(16,906,763	)		(157,792,364	)
		(8,217,675	)		(75,579,983	)		(10,797,810	)		(100,997,031	)
Class C Shares
Shares sold		186,533			1,721,726			426,260			3,960,874
Reinvestment of distributions		254,409			2,339,261			435,789			4,030,776
Shares redeemed		(6,147,862	)		(56,597,035	)		(11,173,371	)		(103,708,803	)
		(5,706,920	)		(52,536,048	)		(10,311,322	)		(95,717,153	)
Institutional Shares
Shares sold		13,004,783			120,397,728			25,791,693			242,001,210
Reinvestment of distributions		2,438,400			22,475,357			6,825,291			63,654,682
Shares redeemed		(51,302,131	)		(472,312,676	)		(333,238,154	)		(3,108,651,769	)
		(35,858,948	)		(329,439,591	)		(300,621,170	)		(2,802,995,877	)
Investor Shares
Shares sold		987,962			9,169,309			2,684,329			25,168,792
Reinvestment of distributions		210,455			1,942,886			492,863			4,577,904
Shares redeemed		(8,575,241	)		(79,296,601	)		(12,722,774	)		(118,818,224	)
		(7,376,824	)		(68,184,406	)		(9,545,582	)		(89,071,528	)
Class P Shares^(a)
Shares sold		2,141,649			19,849,517			73,272,220			687,014,666
Reinvestment of distributions		1,114,643			10,249,862			1,403,686			12,929,764
Shares redeemed		(11,755,858	)		(106,800,555	)		(38,320,814	)		(352,851,481	)
		(8,499,566	)		(76,701,176	)		36,355,092			347,092,949
Class R Shares
Shares sold		88,099			812,563			150,959			1,402,682
Reinvestment of distributions		10,258			94,318			15,287			141,376
Shares redeemed		(275,684	)		(2,518,416	)		(400,550	)		(3,685,645	)
		(177,327	)		(1,611,535	)		(234,304	)		(2,141,587	)
Class R6 Shares
Shares sold		363,532			3,359,548			34,325,464			319,126,329
Reinvestment of distributions		25,852			237,989			174,234			1,614,542
Shares redeemed		(2,378,604	)		(22,071,301	)		(34,290,999	)		(318,499,529	)
		(1,989,220	)		(18,473,764	)		208,699			2,241,342

NET DECREASE		(67,826,480	)	$	(622,526,503	)		(294,946,397	)	$	(2,741,588,885	)

(a)

Class P Shares commenced operations on April 20, 2018.

190

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Global Income Fund, Goldman Sachs Income Fund and Goldman Sachs Strategic Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (five of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2020, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Fund	Statement of operations	Statements of changes in net assets	Financial highlights
Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Global Income Fund, Goldman Sachs Strategic Income Fund	For the year ended March 31, 2020	For each of the two years in the period ended March 31, 2020	For each of the periods indicated therein
Goldman Sachs Income Fund	For the period December 3, 2019 (commencement of operations) through March 31, 2020

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

192

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Income Fund (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs Trust (the “Trust”) that commenced investment operations on December 3, 2019. At a meeting held on October 15-16, 2019 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

At the Meeting, the Trustees reviewed the Management Agreement, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s anticipated expenses with those paid by other similar mutual funds; the Investment Adviser’s proposal to waive and/or reimburse the Fund’s expenses (with certain customary exceptions, such as taxes, brokerage fees, and extraordinary expenses); and potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund. Various information was also provided at a prior meeting at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior meetings of the Trustees, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

Nature, Extent, and Quality of the Services to Be Provided under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund by the Investment Adviser and its affiliates. The Trustees also considered information about the Fund’s structure, investment objective, strategies, and other characteristics. The Trustees considered the experience and capabilities of the investment team and noted that the Fund’s portfolio managers were currently managing other series of the Trust. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Fund. In this regard, the Trustees noted that, although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser had experience managing other funds and accounts that employ similar investment strategies. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

Costs of Services to Be Provided and Profitability

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

In particular, the Trustees reviewed information on the proposed management fees and the Fund’s projected total operating expense ratios (both gross and net of expense limitations), and those were compared to similar information for comparable mutual funds advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Fund’s fee rates and total operating expense ratios were prepared by a third-party provider of mutual fund data. The Trustees believed that this information was useful in evaluating the reasonableness of the management fees and total expenses expected to be paid by the Fund.

The Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

The Trustees noted the competitive nature of the fund marketplace, and that many of the Fund’s shareholders would be investing in the Fund in part because of the Fund’s relationship with the Investment Adviser. They also noted that shareholders would be able to redeem their Fund shares if they believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

193

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

Economies of Scale

The Trustees considered the proposed breakpoints in the fee rates payable under the Management Agreement at the following annual percentage rates of the average daily net assets of the Fund:


Average Daily Net Assets	Management Fee Annual Rate

First $1 billion		0.55	%

Next $1 billion		0.50	%

Next $3 billion		0.47	%

Next $3 billion		0.46	%

Over $8 billion		0.45	%

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the Fund’s projected asset levels and information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group, as well as the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationship with the Fund, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) 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 Fund; and (h) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be open to doing business with other areas of Goldman Sachs.

Conclusion

In connection with their consideration of the Management Agreement for the Fund at the Meeting, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee that would be payable by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s anticipated costs and the Fund’s reasonably anticipated asset levels. The Trustees unanimously concluded that the Investment Adviser’s management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved with respect to the Fund.

194

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

195

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2019 through March 31, 2020, which represents a period of 183 days of a 366 day year . The Income Fund example is based on the period from December 3, 2019 through March 31, 2020, which represents a period of 120 days out of 366 days. The Income Fund example for hypothetical expenses reflects projected activity for the period from October 1, 2019 through March 31, 2020 for the purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period.

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


	Bond Fund							Core Fixed Income Fund							Global Income Fund							Income Fund^(a)							Strategic Income Fund
Share Class	Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*

Class A
Actual	$	1,000.00	$	1,003.00		$	4.01	$	1,000.00	$	1,015.00		$	3.63	$	1,000.00	$	995.10		$	4.99	$	1,000.00	$	898.60		$	3.02	$	1,000.00	$	940.90		$	4.95
Hypothetical 5% return		1,000.00		1,021.00	+		4.04		1,000.00		1,021.40	+		3.64		1,000.00		1,020.00	+		5.05		1,000.00		1,013.07	+		3.21		1,000.00		1,019.90	+		5.15
Class C
Actual		1,000.00		999.30			7.75		1,000.00		1,010.30			7.39		1,000.00		990.60			8.71		1,000.00		896.50			5.33		1,000.00		937.10			8.57
Hypothetical 5% return		1,000.00		1,017.25	+		7.82		1,000.00		1,017.65	+		7.41		1,000.00		1,016.25	+		8.82		1,000.00		1,010.63	+		5.65		1,000.00		1,016.15	+		8.92
Institutional
Actual		1,000.00		1,004.70			2.31		1,000.00		1,015.80			1.92		1,000.00		996.60			3.44		1,000.00		899.70			1.98		1,000.00		941.50			3.30
Hypothetical 5% return		1,000.00		1,022.70	+		2.33		1,000.00		1,023.10	+		1.92		1,000.00		1,021.55	+		3.49		1,000.00		1,014.18	+		2.10		1,000.00		1,021.60	+		3.44
Service
Actual		1,000.00		1,002.20			4.81		1,000.00		1,014.20			4.43		1,000.00		994.00			5.93		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,020.20	+		4.85		1,000.00		1,020.60	+		4.45		1,000.00		1,019.05	+		6.01		—		—			—		—		—			—
Investor
Actual		1,000.00		1,003.30			2.75		1,000.00		1,016.30			2.37		1,000.00		995.50			3.74		1,000.00		899.40			2.25		1,000.00		942.00			3.74
Hypothetical 5% return		1,000.00		1,022.25	+		2.78		1,000.00		1,022.65	+		2.38		1,000.00		1,021.25	+		3.79		1,000.00		1,013.88	+		2.39		1,000.00		1,021.15	+		3.89
Class P
Actual		1,000.00		1,003.80			2.25		1,000.00		1,015.80			1.86		1,000.00		996.60			3.39		1,000.00		899.70			1.85		1,000.00		942.50			3.25
Hypothetical 5% return		1,000.00		1,022.75	+		2.28		1,000.00		1,023.15	+		1.87		1,000.00		1,021.60	+		3.44		1,000.00		1,014.31	+		1.96		1,000.00		1,021.65	+		3.39
Class R
Actual		1,000.00		1,001.80			5.25		1,000.00		1,012.80			4.88		—		—			—		1,000.00		897.90			3.80		1,000.00		938.50			6.15
Hypothetical 5% return		1,000.00		1,019.75	+		5.30		1,000.00		1,020.15	+		4.90		—		—			—		1,000.00		1,012.26	+		4.02		1,000.00		1,018.65	+		6.41
R6 Shares
Actual		1,000.00		1,003.80			2.25		1,000.00		1,015.80			1.86		1,000.00		995.90			3.39		1,000.00		899.70			1.95		1,000.00		942.60			3.25
Hypothetical 5% return		1,000.00		1,022.75	+		2.28		1,000.00		1,023.15	+		1.87		1,000.00		1,021.60	+		3.44		1,000.00		1,014.21	+		2.06		1,000.00		1,021.65	+		3.39

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 March 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
Bond		0.80	%		1.55	%		0.46	%		0.96	%		0.55	%		0.45	%		1.05	%		0.45	%
Core Fixed Income		0.72			1.47			0.38			0.88			0.47			0.37			0.97			0.37
Global Income		1.00			1.75			0.69			1.19			0.75			0.68			—			0.68
Inxome Fund^(a)		0.98			1.73			0.64			—			0.73			0.60			1.23			0.63
Strategic Income		1.02			1.77			0.68			—			0.77			0.67			1.27			0.67

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

(a)

Commenced operations on December 3, 2019.

196

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/ Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002–2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019—January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 70	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr.Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

197

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Roy W. Templin Age: 59	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

James A. McNamara Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2020.

⁴

198

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of March 31, 2020.

Multi Sector Fixed Income Funds Tax Information (Unaudited)

Pursuant to Section 871(k) of the Internal Revenue Code, the Bond Fund, Core Fixed Income Fund, and Global Income Fund, designate $2,287,278, $8,670,938, and $4,672,753, respectively, as short-term capital gain dividends paid during the fiscal year ended March 31, 2020.

Pursuant to Section 852 of the Internal Revenue Code, the Global Income Fund and Income Fund, designate $3,479,930 and $4,304, respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended March 31, 2020.

199

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

Blue Chip Fund

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

China Equity Fund⁵

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund⁶

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

MLP & Energy Fund

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager U.S. Dynamic Equity Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Target Date Retirement Portfolio⁷

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

⁴

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

⁵

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

⁶

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

⁷

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

Financial

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

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


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

		GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser

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

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

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

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

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

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

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

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Goldman Sachs Funds

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Annual Report				March 31, 2020

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				Dynamic Municipal Income
				High Yield Municipal
				Short Duration Tax-Free

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Goldman Sachs Municipal Fixed Income Funds

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DYNAMIC MUNICIPAL INCOME

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HIGH YIELD MUNICIPAL

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SHORT DURATION TAX-FREE



Market Review			1

Portfolio Management Discussions and Analysis			3

Fund Basics			5

Schedules of Investments			15

Financial Statements			144

Financial Highlights			148

Dynamic Municipal Income			148

High Yield Municipal			155

Short Duration Tax-Free			161

Notes to the Financial Statements			168

Report of Independent Registered Public Accounting Firm			185

Other Information			188



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Municipal Fixed Income Funds

Market Review

During the 12 months ended March 31, 2020 (the “Reporting Period”), the performance of the municipal bond market was most influenced by supply and demand dynamics, movements of municipal yields and the spread of a novel coronavirus (“COVID-19”).

During the second quarter of 2019, when the Reporting Period began, municipal securities recorded gains. Investment inflows were robust and broad based, as investors added to high yield municipal bond mutual funds and intermediate-term and long-term municipal bond mutual funds. New issuance was modest and lower than 2018’s second quarter volumes. In the third quarter of 2019, municipal securities produced positive returns. Investment inflows were strong, with positive flows in every week of the quarter. As for new issuance, it increased relative to the second calendar quarter, driven by municipal borrowers using taxable municipal bonds to refinance (or advance refund) previously issued tax-exempt bonds that had higher interest costs. The combination of 2017 tax reform legislation and lower U.S. Treasury yields had incentivized states and localities to issue taxable municipal bonds for this refinancing purpose. During the fourth quarter of 2019, municipal securities posted slightly positive returns, as bond yields broadly fell amid changing investor expectations about the path of future Federal Reserve (“Fed”) interest rate hikes. Investment inflows continued at a strong pace, with every week showing positive flows. New issuance increased, with a significant portion used to advance refund tax-exempt debt.

In the first quarter of 2020, after starting the calendar year with a positive return through February, the municipal bond market reversed course and posted a negative return in March, leading to a modest loss for the quarter overall. During March, the spread of COVID-19 drove a dramatic increase in investor risk aversion, followed by a wave of selling pressure across the financial markets, including the municipal securities market. As the COVID-19 pandemic caused massive health and economic disruptions across the U.S., investors grappled with how deep and protracted the economic contraction would be. Faced with the uncertainty caused by momentous closures across many industries and regions, market participants became increasingly concerned about the potential impact of prolonged shutdowns on the credit quality of municipal bond issuers. From March 9^th to March 20^th, municipal yields rose dramatically. Investment flows, which had been positive in January and February 2020, turned negative in March, and outflows occurred at a record setting pace. The sheer volume of securities for sale overwhelmed the municipal dealer community during the month.

For the Reporting Period overall, yields fell along the municipal yield curve. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.) The municipal yield curve flattened, with longer-term municipal yields falling more than shorter-term municipal yields. (A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows; opposite of a steepening yield curve.) The yield on a two-year AAA-rated municipal security decreased 43 basis points to 1.06%; the yield on a 10-year AAA-rated municipal security decreased 53 basis points to 1.33%; and the yield on a 30-year AAA-rated municipal security decreased 61 basis points to 1.99%. (A basis point is 1/100th of a percentage point.)

Municipal yields, which tend to follow trends in the U.S. Treasury market, completely decoupled from U.S. Treasury yields late in the Reporting Period. The historic dislocation led to never-before-seen municipal/Treasury ratios across the entire maturity curve. (The municipal/Treasury ratio is the yield of an AAA-rated municipal bond divided by the yield of a comparable maturity U.S. Treasury security.) At their lows during March 2020, two-year and 10-year municipal/Treasury ratios were 874% and 366%, respectively, compared to 60% and 73% in February 2020. For the Reporting Period overall, the yield on a two-year U.S. Treasury security fell 201 basis points to 0.25%; the yield on a 10-year U.S. Treasury fell 174 basis points to 0.67%; and the yield on a 30-year U.S. Treasury fell 149 basis points to 1.32%. (Source: GSAM, MMD and Bloomberg.)

Primary market issuance rose during the Reporting Period overall, with approximately $432 billion in new supply — an increase of 23% year over year. However, new issuance declined in March 2020 on worries about COVID-19, falling approximately 38% compared to March 2019 and down approximately 58% compared to February 2020. As for investment flows, after remaining positive for most of the Reporting Period, they were negative in March 2020. Municipal bond mutual funds saw investment outflows of approximately $1 billion in the first quarter of 2020. (Source: Lipper.)

High Yield Municipals

During the first nine months of the Reporting Period, high yield municipal bonds slightly outperformed investment grade municipal bonds. The tobacco, special tax, and water and sewer sectors performed particularly well. However, in the last three

MARKET REVIEW

months of the Reporting Period, high yield municipal bonds significantly underperformed investment grade municipal bonds, as COVID-19 fears led to a sell-off in the most liquid high yield municipal securities. The prices of investment grade municipal bonds declined regardless of duration and credit quality, but high yield municipal bonds experienced greater comparative losses. Most of the negative performance occurred in March 2020. For the Reporting Period overall, the high yield municipal bond market underperformed the investment grade municipal bond market, with high yield transportation and airline bonds performing the worst.

Looking Ahead

At the end of the Reporting Period, we believed municipal bonds would continue to be pressured by the COVID-19-driven shutdown of the U.S. and global economies. Despite the high degree of uncertainty surrounding the ultimate humanitarian and economic impact of the COVID-19 pandemic, we thought the municipal bond market was likely to ultimately weather the economic storm. In our view, municipal bond valuations should eventually normalize, driven by improvement in macroeconomic conditions. Additionally, the elimination of the worst-case COVID-19 market fears should promote general asset price stability, in our opinion, which could potentially put a floor on municipal bond valuations and promote future price performance.

We came into 2020 with a cautious view on the lower-rated portion of the municipal bond market, specifically the high yield and non-rated space. Before COVID-19 abruptly halted the U.S. economic expansion, we expected an increase in select individual negative credit events and potential defaults among more speculative project finance issues. We were specifically concerned about issuers that brought deals to market during the past few years, as we felt they generally exhibited overly optimistic growth projections and weak bondholder protections. With COVID-19 causing economic distress across the entire U.S., the severe credit pressure we expected for these borrowers will likely be expedited, in our opinion.

Overall, at the end of the Reporting Period, we thought negative headlines and exaggerated prognostications about state and local government finances would remain pervasive for the near term. These headlines, whether they are driven by the media or political entities, are likely to raise questions about the credit quality of municipal issuers. However, when the Reporting Period concluded, we expected a low to minimal level of defaults, despite an anticipated drop in tax revenues, budgetary pressures at all government levels, credit rating downgrades of a number of municipal issuers, and acute fiscal pressure relative to other segments of the financial markets. In our view, the federal government’s $2 trillion Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) should help soften the economic and social impacts of the COVID-19 pandemic. The CARES Act earmarks approximately $350 billion in reimbursements and emergency appropriations to states, localities and traditional municipal sectors, such as hospitals. In the near term, we expect additional support from the federal government, which is likely, in our opinion, to provide to state and local entities as much aid and assistance as needed to deal with the fallout from COVID-19.

Broadly speaking, we expect municipal securities to remain attractive due to their tax-advantaged nature. And with short-term federal government securities earning minimal yields, we expect to see increased purchases of municipal bonds by previously large buyers of municipal securities, such as commercial banks and insurance companies. This cohort of investors decreased their exposure to municipal securities when the Tax Cuts and Jobs Act of 2017 created fewer incentives to own tax exempt bonds. Hedge funds and foreign investors may also revisit the municipal market due to its attractive valuations relative to other fixed income sectors, in our view.

In the months ahead, we intend to maintain our approach in which we focus on seeking attractive risk/return opportunities across maturities along the municipal bond yield curve and inclusive of all credit qualities. We will continue seeking to keep the Goldman Sachs Municipal Fixed Income Funds invested in the most tax-efficient manner.

PORTFOLIO RESULTS

Goldman Sachs Dynamic Municipal Income Fund

Investment Objective

The Fund seeks a high level of current income that is exempt from regular federal income tax.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Dynamic Municipal Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P and Class R6 Shares generated average annual total returns, without sales charges, of -0.43%, -1.17%, -0.16%, -0.58%, -0.19%, -0.08% and -0.08%, respectively. These returns compare to the 2.76% average annual total return of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond 1-10 Year Blend Index (the “Index”), during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund’s combined duration and yield curve positioning detracted from relative performance during the Reporting Period. (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.) Our bottom-up issue selection also limited relative returns. On the positive side, the Fund benefited from its sector positioning.

Which municipal bond market sectors most significantly affected Fund performance during the Reporting Period?

During the Reporting Period, individual issue selection detracted from the Fund’s relative results. Specifically, the Fund was hampered by its investments in Illinois state obligation bonds, Texas private activity bonds and Puerto Rico sales tax bonds. The Fund was helped by its holdings of Buckeye (Ohio) tobacco settlement bonds, Puerto Rico general obligation bonds and Virginia tobacco settlement financing corporation bonds.

Within its sector positioning, the Fund’s overweight versus the Index in tobacco revenue bonds bolstered relative performance, though this was partially offset by an overweight in special tax bonds, which detracted. An underweight in California credits contributed positively, while an underweight in Ohio credits detracted from returns.

Overall, the Fund’s lower credit quality bias relative to the Index diminished performance during the Reporting Period.

How did duration and yield curve positioning decisions affect the Fund’s performance during the Reporting Period?

During the Reporting Period, the Fund’s combined duration and yield curve positioning detracted from returns. Specifically, the Fund was hurt by our efforts to hedge duration. Because we had a favorable view of supply and demand dynamics, the Fund was generally positioned with a longer duration than the Index. However, we hedged this longer-duration positioning, using interest rate swaps and U.S. Treasury futures, which detracted from performance as long-maturity municipal bonds significantly underperformed U.S. Treasury securities, particularly in March 2020. The Fund was helped during the Reporting Period by its overweight relative to the Index in the longer-maturity segment of the municipal yield curve.

How did the Fund use derivatives and similar instruments during the Reporting Period as a whole?

During the Reporting Period, the Fund maintained a long position in credit default swaps (“CDS”), which means it sold CDS protection, as we sought to capture the upside potential of select securities that were trading below what we considered to be their intrinsic value. The use of CDS had a neutral impact on the Fund’s performance during the Reporting Period. The Fund also employed U.S. Treasury futures to manage U.S. interest rate duration, which detracted from results. In addition, to manage against potential changes in interest rates, the Fund used interest rate swaps. The use of interest rate swaps had a negative impact on the Fund’s performance during the Reporting Period.

PORTFOLIO RESULTS

What changes did you make in the Fund’s weightings and investments during the Reporting Period?

We increased the Fund’s exposure to hospital bonds during the Reporting Period and reduced its exposure to state general obligation bonds. From a state perspective, we decreased the Fund’s allocation to New York credits and increased its allocation to Florida credits. In addition, we increased the Fund’s positions in the seven- to eight-year segment of the municipal yield curve and reduced its positions in maturities of one year and less.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective January 28, 2020, Ben Barber no longer served as a portfolio manager for the Fund. At the end of the Reporting Period, the portfolio managers for the Fund were Scott Diamond and Joseph Wenzel. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Fund.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was underweight relative to the Index in higher credit quality investment grade municipal bonds and overweight in BBB-rated and other lower credit quality issues. It was overweight Illinois and Florida municipal bonds and underweight New York and California municipal bonds relative to the Index at the end of the Reporting Period.

FUND BASICS

Dynamic Municipal Income Fund

as of March 31, 2020

SECTOR ALLOCATION¹

Percentage of Market Value

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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.

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Performance Summary

March 31, 2020

The following graph shows the value as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond 1-10 Year Blend Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Dynamic Municipal Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

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Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-0.43%	2.66%	3.95%	—
Including sales charges	-4.13%	1.88%	3.55%	—

Class C
Excluding contingent deferred sales charges	-1.17%	1.90%	3.17%	—
Including contingent deferred sales charges	-2.16%	1.90%	3.17%	—

Institutional	-0.16%	3.00%	4.29%	—

Service	-0.58%	2.50%	3.78%	—

Investor (Commenced July 30, 2010)	-0.19%	2.92%	N/A	4.02%

Class P (Commenced April 20, 2018)	-0.08%	N/A	N/A	2.66%

Class R6 (Commenced November 30, 2017)	-0.08%	N/A	N/A	3.03%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs High Yield Municipal Fund

Investment Objective

The Fund seeks a high level of current income that is exempt from regular federal income tax and may also consider the potential for capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Municipal Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P and Class R6 Shares generated average annual total returns, without sales charges, of 0.13%, -0.62%, 0.43%, 0.38%, 0.44% and 0.32%, respectively. These returns compare to the 1.10% average annual total return of the Fund’s benchmark, the Goldman Sachs High Yield Municipal Fund Composite Index (“High Yield Municipal Composite Index”), during the same time period.

The High Yield Municipal Fund Composite Index is composed 60% of the Bloomberg Barclays High Yield Municipal Bond Index (with dividends reinvested) and 40% of the Bloomberg Barclays Municipal Bond Index (with dividends reinvested), which generated average annual total returns of -0.74% and 3.84%, respectively, during the Reporting Period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

During the Reporting Period, our sector positioning detracted from the Fund’s relative performance. The Fund was also hurt by its combined duration and yield curve positioning. (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.) On the positive side, the Fund was helped by our bottom-up issue selection, which contributed positively to relative returns during the Reporting Period.

Which municipal bond market sectors most significantly affected Fund performance?

Within its sector positioning, the Fund was hampered by its overweight compared to the High Yield Municipal Composite Index in special tax bonds. Its overweight position in revenue water and sewer bonds bolstered relative performance. An underweight in Puerto Rico municipal bonds detracted from relative returns, while an underweight in California credits added to results.

Individual issue selection added to the Fund’s performance during the Reporting Period. The Fund was aided by its holdings of Buckeye (Ohio) tobacco settlement bonds, Virginia tobacco settlement financing corporation bonds and New Jersey transportation bonds. Conversely, it was hurt by investments in Illinois state obligation bonds, City of Chicago bonds, Puerto Rico transportation bonds and California pollution control bonds.

The Fund’s overweight positions compared to the High Yield Municipal Composite Index in BBB-rated issues detracted from relative performance during the Reporting Period.

How did duration and yield curve positioning decisions affect the Fund’s performance?

The Fund’s combined duration and yield curve positioning detracted from returns during the Reporting Period. Specifically, the Fund was hurt by our efforts to hedge duration. Because we had a favorable view of supply and demand dynamics, the Fund was generally positioned with a longer duration than the High Yield Municipal Composite Index. However, we hedged this longer-duration positioning, using interest rate swaps and U.S. Treasury futures, which detracted from performance, as long-maturity municipal bonds significantly underperformed U.S. Treasury securities, particularly in March 2020. The Fund was helped during the Reporting Period by its overweight relative to the High Yield Municipal Composite Index in the longer-maturity segment of the municipal yield curve.

PORTFOLIO RESULTS

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, the Fund maintained a long position in credit default swaps (“CDS”), which means it sold CDS protection, as we sought to capture the upside potential of select securities that were trading below what we considered to be their intrinsic value. The use of CDS had a neutral impact on Fund performance during the Reporting Period. The Fund also employed interest rate swaps to manage the Fund’s duration position, which had a negative impact on the Fund’s performance. In addition, U.S. Treasury futures were utilized to manage U.S. interest rate duration. The use of U.S. Treasury futures had a negative impact on results during the Reporting Period.

What changes did you make in the Fund’s weightings and investments during the Reporting Period?

During the Reporting Period, we increased the Fund’s exposure to special assessment bonds. We reduced its exposure to municipal bonds backed by corporate credits. From a state perspective, we decreased the Fund’s exposure to California credits and increased its exposure to Florida credits. In addition, we reduced the Fund’s positions in the one- to two-year segment of the municipal yield curve, while increasing its positions in the 11- to 12-year segment.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight relative to the High Yield Municipal Composite Index in Florida, Illinois and California credits. It was underweight New York, Ohio and Michigan credits. Compared to the High Yield Municipal Composite Index, the Fund was overweight BBB-rated and A-rated issues and underweight below investment grade credits at the end of the Reporting Period.

FUND BASICS

High Yield Municipal Fund

as of March 31, 2020

SECTOR ALLOCATION¹

Percentage of Market Value

LOGO

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Performance Summary

March 31, 2020

The following graph shows the value as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Goldman Sachs High Yield Municipal Fund Composite Index, which is composed of the Bloomberg Barclays Municipal High Yield Bond Index (60%) and the Bloomberg Barclays Municipal Bond Index (40%) (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

High Yield Municipal Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

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Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	0.13%	4.64%	5.84%	—
Including sales charges	-4.40%	3.68%	5.35%	—

Class C
Excluding contingent deferred sales charges	-0.62%	3.86%	5.07%	—
Including contingent deferred sales charges	-1.61%	3.86%	5.07%	—

Institutional	0.43%	4.95%	6.15%	—

Investor (Commenced July 30, 2010)	0.38%	4.90%	N/A	5.98%

Class P (Commenced April 20, 2018)	0.44%	N/A	N/A	3.83%

Class R6 (Commenced November 30, 2017)	0.32%	N/A	N/A	4.56%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

PORTFOLIO RESULTS

Goldman Sachs Short Duration Tax-Free Fund

Investment Objective

The Fund seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Tax-Free Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P and Class R6 Shares generated average annual total returns, without sales charges, of 1.18%, 0.78%, 1.58%, 1.07%, 1.53%, 1.50% and 1.50%, respectively. These returns compare to the 1.84% average annual total return of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond 1-3 Year Blend Index (with dividends reinvested) (the “Index”), during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Bottom-up issue selection detracted from the Fund’s relative performance during the Reporting Period, though sector positioning had a modestly positive impact on results. The Fund’s combined duration and yield curve positioning added slightly to relative returns. (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.)

Which municipal bond market sectors most significantly affected Fund performance?

During the Reporting Period, the Fund was helped by its overweight relative to the Index in water and sewer revenue bonds. It was hurt by its overweight position in special tax bonds. An underweight in Ohio credits detracted from performance, but an overweight in Puerto Rico credits contributed positively. The Fund’s lower credit quality bias bolstered relative returns during the Reporting Period.

How did duration and yield curve positioning decisions affect the Fund’s performance?

The Fund’s combined duration and yield curve positioning added slightly to relative performance. As municipal yields fell during the Reporting Period, the Fund benefited from its longer duration position compared to that of the Index.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, the Fund maintained a long position in credit default swaps (“CDS”), which means it sold CDS protection, as we sought to capture the upside potential of select securities that were trading below what we considered to be their intrinsic value. The use of CDS had a neutral impact on Fund performance during the Reporting Period. In addition, to manage against potential changes in interest rates, the Fund used interest rate swaps, which had a neutral impact on performance during the Reporting Period. Finally, a forward rate lock was used to help extend the duration of the Fund, which added to results.

What changes did you make in the Fund’s weightings and investments during the Reporting Period?

During the Reporting Period, we decreased the Fund’s exposure to state general obligation bonds and increased its exposure to hospital bonds. From a state perspective, we reduced the Fund’s position in Texas credits and increased its position in New York credits. We also increased the Fund’s exposure to A-rated and BBB-rated issues during the Reporting Period. Finally, we increased the Fund’s position in the four- to five-year segment of the municipal yield curve and decreased its position in maturities of one year and less.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, relative to the Index, the Fund was underweight AAA-rated and AA-rated municipal bonds and overweight A-rated and BBB-rated bonds. In addition, the Fund was overweight New York, Illinois and Texas credits and underweight Connecticut, Virginia and Florida credits relative to the Index at the end of the Reporting Period.

FUND BASICS

Short Duration Tax-Free Fund

as of March 31, 2020

SECTOR ALLOCATION¹

Percentage of Market Value

LOGO

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Performance Summary

March 31, 2020

The following graph shows the value as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond 1-3 Year Blend Index (with distributions reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Short Duration Tax-Free Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	1.18%	1.27%	1.39%	—
Including sales charges	-0.31%	0.97%	1.24%	—

Class C
Excluding contingent deferred sales charges	0.78%	0.87%	0.96%	—
Including contingent deferred sales charges	0.13%	0.87%	0.96%	—

Institutional	1.58%	1.58%	1.71%	—

Service	1.07%	1.08%	1.21%	—

Investor (Commenced July 30, 2010)	1.53%	1.53%	N/A	1.53%

Class P (Commenced April 20, 2018)	1.50%	N/A	N/A	2.52%

Class R6 (Commenced November 30, 2017)	1.50%	N/A	N/A	2.40%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 1.50% for Class A and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND BASICS

Index Definition

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

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

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

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

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – 95.9%
Alabama – 1.0%
	Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A-/A1)
$	5,000,000	4.000%		09/15/2033	$	5,399,500
	Alabama State Port Authority RB for Docks Facilities Series 2010 (A-/NR)^(a)
	2,500,000	5.750		10/01/2020		2,557,750
	Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3)
	100,000	5.000		11/15/2021		100,313
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B-/B3)
	4,600,000	5.750		10/01/2049		4,103,062
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	150,000	5.000		10/01/2024		169,485
	150,000	5.000		10/01/2025		173,089
	725,000	5.000		10/01/2030		833,395
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	725,000	5.000		10/01/2044		804,532
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)^(b)
	1,500,000	0.000		10/01/2046		1,435,275
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 F (BBB/NR)^(b)
	4,900,000	0.000		10/01/2050		4,576,355
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	1,000,000	5.000		10/01/2021		1,047,890
	13,500,000	6.000		10/01/2042		15,564,690
	10,615,000	6.500		10/01/2053		12,330,809
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)^(c)(d)
	225,000	2.000		10/01/2024		220,525
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 C (BBB/Baa2)^(c)(d)
	225,000	2.000		10/01/2024		220,525
	Selma Industrial Development Board RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)^(c)(d)
	1,750,000	2.000		10/01/2024		1,715,193
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A/A3)
	3,820,000	4.000		06/01/2024		4,006,607
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A3)^(c)
	10,000,000	(1 Mo. LIBOR + 0.85%), 1.910		06/01/2024		9,917,700
	UAB Medicine Finance Authority RB Series 2019 B (AA-/Aa3)
	1,350,000	4.000		09/01/2036		1,539,783
	2,030,000	4.000		09/01/2037		2,307,379
	1,350,000	4.000		09/01/2038		1,528,956

						70,552,813

Alaska – 0.2%
	Northern Tobacco Securitization Corp. RB Refunding Asset- Backed Bonds Series 2006 A (NR/B3)
	1,100,000	5.000		06/01/2046		1,100,121


Municipal Bonds – (continued)
Alaska – (continued)
	Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)^(e)
	37,350,000	0.000		06/01/2046		4,046,873
	State of Alaska GO Unlimited Bonds Series 2016 A (AA/Aa3)
	5,450,000	5.000		08/01/2027		6,450,892

						11,597,886

Arizona – 1.7%
	Arizona Department of Transportation State Highway Taxable RB Refunding Series 2020 (AA+/Aa1)
	16,650,000	2.058		07/01/2025		16,729,587
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(c)
	19,150,000	(3 Mo. LIBOR + 0.81%), 2.089		01/01/2037		18,486,452
	Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (AA-/NR)
	425,000	3.375		07/01/2041		413,674
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)
	1,400,000	5.000		11/01/2044		1,671,866
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BBB+/NR)
	570,000	5.000		01/01/2043		508,782
	3,250,000	4.500		01/01/2049		2,585,733
	2,095,000	5.000		01/01/2054		1,766,734
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BBB/NR)
	1,565,000	5.000		01/01/2037		1,449,237
	1,105,000	5.000		01/01/2038		1,010,025
	300,000	5.000		01/01/2043		264,354
	2,125,000	5.000		01/01/2049		1,809,714
	600,000	5.125		01/01/2054		509,160
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (NR/Baa1)
	365,000	5.000		05/01/2024		385,247
	300,000	5.000		05/01/2029		321,483
	650,000	5.000		05/01/2031		690,222
	Chandler Industrial Development Authority RB for Intel Corp. Series 2007 (AMT) (A+/A1)^(c)(d)
	10,000,000	2.700		08/14/2023		10,214,800
	Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT) (A+/A1)^(c)(d)
	7,300,000	5.000		06/03/2024		8,088,400
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A+/A1)
	1,375,000	3.000		07/01/2049		1,362,364
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A+/A1)
	1,110,000	5.000		07/01/2023		1,215,827
	1,115,000	5.000		07/01/2024		1,249,480


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Arizona – (continued)
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A+/A1) – (continued)
$	1,215,000		5.000	%		07/01/2025	$	1,389,268
	915,000		4.000			07/01/2044		969,726
	2,980,000		5.000			07/01/2044		3,446,161
	2,290,000		3.250			07/01/2049		2,227,598
	1,375,000		5.000			07/01/2049		1,577,909
	City of Phoenix Civic Improvement Corporation RB Taxable Refunding for Rental Car Facility Charge Series 2019 B (A/A2)
	3,005,000		2.163			07/01/2022		3,051,097
	1,950,000		2.226			07/01/2023		1,991,086
	City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (AAA/Aa2)
	7,000,000		5.000			07/01/2030		8,486,800
	Entertainment Center Community Facilities District RB Series 2017 (AA+/NR)
	5,206,000		4.000			07/01/2037		5,386,023
	Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)
	400,000		3.500			07/01/2029		374,904
	385,000		4.100			07/01/2034		352,914
	1,150,000		4.750			07/01/2043		1,029,193
	Glendale City Subordinate RB Refunding Series 2017 (AA/A1)
	2,500,000		5.000			07/01/2028		3,081,725
	Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (A-/NR)
	5,000,000		5.000			11/15/2042		5,511,950
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (BB/NR)^(f)
	300,000		4.000			07/01/2030		285,171
	600,000		5.000			07/01/2040		582,840
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2)
	200,000		4.000			07/01/2025		216,418
	200,000		4.000			07/01/2026		218,420
	200,000		4.000			07/01/2027		220,194
	325,000		4.000			07/01/2028		359,385
	250,000		4.000			07/01/2029		278,335
	500,000		4.000			07/01/2034		531,400
	700,000		5.000			07/01/2039		805,651
	Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (BBB+/A3)
	8,905,000		5.000			12/01/2037		10,477,979
	Yavapai County IDA Solid Waste Disposal RB for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)^(c)(d)
	4,000,000		2.800			06/01/2021		4,033,800

								127,619,088

Arkansas – 0.3%
	Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (A/NR)
	2,790,000		5.000			12/01/2047		3,333,018
	4,630,000		3.200			12/01/2049		4,839,415


Municipal Bonds – (continued)
Arkansas – (continued)
	Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (BBB+/NR)
	550,000		5.000			08/01/2026		638,902
	500,000		5.000			08/01/2028		579,680
	Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa2)
	5,395,000		3.000			02/01/2023		5,604,272
	5,185,000		3.000			02/01/2024		5,383,845
	Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	3,335,000		3.000			02/01/2023		3,381,523

								23,760,655

California – 8.8%
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)^(e)
	1,000,000		0.000			08/01/2037		618,960
	Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR)
	875,000		4.000			09/01/2024		934,211
	745,000		4.000			09/01/2025		804,332
	535,000		4.000			09/01/2026		574,205
	590,000		4.000			09/01/2027		633,713
	575,000		4.000			09/01/2028		617,400
	465,000		4.000			09/01/2029		498,285
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	1,000,000		5.000			05/01/2040		1,184,810
	Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR)
	150,000		4.000			09/01/2020		151,351
	190,000		4.000			09/01/2021		195,531
	195,000		4.000			09/01/2022		204,062
	205,000		4.000			09/01/2023		216,744
	210,000		4.000			09/01/2024		224,301
	220,000		4.000			09/01/2025		237,721
	230,000		4.000			09/01/2026		248,917
	235,000		4.000			09/01/2027		254,658
	255,000		4.000			09/01/2029		275,885
	275,000		4.000			09/01/2031		293,268
	290,000		4.000			09/01/2032		308,401
	300,000		5.000			09/01/2033		334,827
	215,000		5.000			09/01/2034		239,566
	330,000		5.000			09/01/2035		365,983
	345,000		3.000			09/01/2036		321,612
	360,000		3.000			09/01/2037		331,708
	370,000		3.000			09/01/2038		336,696
	380,000		3.000			09/01/2039		343,839
	1,160,000		5.000			09/01/2044		1,262,544
	1,475,000		5.000			09/01/2049		1,598,443
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)^(e)
	31,220,000		0.000			06/01/2055		2,352,427


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)
	California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (AAA/Aaa)
$	5,000,000		5.250	%		04/01/2040	$	7,479,900
	California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (AAA/Aaa)
	3,500,000		5.000			05/01/2045		5,261,130
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	500,000		5.000			02/01/2042		591,765
	California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A+/A1)
	375,000		5.000			11/15/2028		471,158
	350,000		5.000			11/15/2029		438,263
	565,000		5.000			11/15/2030		704,035
	1,000,000		5.000			11/15/2042		1,205,780
	12,000,000		5.000			11/15/2056		13,797,840
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,300,000		5.000			02/01/2034		1,468,870
	1,150,000		5.000			02/01/2035		1,295,762
	450,000		5.000			02/01/2042		501,336
	1,450,000		5.000			02/01/2047		1,603,468
	California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB-/NR)
	2,000,000		5.000			06/30/2028		2,237,760
	1,600,000		5.000			12/31/2028		1,787,408
	2,695,000		5.000			12/31/2043		2,872,681
	3,500,000		5.000			12/31/2047		3,705,940
	California Municipal Finance Authority RB for United Airlines, Inc. Project Series 2019 (AMT) (BB-/NR)
	14,865,000		4.000			07/15/2029		14,898,595
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	200,000		5.000			10/01/2026		218,366
	200,000		5.000			10/01/2027		219,932
	150,000		5.000			10/01/2028		166,656
	225,000		5.000			10/01/2029		248,893
	125,000		5.000			10/01/2030		137,371
	225,000		5.000			10/01/2031		246,559
	225,000		5.000			10/01/2032		245,644
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	900,000		5.000			12/31/2037		972,477
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	400,000		5.000			06/01/2035		434,720
	California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (AMT) (A-/NR)
	4,130,000		3.000			11/01/2025		4,215,243
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)^(f)
	2,000,000		6.750			12/01/2028		1,876,400
	14,195,000		7.500			12/01/2040		13,211,145


Municipal Bonds – (continued)
California – (continued)
	California Pollution Control Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2001 A (AMT) (A-/NR)^(c)(d)
	1,250,000		2.500			05/01/2024		1,247,575
	California Pollution Control Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2003 A (A-/NR)^(c)(d)
	3,500,000		2.500			05/01/2024		3,493,210
	California Pollution Control Financing Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2015 A-1 (AMT) (A-/NR)
	10,000,000		3.375			07/01/2025		10,377,600
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (BBB/Baa3)^(f)
	13,845,000		5.000			07/01/2030		13,957,975
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB/Baa3)^(f)
	280,000		5.000			07/01/2022		284,679
	360,000		5.000			07/01/2023		367,866
	445,000		5.000			07/01/2024		456,770
	1,330,000		5.000			07/01/2029		1,367,785
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)^(f)
	1,000,000		5.000			06/15/2040		1,006,240
	California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (BB+/NR)^(f)
	680,000		4.000			07/01/2030		676,008
	750,000		5.000			07/01/2040		764,550
	California State Various Purpose GO Bonds Series 2010 (AA-/Aa2)
	1,250,000		6.000			03/01/2033		1,251,537
	1,500,000		5.500			03/01/2040		1,504,185
	California State Various Purpose GO Bonds Series 2017 (AA-/Aa2)
	1,250,000		5.000			08/01/2046		1,466,050
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	465,000		4.250			09/01/2022		486,418
	260,000		5.000			09/01/2030		289,351
	285,000		5.000			09/01/2037		309,986
	California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)
	875,000		5.000			09/02/2034		1,014,685
	595,000		5.000			09/02/2039		670,595
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)
	1,055,000		5.000			09/02/2033		1,198,005
	950,000		5.000			09/02/2038		1,057,683
	375,000		5.000			09/02/2043		414,581
	1,130,000		5.000			09/02/2048		1,243,034


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR)
$	4,475,000		5.000	%		09/02/2029	$	5,083,689
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR)
	645,000		4.000			09/02/2023		675,902
	670,000		4.000			09/02/2024		709,584
	1,500,000		5.000			09/02/2034		1,716,975
	California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)^(f)
	750,000		3.000			06/01/2029		685,860
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (A-/NR)
	250,000		5.000			08/01/2028		314,590
	300,000		5.000			08/01/2029		376,407
	315,000		5.000			08/01/2030		394,112
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (BB+/NR)^(f)
	500,000		5.000			07/01/2024		516,235
	900,000		5.000			07/01/2029		936,414
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)
	150,000		5.000			04/01/2030		181,737
	70,000		5.000			04/01/2031		84,515
	385,000		4.000			04/01/2032		431,997
	455,000		4.000			04/01/2034		506,069
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (BB-/NR)^(f)
	1,725,000		5.000			12/01/2031		1,921,615
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
	1,300,000		5.000			09/02/2038		1,447,355
	1,500,000		5.000			09/02/2048		1,637,520
	California Statewide Communities Development Authority Special Assessment for Statewide Community Infrastructure Program Series 2019 C (NR/NR)
	115,000		4.000			09/02/2021		117,558
	180,000		4.000			09/02/2022		185,873
	345,000		4.000			09/02/2023		359,918
	355,000		4.000			09/02/2024		372,942
	1,015,000		4.000			09/02/2029		1,087,024
	California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (NR/Baa1)
	975,000		5.000			05/15/2042		1,089,328
	1,000,000		5.000			05/15/2047		1,109,600
	800,000		5.000			05/15/2050		885,456


Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF – Irvine, LLC Series 2017 (NR/Baa1)
	1,750,000		5.000			05/15/2022		1,851,045
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)^(e)
	22,510,000		0.000			06/01/2046		2,444,136
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	230,000		4.000			09/01/2026		248,214
	245,000		4.000			09/01/2027		267,207
	250,000		4.000			09/01/2028		274,992
	165,000		3.000			09/01/2037		148,455
	170,000		3.000			09/01/2038		149,682
	175,000		3.000			09/01/2039		155,433
	180,000		3.000			09/01/2040		158,038
	620,000		3.125			09/01/2044		543,895
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA/Aa2)^(e)
	3,500,000		0.000			06/01/2034		2,519,195
	City of Azusa Community Facilities District No. 2005-1 Special Tax Series 2019 (AGM) (AA/NR)
	595,000		5.000			09/01/2044		710,727
	890,000		5.000			09/01/2049		1,055,585
	City of Oroville RB for Oroville Hospital Series 2019 (BB+/NR)
	1,140,000		5.000			04/01/2024		1,264,477
	1,325,000		5.000			04/01/2027		1,551,244
	1,000,000		5.000			04/01/2029		1,201,010
	1,250,000		5.000			04/01/2030		1,495,762
	1,500,000		5.000			04/01/2031		1,788,540
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)
	100,000		5.000			09/01/2026		112,373
	100,000		5.000			09/01/2027		112,231
	100,000		5.000			09/01/2028		112,069
	100,000		5.000			09/01/2029		111,731
	140,000		5.000			09/01/2031		154,378
	250,000		5.000			09/01/2032		275,105
	230,000		5.000			09/01/2033		252,664
	150,000		5.000			09/01/2034		164,435
	150,000		5.000			09/01/2035		163,899
	700,000		5.000			09/01/2036		762,951
	275,000		5.000			09/01/2037		299,109
	250,000		5.000			09/01/2038		271,590
	500,000		5.000			09/01/2039		542,570
	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		311,841
	405,000		5.000			09/01/2034		446,934
	445,000		5.000			09/01/2039		486,665
	City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)^(f)
	595,000		4.000			09/01/2028		632,699


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)
	City of Santee Community Facilities District No. 2017-1 Special Tax Bonds Series 2019 (NR/NR)
$	1,420,000		4.000	%		09/01/2044	$	1,463,864
	City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR)
	320,000		2.000			09/01/2024		313,670
	330,000		2.250			09/01/2026		321,512
	350,000		2.375			09/01/2028		335,972
	380,000		2.750			09/01/2031		356,999
	405,000		3.000			09/01/2033		385,422
	415,000		3.000			09/01/2034		393,586
	270,000		3.000			09/01/2035		252,002
	900,000		3.125			09/01/2037		839,286
	740,000		3.125			09/01/2039		681,355
	810,000		3.250			09/01/2041		741,839
	City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)
	345,000		5.000			09/01/2044		384,689
	465,000		5.000			09/01/2049		515,606
	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		88,708
	700,000		3.250			09/01/2041		643,986
	600,000		3.500			09/01/2049		552,204
	940,000		4.000			09/01/2049		952,446
	Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (AA/NR)
	275,000		3.125			08/01/2035		290,254
	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		503,550
	725,000		5.000			09/01/2039		801,901
	County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A+/A2)
	1,225,000		5.000			07/01/2039		1,397,113
	County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR)
	1,365,000		4.000			09/01/2045		1,398,710
	East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)
	400,000		3.125			09/01/2044		346,340
	1,655,000		3.125			09/01/2049		1,405,658
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (A-/Baa2)
	1,300,000		3.950			01/15/2053		1,358,565
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)^(b)
	3,000,000		0.000			01/15/2032		3,360,000
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2014 Subseries B-3 (A-/Baa2)^(c)(d)
	1,175,000		5.500			01/15/2023		1,238,579


Municipal Bonds – (continued)
California – (continued)
	Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (A+/NR)
	500,000		5.000			09/01/2032		543,350
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)^(e)
	43,000,000		0.000			06/01/2047		7,625,620
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC-/NR)^(e)
	9,375,000		0.000			06/01/2047		1,662,562
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/Aa3)
	13,395,000		5.000			06/01/2045		15,014,322
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BB-/NR)
	17,115,000		3.500			06/01/2036		16,760,035
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BBB-/NR)
	22,180,000		5.000			06/01/2034		25,526,075
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)
	2,440,000		5.000			06/01/2047		2,341,204
	10,080,000		5.250			06/01/2047		9,852,394
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-2 (NR/NR)
	14,450,000		5.000			06/01/2047		13,865,064
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	3,915,000		5.300			06/01/2037		3,925,766
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds Series 2019 (A-/NR)
	1,420,000		3.678			06/01/2038		1,456,338
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	650,000		5.000			09/01/2025		736,580
	650,000		5.000			09/01/2026		749,937
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	480,000		5.000			09/01/2025		543,413
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	430,000		5.000			09/01/2026		485,199
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	180,000		4.000			09/01/2025		193,930
	175,000		4.000			09/01/2026		189,609
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/NR)
	350,000		5.000			09/01/2030		414,547
	310,000		5.000			09/01/2032		362,803
	360,000		5.000			09/01/2034		419,065
	460,000		5.000			09/01/2036		524,492


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	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	$	850,787
	2,500,000	5.000		09/01/2048		2,731,125
	Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (AA/NR)
	3,000,000	3.500		09/01/2035		3,279,210
	Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (AA/Aa2)
	2,275,000	5.000		05/15/2034		2,708,387
	Los Angeles Department of Airports Subordinated RB Series 2016 B (AMT) (AA-/Aa3)
	1,000,000	5.000		05/15/2029		1,160,890
	Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (AA-/Aa3)
	7,000,000	5.250		05/15/2048		8,005,410
	Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (AA-/Aa3)
	5,000,000	5.000		05/15/2030		5,962,550
	1,000,000	5.000		05/15/2035		1,176,090
	Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (AA-/Aa3)
	6,000,000	5.000		05/15/2030		7,360,320
	Los Angeles Unified School District GO Bonds for Qualified School Construction Series 2010 J-2 (A+/Aa3)
	44,275,000	5.720		05/01/2027		52,385,737
	Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AA/Aa3)^(e)
	2,000,000	0.000		08/01/2037		1,278,800
	4,500,000	0.000		08/01/2038		2,775,240
	4,500,000	0.000		08/01/2039		2,679,615
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (AA-/NR)^(e)
	1,205,000	0.000		08/01/2026		1,082,813
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)^(e)
	2,510,000	0.000		08/01/2035		1,738,024
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	1,750,000	6.500		11/01/2039		2,445,625
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	3,455,000	6.125		11/01/2029		4,169,114
	2,000,000	6.500		11/01/2039		2,795,000
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)^(b)
	5,000,000	0.000		08/01/2035		5,389,550
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A3)^(g)
	5,595,000	(3 Mo. LIBOR + 0.72%), 1.999		07/01/2027		5,464,637
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,335,000	5.000		11/01/2047		13,231,912


Municipal Bonds – (continued)
California – (continued)
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)
	6,450,000	7.000		08/01/2038		9,118,946
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)^(e)
	2,150,000	0.000		08/01/2031		1,664,616
	4,150,000	0.000		08/01/2032		3,117,024
	3,500,000	0.000		08/01/2033		2,543,275
	Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A1)
	4,000,000	5.000		05/01/2031		4,260,680
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	650,000	4.000		09/01/2020		654,452
	590,000	4.000		09/01/2023		620,220
	320,000	4.000		09/01/2024		339,997
	400,000	4.000		09/01/2025		428,228
	1,490,000	4.000		09/01/2026		1,612,553
	305,000	4.000		09/01/2027		328,848
	500,000	4.000		09/01/2028		536,040
	1,280,000	4.000		09/01/2029		1,363,494
	River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	4,585,000	5.000		09/01/2027		4,878,302
	1,000,000	5.375		09/01/2031		1,070,960
	485,000	5.250		09/01/2034		516,569
	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		851,122
	1,075,000	5.000		09/01/2026		1,234,079
	1,000,000	5.000		09/01/2027		1,170,760
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR)
	35,000	4.000		09/01/2021		35,939
	50,000	4.000		09/01/2022		52,107
	85,000	4.000		09/01/2023		89,468
	80,000	4.000		09/01/2024		84,965
	150,000	4.000		09/01/2025		161,214
	275,000	5.000		09/01/2026		313,071
	210,000	5.000		09/01/2027		242,019
	160,000	5.000		09/01/2028		184,285
	170,000	5.000		09/01/2029		196,425
	110,000	5.000		09/01/2030		126,091
	100,000	5.000		09/01/2031		113,915
	185,000	5.000		09/01/2032		210,351
	165,000	5.000		09/01/2033		187,239
	175,000	4.000		09/01/2034		184,586
	150,000	4.000		09/01/2035		157,618
	125,000	3.000		09/01/2036		112,466
	470,000	5.000		09/01/2039		527,241
	250,000	3.250		09/01/2041		226,573
	400,000	5.000		09/01/2045		439,932
	1,000,000	5.000		09/01/2049		1,104,550


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)
California – (continued)
	Sacramento City Unified School District GO RB Refunding Series 2012 (BBB/A2)
$	125,000	5.000 %		07/01/2020	$	126,123
	Sacramento City Unified School District GO RB Refunding Series 2015 (AGM) (AA/NR)
	500,000	5.000		07/01/2020		504,830
	1,000,000	5.000		07/01/2029		1,137,650
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)^(g)
	13,150,000	(3 Mo. LIBOR + 0.53%), 1.589		12/01/2035		12,578,501
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)^(g)
	2,375,000	(3 Mo. LIBOR + 0.55%), 1.609		06/01/2034		2,234,400
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa2)^(e)
	5,000,000	0.000		07/01/2039		3,106,050
	San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (AA-/Aa2)
	3,500,000	4.000		07/01/2042		3,712,100
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2011 C (AMT) (A+/A1)
	3,800,000	5.000		05/01/2021		3,934,064
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2012 A (AMT) (A+/A1)
	4,750,000	5.000		05/01/2026		5,056,565
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2013 A (AMT) (A+/A1)
	2,000,000	5.500		05/01/2028		2,213,660
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 A (AMT) (A+/NR)
	10,000,000	5.000		05/01/2023		10,910,000
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 D (AMT) (A+/A1)
	10,000,000	5.000		05/01/2048		11,368,700
	San Francisco City & County Airport Commission San Francisco International Airport RB Series 2019 A (AMT) (A+/A1)
	9,380,000	5.000		05/01/2044		10,868,231
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2016 C (A-/NR)
	1,000,000	5.000		08/01/2033		1,192,210
	San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR)
	500,000	5.000		09/01/2036		564,715
	1,550,000	5.000		09/01/2044		1,716,889
	2,275,000	5.000		09/01/2049		2,522,588


Municipal Bonds – (continued)
California – (continued)
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (NR/Baa2)^(e)
	1,605,000	0.000		01/15/2026		1,323,451
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (A-/NR)
	1,000,000	5.000		01/15/2029		1,086,180
	State of California GO Bonds for Bid Group A Series 2019 (AA-/Aa2)
	25,000,000	2.375		10/01/2026		25,761,500
	30,370,000	2.500		10/01/2029		31,350,951
	Stockton Public Financing Authority Wastewater RB Series 2019 (A/NR)
	8,550,000	1.400		06/01/2022		8,519,648
	Stockton Unified School District GO Refunding Bonds Series 2016 (A+/A1)
	2,735,000	5.000		08/01/2025		3,226,480
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (B-/B3)
	1,650,000	5.375		06/01/2038		1,553,063
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A/NR)
	885,000	5.000		06/01/2026		1,036,725
	1,180,000	5.000		06/01/2027		1,401,828
	870,000	5.000		06/01/2028		1,048,106
	1,745,000	5.000		06/01/2029		2,131,500
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A-/NR)
	1,745,000	5.000		06/01/2032		2,109,077
	870,000	5.000		06/01/2034		1,038,736
	435,000	5.000		06/01/2035		516,754
	870,000	5.000		06/01/2036		1,029,001
	870,000	5.000		06/01/2039		1,011,036
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB-/NR)
	3,100,000	5.000		06/01/2048		3,152,328
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)^(e)
	7,975,000	0.000		06/01/2054		1,212,120
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE) (AA-/Baa2)^(e)
	1,175,000	0.000		08/01/2025		1,070,719
	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		864,792

						647,693,469

Colorado – 3.9%
	Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/Aa2)
	6,910,000	5.250		12/01/2040		8,420,871


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR)^(a)
$	325,000		5.250	%		12/01/2026	$	406,217
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,078,000		4.500			12/01/2029		1,991,327
	Board of Governors of Colorado State University System RB Refunding Series 2017 C (AA/NR)
	14,280,000		5.000			03/01/2043		17,410,462
	Board of Governors of Colorado State University System RB Refunding Series 2017 C (NR/NR)^(a)
	9,555,000		5.000			03/01/2028		12,139,627
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR)
	525,000		5.000			12/01/2037		508,657
	Broadway Station Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	735,000		5.000			12/01/2035		731,002
	500,000		5.125			12/01/2048		481,440
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	1,000,000		5.250			12/01/2038		930,380
	Centerra Metropolitan District No. 1 Special RB Refunding & Improvement Bonds Series 2017 (NR/NR)^(f)
	4,000,000		5.000			12/01/2029		4,013,440
	500,000		5.000			12/01/2047		463,970
	Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (AA+/Aa1)
	3,510,000		6.000			12/15/2029		4,688,026
	10,805,000		6.000			12/15/2030		14,426,296
	City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR)
	1,035,000		5.000			12/01/2049		937,275
	Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (NR/Ba1)^(f)
	1,500,000		5.000			10/01/2029		1,576,005
	2,500,000		5.000			10/01/2039		2,478,475
	Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (NR/Baa3)
	415,000		4.000			11/01/2029		430,733
	400,000		5.000			11/01/2039		423,744
	700,000		5.000			11/01/2049		735,168
	Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (NR/Aa3)
	325,000		5.000			06/01/2049		346,629
	350,000		5.000			06/01/2054		371,920
	Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (AA/Aa2)
	3,900,000		4.000			11/15/2043		4,211,532
	Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 B (AA/Aa2)^(c)(d)
	6,000,000		5.000			11/19/2026		7,205,280


Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	855,000		5.000			08/01/2035		945,416
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	855,000		5.000			08/01/2035		945,416
	2,140,000		5.000			08/01/2036		2,346,168
	855,000		5.000			08/01/2037		934,412
	1,285,000		5.000			08/01/2038		1,399,404
	2,570,000		5.000			08/01/2039		2,793,436
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)^(c)(d)
	2,000,000		5.000			08/01/2025		2,296,860
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)^(c)(d)
	4,285,000		5.000			08/01/2026		5,014,950
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (A-/NR)^(a)
	1,150,000		5.000			06/01/2027		1,437,465
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)
	1,730,000		4.000			11/01/2039		1,935,351
	7,435,000		5.000			11/01/2039		9,150,255
	8,285,000		5.000			11/01/2044		10,013,168
	1,950,000		5.000			11/01/2049		2,338,362
	Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (AA-/Aa3)
	1,200,000		4.000			01/01/2036		1,332,708
	Colorado Health Facilities Authority Taxable RB Refunding for Sanford Obligated Group Series 2019 B (A+/NR)
	1,250,000		2.496			11/01/2024		1,295,425
	2,730,000		2.678			11/01/2025		2,846,407
	Copper Ridge Metropolitan District RB Series 2019 (NR/NR)
	3,210,000		4.000			12/01/2029		2,975,510
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	460,000		3.500			12/01/2021		458,514
	500,000		4.500			12/01/2027		490,445
	Cottonwood Highlands Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	900,000		5.000			12/01/2049		841,950
	Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,255,000		5.000			12/01/2039		1,185,837
	Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)^(f)
	2,730,000		5.000			12/01/2029		2,499,833
	3,105,000		5.500			12/01/2039		2,716,068
	Denver City & County Airport RB Refunding Series 2018 A (AMT) (A/A2)
	11,500,000		5.250			12/01/2048		13,426,595


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)
	Denver City & County Airport RB Refunding Series 2019 D (A+/A1)^(c)(d)
$	7,960,000	5.000 %		11/15/2022	$	8,592,661
	Denver City & County Airport RB Series 2013 A (AMT) (A/A2)
	5,000,000	5.500		11/15/2029		5,541,450
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (BB-/NR)
	4,380,000	5.000		10/01/2032		4,319,994
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(f)
	4,995,000	5.000		12/01/2025		5,830,663
	5,145,000	5.000		12/01/2026		6,135,876
	5,285,000	5.000		12/01/2027		6,429,572
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	765,000	5.000		12/01/2024		872,857
	205,000	5.000		12/01/2025		239,297
	Denver Health & Hospital Authority RB Series 2019 A (BBB/NR)
	880,000	5.000		12/01/2030		1,100,079
	1,230,000	5.000		12/01/2031		1,534,069
	3,500,000	5.000		12/01/2032		4,353,895
	Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)^(f)
	5,655,000	5.250		12/01/2039		5,311,402
	E-470 Public Highway Authority RB Series 2010 A (A/A2)^(e)
	6,000,000	0.000		09/01/2040		3,110,220
	E-470 Public Highway Authority Senior RB Series 2017 B (A/A2)^(c)
	2,000,000	(1 Mo. LIBOR + 1.05%), 1.670		09/01/2021		2,009,760
	First Creek Village Metropolitan District GO Bonds Series 2019 A (NR/Ba1)
	522,000	3.000		12/01/2029		504,717
	Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)
	900,000	5.000		12/01/2039		868,266
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	1,375,000	5.000		12/01/2039		1,296,061
	1,000,000	5.000		12/01/2049		895,060
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,380,000	5.000		12/01/2039		1,275,755
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	500,000	5.500		12/01/2048		447,190
	Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (BBB-/NR)
	100,000	4.000		12/01/2020		101,430
	215,000	4.000		12/01/2022		223,722
	160,000	4.000		12/01/2023		168,517
	175,000	4.000		12/01/2024		185,836
	100,000	4.000		12/01/2025		106,877
	215,000	4.000		12/01/2026		231,009


Municipal Bonds – (continued)
Colorado – (continued)
	Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (BBB-/NR) – (continued)
	290,000	4.000		12/01/2029		310,929
	205,000	4.000		12/01/2030		219,705
	225,000	4.000		12/01/2031		240,577
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	490,000	4.375		12/01/2031		449,286
	500,000	5.000		12/01/2046		458,850
	Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)
	650,000	5.000		12/01/2049		566,020
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	1,000,000	5.625		12/01/2048		921,400
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)
	2,000,000	6.250		11/15/2028		2,381,440
	Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	5,000,000	5.000		12/01/2039		4,469,300
	Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	900,000	5.000		12/01/2049		815,022
	Regional Transportation District Sales Tax Revenue RB Series 2016 A (AA+/Aa2)
	19,445,000	5.000		11/01/2046		22,756,678
	Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)
	850,000	5.000		12/01/2049		725,518
	Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)
	2,875,000	5.000		12/01/2039		2,622,776
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	524,000	4.500		12/01/2028		497,590
	Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)
	1,240,000	5.000		12/01/2049		1,089,154
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	75,000	5.000		12/01/2025		87,548
	125,000	5.000		12/01/2026		148,729
	150,000	5.000		12/01/2027		181,416
	235,000	5.000		12/01/2028		288,366
	175,000	5.000		12/01/2029		218,160
	300,000	4.000		12/01/2030		352,665
	300,000	4.000		12/01/2031		351,543
	375,000	4.000		12/01/2032		438,251
	220,000	4.000		12/01/2034		255,347
	325,000	4.000		12/01/2039		371,303
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000	5.500		12/01/2048		451,460
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (NR/Ba1)
	165,000	3.000		12/01/2022		161,886
	1,000,000	5.000		12/01/2037		1,027,560


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (NR/Ba1)
$	40,000		3.000	%		12/01/2022	$	39,245
	100,000		3.500			12/01/2027		96,359
	115,000		5.000			12/01/2037		118,169
	325,000		5.000			12/01/2047		328,689
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037		951,470
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa1)
	350,000		5.000			12/01/2032		406,025
	Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (MUN GOVT GTD) (NR/NR)
	1,000,000		5.000			12/01/2030		993,410
	6,920,000		5.000			12/01/2047		6,458,505
	University of Colorado Enterprise System RB Refunding Series 2019 A-2 (AA+/Aa1)
	4,830,000		1.780			06/01/2024		4,894,239
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)^(h)
	195,000		5.000			12/01/2026		226,352
	205,000		5.000			12/01/2027		241,533
	210,000		5.000			12/01/2028		251,374
	210,000		5.000			12/01/2029		255,062
	215,000		5.000			12/01/2030		260,238
	230,000		5.000			12/01/2031		277,569
	250,000		5.000			12/01/2032		300,952
	255,000		5.000			12/01/2033		306,089
	285,000		5.000			12/01/2034		340,900
	100,000		5.000			12/01/2035		119,179
	695,000		5.000			12/01/2050		812,066
	Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (AA/NR)
	100,000		5.000			12/15/2021		105,449
	105,000		5.000			12/15/2022		113,722
	115,000		5.000			12/15/2023		127,658
	130,000		5.000			12/15/2024		147,560
	125,000		5.000			12/15/2025		144,689
	135,000		5.000			12/15/2026		156,152
	125,000		5.000			12/15/2027		144,362
	125,000		5.000			12/15/2028		144,099
	125,000		5.000			12/15/2029		143,846
	125,000		5.000			12/15/2030		143,569
	135,000		5.000			12/15/2031		154,802
	160,000		5.000			12/15/2032		183,213
	1,045,000		3.250			12/15/2050		1,085,191
	Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR)
	595,000		5.000			12/01/2049		617,729
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	1,250,000		5.375			12/01/2048		1,145,188


Municipal Bonds – (continued)
Colorado – (continued)
	Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)
	600,000		5.000			12/01/2039		577,428

								284,305,227

Connecticut – 1.8%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	450,000		5.000			08/01/2026		495,630
	965,000		5.000			08/01/2027		1,074,170
	1,165,000		5.000			08/01/2028		1,308,924
	750,000		5.500			08/01/2029		867,202
	350,000		5.500			08/01/2030		403,533
	525,000		5.500			08/01/2031		603,509
	500,000		5.500			08/01/2032		573,455
	405,000		5.500			08/01/2033		463,397
	City of New Haven GO Refunding Bonds Series 2019 B (AGM) (AA/A2)
	1,350,000		5.000			02/01/2024		1,484,284
	1,400,000		5.000			02/01/2026		1,597,050
	600,000		5.000			02/01/2027		694,272
	1,050,000		5.000			02/01/2028		1,229,865
	Connecticut State GO Bonds Series 2018 C (A/A1)
	680,000		5.000			06/15/2028		831,538
	Connecticut State GO Refunding Bonds Series 2017 B (A/A1)
	5,000,000		5.000			04/15/2028		6,096,650
	Connecticut State Health & Educational Facilities Authority RB for Yale New Haven Health System Series 2014 B (AA-/Aa3)^(c)(d)
	2,290,000		1.800			07/01/2024		2,292,656
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)
	390,000		5.000			07/01/2025		427,822
	575,000		5.000			07/01/2026		636,830
	440,000		5.000			07/01/2027		491,770
	530,000		5.000			07/01/2028		596,282
	485,000		5.000			07/01/2029		547,667
	875,000		5.000			07/01/2030		980,551
	645,000		5.000			07/01/2031		715,557
	575,000		5.000			07/01/2032		633,903
	475,000		5.000			07/01/2033		520,372
	450,000		5.000			07/01/2034		491,409
	870,000		4.000			07/01/2039		842,795
	Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR)^(f)
	3,675,000		4.750			10/01/2048		3,251,787
	Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (AA/Aa3)
	5,540,000		5.000			11/01/2026		6,830,654
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (B-/NR)^(f)
	3,750,000		7.000			02/01/2045		3,535,612
	State of Connecticut GO Bonds Series 2018 (A/A1)
	1,770,000		5.000			06/15/2027		2,137,983
	755,000		5.000			06/15/2029		920,413
	165,000		5.000			06/15/2032		199,485


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 (A/A1)
$	1,500,000		5.000	%		04/15/2025	$	1,732,350
	6,395,000		5.000			04/15/2026		7,538,234
	1,350,000		5.000			04/15/2028		1,646,096
	1,000,000		5.000			04/15/2035		1,217,510
	1,000,000		5.000			04/15/2036		1,213,260
	1,000,000		5.000			04/15/2039		1,202,290
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purpose Build America Bonds Series 2010 B (A+/A1)
	3,220,000		4.576			11/01/2022		3,462,756
	State of Connecticut Special Tax Obligation RB Refunding for Transportation Infrastructure Purposes Series 2013 A (A+/A1)
	1,000,000		5.000			10/01/2029		1,105,910
	State of Connecticut State Revolving Fund RB Series 2017 A (AAA/Aaa)
	9,655,000		5.000			05/01/2036		11,781,707
	State of Connecticut State Revolving Fund RB Series 2019 A (AAA/Aaa)
	6,910,000		5.000			02/01/2032		8,897,662
	4,000,000		5.000			02/01/2033		5,134,400
	14,215,000		5.000			02/01/2036		18,038,693
	8,640,000		5.000			02/01/2037		10,933,574
	6,295,000		5.000			02/01/2039		7,914,766
	University of Connecticut RB Refunding Series 2010 A (A+/A1)
	2,775,000		5.000			02/15/2021		2,783,353
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	325,000		5.000			11/01/2025		362,235
	325,000		5.000			11/01/2026		367,793
	325,000		5.000			11/01/2027		372,297
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	645,000		5.000			11/01/2024		707,346
	240,000		5.000			11/01/2026		271,601

								130,460,860

Delaware – 0.1%
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)
	700,000		5.000			06/01/2025		803,432
	760,000		5.000			06/01/2026		889,177
	685,000		5.000			06/01/2027		816,150
	600,000		5.000			06/01/2029		731,916
	Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (BBB-/NR)
	460,000		4.000			08/01/2029		487,154
	615,000		5.000			08/01/2039		663,966
	University of Delaware RB Series 2015 (AA+/Aa1)^(a)
	1,805,000		5.000			05/01/2025		2,145,983

								6,537,778

District of Columbia – 1.0%
	District of Columbia GO Refunding Bonds Series 2017 A (AA+/Aaa)
	10,000,000		5.000			06/01/2035		12,259,100
	1,300,000		4.000			06/01/2037		1,478,451


Municipal Bonds – (continued)
District of Columbia – (continued)
	District of Columbia RB for International School Series 2019 (BBB/NR)
	860,000		5.000			07/01/2039		995,037
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)
	1,275,000		4.000			07/01/2039		1,283,887
	550,000		4.000			07/01/2044		546,958
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A-/Baa1)
	615,000		6.500			05/15/2033		640,891
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2012 C (AA+/Aa2)
	5,000,000		5.000			10/01/2030		5,433,700
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (AA+/Aa2)^(c)(d)
	6,390,000		1.750			10/01/2024		6,281,626
	Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A/A2)
	850,000		5.000			10/01/2031		1,046,358
	850,000		5.000			10/01/2033		1,033,795
	850,000		5.000			10/01/2034		1,026,842
	850,000		5.000			10/01/2035		1,019,711
	1,375,000		5.000			10/01/2036		1,638,863
	850,000		5.000			10/01/2037		1,006,324
	850,000		5.000			10/01/2038		999,694
	1,275,000		5.000			10/01/2039		1,491,941
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (A-/Baa2)
	695,000		4.000			10/01/2044		709,657
	925,000		5.000			10/01/2047		1,027,684
	1,390,000		4.000			10/01/2049		1,406,458
	1,160,000		4.000			10/01/2053		1,169,814
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (AA/A2)
	2,130,000		3.000			10/01/2050		2,012,765
	3,260,000		4.000			10/01/2053		3,346,357
	Metropolitan Washington Airports Authority RB Refunding Series 2010 B (AMT) (AA-/Aa3)
	3,000,000		5.000			10/01/2022		3,054,390
	Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (AA-/Aa3)
	3,400,000		5.000			10/01/2029		3,657,550
	Metropolitan Washington Airports Authority RB Refunding Series 2015 B (AMT) (AA-/Aa3)
	3,620,000		5.000			10/01/2020		3,687,079
	Metropolitan Washington Airports Authority RB Refunding Series 2017 A (AMT) (AA-/Aa3)
	9,155,000		5.000			10/01/2024		10,399,165
	Metropolitan Washington Airports Authority RB Refunding Series 2018 A (AMT) (AA-/Aa3)
	6,375,000		5.000			10/01/2034		7,549,976

								76,204,073


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – 9.3%
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
$	175,000		4.000	%		05/01/2024	$	174,149
	220,000		4.500			05/01/2029		219,505
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	635,000		2.875			05/01/2025		612,070
	2,150,000		3.250			05/01/2031		1,959,919
	1,420,000		3.625			05/01/2040		1,225,403
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	360,000		2.500			05/01/2024		363,381
	370,000		3.000			05/01/2025		381,403
	380,000		3.000			05/01/2026		391,586
	395,000		3.125			05/01/2027		405,618
	Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	310,000		4.250			05/01/2027		295,557
	390,000		4.750			05/01/2036		360,988
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	815,000		4.125			05/01/2023		808,121
	Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR)
	565,000		3.600			05/01/2029		538,377
	550,000		4.000			05/01/2036		511,583
	Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)
	290,000		3.125			11/01/2024		278,470
	500,000		3.500			11/01/2030		460,250
	440,000		4.000			11/01/2040		388,489
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)^(f)
	505,000		4.200			05/01/2024		502,369
	630,000		4.550			05/01/2029		629,049
	Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR)
	170,000		3.350			11/01/2024		165,442
	200,000		3.700			11/01/2029		191,496
	590,000		4.125			11/01/2039		544,364
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	190,000		5.000			05/01/2028		192,381
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	555,000		5.375			05/01/2028		566,683
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	175,000		2.250			05/01/2022		177,268
	175,000		2.500			05/01/2023		178,539
	180,000		2.500			05/01/2024		183,454
	185,000		3.000			05/01/2025		193,049
	190,000		3.000			05/01/2026		199,190


Municipal Bonds – (continued)
Florida – (continued)
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)^(f)
	155,000		3.625			06/01/2024		152,057
	450,000		4.000			06/01/2030		435,712
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	215,000		5.000			11/01/2031		218,021
	100,000		5.250			11/01/2046		101,784
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)^(f)
	305,000		4.000			11/01/2024		305,146
	370,000		4.500			11/01/2029		375,845
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	85,000		4.500			11/01/2025		86,446
	185,000		5.000			11/01/2036		191,651
	320,000		5.000			11/01/2048		328,294
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	535,000		4.250			05/01/2029		586,210
	465,000		4.500			05/01/2035		505,632
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)
	745,000		4.500			05/01/2025		754,640
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	135,000		2.500			05/01/2023		137,241
	140,000		2.750			05/01/2024		143,885
	90,000		3.000			05/01/2025		93,475
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	315,000		3.500			05/01/2023		329,603
	325,000		3.500			05/01/2024		342,862
	340,000		3.500			05/01/2025		361,930
	350,000		3.500			05/01/2026		374,584
	365,000		3.500			05/01/2027		391,408
	Bellagio Community Development District Special Assessment Bonds Series 2016 (BBB/NR)
	155,000		2.500			11/01/2022		152,542
	160,000		2.750			11/01/2023		157,211
	170,000		3.000			11/01/2025		165,978
	Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	125,000		3.000			06/15/2025		120,601
	250,000		3.250			06/15/2030		229,900
	Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	385,000		3.500			06/15/2024		381,577
	1,000,000		4.000			06/15/2032		970,300
	Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	400,000		2.875			05/01/2025		389,176
	565,000		3.250			05/01/2031		523,896
	500,000		3.625			05/01/2040		440,125


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)
	Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)
$	250,000		3.250	%		12/15/2024	$	243,540
	750,000		3.500			12/15/2030		692,842
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (BBB-/NR)
	20,590,000		5.875			07/01/2054		19,364,689
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)^(f)
	24,360,000		5.250			12/01/2058		22,628,735
	Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (NR/Ba1)^(f)
	425,000		3.000			12/15/2029		368,296
	645,000		5.000			12/15/2039		619,942
	Caribe Palm Community Development District Special Assessment Refunding Series 2017 (A-/NR)
	558,000		4.250			05/01/2031		608,700
	Central Florida Expressway Authority RB Senior Lien Series 2019 A (A+/A1)
	1,100,000		5.000			07/01/2024		1,267,057
	1,250,000		5.000			07/01/2025		1,478,375
	Central Florida Expressway Authority RB Senior Lien Series 2019 B (A+/A1)
	5,000,000		5.000			07/01/2024		5,759,350
	1,850,000		5.000			07/01/2025		2,187,995
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)
	110,000		3.500			11/01/2025		115,346
	115,000		3.500			11/01/2026		122,619
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	235,000		2.500			05/01/2023		237,564
	245,000		2.500			05/01/2024		246,632
	250,000		3.000			05/01/2025		257,100
	255,000		3.000			05/01/2026		262,920
	600,000		4.250			05/01/2037		639,204
	Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(f)
	127,000		3.875			11/01/2024		125,998
	189,000		4.200			11/01/2029		187,962
	750,000		5.000			11/01/2049		749,970
	Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	150,000		3.000			05/01/2025		145,785
	325,000		3.375			05/01/2031		301,372
	265,000		3.750			05/01/2040		234,891
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)^(f)
	1,350,000		5.500			10/01/2036		1,443,460
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)^(f)
	1,000,000		5.000			10/01/2029		1,090,460
	1,000,000		5.000			10/01/2034		1,095,300


Municipal Bonds – (continued)
Florida – (continued)
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,000,000		4.000			10/01/2034		1,086,160
	City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (BBB-/NR)
	415,000		5.000			01/01/2037		424,711
	1,485,000		5.000			01/01/2047		1,482,713
	1,395,000		5.000			01/01/2052		1,381,734
	City of West Palm Beach Utility System RB Series 2017 A (AA+/Aa2)
	15,000,000		5.000			10/01/2042		18,113,250
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)^(b)
	5,000,000		0.000			05/01/2038		5,080,050
	Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)^(f)
	200,000		3.625			06/15/2024		198,108
	295,000		4.000			06/15/2029		291,186
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	745,000		5.375			05/01/2036		744,568
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	880,000		2.375			05/01/2023		888,703
	900,000		2.500			05/01/2024		912,672
	925,000		2.750			05/01/2025		951,002
	915,000		3.000			05/01/2026		955,534
	980,000		3.200			05/01/2027		1,029,578
	1,015,000		3.250			05/01/2028		1,058,838
	1,500,000		3.750			05/01/2046		1,549,500
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	215,000		3.200			12/15/2024		207,148
	250,000		3.500			12/15/2029		236,160
	325,000		4.000			12/15/2039		297,525
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)^(f)
	345,000		3.750			11/01/2023		343,620
	595,000		4.500			11/01/2028		599,058
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	129,000		3.000			05/01/2023		132,710
	133,000		3.250			05/01/2024		138,168
	138,000		3.500			05/01/2025		144,460
	143,000		3.625			05/01/2026		152,295
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (A-/NR)
	190,000		2.875			05/01/2021		193,137
	195,000		3.000			05/01/2022		200,224
	205,000		3.250			05/01/2023		213,290
	210,000		3.375			05/01/2024		220,185
	220,000		3.500			05/01/2025		234,410
	215,000		4.125			05/01/2035		232,209


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	County of Broward RB for Airport System Series 2012 Q-1 (A+/A1)^(a)
$	855,000		5.000	%		10/01/2022	$	934,695
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)
	2,810,000		5.000			09/01/2033		3,531,917
	2,955,000		5.000			09/01/2034		3,701,433
	3,005,000		5.000			09/01/2035		3,749,970
	1,610,000		4.000			09/01/2036		1,823,228
	3,520,000		4.000			09/01/2038		3,958,205
	County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A/A2)
	7,500,000		2.600			06/01/2023		7,769,700
	County of Escambia RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)^(c)(d)
	400,000		2.000			10/01/2024		392,044
	County of Miami-Dade Aviation RB Series 2019 A (AMT) (A/NR)
	4,500,000		4.000			10/01/2044		4,773,195
	12,720,000		5.000			10/01/2044		14,524,332
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)
	375,000		5.000			10/01/2026		448,725
	475,000		5.000			10/01/2027		580,474
	500,000		5.000			10/01/2028		622,015
	450,000		5.000			10/01/2029		567,936
	570,000		5.000			10/01/2030		722,566
	365,000		5.000			10/01/2031		461,203
	415,000		5.000			10/01/2032		523,016
	350,000		5.000			10/01/2033		439,842
	265,000		5.000			10/01/2034		331,854
	425,000		5.000			10/01/2035		530,217
	600,000		5.000			10/01/2036		746,118
	525,000		5.000			10/01/2037		650,559
	805,000		5.000			10/01/2038		994,151
	1,000,000		5.000			10/01/2039		1,232,850
	925,000		5.000			10/01/2044		1,128,879
	1,160,000		5.000			10/01/2049		1,404,644
	1,390,000		4.000			10/01/2054		1,533,476
	County of Osceola Transportation RB Refunding Series 2019 A-2 (BBB+/NR)^(e)
	155,000		0.000			10/01/2025		139,697
	275,000		0.000			10/01/2026		241,335
	360,000		0.000			10/01/2027		306,896
	500,000		0.000			10/01/2028		413,085
	700,000		0.000			10/01/2029		560,182
	Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)^(f)
	550,000		3.875			11/01/2024		537,344
	740,000		4.250			11/01/2030		712,465
	Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (BBB/NR)
	1,995,000		4.000			05/01/2024		2,072,685


Municipal Bonds – (continued)
Florida – (continued)
	Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR)
	750,000		2.625			06/15/2025		705,510
	660,000		3.000			06/15/2031		585,413
	475,000		4.000			06/15/2040		431,324
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	245,000		3.750			11/01/2023		242,969
	730,000		4.500			11/01/2028		729,460
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	3,125,000		5.400			05/01/2039		3,079,031
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	1,675,000		5.300			05/01/2039		1,686,172
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	745,000		4.250			12/15/2028		729,042
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	690,000		3.750			05/01/2034		752,141
	960,000		4.000			05/01/2037		1,040,333
	East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)
	200,000		3.750			11/01/2024		197,674
	East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR)
	280,000		4.125			11/01/2029		276,503
	Escambia County Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (BBB/Baa2)
	1,000,000		6.000			08/15/2036		1,013,760
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (BBB+/Baa2)
	2,640,000		5.000			08/15/2031		3,149,679
	3,080,000		5.000			08/15/2032		3,650,139
	2,595,000		5.000			08/15/2033		3,059,375
	2,025,000		5.000			08/15/2034		2,380,934
	2,760,000		5.000			08/15/2035		3,240,378
	3,960,000		5.000			08/15/2036		4,629,636
	5,280,000		5.000			08/15/2037		6,151,886
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR)
	250,000		3.250			11/01/2025		239,250
	375,000		3.625			11/01/2030		348,806
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)
	250,000		3.250			11/01/2025		239,250
	250,000		3.625			11/01/2030		232,537


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)
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)^(f)
$	335,000		4.125	%		11/01/2024	$	328,823
	445,000		4.250			11/01/2029		433,025
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	1,200,000		3.250			05/01/2023		1,187,016
	3,250,000		5.000			05/01/2035		3,466,775
	Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)
	175,000		3.500			05/01/2030		164,050
	165,000		4.000			05/01/2040		148,301
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)^(f)
	425,000		4.000			12/15/2029		450,636
	425,000		5.000			12/15/2034		477,356
	490,000		5.000			12/15/2039		541,337
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)^{(c) (d) (f)}
	1,825,000		6.250			01/01/2024		1,650,037
	9,090,000		6.375			01/01/2026		8,039,378
	25,550,000		6.500			01/01/2029		22,522,581
	Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (BBB-/NR)
	450,000		5.000			10/01/2020		457,659
	250,000		5.000			10/01/2022		261,632
	250,000		5.000			10/01/2023		265,387
	350,000		5.000			10/01/2024		376,079
	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		1,908,560
	250,000		4.750			06/01/2038		236,022
	4,500,000		5.000			06/01/2048		4,284,405
	Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2017 (BBB+/NR)
	2,535,000		5.000			03/01/2042		2,673,614
	Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (BBB+/NR)
	2,000,000		5.000			03/01/2044		2,110,800
	Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (BBB-/NR)
	1,700,000		5.000			03/01/2039		1,833,841
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	200,000		4.000			11/01/2028		193,910
	500,000		5.000			11/01/2038		509,765
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	505,000		3.350			11/01/2024		489,385
	500,000		3.700			11/01/2029		475,500
	Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)
	465,000		3.750			11/01/2039		414,882


Municipal Bonds – (continued)
Florida – (continued)
	Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR)
	840,000		4.250			05/01/2026		839,958
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)
	355,000		3.750			11/01/2024		348,543
	600,000		4.125			11/01/2029		584,220
	1,305,000		4.750			11/01/2039		1,286,586
	2,100,000		5.000			11/01/2050		2,102,877
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)
	920,000		5.000			11/15/2036		889,704
	Greater Orlando Aviation Authority Airport Facilities RB Series 2019 A (AMT) (AA-/Aa3)
	4,605,000		5.000			10/01/2022		4,952,631
	14,000,000		5.000			10/01/2023		15,427,720
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A+/A1)
	1,290,000		5.000			10/01/2047		1,451,353
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (AA-/Aa3)
	2,375,000		5.000			10/01/2021		2,507,074
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	290,000		3.000			11/01/2024		281,511
	695,000		3.500			11/01/2030		658,332
	2,400,000		4.375			11/01/2049		2,267,208
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	190,000		3.375			05/01/2021		188,754
	550,000		3.875			05/01/2026		535,711
	Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,345,000		3.100			05/01/2024		1,311,268
	950,000		3.300			05/01/2029		892,407
	370,000		3.700			05/01/2033		341,310
	Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)
	500,000		3.100			05/01/2024		486,690
	600,000		3.300			05/01/2029		562,122
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)^(f)
	265,000		4.000			05/01/2024		286,666
	265,000		4.000			05/01/2025		289,907
	140,000		4.000			05/01/2026		154,209
	Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)
	100,000		3.250			11/01/2024		95,875
	400,000		3.500			11/01/2030		368,836
	Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)
	125,000		3.625			11/01/2030		115,322


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
$	215,000		4.000	%		05/01/2024	$	230,044
	225,000		4.000			05/01/2025		243,884
	235,000		4.000			05/01/2026		257,447
	240,000		4.000			05/01/2027		265,798
	250,000		4.000			05/01/2028		276,240
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	585,000		3.375			05/01/2023		607,985
	605,000		3.500			05/01/2024		635,825
	630,000		3.625			05/01/2025		666,615
	650,000		3.750			05/01/2026		683,865
	1,015,000		4.200			05/01/2031		1,097,215
	1,000,000		4.350			05/01/2036		1,067,220
	Highland Meadows West Community Development District Special Assessment for Assessment Area 2 Series 2020 A (NR/NR)
	290,000		2.875			05/01/2025		279,528
	200,000		3.250			05/01/2031		186,846
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	140,000		3.250			05/01/2031		131,391
	Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)^(f)
	280,000		4.000			12/15/2024		277,382
	550,000		4.250			12/15/2029		541,376
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,225,000		4.250			05/01/2031		1,352,314
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)
	100,000		3.375			11/01/2025		95,864
	375,000		3.875			11/01/2031		354,502
	500,000		4.200			11/01/2039		460,885
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR)
	150,000		4.250			11/01/2022		149,814
	370,000		4.875			11/01/2027		372,253
	865,000		5.375			11/01/2037		878,131
	790,000		5.500			11/01/2047		799,227
	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		75,457
	335,000		5.500			11/01/2047		339,539
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	790,000		4.000			11/01/2028		785,932
	700,000		4.500			11/01/2038		703,997


Municipal Bonds – (continued)
Florida – (continued)
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)^(f)
	210,000		4.000			11/01/2024		208,433
	250,000		5.000			11/01/2039		250,178
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)^(f)
	1,175,000		4.500			05/01/2038		1,132,665
	1,855,000		4.625			05/01/2048		1,772,118
	Lakeshore Ranch Community Development District Special Assessment Refunding Series 2019 A-2 (NR/NR)
	545,000		3.500			05/01/2030		506,599
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	430,000		3.125			05/01/2025		412,082
	370,000		3.400			05/01/2030		344,351
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	155,000		3.000			05/01/2024		151,097
	225,000		3.250			05/01/2029		209,936
	200,000		3.850			05/01/2039		180,840
	Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)
	230,000		3.600			05/01/2024		226,734
	285,000		3.800			05/01/2029		277,388
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)^(f)
	385,000		3.650			05/01/2022		384,049
	520,000		4.300			05/01/2027		520,931
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)^(f)
	390,000		2.900			05/01/2024		377,415
	285,000		3.200			05/01/2029		266,731
	455,000		4.000			05/01/2049		398,048
	Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)
	425,000		3.600			05/01/2024		419,751
	515,000		3.800			05/01/2029		503,150
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)
	1,440,000		4.250			05/01/2025		1,449,447
	1,675,000		4.875			05/01/2035		1,700,845
	960,000		4.875			05/01/2045		964,032
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	310,000		4.000			05/01/2022		310,924
	940,000		4.625			05/01/2027		960,116
	1,000,000		5.250			05/01/2037		1,038,860
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1A Series 2018 (NR/NR)
	350,000		3.900			05/01/2023		349,675
	535,000		4.250			05/01/2028		530,650
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1B Series 2018 (NR/NR)
	1,570,000		4.350			05/01/2024		1,575,071
	1,970,000		4.750			05/01/2029		2,008,277
	2,250,000		5.300			05/01/2039		2,303,640


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)
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
$	190,000	4.000 %		05/01/2021	$	190,348
	230,000	4.250		05/01/2026		231,591
	4,860,000	5.000		05/01/2036		4,994,816
	4,830,000	5.125		05/01/2046		4,965,047
	Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)
	230,000	3.500		05/01/2024		226,417
	275,000	3.875		05/01/2029		269,747
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	205,000	3.625		11/01/2023		202,646
	560,000	4.125		11/01/2028		553,409
	250,000	4.750		11/01/2048		244,633
	Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (BBB/NR)
	100,000	3.000		05/01/2020		100,107
	200,000	3.000		05/01/2021		202,490
	445,000	3.000		05/01/2022		446,064
	460,000	3.000		05/01/2023		460,262
	375,000	3.000		05/01/2024		373,852
	490,000	3.000		05/01/2025		485,884
	500,000	3.000		05/01/2026		493,145
	520,000	3.000		05/01/2027		508,284
	535,000	3.000		05/01/2028		518,875
	550,000	3.000		05/01/2029		529,172
	1,605,000	3.000		05/01/2035		1,439,749
	Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)
	670,000	3.125		05/01/2024		652,419
	535,000	3.375		05/01/2030		506,833
	925,000	4.000		05/01/2038		879,166
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)
	330,000	3.500		05/01/2025		354,582
	340,000	3.500		05/01/2026		367,094
	500,000	4.000		05/01/2036		547,490
	Lee Memorial Health System Hospital RB Refunding Series 2019 A-2 (A+/A2)^(c)(d)
	11,700,000	5.000		04/01/2026		13,435,812
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
	1,480,000	5.000		05/01/2038		1,505,530
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	825,000	5.375		05/01/2030		801,537
	LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)
	840,000	3.000		05/01/2025		803,569
	980,000	3.400		05/01/2030		912,253
	1,420,000	4.000		05/01/2040		1,293,393


Municipal Bonds – (continued)
Florida – (continued)
	Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	245,000	3.800		05/01/2024		239,377
	300,000	4.000		05/01/2029		287,397
	Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	605,000	3.250		06/15/2024		589,179
	885,000	3.625		06/15/2030		843,441
	McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	1,000,000	4.750		11/01/2029		999,930
	Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (A/NR)
	750,000	4.450		05/01/2030		815,640
	Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
	200,000	3.500		05/01/2023		198,794
	Miami RB Refunding Parking System Series 2019 (BAM) (AA/A2)
	1,000,000	4.000		10/01/2037		1,138,230
	900,000	4.000		10/01/2038		1,020,852
	Miami Special Obligation Non-Ad Valorem RB Refunding Series 2011 A (AGM) (AA/Aa3)^(a)
	2,700,000	6.000		02/01/2021		2,807,433
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (AA-/Aa3)^(f)
	9,500,000	5.000		03/01/2030		10,450,855
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	250,000	4.000		11/01/2023		246,495
	250,000	4.750		11/01/2027		249,370
	850,000	5.125		11/01/2039		839,519
	2,350,000	5.250		11/01/2049		2,264,531
	Miami-Dade County Industrial Development Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2018 A (AMT) (A-/NR)^(c)
	7,935,000	(SIFMA Municipal Swap Index Yield + 0.80%), 5.510		11/01/2021		7,942,935
	Miromar Lakes Community Development District Capital Improvement RB Refunding Series 2015 (NR/NR)
	155,000	3.500		05/01/2020		154,991
	Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	300,000	3.125		12/15/2024		292,227
	675,000	3.375		12/15/2030		623,943
	1,500,000	4.000		12/15/2039		1,371,375
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)^(f)
	125,000	3.500		05/01/2026		130,379
	130,000	3.500		05/01/2027		136,119
	135,000	3.500		05/01/2028		140,991
	140,000	3.500		05/01/2029		147,401
	700,000	3.500		05/01/2038		714,420


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


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/NR)^(f)
$	85,000		3.125	%		05/01/2025	$	81,552
	45,000		3.500			05/01/2031		41,589
	North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (AA/NR)
	655,000		5.000			10/01/2030		842,134
	575,000		5.000			10/01/2031		738,047
	1,025,000		5.000			10/01/2033		1,312,574
	1,205,000		5.000			10/01/2034		1,538,857
	1,000,000		5.000			10/01/2036		1,272,080
	1,975,000		5.000			10/01/2037		2,509,396
	2,075,000		5.000			10/01/2038		2,629,544
	2,180,000		5.000			10/01/2039		2,747,083
	2,630,000		5.000			10/01/2044		3,222,197
	North Sumter County Utility Dependent District RB Series 2010 (AGM) (AA/A2)
	1,250,000		5.375			10/01/2040		1,275,537
	Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (A+/NR)
	1,150,000		4.450			05/01/2031		1,253,914
	Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	295,000		3.250			05/01/2025		288,722
	350,000		3.500			05/01/2030		329,144
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	3,285,000		5.875			11/01/2037		3,556,801
	3,500,000		6.000			11/01/2047		3,808,140
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	370,000		4.375			11/01/2023		372,390
	640,000		4.875			11/01/2028		655,347
	Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (BBB/NR)
	2,300,000		4.000			05/15/2053		2,027,381
	1,825,000		5.000			05/15/2053		1,865,460
	Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)
	205,000		3.400			05/01/2025		196,294
	245,000		3.750			05/01/2030		227,595
	965,000		4.150			05/01/2040		858,396
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	215,000		3.500			11/01/2025		231,596
	225,000		3.500			11/01/2026		243,756
	230,000		3.500			11/01/2027		248,740
	240,000		3.500			11/01/2028		262,834
	585,000		4.000			11/01/2033		654,299
	Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)^(f)(h)
	785,000		4.000			05/01/2050		784,969
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	520,000		2.500			05/01/2022		526,609
	530,000		2.750			05/01/2023		544,183
	350,000		3.750			05/01/2031		375,505
	1,045,000		4.000			05/01/2036		1,125,172


Municipal Bonds – (continued)
Florida – (continued)
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	280,000		3.500			05/01/2021		280,011
	300,000		4.000			05/01/2027		301,518
	Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)
	250,000		4.500			05/01/2024		244,168
	500,000		4.750			05/01/2030		477,965
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	350,000		4.250			05/01/2031		393,050
	1,030,000		4.500			05/01/2038		1,154,939
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	265,000		4.000			05/01/2026		280,577
	275,000		4.000			05/01/2027		294,536
	285,000		4.125			05/01/2028		309,122
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	450,000		4.000			05/01/2024		476,424
	490,000		4.000			05/01/2026		528,431
	530,000		4.000			05/01/2028		579,301
	1,350,000		4.500			05/01/2031		1,543,063
	Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)
	1,330,000		4.500			11/01/2033		1,371,829
	Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR)
	2,700,000		5.000			07/01/2029		2,773,818
	Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)
	100,000		2.875			05/01/2025		95,327
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	1,000,000		2.800			05/01/2025		949,730
	1,665,000		3.200			05/01/2031		1,508,307
	1,875,000		3.500			05/01/2037		1,634,794
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	275,000		4.750			11/01/2029		275,649
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	100,000		3.250			11/01/2024		97,282
	555,000		3.500			11/01/2030		513,980
	Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)^(f)
	150,000		4.100			05/01/2024		149,217
	185,000		4.500			05/01/2029		184,721
	Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR)
	535,000		4.250			11/01/2025		532,357
	Reedy Creek Improvement District Refunding GO Bonds Series 2020 A (AA-/Aa3)
	3,020,000		1.769			06/01/2025		2,973,462
	3,230,000		1.869			06/01/2026		3,173,507
	3,070,000		1.969			06/01/2027		3,010,933


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)
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
$	750,000		5.000	%		05/01/2025	$	768,030
	Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)
	250,000		3.750			05/01/2024		245,263
	425,000		4.000			05/01/2030		407,919
	Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	200,000		3.500			05/01/2024		197,078
	500,000		4.000			05/01/2030		488,620
	750,000		4.500			05/01/2040		723,997
	750,000		4.750			05/01/2050		729,098
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	890,000		4.000			05/01/2035		949,835
	Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	705,000		2.375			05/01/2035		676,765
	1,425,000		2.625			05/01/2040		1,393,336
	San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(f)
	685,000		3.375			06/15/2024		678,136
	1,000,000		3.750			06/15/2031		982,880
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(f)
	305,000		4.000			11/01/2024		300,974
	740,000		4.500			11/01/2029		729,226
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	250,000		4.000			11/01/2023		247,855
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,485,000		3.625			05/01/2024		1,471,353
	1,895,000		4.000			05/01/2029		1,870,801
	2,500,000		4.750			05/01/2039		2,487,500
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	420,000		3.000			05/01/2023		429,043
	435,000		3.250			05/01/2024		451,560
	450,000		3.450			05/01/2025		471,749
	465,000		3.625			05/01/2026		491,184
	990,000		4.125			05/01/2036		1,057,538
	South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)^(f)
	585,000		4.250			11/01/2024		580,419
	730,000		4.500			11/01/2029		720,474
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	475,000		4.000			05/01/2024		475,370
	590,000		4.625			05/01/2029		597,700
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	350,000		2.500			11/01/2023		353,720
	355,000		2.750			11/01/2024		361,908


Municipal Bonds – (continued)
Florida – (continued)
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR) – (continued)
	370,000		3.000			11/01/2025		379,195
	585,000		4.250			11/01/2037		629,782
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB/NR)
	1,000,000		5.125			05/01/2033		1,059,160
	Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)
	255,000		2.875			05/01/2024		246,157
	300,000		3.250			05/01/2029		281,256
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	265,000		2.500			05/01/2023		270,438
	270,000		2.500			05/01/2024		277,320
	280,000		3.000			05/01/2025		294,117
	290,000		3.000			05/01/2026		306,234
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	400,000		3.500			06/15/2024		393,532
	500,000		4.000			06/15/2030		490,525
	Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)
	300,000		3.125			12/15/2025		291,195
	500,000		3.625			12/15/2030		474,830
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	275,000		3.000			05/01/2025		260,846
	500,000		3.300			05/01/2031		448,645
	425,000		3.750			05/01/2040		364,097
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (AA/NR)
	400,000		2.500			05/01/2029		396,284
	725,000		2.875			05/01/2033		732,837
	1,455,000		3.000			05/01/2038		1,460,035
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,300,000		3.500			05/01/2029		1,304,251
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	190,000		2.500			05/01/2023		193,555
	190,000		2.500			05/01/2024		193,422
	200,000		3.000			05/01/2025		206,650
	205,000		3.000			05/01/2026		213,251
	1,135,000		3.500			05/01/2031		1,203,747
	1,370,000		4.000			05/01/2036		1,469,531
	Tampa Bay Water Utility System RB Refunding Series 2015 A (AA+/Aa1)
	10,160,000		4.000			10/01/2028		11,495,837
	4,225,000		4.000			10/01/2029		4,770,363


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
$	115,000		3.625	%		05/01/2021	$	115,261
	The Miami-Dade County School Board COPS Series 2010 A (A+/Aa3)
	10,000,000		6.235			06/15/2027		12,855,100
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (A+/NR)
	205,000		3.000			05/01/2027		213,176
	210,000		3.125			05/01/2028		220,626
	230,000		3.375			05/01/2032		241,194
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	345,000		3.500			05/01/2032		379,731
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)^(f)
	565,000		5.200			05/01/2028		585,752
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		4.625			05/01/2028		298,491
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (AA/NR)
	4,705,000		3.000			05/01/2033		5,025,411
	5,300,000		3.000			05/01/2037		5,645,560
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	670,000		3.500			05/01/2024		657,733
	765,000		3.850			05/01/2029		737,781
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (AA/NR)
	2,025,000		3.000			05/01/2033		2,162,902
	4,925,000		3.000			05/01/2040		5,206,070
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)^(f)
	2,685,000		3.450			05/01/2024		2,631,246
	3,210,000		3.750			05/01/2029		3,069,017
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	1,065,000		4.375			11/01/2023		1,064,446
	2,005,000		5.000			11/01/2029		2,021,782
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	505,000		4.250			06/15/2028		505,253
	Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	375,000		3.125			12/15/2025		364,935
	735,000		3.625			12/15/2031		695,501
	450,000		4.000			12/15/2040		413,514
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)
	750,000		5.000			04/01/2030		878,527
	650,000		5.000			04/01/2031		758,946
	550,000		5.000			04/01/2033		635,047
	5,000,000		5.000			04/01/2048		5,522,150


Municipal Bonds – (continued)
Florida – (continued)
	Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (AAA/Aaa)
	2,000,000		4.000			07/01/2043		2,266,500
	7,000,000		4.000			07/01/2047		7,876,050
	Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)
	135,000		3.500			05/01/2024		130,699
	360,000		4.000			05/01/2030		340,495
	595,000		4.375			05/01/2039		557,497
	Trevesta Community Development District Special Assessment Area 1 Pase 2 Project Series 2018 (NR/NR)^(f)
	335,000		4.375			11/01/2024		333,137
	500,000		5.250			11/01/2039		501,400
	Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)
	310,000		3.875			05/01/2024		302,222
	495,000		4.125			05/01/2029		472,730
	Triple Creek Community Development District Special Assessment Series 2019 B (NR/NR)
	2,200,000		4.875			05/01/2032		2,088,878
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	250,000		4.000			11/01/2024		248,650
	495,000		4.500			11/01/2029		494,604
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	405,000		3.000			11/01/2024		393,648
	400,000		3.375			11/01/2030		375,084
	100,000		4.000			11/01/2050		86,376
	TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR)
	90,000		3.625			11/01/2020		89,863
	530,000		4.375			11/01/2025		530,064
	Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (A/NR)
	1,000,000		4.250			05/01/2031		1,085,360
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)
	350,000		2.125			05/01/2022		352,425
	360,000		2.250			05/01/2023		363,622
	370,000		2.500			05/01/2024		377,248
	375,000		2.625			05/01/2025		386,220
	390,000		3.000			05/01/2026		411,372
	400,000		3.125			05/01/2027		423,676
	415,000		3.250			05/01/2028		438,452
	Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR)
	230,000		4.200			05/01/2026		226,598
	Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)
	500,000		3.000			12/15/2024		489,180
	1,000,000		3.375			12/15/2030		948,090


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)
	University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)
$	300,000		2.500	%		05/01/2027	$	311,802
	310,000		2.500			05/01/2028		322,918
	315,000		2.625			05/01/2029		331,660
	1,060,000		3.000			05/01/2034		1,141,122
	2,130,000		3.125			05/01/2038		2,281,166
	1,725,000		3.250			05/01/2040		1,858,601
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)^(f)
	500,000		4.000			05/01/2024		496,640
	1,000,000		4.625			05/01/2029		983,590
	1,000,000		5.000			05/01/2038		982,450
	Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)
	325,000		4.000			11/01/2024		324,184
	395,000		4.500			11/01/2029		399,061
	Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR)
	300,000		4.000			11/01/2024		299,247
	375,000		4.500			11/01/2029		378,859
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	1,560,000		3.750			05/01/2026		1,516,913
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)^(f)
	345,000		3.250			05/01/2024		358,407
	360,000		3.500			05/01/2025		378,785
	370,000		3.625			05/01/2026		394,050
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	530,000		4.750			11/01/2025		533,450
	Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR)
	250,000		3.250			05/01/2031		222,230
	235,000		4.000			05/01/2040		208,793
	Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR)
	250,000		2.875			05/01/2025		235,715
	250,000		3.250			05/01/2031		222,230
	330,000		4.000			05/01/2040		293,198
	Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR)
	190,000		2.875			05/01/2025		179,143
	250,000		3.250			05/01/2031		222,230
	235,000		4.000			05/01/2040		208,793
	Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (A/NR)
	500,000		4.250			05/01/2030		533,200
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	500,000		3.125			05/01/2025		484,255
	500,000		3.500			05/01/2030		471,705
	930,000		3.750			05/01/2037		845,240


Municipal Bonds – (continued)
Florida – (continued)
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)^(f)
	1,000,000		3.250			05/01/2023		998,820
	1,000,000		3.800			05/01/2028		1,005,420
	1,995,000		4.000			05/01/2033		2,000,426
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	1,445,000		2.625			05/01/2024		1,409,641
	1,250,000		3.000			05/01/2029		1,181,738
	1,500,000		3.375			05/01/2034		1,394,205
	3,965,000		3.550			05/01/2039		3,585,232
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	345,000		4.000			05/01/2026		381,256
	345,000		4.000			05/01/2027		384,230
	350,000		4.000			05/01/2028		393,775
	365,000		4.000			05/01/2029		403,679
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (AA/NR)
	1,935,000		3.500			05/01/2032		2,092,896
	2,265,000		4.000			05/01/2037		2,453,018
	Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	170,000		3.750			05/01/2024		165,476
	250,000		4.000			05/01/2029		237,710
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	220,000		2.750			11/01/2024		223,419
	225,000		3.000			11/01/2025		230,002
	230,000		3.200			11/01/2026		235,837
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	765,000		5.500			05/01/2034		792,333
	925,000		5.750			05/01/2044		964,479
	Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	2,150,000		4.000			05/01/2031		2,288,933
	Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(f)
	500,000		5.125			11/01/2038		494,725
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	2,365,000		5.500			11/01/2045		2,425,402
	Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)
	300,000		3.250			11/01/2024		291,300
	375,000		3.625			11/01/2029		357,319
	1,000,000		4.000			11/01/2039		916,070
	West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)^(f)(h)
	365,000		2.650			05/01/2025		351,659
	630,000		3.000			05/01/2031		585,295
	925,000		4.000			05/01/2040		865,412
	1,595,000		4.000			05/01/2051		1,427,828


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


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)
$	500,000	4.000 %		05/01/2024	$	498,610
	750,000	4.250		05/01/2029		746,625
	Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR)
	295,000	3.625		05/01/2024		292,398
	355,000	3.900		05/01/2029		350,183
	Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)^(f)
	675,000	3.500		05/01/2024		661,898
	810,000	3.750		05/01/2029		784,477
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(f)
	600,000	3.500		06/15/2024		590,844
	1,285,000	3.750		06/15/2030		1,243,931
	Willows Community Development District Special Assessment RB Series 2019 (NR/NR)
	250,000	3.875		05/01/2024		249,713
	500,000	4.370		05/01/2029		501,805
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	200,000	4.250		11/01/2029		197,054
	680,000	4.875		11/01/2039		671,106
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	135,000	4.875		05/01/2036		134,627
	250,000	5.000		05/01/2047		248,313
	Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (BBB+/NR)
	1,450,000	4.500		05/01/2036		1,533,694

						680,047,249

Georgia – 2.0%
	Atlanta Airport RB Refunding Series 2012 C (AA-/Aa3)
	1,250,000	5.000		01/01/2027		1,310,450
	Bartow County Development Authority RB for Georgia Power Co. Series 2013 (A-/Baa1)^(c)(d)
	5,250,000	1.550		08/19/2022		5,108,565
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A-/Baa1)^(c)(d)
	3,000,000	2.150		06/13/2024		2,916,210
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2008 (A-/Baa1)^(c)(d)
	3,500,000	1.650		06/18/2021		3,476,060
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fourth Series 1994 (A-/Baa1)^(c)(d)
	1,600,000	2.250		05/25/2023		1,573,968
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A-/NR)^(c)(d)
	2,500,000	2.925		03/12/2024		2,506,475


Municipal Bonds – (continued)
Georgia – (continued)
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Vogtle Series 2017 F (A-/Baa1)^(c)(d)
	9,475,000	3.000		02/01/2023		9,530,145
	Burke County Development Authority Pollution Control RB Refunding for Georgia Power Co. Series 2012 (A-/Baa1)^(c)(d)
	5,100,000	1.550		08/19/2022		4,962,606
	City of Atlanta RB for Water & Wastewater Series 2018 B (AA-/Aa2)
	4,750,000	3.500		11/01/2043		5,112,045
	County of Fulton RB Refunding for Water & Sewerage Series 2013 A (AA/Aa2)
	7,585,000	4.000		01/01/2035		8,039,872
	Fayette County Hospital Authority RB Refunding for Piedmont Healthcare, Inc. Obligated Group Series 2019 A (AA-/A1)^(c)(d)
	1,050,000	5.000		07/01/2024		1,171,412
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BBB-/NR)
	625,000	5.000		03/01/2027		623,625
	Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (BBB+/Baa1)
	750,000	4.000		08/01/2035		852,450
	500,000	4.000		08/01/2036		541,560
	750,000	4.000		08/01/2037		806,010
	745,000	4.000		08/01/2038		794,058
	Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)^(c)(d)
	14,250,000	4.000		09/01/2023		14,679,780
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	2,500,000	5.000		05/15/2025		2,707,900
	3,000,000	5.000		05/15/2026		3,287,640
	3,000,000	5.000		05/15/2027		3,316,170
	2,455,000	5.000		05/15/2028		2,731,187
	2,800,000	5.000		05/15/2029		3,119,116
	4,875,000	5.000		05/15/2049		5,640,229
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 B (NR/Aa1)^(c)(d)
	14,050,000	4.000		12/02/2024		14,991,631
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)^(g)
	5,200,000	(3 Mo. LIBOR + 0.65%), 1.929		10/01/2033		4,861,428
	Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A/Baa3)
	2,210,000	5.000		01/01/2023		2,338,777
	4,155,000	5.000		01/01/2024		4,480,627
	4,360,000	5.000		01/01/2025		4,776,598
	4,575,000	5.000		01/01/2026		5,058,257
	4,805,000	5.000		01/01/2027		5,378,092
	5,040,000	5.000		01/01/2028		5,710,623
	5,295,000	5.000		01/01/2029		6,001,035


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)
Georgia – (continued)
	Municipal Electric Authority RB Refunding Series 2019 A (A-/A2)
$	830,000		5.000	%		01/01/2024	$	898,434
	900,000		5.000			01/01/2025		993,573
	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		1,131,588
	Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)
	1,925,000		1.900			08/01/2024		1,898,108
	Savannah Economic Development Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)^(c)(d)
	400,000		2.000			10/01/2024		392,044

								143,718,348

Guam – 0.4%
	Guam Government Business Privilege Tax RB Refunding Series 2015 D (BB/NR)
	3,000,000		5.000			11/15/2022		3,053,160
	Guam Government Business Privilege Tax RB Series 2012 B-1 (BB/NR)
	2,980,000		5.000			01/01/2029		2,997,552
	Guam Government GO Bonds Series 2019 (AMT) (BB-/Ba1)
	2,695,000		5.000			11/15/2031		2,705,295
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)
	2,755,000		5.000			12/01/2025		2,824,068
	2,255,000		5.000			12/01/2026		2,310,270
	2,000,000		5.000			12/01/2027		2,040,240
	Guam Power Authority RB Refunding Series 2012 A (AGM) (AA/A2)
	1,500,000		5.000			10/01/2024		1,554,165
	2,790,000		5.000			10/01/2030		2,874,704
	Guam Power Authority RB Series 2014 A (AGM) (AA/A2)
	325,000		5.000			10/01/2039		336,609
	250,000		5.000			10/01/2044		257,583
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	1,030,000		5.000			01/01/2046		1,019,669
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	350,000		5.000			07/01/2025		364,073
	525,000		5.000			07/01/2026		547,748
	350,000		5.000			07/01/2027		365,775
	370,000		5.000			07/01/2028		385,070
	725,000		5.000			07/01/2029		751,151
	700,000		5.000			07/01/2030		722,113
	700,000		5.000			07/01/2031		719,292
	700,000		5.000			07/01/2032		717,381
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)
	400,000		5.000			07/01/2029		406,400
	600,000		5.000			07/01/2031		604,872
	250,000		5.000			07/01/2033		250,880
	225,000		5.000			07/01/2034		225,146


Municipal Bonds – (continued)
Guam – (continued)
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2) – (continued)
	425,000		5.000			07/01/2036		421,133

								28,454,349

Hawaii – 0.4%
	City & County Honolulu RB for Wastewater System Series 2018 A (AA/Aa2)
	3,000,000		4.000			07/01/2042		3,368,940
	City & County Honolulu RB for Wastewater System Series 2019 A (AA/Aa2)
	260,000		5.000			07/01/2020		262,517
	500,000		5.000			07/01/2021		524,335
	430,000		5.000			07/01/2022		465,608
	200,000		5.000			07/01/2023		223,556
	City & County Honolulu RB Refunding for Wastewater System Series 2019 A (AA-/Aa3)
	1,310,000		5.000			07/01/2020		1,322,524
	City & County Honolulu RB Refunding for Wastewater System Series 2019 B (AA/Aa2)
	250,000		4.000			07/01/2020		251,805
	680,000		5.000			07/01/2021		713,096
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (AMT) (A-/Baa2)
	5,025,000		4.000			03/01/2037		5,216,754
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (A-/Baa2)
	9,055,000		3.200			07/01/2039		8,902,514
	Honolulu City & County GO Bonds Refunding Series 2019 J (AA+/Aa1)
	6,565,000		1.967			08/01/2025		6,584,432
	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		31,087
	75,000		5.000			05/15/2029		83,036
	35,000		5.000			05/15/2030		38,607
	150,000		5.000			05/15/2031		164,121
	180,000		5.000			05/15/2032		196,364
	60,000		3.000			05/15/2033		52,848
	100,000		3.000			05/15/2034		86,924
	150,000		3.000			05/15/2035		128,632
	670,000		3.250			05/15/2039		566,418
	575,000		5.000			05/15/2044		604,187

								29,788,305

Idaho – 0.0%
	Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (BBB-/Baa3)
	2,000,000		2.750			10/01/2024		1,924,360

Illinois – 13.1%
	Berwyn Municipal Securitization Corp. RB Refunding Series 2019 (AGM-CR) (AA/NR)
	7,200,000		5.000			01/01/2035		8,748,864
	Carol Stream Park District GO Refunding Bonds Series 2016 (BAM) (AA/A2)
	3,510,000		5.000			01/01/2037		4,065,387


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (AA/NR)^(e)
$	350,000		0.000	%		01/01/2026	$	316,914
	165,000		0.000			01/01/2027		146,197
	240,000		0.000			01/01/2028		207,972
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (AA/NR)
	200,000		5.000			01/01/2029		249,510
	175,000		5.000			01/01/2030		217,010
	665,000		5.000			01/01/2031		819,433
	1,865,000		5.000			01/01/2032		2,281,809
	765,000		5.000			01/01/2033		935,190
	1,115,000		5.000			01/01/2034		1,359,586
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (BB-/B1)
	555,000		5.382			12/01/2023		561,216
	2,250,000		5.482			12/01/2024		2,272,545
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)
	3,550,000		6.000			04/01/2046		3,764,597
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)
	760,000		5.000			04/01/2034		776,370
	575,000		5.000			04/01/2035		585,839
	525,000		5.000			04/01/2036		533,536
	490,000		5.000			04/01/2037		497,017
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)^(e)
	2,015,000		0.000			12/01/2026		1,595,034
	600,000		0.000			12/01/2027		456,648
	2,930,000		0.000			12/01/2029		2,054,252
	2,660,000		0.000			12/01/2030		1,787,307
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(e)
	915,000		0.000			12/01/2027		696,388
	965,000		0.000			12/01/2028		704,971
	410,000		0.000			12/01/2030		275,487
	Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (BBB+/Ba1)^(e)
	670,000		0.000			01/01/2031		445,771
	Chicago Illinois Board of Education GO Bonds Series 2015 C (BB-/NR)
	2,500,000		6.000			12/01/2035		2,628,100
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(e)
	4,520,000		0.000			12/01/2031		2,906,224
	Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)
	4,685,000		5.500			12/01/2026		5,460,133
	Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE) (BB-/Baa2)^(e)
	3,430,000		0.000			12/01/2023		3,035,721


Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/B1)
	2,500,000		5.500			12/01/2026		2,774,675
	6,330,000		5.500			12/01/2027		7,077,510
	3,000,000		5.500			12/01/2028		3,383,490
	2,000,000		5.500			12/01/2029		2,273,020
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB-/NR)
	1,000,000		5.250			12/01/2039		1,010,220
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (BB-/B1)
	5,135,000		5.000			12/01/2042		5,086,218
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB-/B1)
	2,300,000		6.038			12/01/2029		2,295,239
	2,500,000		6.138			12/01/2039		2,453,750
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB-/NR)
	5,160,000		7.000			12/01/2044		5,656,186
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (BB-/NR)
	7,125,000		6.500			12/01/2046		7,692,578
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	1,825,000		5.000			12/01/2025		2,111,197
	2,190,000		5.000			12/01/2026		2,584,726
	2,375,000		5.000			12/01/2027		2,848,171
	7,445,000		5.000			12/01/2028		9,043,739
	700,000		5.000			12/01/2030		845,019
	1,800,000		5.000			12/01/2031		2,166,786
	1,000,000		5.000			12/01/2032		1,200,920
	2,000,000		5.000			12/01/2033		2,395,300
	600,000		5.000			12/01/2034		716,196
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR)
	5,000,000		5.000			12/01/2027		5,996,150
	5,230,000		5.000			12/01/2028		6,353,090
	5,500,000		5.000			12/01/2029		6,661,050
	4,690,000		5.000			12/01/2030		5,661,628
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (BB-/NR)^(e)
	2,000,000		0.000			12/01/2025		1,624,140
	2,000,000		0.000			12/01/2026		1,559,200
	300,000		0.000			12/01/2027		224,607
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (BB-/NR)
	2,500,000		4.000			12/01/2027		2,408,650
	4,000,000		5.000			12/01/2028		4,112,560
	5,000,000		5.000			12/01/2029		5,138,850
	5,000,000		5.000			12/01/2030		5,118,400


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (BB-/NR)
$	125,000		5.000	%		12/01/2021	$	126,297
	750,000		5.000			12/01/2022		761,378
	1,200,000		5.000			12/01/2023		1,222,188
	1,250,000		5.000			12/01/2024		1,276,700
	1,200,000		5.000			12/01/2025		1,228,272
	1,000,000		5.000			12/01/2026		1,026,230
	1,000,000		5.000			12/01/2027		1,027,480
	1,000,000		5.000			12/01/2028		1,028,140
	1,000,000		5.000			12/01/2029		1,027,770
	1,000,000		5.000			12/01/2030		1,023,680
	1,000,000		5.000			12/01/2031		1,021,290
	1,000,000		5.000			12/01/2032		1,019,110
	1,000,000		5.000			12/01/2033		1,017,030
	Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR) (NATL-RE) (AA/A2)^(e)
	1,465,000		0.000			01/01/2030		1,088,422
	Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (NATL-RE) (BBB+/Baa2)^(e)
	1,050,000		0.000			01/01/2028		799,617
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)^(e)
	750,000		0.000			01/01/2032		477,787
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	330,000		5.500			01/01/2037		341,273
	3,020,000		5.500			01/01/2040		3,110,117
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	1,500,000		5.250			01/01/2033		1,531,305
	630,000		5.000			01/01/2034		637,245
	11,590,000		5.000			01/01/2036		11,686,313
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	650,000		5.000			01/01/2040		634,016
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	2,905,000		5.000			01/01/2034		2,921,181
	Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	1,130,000		7.517			01/01/2040		1,270,809
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	1,320,000		5.500			01/01/2039		1,360,564
	Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	13,893,000		7.375			01/01/2033		16,829,563
	Chicago Illinois GO Bonds Series 2019 (BBB+/NR)
	2,700,000		5.000			01/01/2027		2,790,315
	3,760,000		5.000			01/01/2028		3,893,217
	4,890,000		5.000			01/01/2029		5,062,617
	2,720,000		5.000			01/01/2031		2,802,062
	Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)
	3,000,000		5.500			01/01/2049		3,106,410
	Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	2,385,000		5.432			01/01/2042		2,118,786
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	2,575,000		5.000			01/01/2024		2,630,259
	4,435,000		5.000			01/01/2025		4,550,177
	5,600,000		5.000			01/01/2038		5,646,088


Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A/A3)
	2,500,000		5.500			01/01/2029		2,722,825
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)
	7,000,000		5.000			01/01/2039		8,147,090
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (A/NR)
	2,595,000		5.000			01/01/2023		2,782,515
	4,760,000		5.000			01/01/2024		5,214,818
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (A/NR)
	9,105,000		5.000			01/01/2037		10,171,378
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (A/NR)
	8,000,000		5.250			01/01/2035		9,269,680
	Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (BBB-/NR)^(a)
	1,105,000		5.000			01/01/2025		1,300,419
	Chicago Illinois Tax Increment Allocation RB Refunding for Pilsen Redevelopment Project Series 2014 A (A+/NR)
	1,135,000		5.000			06/01/2020		1,138,518
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	475,000		5.250			01/01/2042		562,134
	1,330,000		4.000			01/01/2052		1,420,733
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2000 (A/Baa2)
	1,500,000		5.000			11/01/2028		1,752,450
	1,780,000		5.000			11/01/2029		2,072,472
	1,000,000		5.000			11/01/2030		1,160,340
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	1,500,000		5.000			11/01/2026		1,753,455
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (A/Baa2)
	15,475,000		5.000			11/01/2042		16,494,029
	City of Chicago GO Refunding Bonds Series 2020 A (BBB+/NR)
	3,330,000		5.000			01/01/2027		3,441,388
	6,950,000		5.000			01/01/2028		7,196,239
	5,810,000		5.000			01/01/2029		6,015,093
	6,310,000		5.000			01/01/2030		6,537,349
	430,000		5.000			01/01/2031		444,156
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (AA/A2)
	265,000		5.432			01/01/2042		333,590
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (AA/A2)
	5,650,000		6.314			01/01/2044		7,734,454
	City of Peoria GO Refunding Bonds Series 2019 (AGM) (AA/A2)
	880,000		5.000			01/01/2029		1,101,223
	1,470,000		5.000			01/01/2031		1,829,239
	Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (NR/Aa2)
	155,000		4.000			01/01/2025		173,492
	195,000		4.000			01/01/2026		221,797


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (NR/Aa2) – (continued)
$	115,000		4.000	%		01/01/2027	$	132,972
	200,000		4.000			01/01/2028		235,200
	190,000		4.000			01/01/2029		222,482
	145,000		4.000			01/01/2030		168,974
	Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (AA/NR)
	10,350,000		5.500			12/01/2036		13,089,127
	Cook County Illinois GO Refunding Bonds Series 2010 A (A+/A2)
	4,000,000		5.250			11/15/2033		4,028,920
	Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)
	840,000		4.000			12/01/2023		913,618
	County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)
	1,500,000		4.000			11/15/2047		1,686,150
	DeKalb Kane & LaSalle Counties Etc. Community College District No. 523 Kishwaukee GO Refunding Bonds Series 2020 (AA-/NR)
	500,000		2.163			02/01/2026		510,205
	Illinois Finance Authority RB for Columbia College Chicago Series 2019 (BBB+/NR)
	605,000		5.000			12/01/2034		646,080
	775,000		5.000			12/01/2039		814,757
	1,000,000		5.000			12/01/2044		1,040,680
	Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (AA/A1)
	2,325,000		4.000			12/01/2036		2,579,262
	1,420,000		4.000			12/01/2037		1,569,214
	4,230,000		4.000			12/01/2042		4,630,496
	Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (NR/Aa2)
	500,000		4.000			12/01/2038		548,885
	400,000		4.000			12/01/2040		438,460
	1,085,000		4.000			12/01/2042		1,184,581
	Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (AA+/NR)
	800,000		4.000			12/15/2031		956,504
	1,300,000		4.000			12/15/2032		1,543,776
	3,740,000		4.000			12/15/2033		4,387,618
	1,700,000		4.000			12/15/2034		1,983,526
	1,350,000		4.000			12/15/2035		1,563,854
	2,750,000		3.000			12/15/2036		2,919,290
	2,000,000		3.000			12/15/2037		2,114,380
	Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (AA+/Aa2)
	19,555,000		4.000			07/15/2047		20,883,762
	Illinois Finance Authority RB for Northwestern University Series 2015 (AAA/Aa1)
	5,220,000		5.000			12/01/2026		6,276,737
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)^(f)
	5,600,000		6.125			04/01/2049		5,890,416


Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (A/NR)
	4,000,000		4.250			01/01/2044		4,328,720
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,425,000		4.000			05/15/2027		1,361,958
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)
	750,000		5.000			09/01/2026		822,727
	500,000		5.000			09/01/2027		552,875
	500,000		5.000			09/01/2028		556,340
	1,600,000		5.000			09/01/2030		1,775,904
	1,000,000		5.000			09/01/2031		1,104,700
	1,000,000		5.000			09/01/2032		1,101,890
	1,035,000		5.000			09/01/2033		1,136,513
	1,150,000		5.000			09/01/2034		1,257,617
	Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (AA-/Aa2)
	2,100,000		5.000			10/01/2041		2,554,272
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	5,275,000		5.000			01/01/2027		5,989,393
	3,350,000		5.000			01/01/2028		3,857,592
	3,515,000		5.000			01/01/2029		4,100,001
	2,195,000		5.000			01/01/2030		2,590,254
	4,380,000		5.000			01/01/2036		5,086,100
	5,290,000		4.000			01/01/2038		5,452,403
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	10,685,000		5.000			01/01/2026		11,946,150
	8,170,000		5.000			01/01/2027		9,276,463
	15,355,000		5.000			01/01/2028		17,681,590
	11,790,000		5.000			01/01/2029		13,752,210
	Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (AA/NR)
	4,160,000		5.000			06/15/2027		4,728,838
	Illinois State GO Bonds for Build America Bonds Series 2010-5 (BBB-/Baa3)
	1,780,000		7.350			07/01/2035		1,997,196
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	39,035,000		5.100			06/01/2033		38,747,312
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,000,000		5.500			07/01/2024		5,256,800
	1,950,000		5.500			07/01/2025		2,045,492
	2,150,000		5.500			07/01/2026		2,246,277
	3,165,000		5.500			07/01/2027		3,289,511
	5,500,000		5.250			07/01/2028		5,651,745
	9,490,000		5.500			07/01/2038		9,683,501
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	375,000		4.500			12/01/2041		360,101
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	26,930,000		5.000			11/01/2029		27,881,706
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	25,805,000		5.000			11/01/2021		26,350,517
	14,700,000		5.000			11/01/2022		15,124,095


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)
Illinois – (continued)
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3) – (continued)
$	3,615,000		5.000	%		11/01/2023	$	3,753,997
	46,925,000		5.000			11/01/2024		49,150,653
	27,000,000		5.000			11/01/2025		28,490,130
	23,405,000		5.000			11/01/2027		24,360,158
	600,000		5.000			11/01/2028		622,848
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	7,860,000		5.000			05/01/2020		7,868,331
	16,380,000		5.000			05/01/2031		16,915,135
	1,760,000		5.000			05/01/2042		1,770,701
	1,760,000		5.000			05/01/2043		1,768,483
	Illinois State GO Bonds Series 2019 C (BBB-/Baa3)
	9,175,000		4.000			11/01/2042		8,150,887
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	3,960,000		4.000			02/01/2030		3,923,291
	1,185,000		4.000			02/01/2031		1,169,405
	Illinois State GO Refunding Bonds Series 2017 D (BBB-/Baa3)
	2,235,000		5.000			11/01/2020		2,252,634
	Illinois State Sales Tax RB Junior Obligation Series 2016 A (BBB/NR)
	1,605,000		5.000			06/15/2022		1,629,942
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB/NR)
	675,000		4.000			06/15/2021		675,459
	2,875,000		5.000			06/15/2022		2,919,678
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (BBB/NR)
	3,185,000		4.000			06/15/2021		3,187,166
	Illinois State Toll Highway Authority RB Refunding Senior Series 2019 B (AA-/A1)
	2,745,000		5.000			01/01/2025		3,150,491
	Illinois State Toll Highway Authority RB Refunding Senior Series 2019 C (AA-/A1)
	13,975,000		5.000			01/01/2026		16,343,204
	Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (AA/A1)
	350,000		5.000			12/01/2025		415,590
	410,000		5.000			12/01/2026		497,248
	405,000		4.000			12/01/2028		475,928
	Kendall Kane & Will Counties Community Unit School District No. 308 GO Bonds Series 2011 A (NR/A2)
	4,545,000		5.000			02/01/2029		4,678,396
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)^(e)
	5,600,000		0.000			12/15/2032		3,650,640
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/Baa2)^(e)
	2,690,000		0.000			12/15/2031		1,837,378
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/NR)
	1,555,000		5.700			06/15/2024		1,661,766
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (NR/NR)^(a)
	460,000		5.700			06/15/2022		509,340


Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2012 B (ST APPROP) (BBB/NR)
	4,390,000		5.000			12/15/2028		4,421,520
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)^(b)
	2,000,000		5.000			12/15/2028		2,044,760
	300,000		5.000			12/15/2032		303,639
	600,000		5.000			12/15/2033		606,402
	500,000		5.000			12/15/2034		505,280
	1,260,000		0.000			12/15/2037		679,468
	3,500,000		0.000			12/15/2042		1,822,555
	3,850,000		0.000			12/15/2047		1,963,808
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB/NR)
	11,975,000		4.000			06/15/2050		10,844,081
	1,160,000		5.000			06/15/2050		1,134,909
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (BBB+/NR)^(a)
	1,125,000		6.000			06/01/2021		1,187,606
	Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (AA/NR)
	4,415,000		5.000			07/01/2029		5,410,450
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (AA/NR)^(e)
	6,020,000		0.000			12/01/2025		5,323,546
	Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)
	4,000,000		3.500			03/01/2030		4,254,680
	State of Illinois GO Bonds Series 2010-1 (BBB-/Baa3)
	1,100,000		6.630			02/01/2035		1,184,018
	State of Illinois GO Bonds Series 2012 A (BBB-/Baa3)
	300,000		5.000			01/01/2034		301,938
	State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	570,000		5.000			02/01/2024		594,282
	State of Illinois GO Bonds Series 2016 (BBB-/Baa3)
	2,820,000		4.000			06/01/2032		2,701,786
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	3,455,000		5.000			12/01/2027		3,633,312
	875,000		4.250			12/01/2040		815,859
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	925,000		3.250			11/01/2026		873,626
	9,450,000		5.000			11/01/2026		9,921,933
	State of Illinois GO Refunding Bonds Series 2016 (BBB-/Baa3)
	3,800,000		5.000			02/01/2028		3,953,406
	State of Illinois GO Refunding Bonds Series 2018 A (BBB-/Baa3)
	500,000		5.000			10/01/2028		523,270
	State of Illinois GO Unlimited Bonds Series 2016 (BBB-/Baa3)
	2,360,000		5.000			11/01/2020		2,378,620
	State of Illinois GO Unlimited Bonds Series 2017 A (BBB-/Baa3)
	1,500,000		4.000			12/01/2033		1,423,500
	5,000,000		4.250			12/01/2037		4,740,150
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB-/Baa3)
	5,100,000		5.000			10/01/2027		5,360,661


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	State of Illinois RB Refunding Series 2016 C (AA/NR)
$	5,580,000	4.000 %		06/15/2028	$	5,637,251
	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		352,421
	335,000	5.000		01/01/2045		316,361
	Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR)
	945,000	5.000		01/01/2024		952,570
	2,690,000	5.000		01/01/2030		2,645,023
	Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)
	1,000,000	4.250		01/01/2029		908,860
	Village of Romeoville GO Refunding Bonds Series 2019 (AA/Aa2)
	3,055,000	5.000		12/30/2027		3,794,280
	3,235,000	5.000		12/30/2028		4,077,782
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB+/NR)
	210,000	4.125		10/01/2041		201,413
	420,000	4.125		10/01/2046		394,884
	Will County Community High School District No. 210 Lincoln- Way GO Refunding Bonds Series 2020 (AGM) (AA/Baa2)
	650,000	4.000		01/01/2034		724,711

						961,295,066

Indiana – 0.4%
	City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (AA/NR)
	1,845,000	2.000		09/01/2038		1,639,412
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2015 (AMT) (A-/A1)^(c)(d)
	3,000,000	5.000		11/01/2022		3,135,690
	City of Whiting Environmental Facilities RB Refunding for BP Products North America, Inc. Project Series 2019 A (AMT) (A-/A1)^(c)(d)
	11,500,000	5.000		06/05/2026		12,543,280
	Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (BBB/NR)
	540,000	5.000		09/15/2034		612,635
	680,000	5.000		09/15/2039		756,779
	445,000	4.000		09/15/2044		448,453
	Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (A-/NR)^(c)(d)
	2,300,000	2.100		11/01/2026		2,289,581
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)^(c)(e
	3,940,000	(SIFMA Municipal Swap Index Yield + 0.55%), 5.260		11/01/2023		3,953,159
	Indianapolis Local Public Improvement Bond Bank RB Refunding Series 2019 D (AMT) (A/A1)
	2,275,000	5.000		01/01/2029		2,711,254
	Purdue University RB Series 2007 A (AAA/Aaa)
	3,035,000	5.250		07/01/2029		3,912,601

						32,002,844


Municipal Bonds – (continued)
Iowa – 0.1%
	City of Davenport GO Corporate Bonds Series 2019 IA (AA/Aa3)
	1,060,000	4.000		06/01/2031		1,215,661
	Coralville Iowa COPS Series 2016 E (BB/NR)
	460,000	4.000		06/01/2020		460,345
	500,000	4.000		06/01/2021		502,270
	Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (BB-/NR)
	2,335,000	3.125		12/01/2022		2,189,296
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (BBB/NR)
	1,700,000	4.000		05/15/2055		1,488,367
	2,300,000	5.000		05/15/2055		2,347,426
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-2 (BBB/NR)
	1,750,000	2.875		05/15/2049		1,694,332

						9,897,697

Kansas – 0.1%
	City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)
	250,000	4.000		05/15/2020		249,947
	450,000	4.000		05/15/2021		448,961
	1,300,000	4.000		05/15/2023		1,282,346
	1,015,000	4.000		05/15/2024		995,695
	1,060,000	5.000		05/15/2025		1,082,970
	1,165,000	5.000		05/15/2027		1,192,960

						5,252,879

Kentucky – 1.6%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)^(g)
	9,505,000	(3 Mo. LIBOR + 0.53%), 1.711		11/01/2027		9,116,341
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	1,200,000	4.000		06/01/2037		1,307,640
	400,000	4.000		06/01/2045		428,536
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (AA/A2)
	955,000	4.000		06/01/2037		1,042,621
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	855,000	5.000		08/01/2035		945,416
	855,000	5.000		08/01/2036		937,371
	Kentucky Public Energy Authority Gas Supply RB Series 2018 B (NR/A1)^(c)(d)
	25,000,000	4.000		01/01/2025		25,022,750
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A3)^(c)(d)
	22,955,000	4.000		06/01/2025		23,904,419
	Kentucky Public Energy Authority Gas Supply RB Series 2020 A (NR/A1)^(c)(d)
	10,800,000	4.000		06/01/2026		10,788,552


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)
Kentucky – (continued)
	Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A-/A1)
$	8,145,000		5.000	%		11/01/2025	$	9,485,341
	Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (A/NR)
	2,000,000		4.000			10/01/2034		2,216,660
	Louisville & Jefferson County Metropolitan Government PCRB for Louisville Gas & Electric Company Project Series 2001 B (AMT) (A/A1)^(c)(d)
	3,080,000		2.550			05/03/2021		3,109,044
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (A/NR)
	1,500,000		4.000			10/01/2039		1,710,720
	1,100,000		4.000			10/01/2040		1,252,449
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 C (A/NR)^(c)(d)
	8,500,000		5.000			10/01/2026		9,649,115
	Louisville & Jefferson County Metropolitan Sewer District RB for Kentucky Sewer & Drainage System Series 2011 A (AA/Aa3)
	2,295,000		5.000			05/15/2030		2,431,782
	Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (AA/Aa3)
	10,000,000		4.000			05/15/2038		11,333,600
	University of Kentucky General Receipts Refunding Bonds Series 2015 A (AA/Aa2)
	3,260,000		4.000			04/01/2026		3,672,097

								118,354,454

Louisiana – 1.4%
	Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (BB+/NR)
	520,000		4.000			12/01/2020		527,192
	770,000		4.000			12/01/2021		795,572
	815,000		4.000			12/01/2022		856,035
	1,135,000		4.000			12/01/2023		1,209,785
	1,150,000		4.000			12/01/2024		1,241,689
	1,385,000		5.000			12/01/2025		1,584,648
	1,455,000		5.000			12/01/2026		1,690,710
	1,530,000		5.000			12/01/2027		1,801,713
	1,605,000		5.000			12/01/2028		1,910,688
	1,000,000		5.000			12/01/2029		1,201,200
	Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)^(f)
	500,000		3.625			06/01/2024		482,500
	1,000,000		3.750			06/01/2030		906,500
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Ragin Cajun Facilities, Inc. Series 2017 (AGM) (AA/NR)
	1,230,000		5.000			10/01/2026		1,472,642
	2,750,000		5.000			10/01/2027		3,360,637
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (BBB-/Baa2)
	14,185,000		3.500			11/01/2032		13,634,622


Municipal Bonds – (continued)
Louisiana – (continued)
	Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (A+/A1)
	6,250,000		4.375			02/01/2039		6,725,000
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
	900,000		2.750			10/01/2023		937,620
	670,000		5.000			10/01/2023		748,678
	Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A/A3)
	900,000		4.000			07/01/2044		988,524
	900,000		4.000			07/01/2049		978,426
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	6,600,000		3.375			09/01/2028		6,674,184
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	1,625,000		3.500			06/01/2030		1,648,741
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (NR/A3)
	3,695,000		4.000			05/15/2042		3,964,957
	3,000,000		5.000			05/15/2046		3,533,460
	New Orleans Aviation Board GARB Series 2015 B (AMT) (A/A2)
	3,750,000		5.000			01/01/2034		4,175,287
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A/A2)
	1,000,000		5.000			01/01/2048		1,118,760
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB-/Baa3)^(c)(d)
	11,300,000		2.000			04/01/2023		10,102,426
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-2 (BBB-/Baa3)^(c)(d)
	15,505,000		2.100			07/01/2024		13,292,747
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-3 (BBB-/Baa3)^(c)(d)
	21,235,000		2.200			07/01/2026		17,081,222
	Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (A/A2)
	500,000		5.000			04/01/2030		544,775

								105,190,940

Maine – 0.4%
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (A-/Baa1)
	480,000		3.000			01/01/2025		502,435
	800,000		3.000			01/01/2026		839,864
	800,000		3.000			01/01/2027		840,872
	300,000		5.000			01/01/2028		361,959
	225,000		5.000			01/01/2029		275,461
	270,000		5.000			01/01/2030		335,408
	370,000		5.000			01/01/2031		457,956


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Maine – (continued)
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (A-/Baa1) – (continued)
$	810,000		5.000	%		01/01/2032	$	998,730
	690,000		5.000			01/01/2033		847,886
	620,000		5.000			01/01/2034		759,531
	Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (AA/A2)
	250,000		5.000			12/01/2020		255,585
	305,000		5.000			12/01/2021		321,537
	400,000		5.000			12/01/2022		433,384
	500,000		5.000			12/01/2023		555,335
	500,000		5.000			12/01/2024		568,095
	450,000		5.000			12/01/2025		522,135
	1,530,000		5.000			12/01/2026		1,803,686
	1,500,000		5.000			12/01/2027		1,798,845
	1,000,000		5.000			12/01/2028		1,206,760
	Maine Turnpike Authority RB Refunding Series 2015 (AA-/Aa3)
	1,575,000		5.000			07/01/2026		1,857,508
	State of Maine GO Bonds Series 2018 D (AA/Aa2)
	9,765,000		5.000			06/01/2024		11,276,329

								26,819,301

Maryland – 0.9%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	425,000		4.000			09/01/2027		419,620
	650,000		4.500			09/01/2033		642,239
	City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (AA+/Aa2)
	1,725,000		4.000			08/01/2027		2,042,693
	City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)^(f)
	100,000		2.600			06/01/2021		98,498
	100,000		2.650			06/01/2022		97,266
	150,000		2.700			06/01/2023		144,124
	100,000		2.750			06/01/2024		94,951
	160,000		3.000			06/01/2024		151,965
	125,000		2.800			06/01/2025		117,335
	135,000		2.850			06/01/2026		125,536
	175,000		2.950			06/01/2027		161,070
	190,000		3.050			06/01/2028		173,172
	200,000		3.150			06/01/2029		180,882
	300,000		3.375			06/01/2029		271,605
	200,000		3.200			06/01/2030		179,426
	200,000		3.250			06/01/2031		177,592
	250,000		3.300			06/01/2032		220,185
	270,000		3.350			06/01/2033		235,964
	City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)
	385,000		3.000			07/01/2020		384,711
	880,000		3.000			07/01/2024		847,238
	950,000		4.000			07/01/2029		919,229
	County of Baltimore GO Bonds for Build America Bonds Series 2010 C (AAA/Aaa)
	1,830,000		3.810			11/01/2023		1,989,576


Municipal Bonds – (continued)
Maryland – (continued)
	County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (A/NR)
	440,000		4.000			01/01/2038		486,072
	525,000		4.000			01/01/2039		578,314
	570,000		4.000			01/01/2040		627,268
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
	615,000		4.000			01/01/2032		689,772
	530,000		4.000			01/01/2033		592,927
	600,000		4.000			01/01/2034		668,898
	540,000		4.000			01/01/2035		599,610
	595,000		4.000			01/01/2036		658,802
	660,000		4.000			01/01/2037		729,531
	615,000		4.000			01/01/2038		678,591
	880,000		4.000			01/01/2039		967,639
	880,000		4.000			01/01/2040		966,680
	County of Montgomery Public Improvement GO Bonds Series 2013 A (AAA/Aaa)
	13,475,000		4.000			11/01/2027		14,747,983
	County of Prince George’s Public Improvement GO Bonds Series 2014 A (AAA/Aaa)
	3,590,000		4.000			09/01/2032		3,962,606
	1,380,000		4.000			09/01/2033		1,521,009
	Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (ASSURED GTY) (AA/NR)
	40,000		5.600			07/01/2020		40,145
	555,000		5.700			07/01/2029		556,926
	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		1,201,475
	Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (NR/Baa3)
	1,000,000		5.000			06/01/2044		1,064,700
	Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (A-/Baa1)
	6,620,000		1.700			09/01/2022		6,642,243
	Maryland State Economic Development Corporation Student Housing RB Refunding for University of Maryland College Park Projects Series 2016 (AGM) (AA/A2)
	600,000		4.000			06/01/2020		602,694
	State of Maryland Department of Transportation RB Series 2015 (AAA/Aa1)
	15,780,000		4.000			02/01/2030		16,844,046

								65,102,808

Massachusetts – 1.2%
	Commonwealth of Massachusetts GO Bonds Series 2014 A (AA/NR)
	7,265,000		5.000			12/01/2041		7,654,041
	Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (AAA/Aaa)
	5,000,000		5.000			07/15/2036		7,038,750
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)^(f)
	1,600,000		4.000			11/15/2023		1,556,832
	1,200,000		5.000			11/15/2028		1,195,776


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)
Massachusetts – (continued)
	Massachusetts Development Finance Agency RB for Wellesley College Series 2012 J (AA+/Aa1)
$	7,000,000	5.000 %		07/01/2042	$	7,433,510
	Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (A-/NR)
	225,000	4.000		12/01/2042		234,063
	245,000	5.000		12/01/2042		274,662
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	825,000	5.000		07/01/2038		958,559
	1,850,000	5.000		07/01/2039		2,137,527
	Massachusetts School Building Authority RB Series 2018 B (AA/Aa3)
	10,735,000	4.000		02/15/2039		11,393,592
	Massachusetts School Building Authority RB Taxable Refunding Series 2019 B (AA/Aa3)
	2,195,000	2.078		10/15/2023		2,239,493
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(g)
	1,970,000	(3 Mo. LIBOR + 0.57%), 1.751		05/01/2037		1,897,799
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)^(g)
	1,735,000	(3 Mo. LIBOR + 0.57%), 1.751		05/01/2037		1,671,412
	Massachusetts State GO Bonds Consolidated Loan Series 2018 D (AA/Aa1)
	4,030,000	4.000		05/01/2039		4,600,487
	Massachusetts State GO Bonds Series 2017 F (AA/Aa1)
	8,665,000	5.000		11/01/2043		10,421,136
	Massachusetts Transportation Trust Fund Metropolitan Highway System Senior RB Refunding Series 2019 A (A+/A2)
	8,500,000	5.000		01/01/2026		10,264,600
	10,000,000	5.000		01/01/2027		12,396,200
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)^(c)(d)
	5,525,000	5.000		01/01/2023		6,057,389

						89,425,828

Michigan – 2.4%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)^(d)
	25,688,183	4.000		04/01/2034		20,718,547
	City of Detroit Financial Recovery GO Bonds Series 2014 B-2 (NR/NR)^(d)
	331,114	4.000		04/01/2034		267,057
	City of Grand Rapids RB Refunding for Sanitary Sewerage System Series 2020 (AA/Aa2)
	1,000,000	5.000		01/01/2045		1,249,570
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	1,075,000	5.000		07/01/2026		1,213,535
	1,130,000	5.000		07/01/2027		1,272,177
	1,000,000	5.000		07/01/2028		1,122,340
	1,000,000	5.000		07/01/2029		1,120,170
	3,435,000	5.000		07/01/2033		3,821,128
	3,330,000	5.000		07/01/2036		3,691,472


Municipal Bonds – (continued)
Michigan – (continued)
	Ecorse Public School District GO Refunding Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	6,200,000	2.192		05/01/2026		6,373,476
	15,160,000	2.302		05/01/2027		15,506,406
	Great Lakes Water Authority Sewage Disposal System RB Refunding for Second Lien Series 2016 C (A+/A2)
	3,000,000	5.000		07/01/2035		3,552,480
	Great Lakes Water Authority Water Supply System Refunding Senior Lien RB Series 2016C (AA-/A1)
	8,300,000	5.250		07/01/2033		9,982,908
	17,775,000	5.250		07/01/2034		21,355,774
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)
	1,850,000	5.000		11/15/2048		2,148,608
	3,700,000	4.000		11/15/2050		3,822,470
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)
	8,250,000	4.000		02/15/2047		8,969,235
	17,000,000	4.000		02/15/2050		18,350,480
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (BB+/NR)
	1,000,000	3.875		10/01/2023		1,057,190
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 D-4 (AA-/A1)
	1,000,000	5.000		07/01/2034		1,106,420
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL-RE) (A+/A2)
	650,000	5.000		07/01/2036		728,955
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-1 (AA-/A1)
	1,000,000	5.000		07/01/2044		1,060,560
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (AA/A1)
	325,000	5.000		07/01/2032		364,900
	250,000	5.000		07/01/2033		282,765
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A+/A2)
	1,945,000	5.000		07/01/2033		2,233,366
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D- 1 (AGM) (AA/A1)
	400,000	5.000		07/01/2035		451,024
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A1)
	1,000,000	5.000		07/01/2029		1,137,040


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)
$	15,000,000		4.250	%		12/31/2038	$	16,753,200
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)^(c)(d)
	1,115,000		1.450			09/01/2021		1,109,113
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC-/NR)^(e)
	9,500,000		0.000			06/01/2052		519,935
	Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	2,000,000		5.000			05/01/2023		2,227,100
	2,125,000		5.000			05/01/2024		2,440,329
	Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (AA/NR)
	2,485,000		4.000			11/01/2026		2,877,083
	2,585,000		4.000			11/01/2027		3,031,973
	Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (AA/NR)
	1,145,000		5.000			05/01/2025		1,336,501
	1,215,000		5.000			05/01/2026		1,453,662
	3,705,000		5.000			05/01/2027		4,492,572
	Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (AA/NR)
	580,000		2.019			05/01/2025		573,597
	1,000,000		2.138			05/01/2026		988,040
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2015 B (Q-SBLF) (AA/NR)
	2,160,000		5.000			05/01/2022		2,315,001
	Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A/A1)
	400,000		5.000			12/01/2033		464,996
	1,065,000		5.000			12/01/2034		1,234,346
	650,000		5.000			12/01/2035		751,023
	800,000		5.000			12/01/2036		921,968
	880,000		5.000			12/01/2037		1,011,014

								177,461,506

Minnesota – 0.3%
	City of Minneapolis GO Green Bonds Series 2019 (AAA/NR)
	2,390,000		2.000			12/01/2029		2,418,609
	2,940,000		2.000			12/01/2030		2,963,167
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)
	3,300,000		5.000			05/01/2048		3,860,076
	1,325,000		4.000			05/01/2049		1,422,600
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (A-/NR)
	1,560,000		4.250			02/15/2048		1,665,206
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	390,000		3.000			03/01/2021		386,353
	610,000		3.000			03/01/2022		597,428
	630,000		3.000			03/01/2023		608,278
	650,000		3.250			03/01/2024		622,921


Municipal Bonds – (continued)
Minnesota – (continued)
	Duluth Independent School District No. 709 COPS Refunding Series 2019 B (SD CRED PROG) (NR/Aa2)
	300,000		5.000			02/01/2021		308,781
	320,000		5.000			02/01/2022		340,323
	380,000		5.000			02/01/2023		416,450
	400,000		5.000			02/01/2024		451,232
	375,000		5.000			02/01/2025		434,494
	370,000		5.000			02/01/2027		447,508
	350,000		5.000			02/01/2028		431,728
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)
	500,000		5.000			05/01/2047		522,040
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	165,000		4.000			12/01/2026		171,570
	165,000		4.000			12/01/2027		171,461
	205,000		4.000			12/01/2028		213,110
	125,000		4.000			12/01/2029		130,411
	250,000		4.000			12/01/2030		258,845
	170,000		4.000			12/01/2031		175,046
	Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (AAA/Aa1)
	1,680,000		3.000			10/01/2029		1,846,555
	University of Minnesota GO Bonds Series 2013 A (AA/Aa1)
	3,185,000		4.000			02/01/2029		3,412,632

								24,276,824

Mississippi – 0.2%
	Mississippi Business Finance Corp. RB for Mississippi Power Co. Project First Series 2010 (A-/NR)^(c)(d)
	4,120,000		2.750			12/09/2021		4,158,110
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	5,950,000		2.500			04/01/2022		5,955,236
	Mississippi State GO Bonds Series 2015 F (AA/Aa2)
	1,000,000		4.000			11/01/2035		1,097,140
	Warren County Gulf Opportunity Zone RB Refunding for International Paper Company, Series 2018 (BBB/Baa2)^(c)(d)
	2,700,000		2.900			09/01/2023		2,743,065

								13,953,551

Missouri – 1.2%
	Branson IDA Tax Increment RB Refunding for Branson Shoppes Redevelopment Project Series 2017 A (NR/NR)
	400,000		3.000			11/01/2020		398,512
	350,000		3.000			11/01/2021		345,527
	350,000		4.000			11/01/2022		349,734
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)^(f)
	1,000,000		4.500			12/01/2029		957,550
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 A (AMT) (A/A2)
	4,200,000		5.000			03/01/2030		4,921,350
	4,410,000		5.000			03/01/2031		5,134,431
	4,630,000		5.000			03/01/2032		5,364,688
	4,865,000		5.000			03/01/2033		5,615,426


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)
Missouri – (continued)
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 C (A/A2)
$	2,000,000		5.000	%		03/01/2033	$	2,368,580
	3,200,000		5.000			03/01/2034		3,775,808
	Metropolitan St. Louis Sewer District RB Refunding Series 2017 A (AAA/Aa1)
	19,880,000		5.000			05/01/2047		23,913,254
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)
	830,000		5.000			09/01/2038		961,505
	Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (BBB-/NR)
	320,000		5.000			09/01/2025		365,245
	860,000		5.000			09/01/2027		1,015,152
	1,355,000		5.000			09/01/2028		1,615,621
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	420,000		4.000			02/15/2037		474,293
	675,000		4.000			02/15/2038		759,267
	500,000		4.000			02/15/2039		560,920
	1,850,000		4.000			02/15/2044		2,040,828
	5,000,000		4.000			02/15/2049		5,370,500
	Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (AA/NR)
	275,000		5.000			10/01/2030		335,778
	Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)
	210,000		5.000			10/01/2026		245,944
	210,000		5.000			10/01/2029		257,286
	150,000		5.000			10/01/2032		182,091
	230,000		4.000			10/01/2034		257,119
	125,000		4.000			10/01/2035		139,201
	150,000		4.000			10/01/2036		166,490
	170,000		4.000			10/01/2037		188,010
	145,000		4.000			10/01/2038		159,807
	110,000		4.000			10/01/2039		121,021
	Missouri State Environmental Improvement & Energy Resources Authority RB Refunding for Union Electric Co. Project Series 1992 (A/A2)
	4,270,000		1.600			12/01/2022		4,273,074
	Springfield Public Utility RB Refunding Series 2015 (AA+/NR)
	15,750,000		3.250			08/01/2027		17,307,518
	St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,405,000		4.375			11/15/2035		1,406,138

								91,347,668

Montana – 0.0%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	575,000		5.000			07/01/2029		709,055

Nebraska – 0.3%
	Central Plains Energy Project RB Refunding Series 2019 (AA/Aa2)^(c)(d)
	12,675,000		4.000			08/01/2025		13,240,178

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 (AA/NR)
	415,000		4.000			01/01/2033		458,426
	1,000,000		4.000			01/01/2034		1,090,560
	1,000,000		4.000			01/01/2035		1,086,800
	1,250,000		4.000			01/01/2036		1,353,762
	1,185,000		4.000			01/01/2037		1,282,798
	1,500,000		4.000			01/01/2038		1,619,640
	2,000,000		4.000			01/01/2039		2,154,180

								22,286,344

Nevada – 0.7%
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	100,000		3.000			06/01/2020		99,931
	135,000		3.000			06/01/2021		134,112
	240,000		3.000			06/01/2022		236,186
	City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)
	100,000		3.000			06/01/2021		99,297
	395,000		3.250			06/01/2022		390,920
	200,000		3.500			06/01/2025		193,824
	185,000		3.500			06/01/2026		177,441
	200,000		3.500			06/01/2027		189,742
	150,000		3.500			06/01/2028		141,310
	170,000		3.500			06/01/2029		158,069
	175,000		3.250			06/01/2030		157,306
	310,000		3.250			06/01/2031		273,767
	415,000		3.500			06/01/2032		370,309
	470,000		3.500			06/01/2033		414,235
	1,000,000		3.500			06/01/2034		871,200
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)
	250,000		4.250			06/01/2034		235,550
	300,000		4.500			06/01/2039		282,114
	250,000		4.625			06/01/2043		233,307
	400,000		4.625			06/01/2049		366,144
	City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (NR/Ba2)^(f)
	695,000		2.500			06/15/2024		671,210
	1,505,000		2.750			06/15/2028		1,399,530
	Clark County School District Building GO Bonds Series 2018 A (A+/A1)
	7,335,000		5.000			06/15/2033		8,908,578
	Clark County School District Building GO Bonds Series 2019 B (AGM) (AA/A1)
	8,540,000		5.000			06/15/2030		10,747,590
	Clark County School District GO Bonds Series 2018 A (A+/A1)
	5,000,000		5.000			06/15/2030		6,120,300
	11,180,000		5.000			06/15/2031		13,642,395
	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		1,269,567


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date			Value

Municipal Bonds – (continued)
Nevada – (continued)
	State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (AA+/Aa1)
$	5,000,000		5.000 %			11/01/2026		$	5,897,850

									53,681,784

New Hampshire – 0.9%
	New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (A-/Baa1)^(c)(d)
	2,695,000		2.800			10/02/2023			2,798,434
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)^(c)
	7,400,000		(SIFMA Municipal Swap Index Yield + 0.75%), 5.460			10/01/2021			7,397,410
	New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (A/NR)
	8,965,000		5.000			08/01/2032			10,793,681
	3,880,000		5.000			08/01/2033			4,660,617
	4,075,000		5.000			08/01/2034			4,880,709
	4,290,000		5.000			08/01/2035			5,121,745
	4,505,000		5.000			08/01/2036			5,362,977
	4,735,000		5.000			08/01/2037			5,621,108
	4,980,000		5.000			08/01/2038			5,893,581
	5,235,000		5.000			08/01/2039			6,184,891
	5,505,000		5.000			08/01/2040			6,496,341

									65,211,494

New Jersey – 5.9%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	300,000		5.000			03/01/2024			337,398
	250,000		5.000			03/01/2026			295,437
	Borough of Stone Harbor GO Bonds Series 2018 (AA+/NR)
	1,345,000		4.000			11/01/2026			1,523,186
	County of Cape May GO Bonds Series 2019 (NR/Aa1)
	1,975,000		4.000			10/01/2025			2,245,022
	Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)^(e)
	2,560,000		0.000			11/01/2021			2,507,008
	Hawthorne School District GO Bonds Series 2019 (BAM) (SCH BD RES FD) (AA/NR)
	1,100,000		3.000			09/01/2034			1,161,314
	1,350,000		3.000			09/01/2035			1,419,579
	1,350,000		3.000			09/01/2036			1,414,408
	1,350,000		3.000			09/01/2037			1,409,171
	1,350,000		3.000			09/01/2038			1,403,825
	1,100,000		3.000			09/01/2039			1,140,942
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (BBB-/NR)
	500,000		5.000			07/01/2032			531,345
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)
	4,000,000		5.500			06/15/2033			4,353,240
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (BBB+/Baa1)
	5,805,000		5.000			06/15/2028			6,405,295
	10,295,000		5.000			06/15/2029			11,338,604


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority RB Refunding for Port Newark Container Terminal LLC Project Series 2017 (AMT) (NR/Ba1)
	4,325,000	5.000		10/01/2047			4,588,393
	New Jersey Economic Development Authority RB Refunding for Provident Group – Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (AA/A2)
	1,300,000	5.000		06/01/2042			1,519,453
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 K (AMBAC) (BBB+/Baa1)
	1,590,000	5.250		12/15/2020			1,618,413
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 N-1 (AMBAC) (BBB+/Baa1)
	2,635,000	5.500		09/01/2024			2,864,930
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2015 XX (BBB+/Baa1)
	22,710,000	5.000		06/15/2021			23,334,071
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB+/Baa1)
	9,340,000	5.000		06/15/2029			10,286,796
	New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (A/NR)
	785,000	3.000		06/01/2032			830,224
	1,545,000	5.000		06/01/2032			1,890,045
	New Jersey Economic Development Authority RB Series 1997 A (NATL-RE) (BBB+/Baa1)
	22,075,000	7.425		02/15/2029			26,436,359
	New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (BBB+/Baa1)
	5,380,000	5.000		06/15/2037			5,674,716
	New Jersey Educational Facilities Authority RB for Princeton University Series 2014 A (AAA/Aaa)
	8,220,000	5.000		07/01/2026			9,483,085
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (BBB+/NR)
	1,090,000	5.000		07/01/2034			1,212,909
	1,130,000	5.000		07/01/2035			1,250,435
	1,095,000	5.000		07/01/2036			1,205,387
	2,200,000	5.000		07/01/2037			2,411,904
	1,980,000	5.000		07/01/2038			2,163,902
	1,610,000	5.000		07/01/2045			1,728,367
	New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (AAA/Aaa)
	2,675,000	5.000		07/01/2033			3,303,946
	New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A/A2)
	1,250,000	3.000		07/01/2040			1,256,712
	New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-1 (AA-/A1)^(c)(d)
	10,910,000	5.000		07/01/2024			12,612,615


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-5 (A+/A2)^(c)
$	5,000,000	(1 Mo. LIBOR + 0.46%), 1.567 %		01/01/2021	$	4,978,600
	New Jersey State Turnpike Authority RB Series 2015 E (A+/A2)
	8,935,000	5.000		01/01/2032		10,132,647
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)^(e)
	24,175,000	0.000		12/15/2035		13,891,680
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB+/Baa1)^(e)
	5,030,000	0.000		12/15/2035		2,846,175
	6,925,000	0.000		12/15/2038		3,340,274
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)^(e)
	9,830,000	0.000		12/15/2026		8,201,955
	3,185,000	0.000		12/15/2029		2,363,079
	1,285,000	0.000		12/15/2031		883,797
	5,000,000	0.000		12/15/2036		2,684,450
	1,495,000	0.000		12/15/2037		764,110
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	755,000	5.000		06/15/2046		775,083
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2005 B (NATL-RE) (BBB+/Baa1)
	9,075,000	5.500		12/15/2021		9,500,890
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (AGM-CR) (AA/A2)
	20,730,000	5.250		12/15/2022		22,199,550
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)^(e)
	18,520,000	0.000		12/15/2031		12,900,106
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2011 B (AMBAC) (BBB+/Baa1)
	1,705,000	5.250		12/15/2022		1,798,400
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (BBB+/Baa1)
	3,110,000	5.000		06/15/2020		3,124,430
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)^(e)
	25,925,000	0.000		12/15/2036		13,918,873
	17,215,000	0.000		12/15/2037		8,798,759
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)^(e)
	17,685,000	0.000		12/15/2038		8,530,360
	15,395,000	0.000		12/15/2039		7,022,121
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (BBB+/Baa1)
	4,350,000	5.250		06/15/2036		4,406,768


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB+/Baa1)
	1,390,000	4.000		12/15/2039		1,363,145
	1,620,000	5.000		12/15/2039		1,716,471
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/ Baa1)
	2,290,000	5.000		06/15/2030		2,529,419
	1,825,000	5.000		06/15/2031		2,010,913
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB+/Baa1)
	2,905,000	4.000		12/15/2031		2,966,180
	2,000,000	5.000		12/15/2032		2,158,360
	3,345,000	5.000		12/15/2033		3,587,345
	7,775,000	5.000		12/15/2034		8,310,775
	2,770,000	5.000		12/15/2035		2,950,881
	3,455,000	5.000		12/15/2036		3,670,419
	2,410,000	4.250		12/15/2038		2,431,449
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (BBB+/Baa1)
	7,000,000	5.000		06/15/2029		7,709,590
	6,155,000	5.000		06/15/2030		6,735,047
	2,215,000	5.000		06/15/2031		2,407,417
	3,000,000	5.000		06/15/2032		3,241,200
	5,000,000	5.000		06/15/2033		5,370,000
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB+/Baa1)
	3,060,000	5.000		06/15/2034		3,276,556
	10,000,000	5.000		06/15/2037		10,607,100
	3,000,000	5.250		06/15/2043		3,197,970
	10,000,000	4.500		06/15/2049		10,073,400
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (BBB+/Baa1)
	16,590,000	4.000		06/15/2044		16,150,531
	New Jersey Transportation Trust Fund Authority Transportation RB Refunding Series 2018 A (BBB+/Baa1)
	2,000,000	5.000		12/15/2028		2,214,000
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (AA/A2)
	3,195,000	5.500		12/15/2022		3,442,229
	South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (BBB-/Baa1)
	1,670,000	4.000		01/01/2023		1,703,884
	730,000	4.000		01/01/2024		742,483
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	1,000,000	5.000		01/01/2037		1,058,470
	South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (AA/A2)
	1,000,000	5.000		11/01/2029		1,263,830
	1,500,000	5.000		11/01/2030		1,887,630
	1,000,000	5.000		11/01/2031		1,252,470
	1,000,000	5.000		11/01/2032		1,247,240
	725,000	5.000		11/01/2033		901,610


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	Tobacco Settlement Financing Corp. RB Refunding Series 2018 A (BBB+/NR)
$	2,200,000	5.000 %		06/01/2046	$	2,250,930
	2,250,000	5.250		06/01/2046		2,313,293
	Tobacco Settlement Financing Corp. RB Series 2018 B (BB+/ NR)
	2,000,000	5.000		06/01/2046		1,922,300
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)
	1,985,000	3.200		06/01/2027		1,975,234
	Township of Rockaway GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa1)
	1,535,000	2.000		07/15/2022		1,563,213
	Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)^(f)
	6,455,000	6.750		12/01/2041		5,707,963
	Union County Utilities Authority RB Refunding for Covanta Union LLC Series 2011 A (AMT) (AA+/NR)
	4,750,000	5.250		12/01/2031		5,036,663

						435,168,153

New Mexico – 0.1%
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan & Four Corners Projects Series 2016 A (BBB+/Baa2)^(c)(d)
	2,445,000	1.875		10/01/2021		2,391,870
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 A (BBB+/Baa2)^(c)(d)
	1,200,000	5.200		06/01/2020		1,205,940
	Farmington City PCRB Refunding for Public Servicing Co. of New Mexico San Juan & Four Corners Projects Series 2016 B (BBB+/Baa2)^(c)(d)
	4,250,000	1.875		10/01/2021		4,157,648
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB+/Baa2)
	2,500,000	5.900		06/01/2040		2,503,825

						10,259,283

New York – 6.0%
	City of New Rochelle RB for Iona College Project Series 2015 A (BBB/Baa2)
	325,000	5.000		07/01/2025		372,661
	335,000	5.000		07/01/2026		383,863
	425,000	5.000		07/01/2027		486,617
	County of Westchester GO Bonds Series 2020 (NR/NR)
	36,800,000	1.500		05/27/2020		36,815,456
	Essex County Industrial Development Agency RB Refunding for International Paper Co. Series 2019 A (AMT) (BBB/Baa2)^(c)(d)
	500,000	2.100		10/01/2024		502,745
	Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (AAA/Aaa)^(g)
	7,161,344	(1 Mo. LIBOR + 0.50%), 1.425		01/25/2033		7,129,619
	Long Island Power Authority RB Refunding Series 2014 C (A/A2)^(c)
	9,000,000	(1 Mo. LIBOR + 0.75%), 1.857		10/01/2023		8,872,650


Municipal Bonds – (continued)
New York – (continued)
	Long Island Power Authority RB Series 2019 B (A/A2)^(c)(d)
	12,825,000	1.650		09/01/2024		12,374,329
	Metropolitan Transportation Authority RB Anticipating Notes Series 2019 C (SP-1/MIG1)
	35,250,000	4.000		07/01/2020		35,391,705
	Metropolitan Transportation Authority RB Anticipating Notes Series 2019 D-1 (SP-1/MIG1)
	54,680,000	5.000		09/01/2022		57,825,740
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A-/A1)^(c)
	7,555,000	(1 Mo. LIBOR + 0.55%), 1.609		11/01/2022		7,475,597
	Metropolitan Transportation Authority RB Series 2011 B (A-/A1)^(c)
	7,510,000	(1 Mo. LIBOR + 0.55%), 1.609		11/01/2022		7,431,070
	New York City GO Bonds Fiscal 2012 Series I (AA/Aa1)
	3,000,000	5.000		08/01/2029		3,247,890
	New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)^(c)(d)
	3,500,000	2.750		12/29/2023		3,607,135
	New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (ASSURED GTY) (AA/NR)
	1,425,000	2.250		10/01/2029		1,421,138
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2015 B-1 (AAA/Aa1)
	5,655,000	5.000		08/01/2039		6,407,115
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-2 (AAA/Aa1)
	15,685,000	2.570		11/01/2023		16,108,025
	17,020,000	2.640		11/01/2024		17,586,255
	11,900,000	2.740		11/01/2025		12,369,336
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries A-3 (AAA/Aa1)
	10,000,000	4.000		05/01/2044		11,279,700
	New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (BBB-/NR)
	4,840,000	3.500		02/15/2048		5,022,662
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (NR/A2)^(c)
	855,000	2.625		09/15/2069		815,020
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (NR/Baa2)^(c)
	1,070,000	2.800		09/15/2069		1,019,956
	New York State Dormitory Authority Columbia University RB Series 2011 A (AAA/Aaa)
	12,125,000	5.000		10/01/2041		12,552,043
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (AA+/Aa1)
	1,400,000	5.000		02/15/2027		1,704,402
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (AA+/Aa1)
	6,190,000	5.000		02/15/2027		7,535,892


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority RB for Cornell University Series 2019 D (AA/Aa1)
$	3,000,000		5.000	%		07/01/2035	$	4,197,930
	3,300,000		5.000			07/01/2036		4,615,776
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-1 (A-/A3)^(c)(d)
	9,620,000		5.000			05/01/2022		10,177,479
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-2 (A-/A3)^(c)(d)
	5,770,000		5.000			05/01/2024		6,502,848
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa1)
	5,275,000		5.000			03/15/2026		6,352,260
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (NR/Baa1)
	1,400,000		5.000			07/01/2033		1,601,922
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (NR/Baa1)
	100,000		3.560			07/01/2026		102,641
	100,000		3.670			07/01/2027		102,382
	40,000		3.760			07/01/2028		40,924
	200,000		3.820			07/01/2029		204,940
	New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (BBB+/Baa2)
	540,000		5.000			07/01/2032		670,869
	465,000		5.000			07/01/2034		574,298
	505,000		5.000			07/01/2035		621,393
	440,000		5.000			07/01/2036		539,576
	545,000		4.000			07/01/2040		582,572
	590,000		5.000			07/01/2041		715,723
	2,315,000		4.000			07/01/2045		2,448,298
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (BBB/Baa3)
	530,000		4.000			09/01/2036		579,513
	310,000		4.000			09/01/2037		337,748
	575,000		4.000			09/01/2038		624,139
	615,000		4.000			09/01/2039		666,248
	750,000		4.000			09/01/2040		811,223
	New York State Dormitory Authority RB Refunding for Northwell Health Obligated Group Series 2019 A (A-/A3)
	1,080,000		5.000			05/01/2022		1,163,052
	960,000		5.000			05/01/2023		1,066,848
	New York State Dormitory Authority RB Refunding Series 2018 C (ETM) (NR/NR)^(a)
	5,000		5.000			03/15/2024		5,733
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa1)
	425,000		4.900			03/15/2023		454,763
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A3)^(d)
	5,350,000		2.188			04/13/2020		5,350,000
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2014 (AMT) (B/B2)^{(c) (d) (f)}
	1,440,000		2.875			12/03/2029		1,276,891


Municipal Bonds – (continued)
New York – (continued)
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (AA+/Aa1)
	5,000,000		5.000			03/15/2031		5,576,400
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (AA+/Aa1)
	16,750,000		2.860			03/15/2024		17,012,472
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (AA+/Aa1)
	11,875,000		2.980			03/15/2025		12,658,037
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	2,605,000		5.000			01/01/2022		2,628,836
	3,000,000		5.000			01/01/2028		2,994,060
	1,700,000		5.000			01/01/2033		1,673,123
	1,200,000		5.000			01/01/2034		1,178,844
	14,460,000		4.000			01/01/2036		13,658,627
	2,450,000		5.000			01/01/2036		2,384,732
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (NR/Baa3)
	8,000,000		5.000			01/01/2030		7,949,600
	New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (AA/A2)
	1,500,000		4.000			07/01/2046		1,523,895
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	700,000		5.000			07/01/2041		715,127
	11,375,000		5.250			01/01/2050		11,697,481
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (B/NR)
	3,615,000		5.000			08/01/2021		3,606,035
	2,250,000		5.000			08/01/2031		2,234,475
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	2,075,000		5.000			07/01/2046		2,104,859
	Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (AA/NR)
	420,000		4.000			12/01/2032		486,852
	505,000		4.000			12/01/2033		583,578
	420,000		4.000			12/01/2034		483,521
	420,000		4.000			12/01/2035		481,639
	525,000		4.000			12/01/2036		600,112
	420,000		4.000			12/01/2037		478,212
	420,000		4.000			12/01/2038		476,666
	1,260,000		3.000			12/01/2039		1,255,590
	840,000		3.000			12/01/2040		833,910
	1,680,000		4.000			12/01/2049		1,869,823
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)
	345,000		4.000			07/01/2039		336,430
	4,225,000		3.000			07/01/2044		3,229,928


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (AA-/Aa3)
$	2,500,000		5.000	%		09/01/2033	$	3,132,525
	2,000,000		5.000			09/01/2034		2,493,560
	Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (BBB+/A3)^(h)
	600,000		5.000			09/01/2038		752,256
	820,000		5.000			09/01/2039		1,026,058
	805,000		4.000			09/01/2040		898,863
	Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (BBB-/Baa2)
	1,000,000		5.000			11/01/2023		1,121,580
	1,000,000		5.000			11/01/2024		1,153,420
	Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)
	200,000		4.000			10/15/2029		200,254

								439,617,990

North Carolina – 1.0%
	Charlotte North Carolina Water and Sewer System RB Series 2009 B (AAA/Aaa)
	2,000,000		5.000			07/01/2038		2,015,700
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)^(c)(d)
	375,000		2.000			10/01/2024		367,541
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)^(c)(d)
	400,000		2.000			10/01/2024		392,044
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (BBB/Baa2)^(c)(d)
	1,750,000		2.100			10/01/2024		1,759,608
	County of Mecklenburg GO Bonds for Public Improvement Series 2018 (AAA/Aaa)
	5,250,000		5.000			03/01/2029		6,697,950
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)
	38,115,000		5.000			10/01/2041		40,388,560
	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		581,704
	1,785,000		3.000			07/01/2027		1,742,785
	1,040,000		4.000			07/01/2030		1,072,427
	1,080,000		5.000			07/01/2031		1,184,663
	1,110,000		5.000			07/01/2032		1,211,021
	1,375,000		5.000			07/01/2033		1,495,299
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)
	620,000		4.000			09/01/2025		609,906
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (AA/NR)
	3,000,000		3.000			01/01/2042		2,861,550


Municipal Bonds – (continued)
North Carolina – (continued)
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (BBB/NR)
	4,500,000		5.000			01/01/2043		5,031,540
	5,000,000		5.000			01/01/2044		5,579,450

								72,991,748

Ohio – 1.9%
	American Municipal Power, Inc. RB for Hydroelectric Projects Series 2010 C (A/A2)
	2,290,000		6.973			02/15/2024		2,736,619
	American Municipal Power, Inc. RB Refunding for Combined Hydroelectric Project Series 2020 A (A/A2)
	1,035,000		5.000			02/15/2026		1,241,017
	1,305,000		5.000			02/15/2027		1,602,448
	1,585,000		5.000			02/15/2028		1,992,361
	1,235,000		5.000			02/15/2029		1,584,826
	American Municipal Power, Inc. RB Refunding for Prairie State Energy Campus Project Series 2019 B (A/A1)
	6,060,000		5.000			02/15/2025		7,093,715
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (A-/NR)
	690,000		4.000			06/01/2037		758,372
	920,000		4.000			06/01/2038		1,007,115
	895,000		4.000			06/01/2039		977,420
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (BBB+/NR)
	5,070,000		3.000			06/01/2048		4,730,411
	2,765,000		4.000			06/01/2048		2,962,974
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	21,325,000		5.000			06/01/2055		18,894,376
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	275,000		5.000			11/01/2020		276,004
	285,000		5.000			11/01/2021		287,485
	400,000		5.000			11/01/2022		405,780
	420,000		5.000			11/01/2023		427,552
	City of Cleveland RB Refunding for Airport System Series 2019 A (A/A2)
	12,500,000		2.592			01/01/2026		12,725,875
	City of Cleveland RB Refunding for Airport System Series 2019 B (AMT) (A/A2)
	1,000,000		5.000			01/01/2021		1,025,810
	805,000		5.000			01/01/2022		852,817
	1,235,000		5.000			01/01/2023		1,339,716
	1,365,000		5.000			01/01/2024		1,517,211
	County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (BB+/NR)
	400,000		4.000			09/01/2040		421,500
	625,000		4.000			09/01/2045		651,475
	850,000		5.000			09/01/2049		970,462
	County of Miami Ohio Hospital Facilities Improvement RB Kettering Health Network Series 2019 (A+/A2)
	5,000,000		5.000			08/01/2049		5,530,350


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Ohio – (continued)
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
$	10,000,000		8.223	%		02/15/2040	$	13,227,000
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	2,865,000		5.500			02/15/2057		3,042,573
	Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR)
	2,000,000		3.750			12/01/2038		1,580,780
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (BBB-/NR)
	250,000		5.000			12/01/2025		246,922
	325,000		5.000			12/01/2026		318,880
	325,000		5.000			12/01/2027		316,420
	425,000		5.000			12/01/2028		409,998
	400,000		5.000			12/01/2029		382,000
	680,000		5.000			12/01/2030		642,117
	800,000		5.000			12/01/2031		746,712
	660,000		5.000			12/01/2032		609,952
	1,170,000		5.000			12/01/2033		1,068,643
	1,200,000		5.000			12/01/2035		1,070,436
	650,000		5.000			12/01/2037		566,592
	1,630,000		5.000			12/01/2038		1,406,397
	Kent State University Taxable Refunding RB Series 2020 B (A+/Aa3)
	1,500,000		2.321			05/01/2027		1,528,170
	1,500,000		2.447			05/01/2028		1,537,635
	Lakewood City School District GO Refunding Bonds Series 2014 C (AA/Aa2)
	3,215,000		5.000			12/01/2027		3,748,111
	Miami University RB Refunding Series 2011 (AA/Aa3)
	2,550,000		5.000			09/01/2036		2,675,001
	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		635,992
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (NR/Ba1)
	925,000		2.875			02/01/2026		862,248
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (BBB-/Ba1)
	2,305,000		2.875			02/01/2026		2,148,629
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 A (BBB+/ Baa1)^(c)(d)
	2,500,000		2.400			10/01/2029		2,299,450
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 B (AMT) (BBB+/Baa1)^(c)(d)
	3,500,000		2.600			10/01/2029		3,292,835
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 C (AMT) (BBB+/NR)^(c)(d)
	8,000,000		2.100			10/01/2024		7,717,440
	Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (NR/Ba1)
	3,130,000		3.250			09/01/2029		2,868,864


Municipal Bonds – (continued)
Ohio – (continued)
	Ohio State Higher Education GO Bonds for Federally Taxable Build America Bonds Series 2010 E (AA+/Aa1)
	2,290,000		4.461			08/01/2022		2,455,567
	Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)^(f)
	925,000		5.000			12/01/2033		1,053,584
	1,795,000		5.000			12/01/2038		2,001,012
	2,725,000		5.000			12/01/2048		2,996,901
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)
	2,800,000		3.250			11/01/2022		2,820,692

								138,291,244

Oklahoma – 0.3%
	Cleveland County Educational Facilities Authority RB for Norman Public Schools Project Series 2019 (A+/NR)
	4,250,000		5.000			06/01/2024		4,864,890
	Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (A-/Baa1)
	925,000		4.000			09/01/2045		959,660
	840,000		5.000			09/01/2045		1,009,041
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)
	3,670,000		4.000			08/15/2048		3,953,911
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	2,150,000		5.000			08/15/2029		2,604,747
	5,000,000		5.250			08/15/2048		5,583,800
	Oklahoma Turnpike Authority RB Second Senior Series 2017 C (AA-/Aa3)
	1,400,000		4.000			01/01/2042		1,559,138
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (B/NR)^(c)(d)
	1,500,000		5.000			06/01/2025		1,490,250

								22,025,437

Oregon – 1.0%
	Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis GO Refunding Bonds Series 2018 A (SCH BD GTY) (AA+/Aa1)^(b)
	3,790,000		0.000			06/15/2026		4,569,300
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	1,385,000		3.500			03/01/2029		1,373,615
	1,540,000		3.750			03/01/2032		1,540,570
	Multnomah County Oregon Hospital Facilities Authority RB Refunding for Adventist Health System & West Obligated Group Series 2019 (A/NR)^(c)(d)
	7,715,000		5.000			03/01/2025		8,524,149
	Oregon State Business Development Commission RB for Intel Corp. Project Series 2019 250 (AMT) (A+/A1)^(c)(d)
	10,000,000		5.000			03/01/2022		10,665,600
	Oregon State Facilities Authority RB Refunding For Reed College Project Series 2017 A (AA-/Aa2)
	8,895,000		5.000			07/01/2047		10,605,153


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Oregon – (continued)
	Port of Portland RB for International Airport Series 2019 25-B (AMT) (AA-/NR)
$	2,665,000	5.000 %		07/01/2032	$	3,211,405
	2,365,000	5.000		07/01/2033		2,842,493
	1,000,000	5.000		07/01/2034		1,197,080
	1,000,000	5.000		07/01/2035		1,191,770
	Portland Oregon Community College District GO Bonds Series 2013 (AA+/Aa1)
	2,000,000	5.000		06/15/2026		2,235,800
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)
	7,090,000	4.000		04/01/2029		8,071,469
	Portland Oregon Water System RB Refunding Second Lien Series 2020 A (NR/Aa1)
	2,245,000	5.000		05/01/2025		2,665,129
	2,355,000	5.000		05/01/2026		2,866,365
	2,520,000	5.000		05/01/2030		3,321,284
	Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (NR/A3)^(f)
	190,000	5.000		11/01/2034		226,404
	500,000	5.000		11/01/2036		590,100
	Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (NR/Aa1)
	4,155,000	5.000		06/15/2029		5,182,698

						70,880,384

Pennsylvania – 4.0%
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	4,000,000	5.000		04/01/2030		4,958,960
	18,400,000	4.000		04/01/2044		19,207,576
	Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A/A2)
	3,050,000	4.000		07/15/2035		3,334,382
	3,180,000	4.000		07/15/2036		3,432,269
	Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B- /B3)
	1,850,000	4.875		11/01/2024		1,672,363
	1,350,000	5.125		05/01/2030		1,214,581
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)^(f)
	2,420,000	5.000		05/01/2027		2,536,305
	1,600,000	5.000		05/01/2032		1,638,224
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)^(f)
	750,000	5.000		05/01/2023		769,545
	750,000	5.000		05/01/2028		783,510
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	100,000	5.000		10/01/2031		107,329
	390,000	5.000		10/01/2032		417,406
	410,000	5.000		10/01/2033		438,097


Municipal Bonds – (continued)
Pennsylvania – (continued)
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	1,000,000	5.000		08/01/2025		1,166,850
	Commonwealth Financing Authority Taxable RB Series 2005 A (NATL-RE) (A/A1)
	1,695,000	5.380		06/01/2021		1,727,239
	Commonwealth Financing Authority Taxable RB Series 2006 C (AGM) (AA/A1)
	4,485,000	5.114		06/01/2021		4,597,887
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	24,905,000	4.000		06/01/2039		27,113,824
	Commonwealth of Pennsylvania COPS Series 2018 A (A/A2)
	1,250,000	4.000		07/01/2046		1,371,225
	Commonwealth of Pennsylvania GO Bonds Series 2015 (A+/ Aa3)
	3,925,000	5.000		08/15/2025		4,661,762
	Delaware County Authority RB for Villanova University Series 2015 (AA-/A1)
	4,945,000	5.000		08/01/2045		5,664,201
	Doylestown Hospital Authority RB Taxable Refunding Series 2019 B (BBB-/Ba1)
	1,150,000	3.950		07/01/2024		1,155,014
	Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)
	750,000	5.000		12/01/2038		702,375
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa3)^(g)
	15,800,000	(3 Mo. LIBOR + 0.77%), 1.951		05/01/2037		14,972,238
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)
	725,000	4.000		06/01/2044		820,947
	1,300,000	5.000		06/01/2044		1,590,472
	3,325,000	4.000		06/01/2049		3,735,205
	2,350,000	5.000		06/01/2049		2,852,900
	Lancaster County Hospital Authority RB for Brethren Village Project Series 2017 (BB+/NR)
	1,155,000	5.000		07/01/2020		1,155,219
	900,000	5.000		07/01/2022		901,449
	Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (BB+/NR)
	900,000	5.000		03/01/2040		913,545
	Lancaster School District GO Refunding Bonds Series 2019 B (AGM) (ST AID WITHHLDG) (AA/NR)
	295,000	4.000		06/01/2021		304,340
	500,000	4.000		06/01/2022		528,295
	Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A/A2)
	850,000	4.000		09/01/2037		917,668
	850,000	4.000		09/01/2038		914,405
	850,000	4.000		09/01/2039		909,109


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	North Penn Water Authority RB Refunding Series 2019 (NR/Aa3)^(g)
$	640,000	(SIFMA Municipal Swap Index Yield + 0.16%), 4.870 %		11/01/2020	$	639,930
	1,400,000	(SIFMA Municipal Swap Index Yield + 0.26%), 4.970		11/01/2021		1,401,120
	1,600,000	(SIFMA Municipal Swap Index Yield + 0.46%), 5.170		11/01/2023		1,601,088
	Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (BB+/NR)
	1,000,000	5.000		11/01/2039		995,020
	Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (BBB+/NR)
	155,000	5.000		05/01/2020		155,426
	230,000	5.000		05/01/2021		238,266
	155,000	5.000		05/01/2022		162,729
	50,000	5.000		05/01/2023		53,496
	100,000	5.000		05/01/2024		108,838
	Pennsylvania Economic Development Financing Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 10/01/10 Series 2008 (A/A1)
	2,500,000	4.000		10/01/2023		2,531,875
	Pennsylvania Economic Development Financing Authority RB for CarbonLite P LLC Project Series 2019 (AMT) (NR/NR)^(f)
	1,750,000	5.250		06/01/2026		1,661,800
	Pennsylvania Economic Development Financing Authority RB for Solid Waste Disposal Project Series 2009 (A-/NR)^(c)(d)
	6,460,000	2.800		12/01/2021		6,548,308
	Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (BBB/NR)
	750,000	5.000		06/30/2042		808,027
	Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A+/A1)
	8,250,000	3.000		04/01/2039		8,678,175
	Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A/A2)
	350,000	4.000		03/01/2037		383,033
	675,000	5.000		03/01/2038		788,575
	500,000	5.000		03/01/2039		582,655
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (ASSURED GTY) (AA/WR)^(g)
	1,405,000	(3 Mo. LIBOR + 0.60%), 1.879		07/01/2027		1,385,499
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (AA/Aa3)
	4,000,000	5.000		09/15/2025		4,761,440
	Pennsylvania State GO Bonds Consolidated Loan of 2018 Series 2018 A (A+/Aa3)
	6,675,000	5.000		08/15/2023		7,482,675


Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Turnpike Commission RB Refunding Series 2018 B (A+/A1)^(g)
	6,050,000	(SIFMA Municipal Swap Index Yield + 0.70%), 5.410%		12/01/2023		6,102,151
	Pennsylvania Turnpike Commission RB Refunding Series 2020 (A-/A3)
	1,000,000	2.412		12/01/2027		1,008,880
	Pennsylvania Turnpike Commission RB Series 2013 C (A+/A1)^(a)
	1,720,000	5.500		12/01/2023		1,986,978
	Pennsylvania Turnpike Commission RB Series 2018 A (AA/Aa3)
	30,675,000	5.250		12/01/2044		37,729,330
	Pennsylvania Turnpike Commission RB Series 2019 A (A-/A3)
	4,250,000	5.000		12/01/2036		5,265,240
	4,250,000	5.000		12/01/2038		5,216,323
	21,160,000	5.000		12/01/2044		25,724,635
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A-/A3)
	3,500,000	5.500		12/01/2042		4,183,865
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	10,000,000	5.250		06/01/2047		11,980,000
	Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)
	350,000	4.000		06/15/2029		329,098
	500,000	5.000		06/15/2039		475,090
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	4,500,000	5.000		07/01/2028		5,029,920
	Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)^(c)
	2,500,000	(1 Mo. LIBOR + 0.64%), 1.765		12/01/2020		2,500,250
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2)
	850,000	5.000		09/01/2034		1,075,522
	1,755,000	5.000		09/01/2035		2,212,300
	1,700,000	5.000		09/01/2036		2,135,897
	1,700,000	5.000		09/01/2037		2,128,689
	Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (AA/NR)
	2,125,000	4.000		09/01/2034		2,453,037
	425,000	4.000		09/01/2035		488,720
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	180,000	5.000		11/15/2021		180,045
	450,000	5.000		11/15/2028		428,751
	State Public School Building Authority RB Refunding for Philadelphia School District Project Series 2016 A (AGM) (ST AID WITHHLDG) (AA/A2)
	2,500,000	5.000		06/01/2031		2,967,700
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000	5.000		01/01/2035		1,081,476


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR)
$	130,000	4.000%		10/01/2020	$	129,936
	375,000	4.000		10/01/2021		373,815
	200,000	4.000		10/01/2023		197,942
	750,000	4.000		10/01/2029		721,275
	425,000	5.000		10/01/2039		407,626
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (BBB+/NR)
	530,000	5.000		02/01/2025		611,684
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B (BBB+/NR)^(c)(d)
	6,385,000	5.000		02/01/2025		7,083,711

						292,364,577

Puerto Rico – 4.7%
	Commonwealth of Puerto Rico GO Bonds Public Improvement Series 1999 (NR/WR)⁽ⁱ⁾
	125,000	5.250		07/01/2018		82,969
	Commonwealth of Puerto Rico GO Bonds Public Improvement Series 2006 B (NR/WR)⁽ⁱ⁾
	390,000	5.250		07/01/2016		249,600
	500,000	5.250		07/01/2017		331,875
	Commonwealth of Puerto Rico GO Refunding Bonds for Public Improvement Series 2009 B (NR/Ca)⁽ⁱ⁾
	2,000,000	6.000		07/01/2039		1,370,000
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (NR/Ca)
	2,480,000	6.125		07/01/2024		2,579,200
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (NR/Ca)
	515,000	4.250		07/01/2025		451,912
	1,060,000	5.750		07/01/2037		1,038,800
	8,630,000	5.250		07/01/2042		8,198,500
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)⁽ⁱ⁾
	65,795,000	8.000		07/01/2035		39,477,000
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (NR/Ca)⁽ⁱ⁾
	3,955,000	5.000		07/01/2041		2,402,662
	Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)
	2,450,000	6.000		07/01/2027		2,493,193
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	930,000	5.250		07/01/2041		961,676
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	6,500,000	5.250		07/01/2038		6,596,200
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	3,425,000	5.250		07/01/2033		3,637,316
	55,000	5.250		07/01/2034		58,295
	4,475,000	5.250		07/01/2036		4,711,280
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)
	40,000	5.500		07/01/2031		43,428


Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)^(e)
	400,000	0.000		07/01/2028		279,180
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)
	485,000	5.500		07/01/2023		507,383
	450,000	5.500		07/01/2024		474,444
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(g)
	21,915,000	(3 Mo. LIBOR + 0.52%), 1.799		07/01/2029		18,846,900
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (NR/Baa2)
	350,000	5.250		07/01/2029		358,428
	215,000	5.250		07/01/2030		219,724
	1,150,000	5.250		07/01/2032		1,168,377
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)⁽ⁱ⁾
	1,000,000	5.250		07/01/2019		698,750
	Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1 (D/NR)⁽ⁱ⁾
	8,215,000	6.750		07/01/2036		5,976,412
	Puerto Rico Electric Power Authority RB Series 2016 E-1-RSA-1 (NR/NR)⁽ⁱ⁾
	590,915	10.000		01/01/2021		477,164
	Puerto Rico Electric Power Authority RB Series 2016 E-2-RSA-1 (NR/NR)⁽ⁱ⁾
	590,915	10.000		07/01/2021		477,164
	Puerto Rico Electric Power Authority RB Series 2016 E-3-RSA-1 (NR/NR)⁽ⁱ⁾
	196,972	10.000		01/01/2022		159,055
	Puerto Rico Electric Power Authority RB Series 2016 E-4-RSA-1 (NR/NR)⁽ⁱ⁾
	196,972	10.000		07/01/2022		159,055
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (ASSURED GTY) (AA/A3)
	60,000	5.250		07/01/2041		62,044
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)
	7,175,000	5.250		07/01/2035		7,194,301
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	415,000	5.250		07/01/2032		441,278
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)
	90,000	5.500		07/01/2029		97,743
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (ASSURED GTY) (AA/A3)
	165,000	5.500		07/01/2031		179,140
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)
	2,165,000	5.500		07/01/2029		2,351,255
	1,555,000	5.250		07/01/2034		1,648,175
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (FGIC) (AA/A3)
	180,000	5.250		07/01/2039		187,083


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR) (AGC-ICC) (AA/A2)
$	295,000	5.500 %		07/01/2026	$	317,854
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	2,615,000	5.250		07/01/2030		2,743,946
	2,955,000	5.250		07/01/2031		3,090,516
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	330,000	5.250		07/01/2034		349,774
	23,140,000	5.250		07/01/2036		24,360,635
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)
	1,240,000	5.250		07/01/2032		1,259,815
	1,760,000	5.250		07/01/2033		1,781,208
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	5,265,000	4.750		07/01/2038		4,956,576
	Puerto Rico Highway & Transportation Authority RB Series 2007 N (AMBAC) (NR/C)
	160,000	5.500		07/01/2026		170,597
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/Ca)^(d)
	3,240,000	10.000		07/01/2035		3,518,057
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)^(e)
	476,000	0.000		07/01/2024		407,575
	16,610,000	0.000		07/01/2027		12,647,186
	3,658,000	0.000		07/01/2029		2,531,336
	25,307,000	0.000		07/01/2031		15,737,917
	16,899,000	0.000		07/01/2033		9,350,893
	12,009,000	0.000		07/01/2046		2,839,168
	31,842,000	0.000		07/01/2051		5,618,202
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	75,394,000	4.329		07/01/2040		69,256,174
	143,000	4.536		07/01/2053		129,783
	7,274,000	4.784		07/01/2058		6,812,246
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	13,900,000	4.500		07/01/2034		13,931,275
	1,555,000	4.550		07/01/2040		1,472,041
	10,419,000	4.750		07/01/2053		9,811,156
	37,352,000	5.000		07/01/2058		36,322,952

						346,063,843

Rhode Island – 0.0%
	Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (AGM) (MUN GOVT GTD) (AA/Aa3)
	500,000	5.000		05/15/2024		571,615

South Carolina – 0.5%
	Clemson University Athletic Facilities RB Series 2015 (NR/Aa3)
	1,385,000	4.000		05/01/2025		1,557,903
	1,570,000	4.000		05/01/2026		1,755,009


Municipal Bonds – (continued)
South Carolina – (continued)
	Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (AA/Aa1)
	2,495,000	5.000		02/01/2031		3,153,755
	Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (AA/Aa1)
	4,530,000	5.000		03/01/2031		5,532,398
	1,590,000	4.000		03/01/2032		1,822,967
	South Carolina Ports Authority RB Series 2018 (AMT) (A+/A1)
	3,750,000	5.000		07/01/2037		4,425,413
	South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A/A2)
	875,000	3.056		12/01/2023		912,153
	South Carolina Public Service Authority Santee Cooper RB Series 2016 D (A/A2)
	5,505,000	2.388		12/01/2023		5,630,734
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2013 B (A/Aa3)^(c)
	12,505,000	(1 Mo. LIBOR + 0.45%), 1.509		10/01/2022		12,217,885

						37,008,217

South Dakota – 0.1%
	Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
	630,000	5.000		01/01/2024		710,243
	1,075,000	5.000		01/01/2025		1,243,356
	730,000	5.000		01/01/2026		864,188
	South Dakota Health & Educational Facilities Authority RB Refunding for Avera Health Obligated Group Series 2019 A (AA-/A1)^(c)(d)
	3,525,000	5.000		07/01/2024		3,952,900

						6,770,687

Tennessee – 0.4%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (BBB+/Baa1)
	1,115,000	5.000		08/01/2035		1,232,911
	City of Johnson GO Refunding Bonds Series 2019 B (NR/Aa2)
	1,225,000	4.000		06/01/2037		1,417,166
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	6,020,000	5.000		07/01/2034		6,581,064
	1,800,000	4.000		07/01/2040		1,943,568
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Charter Village Apartments Series 2007 (FNMA COLL) (NR/NR)^(c)(d)
	925,000	4.850		06/01/2025		930,356
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A3)
	400,000	5.000		07/01/2040		437,732
	700,000	5.000		07/01/2046		759,199


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate		Maturity Date		Value

Municipal Bonds – (continued)
Tennessee – (continued)
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (BBB-/NR)
$	90,000		3.000 %		10/01/2024	$	88,888
	Metropolitan Government Nashville & Davidson County Industrial Development Board RB for Waste Management, Inc. Series 2001 (A-/NR)^(c)(d)
	3,000,000		2.850		08/02/2021		3,030,960
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)^(f)
	650,000		4.500		06/01/2028		658,437
	Tennergy Corporation Tenn Gas Supply RB Series 2019 A (AA/Aa2)^(c)(d)
	11,325,000		5.000		10/01/2024		12,237,116

							29,317,397

Texas – 7.8%
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/Baa1)
	250,000		5.000		01/01/2040		269,765
	435,000		5.000		01/01/2046		466,337
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A-/Baa1)
	530,000		5.000		01/01/2026		584,924
	595,000		5.000		01/01/2027		665,579
	620,000		5.000		01/01/2028		701,313
	650,000		5.000		01/01/2029		740,629
	690,000		5.000		01/01/2030		790,519
	1,010,000		5.000		01/01/2032		1,149,400
	1,115,000		5.000		01/01/2034		1,261,266
	585,000		5.000		01/01/2035		659,705
	610,000		5.000		01/01/2036		686,110
	645,000		5.000		01/01/2037		723,780
	675,000		5.000		01/01/2038		755,271
	1,420,000		5.000		01/01/2039		1,585,998
	City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)^(f)
	250,000		5.750		09/01/2029		237,947
	City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)
	1,700,000		5.000		11/15/2032		2,060,672
	2,000,000		5.000		11/15/2033		2,417,180
	City of Austin RB Refunding for Airport System Series 2019 (AMT) (A/A1)
	1,510,000		5.000		11/15/2022		1,637,278
	1,950,000		5.000		11/15/2023		2,169,121
	4,790,000		5.000		11/15/2024		5,418,544
	1,150,000		5.000		11/15/2025		1,326,468
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)^(f)
	1,225,000		4.000		11/01/2023		1,212,493
	1,975,000		4.500		11/01/2024		1,925,487
	2,815,000		4.000		11/01/2028		2,677,093


Municipal Bonds – (continued)
Texas – (continued)
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR)
	250,000		4.200		09/01/2027		234,040
	575,000		4.800		09/01/2037		522,439
	650,000		5.250		09/01/2046		581,035
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)^(f)
	145,000		4.375		09/01/2023		142,204
	300,000		5.375		09/01/2038		285,834
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)
	245,000		4.625		09/01/2023		240,299
	370,000		5.000		09/01/2028		356,687
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)^(f)
	215,000		3.125		08/15/2024		203,917
	340,000		3.500		08/15/2029		309,111
	905,000		4.000		08/15/2039		774,363
	City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (AA/NR)
	150,000		4.000		08/15/2025		163,342
	155,000		4.000		08/15/2026		170,454
	160,000		4.000		08/15/2027		177,606
	165,000		4.000		08/15/2028		184,328
	170,000		4.000		08/15/2029		190,924
	925,000		3.000		08/15/2034		941,262
	City of Fort Worth Water & Sewer System RB Refunding & Improvement Series 2015 A (AA+/Aa1)
	8,245,000		5.000		02/15/2024		9,428,157
	City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)
	425,000		4.125		09/01/2027		411,647
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)
	150,000		3.250		09/01/2022		147,162
	570,000		4.500		09/01/2027		564,671
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)
	425,000		4.000		09/01/2024		456,713
	440,000		4.000		09/01/2025		474,514
	460,000		4.000		09/01/2026		502,099
	480,000		4.000		09/01/2027		527,578
	City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)^(f)
	150,000		3.250		09/01/2024		142,219
	290,000		3.625		09/01/2029		263,703
	785,000		4.125		09/01/2039		668,875


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	City of Houston Airport System RB Refunding for United Airlines, Inc. Project Series 2018 C (AMT) (BB-/Ba3)
$	1,750,000		4.500	%		07/01/2020	$	1,749,772
	City of Houston GO Bonds Refunding Series 2019 A (AA/Aa3)
	13,745,000		5.000			03/01/2029		17,601,710
	City of Houston RB Refunding for Airport System Subordinate Lien Series 2012 A (AMT) (A+/NR)
	2,300,000		5.000			07/01/2029		2,428,915
	2,500,000		5.000			07/01/2031		2,635,625
	City of Houston RB Refunding for Airport System Subordinated Lien Series 2012 B (A+/NR)
	23,090,000		5.000			07/01/2028		24,709,302
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)
	130,000		5.000			08/15/2024		133,821
	130,000		5.000			08/15/2025		134,237
	150,000		5.000			08/15/2026		155,386
	100,000		5.000			08/15/2027		103,840
	125,000		5.000			08/15/2028		129,634
	150,000		5.000			08/15/2029		155,593
	200,000		5.000			08/15/2030		206,800
	280,000		5.000			08/15/2032		287,017
	300,000		5.000			08/15/2034		305,709
	175,000		5.000			08/15/2035		177,425
	250,000		5.000			08/15/2036		252,658
	250,000		5.000			08/15/2037		251,670
	300,000		5.000			08/15/2038		300,972
	300,000		5.000			08/15/2039		300,420
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)^(f)
	785,000		3.875			09/01/2024		752,933
	City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)^(f)
	425,000		4.250			09/01/2029		391,943
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)^(f)
	175,000		3.500			09/15/2024		165,034
	250,000		3.750			09/15/2029		224,580
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)^(f)
	205,000		4.375			09/15/2029		184,728
	City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (AA/NR)
	1,415,000		4.000			09/01/2025		1,532,926
	City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)^(f)
	330,000		3.750			09/15/2025		308,867
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)^(f)
	200,000		3.500			09/15/2024		190,842
	280,000		3.750			09/15/2029		257,863


Municipal Bonds – (continued)
Texas – (continued)
	City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)^(f)
	200,000		5.000			09/15/2024		191,078
	400,000		5.250			09/15/2029		370,140
	City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)^(f)
	530,000		4.250			09/15/2024		505,943
	490,000		5.125			09/15/2024		468,200
	795,000		4.500			09/15/2029		733,666
	775,000		5.375			09/15/2029		717,464
	City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)^(f)
	375,000		4.500			09/01/2025		351,446
	200,000		4.875			09/01/2025		187,564
	465,000		4.875			09/01/2030		418,054
	265,000		5.250			09/01/2030		238,715
	475,000		5.250			09/01/2040		403,622
	310,000		5.625			09/01/2040		264,780
	City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR)^(f)
	100,000		3.125			09/01/2024		94,760
	145,000		3.500			09/01/2029		131,057
	380,000		4.000			09/01/2039		320,948
	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		237,968
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)^(f)
	157,000		3.500			09/01/2024		149,926
	326,000		3.750			09/01/2029		300,539
	390,000		4.250			09/01/2039		341,999
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	280,000		4.000			09/01/2024		269,881
	415,000		4.250			09/01/2029		389,760
	City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)^(f)
	185,000		3.750			09/01/2024		174,464
	365,000		4.000			09/01/2029		327,909
	580,000		5.000			09/01/2029		523,589
	City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)^(f)
	250,000		3.750			09/15/2024		236,797
	370,000		4.125			09/15/2029		334,913
	1,050,000		4.625			09/15/2039		891,965
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2015 C (AA-/Aa2)^(c)(d)
	30,610,000		1.750			12/01/2024		30,648,569
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (AA-/Aa2)^(c)(d)
	2,800,000		2.750			12/01/2022		2,866,108
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2015 A (AA-/Aa2)^(c)(d)
	26,495,000		1.750			12/01/2024		26,897,989


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2019 (AA/Aa1)
$	2,000,000	4.000 %		02/01/2026	$	2,296,400
	1,250,000	4.000		02/01/2027		1,461,500
	1,500,000	4.000		02/01/2028		1,783,320
	2,000,000	4.000		02/01/2029		2,405,720
	2,000,000	4.000		02/01/2030		2,429,920
	Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (AAA/NR)
	4,370,000	4.000		08/15/2036		5,107,306
	3,875,000	4.000		08/15/2037		4,510,384
	Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (NR/Aaa)
	1,970,000	5.000		02/01/2025		2,311,618
	2,095,000	5.000		02/01/2026		2,525,166
	Dallas Area Rapid Transit RB Refunding Series 2016 A (AA+/Aa2)
	8,325,000	5.000		12/01/2048		9,722,601
	Dallas-Fort Worth International Airport Joint Improvement RB Series 2012 D (AMT) (A+/A1)
	21,430,000	5.000		11/01/2042		22,221,624
	Dallas-Fort Worth International Airport Joint RB Improvement Bonds Series 2014 B (AMT) (A+/NR)
	1,700,000	5.000		11/01/2022		1,820,343
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (A+/NR)
	2,500,000	5.250		11/01/2030		2,720,650
	Denison Independent School District GO Refunding Bonds Series 2020 (PSF-GTD) (AAA/NR)
	1,115,000	1.836		08/01/2026		1,128,123
	875,000	1.936		08/01/2027		884,739
	Denison Independent School District GO Refunding Bonds Series 2020 (PSF-GTD) (AAA/NR)^(e)
	1,400,000	0.000		08/01/2025		1,259,216
	Denton Independent School District GO Bonds 2014 B (PSF-GTD) (AAA/NR)^(c)(d)
	4,000,000	2.000		08/01/2024		4,074,480
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)^(f)
	175,000	3.750		08/15/2024		168,427
	235,000	4.000		08/15/2029		219,250
	775,000	4.500		08/15/2035		708,800
	575,000	5.000		08/15/2044		525,826
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)^(f)
	395,000	5.000		09/01/2027		387,558
	225,000	5.000		09/01/2032		213,026
	330,000	5.125		09/01/2037		305,088
	Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (AA+/NR)
	18,225,000	5.000		10/01/2037		21,909,548
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)^(b)
	2,930,000	0.000		10/01/2046		3,193,407
	4,075,000	0.000		10/01/2047		4,446,069


Municipal Bonds – (continued)
Texas – (continued)
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A+/A1)^(c)(d)
	8,000,000	5.000		12/01/2024		9,083,440
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 A (A+/A1)
	4,700,000	5.000		12/01/2024		5,337,837
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)^(g)
	6,770,000	(SIFMA Municipal Swap Index Yield + 0.95%), 5.660		06/01/2023		6,866,134
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)^(g)
	19,920,000	(3 Mo. LIBOR + 0.67%), 1.803		08/15/2035		18,478,190
	Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)^(f)
	745,000	4.000		09/01/2029		686,406
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	95,000	3.000		09/01/2024		98,806
	100,000	3.500		09/01/2025		106,421
	100,000	3.500		09/01/2026		106,691
	105,000	3.500		09/01/2027		111,295
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB-/NR)
	2,495,000	5.000		07/15/2028		2,478,109
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2015 B-2 (AMT) (BB-/NR)
	2,500,000	5.000		07/15/2020		2,499,625
	Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A/A1)
	350,000	5.000		07/01/2031		421,831
	325,000	5.000		07/01/2032		390,510
	Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A/A1)
	2,000,000	5.000		07/01/2029		2,423,220
	2,150,000	5.000		07/01/2030		2,597,458
	2,000,000	5.000		07/01/2031		2,410,460
	Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)
	3,425,000	4.000		02/15/2042		3,850,282
	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		1,207,998
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)^(a)(e)
	33,515,000	0.000		08/15/2024		11,196,846
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2016 (PSF-GTD) (AAA/NR)^(e)
	2,500,000	0.000		08/16/2020		2,491,650


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (A/NR)
$	2,000,000	5.000 %		05/15/2030	$	2,563,600
	1,495,000	5.000		05/15/2031		1,903,763
	Lubbock Independent School District GO Bonds Series 2019 (PSF-GTD) (AAA/Aaa)
	1,250,000	4.000		02/15/2040		1,419,875
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (A-/Baa1)
	6,350,000	2.600		11/01/2029		6,209,728
	Mission Economic Development Corp. RB for Waste Management, Inc. Series 2008 (A-/NR)
	2,500,000	2.500		08/01/2020		2,502,875
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)^(f)
	5,000,000	4.625		10/01/2031		5,102,650
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,370,000	5.000		09/15/2032		1,481,340
	710,000	5.000		09/15/2033		765,998
	750,000	5.000		09/15/2034		807,007
	790,000	5.000		09/15/2035		846,627
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (BB+/NR)^(f)
	335,000	4.000		08/15/2029		324,287
	610,000	5.000		08/15/2039		609,213
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/Ba1)
	765,000	5.000		04/01/2027		767,685
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2014 A (B-/NR)
	1,000,000	5.000		04/01/2039		884,440
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (B/B2)
	645,000	4.000		04/01/2022		636,847
	320,000	4.000		04/01/2023		313,542
	275,000	4.000		04/01/2024		267,182
	365,000	4.000		04/01/2025		351,064
	375,000	4.000		04/01/2026		356,708
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (BBB-/Baa3)
	250,000	5.000		04/01/2030		266,565
	North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (AA/NR)^(a)(b)
	1,000,000	0.000		09/01/2031		1,288,230
	North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A+/A1)
	2,750,000	5.000		01/01/2038		3,276,240


Municipal Bonds – (continued)
Texas – (continued)
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	2,000,000	5.000		01/01/2032		2,405,500
	1,500,000	5.000		01/01/2048		1,707,570
	North Texas Tollway Authority RB Special Project System Series 2011 A (AA/NR)^(a)
	1,000,000	5.500		09/01/2021		1,061,260
	1,000,000	6.000		09/01/2021		1,067,520
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	550,000	5.000		01/01/2022		585,921
	North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A+/A1)
	6,000,000	6.500		01/01/2043		7,340,580
	Pasadena Independent School District GO Bonds Series 2015 B (PSF-GTD) (AAA/Aaa)^(c)(d)
	3,280,000	1.500		08/15/2024		3,275,211
	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		2,921,324
	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		3,687,675
	Round Rock Independent School District GO Refunding Bonds Series 2019 A (PSF-GTD) (AAA/Aaa)
	4,630,000	4.000		08/01/2032		5,596,281
	Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)^(f)
	250,000	3.250		09/15/2024		235,967
	355,000	3.625		09/15/2029		319,575
	State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (AAA/Aaa)
	3,005,000	4.000		08/01/2025		3,408,031
	5,905,000	5.000		08/01/2026		7,182,016
	4,590,000	5.000		08/01/2027		5,700,321
	5,010,000	5.000		08/01/2028		6,337,199
	6,835,000	5.000		08/01/2029		8,686,533
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)
	2,475,000	5.000		05/15/2020		2,477,500
	2,100,000	5.000		05/15/2021		2,119,929
	2,730,000	5.000		05/15/2022		2,777,611
	Tarrant County Cultural Education Facilities Finance Corporation Christus Health Obligation Group RB Series 2018 B (A+/A1)
	13,655,000	5.000		07/01/2036		16,691,189
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)^(g)
	5,665,000	(3 Mo. LIBOR + 0.70%), 1.196		12/15/2026		5,590,335
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A2)
	4,750,000	6.250		12/15/2026		5,231,318


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)^(g)
$	3,055,000	(SIFMA Municipal Swap Index Yield + 0.55%), 5.260 %		09/15/2027	$	2,968,452
	Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (BBB/Baa2)
	7,200,000	5.000		12/31/2030		8,215,776
	10,000,000	5.000		12/31/2031		11,382,100
	3,000,000	5.000		12/31/2032		3,407,370
	4,000,000	5.000		12/31/2033		4,534,120
	5,000,000	5.000		12/31/2034		5,649,700
	4,000,000	5.000		12/31/2035		4,504,360
	4,000,000	5.000		12/31/2036		4,492,120
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (BBB-/Baa3)
	9,840,000	5.000		12/31/2055		10,371,458
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (NR/Baa3)
	7,215,000	5.000		06/30/2058		7,710,021
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (A-/Baa1)
	1,380,000	5.000		08/15/2042		1,419,854
	Texas Transportation Commission State Highway Fund First Tier RB for Build America Bonds Series 2010 (AAA/Aaa)
	2,000,000	5.028		04/01/2026		2,250,460
	Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR)^(f)
	170,000	4.750		09/01/2023		166,796
	360,000	5.250		09/01/2028		347,407
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)^(f)
	345,000	4.500		09/01/2027		324,010
	United Independent School District GO Refunding Bonds Series 2020 (PSF-GTD) (AAA/Aaa)^(e)
	500,000	0.000		08/15/2025		455,550
	500,000	0.000		08/15/2026		444,295
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	8,500,000	3.250		02/15/2041		8,811,100
	University of Texas System Revenue Financing System RB Refunding Series 2017 C (AAA/Aaa)
	5,865,000	5.000		08/15/2026		7,188,320
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR)
	342,000	4.000		12/01/2023		338,354
	520,000	4.250		12/01/2029		500,162
	1,159,000	4.625		12/01/2035		1,110,890
	1,604,000	5.000		12/01/2045		1,534,643

						568,270,565


Municipal Bonds – (continued)
Utah – 0.8%
	Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (AAA/Aaa)
	1,625,000	5.000		06/15/2022		1,762,556
	2,175,000	5.000		06/15/2023		2,438,719
	2,355,000	5.000		06/15/2024		2,723,746
	2,400,000	5.000		06/15/2025		2,859,024
	2,750,000	5.000		06/15/2027		3,450,012
	Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A+/A2)
	18,635,000	5.000		07/01/2037		21,408,633
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)
	2,650,000	5.000		07/01/2047		2,970,200
	Salt Lake City RB for International Airport Series 2018 A (AMT) (A+/A2)
	5,000,000	5.000		07/01/2029		5,896,750
	5,500,000	5.000		07/01/2030		6,463,435
	Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (AA/NR)
	700,000	5.000		04/15/2039		857,465
	625,000	5.000		04/15/2044		758,531
	1,150,000	5.000		04/15/2049		1,385,003
	Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (AA/Aa2)
	3,065,000	4.000		06/15/2034		3,371,623

						56,345,697

Vermont – 0.0%
	Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
	745,000	5.000		05/01/2025		730,264
	585,000	5.000		05/01/2026		569,731

						1,299,995

Virgin Islands – 0.2%
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)
	350,000	5.000		10/01/2020		350,066
	1,410,000	5.000		10/01/2029		1,363,597
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	700,000	5.000		10/01/2032		674,562
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (B/NR)
	4,700,000	5.000		10/01/2039		4,402,584
	Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (AA/A2)^(f)
	5,000,000	5.000		10/01/2034		5,591,450

						12,382,259

Virginia – 1.4%
	Amelia County IDA Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)^(c)(d)
	2,500,000	3.000		04/01/2021		2,500,000


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)
Virginia – (continued)
	Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (BBB/Baa2)
$	19,500,000		5.000	%		11/01/2023	$	21,197,670
	Chesapeake Economic Development Authority RB Refunding for Virginia Electric & Power Co. Series 2008 A (BBB+/A2)^(c)(d)
	1,700,000		1.900			06/01/2023		1,740,120
	County of Arlington GO Bonds for Public Improvement Series 2019 (AAA/Aaa)
	6,990,000		5.000			06/15/2030		9,211,003
	Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (BBB+/NR)
	1,250,000		4.000			10/01/2042		1,208,812
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 A (BBB+/A2)^(c)(d)
	1,000,000		1.900			06/01/2023		1,020,920
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 C (BBB+/A2)^(c)(d)
	1,850,000		1.800			04/01/2022		1,867,316
	Peninsula Ports Authority RB Refunding for Dominion Terminal Associates Series 2003 (BBB/Baa2)^(c)(d)
	2,250,000		1.700			10/01/2022		2,241,450
	Salem Economic Development Authority RB Refunding Roanoke College Series 2020 (BBB+/NR)
	305,000		5.000			04/01/2026		335,198
	305,000		5.000			04/01/2027		338,562
	350,000		5.000			04/01/2028		392,140
	405,000		5.000			04/01/2029		456,467
	305,000		5.000			04/01/2030		345,471
	650,000		5.000			04/01/2031		731,094
	265,000		5.000			04/01/2032		296,766
	570,000		5.000			04/01/2033		636,188
	345,000		5.000			04/01/2034		383,202
	775,000		5.000			04/01/2035		856,778
	375,000		5.000			04/01/2036		412,684
	905,000		5.000			04/01/2037		993,120
	410,000		4.000			04/01/2039		404,305
	265,000		4.000			04/01/2040		261,144
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B-/B3)
	9,455,000		6.706			06/01/2046		8,168,458
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)^(e)
	122,865,000		0.000			06/01/2047		18,906,466
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC-/NR)^(e)
	13,500,000		0.000			06/01/2047		2,010,420
	Virginia Commonwealth Transportation Board RB Capital Project Series 2012 (AA+/Aa1)
	760,000		4.000			05/15/2037		798,897
	Virginia Housing Development Authority RB for Rental Housing Series 2019 E (AA+/Aa1)
	4,345,000		1.400			12/01/2023		4,331,009


Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (A/WR)^(a)
	4,750,000		5.000			07/01/2025		5,609,465
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	2,580,000		5.000			12/31/2047		2,822,778
	1,885,000		5.000			12/31/2056		2,050,616
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (NR/Baa3)
	1,000,000		5.000			12/31/2052		1,089,160
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB/NR)
	950,000		5.000			07/01/2034		956,878
	3,325,000		5.000			01/01/2040		3,337,436
	Virginia Small Business Financing Authority Senior Lien RB for Elizabeth River Crossings Opco, LLC Project Series 2012 (BBB/NR)
	750,000		5.500			01/01/2042		760,995
	Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B-/NR)^{(c) (d) (f)}
	300,000		5.000			07/01/2038		300,333
	York County Economic Development Authority Pollution Control RB Refunding for Virginia Electric & Power Co. Project Series 2009 A (BBB+/A2)^(c)(d)
	3,200,000		1.900			06/01/2023		3,274,400

								102,247,721

Washington – 1.8%
	City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (AAA/Aaa)
	5,000,000		5.000			06/01/2026		5,941,500
	City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (AA/Aa2)
	3,340,000		4.000			01/01/2033		3,851,287
	6,715,000		4.000			01/01/2034		7,722,720
	11,655,000		4.000			01/01/2043		12,776,677
	City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (AA+/Aa1)
	13,715,000		4.000			05/01/2044		14,689,039
	City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (AA+/Aa1)
	6,555,000		4.000			07/01/2035		7,613,764
	King County Junior Lien Sewer RB Series 2012 (AA/Aa2)^(c)(d)
	5,900,000		2.600			12/01/2021		5,957,053
	Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A+/A1)
	9,295,000		5.000			04/01/2038		10,788,428
	Port of Seattle Wash RB Refunding Series 2011 B (AMT) (AA-/Aa2)
	2,485,000		5.000			09/01/2022		2,613,996
	State of Washington GO Bonds Various Purpose Series 2014 D (AA+/Aaa)
	15,055,000		5.000			02/01/2026		17,152,011


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Washington – (continued)
	University of Washington RB Refunding Series 2012 A (AA+/Aaa)
$	2,500,000		5.000	%		07/01/2029	$	2,683,925
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	985,000		5.000			08/01/2036		1,079,895
	1,715,000		5.000			08/01/2037		1,874,289
	1,715,000		5.000			08/01/2038		1,867,686
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	1,285,000		5.000			08/01/2035		1,420,889
	1,930,000		5.000			08/01/2036		2,115,936
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)^(c)(d)
	5,400,000		5.000			08/01/2024		6,060,312
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)^(c)(d)
	1,265,000		5.000			08/01/2025		1,452,764
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-3 (BBB+/Baa1)^(c)(d)
	4,285,000		5.000			08/01/2026		5,014,950
	Washington State Convention Center Public Facilities District RB Series 2018 (AA-/Aa3)
	6,825,000		5.000			07/01/2048		8,175,121
	Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (BB/NR)^(f)
	745,000		5.000			01/01/2034		755,408
	1,400,000		5.000			01/01/2039		1,404,004
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (AA+/Aaa)^(e)
	6,855,000		0.000			06/01/2028		5,982,770

								128,994,424

West Virginia – 0.8%
	County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (BBB/NR)
	770,000		3.000			03/01/2035		763,401
	2,165,000		3.000			03/01/2037		2,104,294
	2,165,000		3.250			03/01/2041		2,131,031
	State of West Virginia GO Bonds for State Road Series 2019 A (AA-/Aa2)
	6,145,000		5.000			06/01/2035		7,844,584
	State of West Virginia GO Bonds Series 2018 B (AA-/Aa2)
	8,740,000		5.000			06/01/2035		10,911,628
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	770,000		5.000			01/01/2033		933,979
	910,000		5.000			01/01/2034		1,098,297
	1,095,000		5.000			01/01/2035		1,317,077
	2,330,000		5.000			01/01/2036		2,792,831


Municipal Bonds – (continued)
West Virginia – (continued)
	West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (NR/Baa1)
	2,325,000		5.000			09/01/2029		2,914,271
	2,645,000		5.000			09/01/2030		3,314,635
	2,100,000		5.000			09/01/2031		2,623,005
	1,700,000		5.000			09/01/2032		2,117,860
	West Virginia University RB Refunding Series 2020 A (AA-/Aa3)
	20,125,000		1.549			10/01/2025		19,797,164

								60,664,057

Wisconsin – 0.8%
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB/Baa3)
	1,000,000		4.300			11/01/2030		939,070
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (AA/A2)
	220,000		4.000			07/01/2026		247,876
	220,000		4.000			07/01/2027		251,467
	220,000		4.000			07/01/2028		254,056
	220,000		4.000			07/01/2029		253,258
	265,000		4.000			07/01/2030		303,510
	355,000		4.000			07/01/2031		403,571
	420,000		4.000			07/01/2032		474,625
	175,000		4.000			07/01/2033		196,999
	130,000		4.000			07/01/2034		145,380
	155,000		4.000			07/01/2035		172,496
	220,000		4.000			07/01/2036		244,064
	220,000		4.000			07/01/2037		243,364
	265,000		4.000			07/01/2038		292,133
	265,000		4.000			07/01/2039		291,569
	265,000		4.000			07/01/2040		291,238
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	500,000		5.200			12/01/2037		538,715
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (BB/NR)^(f)
	425,000		3.000			04/01/2025		410,410
	500,000		5.000			04/01/2030		535,705
	510,000		5.000			04/01/2040		511,193
	Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)^(f)
	370,000		5.000			06/01/2029		380,060
	710,000		5.000			06/01/2039		697,923
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)
	1,000,000		4.000			01/01/2030		1,001,550
	8,955,000		4.000			01/01/2046		7,505,992
	Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)^(f)
	605,000		4.000			09/01/2029		547,271
	770,000		5.000			09/01/2039		707,160
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)^(f)
	2,770,000		6.125			10/01/2049		2,442,503


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)
Wisconsin – (continued)
	Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (AMT) (A-/NR)
$	2,000,000		2.875	%		05/01/2027	$	1,965,300
	Public Finance Authority RB Series 2019 A-1 (NR/NR)^(f)
	24,345		5.500			12/01/2048		24,345
	Public Finance Authority RB Series 2019 A-2 (NR/NR)^(f)
	51,733		7.250			12/01/2048		51,733
	Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (BBB/NR)
	425,000		5.000			11/15/2044		432,777
	570,000		5.000			11/15/2049		578,231
	Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (BBB+/NR)
	6,000,000		5.250			07/01/2028		6,171,240
	Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (NR/Baa3)^(e)
	13,850,000		0.000			12/15/2027		10,564,365
	Public Finance Authority Waste Management Inc. Project RB Refunding Series 2016 A-3 (AMT) (A-/NR)^(c)(d)
	10,000,000		2.000			06/01/2021		9,993,000
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (BBB/NR)
	350,000		4.000			03/15/2030		394,236
	345,000		4.000			03/15/2040		364,234
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (NR/Baa1)
	1,185,000		3.000			02/01/2042		1,091,432
	390,000		4.000			02/01/2045		408,732
	Wisconsin State Health & Educational Facilities Authority RB for Saint John’s Communities, Inc. Project Series 2018 A (BBB-/NR)
	275,000		4.000			09/15/2021		274,802
	225,000		4.000			09/15/2022		224,320
	250,000		4.000			09/15/2023		248,483
	365,000		4.000			09/15/2024		361,620
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Fort Healthcare, Inc. Series 2014 (BBB+/NR)
	410,000		5.000			05/01/2020		411,099
	Wisconsin State RB Refunding Series 2020 A (AA/Aa2)
	5,600,000		2.096			05/01/2026		5,612,880

								59,455,987

Wyoming – 0.3%
	County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A/A3)
	21,840,000		3.625			07/15/2039		21,984,144

	TOTAL MUNICIPAL BONDS
	(Cost $7,027,917,165)						$	7,037,909,927



Corporate Bonds - 0.2%
Consumer Services – 0.1%
	Howard University Series 2020
$	1,250,000		2.516	%		10/01/2025	$	1,320,120
	1,840,000		2.657			10/01/2026		1,969,464
	1,500,000		2.757			10/01/2027		1,624,640
	1,545,000		2.845			10/01/2028		1,665,806

								6,580,030

Health Care Equipment & Services – 0.1%
	CommonSpirit Health
	470,000		4.350			11/01/2042		460,103
	Prime Healthcare Foundation, Inc. Series B
	4,975,000		7.000			12/01/2027		6,126,198

								6,586,301

	TOTAL CORPORATE BONDS
	(Cost $11,459,914)						$	13,166,331

	TOTAL INVESTMENTS – 96.1%
	(Cost $7,039,377,079)						$	7,051,076,258

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.9%							285,128,784

	NET ASSETS – 100.0%						$	7,336,205,042



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

(a)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(b)		Zero coupon bond until next reset date.

(c)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2020.

(d)		Variable Rate Demand Instruments - rate shown is that which is in effect on March 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

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

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

(g)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2020.

(h)		When-issued security.

(i)		Security is currently in default.

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


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

March 31, 2020



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


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund			Credit Spread at March 31, 2020^(b)			Counterparty		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023		1.000	%		0.242	%		Bank of America NA		03/20/2023	USD	1,000	$	22,736	$	(14,722	)	$	37,458
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000			0.242			JPMorgan Chase Bank NA		03/20/2023		1,000		22,736		(14,723	)		37,459

TOTAL													$	45,472	$	(29,445	)	$	74,917

(a)

Payments received quarterly.

(b)

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

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund^(a)	Payments Received by the Fund		Termination Date	Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.250%		3 Month LIBOR	12/21/2041	USD	19,600	$	(5,640,197	)	$	(1,125,016	)	$	(4,515,181	)
2.250		3 Month LIBOR	03/18/2050		38,200		(14,236,439	)		(2,155,253	)		(12,081,186	)

TOTAL						$	(19,876,636	)	$	(3,280,269	)	$	(16,596,367	)

(a)

Payments made semi-annually.


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – 96.6%
Alabama – 2.1%
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B-/B3)
$	14,525,000	5.750%		10/01/2049	$	12,955,864
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	850,000	5.000		10/01/2024		960,415
	850,000	5.000		10/01/2025		980,840
	4,125,000	5.000		10/01/2030		4,741,729
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)^(a)
	5,750,000	0.000		10/01/2038		5,540,872
	6,000,000	0.000		10/01/2042		5,762,820
	2,775,000	0.000		10/01/2046		2,655,259
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	8,300,000	6.000		10/01/2042		9,569,402
	19,850,000	7.000		10/01/2051		23,400,768
	81,815,000	6.500		10/01/2053		95,039,577

						161,607,546

Alaska – 0.1%
	Northern Tobacco Securitization Corp. RB Refunding Asset- Backed Bonds Series 2006 A (NR/B3)
	6,280,000	5.000		06/01/2046		6,280,691
	Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)^(b)
	6,780,000	0.000		06/01/2046		734,613

						7,015,304

Arizona – 1.9%
	Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (A-/A3)
	4,500,000	4.500		03/01/2030		4,525,380
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(c)
	63,640,000	(3 Mo. LIBOR + 0.81%), 2.089		01/01/2037		61,434,874
	Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (AA-/NR)
	665,000	4.000		07/01/2047		692,810
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)
	1,500,000	4.000		11/01/2049		1,552,425
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BBB+/NR)
	1,000,000	5.000		01/01/2043		892,600
	5,250,000	4.500		01/01/2049		4,176,953
	3,300,000	5.000		01/01/2054		2,782,923
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BBB/NR)
	575,000	5.000		01/01/2043		506,679
	3,200,000	5.000		01/01/2049		2,725,216
	1,000,000	5.125		01/01/2054		848,600


Municipal Bonds – (continued)
Arizona – (continued)
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (NR/Baa1)
	1,000,000	5.000		05/01/2038		1,018,860
	2,780,000	5.000		05/01/2043		2,797,097
	2,500,000	5.000		05/01/2048		2,472,450
	2,000,000	5.000		05/01/2051		1,946,700
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A+/A1)
	1,625,000	3.000		07/01/2049		1,610,066
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A+/A1)
	1,085,000	4.000		07/01/2044		1,149,894
	3,520,000	5.000		07/01/2044		4,070,634
	2,710,000	3.250		07/01/2049		2,636,152
	1,625,000	5.000		07/01/2049		1,864,801
	City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,250,000	6.250		12/01/2042		1,273,950
	1,325,000	6.250		12/01/2046		1,348,479
	Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)
	635,000	3.500		07/01/2029		595,160
	600,000	4.100		07/01/2034		549,996
	1,925,000	4.750		07/01/2043		1,722,779
	La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR)^(d)
	3,100,000	6.000		08/01/2028		2,858,634
	16,130,000	6.250		08/01/2040		14,071,489
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Public Service Co. of New Mexico Palo Verde Project Series 2003 A (BBB+/Baa2)
	5,000,000	6.250		01/01/2038		5,043,700
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (BB/NR)^(d)
	700,000	5.000		07/01/2050		652,526
	700,000	5.000		07/01/2054		638,232
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2)
	1,500,000	5.000		07/01/2049		1,703,310
	1,650,000	5.000		07/01/2054		1,857,240
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (A-/A3)
	5,350,000	4.500		06/01/2030		5,379,318
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A-/A3)
	3,390,000	4.000		09/01/2029		3,413,222
	Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR)
	1,520,000	5.000		12/01/2050		1,278,183
	1,900,000	5.000		12/01/2054		1,576,392
	The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (NR/Baa3)
	850,000	5.000		07/01/2037		950,767
	1,000,000	5.000		07/01/2042		1,107,330


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Arizona – (continued)
	University Medical Center Corp. RB Series 2011 (NR/WR)^(e)
$	3,500,000		6.000	%		07/01/2021	$	3,706,360

								149,432,181

Arkansas – 0.2%
	Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (A/NR)
	7,235,000		5.000			12/01/2047		8,643,148
	5,370,000		3.200			12/01/2049		5,612,885

								14,256,033

California – 12.0%
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE) (AA-/Aa2)^(b)
	1,600,000		0.000			08/01/2026		1,401,264
	Alameda County Oakland Unified School District GO Bonds Election of 2012 Series 2015 A (A-/A1)
	3,000,000		5.000			08/01/2040		3,442,830
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)^(b)
	4,995,000		0.000			08/01/2037		3,091,705
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A2)^(b)
	1,850,000		0.000			08/01/2036		1,132,422
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	465,000		5.000			05/01/2040		550,937
	1,000,000		5.000			05/01/2043		1,179,310
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA/A2)^(b)
	1,055,000		0.000			08/01/2025		965,947
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BBB-/NR)
	2,755,000		5.250			05/01/2048		2,956,501
	2,850,000		5.250			05/01/2053		3,046,507
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)^(b)
	130,120,000		0.000			06/01/2055		9,804,542
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	1,500,000		5.000			02/01/2042		1,775,295
	4,000,000		5.000			02/01/2047		4,698,760
	California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A+/A1)
	8,100,000		5.000			11/15/2056		9,313,542
	California Municipal Finance Authority RB for CHF-Riverside II LLC UCR North District Phase 1 Student Housing Project Series 2019 (NR/Baa3)
	1,400,000		5.000			05/15/2049		1,484,966
	950,000		5.000			05/15/2052		1,006,240
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,800,000		5.000			02/01/2042		2,005,344
	17,675,000		5.000			02/01/2047		19,545,722


Municipal Bonds – (continued)
California – (continued)
	California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB-/NR)
	3,200,000		5.000			12/31/2043		3,410,976
	4,405,000		5.000			12/31/2047		4,664,190
	California Municipal Finance Authority RB for United Airlines, Inc. Project Series 2019 (AMT) (BB-/NR)
	20,125,000		4.000			07/15/2029		20,170,483
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	250,000		5.000			10/01/2034		270,640
	250,000		5.000			10/01/2036		268,770
	300,000		5.000			10/01/2037		321,738
	300,000		5.000			10/01/2038		320,325
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	6,625,000		5.000			12/31/2037		7,158,511
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)^(d)
	7,550,000		6.750			12/01/2028		7,083,410
	45,930,000		7.500			12/01/2040		42,746,592
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB/Baa3)^(d)
	15,850,000		5.000			11/21/2045		15,512,712
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)^(d)
	1,540,000		5.000			06/15/2050		1,535,118
	1,030,000		5.000			06/15/2055		1,005,744
	California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (BB+/NR)^(d)
	750,000		5.000			07/01/2050		756,750
	1,000,000		5.000			07/01/2058		1,001,130
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	1,540,000		5.000			09/01/2030		1,713,851
	1,635,000		5.000			09/01/2037		1,778,340
	California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)
	850,000		4.000			09/02/2044		867,391
	685,000		5.000			09/02/2049		765,583
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)
	1,800,000		5.000			09/02/2033		2,043,990
	1,620,000		5.000			09/02/2038		1,803,627
	625,000		5.000			09/02/2043		690,969
	1,940,000		5.000			09/02/2048		2,134,058
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR)
	1,425,000		5.000			09/02/2039		1,587,821
	950,000		5.000			09/02/2044		1,055,402
	1,000,000		5.000			09/02/2048		1,106,670


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 B (NR/NR)
$	950,000		5.000	%		09/02/2039	$	1,060,960
	1,080,000		5.000			09/02/2044		1,197,094
	1,570,000		5.000			09/02/2049		1,732,181
	California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)^(d)
	375,000		5.000			06/01/2034		388,931
	475,000		5.000			06/01/2039		484,063
	1,340,000		5.000			06/01/2051		1,343,819
	California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)
	1,875,000		5.875			11/01/2043		1,969,425
	California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (BB-/NR)^(d)
	9,000,000		5.500			12/01/2058		9,838,710
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (A-/NR)
	500,000		5.000			08/01/2038		610,875
	3,000,000		4.000			08/01/2045		3,201,780
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (BB+/NR)^(d)
	2,350,000		5.250			07/01/2039		2,428,043
	3,125,000		5.250			07/01/2049		3,182,031
	1,450,000		5.250			07/01/2052		1,473,244
	California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)^(d)
	1,270,000		3.000			11/01/2022		1,251,661
	935,000		5.000			11/01/2032		982,480
	1,875,000		5.000			11/01/2041		1,916,456
	California Statewide Communities Development Authority RB Refunding for Enloe Medical Center Series 2015 (CA MTG INS) (AA-/NR)
	2,850,000		5.000			08/15/2038		3,329,854
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)
	1,200,000		5.000			04/01/2047		1,400,676
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (BB-/NR)
	6,235,000		5.500			12/01/2054		6,645,699
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
	2,220,000		5.000			09/02/2038		2,471,637
	2,500,000		5.000			09/02/2048		2,729,200
	California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (NR/Baa1)
	3,750,000		5.000			05/15/2042		4,189,725
	5,750,000		5.000			05/15/2047		6,380,200
	5,640,000		5.000			05/15/2050		6,242,465


Municipal Bonds – (continued)
California – (continued)
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)^(b)
	35,600,000		0.000			06/01/2046		3,865,448
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE) (NR/Baa2)^(b)
	7,000,000		0.000			09/01/2033		4,915,330
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	190,000		3.000			09/01/2037		170,949
	195,000		3.000			09/01/2038		171,693
	205,000		3.000			09/01/2039		182,079
	210,000		3.000			09/01/2040		184,378
	715,000		3.125			09/01/2044		627,234
	City of Azusa Community Facilities District No. 2005-1 Special Tax Series 2019 (AGM) (AA/NR)
	685,000		5.000			09/01/2044		818,232
	1,035,000		5.000			09/01/2049		1,227,562
	City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (A+/NR)^(e)
	750,000		6.500			12/01/2021		816,967
	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		3,185,370
	City of Goleta Redevelopment Agency Tax Allocation for Goleta Old Town Redevelopment Project Series 2011 (NR/NR)
	670,000		7.750			12/01/2031		672,707
	5,000,000		8.000			06/01/2044		5,021,300
	City of Oroville RB for Oroville Hospital Series 2019 (BB+/NR)
	1,900,000		5.250			04/01/2034		2,271,811
	3,565,000		5.250			04/01/2039		4,097,540
	14,580,000		5.250			04/01/2049		16,175,198
	13,840,000		5.250			04/01/2054		15,288,217
	City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (A-/NR)
	600,000		5.000			09/02/2030		649,920
	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		538,490
	700,000		5.000			09/01/2049		756,672
	City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)^(d)
	280,000		5.000			09/01/2032		308,532
	700,000		5.000			09/01/2037		766,003
	1,745,000		5.000			09/01/2047		1,885,158
	City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)
	405,000		5.000			09/01/2044		451,591
	535,000		5.000			09/01/2049		593,224
	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		1,340,223
	200,000		4.000			09/01/2045		203,598
	1,420,000		5.000			09/01/2049		1,554,971


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR)
$	695,000		3.000	%		09/01/2050	$	578,017
	1,875,000		4.000			09/01/2050		1,900,204
	Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL-RE) (A-/Baa2)^(b)
	1,305,000		0.000			08/01/2027		1,131,761
	Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)
	1,485,000		5.000			09/01/2027		1,647,697
	2,285,000		5.000			09/01/2037		2,541,445
	6,680,000		5.000			09/01/2047		7,326,758
	East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)
	460,000		3.125			09/01/2044		398,291
	2,000,000		3.125			09/01/2049		1,698,680
	El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL-RE) (A-/Baa2)^(b)
	5,400,000		0.000			08/01/2032		4,080,726
	Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (XLCA) (AA-/WR)^(b)
	4,180,000		0.000			04/01/2029		3,481,647
	Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL-RE) (AA-/Aa3)^(b)
	3,460,000		0.000			10/01/2032		2,661,640
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (AA/A2)^(b)
	12,000,000		0.000			01/15/2035		8,195,400
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (A-/Baa2)
	37,510,000		3.950			01/15/2053		39,199,826
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)^(a)
	1,000,000		0.000			01/15/2032		1,120,000
	Fullerton Public Financing Authority Tax Allocation Series 2005 (AMBAC) (A/WR)
	200,000		5.000			09/01/2027		203,244
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)^(b)
	77,260,000		0.000			06/01/2047		13,701,288
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC-/NR)^(b)
	147,670,000		0.000			06/01/2047		26,187,798
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)
	8,900,000		5.000			06/01/2047		8,539,639
	5,400,000		5.250			06/01/2047		5,278,068
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-2 (NR/NR)
	3,500,000		5.000			06/01/2047		3,358,320


Municipal Bonds – (continued)
California – (continued)
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	27,780,000		5.300			06/01/2037		27,856,395
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)^(b)
	100,945,000		0.000			06/01/2036		34,466,661
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (CCC/NR)^(b)
	51,235,000		0.000			06/01/2047		8,337,984
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (CCC/NR)^(b)
	260,660,000		0.000			06/01/2057		15,895,047
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds Series 2019 (A-/NR)
	2,070,000		3.678			06/01/2038		2,122,971
	Irvine Community Facilities District No. 2013-3 Special Tax Series 2018 (AGM) (AA/NR)
	1,150,000		5.000			09/01/2051		1,356,885
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	1,655,000		5.000			09/01/2047		1,819,137
	1,925,000		5.000			03/01/2057		2,101,272
	Lammersville Joint Unified School District Special Tax Bonds for Community Facilities District No. 2007-1 Series 2013 (NR/NR)
	2,750,000		6.000			09/01/2043		3,019,637
	Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)
	215,000		6.625			08/01/2024		215,817
	Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (AA-/Aa3)^(b)
	49,925,000		0.000			08/01/2050		16,506,204
	Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A/NR)
	1,625,000		6.750			09/01/2026		1,747,866
	1,500,000		7.000			09/01/2031		1,619,535
	875,000		7.250			09/01/2038		944,816
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)^(b)
	3,750,000		0.000			08/01/2035		2,596,650
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	14,850,000		6.500			11/01/2039		20,752,875
	M-S-R Energy Authority Gas RB Series 2009 B (BBB+/NR)
	2,000,000		6.500			11/01/2039		2,795,000
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	9,870,000		6.125			11/01/2029		11,910,030
	21,765,000		6.500			11/01/2039		30,416,588
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)^(a)
	7,000,000		0.000			08/01/2030		7,574,910


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (ASSURED GTY) (AA/Aa3)^(b)
$	860,000	0.000 %		08/01/2025	$	789,910
	1,105,000	0.000		08/01/2026		993,572
	5,550,000	0.000		08/01/2030		4,496,721
	7,830,000	0.000		08/01/2032		5,989,637
	7,000,000	0.000		08/01/2034		5,027,330
	Orange County California Community Facilities District No. 2015-1 Village of Esencia Special Tax Bonds Series 2015 A (NR/NR)
	2,925,000	5.250		08/15/2045		3,190,385
	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		291,020
	200,000	5.000		08/15/2028		236,820
	2,900,000	5.000		08/15/2047		3,225,409
	Oxnard School District GO Bonds Election of 2016 Series 2016 B (BAM) (AA/NR)^(f)
	7,800,000	2.000		08/01/2021		8,407,698
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,500,000	5.000		11/01/2047		13,424,525
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)
	10,750,000	7.000		08/01/2038		15,198,243
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE) (AA/Aa2)^(b)
	1,805,000	0.000		08/01/2025		1,662,297
	Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (AA-/Aa3)^(b)
	1,300,000	0.000		08/01/2040		780,169
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	500,000	4.000		09/01/2029		532,615
	500,000	4.000		09/01/2030		531,020
	650,000	4.000		09/01/2031		682,468
	900,000	3.000		09/01/2032		865,773
	820,000	3.000		09/01/2033		779,508
	750,000	3.000		09/01/2034		709,665
	Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (AA/Aa3)^(b)
	6,170,000	0.000		08/01/2036		3,810,900
	River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	4,835,000	5.375		09/01/2031		5,178,092
	880,000	5.250		09/01/2034		937,279
	6,815,000	5.500		09/01/2045		7,222,196
	River Islands Public Financing Authority Special Tax for Community Facilities District No. 2003-1 Series 2015 B (NR/NR)
	22,500,000	5.500		09/01/2045		23,909,175


Municipal Bonds – (continued)
California – (continued)
	Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)^(b)
	2,220,000	0.000		10/01/2033		1,575,600
	2,220,000	0.000		10/01/2035		1,471,838
	1,840,000	0.000		10/01/2037		1,141,683
	5,100,000	0.000		10/01/2038		3,055,002
	8,425,000	0.000		10/01/2039		4,897,537
	13,395,000	0.000		10/01/2040		7,495,842
	7,275,000	0.000		10/01/2041		3,924,644
	6,360,000	0.000		10/01/2042		3,309,617
	Riverside County Redevelopment Agency Tax Allocation for Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)
	1,225,000	6.500		10/01/2025		1,321,628
	1,950,000	6.750		10/01/2030		2,111,031
	Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (A/NR)
	2,000,000	5.750		06/01/2048		2,145,100
	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		897,335
	1,865,000	5.000		09/01/2033		2,116,141
	2,250,000	5.000		09/01/2035		2,528,663
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)^(c)
	6,405,000	(3 Mo. LIBOR + 0.53%), 1.589		12/01/2035		6,126,639
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)^(c)
	3,920,000	(3 Mo. LIBOR + 0.55%), 1.609		06/01/2034		3,687,936
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE) (A+/A1)^(b)
	1,420,000	0.000		08/01/2025		1,294,657
	San Diego County Regional Airport Authority RB Refunding Series 2019 B (AMT) (A/NR)
	1,000,000	4.000		07/01/2044		1,066,400
	San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (AA-/Aa2)^(b)
	10,000,000	0.000		07/01/2030		8,218,700
	3,000,000	0.000		07/01/2031		2,398,860
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay North Redevelopment Series 2011 C (A-/NR)^(e)
	500,000	6.750		02/01/2021		523,195
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2011 D (BBB+/NR)^(e)
	435,000	6.625		02/01/2021		454,175
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (A-/NR)
	3,000,000	5.000		01/15/2029		3,258,540


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE) (A+/Aa2)^(b)
$	1,580,000		0.000	%		08/01/2024	$	1,485,864
	1,595,000		0.000			08/01/2025		1,468,899
	San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2013 (NR/NR)
	2,000,000		5.000			09/01/2042		2,091,800
	San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2014 (NR/NR)
	2,000,000		5.500			09/01/2044		2,097,440
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)
	2,000,000		5.000			07/01/2042		2,078,340
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)^(b)
	88,700,000		0.000			06/01/2056		7,818,018
	State of California GO Bonds for Bid Group A Series 2019 (AA-/Aa2)
	33,080,000		2.500			10/01/2029		34,148,484
	State of California GO Bonds RMKT 10/01/12 Series 2004 A-5 (AA+/Aa1)^(f)(g)
	16,310,000		0.700			04/01/2020		16,310,000
	Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR)
	4,000,000		5.250			09/01/2042		4,207,720
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (BBB+/NR)
	4,740,000		5.000			06/01/2048		4,976,905
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB-/NR)
	3,700,000		5.000			06/01/2048		3,762,456
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)^(b)
	9,510,000		0.000			06/01/2054		1,445,425
	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		811,178
	1,000,000		5.000			09/01/2045		1,067,850
	Union City Community Redevelopment Agency Tax Allocation for Community Redevelopment Project Sub Lien Series 2011 (A+/NR)^(e)
	1,500,000		6.875			12/01/2021		1,643,190
	West Hollywood Community Development Commission Tax Allocation for East Side Redevelopment Project Series 2011 A (A-/NR)
	1,000,000		7.250			09/01/2031		1,089,540
	5,000,000		7.500			09/01/2042		5,451,150
	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		1,513,386


Municipal Bonds – (continued)
California – (continued)
	William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (AA/Aa2)^(b)
	8,360,000		0.000			08/01/2034		5,770,741
	Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (AA-/Aa2)^(a)
	19,135,000		0.000			08/01/2042		18,704,080

								943,490,616

Colorado – 4.7%
	Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	750,000		5.000			12/01/2037		703,882
	1,065,000		5.125			12/01/2047		969,182
	Arista Metropolitan District GO Refunding Bonds Series 2018 A (NR/NR)
	3,000,000		5.125			12/01/2048		2,942,340
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,375,000		5.125			12/01/2046		2,260,549
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR)
	670,000		7.000			12/15/2047		600,199
	Broadway Station Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	2,500,000		5.125			12/01/2048		2,407,200
	Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR)
	1,000,000		6.375			12/15/2047		914,940
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	2,250,000		5.375			12/01/2048		2,058,480
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,750,000		6.000			12/01/2037		1,749,825
	4,000,000		6.125			12/01/2047		3,934,160
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	2,000,000		6.125			12/01/2047		1,807,260
	Centerra Metropolitan District No. 1 Special RB Refunding & Improvement Bonds Series 2017 (NR/NR)^(d)
	6,500,000		5.000			12/01/2047		6,031,610
	Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR)
	500,000		7.375			12/15/2047		469,995
	Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	790,000		4.375			12/01/2032		739,803
	Colorado Crossing Metropolitan District No. 2 Limited Property Tax Supported RB Series 2017 (NR/NR)
	7,390,000		7.500			12/01/2047		6,773,452
	Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (NR/Ba1)^(d)
	4,000,000		5.000			10/01/2049		3,850,800


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (NR/Baa3)
$	2,750,000		5.000	%		11/01/2054	$	2,874,740
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (A-/NR)
	3,500,000		4.500			12/01/2033		3,500,910
	3,500,000		5.000			12/01/2033		3,579,135
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (A-/NR)
	3,000,000		5.750			12/01/2036		3,225,030
	Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2013 (NR/WR)^(e)
	3,000,000		5.625			06/01/2023		3,399,840
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (A-/NR)^(e)
	4,410,000		5.000			06/01/2027		5,512,368
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)
	2,045,000		4.000			11/01/2039		2,287,742
	8,790,000		5.000			11/01/2039		10,817,853
	9,790,000		5.000			11/01/2044		11,832,096
	2,300,000		5.000			11/01/2049		2,758,068
	Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (BBB/NR)
	965,000		5.000			12/31/2047		982,872
	965,000		5.000			12/31/2051		980,402
	2,980,000		5.000			12/31/2056		3,021,213
	Colorado Regional Transportation District Tax-Exempt Private Activity RB for Denver Transit Partners Eagle P3 Project Series 2010 (BBB-/Baa3)
	12,860,000		6.000			01/15/2041		12,936,774
	Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)
	3,000,000		5.750			12/01/2047		2,701,920
	Copper Ridge Metropolitan District RB Series 2019 (NR/NR)
	4,240,000		5.000			12/01/2039		3,943,497
	1,750,000		5.000			12/01/2043		1,587,582
	Copperleaf Metropolitan District No. 2 GO Refunding Series 2019 B (NR/NR)
	510,000		5.000			12/15/2049		448,795
	Copperleaf Metropolitan District No. 2 Limited Tax Convertible to Unlimited Tax GO Refunding Series 2015 (NR/NR)
	500,000		5.250			12/01/2030		504,125
	2,000,000		5.750			12/01/2045		2,010,300
	Copperleaf Metropolitan District No. 3 GO Bonds Series 2017 A (NR/NR)
	500,000		5.000			12/01/2037		493,615
	700,000		5.125			12/01/2047		676,361
	Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR)
	506,000		7.625			12/15/2047		489,676
	Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.250			12/01/2048		1,933,720


Municipal Bonds – (continued)
Colorado – (continued)
	Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)
	820,000		7.500			12/15/2048		788,028
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	1,000,000		5.125			12/01/2037		973,310
	2,100,000		5.250			12/01/2047		2,025,660
	Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)
	2,165,000		5.000			12/01/2049		1,937,805
	Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)^(d)
	4,165,000		5.500			12/01/2039		3,643,292
	10,900,000		5.750			12/01/2049		9,325,059
	Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR)^(d)
	2,370,000		8.000			12/15/2049		2,092,520
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (BB-/NR)
	13,215,000		5.000			10/01/2032		13,033,955
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(d)
	5,555,000		5.000			12/01/2028		6,761,324
	7,200,000		5.000			12/01/2034		8,625,888
	4,800,000		4.000			12/01/2035		5,307,120
	4,800,000		4.000			12/01/2036		5,293,152
	Denver Connection West Metropolitan District GO Bonds Series 2017 A (NR/NR)
	2,470,000		5.375			08/01/2047		2,291,691
	Denver Connection West Metropolitan District GO Bonds Subordinate Series 2017 B (NR/NR)
	1,269,000		8.000			08/01/2047		1,173,495
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	425,000		5.000			12/01/2032		520,816
	1,825,000		4.000			12/01/2038		2,018,249
	1,690,000		5.000			12/01/2048		1,960,688
	Denver Health & Hospital Authority RB Series 2019 A (BBB/NR)
	1,185,000		4.000			12/01/2038		1,321,085
	1,900,000		4.000			12/01/2039		2,115,042
	950,000		4.000			12/01/2040		1,054,633
	Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR)
	3,800,000		5.000			06/01/2049		3,242,350
	E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL-RE) (A/A2)^(b)
	3,000,000		0.000			09/01/2039		1,288,500
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)^(b)
	15,000,000		0.000			09/01/2028		12,138,900
	4,100,000		0.000			09/01/2034		2,680,621
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A/A2)^(b)
	1,715,000		0.000			09/01/2028		1,086,624


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	E-470 Public Highway Authority RB Series 2010 A (A/A2)^(b)
$	20,000,000		0.000	%		09/01/2040	$	10,367,400
	First Creek Village Metropolitan District GO Bonds Series 2019 A (NR/Ba1)
	1,080,000		5.000			08/01/2049		1,131,743
	First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR)
	515,000		6.750			08/01/2049		517,384
	Fitzsimons Village Metropolitan District No. 1 GO Refunding Bonds Series 2020 A (NR/NR)
	1,045,000		5.000			12/01/2049		912,598
	Forest Trace Metropolitan District No. 3 GO Unlimited Bonds Series 2016 A (NR/NR)^(e)
	1,000,000		5.000			12/01/2021		1,081,840
	Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR)
	4,500,000		5.750			12/01/2048		4,195,575
	Haskins Station Metropolitan District GO Bonds Series 2019 A (NR/NR)
	650,000		5.000			12/01/2039		582,400
	925,000		5.000			12/01/2049		780,635
	High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL-RE) (NR/Baa2)
	3,930,000		4.000			12/01/2047		4,327,716
	Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)
	1,000,000		5.000			12/01/2049		925,820
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	4,190,000		5.000			12/01/2049		3,750,301
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR)
	683,000		7.750			12/15/2049		611,599
	Leyden Rock Metropolitan District No. 10 Limited Tax GO Refunding & Improvement Bonds Series 2016 A (NR/NR)
	1,250,000		5.000			12/01/2045		1,199,550
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	2,665,000		5.000			12/01/2049		2,334,060
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR)
	1,473,000		7.375			12/15/2049		1,227,937
	Mountain Sky Metropolitan District GO Bonds Series 2020 A (NR/NR)
	980,000		5.000			12/01/2049		827,051
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	1,260,000		5.500			12/01/2048		1,126,919
	North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR)
	3,270,000		5.625			12/01/2037		3,174,483
	5,380,000		5.750			12/01/2047		5,136,286
	Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (BBB-/NR)
	330,000		4.000			12/01/2032		351,348
	320,000		4.000			12/01/2033		337,760


Municipal Bonds – (continued)
Colorado – (continued)
	Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (BBB-/NR) – (continued)
	190,000		4.000			12/01/2034		200,606
	550,000		4.000			12/01/2036		575,712
	215,000		4.000			12/01/2038		223,112
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	2,095,000		4.375			12/01/2031		1,920,926
	1,825,000		5.000			12/01/2046		1,674,803
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR)
	4,711,000		7.250			12/15/2049		3,993,091
	Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,500,000		5.125			12/01/2049		1,281,405
	Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)^(d)
	1,000,000		5.000			12/01/2040		1,001,190
	Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)
	800,000		5.000			12/01/2049		696,640
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	2,000,000		5.625			12/01/2048		1,842,800
	Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)^(d)
	3,000,000		5.000			12/15/2041		2,869,620
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)
	4,200,000		6.500			11/15/2038		5,946,150
	Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	9,930,000		5.000			12/01/2049		8,415,874
	Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,150,000		5.000			12/01/2049		981,583
	Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR)^(d)
	1,055,000		5.000			12/01/2050		899,314
	Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)
	3,450,000		5.000			12/01/2039		3,147,332
	5,695,000		5.000			12/01/2049		4,909,716
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	550,000		5.125			12/01/2037		526,840
	1,000,000		5.125			12/01/2043		938,060
	Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)
	635,000		7.250			12/15/2035		592,347
	Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
	1,500,000		5.500			12/01/2046		1,478,580
	Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
	750,000		4.500			12/01/2031		710,123
	Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)
	1,460,000		5.000			12/01/2049		1,282,391


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
$	375,000		4.000	%		12/01/2039	$	428,426
	750,000		4.000			12/01/2044		847,680
	2,210,000		3.000			12/01/2049		2,207,481
	South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR)
	2,208,000		8.000			12/15/2048		2,038,536
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000		5.500			12/01/2048		451,460
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	2,550,000		5.125			12/01/2047		2,350,233
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa1)
	650,000		5.000			12/01/2039		739,174
	Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (MUN GOVT GTD) (NR/NR)
	8,920,000		5.000			12/01/2038		8,584,162
	18,750,000		5.000			12/01/2047		17,499,563
	Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.625			12/01/2047		1,814,380
	Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (NR/Baa3)
	8,000,000		6.000			12/01/2050		9,353,600
	Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR)
	880,000		5.250			12/01/2037		809,538
	2,400,000		5.375			12/01/2047		2,168,664
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)^(h)
	805,000		5.000			12/01/2050		940,594
	Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (AA/NR)
	1,205,000		3.250			12/15/2050		1,251,344
	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		1,310,008
	Vista Ridge Metropolitan District GO Refunding Bonds Limited Tax Subseries 2006 B (NR/NR)^(e)
	1,725,000		9.500			12/01/2021		1,981,714
	Westown Metropolitan District GO Bonds Series 2017 A (NR/NR)
	880,000		5.000			12/01/2047		791,340
	Whispering Pines Metropolitan District No. 1 GO Bonds Subordinated Series 2017 B (NR/NR)
	1,490,000		7.375			12/15/2047		1,357,584
	Whispering Pines Metropolitan District No. 1 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037		999,150
	2,500,000		5.000			12/01/2047		2,338,900
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	3,470,000		5.375			12/01/2048		3,179,041


Municipal Bonds – (continued)
Colorado – (continued)
	Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,000,000		5.000			12/01/2049		919,000
	Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,500,000		6.500			12/01/2047		1,525,200

								370,307,510

Connecticut – 0.7%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	900,000		5.500			08/01/2034		1,026,729
	500,000		5.500			08/01/2035		568,530
	420,000		5.500			08/01/2036		476,158
	400,000		5.500			08/01/2037		452,192
	410,000		5.500			08/01/2038		462,025
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-2 (AAA/Aaa)^(f)(g)
	20,535,000		0.600			04/01/2020		20,535,000
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)
	1,015,000		4.000			07/01/2039		983,261
	3,500,000		4.000			07/01/2044		3,304,560
	3,500,000		4.000			07/01/2049		3,244,885
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (B-/NR)^(d)
	20,200,000		7.000			02/01/2045		19,045,166
	State of Connecticut GO Bonds Series 2018 (A/A1)
	450,000		5.000			06/15/2032		544,050
	State of Connecticut GO Unlimited Bonds Series 2019 A (A/A1)
	500,000		4.000			04/15/2037		543,795
	Town of Hamden GO Refunding Bonds Series 2013 (AGM) (AA/A2)
	500,000		5.000			08/15/2023		559,800

								51,746,151

Delaware – 0.3%
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A (NR/NR)
	4,655,000		5.450			07/01/2035		4,311,182
	Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2010 (A-/Baa1)
	3,000,000		5.400			02/01/2031		3,030,300
	Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (A-/NR)
	3,785,000		5.000			11/15/2048		3,792,683
	Delaware Economic Development Authority RB for Indian River Power LLC Project Series 2010 (NR/Baa2)
	2,050,000		5.375			10/01/2045		2,061,521
	Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (AA-/NR)
	6,130,000		4.000			07/01/2043		6,764,823


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Delaware – (continued)
	Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (BBB-/NR)
$	855,000		5.000	%		08/01/2049	$	908,720
	795,000		5.000			08/01/2054		841,396

								21,710,625

District of Columbia – 1.2%
	District of Columbia RB for International School Series 2019 (BBB/NR)
	1,275,000		5.000			07/01/2049		1,448,910
	1,140,000		5.000			07/01/2054		1,285,110
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)
	655,000		4.000			07/01/2044		651,378
	1,300,000		4.000			07/01/2049		1,274,078
	Metropolitan Washington Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (A-/Baa1)
	37,100,000		6.500			10/01/2044		45,990,644
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (A-/Baa2)
	805,000		4.000			10/01/2044		821,978
	1,075,000		5.000			10/01/2047		1,194,336
	1,610,000		4.000			10/01/2049		1,629,062
	1,340,000		4.000			10/01/2053		1,351,336
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (AA/A2)
	2,470,000		3.000			10/01/2050		2,334,051
	4,095,000		4.000			10/01/2053		4,203,477
	Metropolitan Washington Airports Authority Dulles Toll Road RB Third Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2009 C (ASSURED GTY) (AA/A3)
	25,000,000		6.500			10/01/2041		30,807,250

								92,991,610

Florida – 14.2%
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
	630,000		5.000			05/01/2039		631,796
	1,035,000		5.100			05/01/2049		1,037,939
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,580,000		3.625			05/01/2040		1,363,477
	3,980,000		4.000			05/01/2051		3,418,342
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
	3,180,000		6.300			05/01/2035		3,242,869
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	1,725,000		3.500			05/01/2031		1,796,725
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	4,000,000		3.500			05/01/2032		4,356,120
	6,755,000		3.700			05/01/2036		7,367,206


Municipal Bonds – (continued)
Florida – (continued)
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	755,000		4.625			05/01/2028		744,052
	1,875,000		5.000			05/01/2036		1,888,875
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B (NR/NR)
	5,095,000		6.900			05/01/2025		5,228,030
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR)
	3,675,000		6.900			05/01/2036		3,754,306
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR)
	960,000		6.900			05/01/2036		973,162
	Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)
	530,000		4.000			11/01/2040		467,953
	1,425,000		4.000			11/01/2050		1,200,933
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)^(d)
	1,845,000		5.100			05/01/2039		1,850,240
	3,080,000		5.200			05/01/2049		3,088,716
	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		598,033
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	750,000		5.750			05/01/2048		816,705
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	1,850,000		6.000			05/01/2048		2,025,750
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	1,070,000		3.625			05/01/2031		1,150,485
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)^(d)
	900,000		4.500			06/01/2039		857,682
	650,000		4.625			06/01/2049		612,280
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	185,000		4.250			11/01/2021		185,472
	920,000		4.750			11/01/2026		928,942
	705,000		5.000			11/01/2031		714,905
	6,035,000		5.250			11/01/2046		6,142,664
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)^(d)
	935,000		5.000			11/01/2049		949,857
	750,000		5.125			11/01/2049		769,080


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
$	325,000		4.500	%		11/01/2025	$	330,528
	990,000		5.000			11/01/2036		1,025,591
	1,085,000		5.000			11/01/2048		1,113,123
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	1,860,000		4.250			05/01/2029		2,038,039
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)
	925,000		5.000			05/01/2035		936,729
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	955,000		3.750			05/01/2031		1,037,675
	1,105,000		4.000			05/01/2037		1,168,946
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	1,610,000		4.250			05/01/2031		1,764,125
	2,810,000		4.250			05/01/2037		3,043,005
	Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR)^(d)
	2,800,000		6.375			11/01/2049		2,801,792
	Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB/NR)
	595,000		6.000			11/01/2027		675,628
	490,000		3.750			11/01/2031		482,758
	2,980,000		6.500			11/01/2043		3,666,324
	1,495,000		4.125			11/01/2046		1,429,713
	Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)
	770,000		6.125			11/01/2033		846,792
	1,000,000		6.500			11/01/2043		1,107,920
	Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	190,000		3.500			05/01/2021		189,217
	500,000		4.100			05/01/2026		494,160
	1,755,000		4.700			05/01/2036		1,729,623
	3,200,000		4.875			05/01/2047		3,122,336
	Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	325,000		3.750			06/15/2040		284,612
	950,000		4.000			06/15/2050		812,127
	Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	900,000		4.250			06/15/2039		859,518
	1,150,000		4.500			06/15/2049		1,096,042
	Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	565,000		3.625			05/01/2040		497,341
	1,590,000		4.000			05/01/2050		1,380,740
	Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR)
	7,305,000		5.750			05/01/2035		7,630,657


Municipal Bonds – (continued)
Florida – (continued)
	Brookstone Community Development District Special Assessment RB Series 2018 (NR/NR)^(d)
	490,000		3.875			11/01/2023		484,262
	Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,000,000		4.000			12/15/2039		902,290
	1,350,000		4.000			12/15/2049		1,151,455
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (BBB-/NR)
	31,915,000		5.875			07/01/2054		30,015,738
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)^(d)
	55,260,000		5.250			12/01/2058		51,332,672
	Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (NR/Ba1)^(d)
	1,155,000		5.000			12/15/2049		1,066,111
	1,075,000		5.000			12/15/2054		970,628
	Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR)
	355,000		4.000			05/01/2024		351,610
	500,000		5.125			05/01/2038		492,920
	1,000,000		5.250			05/01/2049		982,150
	Centre Lake Community Development District Special Assessment Series 2016 (NR/NR)
	375,000		4.125			12/15/2027		376,533
	500,000		4.500			12/15/2032		507,780
	975,000		4.700			12/15/2037		993,457
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A/NR)
	200,000		3.500			11/01/2020		202,758
	210,000		3.750			11/01/2021		218,324
	215,000		3.875			11/01/2022		225,131
	25,000		4.000			11/01/2023		26,271
	1,705,000		4.500			11/01/2031		1,797,513
	Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	290,000		3.750			05/01/2040		257,050
	750,000		4.000			05/01/2050		649,163
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)^(d)
	900,000		5.500			10/01/2036		962,307
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)^(d)
	5,400,000		5.000			10/01/2049		5,825,736
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,750,000		4.000			10/01/2034		1,900,780
	City of Jacksonville RB for Jacksonville University Project Series 2018 B (NR/NR)^(d)
	3,000,000		5.000			06/01/2053		2,824,320
	City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (BBB-/NR)
	480,000		5.000			01/01/2037		491,232
	1,725,000		5.000			01/01/2047		1,722,344
	1,615,000		5.000			01/01/2052		1,599,641


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)^(a)
$	25,620,000		0.000	%		05/01/2046	$	26,022,746
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	2,250,000		5.000			05/01/2026		2,526,952
	Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)^(d)
	500,000		4.750			06/15/2039		497,475
	1,000,000		5.000			06/15/2049		993,840
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	2,990,000		3.500			05/01/2032		3,140,965
	1,500,000		3.625			05/01/2035		1,573,005
	1,750,000		3.750			05/01/2046		1,807,750
	Concorde Estates Community Development District RB for Capital Improvement Series 2017 B (NR/NR)^(b)
	4,705,000		0.000			11/01/2027		2,897,151
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)⁽ⁱ⁾
	3,305,000		5.850			05/01/2035		33
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)⁽ⁱ⁾
	3,980,000		5.000			05/01/2011		40
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	3,325,000		5.850			05/01/2035		2,961,976
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	1,665,000		5.850			05/01/2035		1,280,252
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)^(b)(i)
	2,939,931		0.000			11/01/2017		1,558,163
	Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(d)
	220,000		3.875			11/01/2024		218,172
	270,000		4.000			11/01/2029		266,187
	500,000		4.750			11/01/2038		499,370
	1,000,000		5.000			11/01/2049		998,420
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	425,000		4.000			12/15/2039		389,070
	1,000,000		4.250			12/15/2049		904,570
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)^(d)
	3,640,000		5.125			11/01/2050		3,732,856
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	782,000		4.000			05/01/2031		848,032
	1,407,000		4.250			05/01/2038		1,516,915
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (A-/NR)
	960,000		3.750			05/01/2029		1,016,179


Municipal Bonds – (continued)
Florida – (continued)
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)
	1,075,000		5.000			10/01/2044		1,311,941
	1,340,000		5.000			10/01/2049		1,622,606
	1,610,000		4.000			10/01/2054		1,776,184
	Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (BBB/NR)
	500,000		4.000			05/01/2038		531,715
	1,175,000		4.125			05/01/2048		1,249,777
	Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)^(d)
	1,570,000		4.700			11/01/2039		1,535,711
	2,500,000		4.750			11/01/2049		2,410,650
	Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR)
	525,000		4.000			06/15/2040		476,726
	1,500,000		4.000			06/15/2050		1,286,145
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	3,170,000		5.125			11/01/2048		3,180,081
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,895,000		5.400			05/01/2039		1,867,125
	2,880,000		5.500			05/01/2044		2,832,134
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	2,665,000		5.400			05/01/2049		2,682,696
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	1,000,000		4.750			12/15/2038		988,100
	2,995,000		5.000			12/15/2048		2,951,363
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	3,095,000		3.750			05/01/2034		3,373,736
	4,280,000		4.000			05/01/2037		4,638,150
	East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	1,000,000		5.000			11/01/2048		976,910
	East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/NR)
	500,000		4.750			11/01/2039		497,460
	920,000		5.000			11/01/2049		920,653
	Escambia County Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (BBB/Baa2)
	27,000,000		6.000			08/15/2036		27,371,520
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (AA/A2)
	4,745,000		3.000			08/15/2050		4,637,431
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (BBB+/Baa2)
	7,640,000		4.000			08/15/2045		8,049,580
	6,690,000		4.000			08/15/2050		6,997,673


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	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	$	876,729
	1,190,000		4.125			11/01/2050		1,026,042
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)
	400,000		4.000			11/01/2040		356,032
	1,725,000		4.125			11/01/2050		1,486,122
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)
	905,000		6.375			11/01/2026		980,911
	3,245,000		7.000			11/01/2045		3,719,387
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR)
	900,000		5.250			11/01/2035		915,615
	1,360,000		5.375			11/01/2046		1,383,120
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)^(d)
	1,245,000		5.000			11/01/2039		1,246,706
	1,800,000		5.125			11/01/2049		1,803,312
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	2,000,000		4.250			05/01/2029		2,046,800
	2,605,000		5.000			05/01/2035		2,778,754
	Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)
	185,000		4.000			05/01/2040		166,276
	500,000		4.200			05/01/2050		438,525
	Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (A-/NR)
	1,480,000		4.375			05/01/2034		1,553,630
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)^(d)
	3,150,000		5.000			12/15/2049		3,425,782
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)^(d)(f)(g)
	3,000,000		6.250			01/01/2024		2,712,390
	14,940,000		6.375			01/01/2026		13,213,235
	42,000,000		6.500			01/01/2029		37,023,420
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)^(d)
	1,750,000		4.750			06/01/2038		1,652,158
	3,000,000		5.000			06/01/2048		2,856,270
	Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2017 (BBB+/NR)
	2,815,000		5.000			03/01/2042		2,968,924
	Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (BBB+/NR)
	5,970,000		5.000			03/01/2049		6,271,545


Municipal Bonds – (continued)
Florida – (continued)
	Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (BBB-/NR)
	2,580,000		5.000			03/01/2044		2,756,524
	1,550,000		5.000			03/01/2049		1,643,604
	Florida Higher Educational Facilities Financing Authority RB Refunding for Nova Southeastern University Project Series 2012 A (A-/NR)
	600,000		5.000			04/01/2032		641,286
	5,830,000		5.250			04/01/2042		6,250,168
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	725,000		5.000			11/01/2047		736,600
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	1,000,000		4.125			11/01/2039		913,710
	2,000,000		4.375			11/01/2049		1,812,220
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	700,000		4.000			05/01/2031		753,865
	1,000,000		4.125			05/01/2038		1,058,320
	Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (BBB/NR)
	1,855,000		3.250			11/01/2049		1,752,233
	Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)
	250,000		4.000			11/01/2049		218,925
	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		3,132,559
	5,000,000		5.000			11/15/2036		4,835,350
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A+/A1)
	3,540,000		5.000			10/01/2047		3,982,783
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	3,000,000		4.375			11/01/2049		2,834,010
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	1,525,000		4.500			05/01/2036		1,483,489
	2,305,000		4.625			05/01/2046		2,232,485
	Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	925,000		3.750			05/01/2034		852,434
	Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)
	2,140,000		3.875			05/01/2039		1,911,641
	1,400,000		4.100			05/01/2048		1,230,082
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)^(d)
	1,725,000		4.000			05/01/2031		1,894,360
	1,335,000		4.250			05/01/2035		1,462,853
	1,810,000		4.250			05/01/2039		1,964,520


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)
$	640,000		3.875	%		11/01/2039	$	562,400
	1,150,000		4.000			11/01/2051		961,929
	Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)
	200,000		4.000			11/01/2039		175,860
	500,000		4.250			11/01/2051		427,380
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	900,000		5.000			05/01/2034		936,099
	2,170,000		5.125			05/01/2045		2,266,326
	Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (A/NR)
	500,000		5.050			05/01/2031		542,950
	500,000		5.150			05/01/2034		541,190
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
	1,970,000		5.700			05/01/2036		1,986,134
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	2,205,000		4.200			05/01/2031		2,383,605
	2,000,000		4.350			05/01/2036		2,134,440
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	475,000		3.625			05/01/2040		425,381
	665,000		4.000			05/01/2050		585,442
	Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)^(d)
	1,000,000		4.875			12/15/2038		992,050
	1,000,000		5.000			12/15/2048		992,390
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,000,000		4.250			05/01/2031		1,103,930
	2,150,000		4.250			05/01/2036		2,321,119
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)
	1,000,000		4.375			11/01/2050		904,740
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	2,295,000		5.000			11/01/2048		2,367,912
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)^(d)
	470,000		5.125			11/01/2049		468,914
	Islands at Doral III Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	2,500,000		4.125			05/01/2035		2,608,350
	Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	990,000		5.000			11/01/2047		985,555


Municipal Bonds – (continued)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	600,000		4.000			05/01/2040		540,714
	1,900,000		4.000			05/01/2050		1,626,229
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	250,000		3.850			05/01/2039		226,050
	575,000		4.000			05/01/2049		504,091
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)
	2,100,000		6.700			05/01/2033		2,214,744
	4,765,000		7.000			05/01/2043		5,060,335
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR)
	6,320,000		5.600			05/01/2044		6,640,866
	Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)
	530,000		4.400			05/01/2039		508,021
	810,000		4.500			05/01/2049		757,285
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)^(d)
	1,000,000		5.000			05/01/2037		1,017,850
	2,370,000		5.125			05/01/2047		2,402,896
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)^(d)
	575,000		3.750			05/01/2039		514,700
	555,000		4.000			05/01/2049		485,530
	Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)
	1,000,000		4.400			05/01/2039		981,950
	1,140,000		4.500			05/01/2049		1,098,230
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre & NW Sector Project Series 2011 (NR/NR)
	19,205,000		8.000			05/01/2040		20,251,480
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	490,000		4.000			05/01/2022		491,460
	1,125,000		4.625			05/01/2027		1,149,075
	2,500,000		5.250			05/01/2037		2,597,150
	5,820,000		5.375			05/01/2047		6,032,779
	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		1,177,209
	2,545,000		5.100			05/01/2048		2,551,668
	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		3,886,261
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	990,000		4.000			05/01/2021		991,812
	1,325,000		4.250			05/01/2026		1,334,169
	3,540,000		5.000			05/01/2036		3,638,200
	13,945,000		5.125			05/01/2046		14,334,902


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	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	$	1,156,740
	1,250,000		4.875			05/01/2049		1,242,625
	Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (BBB/NR)
	1,930,000		3.000			05/01/2035		1,731,287
	1,990,000		3.000			05/01/2038		1,733,231
	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		611,041
	895,000		4.000			05/01/2038		850,653
	Lee County IDA Health Care Facilities RB Refunding for Shell Point Project Series 2011 B (BBB+/NR)
	2,600,000		6.500			11/15/2031		2,739,308
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)
	1,435,000		4.000			05/01/2031		1,585,402
	1,860,000		4.000			05/01/2036		2,036,663
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
	985,000		5.125			05/01/2048		986,940
	1,775,000		5.125			05/01/2049		1,776,580
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	3,755,000		5.400			05/01/2030		3,349,648
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	1,820,000		5.375			05/01/2030		1,768,239
	LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)
	3,800,000		4.000			05/01/2050		3,289,850
	Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	900,000		4.625			05/01/2039		873,684
	1,400,000		4.750			05/01/2050		1,346,954
	Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,765,000		4.000			06/15/2039		1,618,135
	1,465,000		4.375			06/15/2049		1,333,428
	Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	1,940,000		5.000			05/01/2032		1,924,305
	McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	2,800,000		5.125			11/01/2038		2,805,544
	4,750,000		5.250			11/01/2049		4,750,142
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)⁽ⁱ⁾
	880,000		5.250			05/01/2015		21,120
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)⁽ⁱ⁾
	1,380,000		6.150			11/01/2014		33,120


Municipal Bonds – (continued)
Florida – (continued)
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-1 (NR/NR)
	385,000		6.000			05/01/2036		388,211
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-2 (NR/NR)
	750,000		6.250			05/01/2038		765,337
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR)
	590,000		7.250			05/01/2035		624,816
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)⁽ⁱ⁾
	1,075,000		5.250			05/01/2015		25,800
	Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
	1,000,000		4.750			05/01/2037		1,022,410
	1,700,000		5.000			05/01/2048		1,726,265
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center of Florida Series 2014 (A-/Baa1)
	1,500,000		5.000			11/15/2039		1,603,530
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (AA-/Aa3)^(d)
	11,760,000		5.000			03/01/2030		12,937,058
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	600,000		4.000			11/01/2023		591,588
	600,000		4.750			11/01/2027		598,488
	4,000,000		5.125			11/01/2039		3,950,680
	4,135,000		5.250			11/01/2049		3,984,610
	Miami-Dade County Educational Facilities Authority RB for University of Miami Series 2018 A (A-/A3)
	10,085,000		4.000			04/01/2053		10,641,490
	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		3,538,659
	3,515,000		5.000			05/01/2037		3,595,353
	Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR)
	2,425,000		5.000			05/01/2028		2,493,967
	1,485,000		5.000			05/01/2035		1,503,845
	Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	2,000,000		4.000			12/15/2049		1,733,800
	Monterra Community Development District Special Assessment Refunding Bonds Series 2015 (AGM) (AA/NR)
	1,820,000		3.500			05/01/2036		1,925,360
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	740,000		5.250			11/01/2035		773,929
	1,240,000		5.625			11/01/2045		1,304,976
	Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	1,185,000		5.125			11/01/2048		1,172,842


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)^(d)
$	815,000		3.500	%		05/01/2038	$	831,789
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)^(d)
	55,000		3.500			05/01/2031		50,831
	150,000		4.000			05/01/2038		138,679
	New River Community Development District Special Assessment Series 2006 B (NR/NR)⁽ⁱ⁾
	3,260,000		5.000			05/01/2013		33
	North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (A/NR)
	3,000,000		5.000			10/01/2049		3,627,060
	6,580,000		5.000			10/01/2054		7,909,292
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A/NR)
	1,680,000		5.000			04/01/2024		1,778,683
	1,765,000		5.000			04/01/2025		1,867,458
	1,005,000		5.000			04/01/2026		1,064,878
	Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	840,000		4.000			05/01/2040		749,985
	905,000		4.000			05/01/2050		761,241
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	1,680,000		5.375			11/01/2038		1,743,622
	3,300,000		5.500			11/01/2049		3,424,245
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2010 A-1 (NR/NR)
	885,000		6.125			05/01/2035		894,142
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2010 A-2 (NR/NR)
	1,225,000		6.125			05/01/2035		1,239,112
	Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (BBB/NR)
	2,700,000		4.000			05/15/2053		2,379,969
	2,175,000		5.000			05/15/2053		2,223,220
	Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)
	1,175,000		4.300			05/01/2050		1,018,208
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	400,000		4.000			11/01/2038		438,540
	3,290,000		4.200			11/01/2048		3,564,847
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	3,155,000		3.750			05/01/2031		3,384,905
	2,040,000		4.000			05/01/2036		2,196,509
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	700,000		4.000			05/01/2027		703,542
	2,380,000		5.000			05/01/2039		2,474,438
	Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (AA/NR)
	530,000		4.125			05/01/2035		565,102


Municipal Bonds – (continued)
Florida – (continued)
	Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)
	925,000		5.250			05/01/2039		859,649
	2,455,000		5.375			05/01/2050		2,236,014
	Parkland Preserve Community Development District Special Assessment RB Series 2019 B (NR/NR)
	1,100,000		5.500			11/01/2032		1,048,113
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	2,285,000		4.700			05/01/2049		2,561,942
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	800,000		4.375			05/01/2031		886,024
	1,065,000		4.500			05/01/2034		1,175,004
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	3,225,000		4.375			05/01/2036		3,586,974
	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		2,259,819
	Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)
	280,000		3.625			05/01/2040		240,654
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	1,920,000		3.500			05/01/2037		1,674,029
	Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (BBB/NR)
	2,800,000		4.750			05/01/2033		2,954,112
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	1,045,000		5.375			11/01/2049		1,053,047
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	250,000		4.000			11/01/2039		229,305
	1,205,000		4.000			11/01/2050		1,053,712
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 1 (NR/NR)
	950,000		6.600			05/01/2033		957,249
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 2 (NR/NR)
	645,000		6.600			05/01/2036		649,921
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 3 (NR/NR)
	2,365,000		6.600			05/01/2033		2,383,045
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
	3,070,000		5.000			05/01/2025		3,143,803
	6,830,000		5.000			05/01/2033		6,932,586
	Reunion East Community Development District Special Assessment Series 2002 A-2 (NR/NR)⁽ⁱ⁾
	2,170,000		7.200			05/01/2022		22
	Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)
	470,000		4.500			05/01/2039		444,620
	1,520,000		4.625			05/01/2050		1,411,700


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)
$	1,000,000		4.500	%		05/01/2040	$	965,330
	1,000,000		4.750			05/01/2050		972,130
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	2,390,000		4.000			05/01/2031		2,599,125
	River Hall Community Development District Special Assessment for Capital Improvement Series 2011 A (NR/NR)
	4,475,000		5.450			05/01/2036		4,497,599
	San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(d)
	1,410,000		4.125			06/15/2039		1,381,504
	2,280,000		4.250			06/15/2049		2,212,991
	Sandy Creek Community Development District Special Assessment Refunding Series 2007 B (NR/NR)
	965,000		5.500			05/01/2020		964,904
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(d)
	2,200,000		5.250			11/01/2039		2,244,638
	2,825,000		5.375			11/01/2049		2,877,263
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	3,800,000		5.250			11/01/2049		3,743,684
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	4,000,000		5.000			05/01/2049		3,975,560
	South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)^(d)
	2,100,000		5.125			11/01/2039		2,099,916
	3,480,000		5.250			11/01/2049		3,454,004
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,310,000		5.000			05/01/2038		1,333,226
	2,505,000		5.375			05/01/2049		2,586,363
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,345,000		4.250			11/01/2037		1,447,960
	330,000		4.125			11/01/2040		346,480
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR)
	800,000		3.500			05/01/2032		824,912
	495,000		3.625			05/01/2035		510,682
	1,715,000		3.750			05/01/2038		1,768,045
	South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR)
	465,000		4.350			05/01/2026		468,088
	485,000		4.875			05/01/2035		492,168
	95,000		5.000			05/01/2038		96,865
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)
	2,010,000		5.250			05/01/2034		2,107,023


Municipal Bonds – (continued)
Florida – (continued)
	Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)
	375,000		3.600			05/01/2034		343,380
	600,000		4.000			05/01/2043		540,420
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	3,710,000		5.800			05/01/2035		3,175,723
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	2,765,000		5.800			05/01/2035		2,178,267
	Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR)
	350,000		3.750			05/01/2024		349,073
	425,000		4.375			05/01/2029		428,625
	1,000,000		5.000			05/01/2039		1,015,000
	1,750,000		5.250			05/01/2049		1,801,450
	Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)^(d)
	1,250,000		5.125			11/01/2037		1,278,700
	1,790,000		5.250			11/01/2047		1,834,893
	Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR)
	1,195,000		4.800			05/01/2035		1,074,066
	Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)⁽ⁱ⁾
	418,112		5.500			11/01/2010		263,411
	Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)
	2,160,000		5.000			05/01/2034		2,229,530
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,100,000		4.500			06/15/2039		1,083,247
	2,600,000		4.625			06/15/2049		2,556,840
	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		1,879,395
	3,500,000		5.500			11/01/2044		3,852,835
	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		2,664,377
	Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)
	420,000		4.000			12/15/2039		385,422
	860,000		4.125			12/15/2049		770,448
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	475,000		3.750			05/01/2040		406,933
	1,290,000		4.000			05/01/2050		1,081,252


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
$	1,680,000		4.000	%		05/01/2038	$	1,711,248
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	345,000		3.250			05/01/2021		342,392
	965,000		3.750			05/01/2026		935,336
	1,550,000		4.000			05/01/2033		1,473,957
	Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,370,000		5.250			11/01/2034		1,390,906
	2,355,000		6.000			11/01/2044		2,480,569
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	390,000		4.250			05/01/2026		393,194
	1,110,000		4.800			05/01/2036		1,118,103
	1,715,000		5.000			05/01/2046		1,731,035
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (A+/NR)
	695,000		3.375			05/01/2032		728,826
	1,345,000		3.600			05/01/2037		1,413,702
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,640,000		3.500			05/01/2032		1,805,099
	1,780,000		3.750			05/01/2040		1,956,914
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)^(d)
	375,000		5.625			05/01/2040		399,120
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		5.125			05/01/2039		300,873
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,170,000		4.250			05/01/2037		1,102,304
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)^(d)
	8,970,000		4.400			05/01/2040		8,378,877
	Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)
	345,000		5.750			11/01/2027		370,730
	1,965,000		6.250			11/01/2044		2,206,184
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	2,840,000		5.375			11/01/2039		2,880,839
	4,750,000		5.500			11/01/2049		4,862,528
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	1,560,000		4.625			06/15/2038		1,553,105
	2,445,000		4.750			06/15/2048		2,422,995


Municipal Bonds – (continued)
Florida – (continued)
	Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	550,000		4.000			12/15/2040		505,406
	1,145,000		4.125			12/15/2049		1,032,481
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)
	13,300,000		5.000			04/01/2048		14,688,919
	Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)
	1,085,000		4.625			05/01/2050		1,001,542
	Trevesta Community Development District Special Assessment Area 1 Pase 2 Project Series 2018 (NR/NR)^(d)
	1,000,000		5.375			11/01/2049		1,002,850
	Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR)
	1,410,000		5.250			11/01/2027		1,445,066
	2,745,000		6.125			11/01/2046		2,890,101
	Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)^(d)
	785,000		4.700			11/01/2029		786,954
	1,525,000		5.125			11/01/2038		1,545,557
	2,175,000		5.375			11/01/2048		2,205,820
	Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)
	1,000,000		4.625			05/01/2039		928,620
	2,000,000		4.750			05/01/2050		1,804,900
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	1,200,000		5.000			11/01/2039		1,205,940
	1,850,000		5.125			11/01/2049		1,859,121
	TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	385,000		3.500			11/01/2021		383,060
	1,340,000		4.000			11/01/2027		1,317,595
	3,160,000		4.625			11/01/2037		3,095,662
	2,790,000		4.750			11/01/2047		2,726,472
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	1,695,000		4.000			11/01/2040		1,566,485
	900,000		4.000			11/01/2050		777,384
	TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR)
	170,000		4.250			11/01/2021		170,899
	2,430,000		5.625			11/01/2045		2,537,698
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (A/NR)
	2,265,000		4.375			05/01/2035		2,447,310
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)
	1,710,000		3.500			05/01/2032		1,823,116
	2,550,000		3.625			05/01/2037		2,710,319
	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		603,469


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)
$	2,300,000		3.750	%		12/15/2039	$	2,101,786
	3,505,000		4.000			12/15/2049		3,150,329
	Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)^(d)
	1,165,000		3.250			12/15/2022		1,161,086
	2,000,000		4.000			12/15/2028		2,011,620
	1,000,000		5.000			12/15/2032		1,069,930
	1,705,000		5.000			12/15/2037		1,810,471
	3,800,000		5.000			12/15/2047		3,978,600
	Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)^(d)
	2,425,000		5.500			11/01/2047		2,534,368
	University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)
	2,800,000		3.375			05/01/2045		3,012,716
	Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	500,000		5.500			05/01/2034		510,480
	750,000		6.125			05/01/2042		776,078
	Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)
	465,000		6.000			11/01/2027		509,468
	2,050,000		6.500			11/01/2043		2,531,483
	Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)
	665,000		6.375			11/01/2027		701,415
	2,300,000		7.125			11/01/2044		2,564,408
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)^(d)
	335,000		4.000			05/01/2024		332,749
	4,655,000		5.125			05/01/2049		4,556,966
	Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)
	1,000,000		5.000			11/01/2039		1,020,480
	1,700,000		5.125			11/01/2049		1,739,423
	Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR)
	980,000		5.000			11/01/2039		1,000,070
	1,600,000		5.125			11/01/2049		1,637,104
	Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR)
	2,155,000		5.875			11/01/2032		2,176,507
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	730,000		3.375			05/01/2021		726,730
	2,450,000		3.750			05/01/2026		2,382,331
	4,360,000		4.000			05/01/2031		4,171,299
	1,700,000		4.125			05/01/2034		1,622,021
	1,000,000		4.250			05/01/2037		952,040


Municipal Bonds – (continued)
Florida – (continued)
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)^(d)
	1,985,000		4.000			05/01/2031		2,151,283
	2,940,000		4.000			05/01/2037		3,125,514
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	745,000		5.125			11/01/2035		766,434
	1,000,000		5.250			11/01/2046		1,018,120
	Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR)
	265,000		4.000			05/01/2040		235,447
	760,000		4.000			05/01/2050		633,939
	Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR)
	370,000		4.000			05/01/2040		328,738
	1,000,000		4.000			05/01/2050		834,130
	Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR)
	265,000		4.000			05/01/2040		235,447
	710,000		4.000			05/01/2050		592,233
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	1,000,000		3.750			05/01/2037		908,860
	Village Community Development District No. 09 Special Assessment RB Series 2011 (NR/NR)
	4,370,000		7.000			05/01/2041		4,590,729
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	2,600,000		5.000			05/01/2032		2,710,474
	5,930,000		5.125			05/01/2043		6,213,988
	Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)
	4,400,000		6.000			05/01/2044		4,793,668
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)^(d)
	1,000,000		4.250			05/01/2043		1,002,430
	13,745,000		4.375			05/01/2050		13,814,275
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	10,000,000		3.700			05/01/2050		8,907,100
	Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (A/NR)
	1,505,000		4.000			05/01/2033		1,561,091
	Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (A/NR)
	1,200,000		4.000			05/01/2034		1,245,036
	Village Community Development District No. 8 Special Assessment Refunding Phase II Series 2010 (NR/NR)
	7,315,000		6.125			05/01/2039		7,344,114
	Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)
	1,835,000		5.500			05/01/2042		1,894,913
	Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,000,000		4.625			05/01/2039		971,520
	1,515,000		4.875			05/01/2050		1,488,351


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
$	1,000,000	3.750 %		11/01/2031	$	1,045,700
	1,000,000	4.000		11/01/2036		1,043,230
	1,300,000	4.125		11/01/2046		1,355,497
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	3,005,000	5.500		05/01/2034		3,112,369
	3,825,000	5.750		05/01/2044		3,988,251
	Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR)
	4,040,000	5.250		05/01/2049		3,967,886
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	14,000	5.350		05/01/2039		13,505
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)
	285,000	6.600		05/01/2039		249,882
	Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	3,235,000	4.200		05/01/2036		3,443,884
	Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	440,000	4.000		11/01/2024		434,733
	1,640,000	5.125		11/01/2038		1,622,698
	2,800,000	5.250		11/01/2049		2,763,040
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	1,210,000	5.125		11/01/2035		1,237,431
	1,950,000	5.500		11/01/2045		1,999,803
	Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)
	1,215,000	4.250		11/01/2049		1,084,254
	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		2,324,439
	3,790,000	5.000		05/01/2050		3,812,626
	Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)^(d)
	535,000	5.000		05/01/2038		543,870
	600,000	5.200		05/01/2048		611,868
	Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR)
	990,000	4.625		05/01/2039		975,774
	1,590,000	4.850		05/01/2049		1,575,245
	Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)^(d)
	800,000	4.100		05/01/2037		761,200
	795,000	4.125		05/01/2038		754,582
	Westside Community Development District Special Assessment RB Series 2019 (NR/NR)
	1,200,000	5.000		05/01/2039		1,218,000
	2,000,000	5.200		05/01/2050		2,049,420


Municipal Bonds – (continued)
Florida – (continued)
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(d)
	2,375,000	4.250		06/15/2039		2,290,141
	3,525,000	4.375		06/15/2049		3,338,457
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	970,000	5.000		11/01/2049		950,872
	Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR)
	75,000	4.000		11/01/2020		75,088
	400,000	4.375		11/01/2025		402,844
	1,770,000	5.000		11/01/2045		1,781,540
	Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)
	440,000	5.375		05/01/2035		454,093
	3,045,000	5.625		05/01/2045		3,155,686
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	780,000	4.875		05/01/2036		777,847
	1,445,000	5.000		05/01/2047		1,435,246

						1,119,004,926

Georgia – 1.8%
	Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A+/Aa3)
	1,500,000	5.250		07/01/2040		1,681,620
	Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A/A1)
	1,000,000	4.000		07/01/2040		1,093,650
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (BB/Baa3)
	11,700,000	8.750		06/01/2029		11,698,830
	Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A (NR/NR)
	1,555,000	5.250		11/01/2028		1,555,202
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BBB-/NR)
	900,000	5.125		03/01/2052		804,780
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	6,650,000	5.000		05/15/2043		7,154,868
	24,875,000	5.000		05/15/2049		28,779,629
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)^(c)
	49,820,000	(3 Mo. LIBOR + 0.65%), 1.929		10/01/2033		46,576,220
	Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A/Baa3)
	2,200,000	5.000		01/01/2034		2,441,714
	6,000,000	5.000		01/01/2039		6,541,740
	29,610,000	5.000		01/01/2049		31,654,570


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Georgia – (continued)
	Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)^(d)
$	3,500,000		4.000	%		01/01/2038	$	3,106,320

								143,089,143

Guam – 0.7%
	A.B. Won Pat International Airport Authority RB Refunding General Series 2013 B (AGM) (AA/A2)
	1,500,000		5.750			10/01/2043		1,579,800
	Guam Government Department of Education COPS for John F. Kennedy High School Project Series 2010 A (B+/NR)
	2,500,000		6.625			12/01/2030		2,544,150
	3,355,000		6.875			12/01/2040		3,421,832
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)
	500,000		5.000			12/01/2031		501,860
	4,515,000		5.000			12/01/2046		4,281,574
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (AGM) (AA/A2)
	7,300,000		6.125			10/01/2043		7,825,892
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (BBB+/Baa2)
	2,560,000		6.375			10/01/2043		2,677,376
	Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)
	14,455,000		5.500			07/01/2043		14,692,929
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	9,675,000		5.000			01/01/2046		9,577,960
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	1,165,000		5.000			07/01/2033		1,190,746
	960,000		5.000			07/01/2035		975,216
	1,920,000		5.000			07/01/2036		1,945,210
	1,365,000		5.000			07/01/2037		1,379,551
	Port Authority of Guam RB Series 2018 A (A/Baa2)
	2,500,000		5.000			07/01/2048		2,405,725

								54,999,821

Hawaii – 0.2%
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (A-/Baa2)
	12,170,000		3.200			07/01/2039		11,965,057
	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		709,263
	2,750,000		5.000			05/15/2049		2,879,030

								15,553,350

Illinois – 13.0%
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (BB-/B1)
	1,400,000		5.382			12/01/2023		1,415,680
	5,440,000		5.482			12/01/2024		5,494,509


Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)
	16,000,000		6.000			04/01/2046		16,967,200
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)
	1,700,000		5.000			04/01/2042		1,708,959
	1,625,000		5.000			04/01/2046		1,621,084
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)^(b)
	4,415,000		0.000			12/01/2027		3,360,168
	440,000		0.000			12/01/2028		321,437
	9,125,000		0.000			12/01/2029		6,397,629
	6,905,000		0.000			12/01/2030		4,639,608
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(b)
	125,000		0.000			12/01/2029		87,639
	775,000		0.000			12/01/2030		520,738
	Chicago Illinois Board of Education GO Bonds Series 2017 A (BB-/NR)^(d)
	5,500,000		7.000			12/01/2046		6,151,860
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(b)
	22,095,000		0.000			12/01/2031		14,206,422
	Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)
	5,000,000		5.500			12/01/2026		5,827,250
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/B1)
	8,965,000		5.500			12/01/2029		10,188,812
	Chicago Illinois Board of Education GO Refunding Bonds Series 2010 F (BB-/B1)
	1,300,000		5.000			12/01/2031		1,302,249
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB-/NR)
	19,950,000		5.250			12/01/2035		20,269,799
	10,410,000		5.250			12/01/2039		10,516,390
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2011 A (BB-/B1)
	515,000		5.500			12/01/2039		518,126
	1,355,000		5.000			12/01/2041		1,327,277
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (BB-/B1)
	2,300,000		5.500			12/01/2030		2,630,625
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB-/B1)
	9,750,000		6.038			12/01/2029		9,729,817
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (BB-/B1)
	9,025,000		4.000			12/01/2035		8,180,170


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB-/NR)
$	54,375,000		7.000	%		12/01/2044	$	59,603,700
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (BB-/NR)
	61,035,000		6.500			12/01/2046		65,897,048
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	1,500,000		5.000			12/01/2029		1,816,650
	1,250,000		5.000			12/01/2030		1,508,963
	1,025,000		5.000			12/01/2031		1,233,864
	1,000,000		5.000			12/01/2032		1,200,920
	1,250,000		5.000			12/01/2034		1,492,075
	1,000,000		5.000			12/01/2035		1,189,550
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR)
	6,535,000		5.000			12/01/2029		7,914,538
	1,000,000		5.000			12/01/2030		1,207,170
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)^(b)
	11,415,000		0.000			01/01/2032		7,271,926
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	1,800,000		5.500			01/01/2037		1,861,488
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	8,375,000		5.250			01/01/2033		8,549,786
	6,295,000		5.000			01/01/2034		6,367,393
	10,500,000		5.000			01/01/2036		10,587,255
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	6,670,000		5.250			01/01/2035		6,503,784
	3,000,000		5.000			01/01/2040		2,926,230
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	18,325,000		5.000			01/01/2033		18,434,767
	7,095,000		5.000			01/01/2034		7,134,519
	Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	3,145,000		7.517			01/01/2040		3,536,898
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	4,180,000		5.500			01/01/2039		4,308,451
	Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	14,603,000		7.375			01/01/2033		17,689,636
	Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)
	20,015,000		5.000			01/01/2044		20,030,612
	17,105,000		5.500			01/01/2049		17,711,714
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (BBB+/Ba1)
	3,775,000		5.500			01/01/2042		3,879,303
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (BBB+/Ba1)
	2,500,000		5.500			01/01/2042		2,569,075
	Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	6,615,000		5.432			01/01/2042		5,876,634


Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois GO Refunding Bonds Series 2014 A (BBB+/Ba1)
	7,230,000		5.000			01/01/2035		7,300,709
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	14,455,000		5.000			01/01/2038		14,573,965
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)
	11,630,000		4.000			01/01/2044		12,343,268
	Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (A/NR)
	1,500,000		5.000			01/01/2039		1,677,255
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	1,950,000		5.250			01/01/2042		2,307,708
	5,460,000		4.000			01/01/2052		5,832,481
	Chicago Park District GO Bonds Limited Tax Series 2018 A (AA+/NR)
	2,585,000		4.000			01/01/2041		2,644,352
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (BBB+/Ba1)
	2,685,000		5.500			01/01/2037		2,776,720
	City of Chicago GO Refunding Bonds Series 2020 A (BBB+/NR)
	3,165,000		5.000			01/01/2028		3,277,136
	2,670,000		5.000			01/01/2029		2,764,251
	3,005,000		5.000			01/01/2030		3,113,270
	485,000		5.000			01/01/2031		500,966
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (AA/A2)
	735,000		5.432			01/01/2042		925,240
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (AA/A2)
	7,350,000		6.314			01/01/2044		10,061,635
	Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR)
	1,936,000		5.800			03/01/2037		1,635,281
	County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)
	2,500,000		4.000			11/15/2047		2,810,250
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
	1,256,000		5.625			03/01/2036		1,226,924
	Illinois Finance Authority RB for 2018 Blue Island LLC Series 2018 A-1 (NR/NR)⁽ⁱ⁾
	1,400,000		5.000			12/01/2053		840,000
	Illinois Finance Authority RB for BHF Chicago Housing Group C LLC Project Series 2018 A-1 (NR/NR)⁽ⁱ⁾
	1,500,000		5.100			12/01/2043		412,500
	2,150,000		5.250			12/01/2053		591,250
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (BBB-/NR)
	805,000		6.125			05/15/2027		806,618
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (NR/NR)^(e)
	445,000		6.125			05/15/2020		447,612
	Illinois Finance Authority RB for Columbia College Chicago Series 2019 (BBB+/NR)
	715,000		5.000			12/01/2034		763,548
	920,000		5.000			12/01/2039		967,196
	1,175,000		5.000			12/01/2044		1,222,799


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)^(d)
$	10,175,000		6.125	%		04/01/2049	$	10,702,675
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,645,000		4.000			05/15/2027		1,572,225
	2,825,000		5.000			05/15/2037		2,818,389
	1,055,000		5.000			05/15/2047		1,003,854
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)
	1,500,000		4.000			09/01/2035		1,473,570
	1,725,000		5.000			09/01/2036		1,872,091
	2,000,000		4.000			09/01/2037		1,940,840
	1,620,000		5.000			09/01/2038		1,749,033
	2,000,000		4.000			09/01/2039		1,918,760
	1,500,000		5.000			09/01/2040		1,613,010
	1,500,000		4.000			09/01/2041		1,431,465
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa1)
	500,000		5.000			09/01/2036		567,985
	3,470,000		5.000			09/01/2046		3,877,864
	Illinois Finance Authority RB Refunding for OSF Healthcare System Series 2010 A (A/A3)
	1,780,000		6.000			05/15/2039		1,791,499
	Illinois Finance Authority RB Series 2013 A (BBB-/NR)
	3,935,000		5.250			05/15/2047		3,948,222
	Illinois Finance Authority RB Series 2013 A (NR/NR)^(e)
	565,000		5.250			05/15/2023		633,738
	Illinois Finance Authority Recovery Zone Facility RB for Navistar International Corp. Project Series 2010 (BB-/B1)^(f)
	15,650,000		6.750			10/15/2040		15,938,429
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	6,750,000		5.000			01/01/2036		7,838,167
	1,560,000		4.000			01/01/2038		1,607,892
	1,260,000		4.000			01/01/2039		1,295,104
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	50,750,000		5.100			06/01/2033		50,375,973
	Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	500,000		5.000			03/01/2031		504,465
	750,000		5.000			03/01/2037		753,412
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,050,000		5.500			07/01/2038		5,152,970
	Illinois State GO Bonds Series 2014 (AGM-CR) (AA/A2)
	20,000,000		5.000			02/01/2039		20,360,600
	Illinois State GO Bonds Series 2014 (BBB-/Baa3)
	2,500,000		5.000			05/01/2029		2,553,000
	10,000,000		5.000			05/01/2030		10,197,000
	5,000,000		5.000			05/01/2031		5,089,750
	5,000,000		5.000			05/01/2039		5,029,650
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	9,500,000		5.000			12/01/2035		9,682,495
	1,770,000		4.500			12/01/2041		1,699,678
	4,730,000		5.000			12/01/2042		4,754,359
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	59,670,000		5.000			11/01/2029		61,778,738


Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	5,845,000		5.000			11/01/2025		6,167,586
	62,685,000		5.000			11/01/2027		65,243,175
	19,465,000		5.000			11/01/2028		20,206,227
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	5,280,000		5.000			05/01/2042		5,312,102
	5,280,000		5.000			05/01/2043		5,305,450
	Illinois State GO Bonds Series 2019 C (BBB-/Baa3)
	10,825,000		4.000			11/01/2042		9,616,714
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	20,175,000		4.000			02/01/2030		19,987,978
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	1,862,000		6.250			03/01/2034		1,863,173
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)^(b)
	13,500,000		0.000			12/15/2032		8,800,650
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL-RE) (NR/NR)^(b)(e)
	530,000		0.000			06/15/2030		438,771
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/NR)^(b)
	9,370,000		0.000			06/15/2030		6,831,105
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (AA/A2)^(b)
	3,200,000		0.000			06/15/2044		1,316,192
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (BBB/NR)^(b)
	66,700,000		0.000			12/15/2056		14,135,731
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (AA/A2)^(b)
	18,400,000		0.000			12/15/2056		4,568,352
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)^(b)
	64,400,000		0.000			12/15/2054		14,968,492
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB/NR)
	13,460,000		4.000			06/15/2050		12,188,837
	1,340,000		5.000			06/15/2050		1,311,016
	Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006 (NR/NR)⁽ⁱ⁾
	2,322,000		6.000			03/01/2036		1,648,620
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000		4.750			10/01/2029		873,020
	1,010,000		4.750			10/01/2032		1,035,553
	Regional Transportation Authority Illinois GO Bonds Series 2016 A (AA/A2)
	7,730,000		4.000			06/01/2046		8,224,488


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)
Illinois – (continued)
	Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (NR/NR)^(e)
$	5,000,000	7.625 %		11/01/2023	$	6,100,850
	State of Illinois GO Bonds Series 2010-1 (BBB-/Baa3)
	630,000	6.630		02/01/2035		678,119
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	8,995,000	4.250		12/01/2040		8,387,028
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	4,910,000	3.250		11/01/2026		4,637,299
	16,695,000	5.000		11/01/2026		17,528,748
	State of Illinois GO Bonds Series 2018 A (BBB-/Baa3)
	1,940,000	5.000		05/01/2033		1,994,495
	State of Illinois GO Refunding Bonds Series 2018 A (BBB-/Baa3)
	3,000,000	5.000		10/01/2027		3,153,330
	8,230,000	5.000		10/01/2028		8,613,024
	State of Illinois GO Unlimited Bonds Series 2017 A (BBB-/Baa3)
	2,750,000	4.000		12/01/2033		2,609,750
	7,950,000	4.250		12/01/2037		7,536,839
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB-/Baa3)
	2,000,000	5.000		10/01/2025		2,109,240
	Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)^(d)
	380,000	5.000		01/01/2045		358,857
	900,000	5.000		01/01/2055		822,762
	Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)
	1,900,000	5.000		01/01/2039		1,672,133
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB+/NR)
	540,000	4.125		10/01/2041		517,919
	1,080,000	4.125		10/01/2046		1,015,416

						1,024,816,274

Indiana – 0.2%
	Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (BBB+/NR)
	1,300,000	5.000		02/01/2029		1,410,799
	1,250,000	5.250		02/01/2034		1,351,475
	1,500,000	5.000		02/01/2039		1,593,735
	Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (BBB/NR)
	400,000	4.000		09/15/2049		400,568
	Indiana Finance Authority Midwestern Disaster Relief RB for Ohio Valley Electric Co. Project Series 2012 A (NR/Ba1)
	6,925,000	5.000		06/01/2039		7,071,464
	Indiana Finance Authority RB for Private Activity for Ohio River Bridges East End Crossing Project Series 2013 A (BBB+/NR)
	6,250,000	5.000		07/01/2048		6,160,187
	Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (NR/WR)⁽ⁱ⁾
	7,520,823	6.500		11/15/2031		2,256

						17,990,484


Municipal Bonds – (continued)
Iowa – 0.1%
	Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (BB-/NR)
	3,945,000	3.125		12/01/2022		3,698,832
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (BBB/NR)
	2,050,000	4.000		05/15/2055		1,794,795
	2,700,000	5.000		05/15/2055		2,755,674

						8,249,301

Kansas – 0.1%
	City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)
	1,155,000	5.000		05/15/2028		1,181,230
	1,215,000	5.000		05/15/2029		1,243,528
	2,850,000	5.000		05/15/2034		2,862,284
	1,900,000	5.000		05/15/2050		1,747,791

						7,034,833

Kentucky – 0.5%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)^(c)
	7,865,000	(3 Mo. LIBOR + 0.53%), 1.711		11/01/2027		7,543,400
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (AA/A2)
	900,000	4.000		12/01/2041		987,246
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	3,300,000	4.000		06/01/2037		3,596,010
	2,925,000	4.000		06/01/2045		3,133,669
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (AA/A2)
	1,000,000	4.000		06/01/2037		1,091,750
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	9,470,000	5.000		08/01/2049		10,049,943
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A3)^(f)(g)
	1,275,000	4.000		06/01/2025		1,327,734
	Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2013 A (A/NR)
	5,000,000	5.750		10/01/2042		5,579,200
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (A/NR)
	6,000,000	3.000		10/01/2043		5,706,000

						39,014,952

Louisiana – 1.7%
	Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (BB+/NR)
	2,125,000	5.000		12/01/2034		2,498,745
	2,375,000	5.000		12/01/2039		2,746,331


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Louisiana – (continued)
	Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)^(d)
$	1,900,000		4.125	%		06/01/2039	$	1,622,999
	2,300,000		4.375			06/01/2048		1,904,331
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Westlake Chemical Corp. Projects Series 2010 A-2 (BBB-/Baa2)
	5,000,000		6.500			11/01/2035		5,009,700
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
	2,600,000		5.000			10/01/2039		3,080,558
	4,850,000		4.000			10/01/2041		5,274,763
	Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A/A3)
	5,225,000		5.000			07/01/2059		6,168,583
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	10,000,000		3.375			09/01/2028		10,112,400
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	13,950,000		3.500			06/01/2030		14,153,809
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (NR/A3)
	12,725,000		4.000			05/15/2042		13,654,689
	21,250,000		5.000			05/15/2046		25,028,675
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A/A2)
	32,395,000		5.000			01/01/2045		35,992,141
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A/A2)
	4,850,000		5.000			01/01/2048		5,425,986
	Port of New Orleans Board of Commissioners RB Series 2018 A (AGM) (AA/A2)
	2,000,000		5.000			04/01/2048		2,377,600

								135,051,310

Maine – 0.2%
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (A-/Baa1)
	1,000,000		4.000			01/01/2035		1,120,400
	1,355,000		4.000			01/01/2036		1,509,768
	850,000		4.000			01/01/2037		944,103
	1,030,000		4.000			01/01/2038		1,140,334
	800,000		4.000			01/01/2039		883,672
	1,400,000		4.000			01/01/2040		1,543,080
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A+/A1)
	4,000,000		5.000			07/01/2043		4,776,360
	5,250,000		5.000			07/01/2048		6,219,360

								18,137,077


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		2,914,777
	1,500,000		5.000			09/01/2038		1,516,365
	City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR)^(d)
	325,000		3.550			06/01/2034		282,363
	200,000		3.700			06/01/2039		168,612
	300,000		3.875			06/01/2046		245,160
	City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)^(d)
	290,000		3.400			06/01/2034		251,589
	310,000		3.450			06/01/2035		267,080
	550,000		3.500			06/01/2039		463,491
	1,650,000		3.625			06/01/2046		1,340,526
	City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)
	1,450,000		5.000			07/01/2036		1,467,313
	County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (A/NR)
	1,660,000		4.000			01/01/2045		1,816,637
	2,370,000		4.000			01/01/2050		2,587,590
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
	4,980,000		4.000			01/01/2045		5,443,439
	5,690,000		4.000			01/01/2050		6,205,059
	County of Prince George’s Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)^(d)
	1,885,000		5.250			07/01/2048		1,903,492
	Frederick County Maryland Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 A (NR/NR)
	2,930,000		7.250			07/01/2043		2,973,335
	Frederick County Maryland Tax Incremental & Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 B (NR/NR)^(d)
	8,785,000		7.125			07/01/2043		7,727,550
	Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (BBB/NR)
	2,375,000		5.000			06/01/2058		2,417,513
	Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (NR/Baa3)
	3,050,000		5.000			06/01/2049		3,222,904
	Maryland State Health & Higher Educational Facilities Authority RB for Doctors Community Hospital Series 2010 (BB+/WR)^(e)
	9,500,000		5.750			07/01/2020		9,607,825
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB+/Baa1)
	2,100,000		5.000			07/01/2031		2,242,590

								55,065,210

Massachusetts – 0.5%
	Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (AA/Aa1)
	10,130,000		3.000			04/01/2044		10,314,265


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)
Massachusetts – (continued)
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)^(d)
$	1,000,000	5.000 %		11/15/2033	$	966,390
	900,000	5.000		11/15/2038		841,185
	2,350,000	5.125		11/15/2046		2,162,869
	Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (BBB+/Baa1)
	1,950,000	5.000		10/01/2036		2,199,873
	Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (A-/NR)
	260,000	4.000		12/01/2042		270,473
	280,000	5.000		12/01/2042		313,899
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	2,125,000	5.000		07/01/2044		2,386,163
	Massachusetts Health & Educational Facilities Authority RB for President & Fellows of Harvard College Series 1999 R (AAA/Aaa)^(f)(g)
	14,565,000	0.600		04/01/2020		14,565,000
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(c)
	5,390,000	(3 Mo. LIBOR + 0.57%), 1.751		05/01/2037		5,192,457
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)^(c)
	1,040,000	(3 Mo. LIBOR + 0.57%), 1.751		05/01/2037		1,001,884

						40,214,458

Michigan – 2.5%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)^(f)
	53,540,536	4.000		04/01/2034		43,182,584
	City of Detroit Financial Recovery GO Bonds Series 2014 B-2 (NR/NR)^(f)
	971,333	4.000		04/01/2034		783,419
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	3,495,000	5.000		07/01/2037		3,868,406
	15,335,000	5.000		07/01/2048		16,869,113
	Detroit Michigan School District GO Bonds for School Building and Site Improvement Series 2002 A (FGIC) (Q-SBLF) (AA/Aa1)
	3,500,000	6.000		05/01/2020		3,513,650
	3,000,000	6.000		05/01/2021		3,156,450
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A1)^(c)
	4,675,000	(3 Mo. LIBOR + 0.60%), 1.879%		07/01/2032		4,513,338
	Detroit Michigan Water & Sewerage Department Sewage Disposal System RB Refunding Senior Lien Series 2012 A (AA-/A1)
	2,000,000	5.250		07/01/2039		2,144,340
	Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (A/NR)
	1,425,000	5.000		11/01/2045		1,661,678
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)
	2,800,000	5.000		11/15/2048		3,251,948
	5,975,000	4.000		11/15/2050		6,172,773


Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)
	10,275,000	4.000		02/15/2047		11,170,775
	24,000,000	4.000		02/15/2050		25,906,560
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (AA/A1)
	2,175,000	5.000		07/01/2032		2,442,025
	1,750,000	5.000		07/01/2033		1,979,355
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A+/A2)
	355,000	5.000		07/01/2033		407,632
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (AA/A1)
	2,600,000	5.000		07/01/2035		2,931,656
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-1 (AA-/A1)
	1,250,000	5.000		07/01/2034		1,384,675
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-2 (A+/A2)
	2,100,000	5.000		07/01/2034		2,409,078
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A1)
	750,000	5.000		07/01/2035		830,422
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)
	22,545,000	4.125		06/30/2035		25,241,608
	7,065,000	4.500		06/30/2048		7,916,756
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC-/NR)^(b)
	238,600,000	0.000		06/01/2052		14,778,884
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC-/NR)^(b)
	180,100,000	0.000		06/01/2052		9,856,873

						196,373,998

Minnesota – 0.7%
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)
	5,725,000	5.000		05/01/2048		6,696,647
	2,300,000	4.000		05/01/2049		2,469,418
	Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2012 (NR/NR)
	2,500,000	5.750		06/15/2032		2,636,550
	3,750,000	6.000		06/15/2039		3,957,600


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Minnesota – (continued)
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (A-/NR)
$	3,265,000		4.250	%		02/15/2048	$	3,485,192
	23,575,000		5.250			02/15/2053		27,517,683
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	640,000		3.250			03/01/2025		603,616
	660,000		4.000			03/01/2026		648,615
	755,000		4.000			03/01/2029		727,261
	1,260,000		4.000			03/01/2032		1,186,794
	685,000		4.200			03/01/2034		640,962
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)
	2,400,000		5.000			05/01/2047		2,505,792
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	425,000		4.000			12/01/2034		429,071
	650,000		4.000			12/01/2040		643,890

								54,149,091

Missouri – 0.4%
	Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 A (NR/NR)^(d)(f)
	470,184		5.000			04/01/2023		71,557
	Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 B (NR/NR)^(d)(f)
	2,373,898		5.000			04/01/2023		361,260
	Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Ba1)
	1,925,000		5.000			03/01/2036		2,075,227
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)^(d)
	4,750,000		5.250			12/01/2048		4,417,928
	Kansas City Missouri Industrial Development Authority Senior Sales Tax RB Refunding and Improvement Bonds for Ward Parkway Center Community Improvement District Series 2016 A (NR/NR)^(d)
	1,000,000		5.000			04/01/2036		944,200
	1,150,000		5.000			04/01/2046		1,032,930
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)
	2,430,000		5.000			09/01/2043		2,791,220
	2,470,000		5.000			09/01/2048		2,815,034
	Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (BBB-/NR)
	1,495,000		5.000			09/01/2030		1,792,654
	1,065,000		5.000			09/01/2031		1,269,949
	1,230,000		5.000			09/01/2033		1,455,545
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	8,000,000		4.000			02/15/2054		8,395,280


Municipal Bonds – (continued)
Missouri – (continued)
	Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)
	400,000		3.000			10/01/2044		401,916
	500,000		3.125			10/01/2049		505,030
	St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,900,000		4.750			11/15/2047		1,910,621
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)⁽ⁱ⁾
	1,250,000		5.750			04/01/2027		325,000

								30,565,351

Nevada – 0.2%
	City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)
	500,000		4.000			06/01/2020		500,260
	640,000		4.000			06/01/2021		642,253
	350,000		5.000			06/01/2022		358,267
	305,000		5.000			06/01/2023		314,175
	200,000		4.250			06/01/2024		200,438
	180,000		5.000			06/01/2024		185,848
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	315,000		4.250			06/01/2037		284,599
	460,000		4.375			06/01/2042		405,964
	530,000		4.500			06/01/2047		467,206
	City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)
	500,000		4.000			06/01/2039		448,480
	1,400,000		4.000			06/01/2044		1,218,952
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)
	350,000		4.250			06/01/2034		329,770
	465,000		4.500			06/01/2039		437,277
	350,000		4.625			06/01/2043		326,630
	600,000		4.625			06/01/2049		549,216
	City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (NR/Ba2)^(d)
	805,000		2.500			06/15/2024		777,445
	1,745,000		2.750			06/15/2028		1,622,710
	Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,690,000		5.100			03/01/2021		1,656,944
	885,000		5.100			03/01/2022		848,396
	2,360,000		5.125			03/01/2025		2,129,121
	Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR)
	2,200,000		4.000			09/01/2035		1,973,664

								15,677,615

New Hampshire – 1.4%
	New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B/B2)^(d)
	1,800,000		2.950			04/01/2029		1,611,522


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)
New Hampshire – (continued)
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)^(g) (SIFMA Municipal Swap Index Yield + 0.75%),
$	16,450,000		5.460 %		10/01/2021	$	16,444,242
	New Hampshire Health and Education Facilities Authority RB for Dartmouth-Hitchcock Obligation Group Series 2020 A (A/NR)
	9,480,000		5.000		08/01/2059		13,607,118
	New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (A/NR)
	6,595,000		5.000		08/01/2033		7,921,848
	6,930,000		5.000		08/01/2034		8,300,200
	7,290,000		5.000		08/01/2035		8,703,385
	7,660,000		5.000		08/01/2036		9,118,847
	8,055,000		5.000		08/01/2037		9,562,413
	8,470,000		5.000		08/01/2038		10,023,821
	8,900,000		5.000		08/01/2039		10,514,905
	9,360,000		5.000		08/01/2040		11,045,549

							106,853,850

New Jersey – 7.5%
	Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	725,000		5.000		03/01/2032		863,685
	965,000		5.000		03/01/2037		1,134,281
	1,205,000		5.000		03/01/2042		1,403,174
	New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB+/Baa1)
	2,500,000		5.000		06/15/2026		2,638,475
	1,000,000		5.000		06/15/2028		1,053,530
	New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (NR/Baa2)
	1,000,000		4.750		06/15/2032		1,049,200
	1,000,000		5.000		06/15/2037		1,051,450
	1,000,000		5.125		06/15/2043		1,052,340
	New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (BBB+/ Baa2)
	3,500,000		4.000		07/01/2032		3,547,775
	New Jersey Economic Development Authority Private Activity RB for Goethals Bridge Replacement Project Series 2013 (AMT) (BBB/NR)
	1,000,000		5.375		01/01/2043		1,040,810
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (BBB-/NR)
	500,000		5.000		07/01/2037		524,375
	1,150,000		5.000		07/01/2047		1,186,892
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)
	4,500,000		5.000		06/15/2041		4,685,895
	New Jersey Economic Development Authority RB Series 1997 A (NATL-RE) (BBB+/Baa1)
	25,180,000		7.425		02/15/2029		30,154,814


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1998 (BB-/Ba3)
	7,500,000		5.500		04/01/2028		7,450,425
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (BB-/Ba3)
	8,500,000		5.250		09/15/2029		8,426,390
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (BB-/Ba3)
	5,000,000		5.625		11/15/2030		4,955,400
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (BB-/Ba3)
	5,000,000		5.625		11/15/2030		4,955,400
	New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (BBB+/Baa1)
	2,470,000		5.000		06/15/2047		2,560,402
	New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (BBB+/Baa1)
	5,000,000		5.000		06/15/2042		5,223,950
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (BBB+/NR)
	1,790,000		5.000		07/01/2045		1,921,601
	1,175,000		3.000		07/01/2050		1,025,093
	3,000,000		4.000		07/01/2050		2,807,520
	New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)
	1,000,000		5.000		07/01/2028		1,170,340
	1,000,000		5.000		07/01/2029		1,169,440
	900,000		5.000		07/01/2030		1,048,392
	New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (AA/A2)
	9,700,000		4.125		07/01/2038		9,842,881
	5,600,000		5.000		07/01/2046		5,897,248
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)^(b)
	134,205,000		0.000		12/15/2035		77,118,219
	63,415,000		0.000		12/15/2036		34,609,370
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB+/Baa1)^(b)
	41,545,000		0.000		12/15/2035		23,507,823
	13,075,000		0.000		12/15/2038		6,306,726
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)^(b)
	12,000,000		0.000		12/15/2026		10,012,560
	9,180,000		0.000		12/15/2029		6,811,009
	1,900,000		0.000		12/15/2034		1,132,305


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Federal Highway Reimbursement Notes Subseries 2016 A-1 (A+/Baa1)
$	3,335,000		5.000	%		06/15/2030	$	3,683,674
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)
	26,100,000		5.000			06/15/2038		26,884,827
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	2,525,000		5.250			06/15/2041		2,637,590
	5,075,000		5.000			06/15/2045		5,216,948
	1,750,000		5.000			06/15/2046		1,796,550
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (AA/A2)^(b)
	11,150,000		0.000			12/15/2033		7,319,863
	25,400,000		0.000			12/15/2034		15,922,752
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)^(b)
	12,530,000		0.000			12/15/2027		10,132,886
	23,445,000		0.000			12/15/2030		16,947,218
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)^(b)
	52,985,000		0.000			12/15/2036		28,447,116
	54,915,000		0.000			12/15/2037		28,067,606
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)^(b)
	2,620,000		0.000			12/15/2033		1,640,723
	28,555,000		0.000			12/15/2038		13,773,504
	740,000		0.000			12/15/2039		337,536
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB+/Baa1)
	1,610,000		4.000			12/15/2039		1,578,895
	1,880,000		5.000			12/15/2039		1,991,954
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
	5,765,000		5.000			06/15/2030		6,367,731
	4,600,000		5.000			06/15/2031		5,068,602
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB+/Baa1)
	6,120,000		4.000			12/15/2031		6,248,887
	7,180,000		5.000			12/15/2033		7,700,191
	6,070,000		5.000			12/15/2035		6,466,371
	7,585,000		5.000			12/15/2036		8,057,925
	5,275,000		4.250			12/15/2038		5,321,947
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB+/Baa1)
	5,675,000		5.000			06/15/2034		6,076,620
	20,000,000		5.250			06/15/2043		21,319,800
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (BBB+/Baa1)
	8,010,000		4.000			06/15/2044		7,797,815
	6,000,000		5.000			06/15/2044		6,259,980
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	25,675,000		5.000			01/01/2048		26,557,450


Municipal Bonds – (continued)
New Jersey – (continued)
	Tobacco Settlement Financing Corp. RB Refunding Series 2018 A (BBB+/NR)
	2,650,000		5.000			06/01/2046		2,711,347
	2,750,000		5.250			06/01/2046		2,827,358
	Tobacco Settlement Financing Corp. RB Series 2018 B (BB+/NR)
	29,360,000		5.000			06/01/2046		28,219,364
	Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)^(d)
	7,695,000		6.750			12/01/2041		6,804,458

								589,524,678

New Mexico – 0.2%
	City of Santa Fe RB for El Castillo Retirement Residences Obligated Group Project Series 2019 A (BB+/NR)
	500,000		5.000			05/15/2044		477,065
	1,000,000		5.000			05/15/2049		940,170
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB+/Baa2)
	14,000,000		5.900			06/01/2040		14,021,420
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 F (AMT) (BBB+/Baa2)
	1,500,000		6.250			06/01/2040		1,502,385

								16,941,040

New York – 2.2%
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (AA/A2)
	1,240,000		3.000			07/15/2043		1,239,182
	Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (BBB/NR)
	645,000		5.000			07/01/2030		725,593
	865,000		5.000			07/01/2033		962,217
	815,000		5.000			07/01/2035		903,737
	640,000		5.000			07/01/2036		706,886
	455,000		5.000			07/01/2038		499,504
	New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR)
	2,000,000		4.500			02/15/2048		2,141,480
	New York City Industrial Development Agency PILOT RB for Queens Baseball Stadium Project Series 2009 (ASSURED GTY) (AA/A3)
	930,000		6.125			01/01/2029		933,729
	3,000,000		6.375			01/01/2039		3,011,880
	5,000,000		6.500			01/01/2046		5,020,550
	New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (A-/Baa1)
	1,000,000		5.000			08/01/2040		1,133,020
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (NR/A2)^(g)
	1,145,000		2.625			09/15/2069		1,091,460
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (NR/Baa2)^(g)
	1,430,000		2.800			09/15/2069		1,363,119


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)
New York – (continued)
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (NR/Baa1)
$	150,000		3.560	%		07/01/2026	$	153,962
	150,000		3.670			07/01/2027		153,573
	60,000		3.760			07/01/2028		61,385
	300,000		3.820			07/01/2029		307,410
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (AA/A2)
	6,645,000		3.000			09/01/2050		5,893,118
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (BBB/Baa3)
	2,325,000		4.000			09/01/2045		2,455,874
	6,170,000		4.000			09/01/2050		6,381,199
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2014 (AMT) (B/B2)^(d)(f)(g)
	1,685,000		2.875			12/03/2029		1,494,140
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	5,025,000		5.000			01/01/2033		4,945,555
	3,600,000		5.000			01/01/2034		3,536,532
	5,565,000		4.000			01/01/2036		5,256,587
	7,100,000		5.000			01/01/2036		6,910,856
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (AGM) (AA/A2)
	5,000,000		4.000			07/01/2035		5,111,950
	12,600,000		4.000			01/01/2051		12,801,474
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	9,480,000		4.000			07/01/2033		9,244,706
	5,025,000		5.000			07/01/2034		5,193,539
	12,500,000		4.000			07/01/2041		11,972,875
	4,540,000		5.000			07/01/2041		4,638,109
	21,200,000		5.250			01/01/2050		21,801,020
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	12,250,000		5.000			07/01/2046		12,426,278
	Newburgh New York GO Serial Bonds Series 2012 A (NR/Baa2)
	1,565,000		5.750			06/15/2035		1,722,549
	Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (AA/NR)
	490,000		4.000			12/01/2032		567,993
	590,000		4.000			12/01/2033		681,804
	490,000		4.000			12/01/2034		564,108
	490,000		4.000			12/01/2035		561,912
	610,000		4.000			12/01/2036		697,273
	490,000		4.000			12/01/2037		557,914
	490,000		4.000			12/01/2038		556,111
	1,470,000		3.000			12/01/2039		1,464,855
	980,000		3.000			12/01/2040		972,895
	1,960,000		4.000			12/01/2049		2,181,460


Municipal Bonds – (continued)
New York – (continued)
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)
	405,000		4.000			07/01/2039		394,940
	4,835,000		3.000			07/01/2044		3,696,261
	Troy City Capital Resource Corp. RB for Rensselaer Polytechnic Institute Project Series 2010 A (BBB+/A3)
	5,000,000		5.125			09/01/2040		5,072,100
	Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (BBB+/A3)^(h)
	700,000		5.000			09/01/2038		877,632
	955,000		5.000			09/01/2039		1,194,982
	945,000		4.000			09/01/2040		1,055,187
	Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (BBB-/Baa2)
	4,375,000		5.000			11/01/2046		4,815,475
	Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)
	475,000		5.000			10/15/2039		483,650
	610,000		5.000			10/15/2049		611,366
	530,000		5.000			10/15/2054		523,969

								169,726,935

North Carolina – 0.7%
	Columbus County Industrial Facilities and Pollution Control Financing Authority Recovery Zone Facility RB Series 2010 A (BBB/Baa2)
	1,000,000		5.700			05/01/2034		1,001,450
	North Carolina Medical Care Commission Health Care Facilities RB Refunding First Mortgage for Lutheran Services for the Aging Series 2012 A (NR/NR)
	3,800,000		4.750			03/01/2032		3,827,474
	1,000,000		5.000			03/01/2037		1,006,840
	1,000,000		5.000			03/01/2042		1,003,210
	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		1,413,255
	1,650,000		5.000			07/01/2039		1,763,240
	1,035,000		4.000			07/01/2044		944,758
	1,160,000		5.000			07/01/2044		1,230,435
	2,000,000		5.000			07/01/2049		2,110,460
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)
	1,000,000		4.500			09/01/2030		981,220
	2,000,000		5.000			09/01/2037		1,972,480
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (AA/NR)
	8,500,000		5.000			01/01/2049		9,569,130
	4,250,000		4.000			01/01/2055		4,360,458
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (BBB/NR)
	16,000,000		5.000			01/01/2049		17,696,480
	4,500,000		4.000			01/01/2055		4,543,515

								53,424,405


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Ohio – 2.5%
	Bowling Green City Student Housing RB for CFP I LLC – Bowling Green State University Project Series 2010 (NR/NR)^(e)
$	7,000,000		6.000	%		06/01/2020	$	7,055,510
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (A-/NR)
	770,000		4.000			06/01/2037		846,300
	1,025,000		4.000			06/01/2038		1,122,057
	1,000,000		4.000			06/01/2039		1,092,090
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (BBB+/NR)
	5,630,000		3.000			06/01/2048		5,252,903
	3,070,000		4.000			06/01/2048		3,289,812
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	20,590,000		5.000			06/01/2055		18,243,152
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)^(b)
	16,140,000		0.000			06/01/2057		1,780,726
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	2,400,000		5.250			11/01/2037		2,402,808
	2,700,000		5.250			11/01/2047		2,612,061
	2,320,000		5.250			11/01/2050		2,231,190
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (BB-/Ba3)
	22,320,000		5.375			09/15/2027		22,176,036
	County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (BB+/NR)
	550,000		4.000			09/01/2040		579,563
	825,000		4.000			09/01/2045		859,947
	1,075,000		5.000			09/01/2049		1,227,349
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	29,500,000		8.223			02/15/2040		39,019,650
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	6,250,000		5.000			02/15/2037		6,748,562
	7,500,000		5.000			02/15/2042		7,876,125
	7,500,000		4.750			02/15/2047		7,672,125
	1,500,000		5.000			02/15/2057		1,548,105
	1,000,000		5.500			02/15/2057		1,061,980
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (BBB-/NR)
	2,500,000		5.000			12/01/2044		2,066,925
	5,000,000		5.000			12/01/2051		3,981,850
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)
	2,000,000		5.000			01/01/2042		2,003,920
	1,610,000		5.000			01/01/2046		1,607,569
	Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (BB+/Ba2)
	8,000,000		5.000			02/15/2048		8,511,200


Municipal Bonds – (continued)
Ohio – (continued)
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)^(d)
	2,400,000		3.750			01/15/2028		2,361,672
	2,880,000		4.250			01/15/2038		2,636,813
	18,110,000		4.500			01/15/2048		16,454,021
	Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (NR/Ba1)
	4,140,000		3.250			09/01/2029		3,794,600
	Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)^(d)
	1,075,000		5.000			12/01/2033		1,224,436
	2,085,000		5.000			12/01/2038		2,324,295
	5,000,000		5.000			12/01/2048		5,498,900
	Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A/A2)
	6,650,000		3.000			01/15/2045		6,260,975

								193,425,227

Oklahoma – 0.8%
	Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (A-/Baa1)
	1,075,000		4.000			09/01/2045		1,115,280
	1,000,000		5.000			09/01/2045		1,201,240
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)
	2,400,000		4.000			08/15/2052		2,575,320
	2,500,000		4.125			08/15/2057		2,700,550
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	15,000,000		5.500			08/15/2052		16,478,850
	9,500,000		5.500			08/15/2057		10,646,555
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)
	2,680,000		5.500			12/01/2035		2,625,569
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)
	24,300,000		5.500			12/01/2035		23,806,467
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (B/NR)^(f)(g)
	3,400,000		5.000			06/01/2025		3,377,900

								64,527,731

Oregon – 0.0%
	Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (NR/A3)^(d)
	860,000		5.000			11/01/2039		1,006,802

Pennsylvania – 3.2%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB-/NR)
	1,500,000		5.000			09/01/2030		1,546,980
	1,000,000		5.000			09/01/2035		1,026,330
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	32,000,000		4.000			04/01/2044		33,404,480


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)
Pennsylvania – (continued)
	Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B-/B3)
$	3,900,000	4.875 %		11/01/2024	$	3,525,522
	2,500,000	5.125		05/01/2030		2,249,225
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)^(d)
	2,000,000	5.000		05/01/2027		2,096,120
	1,400,000	5.000		05/01/2032		1,433,446
	6,950,000	5.000		05/01/2042		6,999,136
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)^(d)
	250,000	5.000		05/01/2028		261,170
	1,000,000	5.000		05/01/2033		1,025,350
	2,750,000	5.000		05/01/2042		2,769,882
	Allentown Neighborhood Improvement Zone Development Authority Tax RB Series 2012 A (NR/Baa3)
	18,000,000	5.000		05/01/2042		18,832,680
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	1,150,000	5.000		10/01/2037		1,218,965
	Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (NR/Baa3)
	500,000	5.000		08/01/2035		518,870
	1,000,000	5.000		08/01/2045		1,027,840
	Clairton Municipal Authority Sewer RB Series 2012 B (BBB+/NR)
	1,000,000	5.000		12/01/2042		1,069,950
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	1,900,000	5.000		06/01/2034		2,268,068
	1,900,000	5.000		06/01/2035		2,262,045
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	6,000,000	4.000		06/01/2039		6,532,140
	County of Allegheny GO Notes Refunding Series 2007 C-59B (AGM) (AA/Aa3)^(c)
	740,000	(3 Mo. LIBOR + 0.55%), 1.740		11/01/2026		731,453
	Cumberland County Municipal Authority RB for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)
	1,500,000	5.000		01/01/2038		1,557,825
	Doylestown Hospital Authority RB Series 2019 A (BBB-/Ba1)
	1,250,000	4.000		07/01/2045		1,310,775
	2,375,000	5.000		07/01/2049		2,723,436
	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		996,589
	900,000	5.000		12/01/2048		798,759
	1,750,000	5.000		12/01/2053		1,529,780
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa3)^(c)
	52,950,000	(3 Mo. LIBOR + 0.77%), 1.951		05/01/2037		50,175,950


Municipal Bonds – (continued)
Pennsylvania – (continued)
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)
	1,300,000	4.000		06/01/2044		1,472,042
	2,300,000	5.000		06/01/2044		2,813,912
	5,700,000	4.000		06/01/2049		6,403,209
	4,150,000	5.000		06/01/2049		5,038,100
	Lancaster County Hospital Authority Health Facilities RB for St. Anne’s Retirement Community, Inc. Project Series 2012 (BB+/NR)
	1,400,000	5.000		04/01/2027		1,422,316
	1,500,000	5.000		04/01/2033		1,513,320
	Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (BB+/NR)
	750,000	5.000		03/01/2045		753,720
	1,000,000	5.000		03/01/2050		1,001,380
	Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (BB+/NR)
	1,900,000	5.000		11/01/2044		1,863,026
	2,100,000	5.000		11/01/2049		2,024,547
	Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (BBB+/NR)
	945,000	5.000		05/01/2044		1,048,884
	1,245,000	5.000		05/01/2049		1,375,463
	Pennsylvania Economic Development Financing Authority RB for CarbonLite P LLC Project Series 2019 (AMT) (NR/NR)^(d)
	5,725,000	5.750		06/01/2036		5,271,866
	Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal RB for Philadelphia Biosolids Facility Project Series 2009 (BBB+/Baa3)
	7,015,000	6.250		01/01/2032		7,142,463
	Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 B (B/B1)
	2,460,000	8.000		05/01/2029		2,459,902
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (ASSURED GTY) (AA/WR)^(c)
	10,880,000	(3 Mo. LIBOR + 0.60%), 1.879		07/01/2027		10,728,986
	10,750,000	(3 Mo. LIBOR + 0.65%), 1.929		07/01/2039		9,972,560
	Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB-/NR)
	4,000,000	5.000		05/01/2042		4,130,000
	Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (NR/Baa3)
	365,000	5.000		07/01/2031		390,218
	400,000	5.000		07/01/2035		423,984
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	3,875,000	5.250		06/01/2047		4,642,250
	Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)
	1,375,000	5.000		06/15/2050		1,242,423


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


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 (BBB-/Ba1)
$	500,000	5.000 %		07/01/2028	$	558,880
	2,000,000	5.000		07/01/2029		2,205,000
	3,000,000	5.000		07/01/2030		3,299,100
	2,615,000	5.000		07/01/2031		2,867,870
	1,000,000	5.000		07/01/2032		1,093,750
	4,425,000	5.000		07/01/2033		4,865,332
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	1,020,000	5.000		11/15/2021		1,020,255
	2,450,000	5.000		11/15/2028		2,334,311
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000	5.000		01/01/2035		1,081,476
	2,325,000	5.000		01/01/2038		2,245,253
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR)
	475,000	5.000		10/01/2039		455,582
	1,125,000	5.000		10/01/2049		1,035,810
	Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (BB/NR)
	1,000,000	5.000		07/01/2028		1,003,560
	1,000,000	5.000		07/01/2035		981,100

						248,074,616

Puerto Rico – 7.1%
	Commonwealth of Puerto Rico Public Improvement GO Unlimited Refunding Bonds Series 2011 E (NR/Ca)⁽ⁱ⁾
	2,000,000	6.000		07/01/2029		1,360,000
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (NR/Ca)
	7,495,000	6.000		07/01/2044		7,551,212
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (NR/Ca)
	535,000	4.250		07/01/2025		469,463
	115,000	4.500		07/01/2027		101,487
	370,000	5.000		07/01/2030		350,575
	9,305,000	5.250		07/01/2042		8,839,750
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 A (NR/Ca)⁽ⁱ⁾
	115,000	5.250		07/01/2030		78,344
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)⁽ⁱ⁾
	81,230,000	8.000		07/01/2035		48,738,000
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (NR/Ca)⁽ⁱ⁾
	5,185,000	5.500		07/01/2039		3,266,550
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	360,000	5.250		07/01/2041		372,262
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	28,730,000	5.250		07/01/2038		29,155,204


Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	1,860,000	5.250		07/01/2033		1,975,301
	680,000	5.250		07/01/2034		720,746
	6,070,000	5.250		07/01/2036		6,390,496
	Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (NR/C)⁽ⁱ⁾
	215,000	5.000		07/01/2028		31,712
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)
	1,560,000	5.500		07/01/2023		1,631,994
	2,045,000	5.500		07/01/2027		2,185,880
	Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (NR/Ca)⁽ⁱ⁾
	4,000,000	5.250		07/01/2032		2,725,000
	4,035,000	5.250		07/01/2037		2,748,844
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2011 C (NR/Ca)⁽ⁱ⁾
	155,000	6.000		07/01/2035		104,238
	205,000	6.500		07/01/2040		139,912
	Puerto Rico Electric Power Authority RB Refunding Series 2005 SS-RSA-1 (D/NR)⁽ⁱ⁾
	130,000	4.625		07/01/2030		91,325
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(c)
	52,372,000	(3 Mo. LIBOR + 0.52%), 1.799		07/01/2029		45,039,920
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (NR/Baa2)
	1,250,000	5.250		07/01/2032		1,269,975
	435,000	5.250		07/01/2035		436,201
	Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD-RSA-1 (D/NR)⁽ⁱ⁾
	80,000	3.500		07/01/2020		54,900
	155,000	3.625		07/01/2021		106,369
	60,000	3.750		07/01/2022		41,175
	390,000	3.875		07/01/2023		267,637
	Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD-RSA-1 (NR/NR)⁽ⁱ⁾
	215,000	3.300		07/01/2019		143,781
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (NR/Ca)⁽ⁱ⁾
	1,000	5.000		07/01/2024		679
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (D/NR)⁽ⁱ⁾
	260,000	4.250		07/01/2020		182,000
	25,000	5.250		07/01/2020		17,750
	80,000	4.375		07/01/2021		56,000
	100,000	4.375		07/01/2022		70,000
	65,000	5.000		07/01/2022		45,987
	190,000	4.500		07/01/2023		133,475
	125,000	5.000		07/01/2024		88,438
	90,000	4.625		07/01/2025		63,225
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)⁽ⁱ⁾
	65,000	3.700		07/01/2017		43,469


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)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)⁽ⁱ⁾ – (continued)
$	1,230,000		5.000	%		07/01/2017	$	856,387
	145,000		4.250			07/01/2018		97,512
	3,130,000		5.000			07/01/2019		2,179,263
	Puerto Rico Electric Power Authority RB Series 2007 TT-RSA-1 (D/NR)⁽ⁱ⁾
	1,295,000		5.000			07/01/2032		916,212
	1,385,000		5.000			07/01/2037		979,888
	Puerto Rico Electric Power Authority RB Series 2007 TT-RSA-1 (NR/NR)⁽ⁱ⁾
	300,000		4.200			07/01/2019		201,750
	Puerto Rico Electric Power Authority RB Series 2008 WW-RSA- 1 (D/NR)⁽ⁱ⁾
	2,000,000		5.500			07/01/2020		1,425,000
	3,765,000		5.250			07/01/2033		2,673,150
	Puerto Rico Electric Power Authority RB Series 2010 AAA (NR/Ca)⁽ⁱ⁾
	4,000		5.250			07/01/2027		2,725
	4,000		5.250			07/01/2028		2,725
	Puerto Rico Electric Power Authority RB Series 2010 AAA-RSA- 1 (D/NR)⁽ⁱ⁾
	130,000		5.250			07/01/2023		92,300
	1,485,000		5.250			07/01/2027		1,054,350
	2,115,000		5.250			07/01/2028		1,501,650
	Puerto Rico Electric Power Authority RB Series 2010 BBB-RSA- 1 (D/NR)⁽ⁱ⁾
	90,000		5.400			07/01/2028		63,225
	Puerto Rico Electric Power Authority RB Series 2010 CCC-RSA- 1 (D/NR)⁽ⁱ⁾
	80,000		5.000			07/01/2022		56,600
	90,000		4.250			07/01/2023		63,000
	60,000		4.500			07/01/2023		42,150
	50,000		4.600			07/01/2024		35,125
	210,000		4.625			07/01/2025		147,525
	900,000		5.000			07/01/2025		636,750
	25,000		5.000			07/01/2026		17,687
	40,000		4.800			07/01/2027		28,100
	Puerto Rico Electric Power Authority RB Series 2010 EEE-RSA- 1 (D/NR)⁽ⁱ⁾
	1,175,000		5.950			07/01/2030		831,900
	4,620,000		6.050			07/01/2032		3,285,975
	115,000		6.250			07/01/2040		82,081
	Puerto Rico Electric Power Authority RB Series 2010 XX-RSA-1 (D/NR)⁽ⁱ⁾
	20,000		4.875			07/01/2027		14,050
	7,590,000		5.250			07/01/2040		5,388,900
	Puerto Rico Electric Power Authority RB Series 2010 YY-RSA-1 (D/NR)⁽ⁱ⁾
	2,130,000		6.125			07/01/2040		1,517,625
	Puerto Rico Electric Power Authority RB Series 2012 A-RSA-1 (D/NR)⁽ⁱ⁾
	1,905,000		4.800			07/01/2029		1,338,262
	14,720,000		5.000			07/01/2042		10,414,400


Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1 (D/NR)⁽ⁱ⁾
	715,000		7.250			07/01/2030		521,950
	5,210,000		7.000			07/01/2033		3,790,275
	6,190,000		7.000			07/01/2040		4,503,225
	Puerto Rico Electric Power Authority RB Series 2016 A4-RSA-1 (NR/NR)⁽ⁱ⁾
	747,236		10.000			07/01/2019		594,987
	Puerto Rico Electric Power Authority RB Series 2016 B4-RSA-1 (NR/NR)⁽ⁱ⁾
	747,235		10.000			07/01/2019		594,986
	Puerto Rico Electric Power Authority RB Series 2016 E-1-RSA-1 (NR/NR)⁽ⁱ⁾
	5,036,850		10.000			01/01/2021		4,067,256
	Puerto Rico Electric Power Authority RB Series 2016 E-2-RSA-1 (NR/NR)⁽ⁱ⁾
	5,036,850		10.000			07/01/2021		4,067,256
	Puerto Rico Electric Power Authority RB Series 2016 E-3-RSA-1 (NR/NR)⁽ⁱ⁾
	1,678,950		10.000			01/01/2022		1,355,752
	Puerto Rico Electric Power Authority RB Series 2016 E-4-RSA-1 (NR/NR)⁽ⁱ⁾
	1,678,950		10.000			07/01/2022		1,355,752
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (ASSURED GTY) (AA/A3)
	2,000,000		5.250			07/01/2041		2,068,120
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)
	2,395,000		5.250			07/01/2035		2,401,443
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	470,000		5.250			07/01/2032		499,760
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)
	100,000		5.500			07/01/2029		108,603
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (ASSURED GTY) (AA/A3)
	185,000		5.500			07/01/2031		200,855
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)
	2,455,000		5.500			07/01/2029		2,666,204
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR) (AGC-ICC) (AA/A2)
	330,000		5.500			07/01/2026		355,565
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	3,825,000		5.250			07/01/2031		4,000,415
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	320,000		5.250			07/01/2034		339,174
	27,260,000		5.250			07/01/2036		28,697,965
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)
	1,570,000		5.250			07/01/2033		1,588,919
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	4,920,000		4.750			07/01/2038		4,631,786


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)^(b)
$	4,785,000		0.000	%		07/01/2034	$	2,445,183
	3,750,000		0.000			07/01/2035		1,816,125
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2009 P (COMWLTH GTD) (NR/Ca)⁽ⁱ⁾
	1,000,000		6.125			07/01/2023		837,500
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)^(b)
	1,796,000		0.000			07/01/2024		1,537,825
	6,880,000		0.000			07/01/2027		5,238,570
	4,736,000		0.000			07/01/2029		3,277,312
	4,313,000		0.000			07/01/2031		2,682,168
	10,295,000		0.000			07/01/2033		5,696,635
	77,325,000		0.000			07/01/2046		18,281,177
	119,252,000		0.000			07/01/2051		21,040,823
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	124,951,000		4.329			07/01/2040		114,778,739
	562,000		4.536			07/01/2053		510,054
	12,699,000		4.784			07/01/2058		11,892,868
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	3,939,000		4.500			07/01/2034		3,947,863
	3,447,000		4.550			07/01/2040		3,263,103
	25,341,000		4.750			07/01/2053		23,862,606
	71,774,000		5.000			07/01/2058		69,796,626

								562,350,968

Rhode Island – 0.2%
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC-/NR)^(b)
	124,220,000		0.000			06/01/2052		14,548,646

South Carolina – 0.2%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	3,155,000		6.875			11/01/2035		3,160,805
	South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (A-/NR)
	2,365,000		5.000			11/15/2047		2,371,433
	South Carolina Public Service Authority RB Tax-Exempt Series 2015 E (A/A2)
	7,790,000		5.250			12/01/2055		8,725,657

								14,257,895

Tennessee – 0.3%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-2 (BBB+/Baa1)
	1,900,000		5.000			08/01/2049		2,016,356
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	5,230,000		4.000			07/01/2040		5,647,145


Municipal Bonds – (continued)
Tennessee – (continued)
	Johnson City Health & Educational Board Retirement Facilities RB for Mountain States Health Alliance Series 2012 A (A-/Baa1)
	1,500,000		5.000			08/15/2042		1,584,915
	Johnson City Health & Educational Facilities Board RB for Mountain States Health Alliance Series 2010 A (NR/Baa1)^(e)
	5,500,000		6.500			07/01/2020		5,571,720
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A3)
	2,500,000		5.000			07/01/2040		2,735,825
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (BBB-/NR)
	315,000		5.000			10/01/2029		346,220
	230,000		5.000			10/01/2034		250,081
	375,000		5.000			10/01/2039		400,972
	450,000		5.000			10/01/2048		474,264
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)^(d)
	850,000		5.125			06/01/2036		866,125
	Shelby County Health Educational & Housing Facilities Board RB Refunding for The Village at Germantown Residential Care Facility Mortgage Series 2012 (NR/NR)
	2,000,000		5.375			12/01/2047		2,008,940

								21,902,563

Texas – 4.3%
	Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)^(d)
	825,000		4.250			09/01/2023		801,487
	500,000		4.625			09/01/2028		470,020
	2,160,000		5.125			09/01/2038		1,970,028
	2,580,000		5.250			09/01/2047		2,311,603
	Board of Managers, Joint Guadalupe County – City of Seguin Hospital Mortgage Improvement RB Refunding Bonds Series 2015 (BB/NR)
	1,950,000		5.250			12/01/2035		2,147,262
	2,435,000		5.000			12/01/2040		2,614,946
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 A (A-/Baa1)
	3,900,000		5.000			01/01/2045		4,172,220
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/Baa1)
	1,600,000		5.000			01/01/2040		1,726,496
	2,465,000		5.000			01/01/2046		2,642,579
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A-/Baa1)
	3,000,000		5.000			01/01/2044		3,329,670
	3,940,000		5.000			01/01/2049		4,335,852
	City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)^(d)
	2,190,000		6.500			09/01/2048		2,017,778
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)^(d)
	6,000,000		5.125			11/01/2033		5,733,900


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)
Texas – (continued)
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)^(d)
$	400,000		5.500	%		09/01/2046	$	377,676
	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		1,072,879
	1,700,000		5.750			09/01/2047		1,606,041
	City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR)^(d)
	2,380,000		4.250			09/01/2049		1,901,810
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR)
	3,860,000		7.500			09/01/2045		3,971,554
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighorhood Improvement Area #1 Project Series 2015 (NR/NR)
	1,790,000		6.250			09/01/2045		1,789,803
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)^(d)
	1,360,000		4.250			08/15/2049		1,123,931
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR)^(d)
	910,000		4.350			08/15/2039		819,319
	1,920,000		4.500			08/15/2048		1,690,675
	City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (AA/NR)
	2,050,000		3.250			08/15/2043		2,087,043
	City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)
	2,000,000		5.000			09/01/2047		1,927,680
	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		1,292,937
	1,175,000		5.000			09/01/2044		1,131,654
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)
	2,235,000		4.500			09/01/2032		2,473,303
	4,715,000		4.500			09/01/2038		5,114,075
	City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)^(d)
	1,200,000		4.375			09/01/2049		987,672
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)
	1,500,000		5.000			08/15/2043		1,484,250
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)^(d)
	1,405,000		4.625			09/01/2039		1,252,445
	900,000		4.750			09/01/2044		791,217


Municipal Bonds – (continued)
Texas – (continued)
	City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)^(d)
	1,225,000		4.875			09/01/2044		1,050,891
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)^(d)
	580,000		4.250			09/15/2039		484,282
	945,000		4.500			09/15/2049		765,677
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)^(d)
	850,000		5.000			09/15/2049		696,957
	City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)^(d)
	295,000		4.500			09/15/2040		248,157
	525,000		4.625			09/15/2049		427,933
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)^(d)
	785,000		4.250			09/15/2039		687,409
	1,240,000		4.375			09/15/2049		1,043,981
	City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)^(d)
	1,155,000		5.750			09/15/2039		1,026,310
	2,055,000		6.000			09/15/2049		1,790,891
	City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)^(d)
	2,405,000		5.875			09/15/2039		2,139,584
	5,000,000		5.125			09/15/2048		4,306,250
	3,830,000		6.125			09/15/2048		3,348,914
	City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)^(d)
	550,000		5.250			09/01/2040		467,352
	355,000		5.625			09/01/2040		303,216
	560,000		4.125			09/01/2049		454,283
	1,510,000		5.375			09/01/2050		1,247,335
	City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)^(d)
	1,355,000		4.125			09/01/2048		1,201,438
	1,465,000		4.500			09/01/2048		1,307,615
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)^(d)
	2,465,000		4.875			09/01/2048		2,245,640
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)^(d)
	450,000		4.375			09/01/2049		381,218
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	400,000		4.875			09/01/2039		362,620
	835,000		5.000			09/01/2049		741,213
	City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)^(d)
	905,000		4.500			09/01/2039		760,589
	1,185,000		5.500			09/01/2039		1,010,035
	1,490,000		4.750			09/01/2049		1,209,567
	2,140,000		5.750			09/01/2049		1,776,157


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)^(d)
$	1,760,000	4.750 %		09/15/2049	$	1,442,989
	City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR)
	360,000	4.500		09/01/2023		349,787
	780,000	5.000		09/01/2028		733,925
	1,935,000	5.600		09/01/2038		1,770,777
	2,550,000	5.700		09/01/2047		2,296,326
	Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR)^(d)
	3,250,000	5.000		04/01/2032		3,448,022
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)^(d)
	275,000	3.750		08/15/2024		264,671
	350,000	4.000		08/15/2029		326,543
	1,150,000	4.500		08/15/2035		1,051,767
	875,000	5.000		08/15/2044		800,170
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (NR/Baa2)
	1,545,000	4.750		05/01/2038		1,587,750
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (NR/Baa2)
	5,685,000	4.750		11/01/2042		5,846,568
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)^(d)
	1,575,000	5.000		09/01/2027		1,545,327
	895,000	5.000		09/01/2032		847,368
	1,315,000	5.125		09/01/2037		1,215,731
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)^(a)
	15,140,000	0.000		10/01/2046		16,501,086
	11,100,000	0.000		10/01/2047		12,110,766
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)^(c)
	23,855,000	(3 Mo. LIBOR + 0.67%), 1.803		08/15/2035		22,128,375
	Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)^(d)
	1,340,000	4.500		09/01/2039		1,168,252
	1,800,000	4.750		09/01/2049		1,536,930
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	595,000	3.750		09/01/2032		632,289
	510,000	3.875		09/01/2037		541,487
	955,000	4.000		09/01/2047		1,009,884
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB-/NR)
	15,835,000	5.000		07/15/2028		15,727,797
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (BB-/Ba3)
	10,000,000	6.625		07/15/2038		9,898,000
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (BB-/Ba3)
	9,250,000	5.000		07/01/2029		9,170,172


Municipal Bonds – (continued)
Texas – (continued)
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (BB-/NR)
	9,250,000	5.000		07/15/2035		9,065,370
	Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (BB/NR)
	1,950,000	5.000		12/01/2045		2,083,828
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)^(d)
	510,000	4.500		09/01/2023		496,149
	785,000	5.000		09/01/2028		742,116
	1,170,000	5.375		09/01/2038		1,077,476
	1,930,000	5.125		09/01/2047		1,743,581
	1,500,000	5.500		09/01/2047		1,360,485
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)^(d)
	17,350,000	4.625		10/01/2031		17,706,196
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,850,000	5.000		09/15/2043		1,946,995
	2,800,000	5.000		09/15/2048		2,928,940
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (BB+/ NR)^(d)
	1,465,000	5.000		08/15/2051		1,417,622
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (B/B2)
	335,000	5.000		04/01/2031		325,888
	300,000	5.000		04/01/2036		280,842
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (BBB-/Baa3)
	1,000,000	5.000		04/01/2047		1,039,820
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Texas A&M University at Galveston Collegiate Housing Project Series 2014 A (NR/Baa3)
	1,385,000	4.750		04/01/2046		1,317,911
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	8,500,000	5.000		01/01/2048		9,676,230
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)^(d)
	6,975,000	4.000		01/01/2050		5,383,724
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)^(d)
	4,125,000	6.000		01/01/2025		4,122,401
	Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR)
	175,000	5.750		09/15/2036		153,507
	460,000	6.000		09/15/2046		392,725


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)
Texas – (continued)
	Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)^(d)
$	825,000	4.125 %		09/15/2039	$	690,509
	1,445,000	4.375		09/15/2049		1,164,482
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)
	7,300,000	5.000		05/15/2045		7,247,951
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)^(c)
	6,520,000	(3 Mo. LIBOR + 0.70%), 1.196		12/15/2026		6,434,066
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A2)
	5,965,000	6.250		12/15/2026		6,569,433
	Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (BBB/Baa2)
	5,000,000	4.000		12/31/2037		5,080,600
	3,750,000	4.000		12/31/2038		3,798,225
	3,000,000	4.000		12/31/2039		3,028,830
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (BBB-/Baa3)
	3,900,000	5.000		12/31/2050		4,119,336
	3,900,000	5.000		12/31/2055		4,110,639
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (NR/Baa3)
	5,000,000	6.750		06/30/2043		5,591,900
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (NR/Baa3)
	4,035,000	5.000		06/30/2058		4,311,841
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (A-/Baa1)
	7,850,000	5.000		08/15/2042		8,076,708
	Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR)^(d)
	1,353,000	5.875		09/01/2047		1,280,831
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)^(d)
	1,400,000	5.000		09/01/2047		1,238,384
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)
	127,000	4.000		12/01/2021		127,380
	500,000	4.000		12/01/2027		477,075
	1,545,000	4.750		12/01/2035		1,503,130

						340,721,204

Utah – 0.2%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR)
	10,605,000	7.100		08/15/2023		10,958,253


Municipal Bonds – (continued)
Utah – (continued)
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)
	6,000,000	5.000		07/01/2047		6,724,980

						17,683,233

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		871,710

Virgin Islands – 0.5%
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)
	10,775,000	5.000		10/01/2025		10,591,610
	7,910,000	5.000		10/01/2029		7,649,682
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	6,080,000	5.000		10/01/2032		5,859,053
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (B/NR)
	9,850,000	5.000		10/01/2039		9,226,692
	Virgin Islands Public Finance Authority RB Refunding Series 2014 C (AGM-CR) (AA/A2)
	3,515,000	5.000		10/01/2039		3,906,887
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Notes Refunding for Cruzan Project Series 2009 A (NR/Caa3)
	2,000,000	6.000		10/01/2039		1,885,100

						39,119,024

Virginia – 1.4%
	Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (BBB+/NR)
	2,700,000	5.000		10/01/2045		2,791,557
	Mosaic District Community Development Authority RB Series 2011 A (NR/NR)
	990,000	6.250		03/01/2021		1,010,107
	2,000,000	6.625		03/01/2026		2,044,760
	7,000,000	6.875		03/01/2036		7,163,940
	Salem Economic Development Authority RB Refunding Roanoke College Series 2020 (BBB+/NR)
	710,000	4.000		04/01/2045		683,432
	880,000	5.000		04/01/2049		945,718
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B-/B3)
	11,680,000	6.706		06/01/2046		10,090,702
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)^(b)
	236,845,000	0.000		06/01/2047		36,445,709
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC-/NR)^(b)
	34,250,000	0.000		06/01/2047		5,100,510
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	22,780,000	5.000		12/31/2056		24,781,451


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (NR/Baa3)
$	3,950,000		5.000	%		12/31/2052	$	4,302,182
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB/NR)
	3,900,000		5.000			07/01/2034		3,928,236
	13,650,000		5.000			01/01/2040		13,701,051
	Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B-/NR)^(d)(f)(g)
	1,000,000		5.000			07/01/2038		1,001,110

								113,990,465

Washington – 1.5%
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	3,790,000		5.000			08/01/2049		4,022,100
	Washington State Convention Center Public Facilities District RB Series 2018 (A-/A1)
	5,500,000		5.000			07/01/2058		5,850,185
	Washington State Convention Center Public Facilities District RB Series 2018 (AA-/Aa3)
	16,450,000		5.000			07/01/2048		19,704,139
	37,700,000		4.000			07/01/2058		41,499,406
	35,975,000		5.000			07/01/2058		42,691,532
	Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (BB/NR)^(d)
	1,350,000		5.000			01/01/2049		1,300,091
	3,800,000		5.000			01/01/2055		3,579,372

								118,646,825

West Virginia – 0.5%
	County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (BBB/NR)
	955,000		3.000			03/01/2035		946,816
	2,685,000		3.000			03/01/2037		2,609,713
	2,685,000		3.250			03/01/2041		2,642,872
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. – Amos Project Series 2010 A (A-/Baa1)
	4,750,000		5.375			12/01/2038		4,816,025
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	6,120,000		5.000			01/01/2043		7,173,986
	13,000,000		4.125			01/01/2047		13,750,490
	West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (NR/Baa1)
	1,650,000		5.000			09/01/2038		2,014,666
	1,525,000		5.000			09/01/2039		1,855,742

								35,810,310


Municipal Bonds – (continued)
Wisconsin – 0.6%
	Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (AA/A2)
	900,000		5.000			07/01/2044		1,065,564
	2,350,000		4.125			07/01/2049		2,574,613
	1,300,000		5.000			07/01/2054		1,522,352
	1,600,000		5.000			07/01/2058		1,853,456
	Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)^(d)
	305,000		4.000			06/15/2029		297,863
	385,000		5.000			06/15/2039		377,061
	495,000		5.000			06/15/2049		469,508
	430,000		5.000			06/15/2054		400,106
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB/Baa3)
	5,900,000		4.300			11/01/2030		5,540,513
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (AA/A2)
	760,000		4.000			07/01/2045		830,072
	950,000		4.000			07/01/2050		1,030,873
	1,185,000		4.000			07/01/2055		1,281,578
	1,520,000		4.000			07/01/2059		1,636,934
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	2,600,000		5.200			12/01/2037		2,801,318
	1,525,000		5.350			12/01/2045		1,638,109
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (BB/NR)^(d)
	565,000		5.000			04/01/2040		566,322
	2,000,000		5.000			04/01/2050		1,951,440
	Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)^(d)
	1,950,000		5.000			06/01/2050		1,853,826
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)
	12,080,000		4.000			01/01/2052		9,789,874
	Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)^(d)
	1,450,000		5.000			09/01/2049		1,274,216
	1,360,000		5.000			09/01/2054		1,176,958
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)^(d)
	3,205,000		6.125			10/01/2049		2,826,073
	Public Finance Authority RB Series 2019 A-1 (NR/NR)^(d)
	41,995		5.500			12/01/2048		41,995
	Public Finance Authority RB Series 2019 A-2 (NR/NR)^(d)
	85,207		7.250			12/01/2048		85,207
	Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (BBB/NR)
	575,000		5.000			11/15/2044		585,522
	765,000		5.000			11/15/2049		776,047
	Public Finance Authority Student Housing RB for CHF- Cullowhee, LLC-Western Carolina University Project Series 2015 A (BBB-/NR)
	3,250,000		5.250			07/01/2047		3,424,102
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (BBB/NR)
	385,000		4.000			03/15/2040		406,464
	1,115,000		5.000			03/15/2050		1,277,600


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)
Wisconsin – (continued)
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (NR/Baa1)
$	1,315,000		3.000	%		02/01/2042	$	1,211,168
	435,000		4.000			02/01/2045		455,893

								51,022,627

Wyoming – 0.4%
	County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A/A3)
	32,340,000		3.625			07/15/2039		32,553,444

	TOTAL MUNICIPAL BONDS
	(Cost $7,408,550,863)						$	7,594,528,968



Corporate Bonds – 0.3%
Health Care Equipment & Services – 0.3%
	CommonSpirit Health
$	1,293,000		4.350	%		11/01/2042	$	1,265,774
	Prime Healthcare Foundation, Inc. Series B
	16,525,000		7.000			12/01/2027		20,348,827

								21,614,601

	TOTAL CORPORATE BONDS
	(Cost $17,423,534)						$	21,614,601

	TOTAL INVESTMENTS – 96.9%
	(Cost $7,425,974,397)						$	7,616,143,569

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.1%							246,786,751

	NET ASSETS – 100.0%						$	7,862,930,320



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

(a)		Zero coupon bond until next reset date.

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

(c)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2020.

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

(e)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(f)		Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(g)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2020.

(h)		When-issued security.

(i)		Security is currently in default.



Investment Abbreviations:
AGC		—Insured by Assured Guaranty Corp.
AGC-ICC		—Agency Insured Custody Certificate
AGM		—Insured by Assured Guaranty Municipal Corp.
AGM-CR		—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC		—Insured by American Municipal Bond Assurance Corp.
AMT		—Alternative Minimum Tax
ASSURED GTY		—Insured by Assured Guaranty
BAM		—Build America Mutual Assurance Co.
BHAC-CR		—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
CA MTG INS		—Insured by California Mortgage Insurance
COMWLTH GTD		—Commonwealth Guaranteed
COPS		—Certificates of Participation
ETM		—Escrowed to Maturity
FGIC		—Insured by Financial Guaranty Insurance Co.
GO		—General Obligation
IDA		—Industrial Development Authority
LIBOR		—London Interbank Offered Rate
Mo.		—Month
MUN GOVT GTD		—Municipal Government Guaranteed
NATL-RE		—Insured by National Public Finance Guarantee Corp.
NATL-RE-IBC		—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR		—Not Rated
PCRB		—Pollution Control Revenue Bond
PILOT		—Payment in Lieu of Taxes
Q-SBLF		—Qualified School Board Loan Fund
RB		—Revenue Bond
RMKT		—Remarketed
SD CRED PROG		—School District Credit Program
SIFMA		—The Securities Industry and Financial Markets Association
ST AID WITHHLDG		—State Aid Withholding
USD		—United States Dollar
WR		—Withdrawn Rating
XLCA		—Insured by XL Capital Assurance, Inc.


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund	Credit Spread at March 31, 2020^(b)	Counterparty		Termination Date		Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023	1.000%	0.242%		Bank of America NA		03/20/2023		USD 4,000	$	90,944		$	(58,890	)	$	149,834
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023	1.700	0.113		JPMorgan Chase Bank NA		06/20/2021		10,000		200,715			—			200,715
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023	1.000	0.242				03/20/2023		9,000		204,624			(132,503	)		337,127
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023	1.000	0.277				09/20/2023		15,000		378,053			(242,369	)		620,422
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029	1.830	1.226				06/20/2021		10,000		78,776			—			78,776
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023	1.000	0.295		Morgan Stanley Co., Inc.		12/20/2023		10,000		262,790			(105,433	)		368,223
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029	1.000	2.043				12/20/2023		10,000		(341,231	)		(285,381	)		(55,850	)

TOTAL									$	874,671		$	(824,576	)	$	1,699,247

(a)

Payments received quarterly.

(b)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by the Fund		Termination Date	Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.250%^(a)		3 Month LIBOR	12/21/2041		USD 78,700	$	(22,647,116	)	$	(4,543,062	)	$	(18,104,054	)
3 Month LIBOR^(b)		2.250	03/18/2050		10		3,727			3,980			(253	)

TOTAL						$	(22,643,389	)	$	(4,539,082	)	$	(18,104,307	)

(a)

Payments made semi-annually.

(b)

Payments made quarterly


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate		Maturity Date		Value

Municipal Bonds – 97.3%
Alabama – 1.0%
	Alabama Public School & College Authority RB Refunding for Capital Improvement Series 2015 A (AA/Aa1)
$	3,385,000		5.000%		05/01/2023	$	3,769,366
	Black Belt Energy Gas District RB Project 4 Series 2019 A-1 (A/A3)^(a)(b)
	20,000,000		4.000		12/01/2025		20,900,600
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	75,000		4.000		10/01/2020		75,802
	85,000		4.000		10/01/2021		87,666
	85,000		4.000		10/01/2022		89,332
	Huntsville Health Care Authority RB Series 2010 A (NR/A1)^(c)
	7,470,000		5.500		06/01/2020		7,522,514
	Jefferson County RB Refunding Warrants Series 2017 (AA/NR)
	3,025,000		5.000		09/15/2021		3,185,537
	1,200,000		5.000		09/15/2022		1,305,348
	2,000,000		5.000		09/15/2023		2,240,580
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	1,300,000		5.000		10/01/2021		1,362,257
	1,745,000		5.000		10/01/2022		1,880,290
	3,125,000		6.500		10/01/2053		3,630,125
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)^(a)(b)
	225,000		2.000		10/01/2024		220,525
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 C (BBB/Baa2)^(a)(b)
	225,000		2.000		10/01/2024		220,525
	Selma Industrial Development Board RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)^(a)(b)
	1,875,000		2.000		10/01/2024		1,837,706
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A3)^(a)
	25,100,000		(1 Mo. LIBOR + 0.85%), 1.910		06/01/2024		24,893,427
	Troy University RB Refunding Series 2019 A (BAM) (AA/A1)
	400,000		4.000		11/01/2021		417,032
	760,000		4.000		11/01/2022		811,019

							74,449,651

Alaska – 0.6%
	Borough of North Slope GO Bonds for General Purpose Series 2018 A (AA/Aa2)
	1,055,000		5.000		06/30/2021		1,105,566
	1,110,000		5.000		06/30/2023		1,159,695
	Borough of North Slope GO Bonds for General Purpose Series 2019 A (AA/Aa2)
	16,555,000		5.000		06/30/2021		17,348,481
	6,775,000		5.000		06/30/2022		7,327,501
	10,220,000		5.000		06/30/2023		11,405,418
	Borough of North Slope GO Bonds for Schools Series 2019 B (AA/Aa2)
	990,000		5.000		06/30/2023		1,104,830
	Municipality of Anchorage GO Refunding Bonds Series 2018 D (AAA/NR)
	5,025,000		4.000		09/01/2022		5,365,293


Municipal Bonds – (continued)
Alaska – (continued)
	Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/A2)
	665,000		4.625		06/01/2023		665,133
	State of Alaska International Airports System RB Refunding Series 2010 A (AMT) (A+/A1)
	1,470,000		5.000		10/01/2023		1,492,668

							46,974,585

Arizona – 2.4%
	Arizona Department of Transportation State Highway RB Series 2013 A (AA+/Aa2)
	14,250,000		5.000		07/01/2023		15,446,573
	Arizona Department of Transportation State Highway Taxable RB Refunding Series 2020 (AA+/Aa1)
	2,750,000		1.783		07/01/2022		2,769,773
	19,000,000		1.958		07/01/2024		19,135,280
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(d)
	59,270,000		(3 Mo. LIBOR + 0.81%), 2.089		01/01/2037		57,216,295
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)
	170,000		5.000		11/01/2020		173,864
	250,000		5.000		11/01/2021		264,180
	250,000		5.000		11/01/2022		272,370
	505,000		5.000		11/01/2023		565,837
	395,000		5.000		11/01/2024		454,467
	340,000		5.000		11/01/2025		401,282
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BBB+/NR)
	675,000		5.000		01/01/2022		677,187
	600,000		5.000		01/01/2023		601,938
	575,000		5.000		01/01/2024		576,708
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BBB/NR)
	485,000		5.000		01/01/2022		485,766
	505,000		5.000		01/01/2023		505,343
	560,000		5.000		01/01/2024		559,765
	Arizona School Facilities Board COPS Refunding Series 2015 A (AA-/Aa2)
	8,000,000		5.000		09/01/2020		8,128,080
	Arizona Transportation Board Excise Tax RB Refunding for Regional Area Road Series 2016 (AA+/Aa1)
	5,820,000		5.000		07/01/2021		6,102,503
	Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT) (A+/A1)^(a)(b)
	9,365,000		5.000		06/03/2024		10,376,420
	City of Phoenix Civic Improvement Corporation RB Taxable Refunding for Rental Car Facility Charge Series 2019 B (A/A2)
	1,000,000		2.007		07/01/2020		1,002,050
	3,000,000		2.107		07/01/2021		3,023,790
	3,150,000		2.163		07/01/2022		3,198,321
	2,050,000		2.226		07/01/2023		2,093,194


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Arizona – (continued)
	City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (A+/A1)^(c)
$	5,000,000	5.000 %		07/01/2020	$	5,047,550
	County of Pinal RB Refunding Series 2014 (AA-/NR)
	2,465,000	5.000		08/01/2021		2,591,257
	Glendale City GO Refunding Bonds Series 2015 (AGM) (AA/A1)
	3,000,000	4.000		07/01/2020		3,021,300
	3,400,000	4.000		07/01/2021		3,521,312
	1,665,000	5.000		07/01/2022		1,807,141
	Maricopa County Community College District GO Refunding Bonds Series 2016 (AAA/Aaa)
	9,505,000	5.000		07/01/2021		9,967,608
	16,400,000	5.000		07/01/2023		18,331,592
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2)
	125,000	4.000		07/01/2023		132,315
	135,000	4.000		07/01/2024		144,675

						178,595,736

Arkansas – 0.2%
	Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (BBB+/NR)
	250,000	5.000		08/01/2021		259,557
	250,000	5.000		08/01/2022		266,318
	235,000	5.000		08/01/2023		256,364
	400,000	5.000		08/01/2024		446,296
	Fort Smith School District No. 100 GO Bonds for Arkansas Construction Series 2018 A (ST AID WITHHLDG) (NR/Aa2)
	1,295,000	3.000		02/01/2021		1,314,632
	1,950,000	3.000		02/01/2022		2,010,118
	1,510,000	3.000		02/01/2023		1,578,343
	Little Rock Arkansas Sewer RB Refunding Series 2015 (NR/Aa3)
	1,075,000	3.000		10/01/2020		1,085,051
	Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	6,050,000	3.000		02/01/2021		6,141,718

						13,358,397

California – 6.1%
	Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (AMBAC) (BBB+/Baa2)^(e)
	255,000	0.000		10/01/2020		252,600
	Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (ETM) (AMBAC) (NR/Aaa)^(c)(e)
	12,325,000	0.000		10/01/2020		12,254,871
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	500,000	5.000		05/01/2021		521,105
	335,000	5.000		05/01/2022		361,264
	300,000	5.000		05/01/2023		333,873
	265,000	5.000		05/01/2024		304,209


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 (AA/Aa3)^(a)
	10,000,000	(SIFMA Municipal Swap Index Yield + 0.90%), 5.610%		05/01/2023		10,068,400
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (AA/Aa3)^(a)
	7,000,000	(SIFMA Municipal Swap Index Yield + 0.90%), 5.610		05/01/2023		7,047,880
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (AA/NR)^(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 1.25%), 5.960		04/01/2027		15,707,400
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2017 C (AA/Aa3)^(a)(b)
	11,175,000	2.100		04/01/2022		11,366,428
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BBB-/NR)
	255,000	5.000		05/01/2021		264,583
	1,000,000	5.000		05/01/2023		1,057,440
	535,000	5.000		05/01/2024		573,509
	California Infrastructure & Economic Development Bank RB Refunding for The J. Paul Getty Trust Project Series 2013 A-1 (AAA/Aaa)^(a)
	20,000,000	(1 Mo. LIBOR + 0.33%), 1.437		04/01/2022		19,884,200
	California Municipal Finance Authority RB for Anaheim Electric System Distribution Facilities 2nd Lien Qualified Obligations Series 2015 (A+/NR)^(a)
	10,000,000	(SIFMA Municipal Swap Index Yield + 0.35%), 5.060		12/01/2020		10,001,600
	California Municipal Finance Authority RB for Waste Management, Inc. Series 2009 A (A-/NR)^(a)(b)(f)
	1,800,000	1.300		02/03/2025		1,694,286
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	325,000	5.000		10/01/2020		330,990
	250,000	5.000		10/01/2021		263,557
	250,000	5.000		10/01/2022		260,897
	225,000	5.000		10/01/2023		238,007
	275,000	5.000		10/01/2024		294,300
	275,000	5.000		10/01/2025		297,512
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	150,000	3.000		06/01/2020		150,402
	100,000	4.000		06/01/2022		103,486
	California State Various Purpose GO Bonds RMKT 11/15/17 Series 2013 B (AA-/Aa2)^(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.38%), 5.090		12/01/2022		14,899,350
	California Statewide Communities Development Authority RB for Irvine East Campus Apartments, CHF-Irvine LLC Series 2017 (NR/Baa1)
	1,545,000	5.000		05/15/2021		1,610,415


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (BBB+/NR)
$	300,000	5.000 %		01/01/2021	$	307,788
	500,000	5.000		01/01/2022		529,675
	500,000	5.000		01/01/2023		545,350
	California Statewide Communities Development Authority RB Refunding for Irvine East Campus Apartments, CHF-Irvine LLC Series 2016 (NR/Baa1)
	1,150,000	5.000		05/15/2020		1,155,232
	1,250,000	5.000		05/15/2021		1,302,925
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	275,000	3.000		09/01/2020		276,339
	195,000	3.000		09/01/2021		197,641
	205,000	3.000		09/01/2022		208,700
	210,000	3.000		09/01/2023		214,889
	215,000	3.000		09/01/2024		220,590
	225,000	4.000		09/01/2025		242,768
	Chula Vista Elementary School District GO Bonds Anticipation Notes Series 2019 (AA-/NR)^(e)
	2,340,000	0.000		08/01/2023		2,262,359
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2017 A-1 (A/NR)
	6,000,000	5.000		06/01/2020		6,030,900
	5,000,000	5.000		06/01/2021		5,177,700
	6,000,000	5.000		06/01/2022		6,385,440
	6,000,000	5.000		06/01/2023		6,546,480
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BB-/NR)
	13,885,000	3.500		06/01/2036		13,597,025
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds Series 2019 (A-/NR)
	1,875,000	3.678		06/01/2038		1,922,981
	Irvine City Limited Obligation Improvement Bonds Reassessment District No. 15-2 Series 2015 (NR/NR)
	725,000	4.000		09/02/2020		731,155
	775,000	5.000		09/02/2021		807,496
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	1,765,000	5.000		09/01/2022		1,879,778
	1,135,000	5.000		09/01/2023		1,237,502
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	600,000	4.000		09/01/2023		628,926
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	520,000	4.000		09/01/2023		543,504
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	255,000	3.000		09/01/2022		258,642
	415,000	4.000		09/01/2023		435,700
	Lake Elsinore Public Financing Authority Local Agency RB Refunding for Community Facilities District No. 88-3 Series 2015 B (AGM) (AA/NR)
	1,235,000	5.000		09/01/2020		1,255,032


Municipal Bonds – (continued)
California – (continued)
	Lake Elsinore Public Financing Authority Local Agency RB Refunding Series 2015 (NR/NR)
	785,000	5.000		09/01/2021		816,055
	Los Angeles Unified School District GO Bonds for Qualified School Construction Series 2010 J-2 (A+/Aa3)
	27,900,000	5.720		05/01/2027		33,011,001
	Los Angeles Unified School District GO Bonds Series KRY 2010 CA (A+/Aa3)
	29,145,000	5.250		07/01/2028		29,409,928
	Natomas Unified School District GO Refunding Bonds Series 2013 (BAM) (AA/A1)
	730,000	4.000		09/01/2020		738,074
	650,000	4.000		09/01/2021		674,407
	Newport Mesa Unified School District GO Bonds Series 2011 (AA+/Aaa)^(c)(e)
	11,625,000	0.000		08/01/2021		1,897,200
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A3)^(d)
	10,855,000	(3 Mo. LIBOR + 0.72%), 1.999		07/01/2027		10,602,078
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	380,000	4.000		09/01/2022		394,014
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	1,000,000	4.000		09/01/2020		1,008,430
	675,000	5.000		09/01/2021		702,763
	800,000	5.000		09/01/2022		851,056
	1,835,000	5.000		09/01/2023		1,998,829
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)^(d)
	47,675,000	(3 Mo. LIBOR + 0.53%), 1.589		12/01/2035		45,603,045
	San Diego Community College District GO Bonds for Election of 2006 Series 2013 (AAA/Aaa)^(g)
	42,470,000	0.000		08/01/2041		23,369,542
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2012 A (AMT) (A+/A1)
	6,250,000	5.000		05/01/2026		6,653,375
	Sequoia Union High School District GO Refunding Bonds Series 2020 (NR/Aaa)
	1,060,000	1.447		07/01/2020		1,061,134
	160,000	1.600		07/01/2023		161,074
	State of California GO Bonds for General Obligation High Speed Train Series 2017 A (AA-/Aa2)
	12,400,000	2.367		04/01/2022		12,627,540
	State of California GO Bonds RMKT 10/01/12 Series 2004 B-2 (AA+/Aa1)^(a)(b)
	15,545,000	0.500		04/01/2020		15,545,000
	State of California GO Unlimited Various Purpose Bonds Series 2019 A (AA-/Aa2)
	29,705,000	2.350		04/01/2022		30,240,284
	State of California Various Purpose GO Bonds for Bid Group A Series 2018 (AA-/Aa2)
	52,000,000	5.000		10/01/2022		56,913,480


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	Stockton Public Financing Authority Wastewater RB Series 2019 (A/NR)
$	8,950,000		1.400	%		06/01/2022	$	8,918,228
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (BBB/Baa2)
	810,000		4.750			06/01/2023		810,040
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A/NR)
	1,415,000		5.000			06/01/2020		1,422,655
	2,500,000		5.000			06/01/2021		2,594,575
	2,000,000		5.000			06/01/2022		2,136,940
	1,750,000		5.000			06/01/2024		1,967,823
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB+/NR)
	750,000		2.250			06/01/2029		746,625
	Ventura County Capital Appreciation GO Bonds for Conejo Valley Unified School District for Election of 2014 Series A (AGM) (AA/Aa3)^(e)
	1,775,000		0.000			08/01/2020		1,767,705

								459,687,981

Colorado – 2.3%
	City of Aurora COPS Refunding Series 2019 (AA/Aa1)
	1,000,000		5.000			12/01/2020		1,025,780
	450,000		5.000			12/01/2021		478,926
	325,000		5.000			12/01/2022		357,123
	275,000		5.000			12/01/2023		311,597
	875,000		5.000			12/01/2024		1,021,387
	City of Boulder Water & Sewer RB Refunding Series 2012 (AAA/Aa1)
	1,000,000		5.000			12/01/2020		1,025,980
	Colorado E-470 Public Highway Authority Senior RB Refunding Series 2015 A (A/A2)
	1,000,000		5.000			09/01/2020		1,015,420
	Colorado Health Facilities Authority RB for CommonSpirit Health Obligated Group Catholic Health Initiatives Project Series 2013 A (BBB+/Baa1)^(c)
	2,805,000		5.250			01/01/2023		3,086,201
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	3,890,000		5.000			08/01/2025		4,422,074
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	3,995,000		5.000			08/01/2025		4,541,436
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)^(a)(b)
	8,275,000		5.000			08/01/2025		9,503,258
	Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (A-/NR)
	1,000,000		5.000			12/01/2020		1,012,150


Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (ETM) (A-/NR)^(c)
	400,000		5.000			06/01/2020		402,520
	700,000		5.000			06/01/2021		731,311
	500,000		5.000			06/01/2022		541,015
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)
	3,025,000		5.000			11/01/2020		3,092,155
	2,245,000		5.000			11/01/2021		2,379,251
	1,800,000		5.000			11/01/2022		1,971,144
	1,350,000		5.000			11/01/2023		1,524,717
	1,120,000		5.000			11/01/2024		1,300,454
	Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (AA-/Aa3)
	965,000		5.000			01/01/2022		1,027,156
	810,000		5.000			01/01/2023		885,986
	1,500,000		5.000			01/01/2024		1,689,300
	Colorado Health Facilities Authority Taxable RB Refunding for Sanford Obligated Group Series 2019 B (A+/NR)
	1,000,000		2.075			11/01/2020		994,510
	800,000		2.185			11/01/2021		810,608
	1,275,000		2.237			11/01/2022		1,300,895
	1,250,000		2.396			11/01/2023		1,285,413
	Denver City & County Airport RB Refunding Series 2019 D (A+/A1)^(a)(b)
	8,270,000		5.000			11/15/2022		8,927,300
	Denver City & County School District No. 1 GO Bonds Series 2012 B (ST AID WITHHLDG) (AA+/Aa1)^(c)
	24,390,000		5.000			12/01/2022		26,846,073
	Denver City & County School District No. 1 GO Refunding Bonds Series 2012 A (ST AID WITHHLDG) (AA+/Aa1)^(c)
	4,060,000		5.000			12/01/2021		4,325,849
	Denver City & County School District No. 1 GO Refunding Bonds Series 2014 B (ST AID WITHHLDG) (AA+/Aa1)
	3,660,000		5.000			12/01/2023		4,158,345
	3,470,000		5.000			12/01/2024		4,062,572
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(f)
	2,415,000		5.000			12/01/2020		2,470,424
	4,110,000		5.000			12/01/2021		4,340,530
	4,315,000		5.000			12/01/2022		4,682,207
	4,530,000		5.000			12/01/2023		5,046,647
	4,760,000		5.000			12/01/2024		5,431,112
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	110,000		5.000			12/01/2020		112,524
	220,000		5.000			12/01/2021		232,340
	300,000		5.000			12/01/2022		325,530
	Jefferson County School District R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (AA/Aa2)^(c)
	5,925,000		4.000			12/15/2022		6,391,120
	12,040,000		5.000			12/15/2022		13,303,839


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
$	25,000	5.000 %		12/01/2021	$	26,419
	50,000	5.000		12/01/2022		54,350
	150,000	5.000		12/01/2024		171,365
	University of Colorado Enterprise System RB Refunding Series 2019 A-2 (AA+/Aa1)
	5,610,000	1.780		06/01/2024		5,684,613
	University of Colorado Hospital Authority RB Refunding for University of Colorado Health Obligated Group Series 2019 C (AA/Aa3)^(a)(b)
	17,145,000	5.000		11/15/2024		19,351,733
	University of Colorado Hospital Authority RB Series 2017 C-2 (AA/Aa3)^(a)(b)
	7,230,000	5.000		03/01/2022		7,560,773
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)^(h)
	150,000	5.000		12/01/2021		155,530
	165,000	5.000		12/01/2022		175,567
	195,000	5.000		12/01/2023		212,716
	200,000	5.000		12/01/2024		223,342
	180,000	5.000		12/01/2025		204,914

						172,215,501

Connecticut – 2.9%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	1,250,000	5.000		08/01/2021		1,305,700
	1,000,000	5.000		08/01/2023		1,068,290
	945,000	5.000		08/01/2024		1,021,035
	600,000	5.000		08/01/2025		653,094
	City of New Haven GO Bonds Series 2019 A (AGM) (AA/A2)
	1,500,000	5.000		08/01/2023		1,632,825
	City of New Haven GO Bonds Series 2019 A (BBB+/Baa1)
	1,300,000	5.000		08/01/2021		1,358,110
	City of New Haven GO Refunding Bonds Series 2019 B (BBB+/Baa1)
	600,000	5.000		02/01/2021		616,800
	City of Waterbury GO Refunding Bonds Series 2020 C (AA-/NR)
	2,295,000	1.689		09/01/2020		2,295,826
	755,000	1.895		09/01/2024		757,696
	Connecticut State GO Bonds Series 2013 A (A/A1)
	5,215,000	5.000		10/15/2023		5,820,514
	Connecticut State GO Bonds Series 2015 C (A/A1)^(d)
	10,000,000	(SIFMA Municipal Swap Index Yield + 0.80%), 5.510		06/15/2020		9,999,000
	Connecticut State GO Bonds Series 2015 F (A/A1)
	6,615,000	5.000		11/15/2021		6,985,043
	5,685,000	5.000		11/15/2022		6,184,086
	4,460,000	5.000		11/15/2023		4,989,447
	Connecticut State GO Bonds Series 2017 A (A/A1)
	1,705,000	5.000		04/15/2022		1,822,713
	Connecticut State GO Refunding Bonds Series 2010 D (A/A1)
	7,500,000	5.000		10/01/2022		7,619,025
	Connecticut State GO Refunding Bonds Series 2017 B (A/A1)
	18,110,000	3.000		04/15/2022		18,637,182
	Connecticut State GO Refunding Bonds Series 2020 B (A/A1)
	1,000,000	3.000		01/15/2021		1,011,740


Municipal Bonds – (continued)
Connecticut – (continued)
	Connecticut State Health & Educational Facilities Authority RB for Yale New Haven Health System Series 2014 B (AA-/Aa3)^(a)(b)
	2,880,000	1.800		07/01/2024		2,883,341
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-2 (AAA/Aaa)^(a)(b)
	15,035,000	0.600		04/01/2020		15,035,000
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2010 A-3 (AAA/Aaa)^(a)(b)
	11,260,000	1.800		02/09/2021		11,259,887
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2019 U-1 (AAA/Aaa)^(a)(b)
	13,300,000	2.000		02/08/2022		13,408,661
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)
	100,000	5.000		07/01/2021		104,230
	400,000	5.000		07/01/2022		419,460
	415,000	5.000		07/01/2023		442,809
	375,000	5.000		07/01/2024		406,215
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 B-1 (AAA/Aaa)^(a)(b)
	4,925,000	5.000		07/01/2020		4,971,196
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)^(a)(b)
	49,750,000	5.000		02/01/2023		54,798,630
	New Haven GO Refunding Bonds Series 2015 B (ETM) (BAM) (AA/Baa1)^(c)
	6,265,000	5.000		08/15/2021		6,598,737
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purpose Build America Bonds Series 2010 B (A+/A1)
	3,780,000	4.576		11/01/2022		4,064,974
	State of Connecticut Special Tax Obligation RB Refunding for Transportation Infrastructure Purposes Series 2011 B (A+/A1)
	5,035,000	3.000		12/01/2022		5,158,811
	Town of Fairfield GO Bonds Series 2019 (SP-1+/MIG1)
	3,435,000	3.000		07/10/2020		3,446,919
	Town of Ridgefield GO Bonds Series 2020 (NR/NR)
	10,000,000	2.000		08/20/2020		10,010,600
	University of Connecticut GO Bonds Series 2015 A (A+/A1)
	8,640,000	5.000		02/15/2021		8,920,714
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	400,000	4.000		11/01/2020		403,408
	400,000	4.000		11/01/2021		408,860
	415,000	5.000		11/01/2022		439,331
	400,000	5.000		11/01/2023		430,632
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	390,000	4.000		11/01/2020		393,323
	790,000	5.000		11/01/2022		836,317

						218,620,181

Delaware – 0.3%
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)
	475,000	5.000		06/01/2023		520,562
	305,000	5.000		06/01/2024		342,286


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Delaware – (continued)
	Delaware State GO Bonds Series 2018 A (AAA/Aaa)
$	3,250,000		5.000	%		02/01/2021	$	3,355,560
	3,500,000		5.000			02/01/2022		3,747,310
	1,750,000		5.000			02/01/2023		1,938,422
	Delaware State GO Bonds Series 2019 (AAA/Aaa)
	10,000,000		5.000			02/01/2023		11,076,700
	Delaware State Health Facilities Authority RB Refunding for Christiana Care Health System Obligated Group Series 2020 (AA+/Aa2)
	870,000		1.640			10/01/2020		873,201
	530,000		1.680			10/01/2021		534,325
	560,000		1.730			10/01/2022		568,406
	660,000		1.790			10/01/2023		670,204

								23,626,976

District of Columbia – 0.7%
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)
	230,000		4.000			07/01/2021		237,017
	200,000		5.000			07/01/2023		213,594
	District of Columbia RB for National Public Radio, Inc. Series 2010 A (A+/A2)^(c)
	3,205,000		5.000			04/01/2020		3,205,000
	District of Columbia RB Refunding Series 2019 A (AAA/Aa1)
	5,000,000		5.000			03/01/2024		5,733,700
	District of Columbia RB Refunding Series 2019 C (AAA/Aa1)
	10,000,000		5.000			10/01/2022		10,952,700
	15,715,000		5.000			10/01/2023		17,784,194
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (AA+/Aa2)^(a)(b)
	6,840,000		1.750			10/01/2024		6,723,994
	Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (AA-/Aa3)
	4,100,000		5.000			10/01/2029		4,410,575
	Metropolitan Washington Airports Authority RB Refunding Series 2015 B (AMT) (AA-/Aa3)
	4,750,000		5.000			10/01/2020		4,838,017

								54,098,791

Florida – 3.6%
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	325,000		2.000			05/01/2020		325,110
	335,000		2.250			05/01/2021		336,856
	340,000		2.250			05/01/2022		341,350
	350,000		2.500			05/01/2023		352,359
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,085,000		2.000			05/01/2020		1,085,369
	1,110,000		2.125			05/01/2021		1,115,139
	1,135,000		2.250			05/01/2022		1,151,809
	1,160,000		2.500			05/01/2023		1,191,181
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	165,000		2.000			05/01/2020		165,101
	170,000		2.000			05/01/2021		171,198


Municipal Bonds – (continued)
Florida – (continued)
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	555,000		2.600			05/01/2020		555,599
	570,000		3.000			05/01/2021		579,867
	465,000		3.125			05/01/2022		479,122
	465,000		3.250			05/01/2023		484,660
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	125,000		2.250			05/01/2020		125,100
	130,000		2.250			05/01/2021		131,292
	130,000		2.250			05/01/2022		131,391
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	285,000		3.500			05/01/2020		285,470
	295,000		3.500			05/01/2021		301,201
	305,000		3.500			05/01/2022		315,260
	Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (A-/NR)
	180,000		2.000			05/01/2020		180,090
	185,000		2.100			05/01/2021		186,263
	185,000		2.375			05/01/2022		186,654
	190,000		2.500			05/01/2023		192,869
	Broward County School Board COPS Series 2017 C (A+/Aa3)
	2,070,000		5.000			07/01/2023		2,322,250
	Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (AA/A2)
	925,000		1.900			09/01/2020		926,323
	1,165,000		2.125			09/01/2022		1,180,879
	1,035,000		2.250			09/01/2023		1,058,411
	Caribe Palm Community Development District Special Assessment Refunding Series 2017 (A-/NR)
	81,000		3.500			05/01/2020		81,147
	85,000		3.500			05/01/2021		86,999
	83,000		3.500			05/01/2022		86,294
	87,000		3.500			05/01/2023		91,541
	40,000		4.000			05/01/2024		43,221
	Central Florida Expressway Authority RB Senior Lien Series 2019 A (A+/A1)
	360,000		5.000			07/01/2020		363,413
	625,000		5.000			07/01/2021		654,544
	430,000		5.000			07/01/2022		465,707
	1,240,000		5.000			07/01/2023		1,386,469
	Central Florida Expressway Authority RB Senior Lien Series 2019 B (A+/A1)
	500,000		5.000			07/01/2020		504,740
	1,100,000		5.000			07/01/2021		1,151,997
	750,000		5.000			07/01/2022		812,280
	2,225,000		5.000			07/01/2023		2,487,817
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)
	95,000		3.000			11/01/2020		95,633
	95,000		3.000			11/01/2021		96,603
	100,000		3.000			11/01/2022		101,909
	105,000		3.000			11/01/2023		107,368
	105,000		3.500			11/01/2024		109,843


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
$	220,000		2.000	%		05/01/2020	$	220,053
	225,000		2.250			05/01/2021		226,294
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	830,000		2.000			05/01/2020		830,249
	840,000		2.000			05/01/2021		842,595
	860,000		2.125			05/01/2022		863,853
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	119,000		2.375			05/01/2020		119,088
	122,000		2.625			05/01/2021		123,386
	126,000		2.750			05/01/2022		128,085
	Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (A-/NR)
	160,000		3.000			05/01/2024		164,730
	Country Walk Community Development District Special Assessment Senior Lien RB Refunding Series 2015 A-1 (A-/NR)
	185,000		2.750			05/01/2020		185,242
	County of Broward RB for Airport System Series 2019 A (AMT) (A+/A1)
	3,000,000		5.000			10/01/2020		3,055,740
	1,110,000		5.000			10/01/2021		1,171,727
	740,000		5.000			10/01/2022		792,488
	625,000		5.000			10/01/2023		685,188
	945,000		5.000			10/01/2024		1,058,239
	County of Broward RB Refunding for Airport System Series 2019 B (AMT) (A+/A1)
	920,000		5.000			10/01/2020		937,093
	265,000		5.000			10/01/2021		279,737
	285,000		5.000			10/01/2022		305,215
	215,000		5.000			10/01/2023		235,704
	355,000		5.000			10/01/2024		397,540
	County of Escambia RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)^(a)(b)
	425,000		2.000			10/01/2024		416,547
	County of Escambia Solid Waste Disposal System RB for Gulf Power Company First Series 2009 (A/A2)^(a)(b)
	14,400,000		1.800			11/19/2020		14,443,200
	County of Hillsborough Utility RB Refunding Series 2019 (AA+/ Aaa)
	1,870,000		5.000			08/01/2020		1,892,646
	1,615,000		5.000			08/01/2022		1,752,323
	3,750,000		5.000			08/01/2023		4,185,713
	County of Miami-Dade Aviation RB Refunding Series 2012 A (AMT) (A/A2)^(c)
	8,810,000		5.000			10/01/2022		9,585,632
	County of Miami-Dade Florida Transit System RB Refunding Series 2019 (AA/NR)
	3,490,000		5.000			07/01/2024		4,034,091
	County of Miami-Dade RB for Water & Sewer System Series 2010 (AA-/Aa3)^(c)
	12,845,000		5.000			10/01/2020		13,097,276


Municipal Bonds – (continued)
Florida – (continued)
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)
	300,000		5.000			10/01/2021		316,083
	250,000		5.000			10/01/2022		271,558
	315,000		5.000			10/01/2023		351,990
	300,000		5.000			10/01/2024		343,701
	275,000		5.000			10/01/2025		322,011
	Double Branch Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A/NR)
	250,000		3.000			05/01/2020		250,383
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	1,465,000		2.000			05/01/2020		1,465,396
	1,495,000		2.125			05/01/2021		1,502,400
	Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (BBB/NR)
	120,000		3.000			05/01/2020		120,146
	120,000		3.000			05/01/2021		121,843
	125,000		3.000			05/01/2022		127,524
	130,000		3.000			05/01/2023		133,543
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	2,760,000		4.250			05/01/2029		2,824,584
	Florida Department of Management Services COPS Refunding Series 2018 A (AA+/Aa1)
	10,000,000		5.000			11/01/2022		10,897,500
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)^(f)
	300,000		2.625			12/15/2024		294,540
	Florida Development Finance Corp. RB for Virgin Trains USA Florida LLC Series 2019 B (AMT) (NR/Aaa)^(a)(b)
	35,000,000		0.620			06/18/2020		34,977,250
	Florida State Full Faith and Credit State Board of Education Public Education Capital Outlay Tax-Exempt Bonds Series 2011 A (AAA/Aaa)
	5,860,000		5.000			06/01/2021		5,897,328
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	225,000		2.000			05/01/2020		225,128
	230,000		2.000			05/01/2021		231,500
	235,000		2.500			05/01/2022		238,711
	245,000		2.500			05/01/2023		249,140
	245,000		2.500			05/01/2024		248,545
	255,000		2.750			05/01/2025		261,426
	260,000		3.000			05/01/2026		270,616
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (AA-/Aa3)
	825,000		5.000			10/01/2021		870,878
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)^(f)
	225,000		3.500			05/01/2020		225,410
	235,000		3.500			05/01/2021		240,426
	245,000		3.500			05/01/2022		253,751
	250,000		3.500			05/01/2023		262,510


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
$	185,000	4.000 %		05/01/2020	$	185,355
	190,000	4.000		05/01/2021		194,699
	200,000	4.000		05/01/2022		207,926
	205,000	4.000		05/01/2023		216,357
	Heritage Landing Community Development District Special Assessment Refunding Series 2015 (BBB/NR)
	535,000	2.500		05/01/2020		535,375
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	285,000	2.250		05/01/2020		285,157
	290,000	2.250		05/01/2021		291,824
	295,000	2.250		05/01/2022		296,649
	305,000	2.500		05/01/2023		308,874
	315,000	2.750		05/01/2024		321,505
	320,000	3.000		05/01/2025		330,950
	Lake Frances Community Development District Special Assessment Refunding Series 2018 (BBB-/NR)
	71,000	3.000		05/01/2020		71,095
	75,000	3.000		05/01/2021		76,298
	79,000	3.000		05/01/2022		81,051
	82,000	3.000		05/01/2023		84,731
	81,000	3.000		05/01/2024		84,457
	84,000	3.000		05/01/2025		88,027
	Lakeshore Ranch Community Development District Senior Special Assessment Refunding Series 2019 A-1 (BBB+/NR)
	205,000	3.000		05/01/2020		205,219
	250,000	3.000		05/01/2021		253,168
	135,000	3.000		05/01/2022		137,310
	270,000	3.000		05/01/2023		276,137
	355,000	3.000		05/01/2024		363,818
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)
	275,000	3.500		05/01/2020		275,462
	290,000	3.500		05/01/2021		296,316
	300,000	3.500		05/01/2022		310,653
	305,000	3.500		05/01/2023		319,793
	320,000	3.500		05/01/2024		340,557
	Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (AA-/Aa3)^(f)
	2,635,000	5.000		03/01/2021		2,719,346
	2,770,000	5.000		03/01/2022		2,952,737
	Miami-Dade County Industrial Development Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2018 A (AMT) (A-/NR)^(a)
	15,065,000	(SIFMA Municipal Swap Index Yield + 0.80%), 5.510		11/01/2021		15,080,065
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)^(f)
	105,000	3.500		05/01/2021		106,448
	110,000	3.500		05/01/2022		112,207
	115,000	3.500		05/01/2023		117,968
	120,000	3.500		05/01/2024		123,554
	125,000	3.500		05/01/2025		129,640


Municipal Bonds – (continued)
Florida – (continued)
	North Broward Hospital District RB Refunding for Broward Health Series 2017 B (BBB+/Baa2)
	1,000,000	5.000		01/01/2021		1,024,150
	1,000,000	5.000		01/01/2022		1,054,720
	Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (A+/NR)
	185,000	3.750		05/01/2024		194,374
	Orlando & Orange County Expressway Authority RB Series 2010 C (A+/NR)^(c)
	12,880,000	5.000		07/01/2020		12,999,140
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (NR/NR)
	1,375,000	5.000		04/01/2020		1,375,000
	Orlando Utilities Commission, Utility System RB Refunding Series 2017 A (AA/Aa2)^(a)(b)
	7,340,000	3.000		10/01/2020		7,376,480
	7,000,000	5.000		10/01/2020		7,103,740
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	185,000	3.000		11/01/2020		186,521
	190,000	3.000		11/01/2021		194,134
	195,000	3.000		11/01/2022		200,752
	205,000	3.000		11/01/2023		212,052
	210,000	3.000		11/01/2024		219,713
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	85,000	3.500		05/01/2021		86,227
	85,000	3.500		05/01/2022		86,827
	90,000	3.500		05/01/2023		92,835
	95,000	3.500		05/01/2024		98,559
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	235,000	3.500		05/01/2023		240,365
	245,000	3.500		05/01/2024		252,352
	255,000	3.500		05/01/2025		263,729
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	300,000	4.000		05/01/2020		300,453
	405,000	4.000		05/01/2021		413,128
	420,000	4.000		05/01/2022		434,125
	435,000	4.000		05/01/2023		455,119
	Polk County School District COPS Refunding Series 2020 B (NR/Aa3)
	1,480,000	5.000		01/01/2025		1,730,253
	Reunion East Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	670,000	4.000		05/01/2020		670,536
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	365,000	2.000		05/01/2020		365,230
	375,000	2.000		05/01/2021		377,726
	385,000	2.500		05/01/2022		392,107
	395,000	2.500		05/01/2023		403,224
	405,000	2.500		05/01/2024		413,092
	415,000	2.750		05/01/2025		428,081
	425,000	3.000		05/01/2026		445,557


116		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)
	Sausalito Bay Community Development District Special Assessment Refunding Series 2013 (A-/NR)
$	100,000		3.000	%		05/01/2020	$	100,151
	School District of Broward County COPS Series 2012 A (NR/NR)^(c)
	7,310,000		5.000			07/01/2022		7,906,935
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	390,000		2.250			05/01/2020		390,195
	395,000		2.625			05/01/2021		398,725
	405,000		2.875			05/01/2022		410,492
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	330,000		2.250			11/01/2020		331,023
	330,000		2.250			11/01/2021		332,406
	335,000		2.250			11/01/2022		335,800
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR)
	305,000		2.000			05/01/2020		305,128
	100,000		2.000			05/01/2021		100,576
	100,000		2.125			05/01/2022		100,123
	100,000		2.375			05/01/2023		100,334
	100,000		2.500			05/01/2024		100,279
	100,000		2.750			05/01/2025		101,507
	100,000		3.000			05/01/2026		102,877
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB/NR)
	375,000		4.375			05/01/2021		385,650
	390,000		4.500			05/01/2022		409,570
	State Board of Administration Finance Corp. RB for Florida Hurricane Catastrophe Fund Finance Corp. Series 2013 A (AA/Aa3)
	19,000,000		2.995			07/01/2020		18,982,330
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	250,000		2.000			05/01/2020		250,140
	255,000		2.250			05/01/2021		256,084
	260,000		2.250			05/01/2022		262,517
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	175,000		2.000			05/01/2020		175,103
	180,000		2.250			05/01/2021		181,692
	185,000		2.250			05/01/2022		186,828
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	970,000		2.000			05/01/2020		970,310
	990,000		2.125			05/01/2021		994,584
	1,015,000		2.250			05/01/2022		1,028,987
	1,040,000		2.500			05/01/2023		1,067,321
	Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	115,000		3.500			05/01/2020		115,219
	115,000		3.750			05/01/2021		117,988


Municipal Bonds – (continued)
Florida – (continued)
	Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR) – (continued)
	125,000		3.875			05/01/2022		130,419
	125,000		4.000			05/01/2023		130,115
	135,000		4.125			05/01/2024		141,669
	140,000		4.150			05/01/2025		146,650
	145,000		4.250			05/01/2026		151,866
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (A/NR)
	125,000		2.600			05/01/2020		125,090
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)
	160,000		2.000			05/01/2020		160,086
	345,000		2.250			05/01/2021		347,836
	Venetian Isles Community Development District Special Assessment RB Refunding Series 2013 (A/NR)
	240,000		3.000			05/01/2020		240,334
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)^(f)
	305,000		2.500			05/01/2020		305,256
	315,000		2.750			05/01/2021		319,032
	325,000		3.000			05/01/2022		332,030
	335,000		3.100			05/01/2023		344,413
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	655,000		4.500			05/01/2023		672,128
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	330,000		4.000			05/01/2020		330,709
	340,000		4.000			05/01/2021		348,483
	365,000		4.000			05/01/2022		380,607
	385,000		4.000			05/01/2023		408,104
	410,000		4.000			05/01/2024		441,345
	315,000		4.000			05/01/2025		343,495
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	200,000		2.250			11/01/2020		200,494
	205,000		2.250			11/01/2021		206,078
	210,000		2.250			11/01/2022		209,507
	215,000		2.500			11/01/2023		216,030
	Volusia County School Board COPS Series 2019 (NR/Aa3)
	1,330,000		5.000			08/01/2021		1,398,123
	1,080,000		5.000			08/01/2022		1,173,658
	1,250,000		5.000			08/01/2023		1,402,612
	Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	390,000		2.375			05/01/2020		390,343
	400,000		2.625			05/01/2021		405,236

								266,184,844

Georgia – 3.8%
	Bartow County Development Authority RB for Georgia Power Co. Series 2013 (A-/Baa1)^(a)(b)
	6,360,000		1.550			08/19/2022		6,188,662


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Georgia – (continued)
	Brookhaven Development Authority RB for Children’s Healthcare of Atlanta Obligated Group Series 2019 A (AA+/Aa2)
$	1,500,000	5.000 %		07/01/2022	$	1,627,005
	1,585,000	5.000		07/01/2023		1,775,992
	1,500,000	5.000		07/01/2024		1,732,500
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A-/Baa1)^(a)(b)
	3,975,000	2.150		06/13/2024		3,863,978
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fourth Series 1994 (A-/Baa1)^(a)(b)
	2,115,000	2.250		05/25/2023		2,080,589
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A-/NR)^(a)(b)
	4,000,000	2.925		03/12/2024		4,010,360
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Vogtle Series 2017 F (A-/Baa1)^(a)(b)
	29,150,000	3.000		02/01/2023		29,319,653
	Burke County Development Authority Pollution Control RB Refunding for Georgia Power Co. Series 2012 (A-/Baa1)^(a)(b)
	6,045,000	1.550		08/19/2022		5,882,148
	City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (BBB/A3)
	575,000	5.000		12/01/2021		608,913
	500,000	5.000		12/01/2022		542,005
	500,000	5.000		12/01/2023		556,460
	County of Forsyth GO Sales Tax Bonds Series 2019 (AAA/Aaa)
	16,410,000	5.000		09/01/2023		18,520,818
	8,025,000	5.000		09/01/2024		9,345,032
	De Kalb County School District GO Sales Tax Bonds Series 2017 (ST AID WITHHLDG) (AA+/Aa1)
	25,000,000	4.000		10/01/2021		26,081,250
	18,845,000	4.000		10/01/2022		20,158,308
	De Kalb Private Hospital Authority RB for Children’s Healthcare of Atlanta Obligated Group Series 2019 B (AA+/Aa2)
	1,000,000	5.000		07/01/2023		1,120,500
	Fayette County Hospital Authority RB Refunding for Piedmont Healthcare, Inc. Obligated Group Series 2019 A (AA-/A1)^(a)(b)
	1,100,000	5.000		07/01/2024		1,227,193
	Georgia State GO Refunding Bonds Series 2011 E-2 (AAA/Aaa)
	9,265,000	5.000		09/01/2021		9,775,872
	Georgia State Road & Tollway Authority RB Refunding Series 2011 B (AAA/Aaa)
	5,445,000	5.000		10/01/2021		5,762,825
	Henry County School District GO Bonds Series 2018 (ST AID WITHHLDG) (AA+/Aa1)
	3,250,000	5.000		08/01/2021		3,417,797
	5,340,000	5.000		08/01/2022		5,810,828
	Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)^(a)(b)
	38,000,000	4.000		09/01/2023		39,146,080


Municipal Bonds – (continued)
Georgia – (continued)
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	715,000	5.000		05/15/2020		716,737
	750,000	5.000		05/15/2021		766,665
	1,000,000	5.000		05/15/2022		1,039,790
	1,500,000	5.000		05/15/2023		1,580,295
	1,500,000	5.000		05/15/2024		1,601,670
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 B (NR/Aa1)^(a)(b)
	19,350,000	4.000		12/02/2024		20,646,837
	Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Refunding Series 2018 A (AA+/Aa2)
	25,580,000	3.000		07/01/2022		26,452,790
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)^(d)
	17,325,000	(3 Mo. LIBOR + 0.60%), 1.879		10/01/2024		17,138,410
	Municipal Electric Authority RB Refunding Series 2019 A (A-/A2)
	600,000	5.000		01/01/2021		610,296
	1,090,000	5.000		01/01/2022		1,133,218
	900,000	5.000		01/01/2023		954,891
	Richmond County Development Authority RB Subordinate Series 1991 C (ETM) (NR/Aaa)^(c)(e)
	10,130,000	0.000		12/01/2021		9,920,512
	Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)
	2,090,000	1.900		08/01/2024		2,060,803
	Savannah Economic Development Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)^(a)(b)
	425,000	2.000		10/01/2024		416,547

						283,594,229

Guam – 0.3%
	A.B. Won Pat International Airport Authority RB Refunding General Series 2019 A (AMT) (BBB+/Baa2)
	1,000,000	5.000		10/01/2022		1,016,860
	825,000	5.000		10/01/2023		842,539
	A.B. Won Pat International Airport Authority Taxable Refunding RB General Series 2019 B (BBB+/Baa2)
	3,350,000	3.133		10/01/2024		3,337,303
	2,000,000	3.319		10/01/2025		1,994,700
	Guam Government Privilege Special Tax Refunding Bonds Series 2015 D (BB/NR)
	3,775,000	5.000		11/15/2021		3,822,263
	Guam Power Authority RB Series 2010 A (BBB/Baa2)^(c)
	7,495,000	5.500		10/01/2020		7,656,967
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	310,000	5.000		07/01/2021		314,139
	500,000	5.000		07/01/2022		510,930
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	400,000	5.000		07/01/2021		405,340
	400,000	5.000		07/01/2022		408,744


118		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)
Guam – (continued)
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2) – (continued)
$	500,000		5.000	%		07/01/2023	$	514,525
	400,000		5.000			07/01/2024		414,168
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)
	800,000		5.000			07/01/2022		812,496
	500,000		5.000			07/01/2023		509,795

								22,560,769

Hawaii – 0.8%
	City & County Honolulu RB for Wastewater System Series 2019 A (AA/Aa2)
	255,000		5.000			07/01/2020		257,469
	500,000		5.000			07/01/2021		524,335
	500,000		5.000			07/01/2022		541,405
	200,000		5.000			07/01/2023		223,556
	City & County Honolulu RB Refunding for Wastewater System Series 2019 A (AA-/Aa3)
	1,380,000		5.000			07/01/2020		1,393,193
	City & County Honolulu RB Refunding for Wastewater System Series 2019 B (AA/Aa2)
	250,000		4.000			07/01/2020		251,805
	720,000		5.000			07/01/2021		755,042
	County of Maui GO Refunding Bonds Series 2014 (AA+/Aa1)
	4,015,000		5.000			06/01/2020		4,040,776
	Hawaii Pacific Health RB for Hawaii Pacific Health Obligated Group Series 2010 A (NR/A1)^(c)
	11,870,000		5.500			07/01/2020		11,994,160
	Hawaii State GO Bonds Series 2011 DZ (NR/NR)^(c)
	3,185,000		5.000			12/01/2021		3,387,566
	Hawaii State GO Bonds Series 2013 EH (NR/NR)^(c)
	6,125,000		5.000			08/01/2023		6,856,999
	Hawaii State GO Refunding Bonds Series 2016 FH (AA+/Aa1)
	7,545,000		3.000			10/01/2021		7,761,843
	Honolulu City & County GO Bonds Refunding Series 2019 J (AA+/Aa1)
	7,720,000		1.967			08/01/2025		7,742,851
	Honolulu City & County GO Bonds Series 2012 A (AA+/Aa1)^(c)
	3,620,000		5.000			11/01/2022		3,972,371
	Honolulu City & County GO Bonds Series 2012 B (AA+/Aa1)
	3,045,000		5.000			11/01/2022		3,341,065
	Honolulu City & County GO Bonds Series 2017 A (AA+/Aa1)
	4,370,000		5.000			09/01/2021		4,610,962

								57,655,398

Idaho – 0.1%
	Idaho Health Facilities Authority RB for Trinity Health Corp. Obligated Group Series 2013 (AA-/Aa3)^(a)(b)
	4,000,000		1.050			05/01/2020		3,999,400

Illinois – 7.5%
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (AA/NR)^(e)
	100,000		0.000			01/01/2022		97,943
	100,000		0.000			01/01/2023		96,422
	190,000		0.000			01/01/2024		179,774
	480,000		0.000			01/01/2025		445,786


Municipal Bonds – (continued)
Illinois – (continued)
	Champaign County Community Unit School District No. 4 Champaign GO Refunding Bonds Series 2020 B (AA/NR)
	700,000		5.000			01/01/2021		719,824
	770,000		5.000			01/01/2022		819,596
	550,000		5.000			01/01/2023		604,879
	270,000		5.000			01/01/2024		305,656
	Chicago Illinois Board of Education GO Bonds Series 1999 A (FGIC) (NATL-RE-IBC) (BB-/Baa2)
	1,820,000		5.250			12/01/2020		1,864,135
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	500,000		5.000			12/01/2022		539,560
	3,150,000		5.000			12/01/2023		3,486,798
	4,100,000		5.000			12/01/2024		4,640,790
	Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (BBB+/Ba1)^(e)
	4,645,000		0.000			01/01/2023		4,236,286
	Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL-RE) (BBB+/Baa2)
	10,030,000		5.500			01/01/2023		10,581,750
	Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (BBB+/Ba1)
	4,980,000		5.000			01/01/2023		5,063,614
	Chicago Illinois GO Bonds Project and Refunding Series 2014 A (BBB+/Ba1)
	2,125,000		5.000			01/01/2022		2,153,220
	Chicago Illinois GO Refunding Bonds Series 2012 C (BBB+/Ba1)
	14,455,000		5.000			01/01/2022		15,401,658
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	2,030,000		5.000			01/01/2021		2,087,632
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 B (A/NR)
	4,300,000		5.000			01/01/2021		4,418,809
	Chicago Illinois Sales Tax RB Series 2011 A (NR/WR)^(c)
	5,000,000		5.250			01/01/2022		5,358,000
	Chicago Illinois Sales Tax Refunding RMKT 06/09/15 Series 2002 (ETM) (BBB-/NR)^(c)
	1,250,000		5.000			01/01/2021		1,286,925
	Chicago Illinois Tax Increment Allocation RB Refunding for Pilsen Redevelopment Project Series 2014 A (A+/NR)
	1,000,000		5.000			06/01/2020		1,003,100
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Project Series 2008 C (A/NR)
	1,000,000		5.000			01/01/2021		1,025,430
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Series 2017 B (A/NR)
	2,050,000		5.000			01/01/2021		2,102,131
	1,450,000		5.000			01/01/2022		1,534,840
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (A/NR)
	600,000		5.000			01/01/2021		615,258
	1,660,000		5.000			01/01/2022		1,757,127
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	2,525,000		5.000			11/01/2020		2,574,970
	6,000,000		5.000			11/01/2021		6,320,940


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Waterworks RB Refunding Second Lien Project Series 2017-2 (A/NR)
$	1,400,000		5.000	%		11/01/2020	$	1,427,706
	1,000,000		5.000			11/01/2021		1,053,490
	City of Chicago GO Refunding Bonds Series 2014 A (BBB+/Ba1)
	500,000		5.000			01/01/2024		510,730
	City of Chicago GO Refunding Bonds Series 2016 C (BBB+/NR)
	5,450,000		5.000			01/01/2022		5,522,376
	10,040,000		5.000			01/01/2023		10,208,572
	City of Chicago GO Refunding Bonds Series 2016 C (ETM) (NR/NR)^(c)
	10,550,000		5.000			01/01/2022		11,250,415
	5,015,000		5.000			01/01/2023		5,526,981
	City of Chicago GO Refunding Bonds Series 2020 A (BBB+/NR)
	2,995,000		5.000			01/01/2025		3,072,780
	4,675,000		5.000			01/01/2026		4,815,157
	Cook County Community Consolidated School District No. 59 Elk Grove GO Bonds Series 2020 (AAA/NR)
	1,200,000		4.000			03/01/2023		1,295,652
	1,600,000		4.000			03/01/2024		1,768,560
	Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (NR/Aa2)
	550,000		4.000			01/01/2021		561,495
	200,000		4.000			01/01/2022		209,438
	305,000		4.000			01/01/2023		327,399
	190,000		4.000			01/01/2024		208,322
	Cook County Illinois GO Refunding Bonds Series 2012 C (A+/A2)
	1,000,000		4.000			11/15/2020		1,003,860
	Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)
	675,000		4.000			12/01/2020		686,502
	710,000		4.000			12/01/2021		740,125
	800,000		4.000			12/01/2022		851,648
	Cook Kane Lake & McHenry Counties Community College District No. 512 GO Refunding Bonds for William Rainey Harper College Series 2017 B (NR/Aaa)
	9,000,000		5.000			12/01/2022		9,877,050
	DeKalb Kane & LaSalle Counties Etc. Community College District No. 523 Kishwaukee GO Refunding Bonds Series 2020 (AA-/NR)
	500,000		1.960			02/01/2024		503,550
	Illinois Development Finance Authority RB for United Community & Housing Development Corp. Series 1990 B (ETM) (AA+/NR)^(c)(e)
	3,550,000		0.000			04/15/2020		3,547,621
	Illinois Development Finance Authority RB for United Community & Housing Development Corp. Series 1991 A (ETM) (AA+/NR)^(c)(e)
	19,345,000		0.000			07/15/2023		18,508,329
	Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (BBB/NR)
	400,000		4.000			12/01/2020		404,844
	425,000		4.000			12/01/2021		437,210
	300,000		5.000			12/01/2022		313,848
	450,000		5.000			12/01/2023		476,645


Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB for Prairie Power, Inc. Project RMKT 05/08/17 Series 2017 A (A/NR)^(a)(b)
	6,515,000		1.750			05/06/2020		6,517,280
	Illinois Finance Authority RB for Trinity Health Credit Group Series 2011 L (AA-/Aa3)^(c)
	7,040,000		5.000			12/01/2021		7,494,995
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,665,000		3.250			05/15/2022		1,620,461
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)
	320,000		5.000			09/01/2020		324,250
	1,000,000		5.000			09/01/2021		1,045,030
	1,000,000		5.000			09/01/2024		1,077,120
	600,000		5.000			09/01/2025		653,154
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa1)
	255,000		4.000			09/01/2020		257,341
	500,000		4.000			09/01/2021		515,565
	Illinois Finance Authority RB Refunding for Northwestern Memorial Healthcare Series 2017 B (AA+/Aa2)^(a)(b)
	8,385,000		5.000			12/15/2022		9,091,352
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	2,240,000		5.000			01/01/2025		2,463,933
	3,000,000		5.000			01/01/2026		3,354,090
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2017 A (AA-/NR)
	500,000		5.000			01/01/2021		508,730
	1,000,000		5.000			01/01/2022		1,040,020
	1,500,000		5.000			01/01/2023		1,591,770
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	4,180,000		5.000			01/01/2025		4,597,875
	Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	1,585,000		5.000			03/01/2021		1,604,575
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	3,995,000		5.500			07/01/2024		4,200,183
	2,050,000		5.500			07/01/2025		2,150,389
	3,335,000		5.500			07/01/2027		3,466,199
	Illinois State GO Bonds Series 2016 (BBB-/Baa3)
	4,415,000		5.000			11/01/2021		4,508,333
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	8,600,000		5.000			12/01/2020		8,677,314
	Illinois State GO Bonds Series 2017 B (BBB-/Baa3)
	4,750,000		5.000			12/01/2020		4,792,702
	9,000,000		5.000			12/01/2021		9,199,800
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	33,615,000		5.000			11/01/2021		34,325,621
	34,695,000		5.000			11/01/2022		35,695,950
	34,500,000		5.000			11/01/2023		35,826,525
	6,625,000		5.000			11/01/2024		6,939,224
	26,320,000		5.000			11/01/2025		27,772,601
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	12,500,000		5.000			05/01/2021		12,682,125
	Illinois State GO Bonds Series 2018 B (BBB-/Baa3)
	5,000,000		5.000			05/01/2021		5,072,850


120		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)
	Illinois State GO Refunding Bonds Series 2009 A (BBB-/Baa3)
$	16,000,000	4.000 %		09/01/2020	$	16,004,160
	Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)
	8,355,000	5.000		08/01/2021		8,504,137
	Illinois State GO Refunding Bonds Series 2013 A (BBB-/Baa3)
	2,000,000	5.000		04/01/2021		2,026,980
	Illinois State GO Refunding Bonds Series 2017 D (BBB-/Baa3)
	26,400,000	5.000		11/01/2020		26,608,296
	Illinois State Sales Tax RB for Build Junior Obligation Series 2013 IL (BBB/NR)
	12,500,000	5.000		06/15/2021		12,653,875
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (BBB/NR)
	550,000	4.000		06/15/2021		550,374
	Illinois State Toll Highway Authority RB Refunding Senior Series 2018 A (AA-/A1)
	2,250,000	5.000		01/01/2023		2,448,360
	Illinois State Toll Highway Authority RB Refunding Senior Series 2019 C (AA-/A1)
	9,360,000	5.000		01/01/2025		10,742,659
	Kane County School District No. 129 West Aurora GO Refunding Bonds Series 2015 (AGM) (AA/A1)
	425,000	5.000		02/01/2022		449,450
	Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (AA/A1)
	435,000	2.000		12/01/2020		437,467
	510,000	3.000		12/01/2021		524,902
	440,000	4.000		12/01/2022		471,033
	475,000	5.000		12/01/2023		536,574
	Metropolitan Water Reclamation District of Greater Chicago GO Capital Improvement Bonds Series 2011 B (AA+/Aa2)
	2,000,000	5.000		12/01/2023		2,112,520
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (BBB+/NR)^(c)
	17,325,000	5.500		06/01/2021		18,199,739
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2017 (A/NR)
	5,000,000	5.000		06/01/2022		5,357,000
	Springfield Electric RB Refunding Senior Lien Series 2015 (A/A3)
	2,255,000	5.000		03/01/2021		2,330,317
	State of Illinois GO Bonds Series 2010 A (BBB-/Baa3)
	3,740,000	4.000		01/01/2021		3,750,509
	State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	3,280,000	5.000		02/01/2023		3,386,830
	State of Illinois GO Bonds Series 2016 (BBB-/Baa3)
	15,000,000	5.000		06/01/2023		15,538,650
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	10,125,000	5.000		12/01/2023		10,539,720
	State of Illinois GO Refunding Bonds Series 2016 (BBB-/Baa3)
	2,360,000	5.000		02/01/2023		2,436,865
	University of Illinois Board Trustees COPS RB Refunding Series 2016 A (A-/A1)
	5,550,000	5.000		08/15/2020		5,625,536
	5,000,000	5.000		08/15/2021		5,250,900


Municipal Bonds – (continued)
Illinois – (continued)
	Western Illinois University RB Refunding Series 2020 (BAM) (AA/NR)
	1,100,000	4.000		04/01/2021		1,124,475
	1,000,000	4.000		04/01/2023		1,059,680
	Will County Community High School District No. 210 Lincoln- Way GO Refunding Bonds Series 2020 (AGM) (AA/Baa2)
	315,000	4.000		01/01/2021		320,919
	950,000	4.000		01/01/2022		989,396

						565,481,838

Indiana – 0.7%
	Indiana Bond Bank Advance Funding RB Series 2020 A (SP-1/NR)
	8,635,000	3.000		01/11/2021		8,750,968
	Indiana Finance Authority Educational Facilities RB for Indiana University Health, Inc. Obligated Group Series 2011 H (AA/Aa2)^(a)(b)
	10,590,000	1.650		07/01/2022		10,606,732
	Indiana Finance Authority Educational Facilities RB Refunding for Indiana University Health, Inc. Obligated Group Series 2015 B (AA/Aa2)^(a)(b)
	8,065,000	1.650		07/01/2022		8,045,886
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2012 A (A/A2)
	855,000	5.000		05/01/2020		857,608
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)^(a)
	7,625,000	(SIFMA Municipal Swap Index Yield + 0.55%), 5.260		11/01/2023		7,650,468
	Indiana Health Facility Financing Authority Ascension Health Subordinate Credit Group RB Series 2005 A-9 (NR/NR)^(a)(b)(c)
	95,000	1.375		05/01/2020		95,003
	Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (AA+/NR)
	375,000	5.000		07/15/2020		379,170
	465,000	3.000		01/15/2021		471,854
	290,000	5.000		07/15/2021		304,361
	405,000	3.000		01/15/2022		418,276
	200,000	5.000		07/15/2022		216,696
	300,000	5.000		01/15/2023		330,249
	375,000	3.000		07/15/2023		391,672
	Rockport City PCRB Refunding for Indiana Michigan Power Co. Project Series 2009 B (A-/A3)
	10,000,000	3.050		06/01/2025		10,580,400

						49,099,343

Iowa – 0.1%
	Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (AA-/A1)
	650,000	5.000		02/15/2021		663,813
	625,000	5.000		02/15/2022		667,925
	515,000	5.000		02/15/2023		568,400
	Iowa Finance Authority State Revolving RB Series 2011 (AAA/Aaa)^(c)
	5,000,000	5.000		08/01/2021		5,262,250

						7,162,388


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Kansas – 0.9%
	Sedgwick County Kansas Unified School District No. 259 GO Refunding and Improvement Bonds Series 2015 A (NR/Aa2)
$	3,075,000	4.000 %		10/01/2021	$	3,207,994
	State of Kansas Department of Transportation RB Refunding Series 2015 A (AA/Aa2)
	15,840,000	2.750		09/01/2023		16,546,622
	Wyandotte County-Kansas City Unified Government GO Bonds Series 2020 I (SP-1+/MIG1)
	50,395,000	1.200		04/01/2021		50,400,040

						70,154,656

Kentucky – 2.1%
	City of Owensboro Electric Light & Power System RB Refunding Series 2019 (A-/A3)
	650,000	5.000		01/01/2021		667,219
	1,125,000	5.000		01/01/2022		1,193,636
	800,000	4.000		01/01/2023		853,824
	1,400,000	5.000		01/01/2024		1,574,496
	2,680,000	4.000		01/01/2025		2,967,189
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)^(d)
	15,085,000	(3 Mo. LIBOR + 0.53%), 1.711		11/01/2027		14,468,174
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (BB+/Baa3)
	500,000	5.000		06/01/2020		502,475
	1,100,000	5.000		06/01/2021		1,138,456
	2,450,000	5.000		06/01/2022		2,606,580
	1,000,000	5.000		06/01/2023		1,091,080
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	685,000	5.000		08/01/2025		778,694
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A3)
	775,000	4.000		04/01/2021		788,221
	1,210,000	4.000		04/01/2022		1,249,192
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A3)^(a)(b)
	13,000,000	4.000		04/01/2024		13,434,720
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/WR)
	785,000	4.000		04/01/2020		785,000
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C- 1 (A/A3)
	660,000	4.000		06/01/2020		661,940
	1,085,000	4.000		12/01/2020		1,097,987
	1,080,000	4.000		06/01/2021		1,101,373
	1,515,000	4.000		12/01/2021		1,557,269
	1,765,000	4.000		06/01/2022		1,826,157
	2,420,000	4.000		12/01/2022		2,521,350
	3,765,000	4.000		06/01/2023		3,939,997
	7,385,000	4.000		12/01/2023		7,778,104
	3,275,000	4.000^(a)(b)		06/01/2025		3,409,635


Municipal Bonds – (continued)
Kentucky – (continued)
	Kentucky Public Energy Authority Gas Supply RB Series 2019 C (A/A3)^(a)(b)
	20,000,000	4.000		02/01/2028		20,988,200
	Kentucky Public Energy Authority Gas Supply RB Series 2020 A (NR/A1)^(a)(b)
	10,395,000	4.000		06/01/2026		10,383,981
	Kentucky State Property & Building Commission RB Refunding Project No. 100 Series 2011 A (A-/A1)
	1,825,000	5.000		08/01/2021		1,914,991
	Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A-/A1)
	5,000,000	5.000		11/01/2022		5,467,400
	Kentucky State Turnpike Authority Economic Development Road RB for Revitalization Projects Series 2012 A (A-/Aa3)^(c)
	3,560,000	5.000		07/01/2022		3,838,356
	Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2014 A (A-/Aa3)
	2,940,000	5.000		07/01/2023		3,255,550
	Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2016 A (A-/Aa3)
	950,000	2.000		07/01/2020		951,767
	Louisville & Jefferson County Metropolitan Government Environmental Facilities RB Refunding for Louisville Gas & Electric Co. Series 2007 A (A/A1)^(a)(b)
	7,250,000	1.650		06/01/2021		7,251,595
	Louisville & Jefferson County Metropolitan Government Environmental Facilities RB Refunding for Louisville Gas & Electric Co. Series 2007 B (A/A1)^(a)(b)
	3,000,000	1.650		06/01/2021		3,000,660
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 B (A/NR)^(a)(b)
	19,530,000	5.000		10/01/2023		21,212,510
	Louisville & Jefferson County Metropolitan Sewer District RB for Kentucky Sewer & Drainage System Series 2011 A (AA/Aa3)
	3,320,000	5.000		05/15/2030		3,517,872
	Louisville Water Co. RB Refunding Series 2019 (AAA/Aaa)
	9,390,000	5.000		11/15/2023		10,660,749

						160,436,399

Louisiana – 0.7%
	East Baton Rouge Sewerage Commission RB Refunding Series 2019 A (AA-/NR)
	440,000	5.000		02/01/2021		454,032
	215,000	5.000		02/01/2022		229,908
	135,000	5.000		02/01/2023		149,137
	450,000	5.000		02/01/2024		513,045
	East Baton Rouge Sewerage Commission RB Refunding Series 2019 B (AA-/NR)
	1,125,000	5.000		02/01/2021		1,160,876
	1,395,000	5.000		02/01/2022		1,491,729
	1,530,000	5.000		02/01/2023		1,690,222
	1,500,000	5.000		02/01/2024		1,710,150


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Louisiana – (continued)
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
$	740,000		2.250	%		10/01/2021	$	749,946
	850,000		5.000			10/01/2021		896,350
	800,000		2.500			10/01/2022		821,704
	950,000		5.000			10/01/2022		1,032,156
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2015 (NR/A3)
	300,000		4.000			05/15/2020		300,930
	Louisiana State GO Bonds Series 2011 A (NR/Aa3)^(c)
	6,000,000		5.000			09/01/2020		6,087,960
	Louisiana State GO Bonds Series 2012 A (AA-/Aa3)
	5,000,000		5.000			08/01/2022		5,428,800
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB-/Baa3)^(a)(b)
	12,160,000		2.000			04/01/2023		10,871,283
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-2 (BBB-/Baa3)^(a)(b)
	16,650,000		2.100			07/01/2024		14,274,378
	State of Louisiana GO Unlimited Refunding Bonds Series 2012 C (AA-/Aa3)
	5,050,000		5.000			07/15/2020		5,104,692

								52,967,298

Maine – 0.4%
	Maine Governmental Facilities Authority Lease Rental RB Series 2015 B (AA-/Aa3)
	1,985,000		4.000			10/01/2020		2,013,366
	1,345,000		4.000			10/01/2021		1,402,552
	Maine Turnpike Authority RB Refunding Series 2014 (AA-/Aa3)
	1,450,000		5.000			07/01/2020		1,463,674
	State of Maine GO Bonds Series 2018 D (AA/Aa2)
	8,545,000		5.000			06/01/2021		8,933,285
	8,000,000		5.000			06/01/2022		8,662,160
	4,290,000		5.000			06/01/2023		4,799,780

								27,274,817

Maryland – 1.8%
	Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (BB+/NR)
	500,000		5.000			09/01/2020		502,020
	500,000		5.000			09/01/2021		506,150
	500,000		5.000			09/01/2022		508,415
	County of Baltimore GO Bonds for Build America Bonds Series 2010 C (AAA/Aaa)
	2,170,000		3.810			11/01/2023		2,359,224
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2012 (AAA/Aaa)
	2,000,000		5.000			08/01/2022		2,177,800
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2017 (AAA/Aaa)
	2,825,000		5.000			03/01/2023		3,135,976
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
	650,000		4.000			01/01/2021		662,902


Municipal Bonds – (continued)
Maryland – (continued)
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR) – (continued)
	835,000		4.000			01/01/2022		872,433
	815,000		4.000			01/01/2023		870,290
	1,050,000		4.000			01/01/2024		1,141,203
	2,805,000		4.000			01/01/2025		3,105,584
	County of Montgomery GO Bonds for Consolidated Public Improvement Series 2013 A (AAA/Aaa)^(c)
	14,350,000		5.000			11/01/2023		16,222,962
	County of Montgomery GO Refunding Bonds for Consolidated Public Improvement Series 2017 D (AAA/Aaa)
	8,200,000		3.000			11/01/2022		8,528,328
	County of Prince George’s Public Improvement GO Bonds Series 2014 A (AAA/Aaa)
	3,530,000		4.000			09/01/2032		3,896,379
	1,360,000		4.000			09/01/2033		1,498,965
	Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR)
	685,000		2.625			07/01/2024		649,551
	Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (A-/Baa1)
	8,315,000		1.700			09/01/2022		8,342,938
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Meritus Medical Center Obligation Group Series 2015 (BBB/NR)
	730,000		4.000			07/01/2020		734,307
	Maryland State Economic Development Corporation Student Housing RB Refunding for University of Maryland College Park Projects Series 2016 (AGM) (AA/A2)
	675,000		4.000			06/01/2021		696,695
	Maryland State GO Bonds for State & Local Facilities Loan Second Series 2012 B (AAA/Aaa)^(c)
	17,850,000		4.000			08/01/2020		17,980,126
	Maryland State GO Bonds for State & Local Facilities Loan Tax Exempt Second Series 2013 A (AAA/Aaa)^(c)
	15,820,000		5.000			08/01/2021		16,542,183
	State of Maryland Department of Transportation Second Issue RB Series 2013 (AAA/Aa1)
	10,265,000		4.000			12/01/2026		10,723,332
	State of Maryland Department of Transportation Third Issue RB Series 2015 (AAA/Aa1)
	9,855,000		4.000			12/15/2026		10,813,892
	State of Maryland GO State and Local Facilities Loan Second Series A Tax Exempt Bonds 2013 (AAA/Aaa)
	19,935,000		4.000			08/01/2027		20,631,728
	University Maryland System Auxiliary Facility & Tuition RB Series 2018 A (AA+/Aa1)
	1,595,000		5.000			04/01/2022		1,714,561
	1,075,000		5.000			04/01/2023		1,193,207
	University Maryland System Auxiliary Facility & Tuition RB Series 2018 A (AA+/WR)
	1,585,000		5.000			04/01/2020		1,585,000

								137,596,151


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Massachusetts – 2.2%
	City of Worcester Municipal Purpose Loan GO Bonds Series 2018 A (AA-/Aa3)
$	4,105,000	5.000 %		01/15/2021	$	4,231,229
	Commonwealth of Massachusetts GO Bonds Series 2014 A (AA/NR)
	9,315,000	5.000		12/01/2041		9,813,818
	Massachusetts Clean Water Trust RB State Revolving Green Bonds Series 2017 (AAA/Aaa)
	3,795,000	5.000		02/01/2023		4,192,412
	Massachusetts Development Finance Agency Beth Israel Lahey Health Obligated Group RB Refunding Series 2019 K (A/A3)
	1,200,000	3.000		07/01/2020		1,205,352
	730,000	4.000		07/01/2021		755,404
	750,000	4.000		07/01/2022		790,402
	750,000	5.000		07/01/2023		829,493
	500,000	5.000		07/01/2024		567,285
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	485,000	5.000		07/01/2020		489,001
	460,000	5.000		07/01/2021		478,833
	875,000	5.000		07/01/2022		937,764
	725,000	5.000		07/01/2023		797,971
	Massachusetts Health & Educational Facilities Authority RB for President & Fellows of Harvard College Series 1999 R (AAA/Aaa)^(a)(b)
	18,390,000	0.600		04/01/2020		18,390,000
	Massachusetts School Building Authority RB Taxable Refunding Series 2019 B (AA/Aa3)
	1,100,000	1.963		10/15/2022		1,114,531
	2,305,000	2.078		10/15/2023		2,351,722
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(d)
	7,665,000	(3 Mo. LIBOR + 0.57%), 1.751		05/01/2037		7,384,078
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)^(d)
	11,560,000	(3 Mo. LIBOR + 0.57%), 1.751		05/01/2037		11,136,326
	Massachusetts State GO Bonds Series 2014 F (AA/Aa1)
	8,940,000	4.000		11/01/2031		9,550,602
	Massachusetts State GO Refunding Bonds Series 2007 A (AA/Aa1)^(d)
	38,250,000	(3 Mo. LIBOR + 0.55%), 1.731		11/01/2025		37,896,188
	Massachusetts State Health & Educational Facilities Authority RB for Foundation of Massachusetts Eye & Ear Obligated Group Series 2010 C (NR/WR)^(c)
	1,500,000	5.375		07/01/2020		1,515,450
	Massachusetts State Transportation RB Series 2015 A (AA+/Aa1)
	2,500,000	5.000		06/01/2020		2,516,000
	Massachusetts Transportation Trust Fund Metropolitan Highway System Senior RB Refunding Series 2019 A (A+/A2)
	1,195,000	5.000		01/01/2021		1,228,567
	875,000	5.000		01/01/2022		932,934
	1,300,000	5.000		01/01/2023		1,434,173
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)^(a)(b)
	40,050,000	5.000		01/01/2023		43,909,218


Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Water Resources Authority RB Series 2010 A (AA+/Aa1)^(c)
	1,000,000	5.000		08/01/2020		1,012,880

						165,461,633

Michigan – 2.3%
	Allen Park Public School District GO Refunding Bonds Series 2016 (Q-SBLF) (AA/NR)
	3,660,000	5.000		05/01/2021		3,809,255
	Allendale Public School GO Refunding Bonds Series 2016 (Q- SBLF) (AA/NR)
	1,275,000	5.000		11/01/2022		1,396,915
	Charter Township of Bloomfield GO Refunding Bonds Series 2019 (AAA/Aa1)
	2,860,000	1.942		05/01/2025		2,892,318
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	800,000	5.000		07/01/2022		860,696
	900,000	5.000		07/01/2023		996,903
	Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (AA/NR)
	600,000	5.000		07/01/2020		605,130
	1,500,000	5.000		07/01/2021		1,564,215
	1,500,000	5.000		07/01/2022		1,613,805
	1,500,000	5.000		07/01/2023		1,661,505
	500,000	5.000		07/01/2024		568,385
	550,000	5.000		07/01/2025		621,599
	Detroit Michigan School District GO Refunding Bonds for School Building and Site Improvement Series 2012 A (Q-SBLF) (AA/Aa1)
	7,420,000	5.000		05/01/2023		7,928,789
	1,000,000	5.000		05/01/2031		1,062,000
	Detroit Michigan Sewage Disposal System RB Refunding Senior Lien Series 2004 A (AGM) (AA/A1)
	3,015,000	5.250		07/01/2020		3,044,909
	Ecorse Public School District GO Refunding Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	2,075,000	2.003		05/01/2024		2,126,418
	4,000,000	2.092		05/01/2025		4,105,760
	Macomb County Michigan L’anse Creuse Public Schools Unlimited Tax GO Refunding Bonds Series 2015 (Q-SBLF) (AA/NR)
	1,315,000	5.000		05/01/2020		1,319,011
	Michigan Finance Authority Hospital RB Refunding for Beaumont Health Credit Group Series 2015 A (A+/A1)
	2,325,000	4.000		08/01/2020		2,345,832
	3,635,000	5.000		08/01/2021		3,813,260
	Michigan Finance Authority Hospital RB Refunding for Henry Ford Health System Series 2016 (A/A2)
	500,000	5.000		11/15/2021		529,380
	Michigan Finance Authority Local Government Loan Program RB for City of Detroit Distributable State Aid Fourth Lien Utgo Refunding Local Project Bonds Series 2016 C-3 (AA-/Aa2)
	1,510,000	5.000		04/01/2021		1,563,801


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Local Government Loan Program RB for City of Detroit Distributable State Aid Fourth Lien Utgo Refunding Local Project Bonds Series 2016 C-3 (AA-/WR)
$	3,500,000	5.000 %		04/01/2020	$	3,500,000
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (BB+/NR)
	500,000	3.400		10/01/2020		503,395
	500,000	3.600		10/01/2021		510,960
	500,000	3.800		10/01/2022		520,070
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System RB Refunding Local Project Bonds Senior Lien Series 2014 C-3 (AGM) (AA/A1)
	5,175,000	5.000		07/01/2021		5,422,262
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (AGM) (AA/A1)
	3,165,000	5.000		07/01/2020		3,195,257
	10,000,000	5.000		07/01/2021		10,477,800
	9,225,000	5.000		07/01/2022		9,997,502
	5,000,000	5.000		07/01/2023		5,595,700
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-3 (NATL-RE) (AA-/A1)
	1,390,000	5.000		07/01/2020		1,403,288
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Series 2015 D-1 (AA-/A1)
	375,000	5.000		07/01/2020		378,585
	750,000	5.000		07/01/2021		785,835
	Michigan Finance Authority Local Government Loan Program RB for Public Lighting Authority Local Project Bonds Series 2014 B (BB+/NR)
	1,200,000	5.000		07/01/2020		1,209,360
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2011 (AA-/Aa3)^(c)
	9,840,000	5.000		12/01/2021		10,383,660
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2015 (AA-/Aa3)^(c)
	9,745,000	5.000		06/01/2022		10,533,468
	Michigan Finance Authority State Aid RB Series 2019 A-1 (ST AID WITHHLDG) (A-1+/NR)
	1,345,000	4.000		08/20/2020		1,349,708
	Michigan Finance Authority State Aid RB Series 2019 A-2 (ST AID WITHHLDG) (A-1/NR)
	1,490,000	2.000		08/20/2020		1,483,876
	Michigan Flushing Community Schools Unlimited Tax GO Refunding Bonds Series 2015 (Q-SBLF) (NR/Aa1)
	500,000	4.000		05/01/2020		501,135
	Michigan Municipal Bonds Authority RB for Clean Water Revolving Pooled Project Series 2010 (AAA/NR)^(c)
	4,850,000	5.000		10/01/2020		4,945,254


Municipal Bonds – (continued)
Michigan – (continued)
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/01/17 Series 2010 F-2 (AA+/Aa2)^(a)(b)
	2,600,000	1.900		04/01/2021		2,595,658
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/15/17 Series 2010 F-5 (AA+/Aa2)^(a)(b)
	4,400,000	2.400		03/15/2023		4,461,908
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (NR/Baa2)
	2,210,000	5.000		12/31/2023		2,461,542
	2,420,000	5.000		06/30/2024		2,727,461
	3,500,000	5.000		12/31/2024		3,992,975
	Michigan Strategic Fund RB for Waste Management of Michigan, Inc. Series 2001 (A-/NR)^(a)(b)
	11,700,000	2.850		08/02/2021		11,820,744
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project RMKT 09/01/16 Series 2008 ET-2 (A/Aa3)^(a)(b)
	2,000,000	1.450		09/01/2021		1,989,440
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)^(a)(b)
	4,000,000	1.450		09/01/2021		3,978,880
	Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	2,380,000	5.000		05/01/2023		2,650,249
	2,730,000	5.000		05/01/2024		3,135,105
	Pinckney Community Schools Livingston and Washtenaw County GO Refunding Bonds Series 2014 (Q-SBLF) (AA/NR)
	2,475,000	5.000		05/01/2020		2,482,400
	University of Michigan General RB RMKT 02/26/18 Series 2012 E (AAA/Aaa)^(a)
	3,955,000	(SIFMA Municipal Swap Index Yield + 0.27%), 1.420		04/01/2022		3,922,965
	Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (AA/NR)
	500,000	1.810		05/01/2023		494,955
	515,000	1.889		05/01/2024		508,779
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2016 A (Q-SBLF) (AA/NR)
	1,000,000	5.000		05/01/2021		1,037,580
	1,000,000	5.000		05/01/2022		1,071,760
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2018 C (A/A1)
	895,000	4.000		12/01/2020		911,029
	600,000	5.000		12/01/2021		636,618
	500,000	5.000		12/01/2022		543,365
	Western Michigan University RB Refunding Series 2019 A (A/Aa3)
	1,490,000	5.000		11/15/2022		1,630,865
	160,000	5.000		11/15/2023		180,619

						170,361,898

Minnesota – 0.7%
	Circle Pines Minnesota Independent School District No. 012 GO Bonds Series 2015 A (SD CRED PROG) (AAA/NR)^(e)
	700,000	0.000		02/01/2021		693,133


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Minnesota – (continued)
	City of Rochester RB for Mayo Clinic Series 2011 C (AA/Aa2)^(a)(b)
$	10,795,000	4.500 %		11/15/2021	$	11,229,715
	Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corp. Series 2017 (NR/Baa1)
	500,000	4.000		05/01/2021		513,385
	500,000	4.000		05/01/2022		524,835
	575,000	5.000		05/01/2023		634,409
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	75,000	3.000		12/01/2020		75,749
	75,000	3.000		12/01/2021		76,791
	100,000	3.000		12/01/2022		100,081
	100,000	3.000		12/01/2023		99,858
	100,000	4.000		12/01/2024		103,870
	180,000	4.000		12/01/2025		186,997
	Minnesota Rural Water Finance Authority, Inc. RB Series 2020 (NR/MIG1)
	5,500,000	1.000		08/01/2021		5,485,480
	Minnesota State Various Purpose GO Refunding Bonds Series 2015 A (AAA/Aa1)
	9,800,000	5.000		08/01/2021		10,312,638
	Minnesota State Various Purpose GO Refunding Bonds Series 2016 D (AAA/Aa1)
	6,305,000	5.000		08/01/2021		6,634,815
	State of Minnesota GO Bonds Series 2015 A (AAA/Aa1)
	9,110,000	5.000		08/01/2020		9,228,885
	State of Minnesota State Trunk Highway GO Bonds Series 2015 B (AAA/Aa1)
	3,230,000	5.000		08/01/2022		3,520,280

						49,420,921

Mississippi – 0.7%
	Mississippi Business Finance Corp. RB for Mississippi Power Co. Project First Series 2010 (A-/NR)^(a)(b)
	7,725,000	2.750		12/09/2021		7,796,456
	Mississippi Business Finance Corp. RB for Waste Management, Inc. Series 2002 (AMT) (A-/NR)^(a)(b)
	1,000,000	2.200		06/03/2024		966,940
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	9,100,000	2.500		04/01/2022		9,108,008
	Mississippi State GO Refunding Bonds Series 2017 B (AA/Aa2)^(a)
	5,790,000	(1 Mo. LIBOR + 0.33%), 1.389		09/01/2020		5,790,348
	State of Minnesota GO Bonds for Capital Improvement Series 2011 A (AA/Aa2)^(c)
	21,415,000	5.000		10/01/2021		22,661,781
	Warren County Gulf Opportunity Zone RB Refunding for International Paper Company, Series 2018 (BBB/Baa2)^(a)(b)
	6,800,000	2.900		09/01/2023		6,908,460

						53,231,993

Missouri – 0.2%
	Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Ba1)
	400,000	5.000		03/01/2021		408,276


Municipal Bonds – (continued)
Missouri – (continued)
	Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (BBB-/NR)
	100,000	5.000		09/01/2020		101,299
	570,000	5.000		09/01/2023		624,823
	600,000	5.000		09/01/2024		672,822
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	1,055,000	5.000		02/15/2021		1,090,490
	615,000	5.000		02/15/2022		656,882
	525,000	5.000		02/15/2023		578,503
	390,000	5.000		02/15/2024		442,638
	Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)
	105,000	5.000		10/01/2024		118,494
	125,000	5.000		10/01/2025		143,890
	Missouri State Development Finance Board Infrastructure Facilities Leasehold Improvement and RB Refunding for City of Independence Electric System Projects Series 2012 F (A/NR)
	1,000,000	4.000		06/01/2020		1,004,590
	Missouri State Environmental Improvement & Energy Resources Authority RB Refunding for Union Electric Co. Project Series 1992 (A/A2)
	5,300,000	1.600		12/01/2022		5,303,816
	St. Louis County Rockwood School District GO Refunding Bonds Series 2017 (AAA/NR)
	3,995,000	5.000		02/01/2021		4,122,720

						15,269,243

Montana – 0.2%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	240,000	4.000		07/01/2020		241,704
	210,000	4.000		07/01/2021		217,493
	310,000	5.000		07/01/2022		335,311
	Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A-/A3)
	8,790,000	2.000		08/01/2023		8,942,067
	Gallatin County High School District No. 7 GO Bonds for School Building Series 2017 A (NR/Aa2)
	445,000	5.000		12/01/2022		489,847
	Montana Facility Finance Authority RB for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (AA-/Aa3)
	750,000	5.000		01/01/2022		798,443
	500,000	5.000		01/01/2023		546,905

						11,571,770

Nebraska – 0.2%
	Central Plains Energy Project RB Refunding Series 2019 (AA/Aa2)^(a)(b)
	12,400,000	4.000		08/01/2025		12,952,916
	City of Lincoln Electric System RB Refunding Series 2012 (AA/NR)
	2,615,000	5.000		09/01/2021		2,759,191
	Lincoln County Hospital Authority No. 1 RB Refunding for Great Plains Regional Medical Center Project Series 2012 (A/NR)
	690,000	4.000		11/01/2020		701,061

						16,413,168


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Nevada – 0.5%
	City of North Las Vegas GO Refunding Bonds for Wastewater Reclamation Series 2019 (BAM) (AA/A2)
$	1,000,000	5.000 %		06/01/2021	$	1,043,300
	1,970,000	5.000		06/01/2024		2,234,512
	Clark County School District Building GO Bonds Series 2016 B (A+/A1)
	980,000	5.000		06/15/2022		1,051,834
	Clark County School District Building GO Bonds Series 2017 A (A+/A1)
	7,085,000	5.000		06/15/2022		7,604,330
	Clark County Water Reclamation District GO Refunding Bonds for Water Reclamation Series 2016 (AAA/Aa1)
	3,640,000	5.000		07/01/2022		3,952,458
	County of Clark RB for Nevada Power Co. Series 2017 (A+/A2)^(a)(b)
	1,850,000	1.600		05/21/2020		1,850,666
	County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A-/A1)
	12,000,000	1.450		12/01/2024		11,870,400
	Las Vegas Valley Nevada Water District GO Refunding Bonds Series 2018 B (AA+/Aa1)
	9,010,000	5.000		06/01/2021		9,395,808
	Washoe County Sierra Pacific Power Company Project RB Refunding for Nevada Gas & Water Facilities Series 2016 B (A+/A2)^(a)(b)
	2,160,000	3.000		06/01/2022		2,218,104

						41,221,412

New Hampshire – 0.4%
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)^(a)
	14,550,000	(SIFMA Municipal Swap Index Yield + 0.75%), 5.460		10/01/2021		14,544,908
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-1 (AMT) (A-/NR)^(a)(b)
	1,250,000	2.150		07/01/2024		1,205,475
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-2 (AMT) (A-/NR)^(a)(b)
	5,000,000	2.150		07/01/2024		4,821,900
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-3 (AMT) (A-/NR)^(a)(b)
	5,000,000	2.150		07/01/2024		4,821,900
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-4 (AMT) (A-/NR)^(a)(b)
	3,000,000	2.150		07/01/2024		2,893,140

						28,287,323

New Jersey – 4.9%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	500,000	5.000		03/01/2023		547,045
	Burlington County Bridge Commission RB for County of Burlington NJ Series 2019 C-1 (NR/MIG1)
	3,250,000	3.000		11/20/2020		3,286,530
	Casino Reinvestment Development Authority, Inc. RB Series 2014 (AGM-CR) (AA/A2)
	1,470,000	5.000		11/01/2020		1,490,506


Municipal Bonds – (continued)
New Jersey – (continued)
	City of Long Branch GO Bonds Series 2020 B (NR/MIG1)
	14,445,000	2.000		10/01/2020		14,501,047
	County of Cape May GO Bonds Series 2019 (NR/Aa1)
	830,000	4.000		10/01/2021		866,155
	2,450,000	4.000		10/01/2022		2,619,491
	2,655,000	4.000		10/01/2024		2,967,440
	County of Ocean GO Refunding Bonds Series 2019 (AAA/Aaa)
	3,405,000	5.000		08/01/2024		3,941,015
	Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)^(e)
	5,750,000	0.000		11/01/2021		5,630,975
	Hudson County New Jersey GO Refunding Bonds Series 2015 (AGM) (AA/Aa3)
	1,025,000	4.000		02/15/2021		1,049,825
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (BBB-/NR)
	180,000	4.000		07/01/2021		184,903
	220,000	4.000		01/01/2022		227,935
	225,000	4.000		07/01/2022		229,156
	270,000	4.000		01/01/2023		275,408
	275,000	4.000		07/01/2023		280,662
	320,000	4.000		01/01/2024		326,781
	325,000	4.000		07/01/2024		331,585
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2017 DDD (BBB+/Baa1)
	600,000	5.000		06/15/2020		602,784
	New Jersey Economic Development Authority RB Refunding for Provident Group – Montclair Properties L.L.C. – Montclair University Student Housing Project Series 2017 (AGM) (AA/A2)
	1,835,000	4.000		06/01/2021		1,888,142
	1,000,000	4.000		06/01/2022		1,052,420
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 K (AMBAC) (BBB+/Baa1)
	1,870,000	5.250		12/15/2020		1,903,417
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 N-1 (AMBAC) (BBB+/Baa1)
	3,165,000	5.500		09/01/2024		3,441,178
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (BBB+/Baa1)^(d)
	13,315,000	(SIFMA Municipal Swap Index Yield + 1.25%), 5.960		09/01/2025		13,302,617
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB+/Baa1)
	2,345,000	5.000		06/15/2023		2,469,942
	6,500,000	5.000		06/15/2024		6,916,715
	New Jersey Economic Development Authority RB Refunding for State of New Jersey Cigarette Tax Revenue Series 2012 (BBB+/Baa1)
	1,100,000	5.000		06/15/2020		1,106,820


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Educational Facilities Authority RB Refunding for Stevens Institute of Technology Series 2017 A (BBB+/NR)
$	315,000	5.000 %		07/01/2020	$	317,148
	485,000	5.000		07/01/2021		501,175
	440,000	5.000		07/01/2022		460,918
	New Jersey Health Care Facilities Financing Authority RB for Princeton Healthcare System Issue Series 2016 A (AA/Aa3)
	750,000	5.000		07/01/2021		785,640
	New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-1 (AA-/A1)^(a)(b)
	13,480,000	5.000		07/01/2024		15,583,689
	New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)
	1,000,000	5.000		07/01/2020		1,008,150
	1,000,000	5.000		07/01/2021		1,041,190
	1,240,000	5.000		07/01/2022		1,331,512
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-1 (A+/A2)^(d)
	1,290,000	(1 Mo. LIBOR + 0.34%), 1.447		01/01/2021		1,283,331
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-2 (A+/A2)^(d)
	5,000,000	(1 Mo. LIBOR + 0.48%), 1.587		01/01/2022		4,937,150
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A+/A2)^(d)
	15,565,000	(1 Mo. LIBOR + 0.60%), 1.707		01/01/2023		15,272,067
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)^(e)
	28,425,000	0.000		12/15/2028		21,844,328
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)
	10,000,000	5.000		06/15/2021		10,274,800
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	1,000,000	5.000		06/15/2021		1,027,480
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2005 B (NATL-RE) (BBB+/Baa1)
	10,990,000	5.500		12/15/2021		11,505,761
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (AGM-CR) (AA/A2)
	25,080,000	5.250		12/15/2022		26,857,921
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (BBB+/Baa1)
	15,795,000	5.250		12/15/2020		16,077,257
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)^(e)
	10,765,000	0.000		12/15/2025		9,372,439


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)^(e)
	33,865,000	0.000		12/15/2027		27,386,287
	320,000	0.000		12/15/2031		222,896
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (BBB+/Baa1)
	3,110,000	5.000		12/15/2023		3,299,275
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (BBB+/Baa1)
	1,505,000	5.000		06/15/2020		1,511,983
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (BBB+/Baa1)^(c)
	5,155,000	5.000		06/15/2021		5,396,409
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB+/Baa1)
	7,600,000	5.000		12/15/2024		8,136,712
	7,500,000	5.000		12/15/2025		8,119,425
	New Jersey Transportation Trust Fund Authority RB Refund for Transportation System Bonds Series 2018 A (BBB+/Baa1)
	2,000,000	5.000		12/15/2023		2,121,720
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
	5,000,000	5.000		06/15/2021		5,182,700
	5,000,000	5.000		06/15/2022		5,266,200
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (BBB+/Baa1)
	27,140,000	5.250		12/15/2023		29,026,501
	New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (A+/Baa1)
	11,250,000	5.000		06/15/2023		12,044,137
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2011 B (BBB+/Baa1)^(c)
	5,150,000	5.250		06/15/2021		5,406,470
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (AA/A2)
	30,330,000	5.500		12/15/2022		32,676,935
	Plainsboro Township GO General Improvement Bonds Series 2016 (AAA/NR)
	1,000,000	2.000		08/01/2022		1,020,090
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)
	5,665,000	3.200		06/01/2027		5,637,128
	Toms River Board of Education GO Bonds Series 2019 (SCH BD RES FD) (AA-/NR)
	2,650,000	2.000		07/15/2022		2,684,291

						366,061,609

New Mexico – 1.0%
	City of Albuquerque General Purpose GO Bonds Series 2018 A (AAA/Aa2)
	6,480,000	5.000		07/01/2020		6,542,597
	6,480,000	5.000		07/01/2021		6,794,539
	City of Albuquerque GO Refunding Bonds Series 2020 D (AAA/NR)^(h)
	15,435,000	5.000		07/01/2023		17,360,362


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New Mexico – (continued)
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan & Four Corners Projects Series 2016 A (BBB+/Baa2)^(a)(b)
$	6,545,000	1.875 %		10/01/2021	$	6,402,777
	Farmington City PCRB Refunding for Public Servicing Co. of New Mexico San Juan & Four Corners Projects Series 2016 B (BBB+/Baa2)^(a)(b)
	15,425,000	1.875		10/01/2021		15,089,815
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project RMKT 06/01/17 Series 2017 B (BBB+/Baa2)^(a)(b)
	3,750,000	2.125		06/01/2022		3,642,037
	New Mexico Finance Authority RB Refunding for State Transportation Commission Series 2012 (AA+/Aa1)
	4,040,000	5.000		06/15/2022		4,372,775
	New Mexico Finance Authority RB Refunding for State Transportation Senior Lien Series 2010 B (AA+/Aa1)
	3,535,000	5.000		06/15/2021		3,700,968
	New Mexico State GO Refunding Bonds Series 2017 B (AA/Aa2)
	9,485,000	5.000		03/01/2021		9,826,555

						73,732,425

New York – 14.4%
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (B+/Ba1)
	1,250,000	5.000		07/15/2021		1,301,900
	500,000	5.000		07/15/2022		509,805
	500,000	5.000		07/15/2023		512,900
	City of New York GO Bonds Fiscal 2014 Series D Subseries D-3 (AA/Aa1)^(a)(b)
	31,795,000	5.000		02/01/2024		35,479,723
	City of New York GO Bonds Series 2012 B (AA/Aa1)
	6,675,000	5.000		08/01/2023		7,258,729
	County of Nassau GO Bonds for General Improvement Series 2017 B (A+/A2)
	2,535,000	5.000		04/01/2021		2,632,014
	2,345,000	5.000		04/01/2022		2,518,882
	County of Nassau GO Bonds for General Improvement Series 2018 B (AGM) (AA/A2)
	670,000	5.000		07/01/2020		676,372
	1,000,000	5.000		07/01/2022		1,083,270
	County of Nassau GO Bonds Series 2019 A (SP-1+/NR)
	10,600,000	5.000		06/01/2020		10,657,452
	County of Westchester GO Bonds Series 2020 (NR/NR)
	81,500,000	1.500		05/27/2020		81,534,230
	Long Island Power Authority RB Refunding Series 2014 C (A/A2)^(a)
	18,300,000	(1 Mo. LIBOR + 0.75%), 1.857		10/01/2023		18,041,055
	Long Island Power Authority RB Series 2019 B (A/A2)^(a)(b)
	13,675,000	1.650		09/01/2024		13,194,461
	Metropolitan Transportation Authority Dedicated Tax Fund Bonds Anticipation Notes Series 2019 A (SP-1+/NR)
	25,000,000	5.000		03/01/2022		26,155,500
	Metropolitan Transportation Authority RB Anticipating Notes Series 2019 C (SP-1/MIG1)
	42,450,000	4.000		07/01/2020		42,620,649


Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A-/A1)^(a)
	26,780,000	(1 Mo. LIBOR + 0.55%), 1.609		11/01/2022		26,498,542
	Metropolitan Transportation Authority RB Series 2011 B (A-/A1)^(a)
	26,625,000	(1 Mo. LIBOR + 0.55%), 1.609		11/01/2022		26,345,171
	Metropolitan Transportation Authority RB Series 2018 A-1 (A-/A1)^(a)(b)
	2,395,000	5.000		11/15/2020		2,448,696
	Metropolitan Transportation Authority RB Series 2018 B-1A (SP-1/MIG1)
	10,145,000	5.000		05/15/2020		10,146,217
	Metropolitan Transportation Authority RB Series 2018 B-1B (SP- 1/MIG1)
	1,195,000	5.000		05/15/2020		1,195,143
	Metropolitan Transportation Authority RB Series 2018 B-2A (SP- 1/MIG1)
	14,325,000	5.000		05/15/2021		14,743,290
	Metropolitan Transportation Authority RB Series 2020 A-2 (A-/A1)^(a)(b)
	50,000,000	5.000		05/15/2024		54,763,000
	Metropolitan Transportation Authority RB Subseries 2014 D-2 (A-/A1)^(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.45%), 5.160		11/15/2022		15,020,100
	Metropolitan Transportation Authority RB Subseries 2018 C-1 (SP-1/MIG1)
	69,410,000	5.000		09/01/2020		70,163,793
	New York City GO Bonds Fiscal 2008 Series J Subseries J-3 (AA/Aa1)
	19,340,000	5.000		08/01/2022		21,045,208
	New York City GO Bonds Fiscal 2019 Series A (AA/Aa1)
	10,000,000	5.000		08/01/2022		10,881,700
	New York City GO Refunding Bonds Series 2015 A (AA/Aa1)
	8,640,000	5.000		08/01/2021		9,083,750
	New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)^(a)(b)
	6,500,000	2.750		12/29/2023		6,698,965
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-2 (AAA/Aa1)
	23,565,000	2.570		11/01/2023		24,200,548
	25,580,000	2.640		11/01/2024		26,431,047
	17,885,000	2.740		11/01/2025		18,590,384
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries A-4 (AAA/Aa1)
	7,800,000	1.940		05/01/2024		7,825,506
	43,155,000	2.010		05/01/2025		43,281,876
	New York Housing Development Corp. Multi-Family Mortgage RB for Sustainable Neighborhood Bonds Series 2017 Class G-2 (AA+/Aa2)^(a)(b)
	4,870,000	2.000		12/31/2021		4,878,523
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-1 (A-/A3)^(a)(b)
	10,380,000	5.000		05/01/2022		10,981,521


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-2 (A-/A3)^(a)(b)
$	6,230,000	5.000 %		05/01/2024	$	7,021,272
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa1)
	62,305,000	5.000		03/15/2023		68,908,707
	New York State Dormitory Authority RB Refunding for New York University Series 2015 A (AA-/Aa2)
	1,120,000	4.000		07/01/2020		1,128,087
	New York State Dormitory Authority RB Refunding for Northwell Health Obligated Group Series 2019 A (A-/A3)
	1,170,000	5.000		05/01/2022		1,259,973
	1,040,000	5.000		05/01/2023		1,155,752
	New York State Dormitory Authority Sales Tax RB Refunding Series 2015 A (AA+/Aa1)
	850,000	5.000		03/15/2021		880,175
	New York State Dormitory Authority Sales Tax RB Refunding Series 2018 E Group 1 (AA+/Aa1)
	31,815,000	5.000		03/15/2023		35,187,072
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa1)
	710,000	4.900		03/15/2023		759,721
	New York State Dormitory Authority State Personal Income Tax RB for General Purpose Series 2019 A (AA+/Aa1)
	33,890,000	5.000		03/15/2025		39,818,378
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A3)^(b)
	27,750,000	2.188		04/13/2020		27,750,000
	New York State Energy Research & Development Authority RB Refunding for New York State Electric & Gas Corp. Projects Series 2004 C (A-/A3)^(a)(b)
	17,000,000	2.625		07/03/2023		17,475,150
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2017 A (AA+/Aa1)
	945,000	5.000		03/15/2022		1,012,766
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (AA+/Aa1)
	20,175,000	2.670		03/15/2023		20,417,100
	28,225,000	2.860		03/15/2024		28,667,286
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (AA+/Aa1)
	20,015,000	2.980		03/15/2025		21,334,789
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	17,045,000	5.000		01/01/2022		17,200,962
	16,750,000	5.000		01/01/2023		16,895,892
	New York Transportation Development Corp. Special Facility RB Refunding for Terminal One Group Association L.P. Project Series 2015 (AMT) (BBB+/Baa2)
	2,310,000	5.000		01/01/2021		2,327,371
	Oyster Bay Public Improvement GO Refunding Bonds Series 2018 (NR/Baa2)
	9,385,000	4.000		02/15/2021		9,576,079


Municipal Bonds – (continued)
New York – (continued)
	Suffolk County New York GO Bonds for Public Improvement Series 2016 B (BAM) (AA/NR)
	5,105,000	2.000		10/15/2020		5,119,651
	5,200,000	2.000		10/15/2021		5,242,484
	Suffolk County New York GO Bonds for Public Improvement Series 2018 A (AGM) (AA/NR)
	4,955,000	5.000		06/01/2021		5,156,619
	5,005,000	5.000		06/01/2022		5,376,821
	Suffolk County New York GO Bonds Series 2020 II (SP-1/NR)
	35,230,000	2.500		08/20/2020		35,402,979
	Suffolk County New York GO Refunding Serial Bonds Series 2017 A (AGM) (AA/NR)
	7,035,000	4.000		02/01/2023		7,515,631
	Suffolk County New York GO Refunding Serial Bonds Series 2017 B (AGM) (AA/NR)
	6,360,000	4.000		10/15/2023		6,896,720
	Suffolk Tobacco Asset Securitization Corp. RB Tobacco Settlement Asset-Backed Bonds Series 2012 B (A/NR)
	620,000	5.000		06/01/2020		621,755
	Triborough Bridge & Tunnel Authority RB Series 2012 A (AA-/Aa3)
	5,000,000	4.000		11/15/2036		5,232,250
	Triborough Bridge & Tunnel Authority RB Series 2018 D (AA-/Aa3)^(a)
	25,000,000	(SOFR + 0.50%), 0.507		10/01/2020		24,927,500
	TSASC Inc., Tobacco Settlement RB Senior Series 2017 A (A/NR)
	2,000,000	5.000		06/01/2020		2,007,920
	1,000,000	5.000		06/01/2021		1,027,590
	TSASC Inc., Tobacco Settlement RB Subordinated Series 2017 B (A-/NR)
	1,000,000	5.000		06/01/2020		1,003,960
	Utility Debt Securitization Authority Restructuring RB Series 2016 B (AAA/WR)
	1,000,000	5.000		12/15/2023		1,062,760

						1,074,771,094

North Carolina – 1.8%
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)^(a)(b)
	425,000	2.000		10/01/2024		416,547
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)^(a)(b)
	450,000	2.000		10/01/2024		441,049
	County of Wake GO Bonds for Public Improvements Series 2014 (AAA/Aaa)
	7,000,000	5.000		09/01/2020		7,113,540
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)
	71,475,000	5.000		10/01/2041		75,738,484
	North Carolina Capital Facilities Finance Agency RB Refunding for Duke University Project Series 2014 B (AA+/Aa1)
	35,000,000	5.000		10/01/2044		37,038,400


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
North Carolina – (continued)
	North Carolina State Capital Improvement RB Series 2011 A (ST APPROP) (AA+/Aa1)^(c)
$	10,760,000		5.000	%		05/01/2020	$	10,794,217

								131,542,237

North Dakota – 0.1%
	City of Williston RB Refunding for Airport Series 2018 (A+/NR)
	600,000		5.000			11/01/2020		612,936
	805,000		5.000			11/01/2021		851,964
	1,815,000		5.000			11/01/2022		1,984,176
	1,655,000		5.000			11/01/2023		1,863,000
	2,000,000		4.000			11/01/2024		2,177,320

								7,489,396

Ohio – 2.9%
	American Municipal Power, Inc. RB for Hydroelectric Projects Series 2010 C (A/A2)
	2,720,000		6.973			02/15/2024		3,250,482
	American Municipal Power, Inc. RB Refunding for Combined Hydroelectric Project Series 2020 A (A/A2)
	855,000		5.000			02/15/2025		1,000,846
	American Municipal Power, Inc. RB Refunding for Prairie State Energy Campus Project Series 2019 B (A/A1)
	2,930,000		5.000			02/15/2023		3,236,449
	970,000		5.000			02/15/2024		1,103,278
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-1 Class 1 (A/NR)
	7,045,000		1.580			06/01/2021		6,952,992
	6,000,000		1.630			06/01/2022		5,855,820
	6,325,000		1.650			06/01/2023		6,075,479
	5,935,000		1.709			06/01/2024		5,614,866
	7,500,000		1.809			06/01/2025		6,988,200
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-1 Class 2 (BBB+/NR)
	10,000,000		1.850			06/01/2029		9,976,500
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2018 A (AAA/Aaa)
	5,000,000		5.000			04/01/2023		5,560,750
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2018 A (AAA/WR)
	4,545,000		5.000			04/01/2020		4,545,000
	Cleveland Airport Various Purpose GO Refunding Bonds Series 2015 (AA+/A1)
	1,455,000		5.000			12/01/2020		1,492,408
	County of Franklin RB for Trinity Health Corp Obligated Group Series 2013 (AA-/Aa3)^(a)(b)
	6,000,000		1.050			05/01/2020		5,999,100
	County of Montgomery Ohio Hospital Facilities RB Refunding for Miami Valley Hospital Series 2019 A (A/Baa1)
	1,950,000		5.000			11/15/2024		2,189,382
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	1,750,000		5.000			02/15/2023		1,889,755
	3,000,000		5.000			02/15/2024		3,315,300
	1,500,000		5.000			02/15/2025		1,693,875


Municipal Bonds – (continued)
Ohio – (continued)
	Hamilton County Sewer System RB Refunding Series 2019 A (AA+/Aa2)
	5,650,000		4.000			12/01/2021		5,923,177
	5,865,000		5.000			12/01/2022		6,460,943
	6,450,000		5.000			12/01/2024		7,570,688
	Kent State University Taxable Refunding RB Series 2020 B (A+/Aa3)
	875,000		1.875			05/01/2023		885,579
	875,000		1.960			05/01/2024		884,406
	1,325,000		2.060			05/01/2025		1,339,787
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (NR/Ba1)
	1,075,000		2.875			02/01/2026		1,002,072
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (BBB-/Ba1)
	2,695,000		2.875			02/01/2026		2,512,171
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 D (BBB+/NR)^(a)(b)
	5,000,000		1.900			10/01/2024		4,758,650
	Ohio State GO Bonds Series 2014 C (AA+/Aa1)
	1,000,000		3.000			03/01/2021		1,017,320
	Ohio State GO Refunding Bonds for Higher Education Series 2014 B (AA+/Aa1)
	7,460,000		5.000			08/01/2023		8,391,605
	Ohio State Higher Education GO Bonds for Federally Taxable Build America Bonds Series 2010 E (AA+/Aa1)
	2,710,000		4.461			08/01/2022		2,905,933
	Ohio State Highway Capital Improvement GO Bonds Series 2012 Q (AAA/Aa1)^(c)
	1,685,000		5.000			05/01/2022		1,821,603
	Ohio State RB for Department of Transportation Series 2019-1 (AA/Aa2)
	1,000,000		5.000			12/15/2022		1,100,210
	1,285,000		5.000			12/15/2023		1,459,246
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2018 C (A/A2)^(a)(b)
	15,100,000		5.000			09/15/2021		15,814,230
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2018 D (A/A2)^(a)(b)
	11,775,000		5.000			09/15/2023		12,989,473
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2020 B (A/A2)^(a)(b)
	5,335,000		5.000			01/15/2025		6,099,079
	Ohio State RB Refunding for Administrative Building Fund Series 2020 A (AA/Aa2)
	6,000,000		1.562			10/01/2021		6,027,780
	2,450,000		1.592			10/01/2022		2,480,307
	1,200,000		1.610			10/01/2023		1,212,432
	1,125,000		1.678			10/01/2024		1,137,881
	Ohio State RB Refunding for Adult Correctional Building Funds Series 2020 A (AA/Aa2)
	5,220,000		1.562			10/01/2021		5,240,306
	4,000,000		1.592			10/01/2022		4,032,680
	4,535,000		1.610			10/01/2023		4,557,176
	3,625,000		1.678			10/01/2024		3,641,276


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Ohio – (continued)
	Ohio State Third Frontier Research & Development GO Bonds Series 2013 A (AA+/Aa1)^(c)
$	7,400,000		4.000	%		05/01/2021	$	7,637,170
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)
	8,250,000		3.250			11/01/2022		8,310,967
	Ohio Water Development Authority RB for Water Pollution Control Loan Fund Series 2014 (AAA/Aaa)
	6,085,000		5.000			06/01/2021		6,360,042
	Revere Local School District School Facilities Improvement GO Unlimited Bonds Series 2017 a (NR/Aa1)^(c)
	1,240,000		5.000			06/01/2022		1,344,507
	University of Toledo General Receipts RB Series 2011 B (A/A1)^(c)
	355,000		5.000			06/01/2021		370,244
	Winton Woods City School District Class Room Facilities GO Unlimited Bonds Series 2017 A (SD CRED PROG) (AA/Aa2)^(c)
	2,805,000		5.000			05/01/2022		3,032,401

								215,061,823

Oklahoma – 0.6%
	Cleveland County Educational Facilities Authority RB for Norman Public Schools Project Series 2019 (A+/NR)
	1,375,000		5.000			06/01/2021		1,435,019
	1,880,000		5.000			06/01/2022		2,028,877
	Oklahoma County Independent School District No. 1 Combined Purpose GO Bonds for Putnam City Board of Education District Series 2016 (A+/NR)
	2,900,000		2.000			01/01/2021		2,916,965
	Oklahoma County Independent School District No. 12 Edmond GO Bonds Series 2020 (AA+/NR)
	7,700,000		2.000			03/01/2023		7,883,106
	Oklahoma County Independent School District No. 89 Oklahoma City GO Bonds Series 2020 A (AA/NR)
	16,520,000		1.250			07/01/2024		16,484,812
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	500,000		5.000			08/15/2022		536,755
	500,000		5.000			08/15/2023		551,275
	500,000		5.000			08/15/2024		565,480
	Oklahoma Development Finance Authority RB for Gilcrease Developers LLC Series 2020 A (AMT) (NR/Baa2)
	12,500,000		1.625			07/06/2023		12,073,375
	Oklahoma Turnpike Authority RB Refunding Second Senior Series 2017 D (AA-/Aa3)
	2,765,000		4.000			01/01/2023		2,975,057

								47,450,721

Oregon – 1.4%
	Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis GO Refunding Bonds Series 2007 (AGM) ( SCH BD GTY) (NR/Aa1)
	2,000,000		5.000			06/15/2020		2,015,800
	City of Portland RB Refunding for Sewer System First Lien Series 2015 A (AA+/Aa1)
	30,030,000		5.000			06/01/2020		30,222,793


Municipal Bonds – (continued)
Oregon – (continued)
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	995,000		4.000			03/01/2021		1,011,826
	385,000		5.000			03/01/2023		404,808
	200,000		5.000			03/01/2024		212,804
	200,000		5.000			03/01/2025		215,228
	Lane County Oregon Springfield School District No. 19 GO Refunding Bonds Series 2015 (SCH BD GTY) (AA+/Aa1)^(e)
	3,740,000		0.000			06/15/2020		3,732,445
	3,780,000		0.000			06/15/2021		3,723,489
	Oregon Health & Science University RB Refunding for Oregon Health & Science University Obligated Group Series 2019 A (AA-/Aa3)
	465,000		4.000			07/01/2020		468,301
	600,000		5.000			07/01/2021		628,818
	850,000		5.000			07/01/2022		921,375
	950,000		5.000			07/01/2023		1,062,214
	Oregon State Business Development Commission RB for Intel Corp. Project Series 2010 232 (A+/A1)^(a)(b)
	13,050,000		2.400			08/14/2023		13,212,081
	Portland Community College District GO Unlimited Bonds Series 2013 (AA+/Aa1)
	6,930,000		5.000			06/15/2025		7,749,334
	Portland Oregon Community College District GO Bonds Series 2018 (AA+/Aa1)
	10,240,000		4.000			06/15/2020		10,300,621
	12,520,000		4.000			06/15/2021		12,958,575
	Portland Oregon Community College District GO Refunding Bonds Series 2016 (AA+/Aa1)
	1,500,000		5.000			06/15/2020		1,511,910
	2,000,000		5.000			06/15/2021		2,093,900
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)
	2,130,000		5.000			04/01/2022		2,294,074
	Portland Oregon Water System RB Refunding Second Lien Series 2020 A (NR/Aa1)
	2,035,000		5.000			05/01/2023		2,271,976
	2,135,000		5.000			05/01/2024		2,460,096
	State of Oregon GO Bonds Series 2018 A (AA+/Aa1)
	5,480,000		4.000			05/01/2020		5,492,933

								104,965,401

Pennsylvania – 3.6%
	Abington School District GO Bonds Series 2017 (ST AID WITHHLDG) (AA/NR)
	1,375,000		5.000			10/01/2021		1,452,509
	1,950,000		5.000			10/01/2022		2,134,255
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	2,250,000		5.000			04/01/2022		2,412,180
	2,250,000		5.000			04/01/2023		2,488,995
	4,000,000		5.000			04/01/2024		4,556,960
	Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A/A2)
	745,000		5.000			07/15/2020		753,351
	1,770,000		5.000			07/15/2021		1,858,819


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A/A2) – (continued)
$	1,900,000	5.000 %		07/15/2022	$	2,057,263
	1,475,000	5.000		07/15/2023		1,645,186
	Bethlehem Area School District Authority School RB Refunding for Bethlehem Area School District Refunding Project Series 2018 (ST AID WITHHLDG) (NR/A1)^(a)
	5,990,000	(1 Mo. LIBOR + 0.48%), 1.127		11/01/2021		5,991,258
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	545,000	5.000		10/01/2022		567,307
	760,000	5.000		10/01/2023		801,427
	Butler County Hospital Authority RB for Health System Project Series 2015 A (A+/Baa2)
	265,000	4.000		07/01/2020		266,489
	1,000,000	4.000		07/01/2021		1,028,020
	City of Philadelphia GO Bonds Series 2016 F (ST AID WITHHLDG) (A+/A2)
	4,000,000	5.000		09/01/2020		4,061,840
	4,000,000	5.000		09/01/2021		4,210,120
	City of Philadelphia GO Bonds Series 2019 A (ST AID WITHHLDG) (A+/A2)
	645,000	5.000		09/01/2022		701,728
	610,000	5.000		09/01/2023		683,669
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	325,000	4.000		08/01/2020		327,727
	1,270,000	5.000		08/01/2021		1,329,525
	1,125,000	5.000		08/01/2022		1,211,220
	Commonwealth Financing Authority Taxable RB Series 2005 A (NATL-RE) (A/A1)
	2,050,000	5.380		06/01/2021		2,088,991
	Commonwealth Financing Authority Taxable RB Series 2006 C (AGM) (AA/A1)
	5,415,000	5.114		06/01/2021		5,551,296
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	950,000	5.000		06/01/2020		955,225
	2,250,000	5.000		06/01/2023		2,468,002
	County of Lehigh Purpose Authority RB Refunding for Lehigh Valley Health Network Obligated Group Series 2019 A (A+/A2)
	535,000	5.000		07/01/2022		571,541
	700,000	5.000		07/01/2023		766,507
	1,690,000	5.000		07/01/2024		1,893,087
	Delaware River Port Authority RB Refunding Series 2018 B (A+/A1)
	5,520,000	5.000		01/01/2021		5,675,443
	5,000,000	5.000		01/01/2022		5,324,750
	General Authority of Southcentral Pennsylvania WellSpan Health Obligation Group RB Refunding Series 2019 B (AA-/Aa3)^(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.60%), 5.310		06/01/2024		14,989,950


Municipal Bonds – (continued)
Pennsylvania – (continued)
	Lancaster School District GO Refunding Bonds Series 2019 B (AGM) (ST AID WITHHLDG) (AA/NR)
	300,000	4.000		06/01/2021		309,498
	520,000	4.000		06/01/2022		549,427
	Lehigh County Industrial Development Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 08/15/17 Series 2016 B (A/A1)^(a)(b)
	9,000,000	1.800		08/15/2022		9,055,080
	Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A/A2)
	600,000	5.000		09/01/2022		645,036
	550,000	5.000		09/01/2023		606,342
	625,000	5.000		09/01/2024		705,075
	Montgomery County IDA Pollution Control RB Refunding for PECO Energy Company Project Series 1999 B (BBB+/Baa2)^(a)(b)
	30,425,000	2.500		04/01/2020		30,425,000
	Pennsylvania Economic Development Financing Authority RB for Solid Waste Disposal Project Series 2009 (A-/NR)^(a)(b)
	12,265,000	2.800		12/01/2021		12,432,663
	Pennsylvania State Commonwealth GO Bonds Second Series 2015 (A+/Aa3)
	2,175,000	5.000		08/15/2020		2,205,102
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2015 (A+/Aa3)
	8,115,000	5.000		08/15/2020		8,227,312
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (A+/Aa3)
	13,720,000	5.000		09/15/2020		13,952,691
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2017 (A+/Aa3)
	33,455,000	5.000		01/01/2023		36,783,772
	Pennsylvania State Commonwealth GO Refunding Bonds Second Series 2016 (A+/Aa3)
	4,500,000	5.000		01/15/2022		4,796,235
	Pennsylvania State GO Bonds First Refunding Series 2015 (AGM-CR) (AA/Aa3)
	5,000,000	5.000		08/15/2022		5,432,000
	Pennsylvania Turnpike Commission RB Refunding Series 2018 B (A+/A1)^(d)
	11,750,000	(SIFMA Municipal Swap Index Yield + 0.70%), 5.410		12/01/2023		11,851,285
	Pennsylvania Turnpike Commission RB Refunding Series 2020 (A-/A3)
	1,500,000	1.812		12/01/2020		1,503,465
	885,000	2.013		12/01/2024		888,142
	Pennsylvania Turnpike Commission RB Refunding Subordinate Series 2016 A (AA/Aa3)
	1,000,000	5.000		12/01/2022		1,101,610
	Pennsylvania Turnpike Commission RB Series 2014 B-1 (A+/A1)^(d)
	7,000,000	(SIFMA Municipal Swap Index Yield + 0.88%), 5.590		12/01/2020		6,971,720
	Pennsylvania Turnpike Commission RB Subordinate Series 2015 B (A/A3)^(c)
	1,400,000	5.000		12/01/2020		1,436,666


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	Philadelphia Authority for Industrial Development RB Refunding for St. Joseph’s University Series 2020 (A-/NR)^(h)
$	425,000	3.000 %		11/01/2020	$	426,581
	250,000	4.000		11/01/2021		257,673
	250,000	4.000		11/01/2022		261,960
	535,000	4.000		11/01/2024		580,373
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	1,000,000	5.000		07/01/2020		1,007,220
	4,000,000	5.000		07/01/2022		4,245,880
	1,750,000	5.000		07/01/2023		1,898,995
	Pittsburgh & Allegheny County Sports & Exhibition Authority RB for Parking System Series 2017 (A/NR)
	365,000	4.000		12/15/2020		371,891
	640,000	4.000		12/15/2021		668,115
	280,000	5.000		12/15/2022		306,021
	Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)^(a)
	10,000,000	(1 Mo. LIBOR + 0.64%), 1.765		12/01/2020		10,001,000
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (A/A3)
	500,000	5.000		09/01/2020		507,940
	500,000	5.000		09/01/2021		526,700
	250,000	5.000		09/01/2022		272,175
	270,000	5.000		09/01/2023		303,088
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2)
	250,000	5.000		09/01/2024		289,137
	Scranton School District GO Refunding Bonds Series 2017 A (ST AID WITHHLDG) (A+/A2)
	645,000	5.000		06/01/2020		648,457
	680,000	5.000		06/01/2021		705,820
	State Public School Building Authority RB Refunding for Philadelphia School District Project Series 2015 A (ST AID WITHHLDG) (A+/A2)
	3,500,000	5.000		06/01/2020		3,521,000
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (BBB+/NR)
	450,000	5.000		02/01/2021		463,513
	545,000	5.000		02/01/2022		579,962
	1,400,000	5.000		02/01/2023		1,533,882
	450,000	5.000		02/01/2024		506,565
	Westmoreland County Municipal Authority RB Series 2013 (A+/A1)^(c)
	1,965,000	5.000		08/15/2023		2,213,612
	York Suburban School District GO Refunding Bonds Series 2019 A (BAM) (ST AID WITHHLDG) (AA/NR)
	1,075,000	4.000		02/15/2022		1,130,674
	2,745,000	4.000		02/15/2023		2,942,146
	2,070,000	4.000		02/15/2024		2,263,504

						269,136,645

Puerto Rico – 1.5%
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2002 A (FGIC) (NR/WR)⁽ⁱ⁾
	581,950	5.500		07/01/2017		447,374


Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(d)
	54,710,000	(3 Mo. LIBOR + 0.52%), 1.799		07/01/2029		47,050,600
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 C (COMWLTH GTD) (CC/WR)⁽ⁱ⁾
	654,385	5.500		07/01/2016		530,052
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/Ca)^(b)
	1,000,000	10.000		07/01/2035		1,085,820
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (COMWLTH GTD) (NR/Ca)^(a)(i)
	10,835,000	10.000		07/01/2034		9,521,257
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)^(e)
	22,228,000	0.000		07/01/2024		19,032,725
	21,636,000	0.000		07/01/2027		16,474,083
	10,381,000	0.000		07/01/2029		7,183,652
	439,000	0.000		07/01/2031		273,005
	494,000	0.000		07/01/2033		273,350
	4,705,000	0.000		07/01/2046		1,112,356
	3,833,000	0.000		07/01/2051		676,295
	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		1,710,415
	56,000	4.536		07/01/2053		50,824
	747,000	4.784		07/01/2058		699,580
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	362,000	4.500		07/01/2034		362,814
	183,000	4.550		07/01/2040		173,237
	1,345,000	4.750		07/01/2053		1,266,533
	3,400,000	5.000		07/01/2058		3,306,330

						111,230,302

Rhode Island – 0.3%
	Narragansett Bay Commission Wastewater System RB Refunding Series 2020 A (AA-/NR)
	1,190,000	1.398		09/01/2021		1,189,917
	630,000	1.448		09/01/2022		631,688
	780,000	1.440		09/01/2023		778,877
	800,000	1.497		09/01/2024		793,448
	Providence Public Building Authority RB for Capital Improvement Program Project Series 2017 A (BBB/Baa2)
	200,000	5.000		09/15/2020		203,108
	1,210,000	5.000		09/15/2021		1,269,907
	Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for Brown University Issue Series 2012 (AA+/Aa1)
	4,820,000	5.000		09/01/2021		5,085,775
	4,970,000	5.000		09/01/2022		5,417,051
	Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (MUN GOVT GTD) (NR/Aa3)
	815,000	4.000		05/15/2020		817,633


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Rhode Island – (continued)
	Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (MUN GOVT GTD) (NR/Aa3) – (continued)
$	820,000	5.000 %		05/15/2021	$	850,799
	1,415,000	5.000		05/15/2022		1,513,753
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2015 B (BBB+/NR)
	4,110,000	2.250		06/01/2041		3,825,876

						22,377,832

South Carolina – 0.9%
	Berkeley County School District GO Unlimited Bonds Series 2014 A (SCSDE) (AA/Aa1)
	4,950,000	3.000		03/01/2026		5,221,310
	Charleston County School District GO Bonds Series 2018 (SCSDE) (NR/Aa1)
	2,180,000	5.000		03/01/2021		2,255,254
	5,575,000	5.000		03/01/2022		5,973,501
	4,015,000	5.000		03/01/2023		4,453,317
	City of Charleston RB for Waterworks & Sewer System Capital Improvement Series 2006 B (AAA/Aaa)^(a)
	10,000,000	(1 Mo. LIBOR + 0.37%), 1.041		01/01/2022		10,009,800
	County of Charleston GO Bonds for Transportation Sales Tax Series 2011 (ST AID WITHHLDG) (AAA/Aaa)^(c)
	4,925,000	4.000		11/01/2021		5,155,293
	County of Charleston GO Refunding Bonds for Transportation Sales Tax Series 2013 (AAA/Aaa)
	10,005,000	5.000		11/01/2021		10,621,108
	Laurens County Water & Sewer Commission RB Series 2020 (NR/MIG1)
	3,035,000	1.375		02/01/2022		3,033,058
	South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A/A2)
	1,050,000	3.056		12/01/2023		1,094,583
	South Carolina Public Service Authority Santee Cooper RB Series 2016 D (A/A2)
	6,756,000	2.388		12/01/2023		6,910,307
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2013 B (A/Aa3)^(a)
	16,360,000	(1 Mo. LIBOR + 0.45%), 1.509		10/01/2022		15,984,374

						70,711,905

South Dakota – 0.1%
	Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
	1,055,000	5.000		01/01/2021		1,084,635
	570,000	5.000		01/01/2022		606,919
	South Dakota Health & Educational Facilities Authority RB Refunding for Avera Health Obligated Group Series 2019 A (AA-/A1)^(a)(b)
	3,700,000	5.000		07/01/2024		4,149,143

						5,840,697


Municipal Bonds – (continued)
Tennessee – 1.4%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (BBB+/Baa1)
	1,000,000	5.000		08/01/2025		1,136,780
	City of Memphis RB Refunding for Sanitary Sewerage System Series 2018 (AA+/Aa2)
	2,980,000	5.000		10/01/2020		3,038,080
	City of Murfreesboro GO Bonds Series 2018 (AA/Aa1)
	2,720,000	5.000		06/01/2021		2,843,597
	2,400,000	5.000		06/01/2022		2,597,016
	County of Rutherford GO Bonds for School Series 2017 (AA+/Aa1)
	3,070,000	5.000		04/01/2022		3,303,320
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	2,500,000	5.000		07/01/2020		2,523,450
	3,500,000	5.000		07/01/2021		3,664,990
	Hamilton County GO Bonds Series 2018 A (AAA/Aaa)
	7,860,000	5.000		04/01/2022		8,463,805
	1,400,000	5.000		04/01/2023		1,558,760
	Hamilton County GO Bonds Series 2018 A (AAA/WR)
	6,185,000	5.000		04/01/2020		6,185,000
	Knox County Health Educational & Housing Facilities Board RB for University Health System, Inc. Series 2017 (BBB/NR)
	350,000	5.000		04/01/2020		350,000
	750,000	4.000		04/01/2021		766,313
	1,420,000	5.000		04/01/2022		1,506,719
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2013 A (AA/Aa2)
	9,625,000	5.000		01/01/2023		10,604,632
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2015 C (AA/Aa2)
	5,500,000	5.000		07/01/2023		6,157,140
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2018 (AA/Aa2)
	22,625,000	5.000		07/01/2022		24,551,293
	17,955,000	5.000		07/01/2023		20,100,263
	Metropolitan Government of Nashville & Davidson County GO Refunding Bonds Series 2010 D (AA/Aa2)
	6,960,000	5.000		07/01/2022		7,026,329

						106,377,487

Texas – 6.9%
	Alamo Community College District GO Refunding Bonds Series 2017 (AAA/Aaa)
	6,465,000	3.000		08/15/2022		6,736,659
	Arlington Higher Education Finance Corp. RB for Riverwalk Education Foundation, Inc. Series 2019 (PSF-GTD) (AAA/NR)
	375,000	5.000		08/15/2021		394,294
	350,000	5.000		08/15/2022		380,240
	325,000	5.000		08/15/2023		363,984
	325,000	5.000		08/15/2024		374,497
	400,000	5.000		08/15/2025		472,356
	Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (BBB-/NR)
	500,000	5.000		01/01/2021		502,000
	465,000	5.000		01/01/2022		468,734
	750,000	5.000		01/01/2023		757,590


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (NR/Aa1)
$	205,000	3.750 %		02/01/2035	$	213,592
	Board of Regents of the University of Texas System RB Refunding Series 2017 C (AAA/Aaa)
	10,400,000	5.000		08/15/2023		11,717,160
	Bridgeport Independent School District GO Refunding Bonds Series 2020 (PSF-GTD) (AAA/NR)
	1,600,000	5.000		08/15/2024		1,854,736
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 B (A-/Baa1)^(a)(b)
	7,500,000	5.000		01/07/2021		7,564,650
	Central Texas Regional Mobility Authority RB Senior Lien Series 2011 (A-/Baa1)^(c)
	5,455,000	6.000		01/01/2021		5,650,344
	Central Texas Regional Mobility Authority Subordinate Lien RB Series 2018 (BBB+/Baa2)
	3,500,000	4.000		01/01/2022		3,614,695
	City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)
	1,000,000	5.000		11/15/2023		1,112,370
	City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (AA/NR)
	135,000	4.000		08/15/2023		143,770
	140,000	4.000		08/15/2024		151,201
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)^(e)
	70,000	0.000		09/01/2020		68,704
	70,000	0.000		09/01/2021		65,568
	70,000	0.000		09/01/2022		62,427
	70,000	0.000		09/01/2023		59,356
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)
	405,000	4.000		09/01/2023		430,673
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)^(e)
	685,000	0.000		09/01/2020		679,848
	685,000	0.000		09/01/2021		666,464
	685,000	0.000		09/01/2022		648,233
	City of Houston RB Refunding for Airport System Subordinate Lien Series 2012 A (AMT) (A+/NR)
	2,700,000	5.000		07/01/2029		2,851,335
	City of Houston RB Refunding for Combined Utility System Series 2018 C (AA/Aa2)^(a)
	12,500,000	(1 Mo. LIBOR + 0.36%), 1.007		08/01/2021		12,471,750
	City of Houston RB Refunding for Combined Utility System Series 2019 C (AA/Aa2)
	6,000,000	1.716		11/15/2022		6,049,440
	5,000,000	1.746		11/15/2023		5,057,250


Municipal Bonds – (continued)
Texas – (continued)
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)
	200,000	5.000		08/15/2020		200,650
	50,000	5.000		08/15/2021		50,584
	65,000	5.000		08/15/2022		66,208
	75,000	5.000		08/15/2023		76,825
	City of San Antonio RB for Electric & Gas Systems Junior Lien Series 2015 D (AA-/Aa2)^(a)(b)
	18,500,000	3.000		12/01/2020		18,720,520
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2015 C (AA-/Aa2)^(a)(b)
	36,630,000	1.750		12/01/2024		36,676,154
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (AA-/Aa2)^(a)(b)
	5,200,000	2.750		12/01/2022		5,322,772
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2015 A (AA-/Aa2)^(a)(b)
	27,875,000	1.750		12/01/2024		28,298,979
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2020 (AA-/Aa2)^(a)(b)
	10,750,000	1.750		12/01/2025		10,742,690
	City of San Antonio Water System Junior Lien RB Refunding Series 2014 B (AA/Aa2)^(a)(b)
	5,750,000	2.000		11/01/2022		5,782,602
	City of Southlake GO Refunding Bonds Series 2019 (AAA/NR)
	4,020,000	5.000		02/15/2021		4,156,680
	Colorado River Municipal Water District RB Series 2011 (AA-/Aa3)^(c)
	2,000,000	5.000		01/01/2021		2,054,500
	County of Dallas GO Bonds Series 2016 (AAA/Aaa)
	1,000,000	5.000		08/15/2020		1,014,290
	County of Fort Bend GO Refunding Bonds Series 2015 B (AA+/Aa1)
	3,740,000	5.000		03/01/2023		4,147,174
	Cypress-Fairbanks Independent School District GO Bonds for School Building Series 2017 A-3 (PSF-GTD) (AAA/Aaa)^(a)(b)
	9,325,000	3.000		08/17/2020		9,373,490
	Dallas Area Rapid Transit RB Refunding Series 2020 B (AA+/Aa2)^(h)
	1,175,000	5.000		12/01/2021		1,228,592
	1,200,000	5.000		12/01/2022		1,300,572
	4,000,000	5.000		12/01/2023		4,475,720
	Dallas Independent School District GO Bonds Series 2019 B (PSF-GTD) (AAA/Aaa)
	11,365,000	5.000		02/15/2024		12,972,693
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A1)
	5,005,000	5.000		11/01/2023		5,097,893
	Denison Independent School District GO Refunding Bonds Series 2020 (PSF-GTD) (AAA/NR)^(e)
	1,000,000	0.000		08/01/2024		924,280
	Denton Independent School District GO Bonds 2014 B (PSF- GTD) (AAA/NR)^(a)(b)
	5,000,000	2.000		08/01/2024		5,093,100
	Dickinson Independent School District GO Refunding Bonds Series 2013 (PSF-GTD) (AAA/Aaa)^(a)(b)
	5,000,000	1.350		08/02/2021		4,983,550


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	El Paso Independent School District GO Bonds Series 2020 (NR/Aa2)^(a)(b)
$	7,000,000	2.500 %		08/01/2021	$	7,082,530
	Fort Bend Independent School District GO Bonds Series 2019 A (PSF-GTD) (AAA/NR)^(a)(b)
	5,000,000	1.950		08/01/2022		5,012,000
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA/NR)^(c)
	4,050,000	5.000		10/01/2023		4,588,933
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-1 (A+/A1)^(a)(b)
	7,500,000	5.000		12/01/2022		8,121,825
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 A (A+/A1)
	860,000	5.000		12/01/2020		881,354
	1,800,000	5.000		12/01/2021		1,911,402
	2,000,000	5.000		12/01/2022		2,160,400
	2,500,000	5.000		12/01/2023		2,771,050
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)^(d)
	5,685,000	(SIFMA Municipal Swap Index Yield + 1.05%), 5.760		06/01/2024		5,801,599
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children’s Hospital Obligated Group, Series 2019 B (AA/Aa2)^(a)(b)
	5,000,000	5.000		10/01/2024		5,701,800
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)^(d)
	35,145,000	(3 Mo. LIBOR + 0.67%), 1.803		08/15/2035		32,601,205
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	85,000	3.000		09/01/2020		85,547
	90,000	3.000		09/01/2021		91,829
	90,000	3.000		09/01/2022		92,244
	95,000	3.000		09/01/2023		97,780
	Houston Independent School District Limited Tax Schoolhouse GO Bonds Series 2013 B (PSF-GTD) (AAA/Aaa)^(a)(b)
	4,935,000	2.400		06/01/2021		4,990,568
	Houston Independent School District Limited Tax Schoolhouse GO Bonds Series 2014 A-1B (PSF-GTD) (AAA/Aaa)^(a)(b)
	4,520,000	2.200		06/01/2020		4,525,695
	Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (AA/NR)
	390,000	3.000		09/01/2020		392,012
	310,000	3.000		09/01/2021		317,093
	330,000	3.000		09/01/2022		340,996
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)^(c)(e)
	30,275,000	0.000		08/15/2024		9,821,971
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2015 A (PSF-GTD) (AAA/NR)^(e)
	1,500,000	0.000		08/15/2020		1,493,925


Municipal Bonds – (continued)
Texas – (continued)
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2016 (PSF-GTD) (AAA/NR)^(e)
	5,000,000	0.000		08/16/2021		4,922,500
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2011A (A/A1)
	3,130,000	5.000		05/15/2023		3,258,455
	Mansfield Independent School District GO Bonds Series 2012 (PSF-GTD) (NR/Aaa)^(a)(b)
	8,250,000	2.500		08/01/2021		8,347,267
	Metropolitan Transit Authority of Harris County Sales and Use Tax Contractual Obligations RB Series 2018 (AAA/Aa2)
	3,000,000	5.000		11/01/2022		3,289,260
	1,000,000	5.000		11/01/2023		1,131,680
	Midway Independent School District/McLennan County GO Refunding Bonds Capital Appreciation Series 2000 (PSF-GTD) (NR/Aaa)^(e)
	5,705,000	0.000		08/15/2020		5,679,841
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/Ba1)
	810,000	4.000		04/01/2021		805,934
	855,000	4.000		04/01/2022		845,800
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/WR)
	770,000	4.000		04/01/2020		770,000
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC – Texas A&M University Collegiate Housing Project Series 2014 A (AGM) (AA/A2)
	400,000	4.000		04/01/2021		409,020
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC – Texas A&M University Collegiate Housing Project Series 2014 A (AGM) (AA/WR)
	170,000	4.000		04/01/2020		170,000
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (B/B2)
	620,000	4.000		04/01/2021		616,416
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (B/WR)
	300,000	4.000		04/01/2020		300,000
	North East Independent School District Unlimited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)^(a)(b)
	5,000,000	2.375		08/01/2022		5,062,550
	North Texas Tollway Authority RB Refunding First Tier Series 2010 (A+/A1)^(c)
	5,070,000	6.000		01/01/2021		5,253,483
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	1,160,000	5.000		01/01/2024		1,271,778
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	1,530,000	5.000		01/01/2022		1,629,924


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	Northside Texas Independent School District Unlimited Tax School Building GO Bonds Series 2017 (PSF-GTD) (AAA/Aaa)^(a)(b)
$	15,000,000	1.450 %		06/01/2020	$	14,996,100
	Pasadena Independent School District GO Bonds Series 2015 B (PSF-GTD) (AAA/Aaa)^(a)(b)
	3,845,000	1.500		08/15/2024		3,839,386
	Pflugerville Independent School District Unlimited Tax School Building GO Bonds Series 2019 B (PSF-GTD) (AAA/Aaa)^(a)(b)
	7,500,000	2.500		08/15/2023		7,733,925
	Round Rock Independent School District GO Refunding Bonds Series 2019 B (AAA/Aaa)
	2,485,000	4.000		08/01/2023		2,710,986
	Round Rock Independent School District Unlimited Tax GO Bonds for School Building RMKT 08/01/16 Series 2015 (PSF- GTD) (AAA/Aaa)^(a)(b)
	17,570,000	1.500		08/01/2021		17,546,808
	San Antonio Water System Junior Lien RB Series 2019 A (AA/Aa2)^(a)(b)
	15,000,000	2.625		05/01/2024		15,552,150
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for CHRISTUS Health Obligation Group Series 2018 A (A+/A1)
	3,500,000	5.000		07/01/2020		3,531,955
	2,200,000	5.000		07/01/2021		2,300,056
	1,795,000	5.000		07/01/2022		1,939,480
	Tarrant Regional Water District RB Refunding for Water Control & Improvement District Series 2015 (AAA/NR)
	6,025,000	5.000		03/01/2021		6,240,273
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)^(d)
	11,000,000	(3 Mo. LIBOR + 0.70%), 1.196		12/15/2026		10,855,020
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)^(d)
	10,440,000	(SIFMA Municipal Swap Index Yield + 0.55%), 5.260		09/15/2027		10,144,235
	Texas Transportation Commission Central Turnpike System RB First Tier Series 2002 A (AMBAC) (A/A3)^(e)
	6,950,000	0.000		08/15/2023		6,563,302
	Texas Transportation Commission Central Turnpike System RB Refunding Series 2015 A (A/A3)^(a)(b)
	5,000,000	5.000		04/01/2020		5,000,000
	Texas Transportation Commission Highway Improvement GO Bonds Series 2016 (AAA/Aaa)
	6,925,000	5.000		04/01/2022		7,465,635
	Texas University System Financing RB Refunding Series 2017 A (AA/Aa2)
	1,800,000	5.000		03/15/2021		1,861,110
	Tomball Independent School District GO Bonds Series 2014 B-3 (PSF-GTD) (AAA/Aaa)^(a)(b)
	11,650,000	1.350		08/15/2022		11,543,402
	United Independent School District GO Refunding Bonds Series 2020 (PSF-GTD) (AAA/Aaa)^(e)
	875,000	0.000		08/15/2023		835,048
	1,500,000	0.000		08/15/2024		1,403,460


Municipal Bonds – (continued)
Texas – (continued)
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	6,355,000	5.000		02/15/2022		6,787,776
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)
	37,000	4.000		12/01/2021		37,111

						515,879,322

Utah – 0.1%
	University of Utah RB General Series 2015 B (AA+/Aa1)
	5,125,000	5.000		08/01/2023		5,752,505
	University of Utah RB General Series 2016 B-1 (AA+/Aa1)
	2,415,000	5.000		08/01/2023		2,710,693
	Washington County School District Board of Education GO Refunding Bonds Series 2019 (SCH BD GTY) (AAA/Aaa)
	2,510,000	5.000		03/01/2022		2,695,865

						11,159,063

Vermont – 0.0%
	Vermont Educational & Health Buildings Financing Agency RB Refunding for The University of Vermont Medical Center Project Series 2016 A (A/A3)
	400,000	4.000		12/01/2020		407,460
	350,000	5.000		12/01/2021		371,420

						778,880

Virgin Islands – 0.0%
	Virgin Islands Public Finance Authority Grant Anticipation RB for Federal Highway Grant Anticipation Revenue Loan Note Series 2015 (A/NR)^(f)
	825,000	5.000		09/01/2020		830,206
	2,015,000	5.000		09/01/2021		2,095,015
	Virgin Islands Public Finance Authority Gross Receipts Taxes Loan NT RB Series 2012 A (AGM-CR) (AA/A2)
	235,000	4.000		10/01/2022		243,700
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (B/NR)
	280,000	4.000		10/01/2022		273,182

						3,442,103

Virginia – 3.5%
	Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (BBB/Baa2)
	21,510,000	5.000		11/01/2023		23,382,661
	Chesapeake Economic Development Authority RB Refunding for Virginia Electric & Power Co. Series 2008 A (BBB+/A2)^(a)(b)
	2,250,000	1.900		06/01/2023		2,303,100
	City of Alexandria GO Refunding Bonds Series 2017 D (ST AID WITHHLDG) (AAA/Aaa)
	355,000	5.000		07/01/2022		385,803
	County of Arlington GO Bonds for Public Improvement Series 2013 A (AAA/Aaa)^(c)
	2,930,000	4.000		08/01/2021		3,045,471
	County of Arlington GO Bonds Series C (ST AID WITHHLDG) (AAA/Aaa)^(c)
	9,665,000	5.000		02/15/2021		9,992,740


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Virginia – (continued)
	County of Fairfax RB for Sewer Series 2012 (AAA/Aaa)^(c)
$	9,220,000		4.500	%		07/15/2021	$	9,630,013
	Fairfax County GO Bonds for Virginia Public Improvement Series 2018 A (ST AID WITHHLDG) (AAA/Aaa)
	10,285,000		4.000			10/01/2021		10,736,100
	Fairfax County GO Refunding Bonds for Virginia Public Improvement Series 2016 A (ST AID WITHHLDG) (NR/Aaa)^(c)
	8,450,000		5.000			10/01/2021		8,948,465
	Fairfax County Industrial Development Authority RB Refunding for Inova Health System Obligated Group Series 2018 B-1 (AA+/Aa2)^(a)(b)
	24,350,000		5.000			05/15/2021		25,295,024
	Franklin County Industrial Development Authority RB for Virginia Public Facility Series 2018 (AA/A1)
	5,000,000		3.000			10/15/2023		5,041,800
	Hampton Roads Transportation Accountability Commission RB Series 2019 A (A+/Aa3)
	34,340,000		5.000			07/01/2022		37,303,542
	Henry County Industrial Development Authority Grant Anticipation RB Series 2019 B (A+/A1)
	5,625,000		2.000			11/01/2023		5,681,138
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 A (BBB+/A2)^(a)(b)
	1,325,000		1.900			06/01/2023		1,352,719
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 C (BBB+/A2)^(a)(b)
	2,550,000		1.800			04/01/2022		2,573,868
	Peninsula Ports Authority RB Refunding for Dominion Terminal Associates Series 2003 (BBB/Baa2)^(a)(b)
	2,400,000		1.700			10/01/2022		2,390,880
	Salem Economic Development Authority RB Refunding Roanoke College Series 2020 (BBB+/NR)
	200,000		5.000			04/01/2020		200,000
	210,000		5.000			04/01/2021		217,715
	215,000		5.000			04/01/2022		223,910
	250,000		5.000			04/01/2023		264,520
	270,000		5.000			04/01/2024		289,718
	270,000		5.000			04/01/2025		293,585
	Virginia College Building Authority Education Facilities RB Series 2014 A (AA+/Aa1)^(c)
	7,880,000		4.000			02/01/2024		8,728,518
	Virginia Commonwealth Transportation Board Federal Transportation Grant Anticipation RB Series 2013 A (AA+/Aa1)^(c)
	5,225,000		5.000			03/15/2023		5,813,805
	Virginia Commonwealth Transportation Board RB Capital Project Series 2012 (AA+/Aa1)
	740,000		4.000			05/15/2037		777,873
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2011 (AA+/Aa1)^(c)
	4,070,000		5.250			05/15/2021		4,256,406
	Virginia Commonwealth Transportation Board RB For Transportation Capital Project Series 2012 (AA+/Aa1)^(c)
	9,365,000		5.000			05/15/2022		10,138,268


Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2017 (AA+/Aa1)
	1,230,000		5.000			05/15/2022		1,330,331
	Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2014 B (AA+/Aa1)
	11,680,000		5.000			05/15/2020		11,734,662
	Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2016 C (AA+/Aa1)
	2,285,000		5.000			05/15/2023		2,555,087
	Virginia Electric and Power Company Industrial Development Authority of Wise County RB for Solid Waste and Sewage Disposal RMKT 08/13/15 Series 2009 A (BBB+/A2)^(a)(b)
	6,000,000		2.150			09/01/2020		5,987,820
	Virginia Electric and Power Company Industrial Development Authority of Wise County RB for Solid Waste and Sewage Disposal RMKT 11/02/15 Series 2010 A (BBB+/A2)^(a)(b)
	4,500,000		1.875			06/01/2020		4,494,240
	Virginia Housing Development Authority RB for Rental Housing Series 2018 E (AA+/Aa1)
	6,405,000		2.500			12/01/2022		6,408,331
	Virginia Housing Development Authority RB for Rental Housing Series 2019 E (AA+/Aa1)
	4,500,000		1.400			12/01/2023		4,485,510
	Virginia Public School Authority RB Series 2019 VII (AA+/Aa1)
	9,920,000		5.000			04/15/2020		9,933,987
	10,890,000		5.000			04/15/2021		11,330,936
	Virginia Resources Authority Infrastructure and State Moral Obligation RB for Pooled Financing Program Series 2014 C (AMT) (AAA/NR)
	3,760,000		5.000			11/01/2021		3,991,541
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2019 (AMT) (BBB/NR)
	6,000,000		5.000			01/01/2044		6,014,460
	Virginia State Public Building Authority RB for Public Facilities Series 2011 A (AA+/Aa1)^(c)
	5,375,000		5.000			08/01/2021		5,656,919
	Virginia State Public Building Authority RB Refunding for Public Facilities Series 2013 B (AA+/Aa1)
	1,000,000		5.000			08/01/2020		1,012,780
	York County Economic Development Authority Pollution Control RB Refunding for Virginia Electric & Power Co. Project Series 2009 A (BBB+/A2)^(a)(b)
	4,250,000		1.900			06/01/2023		4,348,813

								258,553,059

Washington – 2.0%
	City of Seattle RB for Municipal Light & Power Series 2015 A (AA/Aa2)
	5,545,000		5.000			05/01/2021		5,779,054
	City of Seattle RB Refunding for Municipal Light & Power Improvement Series 2012 A (AA/Aa2)
	10,325,000		5.000			06/01/2020		10,391,286
	King County Junior Lien Sewer RB Series 2012 (AA/Aa2)^(a)(b)
	11,600,000		2.600			12/01/2021		11,712,172


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Washington – (continued)
	King County School District No. 405 GO Bonds Series 2011 (SCH BD GTY) (AA+/Aaa)^(c)
$	5,010,000		5.000	%		06/01/2021	$	5,234,097
	King County School District No. 415 GO Bonds Series 2019 (SCH BD GTY) (NR/Aaa)
	1,595,000		4.000			12/01/2020		1,625,815
	Port of Seattle Intermediate Lien RB Series 2017 C (AMT) (A+/A1)
	5,000,000		5.000			05/01/2020		5,014,550
	State of Washington GO Bonds Various Purpose Series 2011 B (AA+/Aaa)^(c)
	5,000,000		5.000			02/01/2021		5,159,850
	University of Washington RB Series 2019 A (AA+/Aaa)^(a)(b)
	15,000,000		5.000			05/01/2022		15,868,200
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	1,300,000		5.000			08/01/2025		1,477,814
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	2,260,000		5.000			08/01/2025		2,569,123
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)^(a)(b)
	12,295,000		5.000			08/01/2024		13,798,433
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)^(a)(b)
	9,165,000		5.000			08/01/2025		10,525,361
	Washington State Local Agency Real and Personal Property COPS Series 2019 D (NR/Aa1)
	3,835,000		5.000			07/01/2024		4,367,950
	Washington State Motor Vehicle Fuel Tax GO Bonds for SR 520 Corridor Program Toll Revenue Series 2012 C (AA+/Aaa)
	1,685,000		5.000			06/01/2023		1,754,355
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2011 C (AA+/Aaa)
	10,000,000		5.000			07/01/2022		10,099,300
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2013 B (AA+/Aaa)
	5,000,000		5.000			07/01/2024		5,416,350
	Washington State Various Purpose GO Bonds Series 2011 A (AA+/Aaa)^(c)
	12,845,000		5.000			08/01/2020		13,006,205
	Washington State Various Purpose GO Bonds Series 2011 B (AA+/Aaa)^(c)
	10,000,000		5.250			02/01/2021		10,340,300
	Washington State Various Purpose GO Bonds Series 2013 A (AA+/Aaa)
	9,130,000		5.000			08/01/2020		9,248,873
	Washington State Various Purpose GO Refunding Bonds Series R-2013C (AA+/Aaa)
	6,500,000		5.000			07/01/2025		7,278,830

								150,667,918


Municipal Bonds – (continued)
West Virginia – 1.0%
	State of West Virginia GO Bonds for State Road Series 2019 A (AA-/Aa2)
	7,830,000		5.000			06/01/2023		8,768,269
	8,640,000		5.000			06/01/2025		10,290,758
	8,860,000		5.000			12/01/2025		10,702,083
	West Virginia Economic Development Authority RB for Appalachian Power Co. Project Series 2009 A (A-/Baa1)^(a)(b)
	2,900,000		2.625			06/01/2022		2,919,894
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. – Amos Project Series 2011 A (AMT) (A-/Baa1)^(a)(b)
	3,500,000		1.700			09/01/2020		3,489,920
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	570,000		5.000			01/01/2021		584,581
	540,000		5.000			01/01/2022		571,563
	550,000		5.000			01/01/2023		598,955
	West Virginia University RB Refunding Series 2020 A (AA-/Aa3)
	8,895,000		1.365			10/01/2022		8,878,989
	10,495,000		1.391			10/01/2023		10,411,460
	19,755,000		1.449			10/01/2024		19,529,200

								76,745,672

Wisconsin – 2.2%
	County of Dane GO Bonds Series 2019 A (AAA/NR)
	2,165,000		2.000			06/01/2022		2,204,338
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (AA/A2)
	160,000		4.000			07/01/2024		174,728
	265,000		4.000			07/01/2025		294,224
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)
	1,925,000		4.000			01/01/2026		1,966,580
	2,000,000		4.000			01/01/2027		2,036,640
	1,720,000		4.000			01/01/2028		1,743,977
	1,790,000		4.000			01/01/2029		1,803,067
	Public Finance Authority RB Refunding for Waste Management, Inc. Series 2016 (AMT) (A-/NR)^(a)(b)
	7,000,000		2.000			06/01/2021		6,995,100
	Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (NR/Baa3)^(e)
	14,465,000		0.000			12/15/2027		11,033,468
	State of Wisconsin Environmental Improvement Fund RB Series 2018 A (AAA/NR)
	7,905,000		5.000			06/01/2022		8,562,854
	State of Wisconsin GO Unlimited Bonds Series 2011 B (AA/Aa1)^(c)
	7,170,000		5.000			05/01/2021		7,475,800
	State of Wisconsin GO Unlimited Bonds Series 2014 A (AA/Aa1)^(c)
	11,145,000		5.000			05/01/2022		12,048,525
	State of Wisconsin GO Unlimited Refunding Bonds Series 2017 (AA/Aa1)
	5,420,000		5.000			11/01/2021		5,753,764


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Wisconsin – (continued)
	Western Technical College District GO Refunding Bonds Series 2017 G (AA+/NR)
$	1,685,000	5.000 %		04/01/2023	$	1,870,805
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (BBB/NR)
	115,000	4.000		03/15/2022		119,404
	115,000	4.000		03/15/2023		120,519
	120,000	4.000		03/15/2024		127,129
	125,000	4.000		03/15/2025		133,750
	Wisconsin Health & Educational Facilities Authority RB Refunding for Advocate Aurora Health Obligated Group Series 2018 C-4 (AA/Aa3)^(a)
	4,000,000	(SIFMA Municipal Swap Index Yield + 0.65%), 5.360		07/31/2024		4,040,840
	Wisconsin Health & Educational Facilities Authority RB Refunding for Ascension Health Credit Group Series 2019 A (AA+/Aa2)
	4,500,000	5.000		11/15/2020		4,606,875
	1,875,000	5.000		11/15/2021		1,990,781
	900,000	5.000		11/15/2022		986,805
	4,455,000	5.000		11/15/2023		5,037,581
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (NR/Baa1)
	425,000	4.000		02/01/2021		434,583
	285,000	4.000		02/01/2022		298,606
	290,000	4.000		02/01/2023		304,126
	Wisconsin State GO Bonds Series 2014 B (AA/Aa1)
	2,575,000	5.000		05/01/2021		2,683,691
	Wisconsin State GO Bonds Series 2015 A (AA/Aa1)^(c)
	40,860,000	5.000		05/01/2023		45,660,233
	Wisconsin State GO Bonds Series 2018 A (AA/Aa1)
	16,090,000	5.000		05/01/2021		16,769,159
	9,495,000	5.000		05/01/2023		10,603,731
	Wisconsin State RB Refunding Series 2020 A (AA/Aa1)
	1,760,000	1.775		05/01/2024		1,775,858
	Wisconsin State RB Refunding Series 2020 A (AA/Aa2)
	1,440,000	1.670		05/01/2021		1,437,970
	775,000	1.720		05/01/2022		773,318
	820,000	1.749		05/01/2023		816,991
	1,050,000	1.799		05/01/2024		1,045,180

						163,731,000

	TOTAL MUNICIPAL BONDS
	(Cost $7,257,413,988)				$	7,284,741,281


Corporate Bond – 0.1%
Consumer Services – 0.1%
	Howard University Series 2020
	1,000,000	2.638		10/01/2021		1,013,941
	1,500,000	2.738		10/01/2022		1,539,012
	1,500,000	2.801		10/01/2023		1,555,339
	2,030,000	2.416		10/01/2024		2,137,018

						6,245,310

	TOTAL CORPORATE BONDS
	(Cost $6,030,000)				$	6,245,310

	TOTAL INVESTMENTS – 97.4%
	(Cost $7,263,443,988)				$	7,290,986,591

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.6%					197,505,857

	NET ASSETS – 100.0%				$	7,488,492,448



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

(a)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2020.

(b)		Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(c)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(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 March 31, 2020.

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

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

(g)		Zero coupon bond until next reset date.

(h)		When-issued security.

(i)		Security is currently in default.


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020



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


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index^(a)	Financing Rate Received (Paid) by the Fund	Credit Spread at March 31, 2020^(b)			Counterparty		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:

California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023	1.000%		0.242	%		Bank of America NA		03/20/2023	USD	5,000	$	113,680	$	(73,613	)	$	187,293

California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023	1.000		0.242			JPMorgan Chase Bank NA		03/20/2023		10,000		227,359		(147,225	)		374,584

TOTAL											$	341,039	$	(220,838	)	$	561,877

(a)

Payments received quarterly.

(b)


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2020


	Dynamic Municipal Income Fund			High Yield Municipal Fund			Short Duration Tax-Free Fund
Assets:
Investments in unaffiliated issuers, at value (cost $7,039,377,079, $7,425,974,397 and $7,263,443,988)	$	7,051,076,258		$	7,616,143,569		$	7,290,986,591
Cash		229,167,705			175,100,215			179,152,978
Receivables:
Interest		80,964,464			99,081,646			73,815,462
Fund shares sold		38,597,241			21,469,371			30,481,934
Collateral on certain derivative contracts^(a)		12,680,072			13,142,555			—
Investments sold		10,273,116			25,277,539			24,995,612
Reimbursement from investment adviser		40,601			156,944			32,475
Variation margin on swaps		1,624,675			1,766,364			—
Unrealized gain on swap contracts		74,917			1,755,097			561,877
Other assets		238,331			184,969			193,649
Total assets		7,424,737,380			7,954,078,269			7,600,220,578

Liabilities:
Unrealized loss on swap contracts		—			55,850			—
Payables:
Investments purchased		37,237,878			12,004,080			3,909,658
Fund shares redeemed		35,905,362			65,963,116			50,979,918
Investments purchased on an extended-settlement basis		10,274,384			3,958,931			27,144,202
Management fees		2,370,444			3,675,633			2,311,179
Income distribution		1,657,231			865,234			1,254,646
Distribution and Service fees and Transfer Agency fees		866,441			445,246			271,752
Upfront payments received on swap contracts		29,445			824,576			220,838
Due to custodian		—			1,800,162			24,995,612
Collateral on certain derivative contracts^(a)		—			1,060,000			250,000
Accrued expenses		191,153			495,121			390,325
Total liabilities		88,532,338			91,147,949			111,728,130

Net Assets:
Paid-in capital		7,561,008,984			7,906,977,382			7,473,993,727
Total distributable earnings (loss)		(224,803,942	)		(44,047,062	)		14,498,721
NET ASSETS	$	7,336,205,042		$	7,862,930,320		$	7,488,492,448
Net Assets:
Class A	$	1,330,376,923		$	419,784,011		$	134,985,713
Class C		141,951,844			77,386,653			17,180,368
Institutional		3,206,614,548			894,702,375			1,646,398,464
Service		202,795			—			178,841
Investor		904,160,422			331,991,257			111,743,242
Class P		1,683,366,239			6,139,054,918			5,572,013,928
Class R6		69,532,271			11,106			5,991,892
Total Net Assets	$	7,336,205,042		$	7,862,930,320		$	7,488,492,448
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		85,325,100			43,793,819			12,693,767
Class C		9,100,685			8,071,038			1,617,519
Institutional		205,764,575			93,318,676			155,056,714
Service		12,945			—			16,838
Investor		58,055,731			34,598,984			10,522,114
Class P		107,963,710			640,879,377			524,978,949
Class R6		4,460,114			1,159			564,563
Net asset value, offering and redemption price per share:(b)
Class A		$15.59			$9.59			$10.63
Class C		15.60			9.59			10.62
Institutional		15.58			9.59			10.62
Service		15.67			—			10.62
Investor		15.57			9.60			10.62
Class P		15.59			9.58			10.61
Class R6		15.59			9.58			10.61

(a)

Segregated for initial margin and/or collateral on net transactions as follows:


Fund	Swaps
Dynamic Municipal Income	$	12,680,072
High Yield Municipal		12,082,555
Short Duration Tax-Free		(250,000	)

(b)

Maximum public offering price per share for Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds is $16.20, $10.04 and $10.79, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2020


	Dynamic Municipal Income Fund			High Yield Municipal Fund			Short Duration Tax-Free Fund
Investment income:

Interest	$	201,023,630		$	371,913,351		$	156,631,720

Expenses:

Management fees		23,734,341			42,067,959			25,163,172

Transfer Agency fees^(a)		4,399,610			3,422,006			2,598,348

Distribution and Service fees^(a)		4,192,666			1,858,530			470,662

Custody, accounting and administrative services		616,910			831,557			706,429

Professional fees		322,303			406,375			319,292

Registration fees		279,014			352,682			370,276

Printing and mailing costs		174,186			117,720			93,474

Shareholder meeting expense		79,106			42,728			23,697

Trustee fees		30,441			32,521			31,096

Service share fees — Service and Shareholder Administration Plan		1,118			—			1,076

Other		70,389			112,413			92,318

Total expenses		33,900,084			49,244,491			29,869,840

Less — expense reductions		(1,592,991	)		(2,085,697	)		(1,718,446	)

Net expenses		32,307,093			47,158,794			28,151,394

NET INVESTMENT INCOME		168,716,537			324,754,557			128,480,326

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		11,025,937			78,939,524			4,086,658

Futures contracts		(22,441,159	)		(22,314,201	)		—

Swap contracts		(191,645,314	)		(176,414,631	)		222,703

Rate lock forward contracts		—			—			225,000

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(125,575,690	)		(240,923,102	)		(50,027,684	)

Futures contracts		303,327			—			—

Swap contracts		(3,316,713	)		(29,015,884	)		(194,160	)

Net realized and unrealized loss		(331,649,612	)		(389,728,294	)		(45,687,483	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(162,933,075	)	$	(64,973,737	)	$	82,792,843

(a)

Class specific Distribution and/or Service, and Transfer Agency fees were as follows:


	Distribution and/or Service Fees				Transfer Agency Fees
Fund	Class A		Class C		Class A		Class C		Institutional		Service		Investor		Class P		Class R6
Dynamic Municipal Income	$	2,971,694	$	1,220,972	$	1,545,268	$	158,724	$	1,239,013	$	90	$	981,308	$	456,375	$	18,832
High Yield Municipal		1,104,409		754,121		574,287		98,035		386,021		—		391,624		1,972,035		4
Short Duration Tax-Free		311,571		159,091		162,015		20,682		643,811		86		106,263		1,663,829		1,662


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Dynamic Municipal Income Fund						High Yield Municipal Fund
	For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	168,716,537		$	85,346,051		$	324,754,557		$	257,598,234

Net realized loss		(203,060,536	)		(27,894,818	)		(119,789,308	)		(56,993,959	)

Net change in unrealized gain (loss)		(128,589,076	)		119,562,530			(269,938,986	)		285,381,226
Net increase (decrease) in net assets resulting from operations		(162,933,075	)		177,013,763			(64,973,737	)		485,985,501

Distributions to shareholders:

From distributable earnings:

Class A Shares		(26,767,203	)		(13,157,456	)		(15,028,985	)		(11,520,534	)

Class C Shares		(1,836,214	)		(1,172,647	)		(1,996,031	)		(1,711,565	)

Institutional Shares		(80,218,287	)		(39,981,041	)		(35,707,014	)		(79,994,592	)

Service Shares		(4,678	)		(957	)		—			—

Investor Shares		(18,862,838	)		(8,509,026	)		(10,962,178	)		(5,382,354	)

Class P Shares^(a)		(39,740,810	)		(20,886,847	)		(244,330,086	)		(149,478,898	)

Class R6 Shares		(1,636,966	)		(264,944	)		(430	)		(433	)
Total distributions to shareholders		(169,066,996	)		(83,972,918	)		(308,024,724	)		(248,088,376	)

From share transactions:

Proceeds from sales of shares		5,369,651,711			3,958,016,654			3,022,075,670			7,296,301,940

Reinvestment of distributions		150,907,107			73,770,862			298,380,974			240,537,834

Cost of shares redeemed		(2,284,389,837	)		(1,511,981,331	)		(2,387,191,975	)^(b)		(5,893,955,119	)^(c)
Net increase in net assets resulting from share transactions		3,236,168,981			2,519,806,185			933,264,669			1,642,884,655
TOTAL INCREASE		2,904,168,910			2,612,847,030			560,266,208			1,880,781,780

Net Assets:

Beginning of year		4,432,036,132			1,819,189,102			7,302,664,112			5,421,882,332

End of year	$	7,336,205,042		$	4,432,036,132		$	7,862,930,320		$	7,302,664,112

(a)

Commenced operations on April 20, 2018.

(b)

Net of $196,736 of redemption fees.

(c)

Net of $637,125 of redemption fees.


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Short Duration Tax-Free Fund
	For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	128,480,326		$	102,104,189

Net realized gain (loss)		4,534,361			(29,478,088	)

Net change in unrealized gain (loss)		(50,221,844	)		125,732,256
Net increase in net assets resulting from operations		82,792,843			198,358,357

Distributions to shareholders:

From distributable earnings:

Class A Shares		(1,816,735	)		(1,553,290	)

Class C Shares		(167,468	)		(184,887	)

Institutional Shares		(28,233,445	)		(40,352,934	)

Service Shares		(2,752	)		(3,628	)

Investor Shares		(1,384,410	)		(623,125	)

Class P Shares^(a)		(97,647,520	)		(56,450,528	)

Class R6 Shares		(97,487	)		(18,784	)
Total distributions to shareholders		(129,349,817	)		(99,187,176	)

From share transactions:

Proceeds from sales of shares		4,519,198,773			7,632,105,500

Reinvestment of distributions		114,038,179			88,168,766

Cost of shares redeemed		(3,758,256,134	)		(6,235,205,237	)
Net increase in net assets resulting from share transactions		874,980,818			1,485,069,029
TOTAL INCREASE		828,423,844			1,584,240,210

Net Assets:

Beginning of year		6,660,068,604			5,075,828,394

End of year	$	7,488,492,448		$	6,660,068,604

(a)

Commenced operations on April 20, 2018.


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Dynamic Municipal Income Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	16.02		$	15.59		$	15.46		$	15.69		$	15.81

Net investment income^(a)		0.37			0.44			0.47			0.52			0.56

Net realized and unrealized gain (loss)		(0.43	)		0.42			0.11			(0.25	)		(0.14	)

Total from investment operations		(0.06	)		0.86			0.58			0.27			0.42

Distributions to shareholders from net investment income		(0.37	)		(0.43	)		(0.45	)		(0.50	)		(0.54	)

Net asset value, end of year	$	15.59		$	16.02		$	15.59		$	15.46		$	15.69

Total return^(b)		(0.43	)%		5.62	%		3.81	%		1.73	%		2.70	%

Net assets, end of year (in 000s)	$	1,330,377		$	769,894		$	315,142		$	218,699		$	177,985

Ratio of net expenses to average net assets		0.73	%		0.74	%		0.76	%		0.78	%		0.78	%

Ratio of total expenses to average net assets		0.76	%		0.78	%		0.85	%		0.98	%		0.99	%

Ratio of net investment income to average net assets		2.25	%		2.78	%		2.98	%		3.34	%		3.62	%

Portfolio turnover rate^(c)		23	%		16	%		12	%		28	%		15	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value 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)


148		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 Year


	Goldman Sachs Dynamic Municipal Income Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	16.03		$	15.60		$	15.47		$	15.69		$	15.82

Net investment income^(a)		0.24			0.32			0.35			0.41			0.45

Net realized and unrealized gain (loss)		(0.42	)		0.42			0.12			(0.25	)		(0.16	)

Total from investment operations		(0.18	)		0.74			0.47			0.16			0.29

Distributions to shareholders from net investment income		(0.25	)		(0.31	)		(0.34	)		(0.38	)		(0.42	)

Net asset value, end of year	$	15.60		$	16.03		$	15.60		$	15.47		$	15.69

Total return^(b)		(1.17	)%		4.83	%		3.03	%		1.04	%		1.86	%

Net assets, end of year (in 000s)	$	141,952		$	83,931		$	47,379		$	42,353		$	30,116

Ratio of net expenses to average net assets		1.48	%		1.49	%		1.51	%		1.53	%		1.54	%

Ratio of total expenses to average net assets		1.51	%		1.53	%		1.60	%		1.73	%		1.75	%

Ratio of net investment income to average net assets		1.50	%		2.04	%		2.23	%		2.59	%		2.87	%

Portfolio turnover rate^(c)		23	%		16	%		12	%		28	%		15	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Dynamic Municipal Income Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	16.02		$	15.59		$	15.46		$	15.68		$	15.81

Net investment income^(a)		0.42			0.49			0.52			0.58			0.62

Net realized and unrealized gain (loss)		(0.43	)		0.43			0.12			(0.25	)		(0.16	)

Total from investment operations		(0.01	)		0.92			0.64			0.33			0.46

Distributions to shareholders from net investment income		(0.43	)		(0.49	)		(0.51	)		(0.55	)		(0.59	)

Net asset value, end of year	$	15.58		$	16.02		$	15.59		$	15.46		$	15.68

Total return^(b)		(0.16	)%		5.97	%		4.17	%		2.13	%		2.98	%

Net assets, end of year (in 000s)	$	3,206,615		$	1,858,949		$	1,296,146		$	774,777		$	486,485

Ratio of net expenses to average net assets		0.39	%		0.40	%		0.42	%		0.44	%		0.44	%

Ratio of total expenses to average net assets		0.42	%		0.44	%		0.51	%		0.64	%		0.65	%

Ratio of net investment income to average net assets		2.59	%		3.14	%		3.32	%		3.67	%		3.96	%

Portfolio turnover rate^(c)		23	%		16	%		12	%		28	%		15	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


150		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 Year


	Goldman Sachs Dynamic Municipal Income Fund
	Service Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	16.10		$	15.66		$	15.54		$	15.77		$	15.89

Net investment income^(a)		0.34			0.42			0.44			0.50			0.54

Net realized and unrealized gain (loss)		(0.42	)		0.43			0.11			(0.25	)		(0.15	)

Total from investment operations		(0.08	)		0.85			0.55			0.25			0.39

Distributions to shareholders from net investment income		(0.35	)		(0.41	)		(0.43	)		(0.48	)		(0.51	)

Net asset value, end of year	$	15.67		$	16.10		$	15.66		$	15.54		$	15.77

Total return^(b)		(0.58	)%		5.50	%		3.58	%		1.57	%		2.53	%

Net assets, end of year (in 000s)	$	203		$	38		$	36		$	36		$	36

Ratio of net expenses to average net assets		0.89	%		0.90	%		0.92	%		0.94	%		0.94	%

Ratio of total expenses to average net assets		0.92	%		0.93	%		1.01	%		1.14	%		1.16	%

Ratio of net investment income to average net assets		2.09	%		2.65	%		2.83	%		3.19	%		3.46	%

Portfolio turnover rate^(c)		23	%		16	%		12	%		28	%		15	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Dynamic Municipal Income Fund
	Investor Shares^(a)
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	16.00		$	15.57		$	15.45		$	15.67		$	15.79

Net investment income^(b)		0.41			0.48			0.50			0.56			0.60

Net realized and unrealized gain (loss)		(0.43	)		0.42			0.11			(0.24	)		(0.15	)

Total from investment operations		(0.02	)		0.90			0.61			0.32			0.45

Distributions to shareholders from net investment income		(0.41	)		(0.47	)		(0.49	)		(0.54	)		(0.57	)

Net asset value, end of year	$	15.57		$	16.00		$	15.57		$	15.45		$	15.67

Total return^(c)		(0.19	)%		5.88	%		4.01	%		2.03	%		2.95	%

Net assets, end of year (in 000s)	$	904,160		$	480,724		$	160,475		$	65,306		$	9,684

Ratio of net expenses to average net assets		0.48	%		0.49	%		0.51	%		0.53	%		0.53	%

Ratio of total expenses to average net assets		0.51	%		0.53	%		0.59	%		0.73	%		0.74	%

Ratio of net investment income to average net assets		2.50	%		3.03	%		3.22	%		3.57	%		3.87	%

Portfolio turnover rate^(d)		23	%		16	%		12	%		28	%		15	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)


152		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
	Year Ended March 31, 2020			April 20, 2018* to March 31, 2019
Per Share Data

Net asset value, beginning of period	$	16.02		$	15.65

Net investment income^(a)		0.43			0.46

Net realized and unrealized gain (loss)		(0.43	)		0.36

Total from investment operations		—	^(b)		0.82

Distributions to shareholders from net investment income		(0.43	)		(0.45	)

Net asset value, end of period	$	15.59		$	16.02

Total return^(c)		(0.08	)%		5.35	%

Net assets, end of period (in 000s)	$	1,683,366		$	1,193,566

Ratio of net expenses to average net assets		0.38	%		0.39	%^(d)

Ratio of total expenses to average net assets		0.41	%		0.43	%^(d)

Ratio of net investment income to average net assets		2.61	%		3.11	%^(d)

Portfolio turnover rate^(e)		23	%		16	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

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

(d)

Annualized.

(e)


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

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
	Year Ended March 31,						November 30, 2017* to March 31, 2018
	2020			2019			November 30, 2017* to March 31, 2018
Per Share Data

Net asset value, beginning of period	$	16.02		$	15.59		$	15.56

Net investment income^(a)		0.42			0.49			0.17

Net realized and unrealized gain (loss)		(0.42	)		0.43			0.03

Total from investment operations		—	^(b)		0.92			0.20

Distributions to shareholders from net investment income		(0.43	)		(0.49	)		(0.17	)

Net asset value, end of period	$	15.59		$	16.02		$	15.59

Total return^(c)		(0.08	)%		5.98	%		1.27	%

Net assets, end of period (in 000s)	$	69,532		$	44,934		$	10

Ratio of net expenses to average net assets		0.38	%		0.39	%		0.40	%^(d)

Ratio of total expenses to average net assets		0.41	%		0.42	%		0.43	%^(d)

Ratio of net investment income to average net assets		2.61	%		3.11	%		3.28	%^(d)

Portfolio turnover rate^(e)		23	%		16	%		12	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


154		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 Year


	Goldman Sachs High Yield Municipal Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.91		$	9.55		$	9.35		$	9.36		$	9.34

Net investment income^(a)		0.37			0.38			0.38			0.47			0.46

Net realized and unrealized gain (loss)		(0.34	)		0.35			0.18			(0.06	)		(0.02	)

Total from investment operations		0.03			0.73			0.56			0.41			0.44

Distributions to shareholders from net investment income		(0.35	)		(0.37	)		(0.36	)		(0.42	)		(0.42	)

Net asset value, end of year	$	9.59		$	9.91		$	9.55		$	9.35		$	9.36

Total return^(b)		0.13	%		7.79	%		6.10	%		4.48	%		4.89	%

Net assets, end of year (in 000s)	$	419,784		$	377,942		$	250,436		$	234,550		$	262,193

Ratio of net expenses to average net assets		0.85	%		0.85	%		0.85	%		0.85	%		0.86	%

Ratio of total expenses to average net assets		0.91	%		0.92	%		0.92	%		0.92	%		0.93	%

Ratio of net investment income to average net assets		3.61	%		3.97	%		4.00	%		4.93	%		4.98	%

Portfolio turnover rate^(c)		20	%		16	%		16	%		31	%		11	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Municipal Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.91		$	9.55		$	9.35		$	9.36		$	9.34

Net investment income^(a)		0.29			0.31			0.31			0.40			0.39

Net realized and unrealized gain (loss)		(0.34	)		0.35			0.18			(0.06	)		(0.02	)

Total from investment operations		(0.05	)		0.66			0.49			0.34			0.37

Distributions to shareholders from net investment income		(0.27	)		(0.30	)		(0.29	)		(0.35	)		(0.35	)

Net asset value, end of year	$	9.59		$	9.91		$	9.55		$	9.35		$	9.36

Total return^(b)		(0.62	)%		6.99	%		5.30	%		3.70	%		4.11	%

Net assets, end of year (in 000s)	$	77,387		$	60,899		$	59,381		$	66,772		$	73,498

Ratio of net expenses to average net assets		1.60	%		1.60	%		1.60	%		1.60	%		1.62	%

Ratio of total expenses to average net assets		1.66	%		1.67	%		1.67	%		1.67	%		1.68	%

Ratio of net investment income to average net assets		2.85	%		3.22	%		3.25	%		4.18	%		4.24	%

Portfolio turnover rate^(c)		20	%		16	%		16	%		31	%		11	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


156		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 Year


	Goldman Sachs High Yield Municipal Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.91		$	9.55		$	9.36		$	9.36		$	9.34

Net investment income^(a)		0.40			0.41			0.41			0.49			0.48

Net realized and unrealized gain (loss)		(0.34	)		0.35			0.17			(0.04	)		(0.01	)

Total from investment operations		0.06			0.76			0.58			0.45			0.47

Distributions to shareholders from net investment income		(0.38	)		(0.40	)		(0.39	)		(0.45	)		(0.45	)

Net asset value, end of year	$	9.59		$	9.91		$	9.55		$	9.36		$	9.36

Total return^(b)		0.43	%		8.10	%		6.29	%		4.88	%		5.19	%

Net assets, end of year (in 000s)	$	894,702		$	699,635		$	5,026,846		$	4,284,703		$	3,754,010

Ratio of net expenses to average net assets		0.55	%		0.56	%		0.56	%		0.56	%		0.57	%

Ratio of total expenses to average net assets		0.57	%		0.58	%		0.58	%		0.58	%		0.59	%

Ratio of net investment income to average net assets		3.91	%		4.27	%		4.29	%		5.23	%		5.25	%

Portfolio turnover rate^(c)		20	%		16	%		16	%		31	%		11	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Municipal Fund
	Investor Shares^(a)
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.92		$	9.56		$	9.37		$	9.37		$	9.35

Net investment income^(b)		0.39			0.41			0.41			0.50			0.48

Net realized and unrealized gain (loss)		(0.34	)		0.34			0.17			(0.05	)		(0.01	)

Total from investment operations		0.05			0.75			0.58			0.45			0.47

Distributions to shareholders from net investment income		(0.37	)		(0.39	)		(0.39	)		(0.45	)		(0.45	)

Net asset value, end of year	$	9.60		$	9.92		$	9.56		$	9.37		$	9.37

Total return^(c)		0.38	%		8.05	%		6.26	%		4.81	%		5.15	%

Net assets, end of year (in 000s)	$	331,991		$	202,256		$	85,209		$	42,152		$	20,741

Ratio of net expenses to average net assets		0.60	%		0.60	%		0.60	%		0.60	%		0.61	%

Ratio of total expenses to average net assets		0.66	%		0.66	%		0.67	%		0.67	%		0.68	%

Ratio of net investment income to average net assets		3.85	%		4.21	%		4.26	%		5.25	%		5.22	%

Portfolio turnover rate^(d)		20	%		16	%		16	%		31	%		11	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)


158		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
	Year Ended March 31, 2020			April 20, 2018* to March 31, 2019
Per Share Data

Net asset value, beginning of period	$	9.90		$	9.60

Net investment income^(a)		0.40			0.39

Net realized and unrealized gain (loss)		(0.34	)		0.28

Total from investment operations		0.06			0.67

Distributions to shareholders from net investment income		(0.38	)		(0.37	)

Net asset value, end of period	$	9.58		$	9.90

Total return^(b)		0.44	%		7.14	%

Net assets, end of period (in 000s)	$	6,139,055		$	5,961,922

Ratio of net expenses to average net assets		0.54	%		0.55	%^(c)

Ratio of total expenses to average net assets		0.56	%		0.57	%^(c)

Ratio of net investment income to average net assets		3.93	%		4.27	%^(c)

Portfolio turnover rate^(d)		20	%		16	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

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
	Year Ended March 31,						November 30, 2017* to March 31, 2018
	2020			2019			November 30, 2017* to March 31, 2018
Per Share Data

Net asset value, beginning of period	$	9.91		$	9.55		$	9.46

Net investment income^(a)		0.40			0.41			0.14

Net realized and unrealized gain (loss)		(0.35	)		0.35			0.08

Total from investment operations		0.05			0.76			0.22

Distributions to shareholders from net investment income		(0.38	)		(0.40	)		(0.13	)

Net asset value, end of period	$	9.58		$	9.91		$	9.55

Total return^(b)		0.32	%		8.09	%		2.33	%

Net assets, end of period (in 000s)	$	11		$	11		$	10

Ratio of net expenses to average net assets		0.54	%		0.55	%		0.57	%^(c)

Ratio of total expenses to average net assets		0.57	%		0.55	%		0.60	%^(c)

Ratio of net investment income to average net assets		3.92	%		4.28	%		4.36	%^(c)

Portfolio turnover rate^(d)		20	%		16	%		16	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


160		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 Year


	Goldman Sachs Short Duration Tax-Free Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.66		$	10.48		$	10.52		$	10.56		$	10.59

Net investment income^(a)		0.16			0.16			0.12			0.12			0.10

Net realized and unrealized gain (loss)		(0.03	)		0.17			(0.04	)		(0.05	)		(0.04	)

Total from investment operations		0.13			0.33			0.08			0.07			0.06

Distributions to shareholders from net investment income		(0.16	)		(0.15	)		(0.12	)		(0.11	)		(0.09	)

Distributions to shareholders from net realized gains		—			—			—			—	^(b)		—	^(b)

Total distributions		(0.16	)		(0.15	)		(0.12	)		(0.11	)		(0.09	)

Net asset value, end of year	$	10.63		$	10.66		$	10.48		$	10.52		$	10.56

Total return^(c)		1.18	%		3.20	%		0.74	%		0.63	%		0.62	%

Net assets, end of year (in 000s)	$	134,986		$	119,675		$	97,703		$	124,586		$	147,949

Ratio of net expenses to average net assets		0.68	%		0.69	%		0.68	%		0.70	%		0.73	%

Ratio of total expenses to average net assets		0.74	%		0.75	%		0.75	%		0.76	%		0.76	%

Ratio of net investment income to average net assets		1.45	%		1.51	%		1.18	%		1.09	%		0.98	%

Portfolio turnover rate^(d)		29	%		44	%		35	%		40	%		24	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Tax-Free Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.65		$	10.47		$	10.51		$	10.55		$	10.58

Net investment income^(a)		0.11			0.12			0.09			0.07			0.06

Net realized and unrealized gain (loss)		(0.03	)		0.17			(0.05	)		(0.05	)		(0.04	)

Total from investment operations		0.08			0.29			0.04			0.02			0.02

Distributions to shareholders from net investment income		(0.11	)		(0.11	)		(0.08	)		(0.06	)		(0.05	)

Distributions to shareholders from net realized gains		—			—			—			—	^(b)		—	^(b)

Total distributions		(0.11	)		(0.11	)		(0.08	)		(0.06	)		(0.05	)

Net asset value, end of year	$	10.62		$	10.65		$	10.47		$	10.51		$	10.55

Total return^(c)		0.78	%		2.80	%		0.34	%		0.23	%		0.22	%

Net assets, end of year (in 000s)	$	17,180		$	15,681		$	19,813		$	23,220		$	33,787

Ratio of net expenses to average net assets		1.08	%		1.09	%		1.08	%		1.10	%		1.13	%

Ratio of total expenses to average net assets		1.50	%		1.50	%		1.50	%		1.51	%		1.51	%

Ratio of net investment income to average net assets		1.04	%		1.10	%		0.81	%		0.69	%		0.58	%

Portfolio turnover rate^(d)		29	%		44	%		35	%		40	%		24	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


162		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 Year


	Goldman Sachs Short Duration Tax-Free Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.64		$	10.47		$	10.50		$	10.54		$	10.58

Net investment income^(a)		0.19			0.19			0.16			0.15			0.14

Net realized and unrealized gain (loss)		(0.02	)		0.16			(0.04	)		(0.05	)		(0.05	)

Total from investment operations		0.17			0.35			0.12			0.10			0.09

Distributions to shareholders from net investment income		(0.19	)		(0.18	)		(0.15	)		(0.14	)		(0.13	)

Distributions to shareholders from net realized gains		—			—			—			—	^(b)		—	^(b)

Total distributions		(0.19	)		(0.18	)		(0.15	)		(0.14	)		(0.13	)

Net asset value, end of year	$	10.62		$	10.64		$	10.47		$	10.50		$	10.54

Total return^(c)		1.58	%		3.42	%		1.15	%		0.94	%		0.86	%

Net assets, end of year (in 000s)	$	1,646,398		$	1,488,011		$	4,936,410		$	4,448,309		$	4,316,949

Ratio of net expenses to average net assets		0.38	%		0.38	%		0.38	%		0.39	%		0.39	%

Ratio of total expenses to average net assets		0.40	%		0.41	%		0.41	%		0.42	%		0.42	%

Ratio of net investment income to average net assets		1.75	%		1.77	%		1.52	%		1.41	%		1.32	%

Portfolio turnover rate^(d)		29	%		44	%		35	%		40	%		24	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		163

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Tax-Free Fund
	Service Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.64		$	10.47		$	10.50		$	10.54		$	10.58

Net investment income^(a)		0.14			0.14			0.11			0.10			0.09

Net realized and unrealized gain (loss)		(0.02	)		0.16			(0.04	)		(0.05	)		(0.05	)

Total from investment operations		0.12			0.30			0.07			0.05			0.04

Distributions to shareholders from net investment income		(0.14	)		(0.13	)		(0.10	)		(0.09	)		(0.08	)

Distributions to shareholders from net realized gains		—			—			—			—	^(b)		—	^(b)

Total distributions		(0.14	)		(0.13	)		(0.10	)		(0.09	)		(0.08	)

Net asset value, end of year	$	10.62		$	10.64		$	10.47		$	10.50		$	10.54

Total return^(c)		1.07	%		2.90	%		0.65	%		0.44	%		0.36	%

Net assets, end of year (in 000s)	$	179		$	293		$	287		$	263		$	161

Ratio of net expenses to average net assets		0.88	%		0.89	%		0.88	%		0.89	%		0.89	%

Ratio of total expenses to average net assets		0.91	%		0.91	%		0.91	%		0.92	%		0.92	%

Ratio of net investment income to average net assets		1.27	%		1.31	%		1.03	%		0.91	%		0.82	%

Portfolio turnover rate^(d)		29	%		44	%		35	%		40	%		24	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


164		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 Year


	Goldman Sachs Short Duration Tax-Free Fund
	Investor Shares^(a)
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.64		$	10.47		$	10.51		$	10.55		$	10.58

Net investment income^(b)		0.18			0.19			0.16			0.14			0.13

Net realized and unrealized gain (loss)		(0.02	)		0.16			(0.05	)		(0.05	)		(0.04	)

Total from investment operations		0.16			0.35			0.11			0.09			0.09

Distributions to shareholders from net investment income		(0.18	)		(0.18	)		(0.15	)		(0.13	)		(0.12	)

Distributions to shareholders from net realized gains		—			—			—			—	^(c)		—	^(c)

Total distributions		(0.18	)		(0.18	)		(0.15	)		(0.13	)		(0.12	)

Net asset value, end of year	$	10.62		$	10.64		$	10.47		$	10.51		$	10.55

Total return^(d)		1.53	%		3.37	%		1.01	%		0.88	%		0.87	%

Net assets, end of year (in 000s)	$	111,743		$	65,719		$	21,605		$	10,002		$	3,526

Ratio of net expenses to average net assets		0.43	%		0.44	%		0.43	%		0.45	%		0.48	%

Ratio of total expenses to average net assets		0.49	%		0.50	%		0.50	%		0.51	%		0.51	%

Ratio of net investment income to average net assets		1.69	%		1.79	%		1.48	%		1.37	%		1.23	%

Portfolio turnover rate^(e)		29	%		44	%		35	%		40	%		24	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)


The accompanying notes are an integral part of these financial statements.		165

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
	Year Ended March 31, 2020			April 20, 2018* to March 31, 2019
Per Share Data

Net asset value, beginning of period	$	10.64		$	10.46

Net investment income^(a)		0.19			0.18

Net realized and unrealized gain (loss)		(0.03	)		0.17

Total from investment operations		0.16			0.35

Distributions to shareholders from net investment income		(0.19	)		(0.17	)

Net asset value, end of period	$	10.61		$	10.64

Total return^(b)		1.50	%		3.42	%

Net assets, end of period (in 000s)	$	5,572,014		$	4,965,675

Ratio of net expenses to average net assets		0.37	%		0.38	%^(c)

Ratio of total expenses to average net assets		0.39	%		0.40	%^(c)

Ratio of net investment income to average net assets		1.75	%		1.86	%^(c)

Portfolio turnover rate^(d)		29	%		44	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Tax-Free Fund
	Class R6 Shares
	Year Ended March 31,						November 30, 2017* to March 31, 2018
	2020			2019			November 30, 2017* to March 31, 2018
Per Share Data

Net asset value, beginning of period	$	10.64		$	10.46		$	10.45

Net investment income^(a)		0.19			0.21			0.06

Net realized and unrealized gain (loss)		(0.03	)		0.15			—	^(b)

Total from investment operations		0.16			0.36			0.06

Distributions to shareholders from net investment income		(0.19	)		(0.18	)		(0.05	)

Net asset value, end of period	$	10.61		$	10.64		$	10.46

Total return^(c)		1.50	%		3.51	%		0.61	%

Net assets, end of period (in 000s)	$	5,992		$	5,014		$	10

Ratio of net expenses to average net assets		0.37	%		0.38	%		0.36	%^(d)

Ratio of total expenses to average net assets		0.39	%		0.40	%		0.38	%^(d)

Ratio of net investment income to average net assets		1.75	%		1.96	%		1.64	%^(d)

Portfolio turnover rate^(e)		29	%		44	%		35	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		167

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2020

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:


Fund	Share Classes Offered	Diversified/ Non-diversified
Dynamic Municipal Income, Short Duration Tax-Free	A, C, Institutional, Service, Investor, P and R6	Diversified
High Yield Municipal	A, C, Institutional, Investor, Pand R6	Diversified

Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a front-end sales charge of up to 3.75%, 4.50% and 1.50%, respectively. Class C Shares of Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, 1.00% and 0.65%, respectively, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class P and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (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.

D. Redemption Fees — Prior to March 16, 2020, a 2% redemption fee was imposed on the redemption of shares (including by exchange) of the High Yield Municipal Fund held for 60 calendar days or less. For this purpose, the High Yield Municipal Fund

168

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

utilized a first-in first-out method so that shares held longest were treated as being redeemed first and shares held shortest were treated as being redeemed last. Redemption fees were reimbursed to the Fund and were reflected as a reduction in share redemptions. Redemption fees were credited to Paid-in Capital and are allocated to each share class of the Fund on a pro-rata basis. Effective March 16, 2020 redemption fees for Goldman Sachs High Yield Municipal Fund are no longer imposed.

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


3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

169

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

A rate lock forward is a type of forward contract between a Fund and a rate lock provider pursuant to which the parties agree to make payments to each other based on a notional amount, contingent upon whether the referenced obligation is above or below a specified yield level on the termination date of the contract.

170

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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.

171

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2020:



DYNAMIC MUNICIPAL INCOME

Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Municipal Debt Obligations	$	—	$	7,037,909,927		$	—

Corporate Bonds		—		13,166,331			—

Total	$	—	$	7,051,076,258		$	—

Derivative Type

Assets^(a)

Credit Default Swap Contracts	$	—	$	74,917		$	—

Liabilities^(a)

Interest Rate Swap Contracts	$	—	$	(16,596,367	)	$	—

HIGH YIELD MUNICIPAL

Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Municipal Debt Obligations	$	—	$	7,594,528,968		$	—

Corporate Bonds		—		21,614,601			—

Total	$	—	$	7,616,143,569		$	—

Derivative Type

Assets^(a)

Credit Default Swap Contracts	$	—	$	1,755,097		$	—

Liabilities^(a)

Credit Default Swap Contracts	$	—	$	(55,850	)	$	—

Interest Rate Swap Contracts		—		(18,104,307	)		—

Total	$	—	$	(18,160,157	)	$	—

(a)

Amount shown represents unrealized gain (loss) at fiscal year end.

172

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



SHORT DURATION TAX-FREE

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Municipal Debt Obligations	$	—	$	7,284,741,281	$	—

Corporate Bonds		—		6,245,310		—

Total	$	—	$	7,290,986,591	$	—

Derivative Type

Assets^(a)

Credit Default Swap Contracts	$	—	$	561,877	$	—

(a)

Amount shown represents unrealized gain (loss) at fiscal year end.

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

4. INVESTMENTS IN DERIVATIVES



DYNAMIC MUNICIPAL INCOME
Risk	Statements of Assets and Liabilities	Assets		Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	74,917	—	$	—
Interest Rate	—		—	Variation margin on swaps contracts		(16,596,367)	^(a)
Total		$	74,917		$	(16,596,367)

HIGH YIELD MUNICIPAL
Risk	Statements of Assets and Liabilities	Assets		Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	1,755,097	Payable for unrealized loss on swap contracts	$	(55,850)
Interest Rate	—		—	Variation margin on swaps contracts		(18,104,307)	^(a)
Total		$	1,755,097		$	(18,160,157)

(a)

Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of March 31, 2020 is reported within the Statements of Assets and Liabilities.

173

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

4. INVESTMENTS IN DERIVATIVES (continued)

SHORT DURATION TAX-FREE

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Credit

Receivable for unrealized gain on swap contracts

561,877

—

(a)



DYNAMIC MUNICIPAL INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	30,284		$	(25,888	)		2
Interest Rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contract and swap contracts		(214,116,757	)		(2,987,498	)		88
Total		$	(214,086,473	)	$	(3,013,386	)		90

HIGH YIELD MUNICIPAL
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	1,061,724		$	(809,602	)		7
Interest Rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on swap contracts		(199,790,556	)		(28,206,282	)		57
Total		$	(198,728,832	)	$	(29,015,884	)		64

SHORT DURATION TAX-FREE
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	222,703		$	(194,160	)		2
Interest Rate	Net realized gain (loss) from rate lock forward		225,000			—			1
Total		$	447,703		$	(194,160	)		3

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2020.

174

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreements, 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 fiscal year ended March 31, 2020, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate
Dynamic Municipal Income		0.40	%		0.36	%		0.34	%		0.34	%		0.33	%		0.35	%		0.35	%
High Yield Municipal		0.55			0.55			0.50			0.48			0.47			0.50			0.50
Short Duration Tax-Free		0.39			0.35			0.33			0.33			0.32			0.34			0.34

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


	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 fiscal year ended March 31, 2020, Goldman Sachs agreed to waive a portion of the distribution and/or service fees equal to 0.35% as an annual percentage rate of the average daily net assets attributable to Class C Shares of the Short Duration Tax-Free Fund. This arrangement will remain in place through at least July 29, 2020. Prior to such date, Goldman Sachs may not terminate this arrangement without the approval of the Trustees.

175

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Dynamic Municipal Income	$	113,935	$	6
High Yield Municipal		94,009		—
Short Duration Tax-Free		6,554		—

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

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.13% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.03% and 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal and Short Duration Tax-Free Funds, respectively. This arrangement will remain in effect through at least July 29, 2020, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Trustees. Prior to July 30, 2019, Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal Fund.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Funds is 0.004%. These Other Expense limitations will remain in place through at least July 29, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

176

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended March 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


	Fee Waivers
Portfolio	Class C Distribution and Service Fee		Transfer Agency Waivers/Credits			Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Dynamic Municipal Income	$	—	$	—		$	1,223,893	$	369,098	$	1,592,991
High Yield Municipal		—		291,919	^(a)		1,519,688		274,090		2,085,697
Short Duration Tax-Free		55,682		88,912	^(a)		1,318,129		255,723		1,718,446

(a)

Applicable to Class A, C and Investor Shares.

G. Line of Credit Facility — As of March 31, 2020, the Funds participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2020, the Funds did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000. The facility was increased to $700,000,000 effective April 28, 2020.

H. Other Transactions with Affiliates — As of March 31, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:


Fund		Class R6
High Yield Municipal		100%

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the fiscal year ended March 31, 2020, 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		$109,285,552	$	19,715,478	$	173,031
High Yield Municipal		—		152,222,104		3,045,411
Short Duration Tax-Free		60,920,051		—		—

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2020, were as follows:


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Dynamic Municipal Income	$	9,242,350	$	4,548,844,511	$	9,834,616	$	1,489,395,892
High Yield Municipal		13,245,150		2,164,248,449		13,953,075		1,625,943,226
Short Duration Tax-Free		204,364,785		2,792,579,669		210,501,817		1,844,448,486

177

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2020, was as follows:


	Dynamic Municipal Income		High Yield Municipal		Short Duration Tax-Free
Distributions paid from:
Ordinary income	$	18,741,093	$	37,646,670	$	10,748,528
Tax-exempt income		150,325,903		270,378,054		118,601,289
Total distributions	$	169,066,996	$	308,024,724	$	129,349,817

The tax character of distributions paid during the fiscal year ended March 31, 2019, was as follows:


	Dynamic Municipal Income		High Yield Municipal		Short Duration Tax-Free
Distributions paid from:
Ordinary income	$	4,577,609	$	15,101,341	$	7,918,123
Tax-exempt income		79,395,309		232,987,035		91,269,053
Total distributions	$	83,972,918	$	248,088,376	$	99,187,176

As of March 31, 2020, the components of accumulated earnings (losses) on a tax-basis were as follows:


	Dynamic Municipal Income			High Yield Municipal			Short Duration Tax-Free
Undistributed tax-exempt income — net	$	16,339,091		$	134,554,419		$	16,649,589
Capital loss carryforwards:
Perpetual Short-term		(107,248,540	)		(141,054,449	)		(10,859,998	)
Perpetual Long-term		(12,483,768	)		(171,810,258	)		(24,368,002	)
Total capital loss carryforwards	$	(119,732,308	)	$	(312,864,707	)	$	(35,228,000	)
Timing differences (Post October Loss Deferral, Defaulted Bond Income and Distribution Payable)		(118,823,680	)		(78,458,231	)		(2,053,873	)
Unrealized gains (losses) — net		(2,587,045	)		212,721,457			35,131,005
Total accumulated earning (losses) — net	$	(224,803,942	)	$	(44,047,062	)	$	14,498,721

As of March 31, 2020, the Funds’ aggregate securities unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Dynamic Municipal Income			High Yield Municipal			Short Duration Tax-Free
Tax cost	$	7,037,274,800		$	7,387,450,416		$	7,256,412,463
Gross unrealized gain		191,972,125			467,532,084			91,551,094
Gross unrealized loss		(194,559,170	)		(254,810,627	)		(56,420,089	)
Net unrealized gain (loss)	$	(2,587,045	)	$	212,721,457		$	35,131,005

The difference between GAAP-basis and tax-basis unrealized gains (losses), is attributable primarily to wash sales, differences in the tax treatment of swap transactions, and market discount accretion and premium amortization.

178

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

7. TAX INFORMATION (continued)

8. OTHER RISKS

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

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

179

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

8. OTHER RISKS (continued)

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

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

180

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

9. INDEMNIFICATIONS (continued)

exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. OTHER MATTERS

Contingencies — Dynamic Municipal Income Fund and High Yield Municipal Fund are among the defendants in an adversary proceeding filed in August 2019 against current and former holders General Obligation (“GO”) and other bonds issued by the Commonwealth of Puerto Rico seeking to clawback payments made to bondholders on the grounds that the bonds allegedly violated the Puerto Rico Constitution and were void from the outset. The complaint seeks approximately $389,000 and $4,384,000 from Dynamic Municipal Income Fund and High Yield Municipal Fund, respectively. On February 9, 2020, the Financial Oversight and Management Board for Puerto Rico, as representative of the Commonwealth of Puerto Rico (the “Commonwealth”), the Puerto Rico Public Buildings Authority (“PBA”), and the Employee Retirement System of the Government of the Commonwealth of Puerto Rico (“ERS”) entered into a Plan Support Agreement (the “PSA”) with certain holders of GO Bond Claims and/or CW Guarantee Bond Claims (each as defined in the PSA) and holders of PBA Bond Claims (as defined in the PSA). The Government of the Commonwealth of Puerto Rico is not a party to the PSA and does not support it on its current terms. Pursuant to the PSA, the Oversight Board and certain creditors agreed to settle the GO clawback litigation. The settlement will be implemented by an amended Plan of Adjustment, filed February 28, 2020. Pursuant to the settlement, current GO bondholders will receive cash and new bonds, ultimately resulting in recovery of approximately 28% on average less than they are entitled under the existing bonds. Former GO bondholders will be dismissed from the clawback litigation. The settlement must be approved by 70% of current bondholders and requires court approval. In addition, the Plan requires certain legislation to be passed by Puerto Rico, which the government of Puerto Rico does not currently support. The current schedule involves a hearing to consider adequacy of a disclosure statement in early June, solicitation of bondholder approval in the summer, and confirmation of the Plan in October. These dates will likely change as a result of the COVID-19 pandemic. GSAM has determined that the risk of loss is reasonably possible but not probable.

Amended Accounting Policy — The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended March 31, 2020. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Funds.

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

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.

181

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Dynamic Municipal Income Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		57,557,014		$	937,851,015			32,719,854		$	515,555,671
Reinvestment of distributions		1,472,195			24,001,344			757,498			11,941,258
Shares redeemed		(21,753,051	)		(347,171,442	)		(5,642,916	)		(88,726,477	)
		37,276,158			614,680,917			27,834,436			438,770,452
Class C Shares
Shares sold		4,980,688			81,202,614			2,933,190			46,188,420
Reinvestment of distributions		91,235			1,487,502			62,130			979,794
Shares redeemed		(1,207,274	)		(19,446,234	)		(797,180	)		(12,562,849	)
		3,864,649			63,243,882			2,198,140			34,605,365
Institutional Shares
Shares sold		171,519,064			2,788,853,875			106,396,199			1,674,973,466
Reinvestment of distributions		4,000,710			65,223,134			1,979,556			31,191,054
Shares redeemed		(85,827,643	)		(1,337,688,885	)		(75,464,760	)		(1,190,444,813	)
		89,692,131			1,516,388,124			32,910,995			515,719,707
Service Shares
Shares sold		16,380			266,000			—			—
Reinvestment of distributions		23			374			27			431
Shares redeemed		(5,809	)		(97,076	)		—			—
		10,594			169,298			27			431
Investor Shares
Shares sold		44,096,686			715,530,362			24,461,697			384,279,436
Reinvestment of distributions		1,158,129			18,860,480			540,158			8,507,496
Shares redeemed		(17,235,460	)		(273,201,701	)		(5,270,842	)		(82,785,044	)
		28,019,355			461,189,141			19,731,013			310,001,888
Class P Shares^(a)
Shares sold		49,161,324			803,325,236			81,763,017			1,291,184,507
Reinvestment of distributions		2,438,428			39,740,777			1,324,455			20,885,913
Shares redeemed		(18,124,961	)		(289,781,276	)		(8,598,553	)		(135,459,788	)
		33,474,791			553,284,737			74,488,919			1,176,610,632
Class R6 Shares
Shares sold		2,621,422			42,622,609			2,913,907			45,835,154
Reinvestment of distributions		97,773			1,593,496			16,673			264,916
Shares redeemed		(1,063,735	)		(17,003,223	)		(126,576	)		(2,002,360	)
		1,655,460			27,212,882			2,804,004			44,097,710

NET INCREASE		193,993,138		$	3,236,168,981			159,967,534		$	2,519,806,185

(a)

Commenced operations on April 20, 2018.

182

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTION (continued)


	High Yield Municipal Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		20,048,614		$	203,934,397			17,348,123		$	168,495,943
Reinvestment of distributions		1,344,897			13,709,617			1,067,237			10,357,670
Shares redeemed		(15,753,635	)		(157,972,186	)		(6,478,559	)		(62,723,208	)
		5,639,876			59,671,828			11,936,801			116,130,405
Class C Shares
Shares sold		3,852,316			39,248,209			2,246,411			21,757,563
Reinvestment of distributions		166,648			1,698,764			148,215			1,439,057
Shares redeemed		(2,093,824	)		(20,935,940	)		(2,465,058	)		(24,028,646	)
		1,925,140			20,011,033			(70,432	)		(832,026	)
Institutional Shares
Shares sold		66,322,633			672,981,874			56,373,393			544,561,803
Reinvestment of distributions		2,735,106			27,914,867			7,645,602			74,127,468
Shares redeemed		(46,355,759	)		(459,573,926	)		(519,542,621	)		(5,076,189,724	)
		22,701,980			241,322,815			(455,523,626	)		(4,457,500,453	)
Investor Shares
Shares sold		26,698,692			270,270,268			14,405,092			139,318,217
Reinvestment of distributions		1,063,104			10,856,437			529,659			5,148,547
Shares redeemed		(13,558,636	)		(134,755,390	)		(3,449,426	)		(33,335,946	)
		14,203,160			146,371,315			11,485,325			111,130,818
Class P Shares^(a)
Shares sold		180,400,900			1,835,640,922			659,154,812			6,422,168,413
Reinvestment of distributions		23,975,829			244,200,859			15,405,726			149,464,659
Shares redeemed		(165,742,054	)		(1,613,954,533	)		(72,315,836	)		(697,677,594	)
		38,634,675			465,887,248			602,244,702			5,873,955,478
Class R6 Shares
Shares sold		1			—			—			1
Reinvestment of distributions		42			430			44			433
Shares redeemed		—			—			—			(1	)
		43			430			44			433

NET INCREASE		83,104,874		$	933,264,669			170,072,814		$	1,642,884,655

(a)

Commenced operations on April 20, 2018.

183

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

12. SUMMARY OF SHARE TRANSACTION (continued)


	Short Duration Tax-Free Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		6,838,917		$	73,149,091			4,799,812		$	50,608,816
Reinvestment of distributions		131,143			1,408,383			114,402			1,208,102
Shares redeemed		(5,504,477	)		(58,897,750	)		(3,006,720	)		(31,682,335	)
		1,465,583			15,659,724			1,907,494			20,134,583
Class C Shares
Shares sold		794,027			8,509,972			341,415			3,598,006
Reinvestment of distributions		10,360			111,126			12,955			136,608
Shares redeemed		(659,751	)		(7,062,914	)		(773,774	)		(8,153,837	)
		144,636			1,558,184			(419,404	)		(4,419,223	)
Institutional Shares
Shares sold		92,654,961			992,727,589			128,732,129			1,354,847,820
Reinvestment of distributions		1,248,309			13,391,743			2,826,798			29,725,459
Shares redeemed		(78,657,196	)		(840,566,418	)		(463,363,255	)		(4,882,101,474	)
		15,246,074			165,552,914			(331,804,328	)		(3,497,528,195	)
Service Shares
Shares sold		1,400			15,000			—			—
Reinvestment of distributions		199			2,140			190			2,005
Shares redeemed		(12,330	)		(132,545	)		(35	)		(299	)
		(10,731	)		(115,405	)		155			1,706
Investor Shares
Shares sold		7,306,701			77,891,482			5,213,414			54,976,193
Reinvestment of distributions		129,044			1,384,410			58,990			623,025
Shares redeemed		(3,087,493	)		(32,958,887	)		(1,162,355	)		(12,244,938	)
		4,348,252			46,317,005			4,110,049			43,354,280
Class P Shares^(a)
Shares sold		313,452,531			3,363,995,263			584,827,374			6,162,899,894
Reinvestment of distributions		9,108,513			97,647,520			5,346,634			56,454,784
Shares redeemed		(264,320,452	)		(2,816,638,904	)		(123,435,651	)		(1,300,801,119	)
		58,240,592			645,003,879			466,738,357			4,918,553,559
Class R6 Shares
Shares sold		271,987			2,910,376			489,470			5,174,771
Reinvestment of distributions		8,663			92,857			1,770			18,783
Shares redeemed		(187,418	)		(1,998,716	)		(20,871	)		(221,235	)
		93,232			1,004,517			470,369			4,972,319

NET INCREASE		79,527,638		$	874,980,818			141,002,692		$	1,485,069,029

(a)

Commenced operations on April 20, 2018.

184

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Income Fund, and Goldman Sachs Short Duration Tax-Free Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Income Fund, and Goldman Sachs Short Duration Tax-Free Fund (three of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

185

GOLDMAN SACHS MUNICIPAL INCOME FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Funds will amortize their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343,365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

186

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

187

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2020 (Unaudited)

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

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


	Dynamic Municipal Income Fund							High Yield Municipal Fund							Short Duration Tax-Free Fund
Share Class	Beginning Account Value 10/01/19		Ending Account Value 3/31/20			Expenses Paid for the 6 Months Ended 3/31/20*		Beginning Account Value 10/01/19		Ending Account Value 3/31/20			Expenses Paid for the 6 Months Ended 3/31/20*		Beginning Account Value 10/01/19		Ending Account Value 3/31/20			Expenses Paid for the 6 Months Ended 3/31/20*
Class A
Actual	$	1,000	$	966.70		$	3.59	$	1,000	$	952.30		$	4.15	$	1,000	$	997.50		$	3.40
Hypothetical 5% return		1,000		1,021.35	+		3.69		1,000		1,020.75	+		4.29		1,000		1,021.60	+		3.44
Class C
Actual		1,000		963.10			7.26		1,000		947.80			7.84		1,000		995.50			5.39
Hypothetical 5% return		1,000		1,017.60	+		7.47		1,000		1,016.95	+		8.12		1,000		1,019.60	+		5.45
Institutional
Actual		1,000		967.70			1.92		1,000		952.80			2.64		1,000		999.00			1.90
Hypothetical 5% return		1,000		1,023.05	+		1.97		1,000		1,022.30	+		2.73		1,000		1,023.10	+		1.92
Service
Actual		1,000		966.20			4.37		N/A		N/A			N/A		1,000		996.50			4.39
Hypothetical 5% return		1,000		1,020.55	+		4.50		N/A		N/A			N/A		1,000		1,020.60	+		4.45
Investor
Actual		1,000		967.30			2.36		1,000		953.50			2.93		1,000		998.70			2.15
Hypothetical 5% return		1,000		1,022.60	+		2.43		1,000		1,022.00	+		3.03		1,000		1,022.85	+		2.17
Class P
Actual		1,000		968.40			1.87		1,000		952.80			2.59		1,000		999.00			1.85
Hypothetical 5% return		1,000		1,023.10	+		1.92		1,000		1,022.35	+		2.68		1,000		1,023.15	+		1.87
Class R6
Actual		1,000		968.40			1.87		1,000		952.80			2.59		1,000		999.00			1.85
Hypothetical 5% return		1,000		1,023.10	+		1.92		1,000		1,022.35	+		2.68		1,000		1,023.15	+		1.87

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

Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R6
Dynamic Municipal Income		0.73	%		1.48	%		0.39	%		0.89	%		0.48	%		0.38	%		0.38	%
High Yield Municipal		0.85			1.61			0.54			N/A			0.60			0.53			0.53
Short Duration Tax-Free		0.68			1.08			0.38			0.88			0.43			0.37			0.37

188

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 70	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

189

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Roy W. Templin Age: 59	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

190

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2020.

Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

⁴

191

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of March 31, 2020.

Goldman Sachs Municipal Fixed Income Funds — Tax Information (Unaudited)

During the period ended March 31, 2020, 88.91%, 87.78%, and 91.69% of the distributions from net investment income paid by the Dynamic Municipal Income Fund, the High Yield Municipal Fund, and the Short Duration Tax-Free Fund, respectively, were exempt-interest dividends and as such, are not subject to U.S. Federal income tax.

192

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

Blue Chip Fund

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

China Equity Fund⁵

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund⁶

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

MLP & Energy Fund

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager U.S. Dynamic Equity Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Target Date Retirement Portfolio⁷

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

⁴

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

⁵

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

⁶

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

⁷Effective

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

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

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


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

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

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

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

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Goldman Sachs Funds

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Annual Report				March 31, 2020

				Municipal Income Completion Fund

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

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Goldman Sachs Municipal Income Completion Fund


TABLE OF CONTENTS

Recent Market Events related to COVID-19			i

Portfolio Management Discussion and Analysis			1

Fund Basics			4

Schedule of Investments			7

Financial Statement			14

Financial Highlights			17

Notes to the Financial Statements			18

Report of Independent Registered Public Accounting Firm			26

Other Information			29



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

Recent Market Events related to COVID-19

While this annual report covers the twelve month period ended March 31, 2020, we want to describe some more recent events through the end of May.

PORTFOLIO RESULTS

Goldman Sachs Municipal Income Completion Fund

Investment Objective

The Fund seeks a high level of current income that is exempt from regular federal income tax.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Municipal Income Completion Fund’s (the “Fund”) performance and positioning during the 12 months ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Separate Account Institutional Shares generated an average annual total return of -0.10%. These returns compare to the 2.76% average annual total return of the Bloomberg Barclays Municipal Bond 1-10 Year Blend Index (with dividends reinvested), during the same time period.

Because the composition of the Bloomberg Barclays Municipal Bond 1-10 Year Blend Index is not comparable to the range of instruments in which the Fund may transact, references to the return of the Bloomberg Barclays 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.

What economic and market factors most influenced the municipal bond market during the Reporting Period?

During the Reporting Period, the performance of the municipal bond market was most influenced by supply and demand dynamics, movements of municipal yields and the spread of a novel coronavirus (“COVID-19”).

In the second quarter of 2019, when the Reporting Period began, municipal securities recorded gains. Investment inflows were robust and broad based, as investors added to high yield municipal bond mutual funds and intermediate-term and long-term municipal bond mutual funds. New issuance was modest and lower than 2018’s second quarter volumes. During the third quarter of 2019, municipal securities produced positive returns. Investment inflows were strong, with positive flows in every week of the quarter. As for new issuance, it increased relative to the second calendar quarter, driven by municipal borrowers using taxable municipal bonds to refinance (or advance refund) previously issued tax-exempt bonds that had higher interest costs. The combination of 2017 tax reform legislation and lower U.S. Treasury yields had incentivized states and localities to issue taxable municipal bonds for this refinancing purpose. During the fourth quarter of 2019, municipal securities posted slightly positive returns, as bond yields broadly fell amid changing investor expectations about the path of future Federal Reserve (“Fed”) interest rate hikes. Investment inflows continued at a strong pace, with every week showing positive flows. New issuance increased, with a significant portion used to advance refund tax-exempt debt.

PORTFOLIO RESULTS

falling more than shorter-term municipal yields. (A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows; opposite of a steepening yield curve.) The yield on a two-year AAA-rated municipal security decreased 43 basis points to 1.06%; the yield on a 10-year AAA-rated municipal security decreased 53 basis points to 1.33%; and the yield on a 30-year AAA-rated municipal security decreased 61 basis points to 1.99%. (A basis point is 1/100th of a percentage point.)

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund was hurt during the Reporting Period by bottom-up issue selection. Sector positioning contributed positively. The Fund’s combined duration and yield curve positioning also bolstered returns. (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.)

Which municipal bond market sectors most significantly affected Fund performance?

During the Reporting Period, individual issue selection detracted from the Fund’s performance. Specifically, the Fund was hampered by its holdings of Illinois general obligation bonds and North Carolina turnpike authority bonds. Conversely, the Fund was helped by its investments in Puerto Rico general obligation bonds, Puerto Rico electric power bonds and Buckeye (Ohio) tobacco settlement bonds. As for its state exposures, the Fund was hurt by its holdings of Ohio credits, though this was offset somewhat by its investments in Puerto Rico credits, which contributed positively.

Within its sector positioning, the Fund benefited from its holdings of tobacco bonds. A position in special tax bonds detracted from performance.

The Fund’s bias toward A-rated and BBB-rated issues added to returns during the Reporting Period.

How did duration and yield curve positioning decisions affect the Fund’s performance?

The Fund’s combined duration and yield curve positioning contributed positively to performance. During the Reporting Period, the Fund benefited from its exposure to the 10-year to 30-year segment of the municipal yield curve. This was offset somewhat by our efforts to hedge duration, which detracted. Because we had a favorable view of supply and demand dynamics, the Fund generally held a long duration position during the Reporting Period. We hedged this longer-duration positioning, using interest rate swaps and U.S. Treasury futures, which detracted from performance as long-maturity municipal bonds significantly underperformed U.S. Treasury securities, particularly in March 2020.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, the Fund used U.S. Treasury futures to manage U.S. interest rate duration, which had a negative impact on results. In addition, to manage against potential changes in interest rates, the Fund employed interest rate swaps. The use of interest rate swaps also had a negative impact on the Fund’s performance during the Reporting Period. Finally, a forward rate lock was used to help extend the duration of the Fund, which added to results.

What changes did you make in the Fund’s weightings and investments during the Reporting Period?

We reduced the Fund’s exposure to special assessment bonds during the Reporting Period and increased its exposure to

PORTFOLIO RESULTS

airport bonds. From a state perspective, we decreased the Fund’s exposure to Illinois credits and increased its exposure to Florida credits. Finally, we reduced the Fund’s position in the two- to three-year segment of the municipal yield curve and increased its position in the 10- to 11-year segment.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

How was the Fund positioned at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had exposure to medium credit quality-rated municipal bonds and high yield municipal securities. From a state perspective, the Fund had substantial investments in Florida, Illinois and Puerto Rico credits. It had modest positions in Connecticut, Ohio and Michigan credits at the end of the Reporting Period.

What is the Fund’s tactical view and strategy for the months ahead?

FUND BASICS

Municipal Income Completion Fund

as of March 31, 2020

SECTOR ALLOCATION¹

Percentage of Market Value

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Performance Summary

March 31, 2020

The following graph shows the value as of March 31, 2020, of a $1,000,000 investment made on April 1, 2019 (commencement of operations) in Separate Account Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond 1-10 Year Blend Index (with distributions reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Municipal Income Completion Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2019 through March 31, 2020.

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Cummulative Total Return through March 31, 2020		Since Inception
Separate Account Institutional (Commenced April 1, 2019)		-0.10%

FUND BASICS

Index Definitions

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate		Maturity Date		Value


Municipal Bonds – 91.6%
Alabama – 1.2%
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
$	10,000		5.000%		10/01/2030	$	11,495
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	15,000		5.000		10/01/2044		16,646
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)^(a)
	55,000		0.000		10/01/2046		52,627
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 F (BBB/NR)^(a)
	100,000		0.000		10/01/2050		93,395
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	30,000		6.500		10/01/2053		34,849

							209,012

Alaska – 0.4%
	Northern Tobacco Securitization Corp. RB Refunding Asset- Backed Bonds Series 2006 A (NR/B3)
	75,000		5.000		06/01/2046		75,008

Arizona – 1.2%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(b)
	75,000		(3 Mo. LIBOR + 0.81%), 2.089		01/01/2037		72,401
	Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (AA-/NR)
	25,000		3.375		07/01/2041		24,334
	Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)
	100,000		4.750		07/01/2043		89,495
	Maricopa County IDA RB for Banner Health Series 2017 A (AA-/NR)
	25,000		4.000		01/01/2041		26,627

							212,857

California – 6.5%
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A2)^(c)
	200,000		0.000		08/01/2036		122,424
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	75,000		5.000		12/31/2037		81,040
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)^(d)
	55,000		5.000		06/15/2040		55,343
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR)
	50,000		5.000		09/02/2048		55,333



Municipal Bonds – (continued)
California – (continued)
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)
	100,000		5.000		09/01/2030		110,705
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)^(c)
	300,000		0.000		06/01/2047		53,202
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)^(c)
	250,000		0.000		06/01/2036		85,360
	Modesto Irrigation District Financing Authority RB for Domestic Water Project Series 2007 F (NATL-RE) (AA-/Baa2)^(b)
	25,000		(3 Mo. LIBOR + 0.63%), 1.689		09/01/2037		23,636
	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		118,277
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2016 A (A+/A1)
	150,000		5.000		05/01/2022		161,310
	State of California GO Bonds RMKT 10/01/12 Series 2004 A-5 (AA+/Aa1)^(e)(f)
	250,000		0.700		04/01/2020		250,000
	William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)
	25,000		5.000		09/01/2047		27,025

							1,143,655

Colorado – 1.2%
	Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (AA/Aa2)
	100,000		4.000		11/15/2043		107,988
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (BB-/NR)
	100,000		5.000		10/01/2032		98,630
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)^(c)
	20,000		0.000		09/01/2034		13,076

							219,694

Connecticut – 1.9%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	25,000		5.500		08/01/2029		28,907
	Connecticut State GO Refunding Bonds Series 2017 B (A/A1)
	50,000		5.000		04/15/2028		60,966
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-2 (AAA/Aaa)^(e)(f)
	250,000		0.600		04/01/2020		250,000

							339,873


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value


Municipal Bonds – (continued)
Florida – 17.1%
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
$	100,000		3.250	%		05/01/2031	$	91,159
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)^(d)
	100,000		3.625			06/01/2024		98,101
	Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB/NR)
	50,000		6.000			11/01/2027		56,775
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (BBB-/NR)
	100,000		5.875			07/01/2054		94,049
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)^(d)
	100,000		5.250			12/01/2058		92,893
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	30,000		4.250			05/01/2037		31,960
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)
	35,000		5.000			09/01/2035		43,677
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (BBB+/Baa2)
	100,000		4.000			08/15/2045		105,361
	100,000		4.000			08/15/2050		104,599
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)^(d)
	100,000		5.000			11/01/2039		100,137
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	200,000		5.000			05/01/2035		213,340
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)^(d)(e)(f)
	100,000		6.375			01/01/2026		88,442
	Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2017 (BBB+/NR)
	150,000		5.000			03/01/2042		158,202
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)
	50,000		3.750			11/01/2024		49,090
	50,000		4.750			11/01/2039		49,295
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	50,000		4.375			11/01/2049		47,234
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	100,000		2.875			05/01/2025		96,119
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)^(d)
	100,000		4.000			05/01/2049		87,483
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	100,000		4.750			11/01/2048		97,853



Municipal Bonds – (continued)
Florida – (continued)
	Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)
	75,000		4.000			05/01/2038		71,284
	Miami RB Refunding Parking System Series 2019 (BAM) (AA/A2)
	100,000		4.000			10/01/2038		113,428
	Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)^(d)(g)
	60,000		3.250			05/01/2024		60,000
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	100,000		4.000			05/01/2036		107,672
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	125,000		3.500			05/01/2037		108,986
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	100,000		3.500			11/01/2030		92,609
	Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	100,000		2.625			05/01/2040		97,778
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	25,000		4.000			11/01/2031		26,963
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	50,000		4.500			06/15/2039		49,239
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	80,000		3.750			05/01/2040		68,536
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	50,000		4.000			05/01/2033		47,547
	University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)
	85,000		3.375			05/01/2045		91,457
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	50,000		4.125			05/01/2034		47,706
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	100,000		3.750			05/01/2037		90,886
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	100,000		2.625			05/01/2024		97,553
	West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)^(d)(g)
	100,000		4.000			05/01/2051		89,519


8		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)
	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	$	49,668

								3,016,600

Georgia – 0.5%
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	75,000		5.000			05/15/2049		86,773

Guam – 0.6%
	Guam Government Business Privilege Tax RB Refunding Series 2015 D (BB/NR)
	30,000		5.000			11/15/2022		30,532
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	75,000		5.000			07/01/2037		75,799

								106,331

Illinois – 15.0%
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(c)
	10,000		0.000			12/01/2029		7,011
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/B1)
	30,000		5.500			12/01/2026		33,296
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)^(c)
	165,000		0.000			12/01/2025		135,769
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB-/NR)
	100,000		7.000			12/01/2044		109,616
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (BB-/NR)
	100,000		6.500			12/01/2046		107,966
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	45,000		5.000			01/01/2033		45,270
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 B (A/A3)
	250,000		5.000			01/01/2021		256,225
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (A/Baa2)
	50,000		5.000			11/01/2042		53,293
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (BBB+/Ba1)
	200,000		5.500			01/01/2037		206,832
	Cook County Illinois GO Refunding Bonds Series 2010 A (A+/A2)
	175,000		5.250			11/15/2033		176,265
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)^(d)
	100,000		6.125			04/01/2049		105,186



Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	100,000		4.000			01/01/2038		103,070
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	155,000		5.100			06/01/2033		153,858
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	35,000		4.500			12/01/2041		33,609
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	100,000		5.000			11/01/2021		102,114
	600,000		5.000			11/01/2027		624,486
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB/NR)
	145,000		5.000			06/15/2022		147,253
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2) ^(c)
	90,000		0.000			12/15/2032		58,671
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)^(c)
	35,000		0.000			12/15/2054		8,135
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB/NR)
	65,000		4.000			06/15/2050		58,861
	Springfield Electric RB Refunding Senior Lien Series 2015 (A/A3)
	60,000		5.000			03/01/2021		62,004
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	30,000		4.250			12/01/2040		27,972
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	30,000		3.250			11/01/2026		28,334

								2,645,096

Indiana – 0.2%
	Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (A-/NR)^(e)(f)
	35,000		2.100			11/01/2026		34,841

Kentucky – 1.7%
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	75,000		4.000			06/01/2045		80,351
	Kentucky Public Energy Authority Gas Supply RB Series 2020 A (NR/A1)^(e)(f)
	100,000		4.000			06/01/2026		99,894
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (A/NR)
	100,000		4.000			10/01/2040		113,859

								294,104

Massachusetts – 1.6%
	Massachusetts Health & Educational Facilities Authority RB for President & Fellows of Harvard College Series 1999 R (AAA/Aaa)^(e)(f)
	250,000		0.600			04/01/2020		250,000


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate		Maturity Date		Value

Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(b)
$	30,000		(3 Mo. LIBOR + 0.57%), 1.751 %		05/01/2037	$	28,901

							278,901

Michigan – 3.2%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)^(f)
	255,000		4.000		04/01/2034		205,668
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)
	100,000		5.000		11/15/2048		116,141
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)
	200,000		4.000		02/15/2047		217,436
	Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (AA/NR)
	25,000		5.000		05/01/2027		30,314

							569,559

Minnesota – 0.1%
	Duluth Independent School District No.709 COPS Refunding Series 2019 A (NR/Ba2)
	25,000		4.000		03/01/2032		23,548

Mississippi – 1.4%
	County of Jackson RB Refunding for Chevron Corp. Series 1993 (AA/Aa2)^(e)(f)
	250,000		0.650		04/01/2020		250,000

Missouri – 1.1%
	Missouri Health & Educational Facilities Authority RB for The Washington University Series 1996 D (AA+/Aa1)^(e)(f)
	200,000		0.750		04/01/2020		200,000

Nebraska – 0.2%
	Central Plains Energy Project RB Refunding Series 2019 (AA/Aa2)^(e)(f)
	25,000		4.000		08/01/2025		26,115

New Hampshire – 0.2%
	New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (A-/Baa1)^(e)(f)
	40,000		2.800		10/02/2023		41,535

New Jersey – 4.9%
	New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (BBB+/Baa2)
	100,000		4.000		07/01/2032		101,365
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 N-1 (AMBAC) (BBB+/Baa1)
	45,000		5.500		09/01/2024		48,927
	New Jersey Economic Development Authority RB Series 1997 A (NATL-RE) (BBB+/Baa1)
	50,000		7.425		02/15/2029		59,879


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (BBB+/NR)
	25,000		5.000		07/01/2035		27,665
	100,000		5.000		07/01/2045		107,352
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	20,000		5.000		06/15/2046		20,532
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)^(c)
	125,000		0.000		12/15/2030		90,356
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)^(c)
	100,000		0.000		12/15/2038		48,235
	40,000		0.000		12/15/2039		18,245
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB+/Baa1)
	90,000		4.000		12/15/2031		91,895
	70,000		5.000		12/15/2032		75,543
	75,000		5.000		12/15/2033		80,434
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (BBB+/Baa1)^(c)
	40,000		0.000		12/15/2032		26,272
	New Jersey Turnpike Authority RB Series 2019 A (A+/A2)
	35,000		4.000		01/01/2048		38,554
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	20,000		5.000		01/01/2037		21,169

							856,423

New York – 4.2%
	City of New York GO Bonds Fiscal 2014 Series D Subseries D-3 (AA/Aa1)^(e)(f)
	120,000		5.000		02/01/2024		133,907
	New York City GO Bonds Fiscal 2015 Series F Subseries F-6 (AA/Aa1)^(e)(f)
	200,000		0.750		04/01/2020		200,000
	New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (BBB-/NR)
	100,000		3.500		02/15/2048		103,774
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	75,000		5.000		01/01/2036		73,002
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (NR/Baa3)
	50,000		5.000		01/01/2030		49,685
	New York Transportation Development Corp. Special Facility RB for LaGuardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (AGM) (AA/A2)
	10,000		4.000		07/01/2035		10,224
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)
	135,000		3.000		07/01/2044		103,205
	Troy City Capital Resource Corp. RB for Rensselaer Polytechnic Institute Project Series 2010 A (BBB+/A3)
	60,000		5.125		09/01/2040		60,865

							734,662


10		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)
North Carolina – 1.3%
	North Carolina Turnpike Authority RB Refunding Series 2018 (AGM) (AA/NR)
$	205,000		5.000	%		01/01/2035	$	235,246

Ohio – 2.8%
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (A-/NR)
	50,000		4.000			06/01/2039		54,605
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	300,000		5.000			06/01/2055		265,806
	Cuyahoga County Ohio Hospital RB Refunding for MetroHealth System Series 2017 (BBB-/Baa3)
	20,000		5.000			02/15/2042		21,003
	Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR)
	170,000		3.750			12/01/2038		134,366
	Miami University RB Refunding Series 2011 (AA/Aa3)
	20,000		5.000			09/01/2036		20,980

								496,760

Oklahoma – 0.6%
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (B/NR)^(e)(f)
	100,000		5.000			06/01/2025		99,350

Pennsylvania – 1.6%
	Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (BB+/NR)
	100,000		5.000			03/01/2040		101,505
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	75,000		5.000			07/01/2033		82,463
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR)
	100,000		5.000			10/01/2049		92,072

								276,040

Puerto Rico – 10.0%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (NR/Ca)
	25,000		4.250			07/01/2025		21,938
	35,000		5.750			07/01/2037		34,300
	35,000		5.250			07/01/2042		33,250
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 B (NR/Ca)^(h)
	50,000		5.000			07/01/2035		34,000
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)^(h)
	100,000		8.000			07/01/2035		60,000
	Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)
	200,000		6.000			07/01/2027		203,526
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	150,000		5.250			07/01/2038		152,220


Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	100,000		5.250			07/01/2036		105,280
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)^(c)
	75,000		0.000			07/01/2028		52,346
	Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (NR/Ca)^(h)
	30,000		5.250			07/01/2032		20,437
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (D/NR)^(h)
	145,000		4.250			07/01/2020		101,500
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)^(c)
	30,000		0.000			07/01/2029		19,915
	100,000		0.000			07/01/2037		43,293
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)^(c)
	18,000		0.000			07/01/2024		15,412
	20,000		0.000			07/01/2027		15,228
	20,000		0.000			07/01/2029		13,840
	25,000		0.000			07/01/2033		13,834
	150,000		0.000			07/01/2046		35,463
	375,000		0.000			07/01/2051		66,165
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	295,000		4.329			07/01/2040		270,984
	15,000		4.536			07/01/2053		13,614
	25,000		4.784			07/01/2058		23,413
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	95,000		4.500			07/01/2034		95,214
	20,000		4.550			07/01/2040		18,933
	20,000		4.750			07/01/2053		18,833
	283,000		5.000			07/01/2058		275,203

								1,758,141

Texas – 5.1%
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	100,000		4.875			09/01/2039		90,655
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A1)
	20,000		5.000			11/01/2023		20,371
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)^(d)
	100,000		5.000			08/15/2044		91,448
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB-/NR)
	100,000		5.000			07/15/2028		99,323
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (A/NR)
	25,000		5.000			05/15/2030		32,045
	Lower Neches Valley Authority Industrial Development Corp. RB Refunding for Exxon Capital Ventures, Inc. Series 2012 (AA/Aaa)^(e)(f)
	250,000		0.700			04/01/2020		250,000


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)^(d)
$	100,000		4.625	%		10/01/2031	$	102,053
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (BBB-/Baa3)
	200,000		5.000			12/31/2055		210,802

								896,697

Virginia – 1.6%
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)^(c)
	300,000		0.000			06/01/2047		46,164
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	200,000		5.000			12/31/2056		217,572
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2019 (AMT) (BBB/NR)
	25,000		5.000			01/01/2044		25,060

								288,796

Washington – 1.1%
	King County GO Refunding Bonds Series 2019 A (AAA/Aaa)^(e)(f)
	200,000		0.750			04/01/2020		200,000

West Virginia – 1.4%
	West Virginia GO Bonds Bid Group 2 Series 2019 A (AA-/Aa2)
	200,000		5.000			12/01/2043		246,476

Wisconsin – 1.7%
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB/Baa3)
	190,000		4.300			11/01/2030		178,424
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (BB/NR)^(d)
	100,000		5.000			04/01/2040		100,234
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)^(d)
$	25,000		6.125	%		10/01/2049	$	22,044

								300,702

	TOTAL INVESTMENTS – 91.6%
	(Cost $16,854,340)						$	16,162,795

	OTHER ASSETS IN EXCESS OF LIABILITIES – 8.4%							1,488,239

	NET ASSETS – 100.0%						$	17,651,034



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

(a)		Zero coupon bond until next reset date.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2020.

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

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

(e)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2020.

(f)		Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(g)		When-issued security.

(h)		Security is currently in default.



Investment Abbreviations:
AGM		— Insured by Assured Guaranty Municipal Corp.
AMBAC		— Insured by American Municipal Bond Assurance Corp.
AMT		— Alternative Minimum Tax
BAM		— Build America Mutual Assurance Co.
COPS		— Certificates of Participation
GO		— General Obligation
IDA		— Industrial Development Authority
LIBOR		— London Interbank Offered Rate
Mo.		— Month
NATL-RE		— Insured by National Public Finance Guarantee Corp.
NR		— Not Rated
Q-SBLF		— Qualified School Board Loan Fund
RB		— Revenue Bond
RMKT		— Remarketed
SD CRED PROG		— School District Credit Program
USD		— United States Dollar


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments
Made by
the Fund^(a)

Payments Received
by the Fund

Termination
Date

Notional
Amount
(000’s)

Value

Upfront
Premium
(Received) Paid

Unrealized
Appreciation/
(Depreciation)

2.250%

3 Month LIBOR

03/18/2050

USD 120

$(44,723)

$(10,906)

$(33,817)

(a)

Payments made semi-annually.


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Statement of Assets and Liabilities

March 31, 2020



Assets:

Investments in unaffiliated issuers, at value (cost $16,854,340)	$	16,162,795

Cash		2,171,716

Receivables:

Interest		155,877

Reimbursement from investment adviser		37,894

Collateral on certain derivative contracts^(a)		28,340

Variation margin on swaps		4,575

Other assets		18,454

Total assets		18,579,651

Liabilities:

Payables:

Investments purchased		601,398

Investments purchased on an extended-settlement basis		161,240

Audit fees		47,687

Accrued expenses and other liabilities		118,292

Total liabilities		928,617

Net Assets:

Paid-in capital		18,620,684

Total distributable earnings (loss)		(969,650	)
NET ASSETS	$	17,651,034
Net Assets:
Separate Account Institutional	$	17,651,034
Total Net Assets	$	17,651,034
Shares outstanding $0.001 par value (unlimited shares authorized):
Separate Account Institutional		1,829,887
Net asset value, offering and redemption price per share:
Separate Account Institutional		$9.65

(a)

Includes amount segregated for collateral on swap transactions.


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Statement of Operations

For the Fiscal Year Ended March 31, 2020^(a)



Investment income:

Interest	$	211,048

Expenses:

Amortization of offering costs		118,882

Legal fees		65,173

Custody, accounting and administrative services		54,425

Audit fees		50,020

Printing and mailing costs		43,852

Registration fees		26,622

Trustee fees		17,629

Organization costs		12,000

Shareholder meeting expense		1,560

Transfer Agency fees		1,240

Other		12,108

Total expenses		403,511

Less — expense reductions		(403,287	)

Net expenses		224

NET INVESTMENT INCOME		210,824

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		62,222

Futures contracts		(43,224	)

Swap contracts		(265,461	)

Net unrealized loss on:

Investments — unaffiliated issuers		(691,545	)

Swap contracts		(33,817	)

Net realized and unrealized loss		(971,825	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(761,001	)

(a)

Commenced operations on April 1, 2019.


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Statement of Changes in Net Assets

For the Fiscal Year Ended March 31, 2020^(a)



From operations:

Net investment income	$	210,824

Net realized loss		(246,463	)

Net unrealized loss		(725,362	)

Net decrease in net assets resulting from operations		(761,001	)

Distributions to shareholders:

From distributable earnings:

Separate Account Institutional		(208,649	)

Total distributions to shareholders		(208,649	)

From share transactions:

Proceeds from sales of shares		18,858,469

Reinvestment of distributions		208,649

Cost of shares redeemed		(446,434	)

Net increase in net assets resulting from share transactions		18,620,684

TOTAL INCREASE		17,651,034

Net Assets:

Beginning of year		—

End of year	$	17,651,034

(a)

Commenced operations on April 1, 2019.


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout The Year


	Goldman Sachs Municipal Income Completion Fund
	Separate Account Institutional Shares
	April 1, 2019* to March 31, 2020
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(a)		0.35

Net realized and unrealized loss		(0.34	)

Total from investment operations		0.01

Distributions to shareholders from net investment income		(0.36	)

Net asset value, end of period	$	9.65

Total return^(b)		(0.10	)%

Net assets, end of period (in 000s)	$	17,651

Ratio of net expenses to average net assets		—	%

Ratio of total expenses to average net assets		6.51	%

Ratio of net investment income to average net assets		3.40	%

Portfolio turnover rate^(c)		7	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Notes to Financial Statements

March 31, 2020

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust includes the Goldman Sachs Municipal Income Completion Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering one class of shares — Separate Account Institutional Shares. The Fund commenced operations on April 1, 2019.

2. SIGNIFICANT ACCOUNTING POLICIES

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

C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

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

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

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments.

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of March 31, 2020:



MUNICIPAL INCOME COMPLETION

Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Municipal Debt Obligations	$	—	$	16,162,795		$	—

Derivative Type

Liabilities^(a)

Interest Rate Swap Contracts	$	—	$	(33,817	)	$	—

(a)

Amount shown represents unrealized gain (loss) at fiscal year end.

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2020. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure:

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities^(a)

Interest Rate

—

Variation margin on swaps contracts

(33,817)

(a)

Includes unrealized gain (loss) on centrally cleared swap contracts described in the Additional Investment Information section of the Schedule of Investments. Only the variation margin as of March 31, 2020 is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net unrealized gain (loss)” on the Statement of Operations:


Risk	Statement of Operations	Net Realized Gain (Loss)			Net Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest Rate	Net realized gain (loss) from futures contracts and swap contracts/Net unrealized gain (loss) on swap contracts	$	(308,685	)	$	(33,817	)		1

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2020.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Notes to Financial Statements (continued)

March 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees. The Fund does not pay a management fee to GSAM. However, the Fund is used exclusively to implement municipal investment strategies for separately managed account clients of GSAM that participate in certain “wrap-fee” programs.

B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.02% of the average daily net assets of Separate Account Institutional Shares. Goldman Sachs has agreed to reduce or limit its transfer agency fee to 0.00% of the Separate Account Institutional Shares average daily net assets. This arrangement will remain in effect through at least July 29, 2020, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Fund is 0.00%. These Other Expense limitations will remain in place through at least July 29, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended March 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Transfer Agency Waivers/Credits		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
$	1,240	$	400,709	$	1,338	$	403,287

D. Line of Credit Facility — As of March 31, 2020, the Fund participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2020, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000. The facility was increased to $700,000,000 effective April 28, 2020.

E. Other Transactions with Affiliates — As of March 31, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 28% of the Separate Account Institutional Shares of the Fund.

The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the fiscal year ended March 31, 2020, purchase and sale transactions and related net realized gain (loss) for the Fund with an affiliated fund in compliance with Rule 17a-7 under the Act were as follows:

Purchases

Sales

Net Realized

Gain (Loss)

1,868,475

136,496

2,983

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2020, were $15,248,285 and $419,858 respectively.

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2020, was as follows:


Distributions paid from:
Ordinary income	$	21,714
Tax-exempt income		186,935
Total distributions	$	208,649

As of March 31, 2020, the components of accumulated earnings (losses) on a tax-basis were as follows:


Undistributed tax-exempt income — net	$	6,593
Capital loss carryforwards:
Perpetual Short-term		(123,463	)
Timing differences (Post October Loss Deferral)		(130,655	)
Unrealized losses — net		(722,125	)
Total accumulated losses — net	$	(969,650	)

As of March 31, 2020, the Fund’s aggregate securities unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax cost	$	16,851,162
Gross unrealized gain		174,830
Gross unrealized loss		(896,955	)
Net unrealized loss	$	(722,125	)

The difference between GAAP-basis and tax-basis unrealized gains (losses), is attributable primarily to market discount accretion and premium amortization.

8. OTHER RISKS

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Notes to Financial Statements (continued)

March 31, 2020

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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing rates may have unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

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

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.

Municipal Securities Risk— Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds).

State/Territory Specific Risk — The Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

8. OTHER RISKS (continued)

public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect the Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

Tax Risk — The Fund may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal and state income tax rates or changes in the 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 the Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, the Fund would not be a suitable investment for IRAs, other tax-exempt or tax-deferred accounts or for other investors who are not sensitive to the federal, state or local income tax consequences of their investments.

9. INDEMNIFICATIONS

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

10. SUBSEQUENT EVENTS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Fiscal Year Ended March 31, 2020

	Shares			Dollars
Separate Account Institutional Shares^(a)
Shares sold		1,854,905		$	18,858,469
Reinvestment of distributions		20,490			208,649
Shares redeemed		(45,508	)		(446,434	)

NET INCREASE		1,829,887		$	18,620,684

(a)

Commenced operations on April 1, 2019.

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of

Goldman Sachs Municipal Income Completion Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Municipal Income Completion Fund (one of the funds constituting Goldman Sachs Trust, referred to hereafter as the “Fund”) as of March 31, 2020, and the related statements of operations, changes in net assets, including the related notes, and the financial highlights for the period April 1, 2019 (commencement of operations) through March 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2020, the results of its operations, changes in its net assets, and the financial highlights for the period April 1, 2019 (commencement of operations) through March 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Voting Results of Special Meeting of Shareholders (Unaudited)


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343,365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Liquidity Risk Management Program (Unaudited)

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that the Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND



Fund Expenses — Six Month Period Ended March 31, 2020 (Unaudited)

As a shareholder of Seprate account Institutional Shares of the Fund you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Seprate account Institutional Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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


	Municipal Income Completion Fund
Share Class	Beginning Account Value 10/01/19		Ending Account Value 3/31/20			Expenses Paid for the 6 Months Ended 3/31/20*
Separate Account Institutional
Actual	$	1,000	$	958.60		$	—
Hypothetical 5% return		1,000		1,025.00	+		—

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

Expenses are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period was —% for the Seperate Account Institutional Shares.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 70	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Trustees and Officers (Unaudited) (continued)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Roy W. Templin Age: 59	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2020.

Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

⁴

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of March 31, 2020.

Goldman Sachs Municipal Income Completion Fund — Tax Information (Unaudited)

During the period ended March 31, 2020, 89.59% of the distributions from net investment income paid by the Municipal Income Completion Fund, were exempt-interest dividends and as such, are not subject to U.S. Federal income tax.

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

Blue Chip Fund

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

China Equity Fund⁵

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund⁶

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

MLP & Energy Fund

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager U.S. Dynamic Equity Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Target Date Retirement Portfolio⁷

∎

Target Date 2025 Portfolio

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Target Date 2030 Portfolio

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Target Date 2035 Portfolio

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Target Date 2040 Portfolio

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Target Date 2045 Portfolio

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Target Date 2050 Portfolio

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Target Date 2055 Portfolio

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Target Date 2060 Portfolio

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GQG Partners International Opportunities Fund

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

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

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

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

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

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


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

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

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

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

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

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

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Goldman Sachs Funds

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Annual Report				March 31, 2020

				Short Duration and Government Fixed Income Funds
				Enhanced Income
				Government Income
				High Quality Floating Rate
				Inflation Protected Securities
				Short Duration Government
				Short Duration Income
				Short-Term Conservative Income

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

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

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Goldman Sachs Short Duration and Government Fixed Income Funds

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ENHANCED INCOME

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GOVERNMENT INCOME

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HIGH QUALITY FLOATING RATE

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INFLATION PROTECTED SECURITIES

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SHORT DURATION GOVERNMENT

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SHORT DURATION INCOME

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SHORT-TERM CONSERVATIVE INCOME


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussions and Analysis			3

Fund Basics			5

Schedules of Investments			34

Financial Statements			81

Financial Highlights			91

Enhanced Income			91

Government Income			97

High Quality Floating Rate			105

Inflation Protected Securities			111

Short Duration Government			118

Short Duration Income			125

Short-Term Conservative Income			132

Notes to Financial Statements			139

Report of Independent Registered Public Accounting Firm			169

Other Information			172



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Short Duration and

Government Fixed Income Funds

Market Review

MARKET REVIEW

to U.S. economic activity from COVID-19. (A basis point is 1/100^th of a percentage point.) On March 15^th, the Fed slashed the target federal funds rate to near zero. Other G10 banks, except for Sweden’s Riksbank, reduced their policy rates or held them at all-time lows. (Also known as Group of 10 nations, the G10 are actually 11 countries that participate in an agreement to provide the International Monetary Fund with additional funds to increase its lending ability. Members include Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, the U.K. and the U.S.) Quantitative easing measures were resumed in the U.S., the U.K. and Sweden, expanded in Europe and Japan and commenced in Australia, Canada and New Zealand. New policy measures were also launched, with the goal of easing stresses in corporate bond markets. Meanwhile, many governments began to make use of fiscal policy to stem supply-side shocks. Several announced large fiscal measures, which included direct support for health care efforts. Many of the measures also sought to provide income support to individuals, assistance to households, small businesses and larger companies, and loan guarantees. Finally, a sharp drop in crude oil prices during March 2020 added further to market volatility. Early in the month, a dispute between the Organization of the Petroleum Exporting Countries, or OPEC, and Russia led Saudi Arabia to lower the price at which it sells crude oil.

Looking Ahead

At the end of the Reporting Period, the global economy was experiencing a severe slowdown. Non-essential economic activity had suddenly stopped around the world, with approximately one-third of the global population under full or partial lockdowns. Most forms of face-to-face consumption — a key driver of growth in many key economies — had come to a standstill. Manufacturers had reduced or shut down production, while construction had slowed or stalled. In our view, global economic growth rates had dropped to recession-like levels at the end of the Reporting Period.

PORTFOLIO RESULTS

Goldman Sachs Enhanced Income Fund

Investment Objective

The Fund seeks to generate return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Enhanced Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Institutional, Administration, Investor, Class P and Class R6 Shares generated average annual total returns, without sales charges, of -0.41%, -0.17%, -0.42%, -0.27%, -0.16% and -0.16%, respectively. These returns compare to the 3.34% average annual total return of the Goldman Sachs Enhanced Income Fund Composite Index (the “Enhanced Income Composite”) during the same period. The Enhanced Income Composite is comprised 50% of the ICE BofAML Six-Month U.S. Treasury Bill Index (“BofAML Six-Month U.S. Treasury Bill Index”) and 50% of the ICE BofAML One-Year U.S. Treasury Note Index (“BofAML One-Year U.S. Treasury Note Index”), which generated average annual total returns of 2.85% and 3.83%, respectively, over the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy detracted most from the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy also detracted, albeit more modestly, from the Fund’s results during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Bottom-up individual issue selection overall detracted as well, with selection amongst corporate credit, securitized debt and government/swaps each dampening relative results.

The Fund’s duration and government/swaps selection strategies are primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

Which fixed income market sectors most significantly affected Fund performance?

Overall, our cross-sector strategy detracted from the Fund’s results during the Reporting Period primarily due to the Fund’s overweight exposures to investment grade corporate credit and asset-backed securities and its implicit, or indirect, exposure to U.S. Treasury spreads via swaps. These detractors were pared by our long rate hedge, which added value.

Our individual security selection strategies detracted overall. Security selection of corporate credit hurt most, primarily due to tactical credit curve positioning as well as to selection of industrial and financial names within the sector. Only partially offsetting these detractors was the Fund’s low quality bias, which added value. Securitized selection detracted, largely based on selection of asset-backed securities. Selection within the government/swaps sector dampened results, driven by selections of Treasury inflation-protected securities (“TIPS”), commercial paper and certificates of deposit.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

Tactical management of the Fund’s duration and yield curve positioning detracted modestly from Fund performance during the Reporting Period. This was primarily due to the Fund’s underweight U.S. duration position relative to that of the Enhanced Income Composite, especially its underweights to the one-year and five-year segments of the U.S. Treasury yield curve. These losses were partially offset by the Fund’s

PORTFOLIO RESULTS

overweight exposures to the two-year and three-year segments of the U.S. Treasury yield curve, which contributed positively.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund used Treasury futures and Eurodollar futures during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The use of derivatives detracted from the Fund’s performance during the Reporting Period.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, we increased the Fund’s exposure to investment grade corporate bonds overall. Within the investment grade corporate bond sector, we increased the Fund’s exposure across the board, to financials-related, industrials-related and utility-related corporate bonds. We decreased the Fund’s exposure to asset-backed securities and eliminated its exposure to quasi-government securities. We also reduced the Fund’s position in cash during the Reporting Period. Additionally, as mentioned earlier, while we maintained the Fund’s shorter duration stance versus that of the Enhanced Income Composite, we did make adjustments in duration positioning as market conditions shifted.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

How was the Fund positioned relative to its benchmark index at the end of March 2020?

While the Fund’s benchmark is comprised of U.S. Treasury indices, the Fund continued to hold a portion of its assets in non-Treasury sectors not represented in the Enhanced Income Composite. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably investment grade corporate bonds and asset-backed securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period. The Fund also had a significant position in cash at the end of the Reporting Period. Further, the Fund maintained a rather neutral duration position compared to that of the Enhanced Income Composite at the end of the Reporting Period.

Overall, the Fund continued to be flexibly guided by shifting market conditions, and thus we used our actively managed approach to position the Fund to seek to take advantage of such anticipated conditions. At the end of the Reporting Period, we considered all G10 policy rates to be at their effective lower boundary and expected further easing efforts to be centered on quantitative easing and other programs designed to ease credit market stresses. We intend to closely monitor the interaction of monetary and fiscal policy and, in particular, the degree of central bank monetization of new sovereign debt issuance. As always, we also intend to continue to closely monitor economic data, Fed policy, inflation expectations, yield differentials across assets and any shifts in the yield curve, as we strive to navigate the market environment.

FUND BASICS

Enhanced Income Fund

as of March 31, 2020

FUND COMPOSITION¹

Percentage of Net Assets

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

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

GOLDMAN SACHS ENHANCED INCOME FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Goldman Sachs Enhanced Income Fund Composite Index, which is comprised of the ICE Bank of America Merrill Lynch One-Year U.S. Treasury Note Index (50%), and the ICE Bank of America Merrill Lynch Six-Month U.S. Treasury Bill Index (50%), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Enhanced Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

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Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A	-0.41%	0.86%	0.47%	—

Institutional	-0.17%	1.15%	0.79%	—

Administration	-0.42%	0.90%	0.54%	—

Investor	-0.27%	1.04%	N/A	0.72%

Class P (Commenced April 20, 2018)	-0.16%	N/A	N/A	1.12%

Class R6 (Commenced July 31, 2015)	-0.16%	N/A	N/A	1.23%

These returns assume reinvestment of all distributions at NAV.

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.

PORTFOLIO RESULTS

Goldman Sachs Government Income Fund

Investment Objective

The Fund seeks a high level of current income, consistent with safety of principal.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Government Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 8.83%, 8.10%, 9.26%, 8.66%, 9.18%, 9.20%, 8.64% and 9.27%, respectively. These returns compare to the 10.64% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Government/Mortgage Index (the “Bloomberg Barclays Index”), during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

While the Fund posted solid positive absolute returns, it underperformed the Bloomberg Barclays Index on a relative basis. Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy overall detracted most from the Fund’s results during the Reporting Period overall, but the detraction is attributable almost entirely to March 2020. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration strategy contributed positively to the Fund’s performance during the Reporting Period. The duration strategy is typically implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Bottom-up individual issue selection overall detracted from the Fund’s relative results during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

Within our cross-sector strategy, the Fund held overweights relative to the Bloomberg Barclays Index to the agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities sectors throughout the Reporting Period. Poor performance across all three sectors in March 2020 led to underperformance for the Reporting Period overall, even though such positioning contributed positively in the 11 months prior to March. We had entered the Reporting Period with a positive view on the agency mortgage-backed securities market given what we saw as a benign macroeconomic backdrop and attractive valuations as well as our expectation for supply and demand dynamics to be supportive. We anticipated strong demand from U.S. banks in early 2020 and a decline in supply during the winter months. However, as the first quarter of 2020 progressed, market volatility moved to extreme levels amid intensified concerns surrounding the potential impact of COVID-19 on global economic growth. This, combined with a breakdown in global energy markets, led to broad-based credit stress and a liquidity squeeze. Mortgage-backed securities’ spreads, or yield differentials to duration-equivalent U.S. Treasuries, widened substantially in early March 2020, as liquidity collapsed on the back of heavy new supply due to historically low mortgage rates, lack of demand from investors and forced selling from mortgage real estate investment trusts (“REITs”) and hedge funds. Spread pressures on commercial mortgage-backed securities, asset-backed securities and collateralized loan obligations (“CLOs”) were similarly acute. In an effort to stabilize the market, the U.S. Federal Reserve (“Fed”) announced a new round of open-ended quantitative easing on agency mortgage-backed securities and also established the Term Asset-Backed Securities Loan Facility (“TALF”) to support the asset-backed securities market. This massive infusion of liquidity helped ease market conditions — valuations on new issue mortgage-backed securities returned to February 2020 levels, and liquidations from levered investors, such as hedge funds and mortgage REITs, started to slow. But challenges remained, particularly on private securitizations, such as

PORTFOLIO RESULTS

non-agency mortgage-backed securities, private commercial mortgage-backed securities and CLOs. While spreads on senior cash flows tightened at the end of the Reporting Period due to supportive monetary and fiscal policies, less senior bonds — known as mezzanine and junior bonds — had yet to find their footing.

Individual issue selection overall also detracted from the Fund’s relative results during the Reporting Period overall. Poor performance in March 2020 was the primary detractor, especially in the asset-backed securities sector. However, individual issue selection among mortgage-backed securities contributed positively to the Fund’s relative results during the Reporting Period, with an emphasis on wing coupons versus an underweight to current coupons* and mortgage-backed securities pool selection helping most.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

The Fund’s duration positioning overall contributed positively to the Fund’s relative results during the Reporting Period. The Fund’s duration positioning remained largely neutral to that of the Bloomberg Barclays Index during the Reporting Period, though we tactically adjusted its duration slightly shorter and slightly longer as market conditions shifted. Although interest rates declined significantly in March 2020, the Fund’s duration positioning had been shifted from a modestly shorter position to a slightly longer position relative to that of the Bloomberg Barclays Index, and this extended positioning boosted the Fund’s relative results for the month.

The Fund’s yield curve positioning had a rather neutral effect on the Fund’s relative results during the Reporting Period. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund used Treasury futures, Eurodollar futures and bond exchange traded futures contracts to hedge interest rate exposure, i.e., to manage exposure to fluctuations in interest rates, and to facilitate specific duration and yield curve strategies. Interest rate swaps were used to hedge interest rate exposure and express an outright duration and term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund also used collateralized mortgage obligations (“CMOs”), inverse floaters, TBAs (TBAs are mortgage-backed securities forward agreements), swaptions, IOs (mortgage-backed securities that receive interest only) and POs (mortgage-backed securities that receive principal only) as part of the Fund’s regular investment process as we sought to enhance return. During the Reporting Period, the use of CMOs and TBAs contributed positively; the use of inverse floaters, IOs and POs had a rather neutral effect on Fund performance; and the use of interest rate swaps, Treasury futures, Eurodollar futures, bond exchange-traded futures and swaptions detracted from relative performance.

Overall, we employ derivatives for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to potentially manage interest rate risks more effectively by allowing us both to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

On a broad sector level, we increased the Fund’s underweight to government securities, reduced its

Current coupon mortgage-backed securities are those wherein the coupon of a TBA contract (TBAs are mortgage-backed securities forward agreements) is closest to par. For example, on January 31, 2020, 30-year 2.5% Fannie Mae TBA contracts were trading at $100.79. We therefore define a current coupon for that date as being just below 2.5% (since the price is slightly above $100.00). On April 30, 2019, the same contract was trading at $96.19, while a 30-year 3.5% Fannie Mae TBA contract was trading at $100.84. So, for this date, a current coupon is defined as a coupon slightly below 3.5%. Wing coupons, on the other hand, define the coupons outside of this range. So when a current coupon is 3.5%, a wing coupon is in the 2% to 3% range (down in coupon) or the 4% to 5% range (up in coupon). During the Reporting Period, the Fund was positioned with an overweight to down in coupon and up in coupon mortgage-backed securities, or in wing coupons, and had an underweight in current coupons.

PORTFOLIO RESULTS

overweights in quasi-government securities and asset-backed securities and increased its overweight in mortgage-backed securities.

More specifically, during the Reporting Period, we reduced exposure to Federal Family Education Loan Program (“FFELP”) asset-backed securities, particularly longer-dated securities, given their underperformance relative to broader credit markets and what we perceived to be their limited prospects for spread tightening.

Despite the spread widening in agency mortgage-backed securities in March 2020, we maintained the Fund’s overweight to the sector, as social distancing efforts suppressed prepayments and slowed mortgage originations. Fed purchases created short-term distortions in market structure, which created anomalies, in our view, in market pricing, but, at the same time, also created potentially attractive relative opportunities. For example, quantitative easing purchases by the Fed have targeted new issue mortgage-backed securities and TBAs, while selling pressure was focused in specified pools, which are typically more seasoned and higher in coupon. Given this, we added Fund exposure to higher coupon Ginnie Mae mortgage-backed securities, as we think the valuations at the time of our purchase were quite attractive. We also rotated some of the Fund’s coupon exposure from TBAs to pools. We expect the securitized credit markets to remain challenged in the near term, but we began actively repositioning Fund exposures, as pockets of liquidity presented themselves and generally preferred more senior cash flows for the near term. We continued to overweight CLOs in the Fund but trimmed some of the longer duration positions.

Additionally, as mentioned earlier, we shifted the Fund’s duration positioning during the Reporting Period as market conditions changed. As a residual of our investment strategies, the Fund’s position in cash was increased.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were several key changes to the Fund’s portfolio management team during the Reporting Period. After 26 years of distinguished service, Mark Van Wyk, head of Goldman Sachs Asset Management’s (“GSAM”) Government/Swaps strategy retired from the firm at the end of March 2020. Accordingly, Mark Van Wyk no longer serves as a portfolio manager for the Fund. Peter Stone, who has stepped in to lead the U.S. Government/Swaps team, now serves as a portfolio manager for the Fund. Michael Swell continues to serve as a portfolio manager and to lead the portfolio management team for the Fund. Matthew Kaiser continues to serve as a portfolio manager for the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and helps to ensure continuity in the Fund.

How was the Fund positioned relative to its benchmark index at the end of March 2020?

At the end of March 2020, the Fund had overweighted allocations relative to the Bloomberg Barclays Index on a market-value weighted basis in quasi-government securities, especially agency non-government guaranteed securities; asset-backed securities, especially student loan asset-backed securities; and residential mortgage-backed securities, especially pass-through mortgage-backed securities. The Fund was underweight relative to the Bloomberg Barclays Index in U.S. Treasury securities. The Fund had a rather neutral duration to that of the Bloomberg Barclays Index at the end of the Reporting Period.

FUND BASICS

Government Income Fund

as of March 31, 2020

FUND COMPOSITION¹

Percentage of Net Assets

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

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Government/Mortgage Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Government Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

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Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	8.83%	2.56%	2.79%	—
Including sales charges	4.75%	1.77%	2.39%	—

Class C
Excluding contingent deferred sales charges	8.10%	1.81%	2.03%	—
Including contingent deferred sales charges	7.09%	1.81%	2.03%	—

Institutional	9.26%	2.90%	3.13%	—

Service	8.66%	2.40%	2.62%	—

Investor	9.18%	2.83%	3.05%	—

Class P (Commenced April 20, 2018)	9.20%	N/A	N/A	7.04%

Class R	8.64%	2.32%	2.53%	—

Class R6 (Commenced July 31, 2015)	9.27%	N/A	N/A	3.24%

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.

PORTFOLIO RESULTS

Goldman Sachs High Quality Floating Rate Fund

Investment Objective

The Fund seeks to provide a high level of current income, consistent with low volatility of principal.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs High Quality Floating Rate Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Institutional, Service, Investor, Class P and Class R6 Shares generated average annual total returns, without sales charges, of -1.32%, -1.09%, -1.56%, -1.30%, -1.08% and -1.08%, respectively. These returns compare to the 2.25% average annual total return of the Fund’s benchmark, the ICE BofAML Three-Month U.S. Treasury Bill Index (“BofAML Three-Month U.S. Treasury Bill Index”).

What key factors were responsible for the Fund’s performance during the Reporting Period?

Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy detracted most from the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy also detracted, albeit less so, from Fund performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths. Bottom-up individual issue selection overall detracted as well.

Which fixed income market sectors most significantly affected Fund performance?

Cross-sector positioning was the primary detractor from the Fund’s results during the Reporting Period, driven mostly by exposure to asset-backed securities. Exposures to collateralized loan obligations (“CLOs”) and mortgage-backed securities and the Fund’s implicit, or indirect, exposure to U.S. Treasury spreads via swaps detracted as well.

Overall, individual security selection dampened the Fund’s relative results, especially within the securitized sector. Individual issue selection of specific asset-backed securities, especially credit card-based asset-backed securities, of CLOs and of mortgage-backed securities, especially collateralized mortgage obligations, hurt most. These detractors were partially offset by security selection within the government/swaps sector, which contributed positively. Selection of U.S. Treasury bills helped most.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

Tactical management of the Fund’s duration and yield curve positioning detracted from Fund performance during the Reporting Period. This was primarily due to the Fund’s short U.S. duration position, especially the Fund’s underweight exposure to the three-month segment of the U.S. Treasury yield curve. These losses were partially offset by the Fund’s exposures to the two-year and 20-year segments of the U.S. Treasury yield curve, which contributed positively.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund used Treasury futures and swaps during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The use of derivatives had a negative impact on the Fund’s performance during the Reporting Period.

PORTFOLIO RESULTS

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, we increased the Fund’s exposure to asset-backed securities and residential mortgage-backed securities. We also increased the Fund’s position in cash during the Reporting Period. We eliminated the Fund’s exposures to U.S. Treasuries and quasi-government securities during the Reporting Period. Additionally, as mentioned earlier, while we maintained the Fund’s short duration stance versus that of the BofAML Three-Month U.S. Treasury Bill Index through most of the Reporting Period, we did make adjustments in duration positioning as market conditions shifted.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

How was the Fund positioned relative to its benchmark index at the end of March 2020?

While the Fund’s benchmark is comprised of a U.S. Treasury index, the Fund held a significant portion of its assets in non-Treasury sectors not represented in the benchmark index at the end of the Reporting Period. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably asset-backed securities and agency mortgage-backed securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period. Further, the Fund maintained a broadly neutral duration position relative to that of the BofAML Three-Month U.S. Treasury Bill Index at the end of the Reporting Period.

FUND BASICS

High Quality Floating Rate Fund

as of March 31, 2020

FUND COMPOSITION¹

Percentage of Net Assets

LOGO

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

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s current benchmark, the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

High Quality Floating Rate Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A	-1.32%	0.56%	0.26%	—

Institutional	-1.09%	0.85%	0.58%	—

Service	-1.56%	0.36%	0.10%	—

Investor	-1.30%	0.73%	0.46%	—

Class P (Commenced April 20, 2018)	-1.08%	N/A	N/A	0.46%

Class R6 (Commenced July 31, 2015)	-1.08%	N/A	N/A	0.95%

These returns assume reinvestment of all distributions at NAV.

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.

PORTFOLIO RESULTS

Goldman Sachs Inflation Protected Securities Fund

Investment Objective

The Fund seeks real return consistent with preservation of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Inflation Protected Securities Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

What key factors were responsible for the Fund’s performance during the Reporting Period?

While the Fund posted solid positive absolute returns, it underperformed the Bloomberg Barclays U.S. TIPS Index on a relative basis. Overall, bottom-up individual issue selection of various maturity U.S. Treasury inflation protected securities (“TIPS”) and inflation swaps was the key detractor from the Fund’s relative performance during the Reporting Period.

The Fund’s duration strategy also dampened its results during the Reporting Period. The duration strategy for the Fund is primarily implemented via interest rate swaps and/or futures. Furthermore, derivatives are used in combination with cash securities to implement our views in the Fund. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve positioning, which indicates a spectrum of interest rates within a particular sector based on maturities of varying lengths, detracted, albeit more slightly, from Fund performance during the Reporting Period as well.

The Fund’s cross-sector strategy contributed positively to its results during the Reporting Period. The cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark, including interest rate swaps and/or futures.

Which fixed income market sectors most significantly affected Fund performance?

Individual issue selection of specific-issue TIPS and inflation swaps detracted overall from Fund performance during the Reporting Period. These detractors were partially offset by selection of TIPS with a maturity of less than seven years, which added value.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

The Fund’s duration strategy detracted from its relative results during the Reporting Period. The Fund’s shorter duration than that of the Bloomberg Barclays U.S. TIPS Index hurt, as U.S. interest rates decreased, given the Federal Reserve’s (“Fed”) five interest rate cuts during the Reporting Period, as it sought to support markets and ease financial conditions.

Yield curve positioning, primarily implemented via interest rate swaps and swap options, detracted slightly from the Fund’s results during the Reporting Period,. An underweight to the intermediate portion of the yield curve, i.e. five-year and 10-year segments, detracted. However, long positions in the seven-year and 20-year portions of the yield curve boosted results.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund used Treasury futures and Eurodollar futures to hedge interest rate exposure and to facilitate specific duration and yield curve strategies. We used interest rate and bond exchange traded futures contracts to help implement duration positioning within the Fund. Interest rate swaps and options

PORTFOLIO RESULTS

were similarly used to manage interest rate exposure and express an outright term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) Inflation-linked swaps were used to help grant us greater precision and versatility in the management of active strategies.

The use of derivatives to manage interest rate risk detracted from performance, while the use of derivatives to express views on the yield curve contributed positively to performance. The use of inflation-linked swaps — from a bottom-up security selection perspective — detracted from performance during the Reporting Period.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

We tactically managed our views on inflation in the Fund via varying allocations to TIPS throughout the Reporting Period. That said, overall we reduced the Fund’s inflation beta, or sensitivity, as the Reporting Period progressed given persistent weakness in core inflation relative to the Fed’s target, despite the Fed’s efforts to reinforce the importance of their inflation target.

Overall, the Fund’s duration positioning shifted modestly during the Reporting Period as market conditions changed, but its duration positioning did not change materially. Throughout, we retained our bias to underweight U.S. interest rates.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were several key changes to the Fund’s portfolio management team during the Reporting Period. After 26 years of distinguished service, Mark Van Wyk, head of Goldman Sachs Asset Management’s (“GSAM”) Government/Swaps strategy retired from the firm at the end of March 2020. Accordingly, Mark Van Wyk no longer serves as a portfolio manager for the Fund. Peter Stone, who has stepped in to lead the U.S. Government/Swaps team, and co-head the Duration strategy, now serves as a portfolio manager for the Fund. Matthew Kaiser continues to serve as a portfolio manager and to lead the portfolio management team for the Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and helps to ensure continuity in the Fund.

How was the Fund positioned relative to its benchmark index at the end of March 2020?

At the end of March 2020, the Fund had most of its total net assets invested in TIPS, with the remainder in cash. Within the Fund’s TIPS allocation, we maintained underweights to issues with maturities of one to two years, with maturities of three to six years, with maturities of nine to 15 years and with maturities of 25 to 30 years, as measured on a market value basis. We maintained overweights within the Fund’s TIPS allocation to issues with maturities of two to three years, with maturities of six to nine years and with maturities of 15 to 25 years, as measured on a market value basis. The Fund had a rather neutral duration relative to that of the Bloomberg Barclays U.S. TIPS Index at the end of the Reporting Period.

Going forward, we intend to continue to closely monitor macro developments both domestically and abroad for the potential impact on inflation expectations as we position the Fund’s portfolio.

FUND BASICS

Inflation Protected Securities Fund

as of March 31, 2020

FUND COMPOSITION¹

Percentage of Net Assets

LOGO

“U.S. Treasury Obligations” percentages are grouped by effective maturity. The weighted average maturity was 8.44 and 8.22 years, respectively, at March 31, 2020 and March 31, 2019.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Inflation Protected Securities Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	5.90%	2.15%	3.02%	—
Including sales charges	1.98%	1.38%	2.63%	—

Class C
Excluding contingent deferred sales charges	5.13%	1.40%	2.25%	—
Including contingent deferred sales charges	4.11%	1.40%	2.25%	—

Institutional	6.27%	2.50%	3.36%	—

Investor	6.13%	2.40%	3.25%	—

Class P (Commenced April 20, 2018)	6.38%	N/A	N/A	4.69%

Class R	5.71%	1.89%	2.76%	—

Class R6 (Commenced July 31, 2015)	6.29%	N/A	N/A	2.88%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

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.

PORTFOLIO RESULTS

Goldman Sachs Short Duration Government Fund

Investment Objective

The Fund seeks a high level of current income and secondarily, in seeking current income, may also consider the potential for capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Government Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P and Class R6 Shares generated average annual total returns, without sales charges, of 4.16%, 3.76%, 4.41%, 4.00%, 4.31%, 4.53% and 4.42%, respectively. These returns compare to the 5.36% average annual total return of the Fund’s benchmark, the ICE BofAML Two-Year U.S. Treasury Note Index (“BofAML Two-Year U.S. Treasury Note Index”), during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

While the Fund posted solid positive absolute returns, it underperformed the BofAML Two-Year U.S. Treasury Note Index on a relative basis. Both bottom-up and top-down strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy detracted from relative performance. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy contributed positively to relative performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Bottom-up individual issue selection generated mixed results but detracted overall from the Fund’s performance during the Reporting Period.

The Fund’s duration and government/swaps selection strategies are primarily implemented via interest rates swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

Which fixed income market sectors most significantly affected Fund performance?

Sector positioning overall detracted from the Fund’s results during the Reporting Period. Via the Fund’s cross-sector strategy, the Fund’s implicit, or indirect, exposure to U.S. Treasury spreads via swaps hurt most. The Fund’s exposure to mortgage-backed securities also detracted from relative results.

Individual issue selection overall also detracted. Specifically, selection within the government/swaps sector dampened results most, primarily due to selections of government debt. These losses were partially offset by individual issue selection within the securitized sector, which added value, especially selection of agency mortgage-backed securities.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

Tactical management of the Fund’s duration and yield curve positioning contributed positively to its results during the Reporting Period. This was primarily due to the Fund’s positioning around the one-year, three-year and seven-year segments of the U.S. Treasury yield curve. These gains were only partially offset by the Fund’s positioning around the two-year, five-year and 20-year segments of the U.S. Treasury yield curve, which detracted.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund used Treasury futures as well as interest rate swaps during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure

PORTFOLIO RESULTS

discount bonds.) The Fund used forward sales contracts and futures contracts to help manage duration. Overall, the use of derivatives had a negative impact, on a net basis, on the Fund’s performance during the Reporting Period, especially the use of futures.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, we increased the Fund’s weighting in mortgage pass-through securities and decreased its exposure to U.S. Treasuries; quasi-government securities, especially government guaranteed agency securities; and agency collateralized mortgage obligations.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

How was the Fund positioned relative to its benchmark index at the end of March 2020?

While the Fund’s benchmark is comprised of a U.S. Treasury index, the Fund continued to hold a portion of its assets in non-Treasury sectors not represented in the benchmark index. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably mortgage pass-through securities, agency mortgage-backed securities and non-government guaranteed agency securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period. Further, the Fund maintained a rather neutral duration position than that of the BofAML Two-Year U.S. Treasury Note Index at the end of the Reporting Period.

FUND BASICS

Short Duration Government Fund

as of March 31, 2020

FUND COMPOSITION¹

Percentage of Net Assets

LOGO

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the ICE Bank of America Merrill Lynch Two-Year U.S. Treasury Note Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Short Duration Government Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	4.16%	1.35%	0.97%	—
Including sales charges	2.59%	1.05%	0.82%	—

Class C
Excluding contingent deferred sales charges	3.76%	0.93%	0.57%	—
Including contingent deferred sales charges	3.10%	0.93%	0.57%	—

Institutional	4.41%	1.67%	1.31%	—

Service	4.00%	1.17%	0.81%	—

Investor	4.31%	1.58%	1.22%	—

Class P (Commenced April 20, 2018)	4.53%	N/A	N/A	3.55%

Class R6 (Commenced July 31, 2015)	4.42%	N/A	N/A	1.73%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 1.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

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.

PORTFOLIO RESULTS

Goldman Sachs Short Duration Income Fund

Investment Objective

The Fund seeks total return consisting of income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Liquidity Management Team discusses the Goldman Sachs Short Duration Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 1.41%, 0.91%, 1.76%, 1.56%, 1.66%, 1.06% and 1.66%, respectively. These returns compare to the 4.41% average annual total return of the Goldman Sachs Short Duration Income Fund Composite Index (the “Short Duration Income Composite”) during the same period. The Short Duration Income Composite is comprised 50% of the Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index and 50% of the Bloomberg Barclays U.S. 1-5 Year Government Bond Index, which generated average annual total returns of 1.98% and 6.83%, respectively, over the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

While the Fund posted positive absolute returns, it underperformed the Short Duration Income Composite on a relative basis. Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy detracted most from the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. To a lesser degree, our currency strategy also detracted from the Fund’s performance. The Fund’s positions in various emerging markets currencies underperformed the Short Duration Income Composite, which has no exposure to currency, and thus such exposure within the Fund hurt relative results. More specifically, positions in Latin American emerging markets currencies detracted most from performance, especially positions in the Brazilian real, Colombian peso and Mexican peso. The Fund’s cross-macro strategy also dampened relative results, due to target trades. The cross-macro strategy is one in which we hold relative value positions across rates, currencies and credit within the Fund.

Conversely, our country strategy added value to the Fund’s results during the Reporting Period, primarily due to target trades that included a long Euro five-year rates versus short Swedish five-year rates trade; a long 10-year Treasury inflation-protected securities versus a U.K. inflation trade; and Canadian rates versus other developed countries’ rates trades. Our duration and yield curve positioning strategy also boosted Fund performance during the Reporting Period. Duration is a measure of the fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Bottom-up individual issue selection overall detracted from the Fund’s relative results during the Reporting Period, especially within the corporate credit sector.

The currency, country, duration, cross-macro and government/swaps selection strategies are primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

Which fixed income market sectors most significantly affected Fund performance?

Sector positioning detracted from the Fund’s results during the Reporting Period, primarily due to an overweight exposure to corporate credit. Exposure to asset-backed securities and emerging markets debt also hurt the Fund’s relative results as did the Fund’s implicit, or indirect, exposure to U.S. Treasury spreads via swaps. These losses were pared by the Fund’s long rate hedge and by its exposure to investment grade credit default swaps, which contributed positively.

PORTFOLIO RESULTS

Overall, security selection detracted from relative results as well. Detracting from relative results most during the Reporting Period was selection within the corporate bond sector, attributable primarily to our tactical credit curve positioning, industry exposure and selections of industrial and financial issues within the sector. These losses were partially offset by our low quality bias within the corporate credit sector, which added value. Security selection within the government/swaps sector also detracted, due mostly to selections of agency and government securities. Security selection within the emerging markets debt sector hurt, especially selection of Ecuadorian debt. Selection within the securitized sector dampened relative results as well, with selections of asset-backed securities and commercial mortgage-backed securities hurting most. Within the securitized sector, these losses were partially offset by selection of mortgage-backed securities, which contributed positively.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

Tactical management of the Fund’s duration and yield curve positioning overall contributed positively, albeit modestly, to its results during the Reporting Period. However, such gains were dampened by underweight exposures to the one-year and three-year segments of the U.S. Treasury yield curve, which detracted.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund used Treasury futures, Eurodollar futures as well as interest rate swaps and options during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund employed credit default swaps to manage the credit profile of the Fund. Additionally, the Fund used currency forwards to hedge its exposure to foreign currency exposure and increase total return. Derivatives had a positive impact, on a net basis, on the Fund’s performance during the Reporting Period.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, we increased the Fund’s exposure to residential mortgage-backed securities, especially mortgage pass-through securities, as well as to investment grade corporate bonds and high yield corporate bonds. We decreased the Fund’s exposure to asset-backed securities and U.S. Treasuries. We also reduced the Fund’s position in cash during the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

The Fund’s portfolio management team remained unchanged, led by Dave Fishman and John Olivo. However, there were several key changes to the Goldman Sachs U.S. Fixed Income Investment Management Team during the Reporting Period. After 26 years of distinguished service, Mark Van Wyk, head of Goldman Sachs Asset Management’s (“GSAM”) Government/Swaps strategy retired from the firm at the end of March 2020. Peter Stone has stepped in to lead the U.S. Government/Swaps team, and Simon Dangoor has stepped in to head the global Government/Swaps strategy. Similarly, Jonathan Bayliss, head of Macro Rates retired from the firm. Simon Dangoor stepped in to be the new head of Macro Rates, having oversight of the Duration, Country, Cross Macro and Government/Swaps strategies. Peter Stone and Alex Stiles have stepped in to co-head Duration. Simon Dangoor and Arnab Nilim have stepped in to co-head the Cross Macro strategy. Arnab Nilim was also hired during the Reporting Period to be the new head of the Currency strategy, replacing Sam Finkelstein, who is now focused on his responsibilities and role as co-chief investment officer. Kay Haigh was hired to be the new co-head of the Emerging Markets Debt strategy, along with Sam Finkelstein. Finally, Michael Goldstein, co-head of High Yield portfolio management and trading, retired from the firm, with his responsibilities assumed by Robert Magnuson. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and helps to ensure continuity in the Fund.

How was the Fund positioned relative to its benchmark index at the end of March 2020?

While the Fund is benchmarked to an equally-balanced composite of the Bloomberg Barclays U.S. Corporate 1-5 Year Index and the Bloomberg Barclays U.S. Government 1-5 Year Bond Index, it held a portion of its assets in non-Treasury sectors not represented in the Short Duration Income Composite. Indeed, in addition to investment grade corporate bonds, the Fund maintained exposure to several other high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably asset-backed

PORTFOLIO RESULTS

securities, mortgage pass-through securities and agency collateralized mortgage obligations. The Fund also had exposure to high yield corporate bonds, quasi-government bonds, commercial mortgage-backed securities and emerging markets debt at the end of the Reporting Period. Further, the Fund maintained a rather neutral U.S. duration position compared to that of the Short Duration Income Composite at the end of the Reporting Period.

FUND BASICS

Short Duration Income Fund

as of March 31, 2020

FUND COMPOSITION¹

Percentage of Net Assets

LOGO

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

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on February 29, 2012 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Goldman Sachs Short Duration Income Fund Composite Index, which is comprised of the Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index (50%), and the Bloomberg Barclays U.S. 1-5 Year Government Bond Index (50%), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Short Duration Income Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from February 29, 2012 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Since Inception
Class A (Commenced February 29, 2012)
Excluding sales charges	1.41%	1.34%	1.47%
Including sales charges	-0.11%	1.04%	1.28%

Class C (Commenced February 29, 2012)
Excluding contingent deferred sales charges	0.91%	0.94%	1.07%
Including contingent deferred sales charges	0.25%	0.94%	1.07%

Institutional (Commenced February 29, 2012)	1.76%	1.70%	1.84%

Investor (Commenced February 29, 2012)	1.56%	1.59%	1.73%

Class P (Commenced April 20, 2018)	1.66%	N/A	2.65%

Class R (Commenced February 29, 2012)	1.06%	1.09%	1.23%

Class R6 (Commenced July 31, 2015)	1.66%	N/A	1.73%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 1.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

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.

PORTFOLIO RESULTS

Goldman Sachs Short-Term Conservative Income Fund

Investment Objective

The Fund seeks to generate current income and secondarily maintain an emphasis on preservation of capital and liquidity.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Short-Term Conservative Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Institutional, Administration, Preferred, Investor, Class P and Class R6 Shares generated average annual total returns, without sales charges, of 0.66%, 0.80%, 0.55%, 0.82%, 0.71%, 0.81% and 0.91%, respectively. These returns compare to the 2.73% average annual total return of the Fund’s benchmark, the Bloomberg Barclays Short-Term Government/Corporate Index (“Bloomberg Barclays Index”), during the same time period. The Fund’s secondary benchmark, the ICE BofAML 3-6 Month U.S. Treasury Bill Index, had an average annual total return of 2.56% during the same time period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

While the Fund posted positive absolute returns, it underperformed the Bloomberg Barclays Index during the Reporting Period. Both bottom-up and top-down strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy detracted most from the Fund’s relative results. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy also detracted from the Fund’s performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Bottom-up individual issue selection detracted from the Fund’s performance during the Reporting Period as well.

Which fixed income market sectors most significantly affected Fund performance?

Cross-sector positioning detracted, driven primarily by the Fund’s overweight to investment grade corporate credit, as spreads, or yield differentials to duration-equivalent U.S. Treasuries, widened during the Reporting Period. The Fund’s implicit, or indirect, exposure to U.S. Treasury spreads via swaps also hurt.

Our individual security selection strategies overall detracted from the Fund’s relative results during the Reporting Period. Selection within the corporate credit sector detracted most, driven primarily by tactical credit curve positioning, our high quality bias and industry exposure within the sector. Within the government/swaps sector, selection hampered results, especially among commercial paper and certificates of deposit.

Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

Tactical management of the Fund’s duration and yield curve positioning detracted from relative results during the Reporting Period. The Fund’s underweight exposure relative to that of the Bloomberg Barclays Index to the six-month and one-year segments of the U.S. Treasury yield curve hurt most, only partially offset by an overweight exposure to the two-year segment of the U.S. Treasury yield curve, which contributed positively.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund does not use derivatives.

PORTFOLIO RESULTS

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, we increased the Fund’s exposure to investment grade corporate debt, especially within the financials industry. We eliminated the Fund’s already-modest exposures to high yield corporate debt and emerging markets debt. We reduced the Fund’s position in cash.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

How was the Fund positioned relative to its benchmark index at the end of March 2020?

At the end of the Reporting Period, the Fund had an emphasis on investment grade corporate bonds with lesser allocations to commercial paper, certificates of deposit, cash and cash equivalents and repurchase agreements. Further, the Fund maintained a neutral U.S. duration position compared to that of the Bloomberg Barclays Index at the end of the Reporting Period.

FUND BASICS

Short-Term Conservative Income

as of March 31, 2020

PORTFOLIO COMPOSITION¹

Percentage of Net Assets

LOGO

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on February 28, 2014 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmarks, the Bloomberg Barclays Short-Term Government/Corporate Index and the ICE Bank of America Merrill Lynch 3-6 Month U.S. Treasury Bill Index, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Short-Term Conservative Income Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from February 28, 2014 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Since Inception
Class A (Commenced October 31, 2016)	0.66%	N/A	1.32%

Institutional (Commenced February 28, 2014)	0.80%	1.37%	1.18%

Administration (Commenced February 28, 2014)	0.55%	1.11%	0.93%

Preferred (Commenced October 31, 2016)	0.82%	N/A	1.54%

Investor (Commenced August 14, 2018)	0.71%	N/A	1.47%

Class P (Commenced April 20, 2018)	0.81%	N/A	1.69%

Class R6 (Commenced November 30, 2017)	0.91%	N/A	1.78%

These returns assume reinvestment of all distributions at NAV.

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

FUND BASICS

Index Definitions

The Enhanced Income Composite is an equal weight blend of the ICE BofAML Six-Month U.S. Treasury Bill Index and the ICE BofAML One-Year U.S. Treasury Note Index.

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 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 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.

The Bloomberg Barclays U.S. Government/Mortgage Index, an unmanaged index, measures the performance of U.S. government bonds and mortgage-related securities. The Bloomberg Barclays U.S. Government/Mortgage Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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 Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index represents securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion of the index, total a minimum amount outstanding of 100 million U.S. dollars. The Bloomberg Barclays U.S. TIPS Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The 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 BofAML Two-Year U.S. Treasury Note Index is rebalanced monthly. In order to qualify for inclusion, a twoyear note must be auctioned on or before the third business day before the last business day of the month. The BofAML Two-Year U.S. Treasury Note Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

The Goldman Sachs Short Duration Income Fund Composite Index is comprised of the Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index (50%) and the Bloomberg Barclays U.S. 1-5 Year Government Bond Index (50%).

The Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index provides a broad based measure of the global investment grade corporate sector with final maturities ranging between one and five years. The corporate sectors include industrial, utility and finance, for U.S. and non-U.S. corporations. The Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Bloomberg Barclays U.S. 1-5 Year Government Bond Index provides a broad based measure of securities issued by the U.S. government with final maturities ranging from one to five years. This includes public obligations of the U.S. Treasury, U.S. government agencies, quasi-federal corporations and corporate or foreign debt guaranteed by the U.S. government. The Bloomberg Barclays U.S. 1-5 Year Government Bond Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Bloomberg Barclays 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.

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.

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 70.8%
Aerospace & Defense – 1.0%
	General Dynamics Corp.
$	1,700,000		3.000	%		05/11/21	$	1,717,714
	900,000		2.250	^(a)		11/15/22		905,580
	Northrop Grumman Corp.
	1,188,000		3.500			03/15/21		1,194,237

								3,817,531

Agriculture – 0.7%
	Altria Group, Inc.
	1,525,000		3.490			02/14/22		1,547,890
	Archer-Daniels-Midland Co.^(a)
	750,000		3.375			03/15/22		766,193
	600,000		2.750			03/27/25		607,440

								2,921,523

Apparel^(a) – 0.2%
	NIKE, Inc.
	725,000		2.400			03/27/25		751,318

Automotive – 4.0%
	BMW US Capital LLC^(b)(c) (3M USD LIBOR + 0.370%)
	2,500,000		2.074			08/14/20		2,502,900
	Daimler Finance North America LLC^(c) (3M USD LIBOR + 0.550%)
	800,000		2.301	^(b)		05/04/21		752,696
	775,000		3.350			05/04/21		763,437
	Toyota Motor Credit Corp.^(b) (3M USD LIBOR + 0.150%)
	8,000,000		1.846			08/21/20		7,961,120
	Volkswagen Group of America Finance LLC^(b)(c) (3M USD LIBOR + 0.770%)
	4,000,000		2.477			11/13/20		3,951,160

								15,931,313

Banks – 21.6%
	ABN AMRO Bank NV^(c)
	2,100,000		2.650			01/19/21		2,095,023
	600,000		3.400			08/27/21		603,636
	Banco Santander SA
	1,400,000		2.706			06/27/24		1,384,488
	Bank of America Corp.^(a)(b)
	(3M USD LIBOR + 0.630%)
	850,000		3.499			05/17/22		860,013
	(3M USD LIBOR + 0.790%)
	4,125,000		3.004			12/20/23		4,204,159
	(3M USD LIBOR + 0.940%)
	1,300,000		3.864			07/23/24		1,357,694
	Bank of America NA^(a)(b) (3M USD LIBOR + 0.650%)
	500,000		3.335			01/25/23		509,755
	Bank of Montreal
	750,000		2.050			11/01/22		745,605
	Banque Federative du Credit Mutuel SA^(c)
	1,700,000		2.125			11/21/22		1,661,461
	Barclays Bank PLC^(b) (3M USD LIBOR + 0.400%)
	5,000,000		2.096			08/21/20		4,957,800
	BNP Paribas SA^(c)
	900,000		2.950			05/23/22		894,546
	BPCE SA
	1,725,000		2.650			02/03/21		1,725,241


Corporate Obligations – (continued)
Banks – (continued)
	CIT Group, Inc.^(a)
	75,000		4.750			02/16/24		72,750
	Citigroup, Inc.^(a)
	4,575,000		2.750			04/25/22		4,618,462
	925,000		2.700			10/27/22		930,513
	Citizens Bank NA^(a)
	1,200,000		3.250			02/14/22		1,215,660
	Cooperatieve Rabobank UA (3M USD LIBOR + 0.430%)
	450,000		2.224	^(b)		04/26/21		443,192
	550,000		3.125			04/26/21		553,867
	Credit Suisse Group Funding Guernsey Ltd.
	4,575,000		3.450			04/16/21		4,603,731
	Deutsche Bank AG
	2,075,000		2.700			07/13/20		2,043,356
	Fifth Third Bank^(a)
	1,125,000		1.800			01/30/23		1,108,271
	HSBC Holdings PLC^(a)(b) (3M USD LIBOR + 0.600%)
	1,600,000		2.292			05/18/21		1,571,824
	ING Bank NV^(c)
	1,725,000		2.750			03/22/21		1,718,962
	JPMorgan Chase & Co.^(a)(b)
	(3M USD LIBOR + 0.610%)
	2,150,000		1.499			06/18/22		2,097,174
	(3M USD LIBOR + 0.610%)
	1,900,000		3.514			06/18/22		1,929,184
	(3M USD LIBOR + 0.695%)
	1,775,000		3.207			04/01/23		1,806,204
	KeyBank NA
	675,000		2.400			06/09/22		675,979
	Lloyds Bank PLC (3M USD LIBOR + 0.490%)
	1,025,000		2.232	^(b)		05/07/21		1,009,031
	1,050,000		3.300			05/07/21		1,050,210
	Macquarie Bank Ltd.^(c)
	1,225,000		2.100			10/17/22		1,216,927
	Mitsubishi UFJ Financial Group, Inc.
	1,000,000		2.623			07/18/22		998,540
	1,550,000		3.761			07/26/23		1,605,118
	Morgan Stanley, Inc.
	450,000		2.500			04/21/21		451,251
	(3M USD LIBOR + 1.180%)
	4,575,000		2.999	^(a)(b)		01/20/22		4,549,105
	950,000		3.125			01/23/23		971,062
	MUFG Union Bank NA^(a)
	1,325,000		3.150			04/01/22		1,326,457
	650,000		2.100			12/09/22		630,318
	National Bank of Canada^(b) (3M USD LIBOR + 0.160%)
	3,000,000		1.855			08/20/20		2,982,420
	NatWest Markets PLC^(c)
	2,000,000		3.625			09/29/22		1,994,320
	Nordea Bank Abp^(c)
	1,900,000		2.500			09/17/20		1,914,155
	Royal Bank of Canada
	1,125,000		1.950			01/17/23		1,113,525
	Santander UK PLC
	775,000		2.500			01/05/21		770,459
	950,000		2.100			01/13/23		922,013


34		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)
Banks – (continued)
	Standard Chartered PLC^(a)(b)(c) (3M USD LIBOR + 1.150%)
$	1,200,000		4.247	%		01/20/23	$	1,205,304
	State Street Corp.^(a)(b)(c)(SOFR + 2.690%)
	450,000		2.825			03/30/23		454,266
	The Huntington National Bank^(a)
	1,250,000		3.125			04/01/22		1,266,538
	1,050,000		1.800			02/03/23		1,029,956
	The Toronto-Dominion Bank^(b) (3M USD LIBOR + 0.300%)
	3,000,000		2.063			05/01/20		2,993,700
	Truist Bank^(a) (3M USD LIBOR + 0.500%)
	1,450,000		3.525	^(b)		10/26/21		1,473,098
	1,700,000		1.250			03/09/23		1,645,192
	UBS Group AG^(c)
	2,625,000		2.650			02/01/22		2,608,121
	Wells Fargo & Co.
	3,200,000		2.100			07/26/21		3,195,424
	Westpac Banking Corp.
	650,000		2.000			01/13/23		646,406

								86,411,466

Beverages – 1.8%
	Anheuser-Busch InBev Finance, Inc.^(a)
	2,225,000		3.300			02/01/23		2,289,658
	Constellation Brands, Inc.^(a)
	975,000		2.700			05/09/22		954,467
	1,950,000		3.200			02/15/23		1,949,259
	Diageo Capital PLC
	1,350,000		3.000			05/18/20		1,350,041
	The Coca-Cola Co.
	525,000		2.950			03/25/25		560,768

								7,104,193

Building Materials^(a)(c) – 0.3%
	Carrier Global Corp.
	1,025,000		1.923			02/15/23		1,008,323

Chemicals – 0.8%
	Celanese US Holdings LLC^(a)
	350,000		3.500			05/08/24		331,751
	Syngenta Finance NV^(c)
	1,210,000		3.698			04/24/20		1,211,730
	1,485,000		3.933			04/23/21		1,398,722
	The Sherwin-Williams Co.^(a)
	64,000		2.750			06/01/22		64,129

								3,006,332

Commercial Services – 1.1%
	IHS Markit Ltd.^(a)
	2,223,000		5.000	^(c)		11/01/22		2,331,638
	475,000		3.625			05/01/24		482,519
	PayPal Holdings, Inc.
	1,800,000		2.200			09/26/22		1,780,668

								4,594,825

Computers^(a) – 1.7%
	Dell International LLC/EMC Corp.^(c)
	1,175,000		4.420			06/15/21		1,186,832


Corporate Obligations – (continued)
Computers^(a) – (continued)
	Dell International LLC/EMC Corp.^(c) – (continued)
	2,400,000		5.450			06/15/23		2,461,632
	Hewlett Packard Enterprise Co.
	625,000		3.500			10/05/21		627,981
	2,475,000		2.250			04/01/23		2,408,175

								6,684,620

Cosmetics/Personal Care^(a) – 0.0%
	The Procter & Gamble Co.
	175,000		2.450			03/25/25		183,258

Diversified Financial Services – 5.0%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust^(a)
	725,000		4.450			12/16/21		660,381
	1,500,000		4.125			07/03/23		1,361,745
	AIG Global Funding^(c)
	675,000		2.150			07/02/20		671,794
	(3M USD LIBOR + 0.460%)
	525,000		1.676	^(b)		06/25/21		514,936
	675,000		3.350			06/25/21		680,731
	Air Lease Corp.
	1,425,000		3.500			01/15/22		1,291,435
	500,000		2.250			01/15/23		418,960
	1,150,000		2.750	^(a)		01/15/23		967,633
	825,000		2.300	^(a)		02/01/25		650,158
	Ally Financial, Inc.
	400,000		4.125			02/13/22		393,000
	American Express Co.^(a)
	1,350,000		3.375			05/17/21		1,366,429
	American Express Credit Corp.^(a)
	1,275,000		2.375			05/26/20		1,274,286
	Avolon Holdings Funding Ltd.^(a)(c)
	1,550,000		3.625			05/01/22		1,372,959
	675,000		2.875			02/15/25		533,722
	Capital One Financial Corp.^(a)
	1,600,000		3.450			04/30/21		1,603,632
	(3M USD LIBOR + 0.720%)
	1,300,000		2.490	^(b)		01/30/23		1,207,375
	TD Ameritrade Holding Corp.^(a)(b) (3M USD LIBOR + 0.430%)
	2,950,000		2.193			11/01/21		2,864,420
	The Charles Schwab Corp.^(a) (3M USD LIBOR + 0.320%)
	1,100,000		2.016	^(b)		05/21/21		1,075,998
	1,125,000		3.250			05/21/21		1,135,552

								20,045,146

Electrical – 5.0%
	American Electric Power Co., Inc.
	1,475,000		2.150			11/13/20		1,462,964
	Berkshire Hathaway Energy Co.^(a)(c)
	650,000		4.050			04/15/25		702,767
	CenterPoint Energy, Inc.^(a)
	1,850,000		2.500			09/01/22		1,817,495
	Dominion Energy, Inc.
	2,700,000		2.715	^(d)		08/15/21		2,664,252
	1,200,000		2.450	^(c)		01/15/23		1,186,908
	DTE Energy Co.
	475,000		2.600			06/15/22		463,595


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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Electrical – (continued)
	FirstEnergy Corp.^(a)
$	400,000		2.050	%		03/01/25	$	371,532
	Florida Power & Light Co.^(a)
	375,000		2.850			04/01/25		391,339
	Georgia Power Co.
	1,000,000		2.100			07/30/23		976,110
	NextEra Energy Capital Holdings, Inc.
	925,000		3.342			09/01/20		925,222
	1,200,000		2.900			04/01/22		1,211,784
	NRG Energy, Inc.^(a)(c)
	1,225,000		3.750			06/15/24		1,210,741
	Pinnacle West Capital Corp.
	575,000		2.250			11/30/20		571,820
	Public Service Enterprise Group, Inc.^(a)
	675,000		2.875			06/15/24		673,947
	Sempra Energy^(a)(b) (3M USD LIBOR + 0.500%)
	1,700,000		2.331			01/15/21		1,610,291
	Southern Power Co.^(a)
	1,150,000		2.500			12/15/21		1,124,493
	Vistra Operations Co. LLC^(a)(c)
	875,000		3.550			07/15/24		823,174
	WEC Energy Group, Inc.
	1,400,000		3.375			06/15/21		1,402,702
	525,000		3.100			03/08/22		530,927

								20,122,063

Food & Drug Retailing – 1.0%
	General Mills, Inc.^(b) (3M USD LIBOR + 0.540%)
	1,350,000		2.383			04/16/21		1,327,144
	Mondelez International Holdings Netherlands B.V.^(c)
	775,000		2.125			09/19/22		768,490
	Nestle Holdings, Inc.^(a)(c)
	1,200,000		3.100			09/24/21		1,218,036
	Sysco Corp.^(a)
	625,000		2.600			10/01/20		618,769

								3,932,439

Gas^(a) – 0.3%
	NiSource, Inc.
	1,075,000		2.650			11/17/22		1,085,987

Healthcare Providers & Services – 1.0%
	DH Europe Finance II S.a.r.l.
	1,000,000		2.050			11/15/22		981,370
	Humana, Inc.
	1,550,000		2.500			12/15/20		1,540,979
	UnitedHealth Group, Inc.
	1,500,000		1.950			10/15/20		1,499,460

								4,021,809

Insurance – 2.3%
	Jackson National Life Global Funding^(b)(c) (3M USD LIBOR + 0.300%)
	3,500,000		2.094			04/27/20		3,498,740
	Marsh & McLennan Cos., Inc.
	1,675,000		3.500			12/29/20		1,676,189


Corporate Obligations – (continued)
Insurance – (continued)
	Metropolitan Life Global Funding I^(c)
	1,625,000		3.375			01/11/22		1,690,829
	575,000		1.950			01/13/23		563,506
	Reliance Standard Life Global Funding II^(c)
	1,600,000		2.625			07/22/22		1,609,360
	275,000		2.150			01/21/23		271,334

								9,309,958

Internet – 0.5%
	Amazon.com, Inc.
	1,825,000		1.900			08/21/20		1,823,467

Lodging – 0.2%
	Marriott International, Inc.
	950,000		2.125			10/03/22		853,452

Machinery-Diversified – 0.5%
	John Deere Capital Corp.
	300,000		3.200			01/10/22		306,339
	400,000		1.200			04/06/23		391,284
	Otis Worldwide Corp.^(a)(b)(c) (3M USD LIBOR + 0.450%)
	1,525,000		2.088			04/05/23		1,444,739

								2,142,362

Media – 3.4%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	3,600,000		4.464			07/23/22		3,718,728
	Comcast Corp.^(b)
	(3M USD LIBOR + 0.330%)
	1,550,000		1.763			10/01/20		1,539,863
	(3M USD LIBOR + 0.440%)
	1,050,000		1.873			10/01/21		1,025,535
	Fox Corp.
	2,475,000		3.666			01/25/22		2,527,741
	Sky Ltd.^(c)
	1,550,000		3.125			11/26/22		1,608,450
	The Walt Disney Co.
	825,000		3.350			03/24/25		898,475
	Time Warner Cable LLC^(a)
	1,024,000		4.000			09/01/21		1,025,669
	Time Warner Entertainment Co. LP
	1,000,000		8.375			03/15/23		1,109,380

								13,453,841

Mining^(a)(c) – 0.1%
	Glencore Funding LLC
	575,000		3.000			10/27/22		538,752

Miscellaneous Manufacturing – 0.7%
	General Electric Co.^(b) (3M USD LIBOR + 0.800%)
	1,565,000		2.631			04/15/20		1,565,000
	Ingersoll-Rand Global Holding Co. Ltd.
	1,300,000		2.900			02/21/21		1,303,926

								2,868,926

Oil Field Services – 2.2%
	BP Capital Markets PLC
	2,550,000		3.561			11/01/21		2,573,562


36		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)
Oil Field Services – (continued)
	Exxon Mobil Corp.^(a)
$	900,000		2.992	%		03/19/25	$	945,873
	Newfield Exploration Co.
	1,250,000		5.750			01/30/22		849,475
	Occidental Petroleum Corp.
	1,700,000		2.600			08/13/21		1,362,278
	(3M USD LIBOR + 1.450%)
	1,950,000		3.142	^(a)(b)		08/15/22		1,292,323
	Phillips 66^(a)(b)(c) (3M USD LIBOR + 0.750%)
	750,000		2.581			04/15/20		746,340
	Schlumberger Finance Canada Ltd.^(c)
	850,000		2.200			11/20/20		839,052

								8,608,903

Pharmaceuticals – 5.7%
	AbbVie, Inc.
	1,225,000		3.375			11/14/21		1,252,073
	2,350,000		2.150	^(c)		11/19/21		2,346,099
	1,975,000		2.300	^(c)		11/21/22		1,973,223
	Bayer US Finance II LLC^(a)(b)(c) (3M USD LIBOR + 0.630%)
	2,225,000		1.846			06/25/21		2,160,697
	Becton Dickinson & Co.^(a) (3M USD LIBOR + 0.875%)
	2,025,000		2.250	^(b)		12/29/20		1,956,656
	600,000		2.894			06/06/22		595,752
	Bristol-Myers Squibb Co.^(c)
	1,175,000		2.550			05/14/21		1,189,805
	1,325,000		2.600			05/16/22		1,350,771
	Cigna Corp.
	1,275,000		3.200			09/17/20		1,277,805
	2,900,000		3.400			09/17/21		2,926,680
	CVS Health Corp.^(a)
	2,200,000		2.125			06/01/21		2,194,566
	2,276,000		3.700			03/09/23		2,359,097
	1,325,000		4.000			12/05/23		1,383,764

								22,966,988

Pipelines^(a) – 2.1%
	Kinder Morgan Energy Partners LP
	2,275,000		3.950			09/01/22		2,253,433
	MPLX LP^(b)
	(3M USD LIBOR + 0.900%)
	725,000		1.899			09/09/21		711,689
	(3M USD LIBOR + 1.100%)
	1,050,000		2.099			09/09/22		1,001,207
	Plains All American Pipeline LP/PAA Finance Corp.
	1,250,000		3.650			06/01/22		1,146,100
	Sabine Pass Liquefaction LLC
	2,300,000		6.250			03/15/22		2,230,977
	Sunoco Logistics Partners Operations LP
	1,222,000		4.400			04/01/21		1,182,957

								8,526,363

Real Estate Investment Trust^(a) – 0.3%
	American Tower Corp.
	1,125,000		3.300			02/15/21		1,125,259

Retailing – 0.4%
	Dollar Tree, Inc.^(a)(b) (3M USD LIBOR + 0.700%)
	950,000		2.536			04/17/20		946,447


Corporate Obligations – (continued)
Retailing – (continued)
	The Home Depot, Inc.
	550,000		3.250			03/01/22		567,738

								1,514,185

Savings & Loans^(c) – 0.5%
	Nationwide Building Society
	1,325,000		2.000			01/27/23		1,296,883
	(3M USD LIBOR + 1.181%)
	700,000		3.622	^(a)(b)		04/26/23		695,443

								1,992,326

Semiconductors – 1.9%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	1,550,000		3.000			01/15/22		1,534,996
	Broadcom, Inc.^(c)
	1,600,000		3.125			04/15/21		1,580,656
	3,125,000		3.125			10/15/22		3,093,094
	1,475,000		3.625	^(a)		10/15/24		1,446,385

								7,655,131

Software – 1.4%
	Adobe, Inc.
	450,000		1.700			02/01/23		455,197
	Fiserv, Inc.^(a)
	1,025,000		2.700			06/01/20		1,025,072
	825,000		3.800			10/01/23		857,967
	2,025,000		2.750			07/01/24		2,029,293
	Oracle Corp.^(a)
	1,400,000		2.500			04/01/25		1,429,022

								5,796,551

Telecommunication Services – 2.6%
	AT&T, Inc.
	350,000		2.800	^(a)		02/17/21		350,056
	(3M USD LIBOR + 0.950%)
	1,245,000		2.781	^(b)		07/15/21		1,223,325
	425,000		3.875			08/15/21		432,930
	1,625,000		3.000			02/15/22		1,637,074
	474,000		3.200	^(a)		03/01/22		480,821
	1,075,000		3.000	^(a)		06/30/22		1,078,397
	Verizon Communications, Inc.
	4,375,000		2.946			03/15/22		4,466,612
	725,000		3.125			03/16/22		745,438

								10,414,653

Transportation^(a) – 0.5%
	Ryder System, Inc.
	875,000		2.875			06/01/22		851,568
	United Parcel Service, Inc.
	1,000,000		3.900			04/01/25		1,082,490

								1,934,058

	TOTAL CORPORATE OBLIGATIONS
	(Cost $287,380,055)						$	283,147,321


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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – 17.0%
Automotive – 5.8%
	Ally Master Owner Trust Series 2017-3, Class A2
$	3,750,000		2.040	%		06/15/22	$	3,738,247
	Ally Master Owner Trust Series 2018-1, Class A2
	5,900,000		2.700			01/17/23		5,883,432
	Ford Credit Auto Owner Trust Series 2016-2, Class A^(c)
	500,000		2.030			12/15/27		494,037
	Ford Credit Floorplan Master Owner Trust Series 2017-2, Class A1
	5,200,000		2.160			09/15/22		5,143,794
	Ford Credit Floorplan Master Owner Trust Series 2018-3, Class A1
	3,250,000		3.520			10/15/23		3,250,727
	NextGear Floorplan Master Owner Trust Series 2018-1A, Class A1^(b)(c) (1M USD LIBOR + 0.640%)
	1,750,000		1.345			02/15/23		1,632,555
	Nissan Master Owner Receivables Trust Series 2017-C, Class A^(b) (1M USD LIBOR + 0.320%)
	3,100,000		1.025			10/17/22		3,044,788

								23,187,580

Credit Card – 5.0%
	American Express Credit Account Master Trust Series 2019-2, Class A
	2,050,000		2.670			11/15/24		2,095,550
	Capital One Multi-Asset Execution Trust Series 2016-A5, Class A5
	2,100,000		1.660			06/17/24		2,071,699
	Evergreen Credit Card Trust Series 2019-1, Class A^(b)(c)(1M USD LIBOR + 0.480%)
	6,300,000		1.185			01/15/23		5,993,907
	Evergreen Credit Card Trust Series 2019-2, Class A^(c)
	2,900,000		1.900			09/15/24		2,727,935
	Master Credit Card Trust II Series 2020-1A, Class A^(c)
	3,600,000		1.990			09/21/24		3,562,567
	Trillium Credit Card Trust II Series 2019-2A, Class A^(c)
	3,450,000		3.038			01/26/24		3,416,775

								19,868,433

Home Equity^(b) – 0.0%
	Centex Home Equity Loan Trust Series 2004-D, Class MV3 (1M USD LIBOR + 1.000%)
	49,992		1.947			09/25/34		42,316
	Morgan Stanley ABS Capital I, Inc. Trust Series 2004-HE4, Class M3 (1M USD LIBOR + 2.250%)
	8,216		3.197			05/25/34		8,001

								50,317

Student Loan^(b) – 6.2%
	Access Group, Inc. Series 2013-1, Class A^(c) (1M USD LIBOR + 0.500%)
	1,052,237		1.447			02/25/36		937,109
	ECMC Group Student Loan Trust Series 2017-1A, Class A^(c) (1M USD LIBOR + 1.200%)
	2,638,386		2.147			12/27/66		2,336,722
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(c) (1M USD LIBOR + 0.800%)
	355,096		1.747			06/25/26		331,178


Asset-Backed Securities – (continued)
Student Loan^(b) – (continued)
	Educational Services of America, Inc. Series 2014-1, Class A^(c) (1M USD LIBOR + 0.700%)
	1,178,281		1.647			02/25/39		1,088,688
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L^(c) (3M LIBOR + 0.110%)
	393,614		2.020			11/25/26		378,582
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,186,778		2.694			07/25/45		1,116,265
	Navient Student Loan Trust Series 2016-7A, Class A^(c) (1M USD LIBOR + 1.150%)
	977,998		2.097			03/25/66		939,489
	Navient Student Loan Trust Series 2017-2A, Class A^(c) (1M USD LIBOR + 1.050%)
	2,511,389		1.997			12/27/66		2,360,089
	Nelnet Student Loan Trust Series 2012-3A, Class A^(c) (1M USD LIBOR + 0.700%)
	3,346,204		1.647			02/25/45		3,189,780
	Northstar Education Finance, Inc. Series 2012-1, Class A^(c) (1M USD LIBOR + 0.700%)
	770,554		1.647			12/26/31		728,834
	PHEAA Student Loan Trust Series 2014-3A, Class A^(c) (1M USD LIBOR + 0.590%)
	4,962,525		1.537			08/25/40		4,678,597
	SLC Student Loan Center Series 2011-1, Class A^(c) (1M USD LIBOR + 1.220%)
	2,746,378		2.167			10/25/27		2,603,988
	SLM Student Loan Trust Series 2007-1, Class A5 (3M USD LIBOR + 0.090%)
	1,686,327		1.884			01/26/26		1,642,445
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	240,053		2.759			10/01/24		234,390
	Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,100,000		2.613			05/01/35		1,090,375
	Utah State Board of Regents Series 2016-1, Class A (1M USD LIBOR + 0.750%)
	1,283,125		1.697			09/25/56		1,241,833

								24,898,364

	TOTAL ASSET-BACKED SECURITIES
	(Cost $70,335,206)						$	68,004,694



Municipal Debt Obligation^(a)(b) – 0.1%
Utah – 0.1%
	Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2 (3M USD LIBOR + 0.000%)
$	263,874		2.613	%		05/01/29	$	263,743
	(Cost $264,278)


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

GOLDMAN SACHS ENHANCED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Obligations – 5.6%
	United States Treasury Inflation Indexed Notes^(e)
$	5,720,415		0.125	%		07/15/22	$	5,661,388
	United States Treasury Notes
	155,000		1.375			04/30/21		156,962
	210,000		2.875	^(e)		10/15/21		218,408
	14,990,000		2.875	^(e)		10/31/23		16,342,613

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $21,790,532)						$	22,379,371


Shares	Dividend Rate			Value

Investment Company^(f) – 0.3%
Goldman Sachs Financial Square Money Market Fund – Institutional Shares
1,447,260		0.760	%	$	1,446,103
(Cost $1,447,685)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $381,217,756)				$	375,241,232


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – 6.2%
Certificates of Deposit^(b) – 4.7%
	Bayerische Landesbank (3M USD LIBOR + 0.470%)
$	3,000,000		2.221	%		02/03/22	$	2,934,214
	Credit Agricole Corporate & Investment Bank
	(3M USD LIBOR + 0.385%)
	2,650,000		2.116			05/11/20		2,649,685
	(3M USD LIBOR + 0.480%)
	3,000,000		1.376			09/10/21		2,952,774
	Credit Suisse AG (SOFR + 0.300%)
	1,000,000		0.310			06/19/20		998,486
	Nordea Bank AB NY
	2,270,000		2.061			05/05/21		2,152,334
	Standard Chartered Bank
	3,000,000		1.309			09/18/20		2,996,817
	Sumitomo Mitsui Banking Corp. (3M USD LIBOR + 0.350%)
	4,190,000		2.193			07/16/21		4,124,041

								18,808,351

Commercial Paper^(g) – 1.5%
	Church & Dwight Co., Inc.
	4,000,000		0.000			07/24/20		3,958,894


Short-term Investments – (continued)
Commercial Paper^(g) – (continued)
	NatWest Markets PLC
	2,000,000		0.000			07/17/20		1,980,956

								5,939,850

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $25,073,020)						$	24,748,201

	TOTAL INVESTMENTS – 100.0%
	(Cost $406,290,776)						$	399,989,433

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%							(80,968	)

	NET ASSETS – 100.0%						$	399,908,465



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

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

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2020.

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

(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2020.

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

(f)		Represents an affiliated issuer.

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



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
RB		—Revenue Bond
SOFR		—Secured Overnight Funding Rate


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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
1 Month SOFR		25			07/31/20	$	10,411,250		$	92,242
2 Year U.S. Treasury Notes		378			06/30/20		83,304,703			1,212,502

Total									$	1,304,744
Short position contracts:
30 Day Federal Funds		(25	)		07/31/20		(10,411,249	)		(92,347	)
5 Year U.S. Treasury Notes		(490	)		06/30/20		(61,426,094	)		(1,913,529	)
Eurodollars		(167	)		12/14/20		(41,608,050	)		(994,150	)
Eurodollars		(143	)		03/15/21		(35,648,113	)		(921,244	)

Total									$	(3,921,270	)

TOTAL FUTURES CONTRACTS									$	(2,616,526	)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – 47.3%
Collateralized Mortgage Obligations – 1.6%
Interest Only^(a) – 0.0%
	FNMA STRIPS Series 151, Class 2
$	105		9.500	%		07/25/22	$	5

Inverse Floaters^(b) – 0.0%
	GNMA REMIC Series 2002-13, Class SB (-1x1M USD LIBOR + 37.567%)
	14,916		34.278			02/16/32		21,384

Principal Only^(c) – 0.0%
	FNMA REMIC Series G-35, Class N
	49		0.000			10/25/21		49

Regular Floater^(b) – 0.4%
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	464,183		1.466			10/07/20		460,502
	NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A (1M LIBOR + 0.470%)
	1,084,262		1.486			11/05/20		1,074,344

								1,534,846

Sequential Fixed Rate – 1.0%
	FHLMC REMIC Series 2329, Class ZA
	305,412		6.500			06/15/31		349,598
	FHLMC REMIC Series 4246, Class PT
	97,102		6.500			02/15/36		115,569
	FHLMC REMIC Series 4273, Class PD
	524,230		6.500			11/15/43		635,602
	FNMA REMIC Series 2011-52, Class GB
	501,345		5.000			06/25/41		574,611
	FNMA REMIC Series 2011-99, Class DB
	492,947		5.000			10/25/41		563,588
	FNMA REMIC Series 2012-111, Class B
	59,394		7.000			10/25/42		73,292
	FNMA REMIC Series 2012-153, Class B
	270,005		7.000			07/25/42		340,779
	GNMA REMIC Series 2002-42, Class KZ
	792,289		6.000			06/16/32		893,203

								3,546,242

Sequential Floating Rate^(b) – 0.2%
	Angel Oak Mortgage Trust I LLC Series 2018-2, Class A1^(d)
	471,853		3.674			07/27/48		453,114
	FHLMC REMIC Series 1760, Class ZB (10 Year CMT – 0.600%)
	36,302		0.920			05/15/24		36,139
	Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%)
	133,306		1.693			11/25/29		112,258

								601,511

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	5,704,037

Commercial Mortgage-Backed Securities – 0.4%
Sequential Fixed Rate – 0.4%
	BANK Series 2019-BN24, Class A3
$	1,400,000		2.960	%		11/15/62	$	1,452,682


Mortgage-Backed Obligations – (continued)
Federal Agencies – 45.3%
Adjustable Rate FHLMC^(b) – 0.1%
	(1 Year CMT + 2.224%)
	3,835		3.974			11/01/32		3,998
	(1 Year CMT + 2.250%)
	261,479		4.323			09/01/33		271,198

								275,196

Adjustable Rate FNMA^(b) – 0.4%
	(12M USD LIBOR + 1.670%)
	17,555		3.670			11/01/32		18,161
	(12M USD LIBOR + 1.591%)
	32,811		3.591			12/01/32		33,882
	(6M USD LIBOR + 1.413%)
	340,931		3.413			05/01/33		346,293
	(1 Year CMT + 2.223%)
	10,124		4.571			06/01/33		10,480
	(12M USD LIBOR + 1.656%)
	324,716		3.715			10/01/33		335,776
	(1 Year CMT + 2.196%)
	229,894		3.858			02/01/35		239,406
	(12M USD LIBOR + 1.531%)
	257,129		3.781			09/01/35		264,626

								1,248,624

Adjustable Rate GNMA^(b) – 0.4%
	(1 Year CMT + 1.500%)
	16,575		3.875			06/20/23		16,933
	8,704		3.250			07/20/23		8,867
	8,355		3.250			08/20/23		8,514
	18,819		3.250			09/20/23		19,178
	6,672		4.000			03/20/24		6,813
	59,934		3.875			04/20/24		61,368
	8,034		3.875			05/20/24		8,228
	68,379		3.875			06/20/24		70,065
	40,466		3.250			07/20/24		41,373
	57,299		3.250			08/20/24		58,571
	17,198		3.250			09/20/24		17,570
	23,455		3.125			11/20/24		24,047
	25,286		3.125			12/20/24		26,019
	15,426		4.000			01/20/25		15,812
	9,324		4.000			02/20/25		9,559
	35,463		3.875			05/20/25		36,486
	28,241		3.250			07/20/25		28,994
	12,742		4.000			02/20/26		13,069
	699		3.250			07/20/26		717
	34,263		4.000			01/20/27		35,227
	13,917		4.000			02/20/27		14,293
	106,968		3.875			04/20/27		110,167
	10,485		3.875			05/20/27		10,804
	15,948		3.875			06/20/27		16,436
	5,699		3.125			11/20/27		5,864
	16,397		3.125			12/20/27		16,877
	38,874		4.000			01/20/28		39,976
	12,286		4.000			02/20/28		12,636
	13,748		4.000			03/20/28		14,148
	62,596		3.250			07/20/29		64,451


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA^(b) – (continued)
	(1 Year CMT + 1.500%) – (continued)
$	39,267		3.250	%		08/20/29		$	40,435
	7,217		3.250			09/20/29			7,431
	31,995		3.125			10/20/29			32,998
	46,034		3.125			11/20/29			47,501
	8,691		3.125			12/20/29			8,966
	12,331		4.000			01/20/30			12,712
	5,265		4.000			02/20/30			5,429
	36,832		4.000			03/20/30			37,975
	37,891		3.875			04/20/30			39,169
	100,651		3.875			05/20/30			104,047
	10,687		3.875			06/20/30			11,044
	87,639		3.250			07/20/30			90,598
	17,612		3.250			09/20/30			18,207
	27,963		3.125			10/20/30			28,873
	53,708		4.000			03/20/32			55,483

									1,353,930

FHLMC – 1.5%
	3,790		6.500			07/01/21			3,870
	561		6.500			08/01/22			583
	12,248		9.000			10/01/22			12,358
	36,694		4.500			10/01/23			37,988
	163,488		5.000			08/01/24			170,550
	17,681		6.500			07/01/28			18,702
	261,570		4.500			03/01/29			284,774
	3,647		8.000			07/01/30			3,987
	11,944		5.000			08/01/33			13,355
	2,346		5.000			09/01/33			2,623
	4,421		5.000			10/01/33			4,943
	3,010		5.000			11/01/34			3,344
	169,697		5.000			12/01/34			188,565
	8,295		5.000			07/01/35			9,216
	879		5.000			11/01/35			983
	16,059		5.000			12/01/35			17,900
	23,888		5.000			02/01/37			26,336
	2,019		5.000			03/01/38			2,225
	87,570		5.000			07/01/39			97,226
	13,834		4.000			06/01/40			15,036
	5,802		5.000			08/01/40			6,424
	1,781		4.500			11/01/40			1,961
	122,319		4.000			02/01/41			133,030
	1,271		5.000			04/01/41			1,402
	5,706		5.000			06/01/41			6,294
	218,377		5.000			07/01/41			240,365
	9,074		4.000			11/01/41			9,861
	12,611		3.000			05/01/42			13,376
	14,782		3.000			08/01/42			15,679
	15,449		3.000			01/01/43			16,364
	61,359		3.000			02/01/43			65,021
	1,619,447		4.000			03/01/48			1,731,643
	1,950,778		4.000			04/01/48			2,081,880

									5,237,864


Mortgage-Backed Obligations – (continued)
FNMA – 0.1%
	3,474		6.500			11/01/28			3,829
	33,890		7.000			07/01/31			39,692
	381,463		5.500			07/01/33			428,492

									472,013

GNMA – 19.2%
	31,783		7.000			12/15/27			35,119
	11,405		6.500			08/15/28			12,604
	71,778		6.000			01/15/29			79,874
	90,054		7.000			10/15/29			99,818
	31,502		5.500			11/15/32			35,226
	574,297		5.500			12/15/32			651,593
	20,035		5.500			01/15/33			22,566
	39,811		5.500			02/15/33			45,471
	46,489		5.500			03/15/33			53,040
	50,541		5.500			07/15/33			56,625
	17,318		5.500			08/15/33			19,382
	10,224		5.500			09/15/33			11,391
	22,252		5.500			04/15/34			24,901
	8,998		5.500			05/15/34			9,805
	269,244		5.500			06/15/34			308,641
	205,674		5.500			09/15/34			235,819
	195,410		5.500			12/15/34			223,381
	141,040		5.500			01/15/35			161,685
	95,719		5.000			03/15/38			106,796
	1,484		5.000			11/15/38			1,653
	6,803		4.000			02/20/41			7,387
	10,370		4.000			11/20/41			11,262
	1,713		4.000			01/20/42			1,859
	5,506		4.000			04/20/42			5,974
	3,198		4.000			10/20/42			3,469
	401,808		4.000			08/20/43			435,720
	5,674		4.000			03/20/44			6,146
	6,860		4.000			05/20/44			7,431
	472,834		4.000			11/20/44			511,263
	2,104,429		4.000			06/20/45			2,273,489
	531,233		4.000			01/20/46			573,080
	546,422		4.500			02/20/48			585,451
	2,566,344		4.500			05/20/48			2,742,232
	1,397,913		4.500			08/20/48			1,492,192
	662,698		5.000			08/20/48			708,623
	9,932,438		4.500			09/20/48			10,599,204
	1,869,793		5.000			10/20/48			1,998,056
	1,780,360		5.000			11/20/48			1,900,680
	762,111		5.000			12/20/48			811,650
	4,152,425		5.000			01/20/49			4,418,131
	4,418,477		4.000			02/20/49			4,707,850
	1,740,027		4.000			03/20/49			1,853,032
	438,073		4.500			03/20/49			465,427
	3,482,765		5.000			03/20/49			3,699,907
	1,816,594		4.000			05/20/49			1,933,011
	504,672		4.500			05/20/49			535,436
	342,695		5.000			05/20/49			363,687
	874,628		5.000			06/20/49			929,586
	12,000,000		2.500			TBA-30yr	^(e)		12,545,501


42		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)
$	5,000,000		3.000	%		TBA-30yr	^(e)	$	5,288,334
	3,000,000		4.500			TBA-30yr	^(e)		3,180,889

									66,791,349

UMBS – 11.9%
	58,126		5.500			02/01/23			60,399
	82,980		5.000			06/01/23			86,159
	695,391		5.000			08/01/23			723,505
	113,709		5.500			08/01/23			118,928
	1,993		4.500			07/01/36			2,183
	2,027		4.500			04/01/39			2,232
	8,313		4.500			05/01/39			9,129
	3,984		4.000			08/01/39			4,328
	16,169		4.500			08/01/39			17,756
	311,658		4.500			12/01/39			342,240
	15,279		4.500			01/01/41			16,816
	109,610		4.500			05/01/41			120,773
	98,074		4.500			08/01/41			107,453
	98,519		4.500			08/01/42			108,032
	15,024		3.000			11/01/42			15,972
	163,945		3.000			12/01/42			174,285
	413,479		3.000			01/01/43			439,557
	71,168		3.000			02/01/43			75,657
	486,708		3.000			03/01/43			517,408
	797,663		3.000			04/01/43			847,976
	544,414		3.000			05/01/43			578,754
	96,743		3.000			06/01/43			102,846
	822,922		3.000			07/01/43			874,828
	1,516,280		4.500			10/01/44			1,649,598
	991,474		4.500			04/01/45			1,093,723
	110,823		4.500			05/01/45			122,252
	630,319		4.500			06/01/45			685,739
	568,666		4.000			11/01/45			611,278
	187,635		4.000			03/01/46			201,408
	15,670		4.500			05/01/46			16,909
	126,910		4.000			06/01/46			136,063
	31,965		4.000			08/01/46			34,270
	193,477		4.500			08/01/46			208,714
	206,057		4.000			10/01/46			220,917
	60,691		4.500			06/01/47			66,418
	1,981,355		4.500			11/01/47			2,143,586
	488,070		4.000			12/01/47			530,932
	501,298		4.000			01/01/48			545,322
	1,672,958		4.000			02/01/48			1,815,630
	1,391,011		4.000			03/01/48			1,507,084
	2,089,235		4.000			06/01/48			2,263,203
	609,223		4.000			08/01/48			659,488
	2,404,059		5.000			11/01/48			2,628,745
	11,302,415		5.000			10/01/49			12,192,321
	6,523,651		3.000			12/01/49			6,843,370

									41,524,186

UMBS, 30 Year, Single Family^(e) – 11.7%
	16,000,000		2.500			TBA-30yr			16,585,480
	6,000,000		3.000			TBA-30yr			6,291,937


Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family^(e) – (continued)
	14,000,000		3.500			TBA-30yr			14,807,586
	3,000,000		4.000			TBA-30yr			3,202,289

									40,887,292

	TOTAL FEDERAL AGENCIES							$	157,790,454

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $161,125,313)							$	164,947,173



Agency Debentures – 9.8%
	FFCB
$	3,000,000		3.430	%		12/06/28		$	3,472,110
	720,000		5.270			05/01/29			925,891
	1,150,000		3.290			01/25/30			1,344,281
	FHLB
	3,700,000		2.125			06/09/23			3,889,995
	2,100,000		3.375			09/08/23			2,300,508
	300,000		3.375			12/08/23			330,249
	FNMA
	1,400,000		1.875			09/24/26			1,490,580
	2,600,000		6.250			05/15/29			3,718,208
	4,000,000		6.625			11/15/30			6,140,360
	Israel Government AID Bond^(f)
	1,400,000		5.500			09/18/23			1,623,664
	500,000		5.500			12/04/23			582,555
	700,000		5.500			04/26/24			820,603
	New Valley Generation V
	727,495		4.929			01/15/21			726,447
	Tennessee Valley Authority
	6,500,000		3.875			02/15/21			6,678,750

	TOTAL AGENCY DEBENTURES
	(Cost $31,615,573)							$	34,044,201



Asset-Backed Securities – 5.3%
Automotive – 2.6%
	Ally Master Owner Trust Series 2018-1, Class A2
$	4,100,000		2.700	%		01/17/23		$	4,088,486
	Avis Budget Rental Car Funding AESOP LLC Series 2015-2A, Class A^(d)
	2,150,000		2.630			12/20/21			2,130,791
	Chesapeake Funding II LLC Series 2017-2A, Class A1^(d)
	479,980		1.990			05/15/29			466,970
	Ford Credit Auto Owner Trust Series 2016-2, Class A^(d)
	400,000		2.030			12/15/27			395,230
	Mercedes-Benz Master Owner Trust Series 2017-BA, Class A^(b)(d) (1M LIBOR + 0.420%)
	1,850,000		1.125			05/16/22			1,842,799

									8,924,276

Collateralized Loan Obligation^(b)(d) – 0.3%
	Towd Point Mortgage Trust Series 2017-4, Class A2
	1,030,153		3.000			06/25/57			1,039,419


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
Student Loan^(b) – 2.4%
	Access Group, Inc. Series 2015-1, Class A^(d) (1M USD LIBOR + 0.700%)
$	406,542		1.647	%		07/25/56	$	367,053
	ECMC Group Student Loan Trust Series 2018-2A, Class A^(d) (1M USD LIBOR + 0.800%)
	1,267,618		1.747			09/25/68		1,182,450
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L^(d) (3M LIBOR + 0.110%)
	280,071		2.020			11/25/26		269,376
	Higher Education Funding I Series 2014-1, Class A^(d) (3M USD LIBOR + 1.050%)
	1,261,907		2.729			05/25/34		1,198,356
	Navient Student Loan Trust Series 2016-7A, Class A^(d) (1M USD LIBOR + 1.150%)
	679,625		2.097			03/25/66		652,865
	Navient Student Loan Trust Series 2017-4A, Class A2^(d) (1M USD LIBOR + 0.500%)
	817,969		1.447			09/27/66		800,946
	Nelnet Student Loan Trust Series 2013-5A, Class A^(d) (1M USD LIBOR + 0.630%)
	226,519		1.577			01/25/37		212,547
	PHEAA Student Loan Trust Series 2016-1A, Class A^(d) (1M USD LIBOR + 1.150%)
	1,094,274		2.097			09/25/65		1,027,233
	Scholar Funding Trust Series 2013-A, Class A^(d) (1M USD LIBOR + 0.650%)
	1,494,196		1.591			01/30/45		1,363,497
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	753,412		3.494			07/25/23		689,468
	Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	800,000		2.613			05/01/35		793,000

								8,556,791

	TOTAL ASSET-BACKED SECURITIES
	(Cost $19,121,473)						$	18,520,486



Municipal Debt Obligations – 1.4%
Alaska^(b) – 0.4%
	Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.500%)
$	1,465,835		1.447	%		08/25/31	$	1,325,675

New Hampshire^(b)(g) – 0.3%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.000%)
	1,036,936		2.644			10/25/37		978,698

New Jersey – 0.7%
	New Jersey Economic Development Authority Series A
	2,000,000		7.425			02/15/29		2,385,980


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Debt Obligations – (continued)
Texas^(b)(g) – 0.0%
	Brazos Higher Education Authority, Inc. Series 2005-2, Class I-A12 (3M USD LIBOR + 0.000%)
$	169,758		1.376	%		03/27/23	$	154,919

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $4,657,531)						$	4,845,272



U.S. Treasury Obligations – 34.7%
	United States Treasury Bond
$	5,080,000		2.750	%		11/15/47	$	6,701,631
	United States Treasury Bonds
	900,000		3.125			11/15/41		1,219,500
	3,500,000		3.750			11/15/43		5,229,219
	3,830,000		3.625			02/15/44		5,631,297
	9,390,000		3.375			05/15/44		13,347,005
	3,320,000		3.125			08/15/44		4,542,694
	6,400,000		2.875	^(h)		11/15/46		8,581,000
	980,000		3.375			11/15/48		1,451,319
	630,000		2.000			02/15/50		731,686
	United States Treasury Inflation Indexed Note
	3,286,435		0.125			07/15/22		3,252,523
	United States Treasury Notes
	11,580,000		2.375			03/15/22		12,055,865
	830,000		2.875			11/30/23		906,386
	23,870,000		1.250			08/31/24		24,802,422
	3,730,000		2.875			05/31/25		4,194,793
	4,360,000		2.875			07/31/25		4,919,306
	970,000		3.000			09/30/25		1,103,451
	8,260,000		1.625			05/15/26		8,808,515
	1,010,000		2.125			05/31/26		1,108,554
	970,000		1.375			08/31/26		1,021,380
	United States Treasury Strip Coupon^(c)
	6,400,000		0.000			11/15/35		5,368,720
	1,300,000		0.000			05/15/36		1,079,376
	6,000,000		0.000			11/15/37		4,845,077

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $106,848,998)						$	120,901,719


Shares		Dividend Rate	Value

Investment Company⁽ⁱ⁾ – 17.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	59,347,188	0.333%	$	59,347,188
	(Cost $59,347,188)

	TOTAL INVESTMENTS – 115.5%
	(Cost $382,716,076)		$	402,606,039

	LIABILITIES IN EXCESS OF OTHER ASSETS – (15.5)%			(54,129,010	)

	NET ASSETS – 100.0%		$	348,477,029


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

GOLDMAN SACHS GOVERNMENT INCOME FUND



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 March 31, 2020.

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

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

(e)		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 $61,902,016 which represents approximately 17.8% of the Fund’s net assets as of March 31, 2020.

(f)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $3,026,822, which represents approximately 0.9% of the Fund’s net assets as of March 31, 2020.



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

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

(i)		Represents an affiliated issuer.



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
FFCB		—Federal Farm Credit Bank
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
NCUA		—National Credit Union Administration
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
UMBS		—Uniform Mortgage Backed Securities

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At March 31, 2020, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
GNMA		4.000	%	TBA-30yr		04/21/20	$	(4,000,000	)	$	(4,250,757	)
UMBS, 30 Year, Single Family		5.000		TBA-30yr		04/15/20		(4,000,000	)		(4,316,890	)

TOTAL (Proceeds Receivable: $(8,534,688))										$	(8,567,647	)

(a)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		82			12/14/20	$	20,430,300		$	337,338
Ultra 10 Year U.S. Treasury Notes		21			06/19/20		3,276,656			104,083
1 Month SOFR		35			07/31/20		14,575,749			112,327
2 Year U.S. Treasury Notes		113			06/30/20		24,903,258			19,925
5 Year U.S. Treasury Notes		79			06/30/20		9,903,391			248,618
10 Year U.S. Treasury Notes		83			06/19/20		11,511,063			111,446

Total									$	933,737
Short position contracts:
Ultra Long U.S. Treasury Bonds		(30	)		06/19/20		(6,656,250	)		(465,688	)
20 Year U.S. Treasury Bonds		(99	)		06/19/20		(17,727,188	)		(1,193,893	)
30 day Federal Funds		(35	)		07/31/20		(14,575,749	)		(112,389	)

Total									$	(1,771,970	)

TOTAL FUTURES CONTRACTS									$	(838,233	)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT


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

1M LIBOR + 0.090%	3M LIBOR	07/25/24	$11,100	$	(11,525	)	$	180	$	(11,705	)

(a)

Payments made quarterly.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
6M IRS	Deutsche Bank AG		1.985	%		06/09/2020		1,100,000		$	1,100,000		$	111		$	11,000		$	(10,889	)
3M IRS	JPMorgan Securities, Inc.		1.770			04/08/2020		3,300,000			3,300,000			1			40,065			(40,064	)

Total Purchased option contracts								4,400,000		$	4,400,000		$	112		$	51,065		$	(50,953	)
Written option contracts
Calls
1M IRS	Deutsche Bank AG		0.395			09/30/2020		(4,800,000	)		(4,800,000	)		(51,139	)		(60,960	)		9,821
6M IRS	Deutsche Bank AG		0.395			09/30/2020		(4,800,000	)		(4,800,000	)		(53,985	)		(49,920	)		(4,065	)
								(9,600,000	)	$	(9,600,000	)	$	(105,124	)	$	(110,880	)	$	5,756
Puts
6M IRS	Deutsche Bank AG		1.894			06/09/2020		(9,900,000	)		(9,900,000	)		(1	)		(6,233	)		6,232
6M IRS	Deutsche Bank AG		2.235			06/09/2020		(1,100,000	)		(1,100,000	)		(38	)		(4,767	)		4,729
3M IRS	JPMorgan Securities, Inc.		2.020			04/08/2020		(4,950,000	)		(4,950,000	)		(1	)		(19,935	)		19,934
								(15,950,000	)	$	(15,950,000	)	$	(40	)	$	(30,935	)	$	30,895

Total Written option contracts								(25,550,000	)	$	(25,550,000	)	$	(105,164	)	$	(141,815	)	$	36,651

TOTAL								(21,150,000	)	$	(21,150,000	)	$	(105,052	)	$	(90,750	)	$	(14,302	)



Abbreviation:
1M IRS		—1 Month Interest Rate Swaptions
3M IRS		—3 Months Interest Rate Swaptions
6M IRS		—6 Months Interest Rate Swaptions


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – 33.7%
Collateralized Mortgage Obligations – 27.6%
Regular Floater^(a) – 27.0%
	FHLMC REMIC Series 1826, Class F (1M USD LIBOR + 0.400%)
$	1,386		1.105	%		09/15/21	$	1,385
	FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
	535,098		1.305			09/15/37		534,475
	FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%)
	105,151		1.005			04/15/37		104,015
	FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	132,880		1.555			06/15/39		133,313
	FHLMC REMIC Series 4316, Class FY (1M USD LIBOR + 0.400%)
	718,468		1.105			11/15/39		715,886
	FHLMC REMIC Series 4477, Class FG (1M USD LIBOR + 0.300%)
	2,428,619		1.955			10/15/40		2,410,432
	FHLMC REMIC Series 4508, Class CF (1M USD LIBOR + 0.400%)
	2,200,047		1.105			09/15/45		2,178,588
	FHLMC REMIC Series 4751, Class FA (1M USD LIBOR + 0.250%)
	6,959,922		0.955			03/15/39		6,852,640
	FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%)
	204,603		1.105			05/15/36		201,581
	FHLMC STRIPS Series 350, Class F2 (1M USD LIBOR + 0.350%)
	9,013,615		2.005			09/15/40		8,862,425
	FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%)
	13,047		1.300			11/17/28		13,003
	FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%)
	141,609		1.447			08/25/36		140,866
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	33,295		1.297			04/25/37		32,906
	FNMA REMIC Series 2007-36, Class F (1M USD LIBOR + 0.230%)
	664,205		1.177			04/25/37		651,368
	FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%)
	316,648		1.787			04/25/48		317,864
	FNMA REMIC Series 2009-66, Class FP (1M USD LIBOR + 0.900%)
	11,580,181		1.847			09/25/39		11,589,895
	FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%)
	451,823		2.097			09/25/39		457,733
	FNMA REMIC Series 2010-123, Class FL (1M USD LIBOR + 0.430%)
	998,821		1.377			11/25/40		990,425


Mortgage-Backed Obligations – (continued)
Regular Floater^(a) – (continued)
	FNMA REMIC Series 2010-8, Class FE (1M USD LIBOR + 0.790%)
	5,358,418		1.737			02/25/40		5,340,269
	FNMA REMIC Series 2011-110, Class FE (1M USD LIBOR + 0.400%)
	1,617,398		1.347			04/25/41		1,605,609
	FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	359,900		1.397			07/25/41		356,870
	FNMA REMIC Series 2012-56, Class FG (1M USD LIBOR + 0.500%)
	824,912		1.447			03/25/39		823,017
	FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR + 0.400%)
	93,597		1.347			09/25/43		92,759
	FNMA REMIC Series 2014-19, Class FA (1M USD LIBOR + 0.400%)
	576,316		1.347			11/25/39		574,496
	FNMA REMIC Series 2014-19, Class FJ (1M USD LIBOR + 0.400%)
	672,672		1.347			11/25/39		670,453
	FNMA REMIC Series 2017-45, Class FA (1M USD LIBOR + 0.320%)
	5,798,694		1.975			06/25/47		5,756,448
	FNMA REMIC Series 2018-72, Class FB (1M USD LIBOR + 0.350%)
	6,996,264		1.297			10/25/58		6,839,625
	FNMA REMIC Series 2019-41, Class FC (1M USD LIBOR + 0.450%)
	3,806,949		1.397			08/25/49		3,763,172
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	658,449		1.466			10/07/20		653,228
	NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A (1M LIBOR + 0.470%)
	2,140,798		1.486			11/05/20		2,121,215

								64,785,961

Sequential Fixed Rate – 0.2%
	FHLMC REMIC Series 4248, Class LM
	438,406		6.500			05/15/41		525,072

Sequential Floating Rate^(a) – 0.4%
	FHLMC REMIC Series 3588, Class CW
	835,416		4.191			10/15/37		869,862
	FNMA REMIC Series 1997-20, Class F
	37,194		2.661			03/25/27		37,564

								907,426

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	66,218,459

Commercial Mortgage-Backed Securities^(a) – 3.9%
Sequential Floating Rate – 3.9%
	FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A (1M USD LIBOR + 0.340%)
$	279,685		1.855	%		01/25/21	$	279,312
	FHLMC Multifamily Structured Pass-Through Certificates Series KS02, Class A (1M USD LIBOR + 0.380%)
	262,027		1.895			08/25/23		261,768


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
	FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%)
$	1,218,434		1.965	%		06/25/23	$	1,209,029
	FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%)
	2,684,480		1.885			04/25/24		2,669,507
	FHLMC Multifamily Structured Pass-Through Certificates Series J15L, Class AFL (1M USD LIBOR + 0.350%)
	1,859,435		1.865			08/25/25		1,847,167
	FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%)
	3,102,193		1.885			05/25/24		3,075,444

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	9,342,227

Federal Agencies – 2.2%
Adjustable Rate FHLMC^(a) – 0.9%
	(COF + 1.250%)
$	402		2.286	%		05/01/21	$	400
	(3 Year CMT + 2.557%)
	267,014		4.367			08/01/28		271,228
	(6M CMT + 2.220%)
	57,090		4.238			05/01/29		58,911
	(COF + 1.250%)
	5,176		4.077			06/01/29		5,343
	12,056		2.350			04/01/30		11,968
	(COF + 1.248%)
	9,839		4.405			06/01/30		10,225
	(COF + 1.198%)
	1,475		2.448			02/01/31		1,471
	(12M MTA + 2.155%)
	4,696		4.380			06/01/31		4,891
	(12M USD LIBOR + 1.860%)
	426,956		4.735			05/01/34		439,836
	(12M USD LIBOR + 1.750%)
	390,242		4.625			05/01/35		401,517
	(3 Year CMT + 2.107%)
	5,749		6.146			05/01/35		6,072
	(1 Year CMT + 2.277%)
	938,353		4.248			01/01/38		972,819

								2,184,681

Adjustable Rate FNMA^(a) – 0.9%
	(1 Year CMT + 2.000%)
	194		6.725			02/01/22		199
	(6M USD LIBOR + 1.750%)
	6,723		3.750			02/01/23		6,810
	(6M USD LIBOR + 1.891%)
	70,501		3.838			01/01/24		71,716
	(6M USD LIBOR + 1.925%)
	66,321		3.870			03/01/24		67,620
	(COF + 1.250%)
	4,771		3.629			06/01/27		4,824
	3,407		4.250			12/01/27		3,537
	3,851		4.495			01/01/28		4,023
	3,733		2.350			06/01/29		3,709
	3,167		2.389			06/01/29		3,148


Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA^(a) – (continued)
	(1 Year CMT + 2.266%)
	333,770		4.646			07/01/33		343,748
	(1 Year CMT + 2.360%)
	137,906		4.349			11/01/34		143,540
	(COF + 1.254%)
	2,061		4.109			05/01/36		2,129
	(12M USD LIBOR + 1.963%)
	692,145		4.138			03/01/37		720,051
	(12M MTA + 1.400%)
	38,048		3.453			06/01/40		38,707
	(12M MTA + 1.200%)
	3,923		3.253			02/01/41		3,974
	(12M USD LIBOR + 1.550%)
	739,322		3.987			09/01/44		750,530

								2,168,265

Adjustable Rate GNMA^(a) – 0.4%
	(1 Year CMT + 1.500%)
	459,319		3.875			04/20/33		474,824
	100,352		3.875			05/20/33		103,740
	247,330		3.250			08/20/34		255,878

								834,442

FHLMC – 0.0%
	4,777		7.000			04/01/21		4,802
	4,822		7.000			08/01/21		4,948
	23,223		7.000			05/01/22		24,169
	53,470		7.000			06/01/22		55,652
	566		4.500			05/01/23		585

								90,156

FNMA – 0.0%
	2,677		3.355			05/20/22		2,679
	35,653		3.680			06/20/24		35,727

								38,406

GNMA – 0.0%
	14,251		7.000			04/15/26		15,649

UMBS – 0.0%
	5,541		7.000			07/01/21		5,662
	12,213		7.000			11/01/21		12,562
	13,841		7.000			12/01/21		13,937
	14,750		7.000			01/01/22		14,848
	3,537		7.000			02/01/22		3,654

								50,663

	TOTAL FEDERAL AGENCIES						$	5,382,262

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $81,960,767)						$	80,942,948



Asset-Backed Securities^(a) – 56.0%
Automotive – 11.0%
	Ally Master Owner Trust Series 2017-3, Class A1 (1M USD LIBOR + 0.430%)
$	11,500,000		1.135	%		06/15/22	$	11,277,530


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(a) – (continued)
Automotive – (continued)
	Chesapeake Funding II LLC Series 2017-3A, Class A2^(b) (1M USD LIBOR + 0.340%)
$	1,580,521		1.045	%		08/15/29	$	1,537,001
	GMF Floorplan Owner Revolving Trust Series 2017-2, Class A2^(b) (1M USD LIBOR + 0.430%)
	9,650,000		1.135			07/15/22		9,557,762
	Nissan Master Owner Receivables Trust Series 2017-C, Class A (1M USD LIBOR + 0.320%)
	4,100,000		1.025			10/17/22		4,026,978

								26,399,271

Collateralized Loan Obligations^(b) – 18.6%
	Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%)
	3,600,000		2.845			01/28/31		3,439,872
	Apex Credit CLO II LLC Series 2017-2A, Class A (3M USD LIBOR + 1.270%)
	3,000,000		2.386			09/20/29		2,811,237
	CBAM CLO Management LLC Series 2017-2A, Class A (3M USD LIBOR + 1.240%)
	3,500,000		3.076			10/17/29		3,360,892
	Cedar Funding VII Clo Ltd. Series 18-7A, Class A1 (3M USD LIBOR + 1.000%)
	3,000,000		2.819			01/20/31		2,805,816
	Dryden 64 CLO Ltd. Series 18-64A, Class A (3M USD LIBOR + 0.970%)
	5,950,000		2.789			04/18/31		5,560,680
	Jamestown CLO X Ltd. Series 2017-10A, Class A1 (3M USD LIBOR + 1.250%)
	4,750,000		3.086			07/17/29		4,512,457
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,200,000		2.581			04/15/29		4,962,901
	OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	6,000,000		2.874			04/26/31		5,579,754
	OCP CLO Ltd. Series 2017-13A, Class A1A (3M USD LIBOR + 1.260%)
	3,150,000		3.091			07/15/30		3,031,907
	Pikes Peak Clo 2 Series 18-2A, Class A (3M USD LIBOR + 1.290%)
	6,700,000		3.109			01/18/32		6,180,026
	WhiteHorse X Ltd. Series 2015-10A, Class A1R (3M USD LIBOR + 0.930%)
	2,285,576		2.766			04/17/27		2,225,097

								44,470,639

Credit Card – 16.4%
	American Express Credit Account Master Trust Series 2017-2, Class A (1M LIBOR + 0.450%)
	3,700,000		1.155			09/16/24		3,474,146
	Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M LIBOR + 0.620%)
	10,100,000		1.544			04/22/26		9,475,072
	Citibank Credit Card Issuance Trust Series 2017-A7, Class A7 (1M LIBOR + 0.370%)
	4,300,000		1.375			08/08/24		4,238,858


Asset-Backed Securities^(a) – (continued)
Credit Card – (continued)
	Evergreen Credit Card Trust Series 2019-1, Class A^(b) (1M USD LIBOR + 0.480%)
	8,700,000		1.185			01/15/23		8,277,300
	Golden Credit Card Trust Series 2017-4A, Class A^(b) (1M USD LIBOR + 0.520%)
	11,200,000		1.225			07/15/24		10,570,730
	Golden Credit Card Trust Series 2019-1A, Class A^(b) (1M USD LIBOR + 0.450%)
	3,500,000		1.155			12/15/22		3,325,657

								39,361,763

Student Loan – 10.0%
	Academic Loan Funding Trust Series 2013-1A, Class A^(b) (1M USD LIBOR + 0.800%)
	1,976,662		1.747			12/26/44		1,801,649
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A (1M USD LIBOR + 0.800%)
	1,637,651		1.747			02/25/41		1,520,080
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(b) (1M USD LIBOR + 0.800%)
	417,238		1.747			06/25/26		389,134
	Educational Funding of the South, Inc. Series 2012-1, Class A (1M USD LIBOR + 1.050%)
	1,388,100		1.997			03/25/36		1,304,090
	Educational Services of America, Inc. Series 2012-1, Class A1^(b) (1M USD LIBOR + 1.150%)
	1,154,915		2.777			09/25/40		1,085,469
	Educational Services of America, Inc. Series 2014-1, Class A^(b) (1M USD LIBOR + 0.700%)
	1,317,647		1.647			02/25/39		1,217,457
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L^(b) (3M LIBOR + 0.110%)
	310,349		2.020			11/25/26		298,497
	Goal Capital Funding Trust Series 2010-1, Class A^(b) (3M USD LIBOR + 0.700%)
	34,181		2.379			08/25/48		32,048
	Higher Education Funding I Series 2014-1, Class A^(b) (3M USD LIBOR + 1.050%)
	1,388,098		2.729			05/25/34		1,318,192
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	941,238		2.694			07/25/45		885,314
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1 (1M USD LIBOR + 0.750%)
	3,166,465		2.331			12/01/31		3,133,185
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	1,001,398		2.629			02/25/42		931,895
	Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%)
	324,840		2.744			04/25/38		305,317
	Missouri Higher Education Loan Authority Series 2010-2, Class A1 (3M USD LIBOR + 0.850%)
	1,827,883		2.529			08/27/29		1,706,306
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	1,706,808		1.773			05/20/30		1,651,411


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(a) – (continued)
Student Loan – (continued)
	NCUA Guaranteed Notes Series 2010-A1, Class A (1M LIBOR + 0.350%)
$	153,206		1.075	%		12/07/20	$	152,129
	Northstar Education Finance, Inc. Series 2012-1, Class A^(b) (1M USD LIBOR + 0.700%)
	336,564		1.647			12/26/31		318,342
	Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%)
	1,241,216		2.481			07/01/31		1,172,812
	Scholar Funding Trust Series 2010-A, Class A^(b) (3M USD LIBOR + 0.750%)
	714,894		2.545			10/28/41		659,796
	SLC Student Loan Center Series 2011-1, Class A^(b) (1M USD LIBOR + 1.220%)
	481,117		2.167			10/25/27		456,173
	SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%)
	510,117		2.554			11/25/42		497,396
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	446,299		2.544			04/25/23		413,826
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	246,308		3.494			07/25/23		225,403
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	182,898		2.759			10/01/24		178,583
	Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	900,000		2.613			05/01/35		892,125
	Utah State Board of Regents Series 2015-1, Class A (1M USD LIBOR + 0.600%)
	1,576,433		2.227			02/25/43		1,507,560

								24,054,189

	TOTAL ASSET-BACKED SECURITIES
	(Cost $140,710,899)						$	134,285,862



Municipal Debt Obligations^(a) – 4.4%
Alaska – 0.4%
	Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.500%)
$	1,135,506		1.447	%		08/25/31	$	1,026,931

New Hampshire^(c) – 1.1%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.000%)
	1,123,347		2.644			10/25/37		1,060,257
	New Hampshire State Higher Education Loan Corp. (Taxable- Student Loan) Series 2012-1 (1M USD LIBOR + 0.500%)
	1,691,149		1.447			10/25/28		1,664,936

								2,725,193

Rhode Island^(c) – 0.2%
	Rhode Island Student Loan Authority RB (Taxable – FFELP Loan Backed) Series 2014-1 (1M USD LIBOR + 0.700%)
	337,206		2.281			10/02/28		333,112


Municipal Debt Obligations^(a) – (continued)
Utah – 2.7%
	Utah State Board of Regents RB (Taxable-Student Loan) Series 2012-1 (1M USD LIBOR + 0.750%)
$	6,318,654		1.697	%		12/26/31	$	6,291,674
	Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2^(c) (3M USD LIBOR + 0.000%)
	207,330		2.613			05/01/29		207,226

								6,498,900

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $10,819,859)						$	10,584,136

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $233,491,525)						$	225,812,946



Short-term Investment – 2.2%
Repurchase Agreements – 2.2%
	Citibank N.A
$	5,200,000		0.020	%		04/01/20	$	5,200,000
	Maturity Value: $5,200,003
	Next Reset Date: 04/1/2020
	Collateralized by various mortgage obligations, 0.000% to 3.000%, due 03/01/50. The aggregate market value of the collateral, including accrued interest, was $5,356,001.
	(Cost $5,200,000)

	TOTAL INVESTMENTS – 96.3%
	(Cost $238,691,525)						$	231,012,946

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.7%							8,955,396

	NET ASSETS – 100.0%						$	239,968,342



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 March 31, 2020.

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

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



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
COF		—Cost of Funds Index
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
MTA		—Monthly Treasury Average
NCUA		—National Credit Union Administration
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
UMBS		—Uniform Mortgage Backed Securities


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		12			06/30/20	$	2,644,594		$	41,870
20 Year U.S. Treasury Bonds		8			06/19/20		1,432,500			97,890

Total									$	139,760
Short position contracts:
Eurodollars		(6	)		06/15/20		(1,492,125	)		(26,729	)
Ultra Long U.S. Treasury Bonds		(5	)		06/19/20		(1,109,375	)		(97,798	)
Ultra 10 Year U.S. Treasury Notes		(11	)		06/19/20		(1,716,344	)		(70,725	)
5 Year U.S. Treasury Notes		(51	)		06/30/20		(6,393,328	)		(197,959	)
10 Year U.S. Treasury Notes		(37	)		06/19/20		(5,131,438	)		(60,475	)

Total									$	(453,686	)

TOTAL FUTURES CONTRACTS									$	(313,926	)

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT


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

1M LIBOR + 0.090%	3M LIBOR	07/25/24	$11,600	$	(12,044	)	$	182	$	(12,226	)

(a)

Payments made quarterly.


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Obligations – 97.1%
	United States Treasury Bonds
$	560,000		3.375	%		11/15/48	$	829,325
	310,000		2.000			02/15/50		360,036
	United States Treasury Inflation Indexed Bonds
	11,098,527		2.125			02/15/40		15,535,525
	16,944,343		1.375			02/15/44		21,663,161
	18,730,827		0.750			02/15/45		21,433,743
	9,518,600		1.000			02/15/48		11,744,505
	United States Treasury Inflation Indexed Notes
	17,815,798		0.125	^(a)		04/15/21		17,468,614
	71,252,452		0.125	^(a)		04/15/22		70,255,727
	8,636,705		0.125			07/15/22		8,547,586
	32,295,172		0.125			01/15/23		31,825,310
	4,984,512		0.625			04/15/23		5,016,502
	13,840,763		0.625			01/15/26		14,309,742
	35,725,856		0.125			07/15/26		36,087,261
	10,571,319		0.375			01/15/27		10,833,840
	11,493,505		0.375	^(a)		07/15/27		11,838,032
	25,410,510		0.500			01/15/28		26,478,847
	18,506,716		0.750			07/15/28		19,835,776
	7,150,710		0.875			01/15/29		7,786,529
	United States Treasury Notes
	1,200,000		2.250			11/15/27		1,348,125
	4,710,000		2.875			08/15/28		5,567,367

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $321,425,799)						$	338,765,553


Shares	Dividend Rate			Value

Investment Company^(b) – 1.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
3,508,731		0.333	%	$	3,508,731
(Cost $3,508,731)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $324,934,530)				$	342,274,284

TOTAL INVESTMENTS – 98.1%
(Cost $324,934,530)				$	342,274,284

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%					6,768,970

NET ASSETS – 100.0%				$	349,043,254



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

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

(b)		Represents an affiliated issuer.



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
LIBOR		—London Interbank Offered Rate
SOFR		—Secured Overnight Funding Rate

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra 10 Year U.S. Treasury Notes		127			06/19/20	$	19,815,969		$	1,088,080
1 Month SOFR		100			07/31/20		41,644,998			360,806
5 Year U.S. Treasury Notes		289			06/30/20		36,228,859			888,759
10 Year U.S. Treasury Notes		48			06/19/20		6,657,000			186,939

Total									$	2,524,584

Short position contracts:
Eurodollars		(26	)		09/14/20		(6,476,925	)		(161,910	)
Eurodollars		(5	)		06/15/20		(1,243,437	)		(22,274	)
Ultra Long U.S. Treasury Bonds		(28	)		06/19/20		(6,212,500	)		(476,015	)
2 Year U.S. Treasury Notes		(90	)		06/30/20		(19,834,453	)		(182,576	)
20 Year U.S. Treasury Bonds		(59	)		06/19/20		(10,564,688	)		(721,678	)
30 day Federal Funds		(100	)		07/31/20		(41,644,998	)		(361,366	)

Total									$	(1,925,819	)

TOTAL FUTURES CONTRACTS									$	598,765


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.251%^(a)		3M LIBOR	02/20/24	$	13,700	$	(1,108,770	)	$	92		$	(1,108,862	)
1M LIBOR+0.090%^(b)		3M LIBOR	07/25/24		30,700		(31,331	)		496			(31,827	)
2.104^(a)		3M LIBOR	12/14/24		10,000		(801,243	)		90			(801,333	)
2.007^(a)		3M LIBOR	02/07/26		6,300		(526,065	)		71			(526,136	)
2.000^(c)		3M LIBOR^(b)	03/18/27		14,240		(1,396,731	)		(244,038	)		(1,152,693	)
3M LIBOR^(a)		2.103%	02/07/29		6,300		700,487			85			700,402

TOTAL						$	(3,163,653	)	$	(243,204	)	$	(2,920,449	)

(a)

Payments made at termination date.

(b)

Payments made quarterly.

(c)

Payments made semi-annually.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
6M IRS	Deutsche Bank AG (London)		1.985	%		06/09/2020		3,100,000		$	3,100,000		$	270		$	31,000		$	(30,730	)
3M IRS	JPMorgan Securities, Inc.		1.770			04/08/2020		2,100,000			2,100,000			—			25,496			(25,496	)

Total purchased option contracts								5,200,000		$	5,200,000		$	270		$	56,496		$	(56,226	)
Written option contracts
Calls
1M IRS	Deutsche Bank AG (London)		0.395			09/30/2020		(2,400,000	)		(2,400,000	)		(26,993	)		(30,480	)		3,487
6M IRS	Deutsche Bank AG (London)		0.395			09/30/2020		(2,400,000	)		(2,400,000	)		(26,993	)		(24,960	)		(2,033	)

								(4,800,000	)	$	(4,800,000	)	$	(53,986	)	$	(55,440	)	$	1,454
Puts
6M IRS	Deutsche Bank AG (London)		1.894			06/09/2020		(27,900,000	)		(27,900,000	)		(1	)		(17,567	)		17,566
6M IRS	Deutsche Bank AG (London)		2.235			06/09/2020		(3,100,000	)		(3,100,000	)		(103	)		(13,433	)		13,330
3M IRS	JPMorgan Securities, Inc.		2.020			04/08/2020		(3,150,000	)		(3,150,000	)		—			(12,686	)		12,686
								(34,150,000	)	$	(34,150,000	)	$	(104	)	$	(43,686	)	$	43,582

Total written option contracts								(38,950,000	)	$	(38,950,000	)	$	(54,090	)	$	(99,126	)	$	45,036

TOTAL								(33,750,000	)	$	(33,750,000	)	$	(53,820	)	$	(42,630	)	$	(11,190	)



Abbreviations:
1M IRS		—1 Month Interest Rate Swaptions
3M IRS		—3 Months Interest Rate Swaptions
6M IRS		—6 Months Interest Rate Swaptions


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – 48.9%
Collateralized Mortgage Obligations – 5.9%
Interest Only^(a) – 0.0%
	FHLMC REMIC Series 1161, Class U
$	17		1,172.807	%		11/15/21	$	103

Inverse Floaters^(b) – 0.0%
	FNMA REMIC Series 1990-134, Class SC (-1x1M USD LIBOR + 21.600%)
	217		20.180			11/25/20		225

Regular Floater^(b) – 0.1%
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	286,537		1.297			04/25/37		283,191
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	803,215		1.466			10/07/20		796,845

								1,080,036

Sequential Fixed Rate – 5.8%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 2A^(c)
	1,084,602		3.250			04/25/38		1,057,062
	FHLMC REMIC Series 1980, Class Z
	231,867		7.000			07/15/27		264,856
	FHLMC REMIC Series 2019, Class Z
	169,249		6.500			12/15/27		189,052
	FHLMC REMIC Series 2755, Class ZA
	510,785		5.000			02/15/34		581,015
	FHLMC REMIC Series 3530, Class DB
	1,648,172		4.000			05/15/24		1,724,259
	FHLMC REMIC Series 4246, Class PT
	97,102		6.500			02/15/36		115,569
	FHLMC REMIC Series 4273, Class PD
	858,739		6.500			11/15/43		1,041,177
	FHLMC REMIC Series 4619, Class NA
	2,913,067		3.000			03/15/44		3,117,752
	FHLMC REMIC Series 4663, Class KA
	21,011,583		3.500			11/15/42		21,775,888
	FNMA REMIC Series 2012-111, Class B
	301,918		7.000			10/25/42		372,565
	FNMA REMIC Series 2012-153, Class B
	1,143,968		7.000			07/25/42		1,443,827
	FNMA REMIC Series 2015-30, Class EA
	5,279,533		3.000			05/25/45		5,608,848
	GNMA REMIC Series 2019-35, Class A
	11,448,750		4.000			12/20/48		12,579,699

								49,871,569

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	50,951,933

Commercial Mortgage-Backed Securities – 4.1%
Sequential Fixed Rate – 4.1%
	FHLMC Multifamily Structured Pass Through Certificates Series K716, Class A2
	16,086,808		3.130			06/25/21		16,272,269
	FHLMC Multifamily Structured Pass Through Certificates Series K717, Class A2
	18,485,541		2.991			09/25/21		18,750,062

								35,022,331


Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – 0.0%
	FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A (1M USD LIBOR + 0.340%)
	213,401		1.855			01/25/21		213,117

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	35,235,448

Federal Agencies – 38.9%
Adjustable Rate FHLMC^(b) – 0.4%
	12M USD LIBOR + 1.840%
$	274,465		4.304	%		11/01/34	$	284,330
	1 Year CMT + 2.250%
	697,481		4.474			06/01/35		721,933
	12M USD LIBOR + 2.330%
	55,414		5.226			05/01/36		57,248
	6M USD LIBOR + 2.055%
	14,128		3.929			10/01/36		14,569
	12M USD LIBOR + 2.000%
	10,713		3.875			11/01/36		11,100
	12M USD LIBOR + 1.756%
	130,845		4.327			06/01/42		133,618
	12M USD LIBOR + 1.613%
	1,828,151		3.882			11/01/44		1,859,760

								3,082,558

Adjustable Rate FNMA^(b) – 0.8%
	COF + 1.799%
	29,381		2.835			08/01/29		29,398
	12M USD LIBOR + 1.755%
	29,145		4.255			07/01/32		30,041
	12M USD LIBOR + 1.225%
	8,435		3.475			01/01/33		8,615
	12M USD LIBOR + 1.800%
	383,524		4.724			05/01/33		394,834
	6M USD LIBOR + 2.250
	45,747		4.125			08/01/33		47,142
	COF + 1.250%
	477,944		4.605			08/01/33		501,626
	1 Year CMT + 2.287%
	339,334		3.899			02/01/34		352,798
	12M USD LIBOR + 1.695%
	172,132		4.570			05/01/34		176,999
	12M USD LIBOR + 1.720
	338,370		4.658			05/01/34		348,210
	1 Year CMT + 2.220%
	341,731		4.595			06/01/34		352,814
	12M USD LIBOR + 1.663%
	120,838		3.573			10/01/34		125,151
	12M USD LIBOR + 1.667%
	244,176		3.917			10/01/34		252,609
	12M USD LIBOR + 1.506%
	105,293		3.506			02/01/35		108,472
	12M USD LIBOR + 1.510%
	50,303		3.510			02/01/35		51,971
	12M USD LIBOR + 1.720%
	146,764		3.720			03/01/35		152,892
	12M USD LIBOR + 1.639%
	176,886		4.428			03/01/35		182,714


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA^(b) – (continued)
	12M USD LIBOR + 1.325%
$	444,828		3.918	%		04/01/35	$	455,699
	12M USD LIBOR + 1.720%
	62,481		4.720			04/01/35		64,736
	12M USD LIBOR + 1.397%
	90,442		4.179			05/01/35		92,747
	1 Year CMT + 2.074%
	143,311		4.018			10/01/35		148,681
	12M USD LIBOR + 1.724%
	400,691		3.856			03/01/36		415,869
	12M MTA + 1.946%
	180,545		4.011			04/01/36		186,970
	12M USD LIBOR + 1.971
	697,059		4.971			04/01/36		725,308
	12M USD LIBOR + 1.883%
	491,576		4.633			06/01/36		506,665
	12M MTA + 2.593
	158,938		4.684			06/01/36		165,125
	12M MTA + 2.361%
	793,165		4.436			07/01/36		822,789
	12M USD LIBOR + 1.935%
	88,773		3.889			11/01/36		92,257
	33,004		4.060			11/01/36		34,275
	12M USD LIBOR + 1.747%
	529,731		4.368			07/01/37		546,662
	12M USD LIBOR + 1.820%
	3,876		3.945			12/01/46		4,050

								7,378,119

Adjustable Rate GNMA^(b) – 0.3%
	1 Year CMT + 1.500%
	117,565		3.875			05/20/34		121,872
	1 Year CMT + 1.500%
	259,652		3.250			07/20/34		268,601
	1 Year CMT + 1.500%
	216,551		3.250			08/20/34		224,035
	1 Year CMT + 1.500%
	1,570,960		3.250			09/20/34		1,625,795
	1 Year CMT + 1.500%
	199,354		3.125			10/20/34		206,747
	1 Year CMT + 1.500%
	296,263		3.125			12/20/34		307,293

								2,754,343

FHLMC – 0.8%
	23,737		7.000			04/01/22		24,470
	566		4.500			05/01/23		585
	4,907		7.500			01/01/31		5,731
	31,634		4.500			07/01/33		35,024
	856,037		4.500			08/01/33		947,827
	1,757,277		4.500			09/01/33		1,945,576
	163,426		4.500			10/01/33		180,947
	3,905		4.500			04/01/34		4,326
	4,262		4.500			04/01/35		4,641
	2,801		4.500			07/01/35		3,050
	8,137		4.500			08/01/35		8,861
	33,579		4.500			09/01/35		36,766


Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	17,724		4.500			10/01/35		19,301
	1,483		4.500			12/01/35		1,643
	1,121		4.500			05/01/36		1,221
	105,062		4.500			01/01/38		114,419
	2,135		4.500			04/01/38		2,348
	487		4.500			05/01/38		536
	6,189		4.500			06/01/38		6,739
	163,498		4.500			09/01/38		179,046
	3,404		4.500			01/01/39		3,746
	96,557		4.500			02/01/39		106,243
	49,962		4.500			03/01/39		55,041
	9,259		4.500			04/01/39		10,200
	277,587		4.500			05/01/39		305,807
	800,721		4.500			06/01/39		882,118
	17,202		4.500			07/01/39		18,949
	38,058		4.500			08/01/39		41,927
	51,948		4.500			09/01/39		57,228
	10,058		4.500			10/01/39		11,080
	18,894		4.500			11/01/39		20,814
	37,256		4.500			12/01/39		41,043
	31,413		4.500			01/01/40		34,607
	8,890		4.500			02/01/40		9,790
	23,757		4.500			04/01/40		26,160
	37,542		4.500			05/01/40		41,333
	44,076		4.500			06/01/40		48,527
	39,484		4.500			07/01/40		43,470
	36,917		4.500			08/01/40		40,648
	25,272		4.500			09/01/40		27,825
	9,080		4.500			10/01/40		9,997
	14,294		4.500			02/01/41		15,742
	29,736		4.500			03/01/41		32,777
	93,379		4.500			04/01/41		102,929
	71,754		4.500			05/01/41		79,092
	143,978		4.500			06/01/41		158,702
	11,264		4.500			07/01/41		12,416
	340,204		4.500			08/01/41		374,964
	363,775		4.500			09/01/41		400,532
	22,421		4.500			12/01/41		24,714
	266,544		4.500			03/01/42		293,802

								6,855,280

FNMA^(b) – 2.7%
	22,437,188		4.225			07/01/21		22,873,057
	96,208		7.500			10/01/37		111,096

								22,984,153

GNMA – 21.5%
	868		5.500			07/15/20		871
	1,240		6.500			01/15/32		1,352
	6,333		6.500			02/15/32		7,207
	5,314		6.500			08/15/34		6,215
	11,173		6.500			05/15/35		12,979
	2,800		6.500			06/15/35		3,226
	7,635		6.500			07/15/35		8,874
	2,947		6.500			08/15/35		3,414
	6,175		6.500			09/15/35		7,137
	2,352		6.500			10/15/35		2,732


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	12,635		6.500	%		11/15/35		$	14,676
	6,390		6.500			12/15/35			7,404
	25,791		6.500			01/15/36			29,894
	28,475		6.500			02/15/36			33,077
	17,550		6.500			03/15/36			20,353
	53,232		6.500			04/15/36			61,525
	86,560		6.500			05/15/36			100,346
	64,869		6.500			06/15/36			75,246
	217,626		6.500			07/15/36			252,576
	242,415		6.500			08/15/36			281,411
	437,999		6.500			09/15/36			510,398
	154,197		6.500			10/15/36			179,174
	218,318		6.500			11/15/36			256,064
	102,151		6.500			12/15/36			118,745
	62,163		6.500			01/15/37			72,184
	23,414		6.500			02/15/37			27,152
	10,371		6.500			03/15/37			12,027
	26,076		6.500			04/15/37			30,316
	13,786		6.500			05/15/37			15,952
	16,089		6.500			08/15/37			18,652
	60,236		6.500			09/15/37			69,798
	65,032		6.500			10/15/37			77,062
	26,899		6.500			11/15/37			30,973
	14,221		6.500			05/15/38			16,611
	57,565		6.000			11/15/38			66,344
	2,931		6.500			01/15/39			3,356
	13,899		6.500			02/15/39			16,104
	9,324,395		4.500			08/20/47			10,004,978
	231,057		4.500			02/20/48			247,561
	644,163		4.500			05/20/48			688,311
	3,293,805		4.500			09/20/48			3,514,918
	9,652,143		4.500			12/20/48			10,269,930
	30,241,095		5.000			12/20/48			32,206,878
	49,506,530		4.500			01/20/49			52,667,467
	3,012,988		5.000			01/20/49			3,205,783
	13,123,603		5.000			05/20/49			13,927,472
	8,746,284		5.000			06/20/49			9,295,857
	38,000,000		2.500			TBA-30yr	^(d)		39,727,419
	6,000,000		3.000			TBA-30yr	^(d)		6,346,001

									184,554,002

UMBS – 5.2%
	252,187		5.500			09/01/23			261,806
	70,920		5.500			10/01/23			73,670
	404,438		4.500			11/01/36			445,628
	106,342		4.500			02/01/39			116,909
	105,201		4.500			04/01/39			115,848
	7,435		4.500			08/01/39			8,165
	6,027		4.500			05/01/41			6,641
	392,295		4.500			08/01/41			429,810
	110,538		4.500			10/01/41			121,796
	30,703		4.000			09/01/48			32,755
	7,583,497		4.500			10/01/48			8,266,037
	32,265,126		5.000			10/01/49			34,805,550

									44,684,615


Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family^(d) – 7.2%
	19,000,000		2.500			TBA-30yr			19,695,258
	27,000,000		3.000			TBA-30yr			28,313,717
	6,000,000		3.500			TBA-30yr			6,346,108
	7,000,000		4.000			TBA-30yr			7,472,009

									61,827,092

	TOTAL FEDERAL AGENCIES							$	334,120,162

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $416,848,712)							$	420,307,543



Agency Debentures – 4.0%
	FHLB
$	1,800,000		5.375	%		08/15/24		$	2,151,378
	FNMA
	5,200,000		6.250			05/15/29			7,436,416
	16,080,000		7.125			01/15/30			24,700,488

	TOTAL AGENCY DEBENTURES
	(Cost $30,243,961)							$	34,288,282



Asset-Backed Securities^(b) – 0.1%
Student Loan – 0.1%
	NCUA Guaranteed Notes Series 2010-A1, Class A (1M LIBOR + 0.350%)
$	944,772		1.075	%		12/07/20		$	938,127
	(Cost $944,772)



U.S. Treasury Obligations – 48.0%
	United States Treasury Bonds
$	7,370,000		3.750	%^(e)		11/15/43		$	11,011,241
	410,000		3.375			05/15/44			582,777
	10,000		3.000	^(e)		11/15/45			13,645
	200,000		2.875			11/15/46			268,156
	110,000		3.000	^(e)		02/15/48			151,955
	1,400,000		3.375			11/15/48			2,073,313
	780,000		2.000			02/15/50			905,897
	United States Treasury Inflation Indexed Note
	18,709,122		0.125			07/15/22			18,516,070
	United States Treasury Notes
	13,456,000		2.625			07/15/21			13,868,616
	78,670,000		2.500			01/15/22			81,795,289
	71,350,000		2.500			02/15/22			74,312,697
	43,730,000		1.875			02/28/22			45,062,398
	71,560,000		2.375			03/15/22			74,500,669
	46,570,000		1.750			09/30/22			48,243,609
	350,000		2.750			04/30/23			376,031
	380,000		2.875			11/30/23			414,972
	7,100,000		2.625			12/31/23			7,702,945
	620,000		3.000			09/30/25			705,298
	4,500,000		2.625			12/31/25			5,048,438
	630,000		1.375			08/31/26			663,370


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

U.S. Treasury Obligations – (continued)
	United States Treasury Strip Coupon^(f)
$	28,900,000		0.000	%		11/15/35	$	24,243,126
	2,800,000		0.000			05/15/36		2,324,810

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $395,983,874)						$	412,785,322


Shares	Dividend Rate			Value

Investment Company^(g) – 11.6%
Goldman Sachs Financial Square Government Fund – Institutional Shares
99,415,408		0.333	%	$	99,415,408
(Cost $99,415,408)

TOTAL INVESTMENTS – 112.6%
(Cost $943,436,727)				$	967,734,682

LIABILITIES IN EXCESS OF OTHER ASSETS – (12.6)%					(108,314,463	)

NET ASSETS – 100.0%				$	859,420,219



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 March 31, 2020.



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

(d)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $107,900,512 which represents approximately 12.6% of the Fund’s net assets as of March 31, 2020.

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

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

(g)		Represents an affiliated issuer.



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
COF		—Cost of Funds Index
FDIC		—Federal Deposit Insurance Corp.
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
MTA		—Monthly Treasury Average
NCUA		—National Credit Union Administration
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
UMBS		—Uniform Mortgage Backed Securities

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At March 31, 2020, the Fund had the following forward sales contracts:

Description

Interest
Rate

Maturity
Date^(a)

Settlement
Date

Principal
Amount

Value

UMBS, 30 Year, Single Family

(Proceeds Receivable: $(16,445,313))

5.000

TBA-30yr

04/15/20

(15,000,000

)

(16,188,338

)

(a)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		222		12/14/20	$	55,311,300	$	986,549
1 Month SOFR		88		07/31/20		36,647,598		377,913
2 Year U.S. Treasury Notes		1,375		06/30/20		303,026,367		3,949,084

Total							$	5,313,546


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Eurodollars		(254	)		06/15/20	$	(63,166,625	)	$	(949,214	)
Ultra Long U.S. Treasury Bonds		(56	)		06/19/20		(12,425,000	)		(525,366	)
Ultra 10 Year U.S. Treasury Notes		(122	)		06/19/20		(19,035,813	)		(865,737	)
30 day Federal Funds		(88	)		07/31/20		(36,647,598	)		(322,944	)
5 Year U.S. Treasury Notes		(338	)		06/30/20		(42,371,469	)		(1,261,583	)
10 Year U.S. Treasury Notes		(89	)		06/19/20		(12,343,188	)		(263,527	)
20 Year U.S. Treasury Bonds		(259	)		06/19/20		(46,377,188	)		(2,836,514	)

Total									$	(7,024,885	)

TOTAL FUTURES CONTRACTS									$	(1,711,339	)

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT


Payments Made by the Fund^(a)	Payments Received by Fund	Termination Date	Notional Amount (000s)^(b)	Unrealized Appreciation/ (Depreciation)*

1M LIBOR + 0.090%	3M LIBOR	07/25/24	$9,300	$	(9,491	)

(a)

Payments made quarterly.

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2020.

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


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 73.1%
Aerospace & Defense^(a) – 0.3%
	Bombardier, Inc.^(b)
$	125,000		7.500	%		03/15/25	$	87,188
	TransDigm, Inc.
	1,925,000		6.500			07/15/24		1,828,750
	120,000		6.500			05/15/25		114,000

								2,029,938

Agriculture^(a) – 1.1%
	Altria Group, Inc.
	2,350,000		3.800			02/14/24		2,384,710
	Archer-Daniels-Midland Co.
	1,250,000		2.750			03/27/25		1,265,500
	BAT Capital Corp.
	4,925,000		2.764			08/15/22		4,856,739

								8,506,949

Apparel^(a) – 0.2%
	NIKE, Inc.
	1,575,000		2.400			03/27/25		1,632,173

Automotive – 1.2%
	American Axle & Manufacturing, Inc.^(a)
	125,000		6.250			04/01/25		102,500
	Cooper-Standard Automotive, Inc.^(a)(b)
	145,000		5.625			11/15/26		108,750
	Ford Motor Credit Co. LLC
	1,500,000		3.813			10/12/21		1,432,260
	General Motors Financial Co., Inc.
	700,000		3.200	^(a)		07/06/21		669,158
	1,450,000		4.200			11/06/21		1,368,713
	846,000		3.700	^(a)		05/09/23		761,146
	1,100,000		3.950	^(a)		04/13/24		996,930
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc.^(a)(b)
	120,000		8.500			05/15/27		104,700
	Volkswagen Group of America Finance LLC^(b)(c) (3M USD LIBOR + 0.770%)
	4,000,000		2.477			11/13/20		3,951,160

								9,495,317

Banks – 20.2%
	Banco do Brasil SA
	350,000		4.750			03/20/24		340,922
	Banco Santander SA
	1,800,000		3.848			04/12/23		1,801,944
	2,600,000		2.706			06/27/24		2,571,192
	Bank of America Corp.
	3,075,000		2.503	^(a)		10/21/22		3,076,015
	1,000,000		4.200			08/26/24		1,062,000
	(3M USD LIBOR + 0.630%)
	1,800,000		3.499	^(a)(c)		05/17/22		1,821,204
	(3M USD LIBOR + 0.790%)
	11,000,000		3.004	^(a)(c)		12/20/23		11,211,090
	(3M USD LIBOR + 0.940%)
	1,175,000		3.864	^(a)(c)		07/23/24		1,227,147
	Bank of America NA^(a)(c) (3M USD LIBOR + 0.650%)
	500,000		3.335			01/25/23		509,755
	Banque Federative du Credit Mutuel SA^(b)
	2,800,000		3.750			07/20/23		2,871,512


Corporate Obligations – (continued)
Banks – (continued)
	Barclays Bank PLC
	1,100,000		5.140			10/14/20		1,110,296
	1,600,000		2.650	^(a)		01/11/21		1,595,200
	Barclays PLC^(a)(c) (3M USD LIBOR + 1.380%)
	2,550,000		3.072			05/16/24		2,212,558
	BNP Paribas SA^(b)
	1,650,000		3.500			03/01/23		1,658,910
	BPCE SA^(b)
	2,425,000		3.000			05/22/22		2,403,708
	850,000		2.375			01/14/25		786,038
	CIT Bank NA^(a)(c) (SOFR + 1.715%)
	1,050,000		2.969			09/27/25		920,472
	CIT Group, Inc.^(a)
	125,000		4.750			02/16/24		121,250
	Citibank NA^(a)
	1,425,000		3.650			01/23/24		1,493,414
	Citigroup, Inc.
	5,500,000		2.350			08/02/21		5,495,655
	2,025,000		2.900	^(a)		12/08/21		2,043,245
	975,000		2.700	^(a)		10/27/22		980,811
	(3M USD LIBOR + 0.950%)
	3,750,000		2.876	^(a)(c)		07/24/23		3,757,387
	(SOFR + 3.234%)
	1,275,000		4.700	^(a)(c)		12/31/99		1,102,875
	Citizens Bank NA^(a)
	2,900,000		3.250			02/14/22		2,937,845
	Comerica Bank
	1,450,000		2.500			07/23/24		1,435,935
	Cooperatieve Rabobank UA^(b)
	2,700,000		2.625			07/22/24		2,615,085
	Credit Agricole SA, Class B
	3,700,000		4.375			03/17/25		3,821,323
	Credit Suisse Group Funding Guernsey Ltd.
	5,375,000		3.450			04/16/21		5,408,755
	Credit Suisse Group Funding Guernsey Ltd.
	1,450,000		3.800			09/15/22		1,473,780
	HSBC Holdings PLC
	1,050,000		2.950			05/25/21		1,055,891
	(3M USD LIBOR + 1.000%)
	1,300,000		2.692	^(a)(c)		05/18/24		1,206,322
	ING Groep NV
	1,525,000		4.100			10/02/23		1,565,062
	JPMorgan Chase & Co.
	6,000,000		3.200			01/25/23		6,197,040
	(3M USD LIBOR + 0.695%)
	2,050,000		3.207	^(a)(c)		04/01/23		2,086,039
	(3M USD LIBOR + 0.730%)
	7,125,000		3.559	^(a)(c)		04/23/24		7,452,536
	(3M USD LIBOR + 3.800%)
	1,230,000		5.300	^(a)(c)		12/29/49		1,147,086
	(SOFR + 3.125%)
	1,700,000		4.600	^(a)(c)		12/31/99		1,496,782
	Lloyds Bank PLC
	1,975,000		3.300			05/07/21		1,975,395
	Lloyds Banking Group PLC^(a)(c) (3M USD LIBOR + 1.249%)
	1,375,000		2.858			03/17/23		1,354,403


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Macquarie Bank Ltd.^(b)
$	1,825,000		2.100	%		10/17/22	$	1,812,973
	Mitsubishi UFJ Financial Group, Inc.
	1,400,000		2.623			07/18/22		1,397,956
	6,950,000		3.407			03/07/24		7,164,894
	Morgan Stanley, Inc.
	6,150,000		2.625			11/17/21		6,158,671
	4,600,000		4.875			11/01/22		4,812,382
	(3M USD LIBOR + 0.847%)
	5,175,000		3.737	^(a)(c)		04/24/24		5,369,166
	(SOFR + 0.700%)
	4,125,000		1.613	^(a)(c)		01/20/23		3,837,034
	MUFG Union Bank NA^(a)
	2,375,000		3.150			04/01/22		2,377,612
	1,400,000		2.100			12/09/22		1,357,608
	NatWest Markets PLC^(b)
	4,125,000		3.625			09/29/22		4,113,285
	Royal Bank of Canada
	2,050,000		1.950			01/17/23		2,029,090
	Royal Bank of Scotland Group PLC^(a)(c) (3M USD LIBOR + 1.550%)
	2,525,000		4.519			06/25/24		2,565,526
	(3M USD LIBOR + 1.762%)
	1,175,000		4.269			03/22/25		1,220,285
	Santander UK PLC
	3,675,000		2.100			01/13/23		3,566,734
	Standard Chartered PLC^(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,275,000		4.247			01/20/23		1,280,636
	State Street Corp.^(a)(b)(c) (SOFR + 2.690%)
	900,000		2.825			03/30/23		908,532
	Sumitomo Mitsui Financial Group, Inc.
	4,650,000		2.784			07/12/22		4,685,619
	The Bank of New York Mellon Corp.
	1,450,000		3.500			04/28/23		1,514,206
	The Huntington National Bank^(a)
	800,000		3.125			04/01/22		810,584
	Turkiye Vakiflar Bankasi TAO
	200,000		8.125			03/28/24		192,174
	380,000		5.250	^(b)		02/05/25		321,100
	UBS Group AG^(b)
	1,275,000		2.650			02/01/22		1,266,802
	UniCredit SpA^(b)
	1,000,000		6.572			01/14/22		1,017,980
	Wells Fargo & Co.
	4,375,000		2.625			07/22/22		4,417,525
	1,400,000		3.750	^(a)		01/24/24		1,481,158
	Wells Fargo Bank NA^(a)
	1,400,000		3.550			08/14/23		1,467,242
	(3M USD LIBOR + 0.650%)
	2,000,000		2.082	^(c)		09/09/22		1,987,840

								164,538,493

Beverages – 2.3%
	Anheuser-Busch InBev Finance, Inc.^(a)
	2,359,000		3.300			02/01/23		2,427,553


Corporate Obligations – (continued)
Beverages – (continued)
	Anheuser-Busch InBev Worldwide, Inc.^(c) (3M USD LIBOR + 0.740%)
	2,725,000		2.588			01/12/24		2,524,031
	Constellation Brands, Inc.^(a)
	3,200,000		2.700			05/09/22		3,132,608
	3,025,000		2.650			11/07/22		2,950,403
	800,000		3.200			02/15/23		799,696
	Diageo Capital PLC^(a)
	1,975,000		3.500			09/18/23		2,037,568
	Keurig Dr Pepper, Inc.^(a)
	3,900,000		4.057			05/25/23		4,058,925
	The Coca-Cola Co.
	1,000,000		2.950			03/25/25		1,068,130

								18,998,914

Biotechnology – 0.4%
	Bio-Rad Laboratories, Inc.
	3,576,000		4.875			12/15/20		3,623,811

Building Materials^(a) – 1.6%
	Carrier Global Corp.^(b)
	2,650,000		1.923			02/15/23		2,606,884
	8,475,000		2.242			02/15/25		8,278,549
	Fortune Brands Home & Security, Inc.
	1,650,000		4.000			09/21/23		1,692,685
	JELD-WEN, Inc.^(b)
	125,000		4.875			12/15/27		110,313
	Summit Materials LLC/Summit Materials Finance Corp.^(b)
	115,000		6.500			03/15/27		108,963

								12,797,394

Chemicals – 1.8%
	Celanese US Holdings LLC^(a)
	900,000		3.500			05/08/24		853,074
	CNAC HK Finbridge Co. Ltd.
	600,000		3.125			06/19/22		593,067
	240,000		4.625			03/14/23		246,900
	230,000		3.375			06/19/24		228,778
	DuPont de Nemours, Inc.^(a)
	6,800,000		4.205			11/15/23		7,157,612
	International Flavors & Fragrances, Inc.
	1,375,000		3.400			09/25/20		1,380,981
	Kraton Polymers LLC/Kraton Polymers Capital Corp.^(a)(b)
	120,000		7.000			04/15/25		106,200
	Sasol Financing International Ltd.
	200,000		4.500			11/14/22		84,000
	Sasol Financing USA LLC^(a)
	650,000		5.875			03/27/24		266,370
	Syngenta Finance NV^(b)
	3,055,000		3.933			04/23/21		2,877,505
	The Dow Chemical Co.^(a)
	1,125,000		3.150			05/15/24		1,115,955
	The Sherwin-Williams Co.^(a)
	35,000		2.750			06/01/22		35,071

								14,945,513

Commercial Services – 1.8%
	Global Payments, Inc.^(a)
	3,800,000		3.750			06/01/23		3,810,678


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Commercial Services – (continued)
	IHS Markit Ltd.^(a)
$	4,343,000		5.000	% ^(b)		11/01/22	$	4,555,242
	2,475,000		3.625			05/01/24		2,514,179
	PayPal Holdings, Inc.
	2,075,000		2.200			09/26/22		2,052,715
	1,625,000		2.400	^(a)		10/01/24		1,630,590
	The Hertz Corp.^(a)(b)
	125,000		6.000			01/15/28		65,625

								14,629,029

Computers^(a) – 2.5%
	Dell International LLC/EMC Corp.^(b)
	3,150,000		4.420			06/15/21		3,181,721
	6,625,000		5.450			06/15/23		6,795,130
	3,650,000		4.000			07/15/24		3,690,113
	Hewlett Packard Enterprise Co.
	1,475,000		3.500			10/05/21		1,482,036
	800,000		4.400			10/15/22		817,768
	825,000		2.250			04/01/23		802,725
	(3M USD LIBOR + 0.720%)
	3,525,000		2.620	^(c)		10/05/21		3,335,002

								20,104,495

Cosmetics/Personal Care^(a) – 0.0%
	The Procter & Gamble Co.
	325,000		2.450			03/25/25		340,337

Distribution & Wholesale^(a)(b) – 0.0%
	Resideo Funding, Inc.
	125,000		6.125			11/01/26		108,688

Diversified Financial Services – 3.8%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	250,000		4.500			05/15/21		229,570
	1,500,000		4.125	^(a)		07/03/23		1,361,745
	Air Lease Corp.
	1,975,000		3.500			01/15/22		1,789,883
	775,000		2.250			01/15/23		649,388
	3,586,000		2.750	^(a)		01/15/23		3,017,332
	1,500,000		2.300	^(a)		02/01/25		1,182,105
	Ally Financial, Inc.
	1,975,000		4.125			02/13/22		1,940,437
	1,300,000		4.625			05/19/22		1,275,430
	American Express Co.^(a)
	1,525,000		3.700			08/03/23		1,598,734
	(3M USD LIBOR + 0.750%)
	1,200,000		2.513	^(c)		08/03/23		1,129,704
	(3M USD LIBOR + 3.285%)
	646,000		4.026	^(c)		12/29/49		545,870
	Avolon Holdings Funding Ltd.^(a)(b)
	1,025,000		3.625			05/01/22		907,925
	3,925,000		5.500			01/15/23		3,515,779
	1,075,000		3.950			07/01/24		847,089
	2,075,000		2.875			02/15/25		1,640,702
	Capital One Financial Corp.^(a)
	850,000		3.900			01/29/24		857,676
	(3M USD LIBOR + 0.720%)
	1,475,000		2.490	^(c)		01/30/23		1,369,906


Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	GE Capital International Funding Co. Unlimited Co.
	1,675,000		2.342			11/15/20		1,665,972
	Global Aircraft Leasing Co. Ltd.^(a)(b)(d) (PIK 7.250%, Cash 6.500%)
	1,550,000		6.500			09/15/24		964,875
	Huarong Finance 2019 Co. Ltd.
	380,000		3.750			05/29/24		376,675
	Huarong Finance II Co. Ltd.
	270,000		5.500			01/16/25		283,500
	International Lease Finance Corp.
	2,125,000		8.625			01/15/22		2,060,825
	Nationstar Mortgage Holdings, Inc.^(a)(b)
	115,000		8.125			07/15/23		112,413
	Park Aerospace Holdings Ltd.^(a)(b)
	900,000		5.250			08/15/22		794,988
	The Western Union Co.^(a)
	1,025,000		2.850			01/10/25		1,019,906

								31,138,429

Electrical – 4.1%
	Ameren Corp.^(a)
	1,250,000		2.500			09/15/24		1,214,425
	Berkshire Hathaway Energy Co.^(a)(b)
	1,225,000		4.050			04/15/25		1,324,445
	Calpine Corp.^(a)
	2,045,000		5.750			01/15/25		1,912,075
	Dominion Energy, Inc.
	2,125,000		2.715	^(e)		08/15/21		2,096,865
	1,750,000		2.450	^(b)		01/15/23		1,730,907
	525,000		3.071	^(e)		08/15/24		521,052
	DTE Energy Co.
	650,000		2.600			06/15/22		634,394
	Exelon Corp.^(a)
	750,000		2.450			04/15/21		743,640
	FirstEnergy Corp.^(a)
	850,000		2.050			03/01/25		789,506
	Florida Power & Light Co.^(a)
	750,000		2.850			04/01/25		782,678
	Georgia Power Co.
	1,825,000		2.100			07/30/23		1,781,401
	ITC Holdings Corp.^(a)
	4,050,000		2.700			11/15/22		4,021,002
	NextEra Energy Capital Holdings, Inc.^(a)
	2,625,000		3.150			04/01/24		2,685,007
	NRG Energy, Inc.^(a)(b)
	4,525,000		3.750			06/15/24		4,472,329
	Public Service Enterprise Group, Inc.^(a)
	975,000		2.875			06/15/24		973,479
	Sempra Energy^(a)(c) (3M USD LIBOR + 0.500%)
	1,350,000		2.331			01/15/21		1,278,760
	Vistra Energy Corp.^(a)
	1,900,000		5.875			06/01/23		1,909,500
	Vistra Operations Co. LLC^(a)(b)
	3,325,000		3.550			07/15/24		3,128,060
	WEC Energy Group, Inc.
	1,425,000		3.100			03/08/22		1,441,088

								33,440,613


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Electrical Components & Equipment^(a)(b) – 0.3%
	Energizer Holdings, Inc.
$	1,925,000		5.500	%		06/15/25	$	1,905,750
	110,000		7.750			01/15/27		111,650

								2,017,400

Electronics^(a) – 0.1%
	Roper Technologies, Inc.
	975,000		2.350			09/15/24		947,817

Entertainment^(a)(b) – 0.0%
	Lions Gate Capital Holdings LLC
	125,000		5.875			11/01/24		107,500

Environmental^(a) – 0.2%
	Waste Management, Inc.
	1,500,000		2.950			06/15/24		1,539,750

Food & Drug Retailing – 1.6%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC^(a)(b)
	110,000		7.500			03/15/26		117,288
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(a)
	1,926,000		6.625			06/15/24		1,954,890
	B&G Foods, Inc.^(a)
	125,000		5.250			04/01/25		123,125
	General Mills, Inc.
	1,500,000		3.700	^(a)		10/17/23		1,559,385
	(3M USD LIBOR + 1.010%)
	2,175,000		2.846	^(c)		10/17/23		2,100,419
	Mondelez International Holdings Netherlands B.V.^(b)
	1,975,000		2.000	^(a)		10/28/21		1,966,310
	1,225,000		2.125			09/19/22		1,214,710
	Smithfield Foods, Inc.^(a)(b)
	2,350,000		2.650			10/03/21		2,200,634
	Sysco Corp.^(a)
	1,000,000		5.650			04/01/25		1,040,350
	Tyson Foods, Inc.^(a)
	875,000		3.900			09/28/23		910,691

								13,187,802

Gas^(a) – 0.1%
	NiSource, Inc.
	1,100,000		2.650			11/17/22		1,111,242

Healthcare Providers & Services – 1.9%
	Acadia Healthcare Co., Inc.^(a)
	500,000		6.125			03/15/21		490,000
	1,950,000		5.625			02/15/23		1,852,500
	120,000		6.500			03/01/24		117,000
	Centene Corp.^(a)(b)
	1,900,000		4.250			12/15/27		1,912,578
	DaVita, Inc.^(a)
	1,925,000		5.000			05/01/25		1,925,000
	DH Europe Finance II S.a.r.l.
	1,300,000		2.050			11/15/22		1,275,781
	650,000		2.200	^(a)		11/15/24		638,248
	HCA, Inc.
	1,089,000		5.875			05/01/23		1,135,283


Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	Hill-Rom Holdings, Inc.^(a)(b)
$	2,050,000		5.000	%		02/15/25	$	2,050,000
	SSM Health Care Corp.^(a)
	2,335,000		3.688			06/01/23		2,371,470
	Tenet Healthcare Corp.^(a)
	1,952,000		5.125			05/01/25		1,864,160

								15,632,020

Household Products^(a) – 0.5%
	Prestige Brands, Inc.^(b)
	1,900,000		6.375			03/01/24		1,919,000
	Spectrum Brands, Inc.
	1,900,000		5.750			07/15/25		1,776,500

								3,695,500

Insurance – 0.3%
	American International Group, Inc.
	1,700,000		4.125			02/15/24		1,776,500
	Reliance Standard Life Global Funding II^(b)
	1,025,000		2.150			01/21/23		1,011,337

								2,787,837

Internet – 0.1%
	Netflix, Inc.
	1,100,000		5.875			02/15/25		1,157,750

Iron/Steel^(a)(b) – 0.0%
	Cleveland-Cliffs, Inc.
	130,000		5.875			06/01/27		78,975

Leisure Time^(a)(b) – 0.0%
	Viking Cruises Ltd.
	115,000		5.875			09/15/27		67,850

Lodging^(a) – 0.3%
	Marriott International, Inc.
	1,650,000		3.600			04/15/24		1,518,017
	MGM Resorts International
	1,181,000		5.750			06/15/25		1,056,995

								2,575,012

Machinery – Construction & Mining^(a)(b) – 0.0%
	The Manitowoc Co., Inc.
	125,000		9.000			04/01/26		110,469

Machinery-Diversified^(a)(b) – 0.8%
	Otis Worldwide Corp.
	4,000,000		2.056			04/05/25		3,924,320
	(3M USD LIBOR + 0.450%)
	3,000,000		2.088	^(c)		04/05/23		2,842,110

								6,766,430

Media – 3.3%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	1,650,000		4.464			07/23/22		1,704,417
	2,900,000		4.500			02/01/24		2,994,105
	3,775,000		4.908			07/23/25		4,057,596
	(3M USD LIBOR + 1.650%)
	1,275,000		3.413	^(c)		02/01/24		1,242,692


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Media – (continued)
	Comcast Cable Communications Holdings, Inc.
$	3,148,000		9.455	%		11/15/22	$	3,716,277
	CSC Holdings LLC
	1,150,000		6.750			11/15/21		1,184,500
	Diamond Sports Group LLC/Diamond Sports Finance Co.^(a)(b)
	125,000		6.625			08/15/27		83,594
	DISH DBS Corp.
	1,850,000		6.750			06/01/21		1,863,875
	Entercom Media Corp.^(a)(b)
	120,000		7.250			11/01/24		100,200
	Fox Corp.
	1,225,000		3.666			01/25/22		1,251,104
	3,150,000		4.030	^(a)		01/25/24		3,272,702
	Meredith Corp.^(a)
	120,000		6.875			02/01/26		103,200
	Scripps Escrow, Inc.^(a)(b)
	120,000		5.875			07/15/27		105,600
	The Walt Disney Co.
	1,650,000		3.350			03/24/25		1,796,949
	Time Warner Cable LLC^(a)
	1,448,000		4.000			09/01/21		1,450,360
	Time Warner Entertainment Co. LP
	1,701,000		8.375			03/15/23		1,887,055
	Univision Communications, Inc.^(a)(b)
	125,000		5.125			05/15/23		107,188

								26,921,414

Mining^(b) – 0.2%
	Glencore Funding LLC^(a)
	625,000		3.000			10/27/22		585,600
	Indonesia Asahan Aluminium Persero PT
	780,000		5.230			11/15/21		777,387

								1,362,987

Miscellaneous Manufacturing – 0.7%
	General Electric Co.
	1,000,000		2.700			10/09/22		983,630
	(3M USD LIBOR + 0.800%)
	2,130,000		2.631	^(c)		04/15/20		2,130,000
	Ingersoll-Rand Global Holding Co. Ltd.
	1,875,000		2.900			02/21/21		1,880,663
	Parker-Hannifin Corp.^(a)
	625,000		2.700			06/14/24		621,350

								5,615,643

Oil Field Services – 1.3%
	Antero Resources Corp.^(a)
	140,000		5.375			11/01/21		99,400
	Canadian Natural Resources Ltd.^(a)
	1,400,000		2.950			01/15/23		1,211,574
	Continental Resources, Inc.^(a)
	2,000,000		3.800			06/01/24		1,010,840
	Exxon Mobil Corp.^(a)
	1,850,000		2.992			03/19/25		1,944,294
	Gazprom PJSC Via Gaz Capital SA
	670,000		5.999			01/23/21		679,631


Corporate Obligations – (continued)
Oil Field Services – (continued)
	MEG Energy Corp.^(a)(b)
$	78,000		7.000	%		03/31/24	$	35,490
	Nabors Industries, Inc.
	14,000		4.625			09/15/21		8,873
	Newfield Exploration Co.
	125,000		5.750			01/30/22		84,948
	Oasis Petroleum, Inc.^(a)
	900,000		6.875			03/15/22		182,250
	Occidental Petroleum Corp.
	1,275,000		2.700			08/15/22		908,438
	(3M USD LIBOR + 1.450%)
	2,350,000		3.142	^(a)(c)		08/15/22		1,557,415
	Petrobras Global Finance B.V.
	1,130,000		6.250			03/17/24		1,100,620
	Transocean Sentry Ltd.^(a)(b)
	1,900,000		5.375			05/15/23		1,596,000
	USA Compression Partners LP/USA Compression Finance Corp.^(a)
	120,000		6.875			04/01/26		75,000
	WPX Energy, Inc.^(a)
	120,000		5.250			09/15/24		72,000

								10,566,773

Pharmaceuticals – 5.5%
	AbbVie, Inc.
	3,875,000		3.375			11/14/21		3,960,637
	4,475,000		2.300	^(b)		11/21/22		4,470,972
	5,575,000		2.600	^(a)(b)		11/21/24		5,623,893
	Bausch Health Americas, Inc.^(a)(b)
	110,000		9.250			04/01/26		115,500
	Bausch Health Cos., Inc.^(a)(b)
	1,875,000		7.000			03/15/24		1,926,562
	Bayer US Finance II LLC^(a)(b)(c) (3M USD LIBOR + 1.010%)
	4,150,000		1.751			12/15/23		3,638,554
	Becton Dickinson & Co.^(a)
	4,375,000		2.894			06/06/22		4,344,025
	1,200,000		3.363			06/06/24		1,198,848
	(3M USD LIBOR + 0.875%)
	1,144,000		2.250	^(c)		12/29/20		1,105,390
	Bristol-Myers Squibb Co.^(b)
	1,450,000		2.600			05/16/22		1,478,202
	1,275,000		2.900	^(a)		07/26/24		1,326,638
	Cigna Corp.^(a)
	1,080,000		3.750			07/15/23		1,101,838
	(3M USD LIBOR + 0.650%)
	1,550,000		1.493	^(c)		09/17/21		1,487,814
	CVS Health Corp.^(a)
	1,748,000		2.125			06/01/21		1,743,682
	8,100,000		3.700			03/09/23		8,395,731
	Elanco Animal Health, Inc.
	1,375,000		4.662			08/27/21		1,359,375
	500,000		5.022	^(a)		08/28/23		507,088
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.^(a)(b)
	120,000		7.250			08/15/26		102,000
	McKesson Corp.^(a)
	675,000		2.700			12/15/22		688,190

								44,574,939


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pipelines^(a) – 3.8%
	Enbridge, Inc.
$	2,725,000		2.900	%		07/15/22	$	2,612,021
	Energy Transfer Operating LP
	7,500,000		3.600			02/01/23		6,620,475
	Energy Transfer Partners LP/Regency Energy Finance Corp.
	150,000		4.500			11/01/23		135,443
	EQM Midstream Partners LP
	3,981,000		4.750			07/15/23		2,876,909
	Genesis Energy LP/Genesis Energy Finance Corp.
	1,285,000		6.000			05/15/23		931,625
	MPLX LP
	2,050,000		3.500	^(b)		12/01/22		1,978,270
	1,000,000		4.500			07/15/23		852,770
	(3M USD LIBOR + 0.900%)
	1,100,000		1.899	^(c)		09/09/21		1,079,804
	(3M USD LIBOR + 1.100%)
	1,600,000		2.099	^(c)		09/09/22		1,525,648
	NGPL PipeCo LLC^(b)
	215,000		4.375			08/15/22		204,693
	410,000		4.875			08/15/27		361,259
	Sabine Pass Liquefaction LLC
	4,560,000		5.625			02/01/21		4,485,718
	225,000		5.625			04/15/23		209,246
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	1,950,000		5.125			02/01/25		1,618,500
	Texas Eastern Transmission LP^(b)
	1,225,000		4.125			12/01/20		1,221,889
	The Williams Cos., Inc.
	1,095,000		4.125			11/15/20		1,082,736
	2,025,000		3.600			03/15/22		1,983,892
	Western Midstream Operating LP
	1,300,000		5.375			06/01/21		1,042,561

								30,823,459

Real Estate^(a) – 0.1%
	China Evergrande Group
	230,000		8.250			03/23/22		185,811
	Kaisa Group Holdings Ltd.
	200,000		11.500			01/30/23		167,651
	Realogy Group LLC/Realogy Co-Issuer Corp.^(b)
	125,000		9.375			04/01/27		104,375
	Yuzhou Properties Co. Ltd.
	200,000		7.700			02/20/25		166,813

								624,650

Real Estate Investment Trust – 1.3%
	Alexandria Real Estate Equities, Inc.^(a)
	375,000		4.000			01/15/24		392,273
	American Tower Corp.
	4,000,000		3.000			06/15/23		3,881,480
	1,325,000		3.375	^(a)		05/15/24		1,323,450
	1,150,000		2.400	^(a)		03/15/25		1,133,302
	SL Green Operating Partnership LP^(a)
	2,575,000		3.250			10/15/22		2,735,937


Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
	Ventas Realty LP^(a)
	1,375,000		3.500			04/15/24		1,399,090

								10,865,532

Retailing^(a) – 0.8%
	1011778 BC ULC/New Red Finance, Inc.^(b)
	1,929,000		5.000			10/15/25		1,861,485
	Alimentation Couche-Tard, Inc.^(b)
	425,000		2.700			07/26/22		417,945
	AutoZone, Inc.
	1,700,000		3.125			04/18/24		1,690,361
	Beacon Roofing Supply, Inc.^(b)
	1,207,000		4.875			11/01/25		1,089,317
	Dollar Tree, Inc.^(c) (3M USD LIBOR + 0.700%)
	1,025,000		2.536			04/17/20		1,021,166
	PetSmart, Inc.^(b)
	125,000		5.875			06/01/25		124,688
	Staples, Inc.^(b)
	120,000		10.750			04/15/27		91,800

								6,296,762

Savings & Loans^(b) – 0.6%
	Nationwide Building Society
	2,725,000		2.000			01/27/23		2,667,175
	(3M USD LIBOR + 1.181%)
	2,075,000		3.622	^(a)(c)		04/26/23		2,061,492

								4,728,667

Semiconductors – 2.7%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	5,455,000		3.625			01/15/24		5,394,068
	Broadcom, Inc.^(b)
	5,375,000		3.125			10/15/22		5,320,121
	5,250,000		3.625	^(a)		10/15/24		5,148,150
	Microchip Technology, Inc.
	1,125,000		3.922			06/01/21		1,089,557
	NXP B.V./NXP Funding LLC^(b)
	2,950,000		4.125			06/01/21		2,976,579
	NXP B.V./NXP Funding LLC^(b)
	1,600,000		3.875			09/01/22		1,607,504

								21,535,979

Software – 1.3%
	Adobe, Inc.
	475,000		1.700			02/01/23		480,486
	500,000		1.900	^(a)		02/01/25		505,605
	Fiserv, Inc.
	1,225,000		4.750			06/15/21		1,261,468
	1,950,000		3.800	^(a)		10/01/23		2,027,922
	2,975,000		2.750	^(a)		07/01/24		2,981,307
	Oracle Corp.^(a)
	2,825,000		2.500			04/01/25		2,883,563

								10,140,351

Telecommunication Services – 3.3%
	AT&T, Inc.
	900,000		3.000			02/15/22		906,687
	1,324,000		3.200	^(a)		03/01/22		1,343,052


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Telecommunication Services – (continued)
$	3,225,000		3.600	%^(a)		02/17/23	$	3,319,557
	2,400,000		3.900	^(a)		03/11/24		2,508,480
	CenturyLink, Inc.
	1,100,000		6.450			06/15/21		1,111,000
	CommScope Technologies LLC^(a)(b)
	130,000		6.000			06/15/25		118,950
	CommScope, Inc.^(a)
	63,000		5.000	^(b)		06/15/21		61,740
	750,000		5.500			03/01/24		758,033
	Level 3 Financing, Inc.^(a)
	1,925,000		5.375			05/01/25		1,934,625
	Qwest Corp.
	650,000		6.750			12/01/21		656,838
	Sprint Communications, Inc.
	770,000		6.000			11/15/22		800,800
	Sprint Corp.
	1,000,000		7.250			09/15/21		1,030,000
	T-Mobile USA, Inc.^(a)
	1,120,000		6.000			04/15/24		1,136,800
	Telecom Italia SpA^(b)
	1,125,000		5.303			05/30/24		1,125,000
	Verizon Communications, Inc.
	2,200,000		2.450	^(a)		11/01/22		2,230,712
	6,700,000		5.150			09/15/23		7,468,825

								26,511,099

Toys/Games/Hobbies^(a)(b) – 0.0%
	Mattel, Inc.
	125,000		5.875			12/15/27		127,500

Transportation^(a) – 0.5%
	Ryder System, Inc.
	2,350,000		2.875			06/01/22		2,287,067
	United Parcel Service, Inc.
	1,925,000		3.900			04/01/25		2,083,793

								4,370,860

Trucking & Leasing^(a)(b) – 0.2%
	SMBC Aviation Capital Finance DAC
	1,200,000		3.550			04/15/24		1,253,880

	TOTAL CORPORATE OBLIGATIONS
	(Cost $611,563,974)						$	594,433,942



Mortgage-Backed Obligations – 16.4%
Collateralized Mortgage Obligations – 2.5%
Interest Only^(f) – 1.0%
	FHLMC REMIC Series 3852, Class SW^(c) (-1x1M USD LIBOR + 6.000%)
$	759,602		5.295	%		05/15/41	$	117,925
	FHLMC REMIC Series 4314, Class SE^(c) (-1x1M USD LIBOR + 6.050%)
	581,686		5.345			03/15/44		95,010
	FHLMC REMIC Series 4320, Class SD^(c) (-1x1M USD LIBOR + 6.100%)
	139,371		5.395			07/15/39		28,169


Mortgage-Backed Obligations – (continued)
Interest Only^(f) – (continued)
	FHLMC REMIC Series 4468, Class SY^(c) (-1x1M USD LIBOR + 6.100%)
	918,547		5.395			05/15/45		175,345
	FHLMC REMIC Series 4583, Class ST^(c) (-1x1M USD LIBOR + 6.000%)
	637,062		5.295			05/15/46		106,792
	FHLMC REMIC Series 4792, Class SA^(c) (-1x1M USD LIBOR + 6.200%)
	1,114,376		5.495			05/15/48		108,408
	FHLMC REMIC Series 4936, Class ES^(c) (-1x1M USD LIBOR + 6.000%)
	396,419		5.295			12/25/49		45,970
	FHLMC REMIC Series 4936, Class PS^(c) (-1x1M USD LIBOR + 6.000%)
	686,215		5.295			12/25/49		88,872
	FHLMC STRIPS Series 304, Class C45
	208,334		3.000			12/15/27		12,284
	FNMA REMIC Series 2010-135, Class AS^(c) (-1x1M USD LIBOR + 5.950%)
	205,659		5.003			12/25/40		31,865
	FNMA REMIC Series 2015-34, Class LS^(c) (-1x1M USD LIBOR + 6.100%)
	1,689,094		5.153			06/25/45		321,026
	FNMA REMIC Series 2016-1, Class SJ^(c) (-1x1M USD LIBOR + 6.150%)
	961,476		5.203			02/25/46		160,399
	FNMA REMIC Series 2017-31, Class SG^(c) (-1x1M USD LIBOR + 6.100%)
	1,000,617		5.153			05/25/47		167,291
	FNMA REMIC Series 2017-86, Class SB^(c) (-1x M USD LIBOR + 6.150%)
	739,004		5.203			11/25/47		115,938
	FNMA REMIC Series 2018-17, Class CS^(c) (-1x1M USD LIBOR + 3.450%)
	2,921,447		2.500			03/25/48		157,886
	GNMA REMIC Series 2010-101, Class S^(c) (-1x1M USD LIBOR + 6.000%)
	143,295		5.227			08/20/40		25,520
	GNMA REMIC Series 2010-20, Class SE^(c) (-1x1M USD LIBOR + 6.250%)
	103,254		5.477			02/20/40		20,240
	GNMA REMIC Series 2013-124, Class CS^(c) (-1x1M USD LIBOR + 6.050%)
	591,007		5.277			08/20/43		113,965
	GNMA REMIC Series 2013-134, Class DS^(c) (-1x1M USD LIBOR + 6.100%)
	66,215		5.327			09/20/43		12,486
	GNMA REMIC Series 2013-152, Class TS^(c) (-1x1M USD LIBOR + 6.100%)
	212,937		5.327			06/20/43		38,839
	GNMA REMIC Series 2014-117, Class SJ^(c) (-1x1M USD LIBOR + 5.600%)
	1,687,025		4.827			08/20/44		299,958
	GNMA REMIC Series 2014-132, Class SL^(c) (-1x1M USD LIBOR + 6.100%)
	579,470		5.327			10/20/43		77,928


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(f) – (continued)
	GNMA REMIC Series 2014-133, Class BS^(c) (-1x1M USD LIBOR + 5.600%)
$	531,528		4.827	%		09/20/44	$	93,780
	GNMA REMIC Series 2014-158, Class SA^(c) (-1x1M USD LIBOR + 5.600%)
	790,484		4.895			10/16/44		138,281
	GNMA REMIC Series 2014-162, Class SA^(c) (-1x1M USD LIBOR + 5.600%)
	228,076		4.827			11/20/44		37,547
	GNMA REMIC Series 2015-110, Class MS^(c) (-1x1M USD LIBOR + 5.710%)
	5,054,539		4.937			08/20/45		806,090
	GNMA REMIC Series 2015-111, Class IM
	770,058		4.000			08/20/45		79,653
	GNMA REMIC Series 2015-123, Class SP^(c) (-1x1M USD LIBOR + 6.250%)
	366,995		5.477			09/20/45		65,992
	GNMA REMIC Series 2015-57, Class AS^(c) (-1x1M USD LIBOR + 5.600%)
	921,630		4.827			04/20/45		145,557
	GNMA REMIC Series 2015-95, Class GI
	427,665		4.500			07/16/45		76,620
	GNMA REMIC Series 2016-109, Class IH
	2,012,820		4.000			10/20/45		206,668
	GNMA REMIC Series 2016-27, Class IA
	334,998		4.000			06/20/45		27,594
	GNMA REMIC Series 2017-112, Class SJ^(c) (-1X 1M USD LIBOR + 5.660%)
	421,389		4.887			07/20/47		59,875
	GNMA REMIC Series 2018-105, Class SC^(c) (-1x1M USD LIBOR + 6.200%)
	383,082		5.427			08/20/48		52,960
	GNMA REMIC Series 2018-122, Class HS^(c) (-1X 1M USD LIBOR + 6.200%)
	902,543		5.427			09/20/48		159,625
	GNMA REMIC Series 2018-122, Class SE^(c) (-1x1M USD LIBOR + 6.200%)
	1,000,000		5.427			09/20/48		141,234
	GNMA REMIC Series 2018-139, Class SQ^(c) (-1x1M USD LIBOR + 6.150%)
	1,180,911		5.377			10/20/48		161,633
	GNMA REMIC Series 2018-147, Class SA^(c) (-1x1M USD LIBOR + 6.200%)
	2,172,179		5.427			10/20/48		347,313
	GNMA REMIC Series 2018-72, Class IB
	352,215		4.000			04/20/46		43,719
	GNMA REMIC Series 2019-1, Class SN^(a)(c) (-1x1M USD LIBOR + 6.050%)
	1,131,093		5.277			01/20/49		151,999
	GNMA REMIC Series 2019-110, Class SD^(c) (-1x1M USD LIBOR + 6.100%)
	1,054,426		5.327			09/20/49		159,954
	GNMA REMIC Series 2019-110, Class SE^(c) (-1x1M USD LIBOR + 6.100%)
	1,110,062		5.327			09/20/49		147,027


Mortgage-Backed Obligations – (continued)
Interest Only^(f) – (continued)
	GNMA REMIC Series 2019-128, Class IO
	1,770,245		4.000			10/20/49		193,702
	GNMA REMIC Series 2019-129, Class AI
	2,950,866		3.500			10/20/49		351,482
	GNMA REMIC Series 2019-151, Class IA
	4,280,186		3.500			12/20/49		468,651
	GNMA REMIC Series 2019-151, Class NI
	3,613,111		3.500			10/20/49		327,807
	GNMA REMIC Series 2019-20, Class SF^(c) (-1x1M USD LIBOR + 3.790%)
	2,483,992		3.017			02/20/49		191,681
	GNMA REMIC Series 2019-4, Class SJ^(a)(c) (-1X 1M USD LIBOR + 6.050%)
	914,744		5.277			01/20/49		134,812
	GNMA REMIC Series 2019-69, Class S^(a)(c) (-1x1M USD LIBOR + 3.270%)
	2,730,270		2.497			06/20/49		191,638
	GNMA REMIC Series 2019-78, Class SE^(a)(c) (-1X 1M USD LIBOR + 6.100%)
	553,928		5.327			06/20/49		75,305
	GNMA REMIC Series 2019-97, Class SC^(c) (-1x1M USD LIBOR + 6.100%)
	876,364		5.327			08/20/49		116,088
	GNMA REMIC Series 2019-98, Class SC^(c) (-1x1M USD LIBOR + 6.050%)
	1,602,614		5.277			08/20/49		213,629

								7,690,032

Regular Floater^(c) – 0.0%
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	17,152		1.297			04/25/37		16,952

Sequential Fixed Rate – 1.5%
	FHLMC REMIC Series 4619, Class NA
	1,626,869		3.000			03/15/44		1,741,180
	FHLMC REMIC Series 4630, Class MC
	1,107,472		4.000			08/15/54		1,202,573
	FHLMC REMIC Series 4649, Class ML
	8,353,745		4.000			11/15/54		9,228,139
	FNMA REMIC Series 2012-111, Class B
	19,798		7.000			10/25/42		24,430
	FNMA REMIC Series 2012-153, Class B
	71,054		7.000			07/25/42		89,679

								12,286,001

Sequential Floating Rate^(b)(c) – 0.0%
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	242,244		3.750			05/28/52		249,054

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	20,242,039

Commercial Mortgage-Backed Securities^(b)(c) – 0.1%
Sequential Floating Rate – 0.1%
	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A (1M USD LIBOR + 0.900%)
$	952,670		1.605	%		09/15/35	$	827,168


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A (1M USD LIBOR + 0.830%)
$	122,401		1.630	%		06/15/35		$	111,756

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES							$	938,924

Federal Agencies – 13.8%
GNMA – 8.2%
$	5,150,359		4.500	%		08/20/47		$	5,526,281
	1,325,396		5.000			08/20/48			1,417,246
	2,475,411		5.000			11/20/48			2,642,704
	12,476,510		5.000			12/20/48			13,287,529
	6,611,634		4.500			01/20/49			7,033,780
	5,689,990		4.500			03/20/49			6,045,288
	1,000,000		5.000			03/20/49			1,062,347
	6,285,444		4.500			05/20/49			6,668,594
	8,860,566		5.000			05/20/49			9,403,309
	12,000,000		4.500			TBA-30yr	^(g)		12,723,557
	1,000,000		5.000			TBA-30yr	^(g)		1,059,831

									66,870,466

UMBS – 3.9%
	296,891		4.000			09/01/48			316,732
	24,512,542		5.000			10/01/49			26,442,560
	4,437,118		3.000			12/01/49			4,654,577

									31,413,869

UMBS, 30 Year, Single Family^(g) – 1.7%
	4,000,000		2.500			TBA-30yr			4,146,370
	6,000,000		3.000			TBA-30yr			6,291,937
	3,000,000		4.000			TBA-30yr			3,202,290

									13,640,597

	TOTAL FEDERAL AGENCIES							$	111,924,932

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $131,385,946)							$	133,105,895



Asset-Backed Securities – 5.9%
Automotive^(b) – 0.1%
Ford Credit Auto Owner Trust Series 2016-2, Class A
$	450,000		2.030	%		12/15/27		$	444,633

Collateralized Loan Obligations^(b)(c) – 3.7%
	AIMCO CLO Series 2017-AA, Class A (3M USD LIBOR + 1.260%)
	3,150,000		3.079			07/20/29			3,022,916
	Bowman Park CLO Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 1.180%)
	684,193		2.863			11/23/25			674,863
	BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	4,400,000		1.755			09/15/35			4,036,078


Asset-Backed Securities – (continued)
Collateralized Loan Obligations^(b)(c) – (continued)
	Cedar Funding II CLO Ltd. Series 2013-1A, Class A1R (3M USD LIBOR + 1.230%)
	3,100,000		2.229			06/09/30			2,958,104
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	1,347,378		3.081			07/15/26			1,304,613
	KREF Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.100%)
	2,400,000		1.900			06/15/36			2,232,824
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	4,200,000		2.581			04/15/29			4,008,497
	Newark BSL CLO 1 Ltd. Series 16-1A, Class A1R (3M USD LIBOR + 1.100%)
	3,000,000		2.804			12/21/29			2,875,500
	OCP CLO Ltd. Series 2015-8A, Class A1R (3M USD LIBOR + 0.850%)
	1,802,048		2.686			04/17/27			1,750,430
	Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	1,500,000		1.885			06/15/36			1,372,374
	Parallel Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.850%)
	1,061,181		2.669			07/20/27			1,009,987
	Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A (1M USD LIBOR + 0.850%)
	95,925		1.797			06/25/35			95,503
	Recette CLO Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
	3,368,425		2.739			10/20/27			3,260,972
	Whitehorse Ltd. Series 2014-9A, Class AR (3M USD LIBOR + 1.160%)
	1,302,989		2.996			07/17/26			1,278,640
	WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	296,301		2.663			05/01/26			291,851

									30,173,152

Student Loan^(c) – 2.1%
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A (1M USD LIBOR + 0.800%)
	474,682		1.747			02/25/41			440,603
	Educational Funding of the South, Inc. Series 2012-1, Class A (1M USD LIBOR + 1.050%)
	1,923,096		1.997			03/25/36			1,806,708
	Educational Services of America, Inc. Series 2012-1, Class A1^(b) (1M USD LIBOR + 1.150%)
	30,392		2.777			09/25/40			28,565
	Educational Services of America, Inc. Series 2014-1, Class A^(b) (1M USD LIBOR + 0.700%)
	557,466		1.647			02/25/39			515,078
	Educational Services of America, Inc. Series 2015-2, Class A^(b) (1M USD LIBOR + 1.000%)
	470,597		1.947			12/25/56			447,704
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,555,088		2.694			07/25/45			1,462,693


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
Student Loan^(c) – (continued)
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1 (1M USD LIBOR + 0.750%)
$	1,615,110		2.331	%		12/01/31	$	1,598,135
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	1,280,106		1.773			05/20/30		1,238,558
	Navient Student Loan Trust Series 2016-7A, Class A^(b) (1M USD LIBOR + 1.150%)
	812,235		2.097			03/25/66		780,254
	Northstar Education Finance, Inc. Series 2012-1, Class A^(b) (1M USD LIBOR + 0.700%)
	61,999		1.647			12/26/31		58,642
	Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1^(b) (1M USD LIBOR + 0.550%)
	37,286		1.497			05/25/57		35,038
	PHEAA Student Loan Trust Series 2016-1A, Class A^(b) (1M USD LIBOR + 1.150%)
	1,302,708		2.097			09/25/65		1,222,896
	SLC Student Loan Center Series 2011-1, Class A^(b) (1M USD LIBOR + 1.220%)
	3,020,347		2.167			10/25/27		2,863,753
	SLC Student Loan Trust Series 2005-3, Class A3 (3M USD LIBOR + 0.120%)
	772,400		0.861			06/15/29		729,559
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	927,185		1.934			10/25/28		876,877
	SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	743,691		2.124			01/25/22		684,854
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	273,345		3.444			07/25/22		251,696
	SLM Student Loan Trust Series 2012-3, Class A (1M USD LIBOR + 0.650%)
	907,107		1.597			12/27/38		858,198
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	262,915		2.759			10/01/24		256,713
	Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,200,000		2.613			05/01/35		1,189,500

								17,346,024

	TOTAL ASSET-BACKED SECURITIES
	(Cost $50,249,689)						$	47,963,809



Foreign Debt Obligations – 1.3%
Sovereign – 1.3%
	Abu Dhabi Government International Bond
$	870,000		2.500	%		10/11/22	$	874,350
	Dominican Republic
	806,667		7.500			05/06/21		808,683
	Ecuador Government International Bond
	1,510,000		7.950			06/20/24		441,675


Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Qatar Government International Bond
$	870,000		2.375	%		06/02/21	$	867,825
	1,840,000		3.375	^(b)		03/14/24		1,874,500
	Republic of Colombia^(a)
	1,510,000		4.000			02/26/24		1,519,910
	Republic of Egypt^(b)
	550,000		4.550			11/20/23		482,625
	Republic of Indonesia
	200,000		5.875			01/15/24		217,688
EUR	250,000		2.150	^(b)		07/18/24		269,004
	Republic of Nigeria
	1,390,000		6.750			01/28/21		1,289,659
	Republic of Sri Lanka
	200,000		6.850			11/03/25		109,750
	Republic of Turkey
	200,000		4.250			03/13/25		170,000
	Ukraine Government Bond
	1,500,000		7.750			09/01/21		1,440,000

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $11,827,763)						$	10,365,669



Municipal Debt Obligations – 1.2%
California^(a) – 0.0%
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2019 C
$	380,000		3.146	%		05/01/23	$	395,698

Connecticut – 0.4%
	Connecticut State GO Bonds Series A
	3,000,000		3.130			01/15/24		3,085,800

Illinois^(a) – 0.6%
	Chicago Illinois GO Bonds Prerefunded Taxable Series B
	2,753,000		7.750			01/01/42		3,553,462
	Illinois State GO Build America Bonds Taxable Series 3
	1,275,000		5.727			04/01/20		1,275,000

								4,828,462

New Hampshire^(a)(c) – 0.2%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.000%)
	1,555,404		2.644			10/25/37		1,468,048

Utah^(a)(c) – 0.0%
	Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2 (3M USD LIBOR + 0.000%)
	292,147		2.613			05/01/29		292,000

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $9,793,742)						$	10,070,008



U.S. Treasury Obligations^(h) – 2.3%
United States Treasury Notes
$	17,500,000		1.875	%		02/28/22	$	18,033,203
	850,000		2.875			08/15/28		1,004,727

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $18,469,185)						$	19,037,930


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Shares	Dividend Rate	Value

Investment Company⁽ⁱ⁾ – 0.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
3,637,470	0.333%	$	3,637,470
(Cost $3,637,470)


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – 0.4%
	Certificate of Deposit^(c) – 0.1%
	Credit Suisse AG
$	1,000,000		0.310	%		06/19/20	$	998,486

Commercial Paper^(j) – 0.3%
	VW Credit, Inc.
	2,500,000		0.000			01/29/21		2,432,634

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $3,457,916)						$	3,431,120

	TOTAL INVESTMENTS – 101.1%
	(Cost $840,385,685)						$	822,045,843

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.1)%							(9,148,846	)

	NET ASSETS – 100.0%						$	812,896,997



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 March 31, 2020.

(d)		Pay-in-kind securities.

(e)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2020.

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

(g)		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 $27,423,985 which represents approximately 3.4% of the Fund’s net assets as of March 31, 2020.

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

(i)		Represents an affiliated issuer.

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



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

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
CDOR		—Canadian Dollar Offered Rate
CLO		—Collateralized Loan Obligation
EURO		—Euro Offered Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
PLC		—Public Limited Company
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STIBOR		—Stockholm Interbank Offered Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
UMBS		—Uniform Mortgage Backed Securities


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	AUD	1,708,235	CAD	1,468,994		06/17/20	$	6,337
	AUD	3,134,287	USD	1,849,649		06/17/20		78,645
	CAD	2,773,518	EUR	1,775,703		06/17/20		8,015
	CAD	2,771,797	JPY	207,125,381		06/17/20		38,342
	CAD	5,545,327	USD	3,871,945		06/17/20		71,380
	CHF	1,444,427	USD	1,490,916		06/17/20		15,359
	CLP	1,074,787,810	USD	1,250,975		05/22/20		6,567
	COP	5,946,648,183	USD	1,455,372		04/07/20		7,830
	EUR	913,968	CAD	1,420,761		06/17/20		702
	EUR	5,727,166	CZK	153,271,396		06/17/20		161,811
	EUR	481,116	HUF	162,299,790		06/17/20		35,070
	EUR	4,487,799	NOK	49,541,110		06/17/20		197,741
	EUR	556,420	PLN	2,425,808		06/17/20		29,292
	EUR	10,284,973	SEK	109,180,037		06/17/20		321,531
	EUR	4,863,230	USD	5,252,898		06/17/20		126,732
	GBP	3,490,013	USD	4,155,991		06/17/20		184,838
	HUF	113,353,514	USD	345,001		06/17/20		2,207
	IDR	25,035,962,829	USD	1,529,007		04/07/20		11,952
	ILS	27,605,650	USD	7,509,453		06/17/20		315,318
	INR	35,578,677	USD	457,441		04/28/20		9,455
	JPY	364,889,196	USD	3,348,962		06/17/20		55,846
	KRW	4,713,965,616	USD	3,808,560		04/21/20		62,772
	KRW	975,945,518	USD	779,322		06/02/20		22,834
	MXN	22,937,160	USD	929,970		06/17/20		25,839
	NOK	15,441,420	EUR	1,321,229		06/17/20		24,172
	NOK	38,396,049	USD	3,490,481		06/17/20		203,792
	NZD	3,227,113	USD	1,909,773		06/17/20		14,653
	PLN	2,005,113	EUR	435,431		06/17/20		2,881
	TWD	69,084,049	USD	2,284,957		04/17/20		5,146
	USD	4,704,187	AUD	7,323,539		06/17/20		198,557
	USD	5,242,803	BRL	24,467,647		04/02/20		534,602
	USD	1,511,122	BRL	7,655,072		05/05/20		41,433
	USD	17,264,917	CAD	23,644,430		06/17/20		451,175
	USD	14,280,490	CHF	13,379,755		06/17/20		327,838
	USD	1,038,515	CNH	7,240,887		06/17/20		18,554
	USD	3,293,117	COP	11,326,743,523		04/07/20		506,119
	USD	1,044,700	CZK	23,480,843		06/17/20		98,934
	USD	9,997,741	EUR	8,900,840		06/17/20		151,768
	USD	276,389	GBP	213,559		06/17/20		10,768
	USD	9,578,396	HUF	2,863,174,121		06/17/20		808,327
	USD	5,651,051	IDR	80,548,636,387		04/07/20		693,298
	USD	1,568,880	IDR	22,419,422,100		05/28/20		206,440
	USD	14,192,642	ILS	48,484,835		06/17/20		449,705
	USD	1,972,111	INR	147,188,525		04/16/20		39,372
	USD	1,446,605	INR	108,876,201		04/20/20		17,242
	USD	4,286,006	INR	319,772,039		04/28/20		89,668
	USD	2,499,934	JPY	262,760,542		06/17/20		48,095
	USD	4,642,427	KRW	5,546,474,852		04/21/20		87,400
	USD	3,974,793	MXN	89,638,103		06/17/20		239,509


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	11,616,062	NZD	18,378,627		06/17/20	$	656,325
	USD	1,563,798	PLN	5,949,151		06/17/20		126,149
	USD	3,068,220	RUB	229,625,259		05/22/20		150,683
	USD	2,527,373	SEK	24,267,478		06/17/20		70,053
	USD	3,575,617	THB	113,565,393		06/17/20		113,865
	USD	516,137	TRY	3,193,700		04/20/20		36,098
	USD	1,563,678	TRY	9,972,573		05/04/20		71,207
	USD	992,476	TRY	6,163,476		05/11/20		71,809
	USD	1,499,466	TRY	9,325,259		05/12/20		106,885
	USD	499,203	TRY	3,111,337		05/14/20		34,825
	USD	1,022,137	TRY	6,374,441		05/20/20		72,267
	USD	1,527,190	TRY	9,618,807		05/27/20		96,569
	USD	522,236	TRY	3,273,819		06/04/20		36,276
	USD	1,337,773	TRY	8,595,057		06/17/20		66,758
	USD	637,257	TRY	4,229,113		06/19/20		12,231
	USD	8,510,763	TWD	253,825,275		04/17/20		96,577
	USD	1,744,993	TWD	52,337,929		04/20/20		9,228
	USD	5,694,141	ZAR	97,787,911		06/17/20		282,548

TOTAL							$	9,176,216

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	1,607,613	EUR	924,128		06/17/20	$	(33,211	)
	AUD	1,575,979	JPY	105,967,231		06/17/20		(19,206	)
	AUD	7,952,908	USD	5,206,885		06/17/20		(314,051	)
	BRL	24,467,647	USD	5,134,476		04/02/20		(426,274	)
	BRL	1,045,048	USD	208,676		05/05/20		(8,038	)
	CAD	2,006,539	GBP	1,181,038		06/17/20		(42,092	)
	CAD	1,383,316	JPY	106,653,667		06/17/20		(11,507	)
	CAD	7,670,838	USD	5,587,582		06/17/20		(132,788	)
	CHF	455,084	AUD	798,379		06/17/20		(16,614	)
	CHF	2,882,798	EUR	2,728,248		06/17/20		(11,714	)
	CHF	1,371,823	GBP	1,185,136		06/17/20		(43,493	)
	CHF	12,196,792	USD	13,030,955		06/17/20		(311,920	)
	CNH	10,555,431	USD	1,513,510		06/17/20		(26,659	)
	COP	5,380,095,341	USD	1,579,223		04/07/20		(255,424	)
	COP	4,938,506,444	USD	1,437,200		05/08/20		(224,784	)
	CZK	197,490,371	EUR	7,783,301		06/17/20		(655,217	)
	CZK	33,090,775	USD	1,431,087		06/17/20		(98,252	)
	EUR	866,935	AUD	1,579,745		06/17/20		(12,910	)
	EUR	1,274,055	CAD	1,989,829		06/17/20		(5,643	)
	EUR	435,431	CZK	12,095,811		06/17/20		(5,531	)
	EUR	1,674,425	GBP	1,533,209		06/17/20		(54,760	)
	EUR	425,026	JPY	50,912,183		06/17/20		(4,908	)
	EUR	2,063,727	NOK	25,623,943		06/17/20		(182,543	)
	EUR	874,000	USD	965,759		05/14/20		(130	)
	EUR	24,084,294	USD	27,116,879		06/17/20		(475,200	)
	GBP	4,204,353	USD	5,394,534		06/17/20		(165,221	)
	HUF	1,992,658,840	EUR	5,715,199		06/17/20		(218,434	)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2020

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)	HUF	304,451,772	USD	985,373		06/17/20	$	(52,820	)
	IDR	55,512,673,557	USD	4,021,139		04/07/20		(604,344	)
	IDR	34,030,269,199	USD	2,437,299		05/28/20		(369,260	)
	IDR	7,018,300,503	USD	487,314		06/08/20		(61,691	)
	ILS	21,190,303	USD	6,124,056		06/17/20		(117,703	)
	INR	222,112,170	USD	2,960,369		04/20/20		(44,408	)
	INR	202,228,642	USD	2,774,405		04/28/20		(120,578	)
	JPY	105,423,727	EUR	896,881		06/17/20		(8,399	)
	JPY	1,078,554,625	USD	10,295,910		06/17/20		(231,835	)
	KRW	3,358,031,833	USD	2,825,389		04/21/20		(67,615	)
	MXN	130,624,677	USD	6,024,829		06/17/20		(581,606	)
	NOK	33,668,897	EUR	3,161,374		06/17/20		(257,615	)
	NOK	68,286,379	USD	7,213,369		06/17/20		(643,201	)
	NZD	2,514,502	EUR	1,386,241		06/17/20		(33,964	)
	NZD	3,943,831	NOK	24,564,929		06/17/20		(11,685	)
	NZD	10,628,261	USD	6,625,086		06/17/20		(287,128	)
	PLN	3,070,990	EUR	674,384		06/17/20		(3,869	)
	PLN	3,278,140	USD	857,107		06/17/20		(64,924	)
	RUB	312,628,983	USD	4,484,665		05/22/20		(512,514	)
	SEK	102,798,885	EUR	9,590,272		06/17/20		(199,217	)
	SEK	31,212,504	USD	3,321,306		06/17/20		(160,735	)
	THB	31,635,940	USD	995,144		06/17/20		(30,803	)
	TRY	5,875,664	USD	928,762		04/20/20		(45,603	)
	TRY	6,120,086	USD	935,334		05/04/20		(19,418	)
	TRY	3,587,378	USD	578,422		05/11/20		(42,559	)
	TRY	6,329,188	USD	1,019,574		05/12/20		(74,410	)
	TRY	3,070,571	USD	494,297		05/14/20		(36,003	)
	TRY	3,282,528	USD	523,224		05/27/20		(35,008	)
	TRY	2,213,360	USD	352,110		06/04/20		(23,562	)
	TRY	5,569,516	USD	865,434		06/17/20		(41,828	)
	TWD	272,472,389	USD	9,068,766		04/17/20		(36,437	)
	TWD	52,104,989	USD	1,732,859		04/20/20		(4,819	)
	USD	2,301,056	AUD	3,898,523		06/17/20		(97,416	)
	USD	1,325,134	CAD	1,878,702		06/17/20		(10,826	)
	USD	760,300	CLP	658,039,984		05/22/20		(9,631	)
	USD	1,451,553	COP	5,946,648,183		05/08/20		(8,364	)
	USD	6,801,154	EUR	6,223,106		06/17/20		(82,751	)
	USD	4,807,069	GBP	3,969,413		06/17/20		(130,026	)
	USD	1,511,012	IDR	25,035,962,829		05/28/20		(10,437	)
	USD	792,391	INR	61,256,559		04/28/20		(11,473	)
	USD	2,597,750	JPY	283,584,040		06/17/20		(48,396	)
	USD	958,466	KRW	1,187,159,212		04/21/20		(16,484	)
	USD	4,221,245	MXN	102,745,151		06/17/20		(60,220	)
	USD	1,981,813	NOK	22,711,469		06/17/20		(203,369	)
	USD	941,932	RUB	76,492,880		05/22/20		(29,959	)
	USD	470,933	SEK	4,663,201		06/17/20		(1,262	)
	USD	2,795,389	TWD	84,513,100		04/17/20		(6,179	)
	ZAR	65,854,453	USD	3,830,164		06/17/20		(185,775	)

TOTAL							$	(9,494,653	)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACT — At March 31, 2020, the Fund had the following forward sales contracts:

Description

Interest
Rate

Maturity
Date^(a)

Settlement
Date

Principal
Amount

Value

UMBS, 30 Year, Single Family

(Proceeds Receivable: $(9,841,250))

5.000

TBA-30yr

04/15/20

(9,000,000

)

(9,713,003

)

(a)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 10 Year Government Bonds		3			06/15/20	$	277,922		$	12,591
Ultra 10 Year U.S. Treasury Notes		42			06/19/20		6,553,313			348,370
Ultra Long U.S. Treasury Bonds		17			06/19/20		3,771,875			(40,951	)
1 Month SOFR		64			07/31/20		26,652,799			232,141
10 Year U.K. Long Gilt		7			06/26/20		1,184,131			57,387
2 Year U.S. Treasury Notes		1,364			06/30/20		300,602,156			2,712,547
5 Year U.S. Treasury Notes		529			06/30/20		66,315,109			1,411,152

Total									$	4,733,237
Short position contracts:
Eurodollars		(73	)		06/15/20		(18,154,188	)		(315,130	)
Eurodollars		(74	)		09/14/20		(18,434,325	)		(327,708	)
30 day Federal Funds		(64	)		07/31/20		(26,652,799	)		(231,432	)
10 Year U.S. Treasury Notes		(29	)		06/19/20		(4,021,937	)		(74,684	)
20 Year U.S. Treasury Bonds		(14	)		06/19/20		(2,506,875	)		(173,710	)

Total									$	(1,122,664	)

TOTAL FUTURES CONTRACTS									$	3,610,573

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)				Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR+0.090%^(a)	3M LIBOR	07/25/24	$		17,200		$	(17,553	)	$	284		$	(17,837	)
6M EURO^(b)	0.000%^(c)	03/18/25		EUR	1,810			(289	)		(12,977	)		12,688
6M GBP^(c)	0.400	03/18/25		GBP	18,060			181,387			10,068			171,319
3M NZDOR^(a)	1.500^(b)	03/18/25		NZD	11,860			305,231			(3,337	)		308,568
6M CDOR^(b)	1.750	03/18/25		CAD	7,280			201,936			(601	)		202,537
2.000^(b)	3M NIBOR^(c)	03/18/25		NOK	154,910			(850,370	)		(360,402	)		(489,968	)
1.000^(b)	6M GBP	03/18/25		GBP	480			(14,321	)		(10,681	)		(3,640	)
6M GBP^(c)	0.270	06/17/25			18,660	^(d)		24,780			6,642			18,138
0.500^(b)	6M GBP	03/10/30			7,180	^(d)		67,368			137,889			(70,521	)
6M AUDOR^(b)	1.000	03/11/30		AUD	12,930	^(d)		(84,774	)		(204,160	)		119,386


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

March 31, 2020

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^(b)		0.500%^(c)		03/18/30		EUR	7,010		$	(1,098	)	$	(29,229	)	$	28,131
6M AUDOR^(b)		1.750		03/18/30		AUD	13,990			707,698			364,022			343,676
6M CDOR^(a)		3.500^(b)		03/18/30		CAD	3,190			191,348			(33,160	)		224,508
2.000%^(b)		3M NIBOR^(c)		03/18/30		NOK	14,500			(126,929	)		(7,109	)		(119,820	)
0.500^(a)		3M STIBOR^(c)		03/18/30		SEK	57,630			(65,817	)		(180,551	)		114,734
0.500^(b)		6M EURO^(c)		03/18/30		EUR	5,320			(315,643	)		(626,809	)		311,166
0.570^(c)		6M GBP		03/18/30		GBP	7,020			(231,663	)		17,310			(248,973	)
6M AUDOR^(b)		1.750		03/19/30		AUD	11,090	^(d)		168,850			196,372			(27,522	)
6M EURO^(b)		(0.250)^(c)		06/17/30		EUR	8,770	^(d)		(238,830	)		(344,810	)		105,980
0.308^(c)		6M GBP		06/17/30		GBP	5,140	^(d)		(651	)		(14,702	)		14,051
0.400^(c)		6M GBP		06/17/30			6,900	^(d)		(78,599	)		(25,386	)		(53,213	)
1.750^(a)		3M LIBOR^(b)		06/18/30	$		7,260	^(d)		(291,555	)		(298,566	)		7,011
0.400^(c)		6M GBP		06/17/40		GBP	3,420	^(d)		(43,833	)		(13,899	)		(29,934	)
1.750^(a)		3M LIBOR^(b)		06/19/40	$		1,490	^(d)		(100,339	)		(40,538	)		(59,801	)
6M JYOR^(b)		0.500		06/20/40		JPY	236,840	^(d)		48,035			44,955			3,080
6M JYOR^(b)		0.500		06/20/50			361,950	^(d)		59,700			57,500			2,200
1.750^(a)		3M LIBOR^(b)		06/20/50	$		2,650	^(d)		(174,603	)		(97,295	)		(77,308	)

TOTAL									$	(680,534	)	$	(1,469,170	)	$	788,636

(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 March 31, 2020.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at March 31, 2020^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
AT&T, Inc., 2.450%, 06/30/20		1.000%	1.868%		06/20/24	$	3,425	$	(127,030	)	$	6,731		$	(133,761	)
CDX.NA.HY Index 34		5.000	6.575		06/20/25		12,000		(759,930	)		(497,310	)		(262,620	)
CDX.NA.IG Index 28		1.000	1.103		06/20/22		21,975		(11,452	)		337,430			(348,882	)
CDX.NA.IG Index 32		1.000	1.024		06/20/24		225		(226	)		3,571			(3,797	)
CDX.NA.IG Index 33		1.000	1.079		12/20/24		44,975		(145,293	)		383,685			(528,978	)
General Electric Co. 2.700%, 10/09/22		1.000	2.055		06/20/24		2,025		(85,551	)		(29,202	)		(56,349	)
General Electric Co. 2.700%, 10/09/22		1.000	2.165		12/20/24		825		(42,300	)		(12,392	)		(29,908	)
Republic of Indonesia, 5.875%, 03/13/20		1.000	1.736		06/20/24		120		(3,329	)		(230	)		(3,099	)

TOTAL								$	(1,175,111	)	$	192,283		$	(1,367,394	)

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At March 31, 2020, the Fund had the following written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
1Y IRS	Barclays Bank PLC		(0.340	)%		03/25/2021		(11,370,000	)	$	(11,370,000	)	$	(11,656	)	$	(13,304	)	$	1,648
4M IRS	Barclays Bank PLC		(0.400	)		06/26/2020		(8,510,000	)		(8,510,000	)		(12,463	)		(26,196	)		13,733
6M IRS	Barclays Bank PLC		(0.350	)		05/27/2020		(24,360,000	)		(24,360,000	)		(37,725	)		(36,151	)		(1,574	)
1Y IRS	BofA Securities LLC		(0.256	)		08/27/2020		(5,180,000	)		(5,180,000	)		(40,336	)		(93,059	)		52,723
6M IRS	BofA Securities LLC		0.350			05/27/2020		(4,980,000	)		(4,980,000	)		(160,245	)		(5,796	)		(154,449	)
1Y IRS	JPMorgan Securities, Inc.		(0.390	)		03/25/2021		(18,150,000	)		(18,150,000	)		(14,070	)		(18,716	)		4,646
4M IRS	JPMorgan Securities, Inc.		(0.400	)		06/26/2020		(13,380,000	)		(13,380,000	)		(19,596	)		(42,706	)		23,110
6M IRS	JPMorgan Securities, Inc.		(0.350	)		08/13/2020		(17,600,000	)		(17,600,000	)		(51,307	)		(46,367	)		(4,940	)
6M IRS	MS & Co. Int. PLC		(0.350	)		08/13/2020		(17,600,000	)		(17,600,000	)		(51,306	)		(45,794	)		(5,512	)

								(121,130,000	)	$	(121,130,000	)	$	(398,704	)	$	(328,089	)	$	(70,615	)
Puts
1Y IRS	Barclays Bank PLC		(0.340	)		03/25/2021		(11,370,000	)		(11,370,000	)		(13,411	)		(13,304	)		(107	)
6M IRS	Barclays Bank PLC		0.100			05/27/2020		(24,360,000	)		(24,360,000	)		(42,659	)		(74,029	)		31,370
6M IRS	BofA Securities LLC		0.100			05/27/2020		(4,980,000	)		(4,980,000	)		(1,744	)		(17,111	)		15,367
1Y IRS	JPMorgan Securities, Inc.		(0.390	)		03/25/2021		(18,150,000	)		(18,150,000	)		(26,982	)		(18,716	)		(8,266	)
3M IRS	JPMorgan Securities, Inc.		2.020			04/08/2020		(14,400,000	)		(14,400,000	)		—			(57,992	)		57,992
								(73,260,000	)	$	(73,260,000	)	$	(84,796	)	$	(181,152	)	$	96,356

Total written option contracts								(194,390,000	)	$	(194,390,000	)	$	(483,500	)	$	(509,241	)	$	25,741



Abbreviations:
1M BID Avg		—1 Month Brazilian Interbank Deposit Average
1Y IRS		—1 Year Interest Rate Swaptions
3M IRS		—3 Months Interest Rate Swaptions
4M IRS		—4 Months Interest Rate Swaptions
6M IRS		—6 Months Interest Rate Swaptions
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.IG Index 28		—CDX North America Investment Grade Index 28
CDX.NA.IG Index 32		—CDX North America Investment Grade Index 32
CDX.NA.IG Index 33		—CDX North America Investment Grade Index 33
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 59.7%
Advertising – 0.4%
	The Interpublic Group of Cos., Inc.
$	15,100,000		3.500	%		10/01/20	$	15,009,853

								15,009,853

Automotive – 4.8%
	BMW US Capital LLC^(a)(b)
	10,000,000		2.000			04/11/21		9,693,500
	Daimler Finance North America LLC^(b)
	10,000,000		3.350			05/04/21		9,850,800
	9,675,000		2.850			01/06/22		9,393,748
	(3M USD LIBOR + 0.900%)
	38,000,000		2.592	^(c)		02/15/22		35,870,100
	Harley-Davidson Financial Services, Inc.^(b)
	22,735,000		2.850	^(a)		01/15/21		22,858,678
	8,288,000		3.550			05/21/21		8,199,070
	Toyota Motor Credit Corp.^(c)(SOFR + 0.400%)
	33,150,000		0.410			10/23/20		31,809,414
	Volkswagen Group of America Finance LLC^(b)
	(3M USD LIBOR + 0.770%)
	23,008,000		2.477	^(c)		11/13/20		22,727,072
	8,000,000		3.875			11/13/20		7,957,360
	20,000,000		2.500			09/24/21		19,479,800
	(3M USD LIBOR + 0.940%)
	5,500,000		2.653	^(c)		11/12/21		5,223,460

								183,063,002

Banks – 38.5%
	ABN AMRO Bank NV^(b)
	7,307,000		2.650			01/19/21		7,289,682
	(3M USD LIBOR + 0.570%)
	38,650,000		2.208	^(c)		08/27/21		37,967,827
	Australia & New Zealand Banking Group Ltd.^(b)(c)(3M USD LIBOR + 0.460%)
	18,475,000		2.152			05/17/21		18,209,699
	Bank of America Corp.
	5,000,000		5.625			07/01/20		5,038,850
	(3M USD LIBOR + 0.380%)
	10,935,000		2.186	^(a)(c)		01/23/22		10,553,478
	Bank of Montreal^(c)(SOFR + 0.680%)
	50,000,000		0.818			03/10/23		45,687,000
	Banque Federative du Credit Mutuel SA^(b)
	6,000,000		2.200			07/20/20		5,993,580
	30,000,000		2.750			10/15/20		30,273,600
	Barclays Bank PLC^(c) (3M USD LIBOR + 0.400%)
	15,500,000		2.096			08/21/20		15,369,180
	BBVA USA^(a)(c) (3M USD LIBOR + 0.730%)
	12,142,000		1.498			06/11/21		11,801,903
	BNP Paribas SA^(b)(c) (3M USD LIBOR + 0.390%)
	22,050,000		2.132			08/07/21		21,504,704
	BNZ International Funding Ltd.^(b)(c) (3M USD LIBOR + 0.980%)
	13,145,000		1.721			09/14/21		12,972,932
	BPCE SA^(b)(c)
	(3M USD LIBOR + 0.300%)
	25,000,000		2.138			01/14/22		24,069,750
	(SOFR + 0.440%)
	28,000,000		0.895			02/17/22		26,669,440


Corporate Obligations – (continued)
Banks – (continued)
	Citibank NA^(a)(c) (3M USD LIBOR + 0.600%)
	30,000,000		2.295			05/20/22		28,891,800
	Citigroup, Inc.^(c)
	(3M USD LIBOR + 1.190%)
	6,588,000		2.953			08/02/21		6,511,711
	(3M USD LIBOR + 1.070%)
	2,500,000		2.069	^(a)		12/08/21		2,451,525
	(3M USD LIBOR + 0.960%)
	8,664,000		2.754	^(a)		04/25/22		8,448,093
	Citizens Bank NA^(a)(c) (3M USD LIBOR + 0.720%)
	15,000,000		2.424			02/14/22		14,950,500
	Cooperatieve Rabobank UA
	(3M USD LIBOR + 0.430%)
	28,575,000		2.224	^(c)		04/26/21		28,142,660
	7,250,000		3.875			02/08/22		7,484,610
	Credit Agricole Corporate & Investment Bank SA^(a)(c)(3M USD LIBOR + 0.625%)
	30,644,000		2.533			10/03/21		30,504,876
	Credit Suisse AG
	11,056,000		2.100			11/12/21		11,005,474
	(SOFR + 0.450%)
	40,250,000		1.200	^(c)		02/04/22		38,207,715
	Discover Bank^(a)
	4,835,000		3.100			06/04/20		4,815,950
	Federation des Caisses Desjardins du Quebec^(b)
	15,000,000		2.250			10/30/20		14,959,050
	HSBC Holdings PLC
	28,809,000		3.400			03/08/21		28,960,247
	(3M USD LIBOR + 0.600%)
	30,500,000		2.292	^(a)(c)		05/18/21		29,962,895
	(3M USD LIBOR + 1.660%)
	9,268,000		3.339	^(c)		05/25/21		9,185,978
	ING Bank NV^(b)
	12,000,000		2.700			08/17/20		12,080,280
	11,520,000		2.750			03/22/21		11,479,680
	(3M USD LIBOR + 0.880%)
	4,400,000		2.572	^(c)		08/15/21		4,352,128
	ING Groep NV^(c) (3M USD LIBOR + 1.150%)
	12,960,000		2.525			03/29/22		12,550,723
	JPMorgan Chase & Co.^(a)
	24,775,000		2.400			06/07/21		24,884,258
	KeyBank NA
	5,000,000		3.300			02/01/22		5,103,250
	Lloyds Bank PLC^(c) (3M USD LIBOR + 0.490%)
	18,351,000		2.232			05/07/21		18,065,091
	Macquarie Bank Ltd.^(b)
	15,370,000		2.850			01/15/21		15,370,922
	(3M USD LIBOR + 0.450%)
	36,000,000		2.187	^(c)		08/06/21		34,920,360
	(3M USD LIBOR + 0.450%)
	30,000,000		2.133	^(c)		11/24/21		29,690,700
	Mitsubishi UFJ Financial Group, Inc.
	16,859,000		2.950			03/01/21		16,877,376
	2,636,000		2.190			09/13/21		2,624,744
	(3M USD LIBOR + 0.700%)
	12,500,000		1.699	^(c)		03/07/22		12,072,750


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Mitsubishi UFJ Trust & Banking Corp.^(b)
$	13,473,000		2.650	%		10/19/20	$	13,458,584
	Mizuho Bank Ltd.^(b)
	20,000,000		2.700			10/20/20		19,937,000
	Mizuho Financial Group, Inc.
	20,190,000		2.632	^(b)		04/12/21		20,172,031
	(3M USD LIBOR + 1.140%)
	10,446,000		1.913	^(c)		09/13/21		10,228,096
	3,434,000		2.273			09/13/21		3,412,022
	(3M USD LIBOR + 0.940%)
	27,475,000		2.553	^(c)		02/28/22		26,674,379
	Morgan Stanley, Inc.
	7,884,000		5.500			07/24/20		7,954,562
	6,256,000		5.750			01/25/21		6,419,407
	(SOFR + 0.700%)
	64,982,000		1.613	^(a)(c)		01/20/23		60,445,607
	MUFG Union Bank NA^(a)(c) (SOFR + 0.710%)
	14,250,000		0.816			12/09/22		14,263,395
	National Australia Bank Ltd.^(b)(c) (3M USD LIBOR + 0.710%)
	12,000,000		2.461			11/04/21		11,810,760
	National Australia Bank Ltd. (3M USD LIBOR + 0.350%)
	4,950,000		2.198	^(b)(c)		01/12/21		4,895,847
	10,000,000		2.800			01/10/22		10,107,200
	Nordea Bank Abp^(b)
	3,745,000		2.125			05/29/20		3,740,881
	14,115,000		2.500			09/17/20		14,220,157
	9,300,000		4.875			01/14/21		9,443,406
	PNC Bank NA^(a)(c) (3M USD LIBOR + 0.325%)
	50,000,000		2.004			02/24/23		47,143,500
	Regions Bank^(a)(c)
	(3M USD LIBOR + 0.380%)
	3,191,000		1.813			04/01/21		3,122,808
	(3M USD LIBOR + 0.500%)
	7,790,000		3.374			08/13/21		7,854,969
	Royal Bank of Canada^(c) (3M USD LIBOR + 0.400%)
	10,000,000		2.194			01/25/21		9,836,300
	Santander UK PLC
	(3M USD LIBOR + 0.620%)
	13,350,000		2.200	^(c)		06/01/21		13,105,428
	31,650,000		3.400			06/01/21		31,720,263
	(3M USD LIBOR + 0.660%)
	21,800,000		2.352	^(c)		11/15/21		21,120,494
	Skandinaviska Enskilda Banken AB^(b)(c) (3M USD LIBOR + 0.430%)
	32,010,000		2.122			05/17/21		31,313,782
	Societe Generale SA^(b)
	19,000,000		2.625			09/16/20		19,157,510
	4,900,000		2.500			04/08/21		4,892,650
	(3M USD LIBOR + 1.330%)
	3,500,000		3.202	^(c)		04/08/21		3,486,175
	Standard Chartered PLC^(b)
	5,000,000		3.050			01/15/21		4,960,000
	Sumitomo Mitsui Banking Corp.
	5,000,000		2.650			07/23/20		4,999,900


Corporate Obligations – (continued)
Banks – (continued)
	Sumitomo Mitsui Financial Group, Inc.
	37,922,000		2.934			03/09/21		37,970,161
	5,000,000		2.058			07/14/21		4,962,950
	Svenska Handelsbanken AB^(c)
	(3M USD LIBOR + 1.150%)
	5,000,000		2.525			03/30/21		4,975,700
	(3M USD LIBOR + 0.470%)
	5,000,000		2.153			05/24/21		4,889,200
	The Huntington National Bank^(a)(c) (3M USD LIBOR + 0.550%)
	15,000,000		2.291			02/05/21		14,740,800
	The Toronto-Dominion Bank^(c)
	(3M USD LIBOR + 0.300%)
	19,500,000		2.070			07/30/21		18,883,605
	(3M USD LIBOR + 0.350%)
	15,000,000		2.750			07/22/22		14,690,400
	Truist Bank^(a)(c) (SOFR + 0.730%)
	15,000,000		0.883			03/09/23		13,656,750
	Truist Financial Corp.^(a)
	(3M USD LIBOR + 0.220%)
	3,852,000		1.983	^(c)		02/01/21		3,684,939
	25,000,000		2.900			03/03/21		25,065,000
	UBS AG
	3,000,000		4.875			08/04/20		3,023,190
	UBS Group AG^(b)
	28,450,000		3.000			04/15/21		28,552,136
	US Bank NA^(a)(c) (3M USD LIBOR + 0.380%)
	15,400,000		2.072			11/16/21		15,183,014
	Wells Fargo Bank NA^(a)(c)
	(3M USD LIBOR + 0.490%)
	11,957,000		3.325			07/23/21		11,979,001
	(3M USD LIBOR + 0.620%)
	26,000,000		2.258			05/27/22		25,529,140
	Westpac Banking Corp.^(c)
	(3M USD LIBOR + 0.850%)
	25,690,000		2.698			01/11/22		25,166,952
	(3M USD LIBOR + 0.390%)
	40,000,000		2.233			01/13/23		38,303,200

								1,469,110,222

Chemicals^(c) – 0.3%
	DuPont de Nemours, Inc. (3M USD LIBOR + 0.710%)
	10,000,000		2.402			11/15/20		9,928,300

								9,928,300

Computers – 1.5%
	Hewlett Packard Enterprise Co.
	14,559,000		3.600	^(a)		10/15/20		14,560,456
	(3M USD LIBOR + 0.680%)
	9,170,000		1.464	^(c)		03/12/21		8,980,181
	(3M USD LIBOR + 0.720%)
	15,039,000		2.620	^(a)(c)		10/05/21		14,228,398
	International Business Machines Corp.^(c) (3M USD LIBOR + 0.400%)
	17,450,000		2.107			05/13/21		17,306,735

								55,075,770


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Diversified Financial Services – 4.3%
	Air Lease Corp.
$	6,555,000		3.875	%^(a)		04/01/21	$	6,170,025
	18,295,000		3.375			06/01/21		16,434,765
	American Express Co.^(a)
	8,000,000		3.000			02/22/21		8,025,520
	15,607,000		3.375			05/17/21		15,796,937
	13,038,000		3.700			11/05/21		13,352,868
	(3M USD LIBOR + 0.620%)
	30,000,000		2.315	^(c)		05/20/22		28,776,900
	American Express Credit Corp.^(a)(c) (3M USD LIBOR + 0.730%)
	3,000,000		2.377			05/26/20		3,002,850
	Capital One Financial Corp.^(a)
	7,000,000		2.500			05/12/20		6,993,840
	2,804,000		2.400			10/30/20		2,798,504
	(3M USD LIBOR + 0.950%)
	15,000,000		1.949	^(c)		03/09/22		14,346,900
	GE Capital International Funding Co. Unlimited Co.
	43,194,000		2.342			11/15/20		42,961,184
	The Charles Schwab Corp.^(a)(c) (3M USD LIBOR + 0.320%)
	6,900,000		2.016			05/21/21		6,749,442

								165,409,735

Food & Drug Retailing^(a)(b) – 0.2%
	Mondelez International Holdings Netherlands B.V.
	8,000,000		2.000			10/28/21		7,964,800

								7,964,800

Insurance – 4.3%
	Jackson National Life Global Funding^(b)(c)
	(3M USD LIBOR + 0.480%)
	25,000,000		1.248			06/11/21		23,986,750
	(SOFR + 0.600%)
	50,000,000		1.787			01/06/23		49,793,000
	Metropolitan Life Global Funding I^(b)(c)
	(3M USD LIBOR + 0.230%)
	9,000,000		2.102			01/08/21		8,951,760
	(SOFR + 0.570%)
	41,000,000		1.695			01/13/23		35,690,090
	Protective Life Global Funding^(b)
	2,800,000		2.262			04/08/20		2,798,964
	13,355,000		2.700			11/25/20		13,349,925
	(3M USD LIBOR + 0.520%)
	3,100,000		1.895	^(c)		06/28/21		2,997,142
	15,105,000		3.397			06/28/21		15,270,551
	Reinsurance Group of America, Inc.
	9,125,000		5.000			06/01/21		9,374,021

								162,212,203

Lodging – 0.9%
	Marriott International, Inc. (3M USD LIBOR + 0.600%)
	10,000,000		2.180	^(c)		12/01/20		9,573,700
	(3M USD LIBOR + 0.650%)
	5,850,000		1.649	^(c)		03/08/21		5,497,245
	21,883,000		2.300	^(a)		01/15/22		20,524,941

								35,595,886


Corporate Obligations – (continued)
Miscellaneous Manufacturing – 0.2%
	General Electric Co.
	5,500,000		4.375			09/16/20		5,498,515
	2,845,000		4.625			01/07/21		2,852,340

								8,350,855

Oil Field Services^(a)(c) – 0.3%
	Phillips 66
	(3M USD LIBOR + 0.750%)
	6,500,000		2.581	^(b)		04/15/20		6,468,280
	(3M USD LIBOR + 0.600%)
	6,807,000		2.247			02/26/21		6,355,015

								12,823,295

Pharmaceuticals – 2.9%
	AbbVie, Inc.^(b)(c) (3M USD LIBOR + 0.460%)
	30,642,000		2.153			11/19/21		29,576,578
	Bayer US Finance II LLC^(a)(b)
	27,200,000		3.500			06/25/21		27,469,824
	Bayer US Finance LLC^(b)
	25,413,000		3.000			10/08/21		26,066,622
	CVS Health Corp.^(c) (3M USD LIBOR + 0.720%)
	10,000,000		1.719			03/09/21		9,794,400
	McKesson Corp.
	18,970,000		3.650			11/30/20		19,113,793

								112,021,217

Pipeline^(a)(c) – 1.0%
	MPLX LP (3M USD LIBOR + 1.100%)
	40,000,000		2.099			09/09/22		38,141,200

								38,141,200

Real Estate Investment Trust^(a)(b) – 0.1%
	WEA Finance LLC/Westfield UK & Europe Finance PLC
	4,500,000		3.250			10/05/20		4,472,820

								4,472,820

	TOTAL CORPORATE OBLIGATIONS
	(Cost $2,336,861,287)						$	2,279,179,158


Shares	Dividend Rate			Value

Investment Companies^(d) – 6.9%
Goldman Sachs Financial Square Government Fund – Institutional Shares
62,722,363		0.333	%	$	62,722,363
Goldman Sachs Financial Square Money Market Fund – Institutional Shares
198,464,039		0.760			198,305,267

TOTAL INVESTMENT COMPANIES
(Cost $261,228,901)				$	261,027,630

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $2,598,090,188)				$	2,540,206,788


78		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 – 31.6%
Certificates of Deposit – 19.7%
	Banco Del Estado De Chile
$	25,000,000		1.970	%		04/22/20	$	25,015,801
	(3M USD LIBOR + 0.070%)
	13,022,000		1.876	^(c)		07/23/20		13,002,812
	Bank of Montreal^(c)
	(FEDL01 + 0.360%)
	5,000,000		0.460			08/03/20		4,981,763
	(FEDL01 + 0.210%)
	20,000,000		0.310			02/08/21		19,782,328
	Bank of Nova Scotia^(c)
	14,000,000		2.151			05/04/21		13,870,037
	Bayerische Landesbank^(c)
	(3M USD LIBOR + 0.470%)
	39,075,000		2.245			01/28/22		38,142,901
	(3M USD LIBOR + 0.470%)
	10,000,000		2.221			02/03/22		9,780,714
	BNP Paribas SA^(c)
	16,580,000		2.078			10/09/20		16,537,278
	Canadian Imperial Bank of Commerce^(c)
	(3M USD LIBOR + 0.400%)
	14,000,000		2.163			05/02/20		13,998,809
	(FEDL01 + 0.350%)
	40,000,000		0.450	^(b)		08/27/20		39,823,442
	Credit Agricole Corporate & Investment Bank^(c)
	(FEDL01 + 0.430%)
	15,000,000		0.530			06/26/20		14,963,963
	(3M USD LIBOR + 0.480%)
	30,000,000		1.376			09/10/21		29,527,739
	Credit Industriel ET Commercial^(c)
	40,000,000		0.260			11/25/20		39,665,496
	Credit Suisse AG^(c)
	(SOFR + 0.480%)
	10,000,000		0.490			10/02/20		9,955,407
	(3M USD LIBOR + 0.260%)
	5,900,000		1.464			02/05/21		5,868,324
	DNB Bank ASA^(c)
	(3M USD LIBOR + 0.280%)
	10,000,000		2.180			10/08/20		9,978,475
	(1M USD LIBOR + 0.100%)
	30,000,000		1.029	^(b)		02/24/21		29,783,727
	DZ Bank AG Deutsche Zentral-Genossenschaftsbank^(c)
	50,000,000		1.895			02/17/22		48,590,828
	First Abu Dhabi Bank USA NV^(c)
	20,000,000		2.019			01/21/21		19,888,946
	Mizuho Bank Ltd.^(c)
	4,000,000		1.596			06/25/20		3,998,878
	MUFG Bank Ltd.^(c)
	2,250,000		2.211			02/04/21		2,241,793
	National Bank of Canada^(b)(c)
	18,836,000		0.460			08/19/20		18,758,237
	National Bank of Kuwait SAKP
	10,000,000		1.900			04/24/20		10,004,434
	10,250,000		1.810			06/17/20		10,259,228
	Natixis SA^(c)
	25,000,000		2.322			01/22/21		24,923,825


Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Nordea Bank Abp^(c)
	60,000,000		2.013			11/19/21		58,735,675
	Skandinaviska Enskilda Banken AB^(c)
	20,000,000		2.013			10/16/20		19,943,329
	Societe Generale^(c)
	19,450,000		0.590			09/04/20		19,370,015
	Standard Chartered Bank^(c)
	(3M USD LIBOR + 0.420%)
	18,000,000		1.309			09/18/20		17,980,902
	(3M USD LIBOR + 0.250%)
	22,550,000		2.013			10/30/20		22,491,558
	Sumitomo Mitsui Banking Corp.^(c)
	(3M USD LIBOR + 0.350%)
	35,000,000		2.193			07/16/21		34,449,029
	(3M USD LIBOR + 0.370%)
	25,250,000		2.111			11/05/21		24,749,846
	Svenska Handelsbanken^(c)
	39,350,000		2.138			01/06/22		38,382,935
	Swedbank AB^(c)
	1,000,000		2.003			08/24/20		998,884
	The Toronto-Dominion Bank^(b)(c)
	17,950,000		1.422			09/28/20		17,909,241
	Westpac Banking Corp.^(b)(c)
	25,250,000		0.450			09/04/20		25,132,558

								753,489,157

Commercial Paper^(e) – 7.6%
	Banco Santander SA
	10,600,000		0.000			10/20/20		10,513,330
	Bank of China Ltd.
	20,000,000		0.000			04/20/20		19,980,555
	BP Capital Markets PLC
	25,000,000		0.000			08/03/20		24,873,698
	25,000,000		0.000			08/12/20		24,862,092
	Chariot Funding LLC
	30,000,000		0.000			04/06/20		29,989,685
	China Construction Banking Corp.
	22,000,000		0.000			04/03/20		21,998,372
	CNPC Finance
	11,425,000		0.000			04/24/20		11,416,012
	Compass Group PLC
	25,000,000		0.000			08/28/20		24,848,958
	Entergy Corp.
	15,673,000		0.000			08/20/20		15,557,580
	Industrial & Commercial Bank of China Ltd.
	10,000,000		0.000			04/01/20		9,999,826
	Landesbank Hessen-Thuringen
	15,000,000		0.000			02/04/21		14,830,792
	LVMH Moet Hennessy Louis Vuitton SE
	16,980,000		0.000			09/03/20		16,873,309
	NatWest Markets PLC
	10,000,000		0.000			07/17/20		9,904,780
	45,000,000		0.000			02/01/21		43,773,919


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – (continued)
Commercial Paper^(e) – (continued)
	Reckitt Benckiser Treasury Services PLC
$	3,700,000		0.000	%		07/01/20	$	3,686,185
	The Boeing Co.
	5,000,000		0.000			11/04/20		4,824,086

								287,933,179

Repurchase Agreement – 4.3%
	Bank of America Corp.
	43,000,000		2.290			05/15/20		43,000,000
	Maturity Value: $43,120,352 Next Reset Date: 04/01/20 Collateralized by various mortgage obligations, 0.000% to 7.500%, due 08/01/25 to 09/01/26. The aggregate market value of the collateral, including accrued interest, was $46,805,650.
	15,000,000		0.760			04/15/20		15,000,000
	Maturity Value: $15,004,443 Next Reset Date: 04/01/20 Collateralized by various common stocks and corporate obligations, 0.125% to 4.500%, due 08/01/20 to 08/01/26. The aggregate market value of the collateral including interest, was $16,305,794.

	Citigroup Global Markets, Inc.
	19,000,000		2.330			05/12/20		19,000,000
	Maturity Value: $19,050,419 Next Reset Date: 04/01/20 Collateralized by various mortgage obligations, 1.106% to 7.830%, due 06/15/30 to 11/10/46. The aggregate market value of the collateral, including accrued interest, was $22,800,001.
	20,000,000		2.110			05/18/20		20,000,000
	Maturity Value: $20,005,861 Next Reset Date: 05/13/20 Collateralized by various mortgage obligations, 2.088% to 9.081%, due 08/22/39 to 01/28/70. The aggregate market value of the collateral, including accrued interest, was $24,000,001.
	8,000,000		1.482			06/16/20		8,000,000
	Maturity Value: $8,000,000 Next Reset Date: 06/16/20 Collateralized by various mortgage obligations, 0.000% to 6.500%, due 10/15/30 to 01/01/37. The aggregate market value of the collateral, including accrued interest, was $9,600,001.

	Nomura
	40,000,000		2.330			06/26/2020		40,000,000
	Maturity Value: $40,222,644 Next Reset Date: 04/01/20 Collateralized by various mortgage obligations, 0.000% to 6.268%, due 07/25/24 to 07/25/60. The aggregate market value of the collateral, including accrued interest, was $47,911,729.
	19,000,000		1.613			07/02/20		19,000,000
	Maturity Value: $19,076,618 Next Reset Date: 04/03/2020 Collateralized by various mortgage obligations, 0.000% to 8.409%, due 07/25/24 to 07/25/60. The aggregate market value of the collateral, including accrued interest, was $22,779,399.

								164,000,000


Short-term Investments – (continued)
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,214,173,761)					$	1,205,422,336

TOTAL INVESTMENTS – 98.2%
(Cost $3,812,263,949)					$	3,745,629,124

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%						70,247,738

NET ASSETS – 100.0%					$	3,815,876,862



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 March 31, 2020.

(d)		Represents an affiliated issuer.

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



Currency Abbreviations:
USD		—U.S. Dollar

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


80		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

March 31, 2020


	Enhanced Income Fund			Government Income Fund		High Quality Floating Rate Fund

Assets:
Investments of unaffiliated issuers, at value (cost $404,843,091, $323,368,888 and $238,691,525, respectively)	$	398,543,330		$	343,258,851	$	231,012,946
Investments of affiliated issuers, at value (cost $1,447,685, $59,347,188 and $0, respectively)		1,446,103			59,347,188		—
Purchased options, at value (premium paid $0, $51,065 and $0, respectively)		—			112		—
Cash		5,461,762			5,171,201		3,687,078
Variation margin on futures contracts		—			236,028		13,270
Variation margin on swaps contracts		—			214		218
Receivables:
Interest and dividends		2,222,977			1,252,243		452,659
Fund shares sold		758,968			2,892,845		814,615
Reimbursement from investment adviser		26,603			43,648		44,010
Investments sold		—			118,865		334,857
Investments sold on an extended-settlement basis		—			21,359,414		5,003,368
Collateral on certain derivative contracts^(a)		—			378		217,586

Other assets		44,942			65,528		52,512

Total assets		408,504,685			433,746,515		241,633,119


Liabilities:
Variation margin on futures contracts		431			—		—
Forward sale contracts, at value (proceeds received $0, $8,534,688 and $0, respectively)		—			8,567,647		—
Written option contracts, at value (premium received $0, $141,815 and $0, respectively)		—			105,164		—
Payables:
Fund shares redeemed		6,792,790			1,982,596		1,286,344
Investments purchased		1,408,555			24,245		—
Management fees		87,528			136,809		72,149
Income distributions		70,121			51,844		67,550
Distribution and Service fees and Transfer Agency fees		15,207			43,746		10,548
Investments purchased on an extended — settlement basis		—			73,511,445		—
Collateral on certain derivative contracts^(b)		—			560,000		—

Accrued expenses		221,588			285,990		228,186

Total liabilities		8,596,220			85,269,486		1,664,777


Net Assets:
Paid-in capital		414,339,182			337,732,255		255,914,262
Total distributable earnings (loss)		(14,430,717	)		10,744,774		(15,945,920	)

NET ASSETS	$	399,908,465		$	348,477,029	$	239,968,342

Net Assets:
Class A	$	10,456,360		$	75,281,944	$	10,953,740
Class C		—			4,973,797		—
Institutional		180,476,771			178,877,900		77,817,096
Administration		4,254,262			—		—
Service		—			39,122,341		48,572
Investor		6,874,661			8,382,997		5,123,487
Class P		152,712,531			14,226,680		144,412,456
Class R		—			18,424,178		—

Class R6		45,133,880			9,187,192		1,612,991

Total Net Assets	$	399,908,465		$	348,477,029	$	239,968,342

Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,134,481			4,836,358		1,302,359
Class C		—			319,507		—
Institutional		19,606,218			11,509,976		9,255,984
Administration		460,946			—		—
Service		—			2,520,106		5,751
Investor		747,667			538,793		611,124
Class P		16,589,479			915,692		17,163,297
Class R		—			1,185,000		—

Class R6		4,903,040			591,284		191,779

Net asset value, offering and redemption price per share:^(c)
Class A		$9.22			$15.57		$8.41
Class C		—			15.57		—
Institutional		9.21			15.54		8.41
Administration		9.23			—		—
Service		—			15.52		8.45
Investor		9.19			15.56		8.38
Class P		9.21			15.54		8.41
Class R		—			15.55		—

Class R6		9.21			15.54		8.41

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps

Government Income	$	—	$	378

High Quality Floating Rate		217,191		395

(b)

Segregated for initial margin and/or collateral as follows:


Fund	TBA

Government Income	$	560,000

(c)

Maximum public offering price per share for Class A shares of the Government Income Fund is $16.18. 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.		81

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

March 31, 2020


	Inflation Protected Securities Fund			Short Duration Government Fund			Short Duration Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $321,425,799, $844,021,319 and $836,748,215, respectively)	$	338,765,553		$	868,319,274		$	818,408,373
Investments of affiliated issuers, at value (cost $3,508,731, $99,415,408 and $3,637,470, respectively)		3,508,731			99,415,408			3,637,470
Purchased options, at value (premium paid $56,496, $0 and $0, respectively)		270			—			—
Cash		5,295,052			12,967,600			12,114,308
Foreign currencies, at value (cost $0, $0 and $92,487, respectively)		—			—			81,294
Unrealized gain on forward foreign currency exchange contracts		—			—			9,176,216
Variation margin on futures contracts		127,510			622,534			—
Variation margin on swaps contracts		23,387			199			—
Receivables:
Collateral on certain derivative contracts^(a)		1,163,571			40,316			11,528,109
Fund shares sold		948,700			1,716,037			3,285,441
Interest and dividends		316,222			2,561,281			6,405,827
Investments sold		55,440			201,160			50,850
Reimbursement from investment adviser		38,393			56,930			57,209
Investments sold on an extended-settlement basis		—			83,151,406			33,482,188
Due from broker — upfront payment		—			—			52,245
Other assets		54,910			73,713			76,471

Total assets		350,297,739			1,069,125,858			898,356,001

Liabilities:
Written option contracts, at value (premium received $99,126, $0 and $509,241, respectively)		54,090			—			483,500
Forward sale contracts, at value (proceeds received $0, $16,445,313 and $9,841,250, respectively)		—			16,188,338			9,713,003
Unrealized loss on forward foreign currency exchange contracts		—			—			9,494,653
Variation margin on futures contracts		—			—			213,622
Variation margin on swaps contracts		—			—			410,330
Payables:
Fund shares redeemed		891,866			4,129,753			1,045,092
Management fees		78,172			294,955			282,122
Distribution and Service fees and Transfer Agency fees		40,050			58,865			28,093
Investments purchased		555			35,305			2,835,608
Income distributions		65			100,883			11,812
Collateral on certain derivative contracts^(b)		—			1,925,000			270,000
Investments purchased on an extended — settlement basis		—			186,601,995			60,291,628
Accrued expenses		189,687			370,545			379,541

Total liabilities		1,254,485			209,705,639			85,459,004

Net Assets:
Paid-in capital		352,251,823			886,730,693			833,311,139
Total distributable earnings (loss)		(3,208,569	)		(27,310,474	)		(20,414,142	)

NET ASSETS	$	349,043,254		$	859,420,219		$	812,896,997

Net Assets:
Class A	$	52,040,523		$	90,469,465		$	14,106,685
Class C		2,160,089			12,958,394			1,283,199
Institutional		168,248,283			348,654,978			48,688,766
Service		—			18,830,976			—
Investor		26,969,762			38,722,654			4,337,135
Class P		30,975,212			337,804,600			743,257,678
Class R		17,662,851			—			138,215
Class R6		50,986,534			11,979,152			1,085,319

Total Net Assets	$	349,043,254		$	859,420,219		$	812,896,997

Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		4,854,277			9,075,284			1,456,590
Class C		204,898			1,308,699			132,515
Institutional		15,490,164			35,094,517			5,017,644
Service		—			1,897,733			—
Investor		2,498,785			3,881,284			447,237
Class P		2,853,153			34,014,115			76,634,588
Class R		1,655,184			—			14,254
Class R6		4,697,709			1,205,711			111,955

Net asset value, offering and redemption price per share:^(c)
Class A		$10.72			$9.97			$9.68
Class C		10.54			9.90			9.68
Institutional		10.86			9.93			9.70
Service		—			9.92			—
Investor		10.79			9.98			9.70
Class P		10.86			9.93			9.70
Class R		10.67			—			9.70
Class R6		10.85			9.94			9.69

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Forward Foreign Currency		Swaps		TBA
Inflation Protected Securities	$	—	$	1,163,571	$	—
Short Duration Government		—		316		40,000
Short Duration Income		3,610,000		7,888,109		30,000

(b)

Segregated for initial margin and/or collateral as follows:


Fund	TBA
Inflation Protected Securities	$	—
Short Duration Government		1,925,000
Short Duration Income		270,000

(c)

Maximum public offering price per share for Class A shares of the Inflation Protected Securities, Short Duration Government and Short Duration Income Funds is $11.14, $10.12 and $9.83, respectively. At redemption, Class C shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement of Assets and Liabilities (continued)

March 31, 2020


	Short-Term Conservative Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $3,551,035,048)	$	3,484,601,494
Investments of affiliated issuers, at value (cost $261,228,901)		261,027,630
Cash		3,818,741
Receivables:
Investments sold		68,071,596
Interest and dividends		13,840,550
Fund shares sold		4,599,736
Reimbursement from investment adviser		147,930
Other assets		183,767
Total assets		3,836,291,444

Liabilities:
Payables:
Fund shares redeemed		15,712,026
Investments purchased		3,349,387
Management fees		699,917
Income distributions		143,808
Distribution and Service fees and Transfer Agency fees		147,930
Accrued expenses		361,514
Total liabilities		20,414,582

Net Assets:
Paid-in capital		3,888,295,361
Total distributable earnings (loss)		(72,418,499	)
NET ASSETS	$	3,815,876,862
Net Assets:
Class A	$	43,188,499
Institutional		1,466,673,463
Administration		1,045,127
Preferred		26,328
Investor		90,680,129
Class P		1,935,474,883
Class R6		278,788,433
Total Net Assets	$	3,815,876,862
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		4,372,835
Institutional		148,439,048
Administration		105,788
Preferred		2,666
Investor		9,177,304
Class P		196,039,583
Class R6		28,201,420
Net asset value, offering and redemption price per share:
Class A		$9.88
Institutional		9.88
Administration		9.88
Preferred		9.88
Investor		9.88
Class P		9.87
Class R6		9.89


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2020


	Enhanced Income Fund			Government Income Fund			High Quality Floating Rate Fund
Investment income:

Interest	$	12,769,358		$	6,820,524		$	9,661,548

Dividends — affiliated issuers		348,070			464,183			—

Total investment income		13,117,428			7,284,707			9,661,548

Expenses:

Management fees		1,237,244			1,604,956			1,127,801

Transfer Agency fees^(a)		193,864			217,422			136,204

Custody, accounting and administrative services		185,373			195,492			188,096

Professional fees		114,947			114,986			111,779

Registration fees		114,661			132,085			111,304

Printing and mailing costs		46,525			69,409			42,377

Distribution and Service fees^(a)		18,858			345,926			14,475

Trustee fees		18,851			18,540			18,501

Shareholder meeting expense		9,574			14,424			7,390

Administration Shares fees		8,699			—			—

Service Share fees — Service Plan		—			90,924			254

Service Share fees — Shareholder Administration Plan		—			90,924			254

Other		14,393			8,622			15,757

Total expenses		1,962,989			2,903,710			1,774,192

Less — expense reductions		(205,016	)		(587,464	)		(436,956	)

Net expenses		1,757,973			2,316,246			1,337,236

NET INVESTMENT INCOME		11,359,455			4,968,461			8,324,312

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		1,183,991			6,455,994			(1,269,562	)

Investment — affiliated issuers		(10,061	)		—			—

Purchased options		—			(110,213	)		—

Futures contracts		(2,366,820	)		374,696			422,443

Written options		—			27,496			—

Swap contracts		—			(667,888	)		(768,630	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(6,668,976	)		16,169,763			(6,874,889	)

Investments — affiliated issuers		(2,695	)		—			—

Purchased options		—			(63,789	)		—

Futures contracts		(2,302,796	)		(757,554	)		(494,019	)

Written options		—			36,651			—

Swap contracts		—			(32,550	)		(48,485	)

Net realized and unrealized gain (loss)		(10,167,357	)		21,432,606			(9,033,142	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,192,098		$	26,401,067		$	(708,830	)

(a)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Administration		Service		Investor		Class P		Class R		Class R6
Enhanced Income	$	18,858	$	—	$	—	$	16,344	$	—	$	96,170	$	1,392	$	—	$	10,962	$	53,724	$	—	$	15,272
Government Income		208,933		37,617		99,376		108,645		4,890		54,811		—		14,548		2,633		3,460		25,838		2,597
High Quality Floating Rate		14,475		—		—		12,545		—		29,757		—		41		12,951		79,946		—		964


84		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 Fiscal Year Ended March 31, 2020


	Inflation Protected Securities Fund			Short Duration Government Fund			Short Duration Income Fund
Investment income:

Interest	$	12,076,720		$	19,631,033		$	23,208,573

Dividends — affiliated issuers		112,232			110,942			189,935

Total investment income		12,188,952			19,741,975			23,398,508

Expenses:

Management fees		1,004,801			3,979,149			3,142,984

Distribution and Service fees^(a)		244,281			326,675			40,508

Transfer Agency fees^(a)		224,958			429,399			271,613

Registration fees		132,608			194,396			148,740

Professional fees		109,519			117,853			135,774

Custody, accounting and administrative services		87,381			297,364			248,799

Printing and mailing costs		70,909			63,434			44,699

Shareholder meeting expense		24,761			21,961			7,472

Trustee fees		18,679			19,583			19,416

Service Share fees — Service Plan		—			45,402			—

Service Share fees — Shareholder Administration Plan		—			45,402			—

Prime Broker Fees		—			—			12,488

Other		7,518			22,139			27,152

Total expenses		1,925,415			5,562,757			4,099,645

Less — expense reductions		(265,992	)		(738,901	)		(537,075	)

Net expenses		1,659,423			4,823,856			3,562,570

NET INVESTMENT INCOME		10,529,529			14,918,119			19,835,938

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		4,305,953			11,645,959			3,043,155

Purchased options		(68,989	)		—			736,487

Futures contracts		3,204,051			(10,121,800	)		13,958,086

Written options		81,512			—			(625,787	)

Swap contracts		(3,033,645	)		(2,321,916	)		(3,707,472	)

Forward foreign currency exchange contracts		—			—			(2,333,971	)

Foreign currency transactions		—			—			157,128

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		10,019,610			25,815,980			(21,772,887	)

Purchased options		(64,381	)		—			(251,750	)

Futures contracts		421,899			(863,427	)		2,470,758

Written options		45,036			—			216,560

Swap contracts		(2,286,486	)		(9,491	)		(1,519,759	)

Forward foreign currency exchange contracts		—			—			(437,780	)

Foreign currency translation		—			—			(6,408	)

Net realized and unrealized gain (loss)		12,624,560			24,145,305			(10,073,640	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,154,089		$	39,063,424		$	9,762,298

(a)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
Inflation Protected Securities	$	133,485	$	31,548	$	79,248	$	69,413	$	4,102	$	65,124	$	—	$	26,441	$	26,038	$	20,604	$	13,236
Short Duration Government		195,427		131,248		—		101,622		17,062		141,431		7,264		38,470		121,617		—		1,933
Short Duration Income		23,992		15,862		654		12,476		2,062		26,464		—		23,347		206,715		170		379


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement of Operations (continued)

For the Fiscal Year Ended March 31, 2020


	Short-Term Conservative Income Fund
Investment income:

Interest (net of foreign withholding taxes of $4,923)	$	90,731,784

Dividends — affiliated issuers		10,014,894

Total investment income		100,746,678

Expenses:

Management fees		9,919,436

Transfer Agency fees^(a)		1,454,739

Registration fees		493,561

Custody, accounting and administrative services		267,262

Printing and mailing costs		114,235

Professional fees		106,460

Distribution and Service fees^(a)		77,154

Trustee fees		24,972

Shareholder meeting expense		20,881

Other		56,391

Total expenses		12,535,091

Less — expense reductions		(3,711,711	)

Net expenses		8,823,380

NET INVESTMENT INCOME		91,923,298

Realized and unrealized loss from transactions:

Net realized (loss) from:

Investments — unaffiliated issuers		(3,480,758	)

Investment — affiliated issuers		(376,662	)

Net change in unrealized (loss) on:

Investments — unaffiliated issuers		(69,927,961	)

Investments — affiliated issuers		(228,468	)

Net realized and unrealized loss		(74,013,849	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,909,449

(a)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Administration		Preferred		Class A		Institutional		Administration		Preferred Shares		Investor		Class P		Class R6
Short-Term Conservative Income	$	75,166	$	1,962	$	26	$	65,143	$	555,239	$	314	$	11	$	98,027	$	574,309	$	161,696


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Enhanced Income Fund						Government Income Fund
	For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	11,359,455		$	12,635,581		$	4,968,461		$	6,909,421

Net realized gain (loss)		(1,192,890	)		2,092,196			6,080,085			(950,895	)

Net change in unrealized gain (loss)		(8,974,467	)		33,478			15,352,521			5,556,386

Net increase in net assets resulting from operations		1,192,098			14,761,255			26,401,067			11,514,912

Distributions to shareholders:

From distributable earnings:

Class A Shares		(261,881	)		(309,118	)		(1,675,580	)		(2,090,284	)

Class C Shares		—			—			(46,557	)		(61,979	)

Institutional Shares		(5,541,448	)		(7,819,471	)		(3,158,981	)		(3,374,185	)

Administration Shares		(70,531	)		(46,284	)		—			–

Service Shares		—			—			(658,954	)		(708,383	)

Investor Shares		(186,385	)		(80,616	)		(43,226	)		(43,825	)

Class P Shares^(a)		(4,149,291	)		(3,989,106	)		(265,702	)		(188,120	)

Class R Shares		—			—			(346,718	)		(378,998	)

Class R6 Shares		(1,172,754	)		(377,385	)		(200,189	)		(567,998	)

Total distributions to shareholders		(11,382,290	)		(12,621,980	)		(6,395,907	)		(7,413,772	)

From share transactions:

Proceeds from sales of shares		140,488,430			625,494,376			157,586,953			121,223,005

Reinvestment of distributions		9,943,703			10,747,284			5,567,628			5,930,212

Cost of shares redeemed		(260,972,104	)		(585,261,922	)		(137,962,450	)		(168,596,062	)

Net increase (decrease) in net assets resulting from share transactions		(110,539,971	)		50,979,738			25,192,131			(41,442,845	)

TOTAL INCREASE (DECREASE)		(120,730,163	)		53,119,013			45,197,291			(37,341,705	)

Net assets:

Beginning of year		520,638,628			467,519,615			303,279,738			340,621,443

End of year	$	399,908,465		$	520,638,628		$	348,477,029		$	303,279,738

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	High Quality Floating Rate Fund						Inflation Protected Securities Fund
	For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	8,324,312		$	17,287,294		$	10,529,529		$	6,361,334

Net realized gain (loss)		(1,615,749	)		(788,927	)		4,488,882			(4,679,911	)

Net change in unrealized gain (loss)		(7,417,393	)		(1,065,132	)		8,135,678			7,705,313

Net increase (decrease) in net assets resulting from operations		(708,830	)		15,433,235			23,154,089			9,386,736

Distributions to shareholders:

From distributable earnings:

Class A Shares		(193,737	)		(186,231	)		(1,285,840	)		(1,040,911	)

Class C Shares		—			—			(56,365	)		(72,568	)

Institutional Shares		(1,702,124	)		(5,986,942	)		(4,276,401	)		(4,341,465	)

Service Shares		(1,847	)		(2,008	)		—			–

Investor Shares		(219,902	)		(104,159	)		(530,726	)		(244,140	)

Class P Shares^(a)		(6,313,919	)		(11,429,240	)		(2,470,173	)		(838,148	)

Class R Shares		—			—			(344,350	)		(247,206	)

Class R6 Shares		(78,961	)		(39,278	)		(1,214,934	)		(239,819	)

Total distributions to shareholders		(8,510,490	)		(17,747,858	)		(10,178,789	)		(7,024,257	)

From share transactions:

Proceeds from sales of shares		134,041,858			970,694,770			172,739,162			293,070,744

Reinvestment of distributions		7,698,518			17,246,384			7,613,377			4,997,848

Cost of shares redeemed		(363,671,237	)		(1,255,494,301	)		(254,941,275	)		(268,244,197	)

Net increase (decrease) in net assets resulting from share transactions		(221,930,861	)		(267,553,147	)		(74,588,736	)		29,824,395

TOTAL INCREASE (DECREASE)		(231,150,181	)		(269,867,770	)		(61,613,436	)		32,186,874

Net assets:

Beginning of year		471,118,523			740,986,293			410,656,690			378,469,816

End of year	$	239,968,342		$	471,118,523		$	349,043,254		$	410,656,690

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Short Duration Government Fund						Short Duration Income Fund
	For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	14,918,119		$	18,727,607		$	19,835,938		$	15,947,451

Net realized gain (loss)		(797,757	)		(3,910,866	)		11,227,626			(4,546,887	)

Net change in unrealized gain (loss)		24,943,062			6,273,739			(21,301,266	)		8,924,570
Net increase in net assets resulting from operations		39,063,424			21,090,480			9,762,298			20,325,134

Distributions to shareholders:

From distributable earnings:

Class A Shares		(1,612,658	)		(1,838,189	)		(204,392	)		(265,434	)

Class C Shares		(218,634	)		(303,318	)		(29,030	)		(24,242	)

Institutional Shares		(8,506,675	)		(12,622,023	)		(1,621,428	)		(4,925,422	)

Service Shares		(345,618	)		(379,737	)		—			—

Investor Shares		(683,357	)		(656,226	)		(427,011	)		(45,864	)

Class P Shares^(a)		(9,818,952	)		(7,395,497	)		(16,907,067	)		(9,973,064	)

Class R Shares		—			—			(2,544	)		(2,198	)

Class R6 Shares		(154,121	)		(82,624	)		(31,178	)		(3,831	)

Return of capital:

Class A Shares		—			—			(35,902	)		(27,291	)

Class C Shares		—			—			(5,099	)		(2,492	)

Institutional Shares		—			—			(284,803	)		(506,404	)

Investor Shares		—			—			(75,005	)		(4,716	)

Class P Shares^(a)		—			—			(2,969,733	)		(1,025,377	)

Class R Shares		—			—			(447	)		(226	)

Class R6 Shares		—			—			(5,477	)		(394	)

Total distributions to shareholders		(21,340,015	)		(23,277,614	)		(22,599,116	)		(16,806,955	)

From share transactions:

Proceeds from sales of shares		358,156,062			781,323,689			500,444,296			869,609,351

Reinvestment of distributions		19,215,179			20,862,430			22,238,452			16,625,323

Cost of shares redeemed		(541,056,490	)		(785,242,974	)		(394,786,334	)		(776,377,472	)

Net increase (decrease) in net assets resulting from share transactions		(163,685,249	)		16,943,145			127,896,414			109,857,202

TOTAL INCREASE (DECREASE)		(145,961,840	)		14,756,011			115,059,596			113,375,381

Net assets:

Beginning of year		1,005,382,059			990,626,048			697,837,401			584,462,020

End of year	$	859,420,219		$	1,005,382,059		$	812,896,997		$	697,837,401

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Short-Term Conservative Income Fund
	For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	91,923,298		$	58,601,194

Net realized gain (loss)		(3,857,420	)		388,072

Net change in unrealized gain (loss)		(70,156,429	)		4,232,231

Net increase in net assets resulting from operations		17,909,449			63,221,497

Distributions to shareholders:

From distributable earnings:

Class A Shares		(1,094,179	)		(132,712	)

Institutional Shares		(32,560,408	)		(22,156,000	)

Administartion Shares		(16,229	)		(21,683	)

Preferred Shares		(614	)		(616	)

Investor Shares^(a)		(1,641,339	)		(41,958	)

Class P Shares^(b)		(45,807,958	)		(31,077,750	)

Class R6 Shares		(12,940,127	)		(5,384,319	)

Total distributions to shareholders		(94,060,854	)		(58,815,038	)

From share transactions:

Proceeds from sales of shares		5,513,818,310			4,810,757,339

Reinvestment of distributions		90,530,023			56,650,303

Cost of shares redeemed		(5,079,555,959	)		(2,927,554,147	)

Net increase in net assets resulting from share transactions		524,792,374			1,939,853,495

TOTAL INCREASE		448,640,969			1,944,259,954

Net assets:

Beginning of year		3,367,235,893			1,422,975,939

End of year	$	3,815,876,862		$	3,367,235,893

(a)

Investor Shares commenced operations on August 14, 2018.

(b)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Enhanced Income Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.45		$	9.41		$	9.44		$	9.41		$	9.42

Net investment income^(a)		0.20			0.19			0.11			0.08			0.04

Net realized and unrealized gain (loss)		(0.24	)		0.04			(0.03	)		0.03			(0.01	)

Total from investment operations		(0.04	)		0.23			0.08			0.11			0.03

Distributions to shareholders from net investment income		(0.19	)		(0.19	)		(0.11	)		(0.08	)		(0.04	)

Net asset value, end of year	$	9.22		$	9.45		$	9.41		$	9.44		$	9.41

Total return^(b)		(0.41	)%		2.41	%		0.86	%		1.19	%		0.29	%

Net assets, end of year (in 000s)	$	10,456		$	19,396		$	10,590		$	35,560		$	35,378

Ratio of net expenses to average net assets		0.59	%		0.61	%		0.69	%		0.69	%		0.69	%

Ratio of total expenses to average net assets		0.63	%		0.65	%		0.70	%		0.71	%		0.71	%

Ratio of net investment income to average net assets		2.08	%		2.02	%		1.14	%		0.88	%		0.42	%

Portfolio turnover rate^(c)		53	%		42	%		63	%		89	%		60	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Enhanced Income Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.43		$	9.39		$	9.43		$	9.40		$	9.41

Net investment income^(a)		0.22			0.21			0.14			0.11			0.07

Net realized and unrealized gain (loss)		(0.22	)		0.04			(0.04	)		0.03			(0.01	)

Total from investment operations		—			0.25			0.10			0.14			0.06

Distributions to shareholders from net investment income		(0.22	)		(0.21	)		(0.14	)		(0.11	)		(0.07	)

Net asset value, end of year	$	9.21		$	9.43		$	9.39		$	9.43		$	9.40

Total return^(b)		(0.17	)%		2.70	%		1.09	%		1.53	%		0.63	%

Net assets, end of year (in 000s)	$	180,477		$	252,561		$	451,628		$	435,915		$	423,278

Ratio of net expenses to average net assets		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%

Ratio of total expenses to average net assets		0.39	%		0.37	%		0.36	%		0.37	%		0.36	%

Ratio of net investment income to average net assets		2.30	%		2.18	%		1.52	%		1.22	%		0.76	%

Portfolio turnover rate^(c)		53	%		42	%		63	%		89	%		60	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


92		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 Year


	Goldman Sachs Enhanced Income Fund
	Administration Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.46		$	9.43		$	9.46		$	9.43		$	9.44

Net investment income^(a)		0.19			0.19			0.12			0.09			0.05

Net realized and unrealized gain (loss)		(0.23	)		0.03			(0.03	)		0.03			(0.01	)

Total from investment operations		(0.04	)		0.22			0.09			0.12			0.04

Distributions to shareholders from net investment income		(0.19	)		(0.19	)		(0.12	)		(0.09	)		(0.05	)

Net asset value, end of year	$	9.23		$	9.46		$	9.43		$	9.46		$	9.43

Total return^(b)		(0.42	)%		2.33	%		0.95	%		1.28	%		0.38	%

Net assets, end of year (in 000s)	$	4,254		$	2,905		$	164		$	162		$	147

Ratio of net expenses to average net assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%

Ratio of total expenses to average net assets		0.64	%		0.64	%		0.61	%		0.62	%		0.61	%

Ratio of net investment income to average net assets		2.02	%		2.03	%		1.27	%		0.97	%		0.50	%

Portfolio turnover rate^(c)		53	%		42	%		63	%		89	%		60	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Enhanced Income Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.42		$	9.39		$	9.42		$	9.39		$	9.41

Net investment income^(a)		0.21			0.21			0.14			0.11			0.06

Net realized and unrealized gain (loss)		(0.23	)		0.02			(0.04	)		0.02			(0.02	)

Total from investment operations		(0.02	)		0.23			0.10			0.13			0.04

Distributions to shareholders from net investment income		(0.21	)		(0.20	)		(0.13	)		(0.10	)		(0.06	)

Net asset value, end of year	$	9.19		$	9.42		$	9.39		$	9.42		$	9.39

Total return^(b)		(0.27	)%		2.50	%		1.11	%		1.44	%		0.43	%

Net assets, end of year (in 000s)	$	6,875		$	6,096		$	5,127		$	2,012		$	623

Ratio of net expenses to average net assets		0.44	%		0.44	%		0.44	%		0.44	%		0.44	%

Ratio of total expenses to average net assets		0.48	%		0.48	%		0.45	%		0.45	%		0.46	%

Ratio of net investment income to average net assets		2.21	%		2.19	%		1.45	%		1.14	%		0.66	%

Portfolio turnover rate^(c)		53	%		42	%		63	%		89	%		60	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


94		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
	Year Ended March 31,2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.43		$	9.41

Net investment income^(b)		0.22			0.21

Net realized and unrealized gain (loss)		(0.22	)		0.01

Total from investment operations		—			0.22

Distributions to shareholders from net investment income		(0.22	)		(0.20	)

Net asset value, end of period	$	9.21		$	9.43

Total return^(c)		(0.16	)%		2.36	%

Net assets, end of period (in 000s)	$	152,713		$	189,835

Ratio of net expenses to average net assets		0.34	%		0.34	%^(d)

Ratio of total expenses to average net assets		0.38	%		0.38	%^(d)

Ratio of net investment income to average net assets		2.31	%		2.33	%^(d)

Portfolio turnover rate^(e)		53	%		42	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Enhanced Income Fund
	Class R6 Shares
	Year Ended March 31,												Period Ended March 31, 2016^(a)
	2020			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.43		$	9.40		$	9.43		$	9.40		$	9.39

Net investment income^(b)		0.22			0.23			0.14			0.12			0.05

Net realized and unrealized gain (loss)		(0.22	)		0.01			(0.03	)		0.02			—	^(c)

Total from investment operations		—			0.24			0.11			0.14			0.05

Distributions to shareholders from net investment income		(0.22	)		(0.21	)		(0.14	)		(0.11	)		(0.04	)

Net asset value, end of period	$	9.21		$	9.43		$	9.40		$	9.43		$	9.40

Total Return^(d)		(0.16	)%		2.59	%		1.21	%		1.55	%		0.58	%

Net assets, end of period (in 000s)	$	45,134		$	49,846		$	10		$	10		$	10

Ratio of net expenses to average net assets		0.34	%		0.34	%		0.34	%		0.34	%		0.35	%^(e)

Ratio of total expenses to average net assets		0.38	%		0.42	%		0.35	%		0.36	%		0.37	%^(e)

Ratio of net investment income to average net assets		2.30	%		2.48	%		1.53	%		1.23	%		0.74	%^(e)

Portfolio turnover rate^(f)		53	%		42	%		63	%		89	%		60	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(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.


96		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 Year


	Goldman Sachs Government Income Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	14.58		$	14.39		$	14.64		$	15.03		$	15.02

Net investment income^(a)		0.23			0.28			0.18			0.16			0.19

Net realized and unrealized gain (loss)		1.06			0.21			(0.18	)		(0.29	)		0.06

Total from investment operations		1.29			0.49			—			(0.13	)		0.25

Distributions to shareholders from net investment income		(0.30	)		(0.30	)		(0.25	)		(0.26	)		(0.24	)

Net asset value, end of year	$	15.57		$	14.58		$	14.39		$	14.64		$	15.03

Total return^(b)		8.83	%		3.46	%		0.01	%		(0.89	)%		1.66	%

Net assets, end of year (in 000s)	$	75,282		$	93,352		$	108,414		$	134,630		$	159,880

Ratio of net expenses to average net assets		0.89	%		0.91	%		0.91	%		0.91	%		0.90	%

Ratio of total expenses to average net assets		1.09	%		1.10	%		1.05	%		1.06	%		1.05	%

Ratio of net investment income to average net assets		1.54	%		1.94	%		1.25	%		1.08	%		1.31	%

Portfolio turnover rate^(c)		943	%		530	%		380	%		441	%		590	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Government Income Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	14.58		$	14.39		$	14.64		$	15.03		$	15.02

Net investment income^(a)		0.11			0.17			0.07			0.05			0.08

Net realized and unrealized gain (loss)		1.07			0.21			(0.18	)		(0.29	)		0.06

Total from investment operations		1.18			0.38			(0.11	)		(0.24	)		0.14

Distributions to shareholders from net investment income		(0.19	)		(0.19	)		(0.14	)		(0.15	)		(0.13	)

Net asset value, end of year	$	15.57		$	14.58		$	14.39		$	14.64		$	15.03

Total return^(b)		8.10	%		2.69	%		(0.74	)%		(1.63	)%		0.91	%

Net assets, end of year (in 000s)	$	4,974		$	3,775		$	5,959		$	8,066		$	11,743

Ratio of net expenses to average net assets		1.64	%		1.66	%		1.66	%		1.66	%		1.66	%

Ratio of total expenses to average net assets		1.84	%		1.84	%		1.80	%		1.81	%		1.80	%

Ratio of net investment income to average net assets		0.77	%		1.17	%		0.50	%		0.33	%		0.56	%

Portfolio turnover rate^(c)		943	%		530	%		380	%		441	%		590	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


98		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 Year


	Goldman Sachs Government Income Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	14.55		$	14.37		$	14.62		$	15.01		$	15.00

Net investment income^(a)		0.27			0.33			0.24			0.21			0.24

Net realized and unrealized gain (loss)		1.06			0.20			(0.19	)		(0.29	)		0.06

Total from investment operations		1.33			0.53			0.05			(0.08	)		0.30

Distributions to shareholders from net investment income		(0.34	)		(0.35	)		(0.30	)		(0.31	)		(0.29	)

Net asset value, end of year	$	15.54		$	14.55		$	14.37		$	14.62		$	15.01

Total return^(b)		9.26	%		3.74	%		0.35	%		(0.56	)%		2.01	%

Net assets, end of year (in 000s)	$	178,878		$	130,734		$	141,298		$	129,442		$	147,394

Ratio of net expenses to average net assets		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%

Ratio of total expenses to average net assets		0.75	%		0.76	%		0.71	%		0.72	%		0.71	%

Ratio of net investment income to average net assets		1.83	%		2.29	%		1.61	%		1.42	%		1.64	%

Portfolio turnover rate^(c)		943	%		530	%		380	%		441	%		590	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Government Income Fund
	Service Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	14.54		$	14.35		$	14.60		$	14.99		$	14.98

Net investment income^(a)		0.20			0.25			0.16			0.14			0.17

Net realized and unrealized gain (loss)		1.05			0.22			(0.18	)		(0.30	)		0.05

Total from investment operations		1.25			0.47			(0.02	)		(0.16	)		0.22

Distributions to shareholders from net investment income		(0.27	)		(0.28	)		(0.23	)		(0.23	)		(0.21	)

Net asset value, end of year	$	15.52		$	14.54		$	14.35		$	14.60		$	14.99

Total return^(b)		8.66	%		3.30	%		(0.16	)%		(1.06	)%		1.50	%

Net assets, end of year (in 000s)	$	39,122		$	36,126		$	41,463		$	53,711		$	54,940

Ratio of net expenses to average net assets		1.07	%		1.07	%		1.07	%		1.07	%		1.06	%

Ratio of total expenses to average net assets		1.25	%		1.26	%		1.21	%		1.22	%		1.21	%

Ratio of net investment income to average net assets		1.33	%		1.77	%		1.09	%		0.92	%		1.15	%

Portfolio turnover rate^(c)		943	%		530	%		380	%		441	%		590	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


100		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 Year


	Goldman Sachs Government Income Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	14.57		$	14.38		$	14.63		$	15.02		$	15.01

Net investment income^(a)		0.25			0.31			0.22			0.20			0.23

Net realized and unrealized gain (loss)		1.07			0.21			(0.18	)		(0.29	)		0.05

Total from investment operations		1.32			0.52			0.04			(0.09	)		0.28

Distributions to shareholders from net investment income		(0.33	)		(0.33	)		(0.29	)		(0.30	)		(0.27	)

Net asset value, end of year	$	15.56		$	14.57		$	14.38		$	14.63		$	15.02

Total return^(b)		9.18	%		3.72	%		0.26	%		(0.64	)%		1.92	%

Net assets, end of year (in 000s)	$	8,383		$	1,458		$	2,846		$	4,558		$	4,676

Ratio of net expenses to average net assets		0.62	%		0.66	%		0.66	%		0.66	%		0.66	%

Ratio of total expenses to average net assets		0.83	%		0.84	%		0.80	%		0.81	%		0.80	%

Ratio of net investment income to average net assets		1.68	%		2.14	%		1.49	%		1.33	%		1.55	%

Portfolio turnover rate^(c)		943	%		530	%		380	%		441	%		590	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

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
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	14.55		$	14.24

Net investment income^(b)		0.27			0.32

Net realized and unrealized gain		1.07			0.32

Total from investment operations		1.34			0.64

Distributions to shareholders from net investment income		(0.35	)		(0.33	)

Net asset value, end of period	$	15.54		$	14.55

Total return^(c)		9.20	%		4.55	%

Net assets, end of period (in 000s)	$	14,227		$	10,268

Ratio of net expenses to average net assets		0.56	%		0.56	%^(d)

Ratio of total expenses to average net assets		0.74	%		0.77	%^(d)

Ratio of net investment income to average net assets		1.83	%		2.35	%^(d)

Portfolio turnover rate^(e)		943	%		530	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


102		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 Year


	Goldman Sachs Government Income Fund
	Class R Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	14.56		$	14.38		$	14.62		$	15.02		$	15.00

Net investment income^(a)		0.19			0.24			0.15			0.12			0.16

Net realized and unrealized gain (loss)		1.06			0.20			(0.17	)		(0.30	)		0.06

Total from investment operations		1.25			0.44			(0.02	)		(0.18	)		0.22

Distributions to shareholders from net investment income		(0.26	)		(0.26	)		(0.22	)		(0.22	)		(0.20	)

Net asset value, end of year	$	15.55		$	14.56		$	14.38		$	14.62		$	15.02

Total return^(b)		8.64	%		3.13	%		(0.18	)%		(1.14	)%		1.41	%

Net assets, end of year (in 000s)	$	18,424		$	19,905		$	21,630		$	21,045		$	21,688

Ratio of net expenses to average net assets		1.14	%		1.16	%		1.16	%		1.16	%		1.15	%

Ratio of total expenses to average net assets		1.34	%		1.35	%		1.30	%		1.31	%		1.30	%

Ratio of net investment income to average net assets		1.27	%		1.69	%		1.02	%		0.83	%		1.06	%

Portfolio turnover rate^(c)		943	%		530	%		380	%		441	%		590	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

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
	Year Ended March 31,												Period Ended March 31, 2016^(a)
	2020			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	14.55		$	14.37		$	14.61		$	15.01		$	14.83

Net investment income^(b)		0.27			0.33			0.24			0.20			0.16

Net realized and unrealized gain (loss)		1.07			0.20			(0.18	)		(0.29	)		0.21

Total from investment operations		1.34			0.53			0.06			(0.09	)		0.37

Distributions to shareholders from net investment income		(0.35	)		(0.35	)		(0.30	)		(0.31	)		(0.19	)

Net asset value, end of period	$	15.54		$	14.55		$	14.37		$	14.61		$	15.01

Total return^(c)		9.27	%		3.75	%		0.43	%		(0.60	)%		2.52	%

Net assets, end of period (in 000s)	$	9,187		$	7,661		$	19,012		$	17,614		$	93

Ratio of net expenses to average net assets		0.56	%		0.56	%		0.55	%		0.55	%		0.55	%^(d)

Ratio of total expenses to average net assets		0.74	%		0.76	%		0.70	%		0.69	%		0.70	%^(d)

Ratio of net investment income to average net assets		1.84	%		2.31	%		1.62	%		1.35	%		1.59	%^(d)

Portfolio turnover rate^(e)		943	%		530	%		380	%		441	%		590	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Quality Floating Rate Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	8.70		$	8.73		$	8.72		$	8.63		$	8.72

Net investment income (loss)^(a)		0.17			0.18			0.10			0.07			0.02

Net realized and unrealized gain (loss)		(0.28	)		(0.02	)		0.01			0.08			(0.09	)

Total from investment operations		(0.11	)		0.16			0.11			0.15			(0.07	)

Distributions to shareholders from net investment income		(0.18	)		(0.19	)		(0.10	)		(0.06	)		(0.02	)

Net asset value, end of year	$	8.41		$	8.70		$	8.73		$	8.72		$	8.63

Total return^(b)		(1.32	)%		1.84	%		1.32	%		1.79	%		(0.80	)%

Net assets, end of year (in 000s)	$	10,954		$	7,968		$	9,368		$	11,303		$	10,680

Ratio of net expenses to average net assets		0.61	%		0.64	%		0.71	%		0.65	%		0.70	%

Ratio of total expenses to average net assets		0.73	%		0.70	%		0.79	%		0.89	%		0.88	%

Ratio of net investment income to average net assets		1.96	%		2.09	%		1.18	%		0.76	%		0.22	%

Portfolio turnover rate^(c)		8	%		47	%		54	%		59	%		71	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Quality Floating Rate Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	8.70		$	8.72		$	8.71		$	8.63		$	8.72

Net investment income^(a)		0.19			0.19			0.13			0.09			0.05

Net realized and unrealized gain (loss)		(0.28	)		—			0.01			0.08			(0.09	)

Total from investment operations		(0.09	)		0.19			0.14			0.17			(0.04	)

Distributions to shareholders from net investment income		(0.20	)		(0.21	)		(0.13	)		(0.09	)		(0.05	)

Net asset value, end of year	$	8.41		$	8.70		$	8.72		$	8.71		$	8.63

Total return^(b)		(1.09	)%		2.23	%		1.67	%		1.97	%		(0.47	)%

Net assets, end of year (in 000s)	$	77,817		$	71,263		$	730,204		$	429,019		$	360,939

Ratio of net expenses to average net assets		0.37	%		0.36	%		0.36	%		0.36	%		0.36	%

Ratio of total expenses to average net assets		0.49	%		0.41	%		0.44	%		0.55	%		0.54	%

Ratio of net investment income to average net assets		2.24	%		2.19	%		1.54	%		1.05	%		0.56	%

Portfolio turnover rate^(c)		8	%		47	%		54	%		59	%		71	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Quality Floating Rate Fund
	Service Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	8.74		$	8.76		$	8.76		$	8.67		$	8.76

Net investment income^(a)		0.15			0.16			0.08			0.05			0.01

Net realized and unrealized gain (loss)		(0.28	)		(0.01	)		0.01			0.09			(0.09	)

Total from investment operations		(0.13	)		0.15			0.09			0.14			(0.08	)

Distributions to shareholders from net investment income		(0.16	)		(0.17	)		(0.09	)		(0.05	)		(0.01	)

Net asset value, end of year	$	8.45		$	8.74		$	8.76		$	8.76		$	8.67

Total return^(b)		(1.56	)%		1.73	%		1.05	%		1.58	%		(0.93	)%

Net assets, end of year (in 000s)	$	49		$	92		$	113		$	491		$	551

Ratio of net expenses to average net assets		0.86	%		0.86	%		0.87	%		0.86	%		0.84	%

Ratio of total expenses to average net assets		0.98	%		0.93	%		0.97	%		1.05	%		1.04	%

Ratio of net investment income to average net assets		1.77	%		1.86	%		0.95	%		0.55	%		0.11	%

Portfolio turnover rate^(c)		8	%		47	%		54	%		59	%		71	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Quality Floating Rate Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	8.68		$	8.70		$	8.69		$	8.61		$	8.70

Net investment income^(a)		0.19			0.21			0.13			0.08			0.04

Net realized and unrealized gain (loss)		(0.30	)		(0.03	)		0.01			0.08			(0.09	)

Total from investment operations		(0.11	)		0.18			0.14			0.16			(0.05	)

Distributions to shareholders from net investment income		(0.19	)		(0.20	)		(0.13	)		(0.08	)		(0.04	)

Net asset value, end of year	$	8.38		$	8.68		$	8.70		$	8.69		$	8.61

Total return^(b)		(1.30	)%		2.14	%		1.58	%		1.87	%		(0.56	)%

Net assets, end of year (in 000s)	$	5,123		$	9,474		$	1,292		$	632		$	663

Ratio of net expenses to average net assets		0.46	%		0.45	%		0.46	%		0.44	%		0.45	%

Ratio of total expenses to average net assets		0.58	%		0.54	%		0.53	%		0.62	%		0.63	%

Ratio of net investment income to average net assets		2.15	%		2.40	%		1.47	%		0.91	%		0.47	%

Portfolio turnover rate^(c)		8	%		47	%		54	%		59	%		71	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Quality Floating Rate Fund
	Class P Shares
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	8.70		$	8.73

Net investment income^(b)		0.20			0.20

Net realized and unrealized gain (loss)		(0.29	)		(0.03	)

Total from investment operations		(0.09	)		0.17

Distributions to shareholders from net investment income		(0.20	)		(0.20	)

Net asset value, end of period	$	8.41		$	8.70

Total return^(c)		(1.08	)%		1.99	%

Net assets, end of period (in 000s)	$	144,412		$	375,756

Ratio of net expenses to average net assets		0.36	%		0.35	%^(d)

Ratio of total expenses to average net assets		0.48	%		0.43	%^(d)

Ratio of net investment income to average net assets		2.32	%		2.48	%^(d)

Portfolio turnover rate^(e)		8	%		47	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Quality Floating Rate Fund
	Class R6 Shares
	Year Ended March 31,												Period Ended March 31, 2016^(a)
	2020			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	8.70		$	8.72		$	8.72		$	8.63		$	8.69

Net investment income^(b)		0.21			0.24			0.13			0.09			0.03

Net realized and unrealized gain (loss)		(0.30	)		(0.05	)		0.01			0.09			(0.06	)

Total from investment operations		(0.09	)		0.19			0.14			0.18			(0.03	)

Distributions to shareholders from net investment income		(0.20	)		(0.21	)		(0.14	)		(0.09	)		(0.03	)

Net asset value, end of period	$	8.41		$	8.70		$	8.72		$	8.72		$	8.63

Total return^(c)		(1.08	)%		2.23	%		1.56	%		2.11	%		(0.32	)%

Net assets, end of period (in 000s)	$	1,613		$	6,565		$	11		$	10		$	10

Ratio of net expenses to average net assets		0.36	%		0.35	%		0.36	%		0.36	%		0.36	%^(d)

Ratio of total expenses to average net assets		0.47	%		0.49	%		0.43	%		0.53	%		0.53	%^(d)

Ratio of net investment income to average net assets		2.41	%		2.73	%		1.54	%		1.05	%		0.55	%^(d)

Portfolio turnover rate^(e)		8	%		47	%		54	%		59	%		71	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Inflation Protected Securities Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.37		$	10.31		$	10.44		$	10.44		$	10.39

Net investment income^(a)		0.26			0.16			0.16			0.18			0.10

Net realized and unrealized gain (loss)		0.35			0.06			(0.13	)		(0.04	)		0.01

Total from investment operations		0.61			0.22			0.03			0.14			0.11

Distributions to shareholders from net investment income		(0.26	)		(0.16	)		(0.16	)		(0.14	)		(0.03	)

Distributions to shareholders from return of capital		—			—			—			—			(0.03	)

Total distributions		(0.26	)		(0.16	)		(0.16	)		(0.14	)		(0.06	)

Net asset value, end of year	$	10.72		$	10.37		$	10.31		$	10.44		$	10.44

Total return^(b)		5.90	%		2.21	%		0.31	%		1.32	%		1.09	%

Net assets, end of year (in 000s)	$	52,041		$	53,690		$	74,814		$	78,713		$	39,525

Ratio of net expenses to average net assets		0.69	%		0.68	%		0.68	%		0.68	%		0.70	%

Ratio of total expenses to average net assets		0.76	%		0.76	%		0.77	%		0.84	%		0.89	%

Ratio of net investment income to average net assets		2.41	%		1.61	%		1.59	%		1.69	%		1.02	%

Portfolio turnover rate^(c)		62	%		160	%		203	%		189	%		171	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Inflation Protected Securities Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.19		$	10.17		$	10.31		$	10.32		$	10.31

Net investment income^(a)		0.20			0.10			0.08			0.11			0.04

Net realized and unrealized gain (loss)		0.32			0.04			(0.12	)		(0.05	)		—

Total from investment operations		0.52			0.14			(0.04	)		0.06			0.04

Distributions to shareholders from net investment income		(0.17	)		(0.12	)		(0.10	)		(0.07	)		(0.02	)

Distributions to shareholders from return of capital		—			—			—			—			(0.01	)

Total distributions		(0.17	)		(0.12	)		(0.10	)		(0.07	)		(0.03	)

Net asset value, end of year	$	10.54		$	10.19		$	10.17		$	10.31		$	10.32

Total return^(b)		5.13	%		1.38	%		(0.42	)%		0.59	%		0.39	%

Net assets, end of year (in 000s)	$	2,160		$	4,152		$	6,847		$	6,512		$	6,420

Ratio of net expenses to average net assets		1.44	%		1.43	%		1.43	%		1.43	%		1.45	%

Ratio of total expenses to average net assets		1.51	%		1.50	%		1.52	%		1.60	%		1.64	%

Ratio of net investment income to average net assets		1.96	%		0.97	%		0.82	%		1.06	%		0.37	%

Portfolio turnover rate^(c)		62	%		160	%		203	%		189	%		171	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


112		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 Year


	Goldman Sachs Inflation Protected Securities Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.50		$	10.43		$	10.56		$	10.55		$	10.48

Net investment income^(a)		0.30			0.21			0.20			0.22			0.09

Net realized and unrealized gain (loss)		0.35			0.05			(0.13	)		(0.04	)		0.06

Total from investment operations		0.65			0.26			0.07			0.18			0.15

Distributions to shareholders from net investment income		(0.29	)		(0.19	)		(0.20	)		(0.17	)		(0.05	)

Distributions to shareholders from return of capital		—			—			—			—			(0.03	)

Total distributions		(0.29	)		(0.19	)		(0.20	)		(0.17	)		(0.08	)

Net asset value, end of year	$	10.86		$	10.50		$	10.43		$	10.56		$	10.55

Total return^(b)		6.27	%		2.55	%		0.64	%		1.70	%		1.42	%

Net assets, end of year (in 000s)	$	168,248		$	174,467		$	258,458		$	202,452		$	119,876

Ratio of net expenses to average net assets		0.35	%		0.34	%		0.34	%		0.34	%		0.35	%

Ratio of total expenses to average net assets		0.42	%		0.42	%		0.43	%		0.50	%		0.56	%

Ratio of net investment income to average net assets		2.78	%		2.02	%		1.95	%		2.11	%		0.85	%

Portfolio turnover rate^(c)		62	%		160	%		203	%		189	%		171	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Inflation Protected Securities Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.43		$	10.37		$	10.50		$	10.49		$	10.43

Net investment income^(a)		0.27			0.16			0.19			0.20			0.12

Net realized and unrealized gain (loss)		0.37			0.08			(0.13	)		(0.03	)		0.01

Total from investment operations		0.64			0.24			0.06			0.17			0.13

Distributions to shareholders from net investment income		(0.28	)		(0.18	)		(0.19	)		(0.16	)		(0.04	)

Distributions to shareholders from return of capital		—			—			—			—			(0.03	)

Total distributions		(0.28	)		(0.18	)		(0.19	)		(0.16	)		(0.07	)

Net asset value, end of year	$	10.79		$	10.43		$	10.37		$	10.50		$	10.49

Total return^(b)		6.13	%		2.48	%		0.55	%		1.64	%		1.29	%

Net assets, end of year (in 000s)	$	26,970		$	16,088		$	13,079		$	12,523		$	2,697

Ratio of net expenses to average net assets		0.44	%		0.43	%		0.43	%		0.43	%		0.45	%

Ratio of total expenses to average net assets		0.51	%		0.51	%		0.52	%		0.59	%		0.64	%

Ratio of net investment income to average net assets		2.52	%		1.53	%		1.80	%		1.87	%		1.18	%

Portfolio turnover rate^(c)		62	%		160	%		203	%		189	%		171	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Inflation Protected Securities Fund
	Class P Shares
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.49		$	10.40

Net investment income^(b)		0.32			0.09

Net realized and unrealized gain		0.34			0.19

Total from investment operations		0.66			0.28

Distributions to shareholders from net investment income		(0.29	)		(0.19	)

Total distributions		(0.29	)		(0.19	)

Net asset value, end of period	$	10.86		$	10.49

Total return^(c)		6.38	%		2.77	%

Net assets, end of period (in 000s)	$	30,975		$	107,844

Ratio of net expenses to average net assets		0.34	%		0.33	%^(d)

Ratio of total expenses to average net assets		0.40	%		0.43	%^(d)

Ratio of net investment income to average net assets		3.01	%		0.91	%^(d)

Portfolio turnover rate^(e)		62	%		160	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Inflation Protected Securities Fund
	Class R Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.32		$	10.28		$	10.41		$	10.41		$	10.38

Net investment income^(a)		0.22			0.13			0.13			0.15			0.04

Net realized and unrealized gain (loss)		0.37			0.06			(0.12	)		(0.04	)		0.04

Total from investment operations		0.59			0.19			0.01			0.11			0.08

Distributions to shareholders from net investment income		(0.24	)		(0.15	)		(0.14	)		(0.11	)		(0.03	)

Distributions to shareholders from return of capital		—			—			—			—			(0.02	)

Total distributions		(0.24	)		(0.15	)		(0.14	)		(0.11	)		(0.05	)

Net asset value, end of year	$	10.67		$	10.32		$	10.28		$	10.41		$	10.41

Total return^(b)		5.71	%		1.87	%		0.09	%		1.07	%		0.79	%

Net assets, end of year (in 000s)	$	17,663		$	14,911		$	18,169		$	18,094		$	10,128

Ratio of net expenses to average net assets		0.94	%		0.93	%		0.93	%		0.93	%		0.95	%

Ratio of total expenses to average net assets		1.01	%		1.01	%		1.02	%		1.09	%		1.15	%

Ratio of net investment income to average net assets		2.08	%		1.33	%		1.29	%		1.45	%		0.42	%

Portfolio turnover rate^(c)		62	%		160	%		203	%		189	%		171	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Inflation Protected Securities Fund
	Class R6 Shares
	Year Ended March 31,												Period Ended March 31 2016^(a)
	2020			2019			2018			2017			Period Ended March 31 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.49		$	10.43		$	10.55		$	10.55		$	10.36

Net investment income (loss)^(b)		0.29			0.08			0.22			0.21			(0.03	)

Net realized and unrealized gain (loss)		0.36			0.17			(0.14	)		(0.04	)		0.27

Total from investment operations		0.65			0.25			0.08			0.17			0.24

Distributions to shareholders from net investment income		(0.29	)		(0.19	)		(0.20	)		(0.17	)		(0.03	)

Distributions to shareholders from return of capital		—			—			—			—			(0.02	)

Total distributions		(0.29	)		(0.19	)		(0.20	)		(0.17	)		(0.05	)

Net asset value, end of period	$	10.85		$	10.49		$	10.43		$	10.55		$	10.55

Total return^(c)		6.29	%		2.47	%		0.75	%		1.62	%		2.37	%

Net assets, end of period (in 000s)	$	50,987		$	39,506		$	7,103		$	723		$	10

Ratio of net expenses to average net assets		0.34	%		0.33	%		0.33	%		0.32	%		0.34	%^(d)

Ratio of total expenses to average net assets		0.41	%		0.44	%		0.40	%		0.47	%		0.60	%^(d)

Ratio of Net investment income (loss)		2.72	%		0.74	%		2.11	%		2.00	%		(0.44	)%^(d)

Portfolio turnover rate^(e)		62	%		160	%		203	%		189	%		171	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Government Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.77		$	9.79		$	9.99		$	10.10		$	10.12

Net investment income^(a)		0.13			0.16			0.11			0.11			0.05

Net realized and unrealized gain (loss)		0.27			0.03			(0.13	)		(0.06	)		(0.01	)

Total from investment operations		0.40			0.19			(0.02	)		0.05			0.04

Distributions to shareholders from net investment income		(0.20	)		(0.21	)		(0.18	)		(0.16	)		(0.06	)

Net asset value, end of year	$	9.97		$	9.77		$	9.79		$	9.99		$	10.10

Total return^(b)		4.16	%		1.97	%		(0.22	)%		0.46	%		0.44	%

Net assets, end of year (in 000s)	$	90,469		$	82,090		$	86,239		$	138,612		$	173,879

Ratio of net expenses to average net assets		0.82	%		0.82	%		0.82	%		0.82	%		0.81	%

Ratio of total expenses to average net assets		0.90	%		0.90	%		0.89	%		0.92	%		0.91	%

Ratio of net investment income to average net assets		1.34	%		1.68	%		1.15	%		1.08	%		0.52	%

Portfolio turnover rate^(c)		479	%		247	%		87	%		173	%		227	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Government Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.70		$	9.73		$	9.92		$	10.03		$	10.06

Net investment income^(a)		0.09			0.12			0.07			0.07			0.02

Net realized and unrealized gain (loss)		0.27			0.02			(0.12	)		(0.06	)		(0.02	)

Total from investment operations		0.36			0.14			(0.05	)		0.01			—	^(b)

Distributions to shareholders from net investment income		(0.16	)		(0.17	)		(0.14	)		(0.12	)		(0.03	)

Net asset value, end of year	$	9.90		$	9.70		$	9.73		$	9.92		$	10.03

Total return^(c)		3.76	%		1.46	%		(0.53	)%		0.06	%		(0.02	)%

Net assets, end of year (in 000s)	$	12,958		$	15,493		$	19,799		$	28,292		$	33,934

Ratio of net expenses to average net assets		1.22	%		1.22	%		1.22	%		1.22	%		1.17	%

Ratio of total expenses to average net assets		1.65	%		1.65	%		1.64	%		1.67	%		1.66	%

Ratio of net investment income to average net assets		0.95	%		1.27	%		0.72	%		0.68	%		0.17	%

Portfolio turnover rate^(d)		479	%		247	%		87	%		173	%		227	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Government Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.74		$	9.76		$	9.96		$	10.07		$	10.09

Net investment income^(a)		0.17			0.19			0.14			0.14			0.09

Net realized and unrealized gain (loss)		0.26			0.03			(0.13	)		(0.06	)		(0.01	)

Total from investment operations		0.43			0.22			0.01			0.08			0.08

Distributions to shareholders from net investment income		(0.24	)		(0.24	)		(0.21	)		(0.19	)		(0.10	)

Net asset value, end of year	$	9.93		$	9.74		$	9.76		$	9.96		$	10.07

Total return^(b)		4.41	%		2.32	%		0.11	%		0.80	%		0.78	%

Net assets, end of year (in 000s)	$	348,655		$	379,887		$	837,920		$	1,045,066		$	1,089,297

Ratio of net expenses to average net assets		0.48	%		0.48	%		0.48	%		0.47	%		0.47	%

Ratio of total expenses to average net assets		0.56	%		0.56	%		0.55	%		0.58	%		0.57	%

Ratio of net investment income to average net assets		1.69	%		1.95	%		1.46	%		1.42	%		0.86	%

Portfolio turnover rate^(c)		479	%		247	%		87	%		173	%		227	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Government Fund
	Service Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.73		$	9.75		$	9.94		$	10.05		$	10.08

Net investment income^(a)		0.11			0.15			0.09			0.09			0.04

Net realized and unrealized gain (loss)		0.27			0.02			(0.12	)		(0.06	)		(0.02	)

Total from investment operations		0.38			0.17			(0.03	)		0.03			0.02

Distributions to shareholders from net investment income		(0.19	)		(0.19	)		(0.16	)		(0.14	)		(0.05	)

Net asset value, end of year	$	9.92		$	9.73		$	9.75		$	9.94		$	10.05

Total return^(b)		4.00	%		1.70	%		(0.29	)%		0.30	%		0.18	%

Net assets, end of year (in 000s)	$	18,831		$	18,120		$	19,954		$	26,697		$	30,608

Ratio of net expenses to average net assets		0.98	%		0.98	%		0.98	%		0.97	%		0.97	%

Ratio of total expenses to average net assets		1.06	%		1.06	%		1.05	%		1.08	%		1.07	%

Ratio of net investment income to average net assets		1.17	%		1.52	%		0.95	%		0.93	%		0.37	%

Portfolio turnover rate^(c)		479	%		247	%		87	%		173	%		227	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Government Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.78		$	9.80		$	9.99		$	10.10		$	10.13

Net investment income^(a)		0.15			0.19			0.13			0.14			0.08

Net realized and unrealized gain (loss)		0.28			0.02			(0.12	)		(0.07	)		(0.02	)

Total from investment operations		0.43			0.21			0.01			0.07			0.06

Distributions to shareholders from net investment income		(0.23	)		(0.23	)		(0.20	)		(0.18	)		(0.09	)

Net asset value, end of year	$	9.98		$	9.78		$	9.80		$	9.99		$	10.10

Total return^(b)		4.31	%		2.23	%		0.13	%		0.72	%		0.59	%

Net assets, end of year (in 000s)	$	38,723		$	29,461		$	24,676		$	24,378		$	17,850

Ratio of net expenses to average net assets		0.57	%		0.57	%		0.57	%		0.56	%		0.56	%

Ratio of total expenses to average net assets		0.65	%		0.65	%		0.64	%		0.67	%		0.66	%

Ratio of net investment income to average net assets		1.57	%		1.94	%		1.35	%		1.36	%		0.77	%

Portfolio turnover rate^(c)		479	%		247	%		87	%		173	%		227	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


122		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 P Shares
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.73		$	9.73

Net investment income^(b)		0.17			0.20

Net realized and unrealized gain		0.27			0.03

Total from investment operations		0.44			0.23

Distributions to shareholders from net investment income		(0.24	)		(0.23	)

Net asset value, end of period	$	9.93		$	9.73

Total return^(c)		4.53	%		2.39	%

Net assets, end of period (in 000s)	$	337,805		$	474,894

Ratio of net expenses to average net assets		0.48	%		0.47	%^(d)

Ratio of total expenses to average net assets		0.55	%		0.56	%^(d)

Ratio of net investment income to average net assets		1.72	%		2.15	%^(d)

Portfolio turnover rate^(e)		479	%		247	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

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
	Year Ended March 31,												Period Ended March 31, 2016^(a)
	2020			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.74		$	9.76		$	9.96		$	10.07		$	10.09

Net investment income^(b)		0.16			0.20			0.17			0.14			0.06

Net realized and unrealized gain (loss)		0.28			0.02			(0.16	)		(0.06	)		(0.02	)

Total from investment operations		0.44			0.22			0.01			0.08			0.04

Distributions to shareholders from net investment income		(0.24	)		(0.24	)		(0.21	)		(0.19	)		(0.06	)

Net asset value, end of period	$	9.94		$	9.74		$	9.76		$	9.96$			10.07

Total return^(c)		4.42	%		2.33	%		0.12	%		0.82	%		0.42	%

Net assets, end of period (in 000s)	$	11,979		$	5,436		$	2,038		$	73,716		$	73,976

Ratio of net expenses to average net assets		0.47	%		0.47	%		0.46	%		0.45	%		0.45	%^(d)

Ratio of total expenses to average net assets		0.55	%		0.56	%		0.54	%		0.56	%		0.55	%^(d)

Ratio of net investment income to average net assets		1.65	%		2.10	%		1.69	%		1.44	%		0.84	%^(d)

Portfolio turnover rate^(e)		479	%		247	%		87	%		173	%		227	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Income Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.80		$	9.75		$	9.96		$	9.96		$	10.10

Net investment income^(a)		0.21			0.23			0.17			0.16			0.16

Net realized and unrealized gain (loss)		(0.08	)		0.06			(0.19	)		0.02			(0.10	)

Total from investment operations		0.13			0.29			(0.02	)		0.18			0.06

Distributions to shareholders from net investment income		(0.21	)		(0.22	)		(0.16	)		(0.18	)		(0.20	)

Distributions to shareholders from return of capital		(0.04	)		(0.02	)		(0.03	)		—			—

Total distributions		(0.25	)		(0.24	)		(0.19	)		(0.18	)		(0.20	)

Net asset value, end of year	$	9.68		$	9.80		$	9.75		$	9.96		$	9.96

Total return^(b)		1.41	%		3.01	%		(0.19	)%		1.86	%		0.62	%

Net assets, end of year (in 000s)	$	14,107		$	11,070		$	5,734		$	9,259		$	7,001

Ratio of net expenses to average net assets		0.79	%		0.79	%		0.79	%		0.79	%		0.80	%

Ratio of total expenses to average net assets		0.86	%		0.93	%		0.87	%		0.90	%		0.94	%

Ratio of net investment income to average net assets		2.13	%		2.35	%		1.75	%		1.56	%		1.57	%

Portfolio turnover rate^(c)		192	%		99	%		106	%		165	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Income Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.81		$	9.76		$	9.96		$	9.96		$	10.10

Net investment income^(a)		0.18			0.19			0.14			0.12			0.12

Net realized and unrealized gain (loss)		(0.10	)		0.06			(0.19	)		0.03			(0.10	)

Total from investment operations		0.08			0.25			(0.05	)		0.15			0.02

Distributions to shareholders from net investment income		(0.18	)		(0.18	)		(0.13	)		(0.15	)		(0.16	)

Distributions to shareholders from return of capital		(0.03	)		(0.02	)		(0.02	)		—			—

Total distributions		(0.21	)		(0.20	)		(0.15	)		(0.15	)		(0.16	)

Net asset value, end of year	$	9.68		$	9.81		$	9.76		$	9.96		$	9.96

Total return^(b)		0.91	%		2.61	%		(0.48	)%		1.46	%		0.22	%

Net assets, end of year (in 000s)	$	1,283		$	1,689		$	1,077		$	954		$	886

Ratio of net expenses to average net assets		1.19	%		1.19	%		1.19	%		1.19	%		1.20	%

Ratio of total expenses to average net assets		1.61	%		1.69	%		1.63	%		1.66	%		1.69	%

Ratio of net investment income to average net assets		1.81	%		1.97	%		1.39	%		1.16	%		1.17	%

Portfolio turnover rate^(c)		192	%		99	%		106	%		165	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Income Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.82		$	9.77		$	9.98		$	9.98		$	10.11

Net investment income^(a)		0.26			0.25			0.21			0.19			0.19

Net realized and unrealized gain (loss)		(0.09	)		0.07			(0.19	)		0.03			(0.08	)

Total from investment operations		0.17			0.32			0.02			0.22			0.11

Distributions to shareholders from net investment income		(0.25	)		(0.24	)		(0.20	)		(0.22	)		(0.24	)

Distributions to shareholders from return of capital		(0.04	)		(0.03	)		(0.03	)		—			—

Total distributions		(0.29	)		(0.27	)		(0.23	)		(0.22	)		(0.24	)

Net asset value, end of year	$	9.70		$	9.82		$	9.77		$	9.98		$	9.98

Total return^(b)		1.76	%		3.36	%		0.16	%		2.21	%		1.07	%

Net assets, end of year (in 000s)	$	48,689		$	46,680		$	575,452		$	560,818		$	390,351

Ratio of net expenses to average net assets		0.45	%		0.46	%		0.45	%		0.45	%		0.45	%

Ratio of total expenses to average net assets		0.52	%		0.55	%		0.53	%		0.56	%		0.60	%

Ratio of net investment income to average net assets		2.57	%		2.58	%		2.12	%		1.90	%		1.91	%

Portfolio turnover rate^(c)		192	%		99	%		106	%		165	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Income Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.82		$	9.77		$	9.98		$	9.97		$	10.11

Net investment income^(a)		0.24			0.25			0.20			0.18			0.18

Net realized and unrealized gain (loss)		(0.08	)		0.06			(0.19	)		0.04			(0.09	)

Total from investment operations		0.16			0.31			0.01			0.22			0.09

Distributions to shareholders from net investment income		(0.24	)		(0.24	)		(0.19	)		(0.21	)		(0.23	)

Distributions to shareholders from return of capital		(0.04	)		(0.02	)		(0.03	)		—			—

Total distributions		(0.28	)		(0.26	)		(0.22	)		(0.21	)		(0.23	)

Net asset value, end of year	$	9.70		$	9.82		$	9.77		$	9.98		$	9.97

Total return^(b)		1.56	%		3.27	%		0.06	%		2.22	%		0.87	%

Net assets, end of year (in 000s)	$	4,337		$	1,584		$	2,094		$	1,457		$	363

Ratio of net expenses to average net assets		0.54	%		0.54	%		0.54	%		0.54	%		0.54	%

Ratio of total expenses to average net assets		0.61	%		0.68	%		0.62	%		0.65	%		0.69	%

Ratio of net investment income to average net assets		2.43	%		2.57	%		2.03	%		1.84	%		1.81	%

Portfolio turnover rate^(c)		192	%		99	%		106	%		165	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Income Fund
	Class P Shares
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.82		$	9.74

Net investment income^(b)		0.25			0.25

Net realized and unrealized gain (loss)		(0.08	)		0.09

Total from investment operations		0.17			0.34

Distributions to shareholders from net investment income		(0.25	)		(0.24	)

Distributions to shareholders from return of capital		(0.04	)		(0.02	)

Total distributions		(0.29	)		(0.26	)

Net asset value, end of period	$	9.70		$	9.82

Total return^(c)		1.66	%		3.51	%

Net assets, end of period (in 000s)	$	743,258		$	635,440

Ratio of net expenses to average net assets		0.44	%		0.44	%^(d)

Ratio of total expenses to average net assets		0.51	%		0.60	%^(d)

Ratio of net investment income to average net assets		2.53	%		2.72	%^(d)

Portfolio turnover rate^(e)		192	%		99	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short Duration Income Fund
	Class R Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.82		$	9.77		$	9.98		$	9.98		$	10.11

Net investment income^(a)		0.19			0.20			0.16			0.13			0.13

Net realized and unrealized gain (loss)		(0.08	)		0.06			(0.20	)		0.03			(0.08	)

Total from investment operations		0.11			0.26			(0.04	)		0.16			0.05

Distributions to shareholders from net investment income		(0.20	)		(0.19	)		(0.15	)		(0.16	)		(0.18	)

Distributions to shareholders from return of capital		(0.03	)		(0.02	)		(0.02	)		—			—

Total distributions		(0.23	)		(0.21	)		(0.17	)		(0.16	)		(0.18	)

Net asset value, end of year	$	9.70		$	9.82		$	9.77		$	9.98		$	9.98

Total return^(b)		1.06	%		2.76	%		(0.43	)%		1.62	%		0.46	%

Net assets, end of year (in 000s)	$	138		$	122		$	95		$	32		$	25

Ratio of net expenses to average net assets		1.04	%		1.04	%		1.04	%		1.04	%		1.04	%

Ratio of total expenses to average net assets		1.11	%		1.18	%		1.12	%		1.14	%		1.19	%

Ratio of net investment income to average net assets		1.94	%		2.08	%		1.57	%		1.32	%		1.33	%

Portfolio turnover rate^(c)		192	%		99	%		106	%		165	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Income Fund
	Class R6 Shares
	Year Ended March 31,												Period Ended March 31, 2016^(a)
	2020			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.82		$	9.77		$	9.98		$	9.97		$	10.07

Net investment income^(b)		0.26			0.27			0.21			0.19			0.13

Net realized and unrealized gain (loss)		(0.10	)		0.05			(0.20	)		0.04			(0.07	)

Total from investment operations		0.16			0.32			0.01			0.23			0.06

Distributions to shareholders from net investment income		(0.25	)		(0.24	)		(0.19	)		(0.22	)		(0.16	)

Distributions to shareholders from return of capital		(0.04	)		(0.03	)		(0.03	)		—			—

Total distributions		(0.29	)		(0.27	)		(0.22	)		(0.22	)		(0.16	)

Net asset value, end of period	$	9.69		$	9.82		$	9.77		$	9.98		$	9.97

Total return^(c)		1.66	%		3.36	%		0.13	%		2.30	%		0.65	%

Net assets, end of period (in 000s)	$	1,085		$	1,252		$	10		$	10		$	10

Ratio of net expenses to average net assets		0.44	%		0.45	%		0.45	%		0.45	%		0.48	%^(d)

Ratio of total expenses to average net assets		0.51	%		0.67	%		0.55	%		0.59	%		0.63	%^(d)

Ratio of net investment income to average net assets		2.56	%		2.77	%		2.12	%		1.91	%		1.90	%^(d)

Portfolio turnover rate^(e)		192	%		99	%		106	%		165	%		161	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

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
	Year Ended March 31,									Period Ended March 31, 2017^(a)
	2020			2019			2018			Period Ended March 31, 2017^(a)
Per Share Data

Net asset value, beginning of period	$	10.03		$	10.01		$	10.02		$	10.01

Net investment income^(b)		0.21			0.25			0.14			0.03

Net realized and unrealized gain (loss)		(0.14	)		(0.01	)		(0.04	)		0.01

Total from investment operations		0.07			0.24			0.10			0.04

Distributions to shareholders from net investment income		(0.21	)		(0.22	)		(0.11	)		(0.03	)

Distributions to shareholders from net realized gains		(0.01	)		—	^(c)		—	^(c)		—	^(c)

Total distributions		(0.22	)		(0.22	)		(0.11	)		(0.03	)

Net asset value, end of period	$	9.88		$	10.03		$	10.01		$	10.02

Total return^(d)		0.66	%		2.41	%		1.04	%		0.42	%

Net assets, end of period (in 000s)	$	43,188		$	50,982		$	817		$	25

Ratio of net expenses to average net assets		0.46	%		0.46	%		0.57	%		0.51	%^(e)

Ratio of total expenses to average net assets		0.56	%		0.61	%		0.63	%		1.33	%^(e)

Ratio of net investment income to average net assets		2.14	%		2.46	%		1.42	%		0.75	%^(e)

Portfolio turnover rate^(f)		87	%		89	%		67	%		46	%

(a)

Commenced operations on October 31, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


132		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 Year


	Goldman Sachs Short-Term Conservative Income Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.04		$	10.01		$	10.02		$	10.00		$	10.00

Net investment income^(a)		0.23			0.25			0.15			0.11			0.06

Net realized and unrealized gain (loss)		(0.15	)		0.03			(0.01	)		0.01			—	^(b)

Total from investment operations		0.08			0.28			0.14			0.12			0.06

Distributions to shareholders from net investment income		(0.24	)		(0.25	)		(0.15	)		(0.10	)		(0.06	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)		—	^(c)		—	^(c)

Total distributions		(0.24	)		(0.25	)		(0.15	)		(0.10	)		(0.06	)

Net asset value, end of year	$	9.88		$	10.04		$	10.01		$	10.02		$	10.00

Total return^(d)		0.80	%		2.82	%		1.40	%		1.22	%		0.61	%

Net assets, end of year (in 000s)	$	1,466,673		$	840,036		$	1,421,091		$	265,690		$	15,082

Ratio of net expenses to average net assets		0.22	%		0.20	%		0.19	%		0.15	%		0.19	%

Ratio of total expenses to average net assets		0.32	%		0.32	%		0.33	%		1.20	%		2.10	%

Ratio of net investment income to average net assets		2.28	%		2.45	%		1.54	%		1.08	%		0.63	%

Portfolio turnover rate^(e)		87	%		89	%		67	%		46	%		39	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

Rounds to less than $0.01 per share.

(d)

(e)


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Short-Term Conservative Income Fund
	Administration Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.03		$	10.02		$	10.02		$	10.00		$	10.00

Net investment income^(a)		0.20			0.22			0.13			0.06			0.04

Net realized and unrealized gain (loss)		(0.13	)		0.01			(0.01	)		0.04			—	^(b)

Total from investment operations		0.07			0.23			0.12			0.10			0.04

Distributions to shareholders from net investment income		(0.21	)		(0.22	)		(0.12	)		(0.08	)		(0.04	)

Distributions to shareholders from net realized gains		(0.01	)		—	^(c)		—	^(c)		—	^(c)		—	^(c)

Total distributions		(0.22	)		(0.22	)		(0.12	)		(0.08	)		(0.04	)

Net asset value, end of year	$	9.88		$	10.03		$	10.02		$	10.02		$	10.00

Total return^(d)		0.55	%		2.46	%		1.24	%		0.97	%		0.37	%

Net assets, end of year (in 000s)	$	1,045		$	937		$	1,032		$	132		$	25

Ratio of net expenses to average net assets		0.47	%		0.45	%		0.43	%		0.41	%		0.43	%

Ratio of total expenses to average net assets		0.57	%		0.57	%		0.59	%		1.49	%		2.44	%

Ratio of net investment income to average net assets		2.01	%		2.20	%		1.25	%		0.60	%		0.35	%

Portfolio turnover rate^(e)		87	%		89	%		67	%		46	%		39	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

Rounds to less than $0.01 per share.

(d)

(e)


134		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
	Year Ended March 31,									Period Ended March 31, 2017^(a)
	2020			2019			2018			Period Ended March 31, 2017^(a)
Per Share Data

Net asset value, beginning of period	$	10.03		$	10.02		$	10.02		$	10.01

Net investment income^(b)		0.23			0.24			0.14			0.04

Net realized and unrealized gain (loss)		(0.15	)		0.01			—	^(c)		0.01

Total from investment operations		0.08			0.25			0.14			0.05

Distributions to shareholders from net investment income		(0.23	)		(0.24	)		(0.14	)		(0.04	)

Distributions to shareholders from net realized gains		—	^(d)		—	^(d)		—	^(d)		—	^(d)

Total distributions		(0.23	)		(0.24	)		(0.14	)		(0.04	)

Net asset value, end of period	$	9.88		$	10.03		$	10.02		$	10.02

Total return^(e)		0.82	%		2.52	%		1.40	%		0.52	%

Net assets, end of period (in 000s)	$	26		$	26		$	25		$	25

Ratio of net expenses to average net assets		0.32	%		0.30	%		0.28	%		0.27	%^(f)

Ratio of total expenses to average net assets		0.41	%		0.41	%		0.44	%		1.11	%^(f)

Ratio of net investment income to average net assets		2.27	%		2.38	%		1.38	%		0.95	%^(f)

Portfolio turnover rate^(g)		87	%		89	%		67	%		46	%

(a)

Commenced operations on October 31, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

Rounds to less than $0.01 per share.

(e)

(f)

Annualized.

(g)


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

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
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.04		$	10.03

Net investment income^(b)		0.21			0.16

Net realized and unrealized gain (loss)		(0.14	)		0.01

Total from investment operations		0.07			0.17

Distributions to shareholders from net investment income		(0.23	)		(0.16	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)

Total distributions		(0.23	)		(0.16	)

Net asset value, end of period	$	9.88		$	10.04

Total return^(d)		0.71	%		1.68	%

Net assets, end of period (in 000s)	$	90,680		$	6,254

Ratio of net expenses to average net assets		0.31	%		0.30	%^(e)

Ratio of total expenses to average net assets		0.41	%		0.42	%^(e)

Ratio of net investment income to average net assets		2.11	%		2.58	%^(e)

Portfolio turnover rate^(f)		87	%		89	%

(a)

Commenced operations on August 14, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


136		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
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.03		$	10.02

Net investment income^(b)		0.24			0.25

Net realized and unrealized gain (loss)		(0.16	)		—

Total from investment operations		0.08			0.25

Distributions to shareholders from net investment income		(0.24	)		(0.24	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)

Total distributions		(0.24	)		(0.24	)

Net asset value, end of period	$	9.87		$	10.03

Total return^(d)		0.81	%		2.48	%

Net assets, end of period (in 000s)	$	1,935,475		$	2,048,977

Ratio of net expenses to average net assets		0.21	%		0.20	%^(e)

Ratio of total expenses to average net assets		0.31	%		0.32	%^(e)

Ratio of net investment income to average net assets		2.34	%		2.62	%^(e)

Portfolio turnover rate^(f)		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)

(e)

Annualized.

(f)


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

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
	Year Ended March 31,						Period Ended March 31, 2018^(a)
	2020			2019			Period Ended March 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	10.04		$	10.02		$	10.02

Net investment income^(b)		0.24			0.27			0.05

Net realized and unrealized gain (loss)		(0.15	)		—			—

Total from investment operations		0.09			0.27			0.05

Distributions to shareholders from net investment income		(0.24	)		(0.25	)		(0.05	)

Distributions to shareholders from net realized gains		—	^(c)		—	^(c)		—	^(c)

Total Distributions		(0.24	)		(0.25	)		(0.05	)

Net asset value, end of period	$	9.89		$	10.04		$	10.02

Total Return^(d)		0.91	%		2.82	%		0.43	%

Net assets, end of period (in 000s)	$	278,788		$	420,023		$	10

Ratio of net expenses to average net assets		0.21	%		0.20	%		0.24	%^(e)

Ratio of total expenses to average net assets		0.31	%		0.32	%		0.35	%^(e)

Ratio of net investment income to average net assets		2.37	%		2.66	%		1.64	%^(e)

Portfolio turnover rate^(f)		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)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2020

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:


Fund	Share Classes Offered	Diversified/ Non-diversified
Enhanced Income	A, Institutional, Administration, Investor, P and R6	Diversified
Government Income	A, C, Institutional, Service, Investor, P, R and R6	Diversified
High Quality Floating Rate	A, Institutional, Service, Investor, P and R6	Diversified
Inflation Protected Securities	A, C, Institutional, Investor, P, R and R6	Diversified
Short Duration Government	A, C, Institutional, Service, Investor, P and R6	Diversified
Short Duration Income	A, C, Institutional, Investor, P, R and R6	Diversified
Short-Term Conservative Income	A, Institutional, Administration, Preferred, Investor, P and R6	Diversified

Class A Shares of the Government Income, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds are sold with a front-end sales charge of up to 3.75%, 3.75%, 1.50% and 1.50%, respectively. Class C Shares are generally sold with a contingent deferred sales charge (“CDSC”) of 1.00% (0.65% for Short Duration Government and Short Duration Income Funds), which is imposed on redemptions made within 12 months of purchase. Class A Shares of the Enhanced Income and High Quality Floating Rate Funds and Class A and Class C Shares of the Short-Term Conservative Income Fund are not subject to a sales charge. Similarly, Institutional, Administration, Preferred, Service, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

139

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

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


	Investment Income Dividends		Capital Gains Distributions
Fund	Declared	Paid	Declared and Paid
Enhanced Income	Daily	Monthly	Annually
Government Income	Daily	Monthly	Annually
High Quality Floating Rate	Daily	Monthly	Annually
Inflation Protected Securities	Quarterly	Quarterly	Annually
Short Duration Government	Daily	Monthly	Annually
Short Duration Income	Daily	Monthly	Annually
Short-Term Conservative Income	Daily	Monthly	Annually

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.

140

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

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

141

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

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

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

vii. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

142

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

143

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

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.

144

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

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 March 31, 2020:



ENHANCED INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	283,147,321		$	—

Asset-Backed Securities		—			68,004,694			—

Municipal Debt Obligation		—			263,743			—

U.S. Treasury Obligations		22,379,371			—			—

Investment Company		1,446,103			—			—

Short-term Investments		—			24,748,201			—

Total	$	23,825,474		$	376,163,959		$	—

Derivative Type

Assets^(a)

Futures Contracts	$	1,304,744		$	—		$	—

Liabilities^(a)

Futures Contracts	$	(3,921,270	)	$	—		$	—

GOVERNMENT INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Mortgage-Backed Obligations	$	—		$	164,947,173		$	—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		120,901,719			34,044,201			—

Asset-Backed Securities		—			18,520,486			—

Municipal Debt Obligations		—			4,845,272			—

Investment Company		59,347,188			—			—

Total	$	180,248,907		$	222,357,132		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(8,567,647	)	$	—

Total	$	—		$	(8,567,647	)	$	—

(a)

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

145

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



GOVERNMENT INCOME (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Futures Contracts^(a)	$	933,737		$	—		$	—

Options Purchased		—			112			—

Total	$	933,737		$	112		$	—

Liabilities

Futures Contracts^(a)	$	(1,771,970	)	$	—		$	—

Interest Rate Swap Contracts^(a)		—			(11,705	)		—

Written option contracts		—			(105,164	)		—

Total	$	(1,771,970	)	$	(116,869	)	$	—

HIGH QUALITY FLOATING RATE

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Mortgage-Backed Obligations	$	—		$	80,942,948		$	—

Asset-Backed Securities		—			134,285,862			—

Municipal Debt Obligations		—			10,584,136			—

Short-term Investments		—			5,200,000			—

Total	$	—		$	231,012,946		$	—

Derivative Type

Assets^(a)

Futures Contracts	$	139,760		$	—		$	—

Liabilities^(a)

Futures Contracts	$	(453,686	)	$	—		$	—

Interest Rate Swap Contracts		—			(12,226	)		—

Total	$	(453,686	)	$	(12,226	)	$	—

INFLATION PROTECTED SECURITIES

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

U.S. Treasury Obligations	$	338,765,553		$	—		$	—

Investment Company		3,508,731			—			—

Total	$	342,274,284		$	—		$	—

(a)

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

146

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



INFLATION PROTECTED SECURITIES (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Futures Contracts^(a)	$	2,524,584		$	—		$	—

Interest Rate Swap Contracts^(a)		—			700,402			—

Options Purchased		—			270			—

Total	$	2,524,584		$	700,672		$	—

Liabilities

Futures Contracts^(a)	$	(1,925,819	)	$	—		$	—

Interest Rate Swap Contracts^(a)		—			(3,620,851	)		—

Written option contracts		—			(54,090	)		—

Total	$	(1,925,819	)	$	(3,674,941	)	$	—

SHORT DURATION GOVERNMENT

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Mortgage-Backed Obligations	$	—		$	420,307,543		$	—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		412,785,322			34,288,282			—

Asset-Backed Securities		—			938,127			—

Investment Company		99,415,408			—			—

Total	$	512,200,730		$	455,533,952		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(16,188,338	)	$	—

Total	$	—		$	(16,188,338	)	$	—

Derivative Type

Assets^(a)

Futures Contracts	$	5,313,546		$	—		$	—

Liabilities^(a)

Futures Contracts	$	(7,024,885	)	$	—		$	—

Interest Rate Swap Contracts		—			(9,491	)		—

Total	$	(7,024,885	)	$	(9,491	)	$	—

(a)

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

147

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



SHORT DURATION INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	594,433,942		$	—

Mortgage-Backed Obligations		—			133,105,895			—

Asset-Backed Securities		—			47,963,809			—

Foreign Debt Obligations		—			10,365,669			—

Municipal Debt Obligations		—			10,070,008			—

U.S. Treasury Obligations		19,037,930			—			—

Investment Company		3,637,470			—			—

Short-term Investments		—			3,431,120			—

Total	$	22,675,400		$	799,370,443		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(9,713,003	)	$	—

Total	$	—		$	(9,713,003	)	$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	9,176,216		$	—

Futures Contracts		4,774,188			—			—

Interest Rate Swap Contracts		—			1,987,173			—

Total	$	4,774,188		$	11,163,389		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(9,494,653	)	$	—

Futures Contracts^(a)		(1,163,615	)		—			—

Interest Rate Swap Contracts^(a)		—			(1,198,537	)		—

Credit Default Swap Contracts^(a)		—			(1,367,394	)		—

Written option contracts		—			(483,500	)		—

Total	$	(1,163,615	)	$	(12,544,084	)	$	—

SHORT-TERM CONSERVATIVE INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	2,279,179,158		$	—

Investment Companies		261,027,630			—			—

Short-term Investments		—			1,205,422,336			—

Total	$	261,027,630		$	3,484,601,494		$	—

(a)

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

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

148

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES

ENHANCED INCOME

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts

1,304,744

^(a)

Variation margin on futures contracts

(3,921,270)

^(a)

GOVERNMENT INCOME

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts

933,737

^(a)

Variation margin on futures

contracts; Variation margin on swap contracts; Written options, at value

(1,888,727)

^(a)

HIGH QUALITY FLOATING RATE

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts

139,760

^(a)

Variation margin on swap contracts; Variation margin on futures contracts

(465,912)

^(a)

INFLATION PROTECTED SECURITIES

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on swap contracts; Variation margin on futures contracts;

3,224,986

^(a)

Variation margin on swap contracts; Variation margin on futures contracts; Written options, at value

(5,600,490)

^(a)

SHORT DURATION GOVERNMENT

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts

5,313,546

^(a)

Variation margin on swap contracts; Variation margin on futures contracts

(7,034,376)

^(a)

SHORT DURATION INCOME

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts;

Variation margin on swap contracts

6,761,361

^(a)

Variation margin on futures contracts;

Variation margin on swap contracts;

Written options, at value

(2,845,652)

^(a)

Credit

—

Variation margin on swap contracts

(1,367,394)

^(a)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts.

9,176,216

Payable for unrealized loss on forward foreign currency exchange contracts.

(9,494,653)

Total

15,937,577

(13,707,699)

(a)

149

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

4. INVESTMENTS IN DERIVATIVES (continued)



ENHANCED INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts /Net change in unrealized gain (loss) on futures contracts	$	(2,366,820	)	$	(2,302,796	)		1,136

GOVERNMENT INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from purchased options, written options, futures contracts and swap contracts /Net change in unrealized gain (loss) on purchased options, written options, futures contracts and swap contracts	$	(375,909	)	$	(817,242	)		706

HIGH QUALITY FLOATING RATE
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) futures contracts and swap contracts	$	(346,187	)	$	(542,504	)		243

INFLATION PROTECTED SECURITIES
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts, swap contracts written options, and purchased options/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options	$	182,929		$	(1,883,932	)		1,209

SHORT DURATION GOVERNMENT
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	(12,443,716	)	$	(872,918	)		4,656

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2020.

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4. INVESTMENTS IN DERIVATIVES (continued)



SHORT DURATION INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options	$	14,224,570		$	2,449,937			2,668
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(3,863,256	)		(1,534,128	)		7
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(2,333,971	)		(437,780	)		504
Total		$	8,027,343		$	478,029			3,179

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2020.

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.

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Notes to Financial Statements (continued)

March 31, 2020

4. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth the Fund’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2020:



SHORT DURATION INCOME
	Derivative Assets⁽¹⁾				Derivative Liabilities⁽¹⁾									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Counterparty	Forward Currency Contracts		Total		Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Barclays Bank PLC	$	—	$	—	$	—		$	(117,914	)	$	(117,914	)	$	(117,914	)	$	—	$	(117,914	)
BofA Securities LLC		—		—		—			(202,325	)		(202,325	)		(202,325	)		202,325		—
JP Morgan Securities Inc.		—		—		—			(111,955	)		(111,955	)		(111,955	)		—		(111,955	)
MS & Co. Int. PLC		9,176,216		9,176,216		(9,494,653	)		(51,306	)		(9,545,959	)		(369,743	)		369,743		—

Total	$	9,176,216	$	9,176,216	$	(9,494,653	)	$	(483,500	)	$	(9,978,153	)	$	(801,937	)	$	572,068	$	(229,869	)

(1)

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

(2)

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 fiscal year ended March 31, 2020, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate#
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate#
Enhanced Income		0.25	%		0.23	%		0.22	%		0.22	%		0.22	%		0.25	%		0.24	%
Government Income		0.53			0.48			0.45			0.44			0.44			0.53			0.52
High Quality Floating Rate		0.31			0.28			0.27			0.26			0.25			0.31			0.31
Inflation Protected Securities		0.26			0.23			0.22			0.22			0.21			0.26			0.26
Short Duration Government		0.44			0.40			0.38			0.37			0.36			0.44			0.44
Short Duration Income		0.40			0.36			0.34			0.33			0.32			0.40			0.40
Short-Term Conservative Income		0.25			0.25			0.25			0.25			0.25			0.25			0.18	*

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

Effective April 21, 2019, the Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.20% as an annual percentage rate of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2020. In addition, from the beginning of the reporting period through April 20, 2019, the Investment Adviser had waived a greater portion of its management fee in order to achieve an effective net management fee rate of 0.19% as an annual percentage of the Fund’s average daily net assets.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) and Goldman Sachs Financial Square Money Market Fund, which are affiliated Underlying Funds. GSAM has

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 fiscal year ended March 31, 2020, the management fee waived by GSAM for each Fund was as follows:


Fund	Management Fee Waived
Enhanced Income	$	26,884
Government Income		38,677
High Quality Floating Rate		—
Inflation Protected Securities		9,019
Short Duration Government		13,789
Short Duration Income		16,840
Short-Term Conservative Income		805,456

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.


	Distribution and/or Service Plan Rates
Fund	Class A*			Class C			Class R*			Service
Enhanced Income		0.15	%		—	%		—	%		—	%
Government Income		0.25			0.75			0.50			0.25
High Quality Floating Rate		0.15			—			—			0.25
Inflation Protected Securities		0.25			0.75			0.50			—
Short Duration Government		0.25			0.75			—			0.25
Short Duration Income		0.25			0.75			0.50			—
Short-Term Conservative Income		0.15			—			—			—

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Notes to Financial Statements (continued)

March 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs has agreed to waive a portion of the distribution (12b-1) and service fees applicable to the Short Duration Government Fund’s and Short Duration Income Fund’s Class C Shares in an amount equal to 0.35% of the average daily net assets attributable to Class C Shares of the respective Funds. These arrangements will remain in place through at least July 29, 2020, and from year to year thereafter, provided that such continuance is approved annually by a majority vote of the Trustees of the Trust, including a majority of the non-interested Trustees of the Trust who have no direct or indirect financial interest in these arrangements.

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 the fiscal year ended March 31, 2020, Goldman Sachs retained the following amounts:


	Front End Sales Charge
Fund	Class A
Enhanced Income	$	—
Government Income		2,908
High Quality Floating Rate		—
Inflation Protected Securities		473
Short Duration Government		2,312
Short Duration Income		440

D. Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans to allow Administration, Preferred, Class C and Service Shares, as applicable, to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Administration, Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25%, 0.10%, 0.25% and 0.25% of the average daily net assets attributable to Administration, Preferred, Class C or Service Shares of the Funds, as applicable.

Effective July 30, 2019, Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Government Income Fund through at least July 29, 2020, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Floating Rate, Inflation Protected Securities, Short Duration Government, Short Duration Income and Short-Term Conservative Income Funds are 0.064%, 0.004%, 0.014%, 0.044%, 0.004%, 0.014% and 0.004%, respectively. These Other Expense limitations will remain in place through at least July 29, 2020 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended March 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Class C Distribution and Service Fees		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Enhanced Income	$	26,884	$	—	$	117	$	178,015	$	205,016
Government Income		38,677		—		21,224		527,563		587,464
High Quality Floating Rate		—		—		74		436,882		436,956
Inflation Protected Securities		9,019		—		404		256,569		265,992
Short Duration Government		13,789		45,937		584		678,591		738,901
Short Duration Income		16,840		5,552		108		514,575		537,075
Short-Term Conservative Income		2,807,313		—		227		904,171		3,711,711

G. Line of Credit Facility — As of March 31, 2020, the Funds participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2020, the Funds did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000. The facility was increased to $700,000,000 effective April 28, 2020.

H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2020 , Goldman Sachs earned $17,747, $22,965, $6,516, $31,766, $112,001 and $85,860 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds, respectively.

As of March 31, 2020, the Goldman Sachs Collective Trust Tactical Exposure Fund was the beneficial owner of 6% of the Short-Term Conservative Income Fund.

As of March 31, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class R and Preferred Shares of the following Funds:


Fund	Class R			Preferred
Short Duration Income		8	%		—	%
Short-Term Conservative Income		—			100

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Notes to Financial Statements (continued)

March 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares and Goldman Sachs Financial Square Money Market Fund— Institutional Shares for the fiscal year ended March 31, 2020:


Fund	Underlying Funds	Beginning value as of March 31, 2019		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change In Unrealized Gain (Loss)			Ending value as of March 31, 2020		Shares as of March 31, 2020		Dividend Income
Enhanced Income	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	—	$	192,425,367	$	(192,425,367	)	$	—		$	—		$	—		—	$	115,526
	Goldman Sachs Financial Square Money Market Fund — Institutional Shares		11,219,474		232,385		(9,993,000	)		(10,061	)		(2,695	)		1,446,103		1,447,260		232,544
Government Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		25,252,182		296,147,392		(262,052,386	)		—			—			59,347,188		59,347,188		464,183
Inflation Protected Securities	Goldman Sachs Financial Square Government Fund — Institutional Shares		14,311,970		114,571,034		(125,374,273	)		—			—			3,508,731		3,508,731		112,232
Short Duration Government	Goldman Sachs Financial Square Government Fund — Institutional Shares		2,624,284		448,735,408		(351,944,284	)		—			—			99,415,408		99,415,408		110,942
Short Duration Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		4,587,467		523,788,108		(524,738,105	)		—			—			3,637,470		3,637,470		189,935
Short-Term Conservative Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		73,103,526		5,136,136,307		(5,146,517,470	)		—			—			62,722,363		62,722,363		2,865,982
	Goldman Sachs Financial Square Money Market Fund — Institutional Shares		289,763,812		104,150,085		(195,003,500	)		(376,662	)		(228,468	)		198,305,267		198,464,039		7,148,912

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6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2020, were as follows:


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Enhanced Income	$	75,007,549	$	145,832,565	$	86,589,131	$	157,638,910
Government Income		3,063,360,881		3,020,922		3,072,690,675		18,995,463
High Quality Floating Rate		19,944,765		8,250,000		126,870,654		117,644,606
Inflation Protected Securities		231,690,800		—		308,398,771		40,416
Short Duration Government		4,291,808,394		—		4,371,018,500		19,416,765
Short Duration Income		1,221,696,963		384,410,474		1,152,356,257		284,782,450
Short-Term Conservative Income		—		2,440,159,039		—		1,656,536,052

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2020 was as follows:


	Enhanced Income		Government Income		High Quality Floating Rate		Inflation Protected Securities		Short Duration Government		Short Duration Income		Short-Term Conservative Income
Distribution paid from:
Ordinary income	$	11,382,290	$	6,395,907	$	8,510,490	$	10,178,789	$	21,340,015	$	19,222,650	$	93,762,169
Net long-term capital gains		—		—		—		—		—		—		298,685
Total taxable distributions	$	11,382,290	$	6,395,907	$	8,510,490	$	10,178,789	$	21,340,015	$	19,222,650	$	94,060,854
Tax return of capital	$	—	$	—	$	—	$	—	$	—	$	3,376,466	$	—

The tax character of distributions paid during the fiscal year ended March 31, 2019 was as follows:


	Enhanced Income		Government Income		High Quality Floating Rate		Inflation Protected Securities		Short Duration Government		Short Duration Income		Short-Term Conservative Income
Distribution paid from:
Ordinary income	$	12,621,980	$	7,413,772	$	17,747,858	$	7,024,257	$	23,277,614	$	15,240,055	$	58,749,403
Net long-term capital gains		—		—		—		—		—		—		65,635
Total taxable distributions	$	12,621,980	$	7,413,772	$	17,747,858	$	7,024,257	$	23,277,614	$	15,240,055	$	58,815,038
Tax return of capital	$	—	$	—	$	—	$	—	$	—	$	1,566,900	$	—

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Notes to Financial Statements (continued)

March 31, 2020

7. TAX INFORMATION (continued)

As of March 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:


	Enhanced Income			Government Income			High Quality Floating Rate			Inflation Protected Securities			Short Duration Government			Short Duration Income			Short-Term Conservative Income
Undistributed ordinary income — net	$	785,657		$	551,854		$	256,192		$	383,325		$	1,485,354		$	—		$	23,011
Capital loss carryforwards⁽¹⁾:
Perpetual Short-Term		(3,003,398	)		—			(4,205,610	)		—			(19,688,667	)		(413,244	)		—
Perpetual Long-Term		(3,410,043	)		(2,097,306	)		(2,183,215	)		(7,787,826	)		(20,842,631	)		—			—
Total capital loss carryforwards	$	(6,413,441	)	$	(2,097,306	)	$	(6,388,825	)	$	(7,787,826	)	$	(40,531,298	)	$	(413,244	)	$	—
Timing differences (Income Distributions Payable/Post October Loss Deferral and Straddle Loss Deferral)	$	(2,473,833	)	$	(7,845,955	)	$	(2,044,957	)	$	(10,121,830	)	$	(17,098,083	)	$	(1,069,605	)	$	(5,662,396	)
Unrealized gains (losses) — net		(6,329,100	)		20,136,181			(7,768,330	)		14,317,762			28,833,553			(18,931,293	)		(66,779,114	)
Total accumulated earnings (losses) net	$	(14,430,717	)	$	10,744,774		$	(15,945,920	)	$	(3,208,569	)	$	(27,310,474	)	$	(20,414,142	)	$	(72,418,499	)

(1)

The Government Income, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds utilized $9,976,622, $10,883,232, $921,866 and $13,875,103, respectively, of capital losses in the current fiscal year.

As of March 31, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Enhanced Income			Government Income			High Quality Floating Rate			Inflation Protected Securities			Short Duration Government			Short Duration Income			Short-Term Conservative Income
Tax Cost	$	403,702,007		$	381,623,724		$	238,455,124		$	325,685,503		$	937,437,274		$	843,734,471		$	3,812,408,238
Gross unrealized gain		2,024,356			21,225,931			53,650			14,867,220			32,968,340			8,316,608			1,962,837
Gross unrealized loss		(8,353,456	)		(1,089,750	)		(7,821,980	)		(549,458	)		(4,134,787	)		(27,247,901	)		(68,741,951	)
Net unrealized gains (losses)	$	(6,329,100	)	$	20,136,181		$	(7,768,330	)	$	14,317,762		$	28,833,553		$	(18,931,293	)	$	(66,779,114	)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures and options contracts, net mark to market gains (losses) on foreign currency contracts, and differences in the tax treatment of market discount accretion, premium amortization and swap transactions.

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

8. OTHER RISKS

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

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

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

159

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Notes to Financial Statements (continued)

March 31, 2020

8. OTHER RISKS (continued)

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.

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.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

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10. OTHER MATTERS (continued)

retrospective basis beginning with the fiscal period ended March 31, 2020 . This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Funds.

11. SUBSEQUENT EVENTS

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS


	Enhanced Income Fund
	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		124,602		$	1,179,827			1,335,016		$	12,584,834
Reinvestment of distributions		24,956			235,946			30,223			284,893
Shares redeemed		(1,068,108	)		(10,105,480	)		(437,840	)		(4,125,070	)
		(918,550	)		(8,689,707	)		927,399			8,744,657
Institutional Shares
Shares sold		6,191,519			58,509,132			26,413,318			248,481,865
Reinvestment of distributions		437,541			4,130,930			634,325			5,969,251
Shares redeemed		(13,792,687	)		(130,078,877	)		(48,349,084	)		(454,895,626	)
		(7,163,627	)		(67,438,815	)		(21,301,441	)		(200,444,510	)
Administration Shares
Shares sold		169,751			1,604,403			296,808			2,800,290
Reinvestment of distributions		7,452			70,530			4,900			46,241
Shares redeemed		(23,389	)		(222,174	)		(12,013	)		(113,211	)
		153,814			1,452,759			289,695			2,733,320
Investor Shares
Shares sold		878,110			8,284,721			590,536			5,551,363
Reinvestment of distributions		19,600			184,838			8,567			80,546
Shares redeemed		(796,861	)		(7,514,242	)		(498,365	)		(4,684,736	)
		100,849			955,317			100,738			947,173
Class P Shares^(a)
Shares sold		6,090,718			57,553,022			32,300,342			303,934,724
Reinvestment of distributions		439,490			4,149,291			423,853			3,989,105
Shares redeemed		(10,061,170	)		(95,137,185	)		(12,603,754	)		(118,627,783	)
		(3,530,962	)		(33,434,872	)		20,120,441			189,296,046
Class R6 Shares
Shares sold		1,415,912			13,357,325			5,541,175			52,141,300
Reinvestment of distributions		124,180			1,172,168			40,076			377,248
Shares redeemed		(1,920,278	)		(17,914,146	)		(299,125	)		(2,815,496	)
		(380,186	)		(3,384,653	)		5,282,126			49,703,052

NET INCREASE (DECREASE)		(11,738,662	)		(110,539,971	)		5,418,958			50,979,738

(a)

Class P Shares commenced operations on April 20, 2018.

162

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Government Income Fund
	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares		—			—			—			—
Shares sold		1,073,050		$	16,108,856			1,367,654		$	19,562,173
Reinvestment of distributions		97,754			1,463,742			119,547			1,711,936
Shares redeemed		(2,738,715	)		(40,966,833	)		(2,615,245	)		(37,414,666	)
		(1,567,911	)		(23,394,235	)		(1,128,044	)		(16,140,557	)
Class C Shares
Shares sold		147,197			2,238,519			140,067			2,000,108
Reinvestment of distributions		2,386			35,795			3,185			45,614
Shares redeemed		(89,061	)		(1,336,974	)		(298,299	)		(4,256,585	)
		60,522			937,340			(155,047	)		(2,210,863	)
Institutional Shares
Shares sold		6,620,674			100,445,933			3,951,772			56,456,970
Reinvestment of distributions		174,533			2,613,161			197,303			2,820,773
Shares redeemed		(4,268,184	)		(63,937,918	)		(4,998,748	)		(71,525,097	)
		2,527,023			39,121,176			(849,673	)		(12,247,354	)
Service Shares
Shares sold		645,261			9,649,068			637,482			9,039,164
Reinvestment of distributions		42,545			635,995			43,855			626,532
Shares redeemed		(652,731	)		(9,713,238	)		(1,084,805	)		(15,449,239	)
		35,075			571,825			(403,468	)		(5,783,543	)
Investor Shares
Shares sold		494,515			7,451,097			62,870			901,167
Reinvestment of distributions		2,871			43,214			3,006			43,041
Shares redeemed		(58,640	)		(882,970	)		(163,695	)		(2,343,113	)
		438,746			6,611,341			(97,819	)		(1,398,905	)
Class P Shares^(a)
Shares sold		459,416			6,896,000			907,885			13,007,650
Reinvestment of distributions		17,733			265,652			13,165			188,120
Shares redeemed		(267,178	)		(4,006,978	)		(215,329	)		(3,073,908	)
		209,971			3,154,674			705,721			10,121,862
Class R Shares
Shares sold		543,890			8,196,293			327,388			4,680,450
Reinvestment of distributions		21,918			328,019			24,522			350,688
Shares redeemed		(747,959	)		(11,289,399	)		(489,367	)		(6,999,327	)
		(182,151	)		(2,765,087	)		(137,457	)		(1,968,189	)
Class R6 Shares
Shares sold		441,072			6,601,187			1,091,931			15,575,323
Reinvestment of distributions		12,166			182,050			10,036			143,508
Shares redeemed		(388,488	)		(5,828,140	)		(1,898,779	)		(27,534,127	)
		64,750			955,097			(796,812	)		(11,815,296	)

NET INCREASE (DECREASE)		1,586,025			25,192,131			(2,862,599	)		(41,442,845	)

(a)

Class P Shares commenced operations on April 20, 2018.

163

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	High Quality Floating Rate Fund
	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		824,038		$	7,167,802			166,630		$	1,452,742
Reinvestment of distributions		22,253			193,125			21,258			185,399
Shares redeemed		(459,834	)		(3,994,571	)		(345,610	)		(3,013,872	)
		386,457			3,366,356			(157,722	)		(1,375,731	)
Institutional Shares
Shares sold		5,255,330			45,437,667			13,914,457			121,412,800
Reinvestment of distributions		102,648			891,338			628,903			5,487,541
Shares redeemed		(4,296,084	)		(37,240,868	)		(90,069,896	)		(785,516,344	)
		1,061,894			9,088,137			(75,526,536	)		(658,616,003	)
Service Shares
Shares sold		8,377			73,209			7			62
Reinvestment of distributions		146			1,277			88			768
Shares redeemed		(13,335	)		(115,966	)		(2,381	)		(20,881	)
		(4,812	)		(41,480	)		(2,286	)		(20,051	)
Investor Shares
Shares sold		915,021			7,912,167			1,665,450			14,481,630
Reinvestment of distributions		25,379			219,899			11,985			104,159
Shares redeemed		(1,421,190	)		(12,237,900	)		(734,058	)		(6,384,581	)
		(480,790	)		(4,105,834	)		943,377			8,201,208
Class P Shares^(a)
Shares sold		8,415,654			73,233,038			94,629,113			826,058,191
Reinvestment of distributions		726,432			6,313,928			1,310,476			11,429,239
Shares redeemed		(35,157,694	)		(304,892,048	)		(52,760,684	)		(459,791,446	)
		(26,015,608	)		(225,345,082	)		43,178,905			377,695,984
Class R6 Shares
Shares sold		25,082			217,975			836,924			7,289,345
Reinvestment of distributions		9,082			78,951			4,512			39,278
Shares redeemed		(596,928	)		(5,189,884	)		(88,110	)		(767,177	)
		(562,764	)		(4,892,958	)		753,326			6,561,446

NET DECREASE		(25,615,623	)		(221,930,861	)		(30,810,936	)		(267,553,147	)

(a)

Class P Shares commenced operations on April 20, 2018.

164

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Inflation Protected Securities Fund
	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,978,603		$	21,068,912			2,170,397		$	22,099,500
Reinvestment of distributions		54,908			578,540			44,088			450,954
Shares redeemed		(2,358,860	)		(24,986,706	)		(4,289,175	)		(43,644,395	)
		(325,349	)		(3,339,254	)		(2,074,690	)		(21,093,941	)
Class C Shares
Shares sold		14,752			155,892			175,142			1,771,520
Reinvestment of distributions		5,191			53,519			5,244			52,994
Shares redeemed		(222,585	)		(2,313,340	)		(446,161	)		(4,508,762	)
		(202,642	)		(2,103,929	)		(265,775	)		(2,684,248	)
Institutional Shares
Shares sold		6,167,610			66,377,056			8,729,877			90,003,750
Reinvestment of distributions		244,560			2,612,342			294,545			3,054,357
Shares redeemed		(7,541,740	)		(80,898,734	)		(17,176,817	)		(177,902,199	)
		(1,129,570	)		(11,909,336	)		(8,152,395	)		(84,844,092	)
Investor Shares
Shares sold		1,568,160			16,748,401			1,544,399			15,814,489
Reinvestment of distributions		49,962			530,726			23,730			244,140
Shares redeemed		(661,171	)		(7,054,115	)		(1,287,122	)		(13,172,083	)
		956,951			10,225,012			281,007			2,886,546
Class P Shares^(a)
Shares sold		2,778,507			29,565,299			11,587,845			120,559,372
Reinvestment of distributions		232,024			2,470,173			81,574			838,148
Shares redeemed		(10,436,936	)		(111,822,851	)		(1,389,861	)		(14,201,272	)
		(7,426,405	)		(79,787,379	)		10,279,558			107,196,248
Class R Shares
Shares sold		904,066			9,542,983			556,571			5,651,244
Reinvestment of distributions		26,030			273,126			15,269			155,822
Shares redeemed		(719,395	)		(7,596,471	)		(894,389	)		(9,117,761	)
		210,701			2,219,638			(322,549	)		(3,310,695	)
Class R6 Shares
Shares sold		2,717,859			29,280,619			3,617,477			37,170,869
Reinvestment of distributions		102,551			1,094,951			19,507			201,433
Shares redeemed		(1,888,627	)		(20,269,058	)		(552,150	)		(5,697,725	)
		931,783			10,106,512			3,084,834			31,674,577

NET INCREASE (DECREASE)		(6,984,531	)		(74,588,736	)		2,829,990			29,824,395

(a)

Class P Shares commenced operations on April 20, 2018.

165

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Short Duration Government Fund
	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		5,373,313		$	52,966,227			3,769,772		$	36,672,692
Reinvestment of distributions		139,997			1,377,240			164,681			1,603,662
Shares redeemed		(4,840,771	)		(47,660,557	)		(4,338,360	)		(42,218,751	)
		672,539			6,682,910			(403,907	)		(3,942,397	)
Class C Shares
Shares sold		536,956			5,264,744			885,128			8,546,369
Reinvestment of distributions		19,772			193,191			26,278			254,259
Shares redeemed		(844,515	)		(8,245,974	)		(1,350,202	)		(13,048,191	)
		(287,787	)		(2,788,039	)		(438,796	)		(4,247,563	)
Institutional Shares
Shares sold		18,750,118			184,220,061			15,661,500			151,963,749
Reinvestment of distributions		695,220			6,817,813			1,094,499			10,632,655
Shares redeemed		(23,367,880	)		(229,164,383	)		(63,566,040	)		(617,999,100	)
		(3,922,542	)		(38,126,509	)		(46,810,041	)		(455,402,696	)
Service Shares
Shares sold		569,697			5,569,643			377,831			3,662,815
Reinvestment of distributions		19,873			194,581			25,836			250,489
Shares redeemed		(555,079	)		(5,430,434	)		(587,385	)		(5,687,548	)
		34,491			333,790			(183,718	)		(1,774,244	)
Investor Shares
Shares sold		3,741,545			36,938,076			2,622,995			25,555,348
Reinvestment of distributions		69,398			683,308			67,346			656,227
Shares redeemed		(2,943,420	)		(29,051,462	)		(2,195,018	)		(21,355,141	)
		867,523			8,569,922			495,323			4,856,434
Class P Shares^(a)
Shares sold		6,625,222			64,899,293			56,751,109			551,146,589
Reinvestment of distributions		1,002,183			9,818,952			762,963			7,395,496
Shares redeemed		(22,404,290	)		(219,464,876	)		(8,723,072	)		(84,476,988	)
		(14,776,885	)		(144,746,631	)		48,791,000			474,065,097
Class R6 Shares
Shares sold		841,480			8,298,018			389,417			3,776,127
Reinvestment of distributions		13,261			130,094			7,174			69,642
Shares redeemed		(207,302	)		(2,038,804	)		(47,116	)		(457,255	)
		647,439			6,389,308			349,475			3,388,514

NET INCREASE (DECREASE)		(16,765,222	)	$	(163,685,249	)		1,799,336		$	16,943,145

(a)

Class P Shares commenced operations on April 20, 2018.

166

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Short Duration Income Fund
	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,006,723		$	10,044,486			1,532,063		$	14,840,967
Reinvestment of distributions		24,100			239,799			30,202			292,137
Shares redeemed		(703,715	)		(6,917,607	)		(1,020,608	)		(9,895,063	)
		327,108			3,366,678			541,657			5,238,041
Class C Shares
Shares sold		70,197			698,273			137,554			1,322,775
Reinvestment of distributions		3,420			34,044			2,756			26,699
Shares redeemed		(113,366	)		(1,117,650	)		(78,404	)		(756,576	)
		(39,749	)		(385,333	)		61,906			592,898
Institutional Shares
Shares sold		7,550,417			74,999,885			3,618,162			35,132,735
Reinvestment of distributions		155,185			1,547,838			541,100			5,251,019
Shares redeemed		(7,440,031	)		(74,100,461	)		(58,296,907	)		(565,199,019	)
		265,571			2,447,262			(54,137,645	)		(524,815,265	)
Investor Shares
Shares sold		4,618,746			45,998,772			280,025			2,698,717
Reinvestment of distributions		50,286			501,842			5,199			50,379
Shares redeemed		(4,383,127	)		(43,501,301	)		(338,319	)		(3,270,593	)
		285,905			2,999,313			(53,095	)		(521,497	)
Class P Shares^(a)
Shares sold		36,970,814			368,351,465			84,000,191			814,284,800
Reinvestment of distributions		1,993,763			19,875,283			1,135,344			10,998,440
Shares redeemed		(27,031,299	)		(268,622,567	)		(20,434,225	)		(197,177,154	)
		11,933,278			119,604,181			64,701,310			628,106,086
Class R Shares
Shares sold		2,408			24,040			5,118			49,625
Reinvestment of distributions		300			2,991			250			2,424
Shares redeemed		(850	)		(8,515	)		(2,675	)		(25,724	)
		1,858			18,516			2,693			26,325
Class R6 Shares
Shares sold		32,799			327,375			131,574			1,279,732
Reinvestment of distributions		3,679			36,655			433			4,225
Shares redeemed		(52,075	)		(518,233	)		(5,510	)		(53,343	)
		(15,597	)		(154,203	)		126,497			1,230,614

NET INCREASE		12,758,374			127,896,414			11,243,323			109,857,202

(a)

Class P Shares commenced operations on April 20, 2018.

167

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Short-Term Conservative Income Fund
	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		7,715,050		$	77,516,019			5,039,053		$	50,536,178
Reinvestment of distributions		108,966			1,093,936			13,219			132,558
Shares redeemed		(8,532,146	)		(85,532,994	)		(52,871	)		(529,944	)
		(708,130	)		(6,923,039	)		4,999,401			50,138,792
Institutional Shares
Shares sold		200,312,422			2,013,343,633			93,399,284			936,085,447
Reinvestment of distributions		3,026,963			30,390,073			1,995,028			20,000,647
Shares redeemed		(138,597,775	)		(1,387,990,290	)		(153,603,088	)		(1,539,286,331	)
		64,741,610			655,743,416			(58,208,776	)		(583,200,237	)
Administration Shares
Shares sold		102,576			1,030,756			99,816			999,740
Reinvestment of distributions		1,617			16,229			2,163			21,683
Shares redeemed		(91,804	)		(921,717	)		(111,632	)		(1,117,432	)
		12,389			125,268			(9,653	)		(96,009	)
Preferred Shares
Reinvestment of distributions		61			614			62			616
		61			614			62			616
Investor Shares^(a)
Shares sold		20,979,266			210,745,806			2,012,038			20,152,372
Reinvestment of distributions		163,480			1,640,862			4,178			41,906
Shares redeemed		(12,588,448	)		(125,824,881	)		(1,393,210	)		(13,951,856	)
		8,554,298			86,561,787			623,006			6,242,422
Class P Shares^(b)
Shares sold		223,664,416			2,246,900,593			325,057,068			3,256,705,804
Reinvestment of distributions		4,566,634			45,809,114			3,102,035			31,077,750
Shares redeemed		(236,490,139	)		(2,366,444,340	)		(123,860,431	)		(1,240,458,012	)
		(8,259,089	)		(73,734,633	)		204,298,672			2,047,325,542
Class R6 Shares
Shares sold		95,862,431			964,281,503			54,481,944			546,277,798
Reinvestment of distributions		1,152,079			11,579,195			536,071			5,375,143
Shares redeemed		(110,653,008	)		(1,112,841,737	)		(13,179,100	)		(132,210,572	)
		(13,638,498	)		(136,981,039	)		41,838,915			419,442,369

NET INCREASE		50,702,641			524,792,374			193,541,627			1,939,853,495

(a)

Investor Shares commenced operations on August 14, 2018.

(b)

Class P Shares commenced operations on April 20, 2018.

168

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs High Quality Floating Rate Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Income Fund, and Goldman Sachs Short-Term Conservative Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs High Quality Floating Rate Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Income Fund, and Goldman Sachs Short-Term Conservative Income Fund (seven of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

169

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on January 23, 2020 to consider and act upon the proposals below. The Funds will amortize their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Funds to the extent such expenses exceed a specified percentage of a Fund’s net assets.


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

170

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Liquidity Risk Management Program (Unaudited)

171

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2020 (Unaudited)

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

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.


	Enhanced Income Fund							Government Income Fund							High Quality Floating Rate Fund							Inflation Protected Securities Fund
Share Class	Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*

Class A
Actual	$	1,000.00	$	983.00		$	2.92	$	1,000.00	$	1,044.30		$	4.50	$	1,000.00	$	975.20		$	2.96	$	1,000.00	$	1,019.60		$	3.48
Hypothetical 5% return		1,000.00		1,022.05	+		2.98		1,000.00		1,020.60	+		4.45		1,000.00		1,022.00	+		3.03		1,000.00		1,021.55	+		3.49
Class C
Actual		—		—			—		1,000.00		1,041.10			8.32		—		—			—		1,000.00		1,015.60			7.26
Hypothetical 5% return		—		—			—		1,000.00		1,016.85	+		8.22		—		—			—		1,000.00		1,017.80	+		7.26
Institutional
Actual		1,000.00		983.10			1.74		1,000.00		1,046.60			2.92		1,000.00		976.30			1.78		1,000.00		1,021.10			1.77
Hypothetical 5% return		1,000.00		1,023.25	+		1.77		1,000.00		1,022.15	+		2.88		1,000.00		1,023.20	+		1.82		1,000.00		1,023.25	+		1.77
Administration
Actual		1,000.00		981.90			2.97		—		—			—		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,022.00	+		3.03		—		—			—		—		—			—		—		—			—
Service
Actual		—		—			—		1,000.00		1,043.40			5.47		1,000.00		974.10			4.24		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,019.65	+		5.40		1,000.00		1,020.70	+		4.34		—		—			—
Investor
Actual		1,000.00		982.60			2.18		1,000.00		1,046.20			3.12		1,000.00		974.70			2.22		1,000.00		1,020.80			2.22
Hypothetical 5% return		1,000.00		1,022.80	+		2.23		1,000.00		1,021.95	+		3.08		1,000.00		1,022.75	+		2.28		1,000.00		1,022.80	+		2.23
Class P
Actual		1,000.00		983.10			1.69		1,000.00		1,046.00			2.81		1,000.00		976.40			1.73		1,000.00		1,022.00			1.72
Hypothethical 5% return		1,000.00		1,023.30	+		1.72		1,000.00		1,022.25	+		2.78		1,000.00		1,023.25	+		1.77		1,000.00		1,023.30	+		1.72
Class R
Actual		—		—			—		1,000.00		1,043.70			5.77		—		—			—		1,000.00		1,018.70			4.74
Hypothetical 5% return		—		—			—		1,000.00		1,019.35	+		5.70		—		—			—		1,000.00		1,020.30	+		4.75
Class R6
Actual		1,000.00		983.10			1.69		1,000.00		1,046.70			2.87		1,000.00		976.40			1.73		1,000.00		1,021.10			1.72
Hypothetical 5% return		1,000.00		1,023.30	+		1.72		1,000.00		1,022.20	+		2.83		1,000.00		1,023.20	+		1.77		1,000.00		1,023.30	+		1.72

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


Fund	Class A			Class C			Institutional			Administration			Service			Investor			Class P			Class R			Class R6
Enhanced Income		0.59	%		—	%		0.35	%		0.60	%		—	%		0.44	%		0.34	%		—	%		0.34	%
Government Income		0.88			1.63			0.57			—			1.07			0.61			0.55			1.13			0.56
High Quality Floating Rate		0.60			—			0.36			—			0.86			0.45			0.35			—			0.35
Inflation Protected Securities		0.69			1.44			0.35			—			—			0.44			0.34			0.94			0.34

172

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2020 (Unaudited) (continued)


	Short Duration Government Fund							Short Duration Income Fund							Short-Term Conservative Income Fund
Share Class	Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*

Class A
Actual	$	1,000.00	$	1,024.80		$	4.15	$	1,000.00	$	984.00		$	3.92	$	1,000.00	$	992.60		$	2.34
Hypothetical 5% return		1,000.00		1,020.90	+		4.14		1,000.00		1,021.05	+		3.99		1,000.00		1,022.65	+		2.38
Class C
Actual		1,000.00		1,021.80			6.17		1,000.00		981.10			5.89		—		—			—
Hypothetical 5% return		1,000.00		1,018.90	+		6.16		1,000.00		1,019.05	+		6.01		—		—			—
Institutional
Actual		1,000.00		1,025.50			2.43		1,000.00		984.80			2.23		1,000.00		993.80			1.15
Hypothetical 5% return		1,000.00		1,022.60	+		2.43		1,000.00		1,022.75	+		2.28		1,000.00		1,023.85	+		1.16
Administration
Actual		—		—			—		—		—			—		1,000.00		992.60			2.39
Hypothethical 5% return		—		—			—		—		—			—		1,000.00		1,022.60	+		2.43
Preferred
Actual		—		—			—		—		—			—		1,000.00		993.40			1.54
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,023.45	+		1.57
Service
Actual		1,000.00		1,023.00			4.96		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,020.10	+		4.95		—		—			—		—		—			—
Investor
Actual		1,000.00		1,025.00			2.89		1,000.00		984.30			2.73		1,000.00		993.30			1.35
Hypothetical 5% return		1,000.00		1,022.15	+		2.88		1,000.00		1,022.25	+		2.78		1,000.00		1,023.65	+		1.37
Class P
Actual		1,000.00		1,026.60			2.38		1,000.00		984.80			2.18		1,000.00		993.80			1.10
Hypothethical 5% return		1,000.00		1,022.65	+		2.38		1,000.00		1,022.80	+		2.23		1,000.00		1,023.90	+		1.11
Class R
Actual		—		—			—		1,000.00		981.80			5.15		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,019.80	+		5.25		—		—			—
Class R6
Actual		1,000.00		1,025.60			2.38		1,000.00		984.80			2.18		1,000.00		993.90			1.10
Hypothetical 5% return		1,000.00		1,022.65	+		2.38		1,000.00		1,022.80	+		2.23		1,000.00		1,023.90	+		1.11

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


Fund	Class A			Class C			Institutional			Administartion			Preferred			Service			Investor			Class P			Class R			Class R6
Short Duration Government		0.82	%		1.22	%		0.48	%		—	%		—	%		0.98	%		0.57	%		0.47	%		—	%		0.47	%
Short Duration Income		0.79			1.19			0.45			—			—			—			0.55			0.44			1.04			0.44
Short-Term Conservative Income		0.47			—			0.23			0.48			0.31			—			0.27			0.22			—			0.22

173

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/ Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002–2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 70	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr.Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

174

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Roy W. Templin Age: 59	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

James A. McNamara Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2020.

⁴

175

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of March 31, 2020.

Short Duration and Government Fixed Income Funds Tax Information (Unaudited)

Pursuant to Section 871(k) of the Internal Revenue Code, the Inflation Protected Securities Fund designates $10,178,789 as interest-related dividends paid during the year ended March 31, 2020.

Pursuant to Section 871(k) of the Internal Revenue Code, the Short-Term Conservative Income Fund designates $1,453,209 as short-term capital gain dividends paid during the fiscal year ended March 31, 2020.

Pursuant to Section 852 of the Internal Revenue Code, the Short-Term Conservative Income Fund designates $298,685 or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended March 31, 2020.

176

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

Blue Chip Fund

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

China Equity Fund⁵

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund⁶

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

MLP & Energy Fund

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager U.S. Dynamic Equity Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Target Date Retirement Portfolio⁶

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

⁴

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

⁵

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

⁶

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

⁷

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

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

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


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

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

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

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

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

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your Authorized Institution or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Goldman Sachs Funds

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Annual Report				March 31, 2020

				Single Sector Fixed Income Funds
				Emerging Markets Debt
				High Yield
				High Yield Floating Rate
				Investment Grade Credit
				Local Emerging Markets Debt
				U.S. Mortgages

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

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

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Goldman Sachs Single Sector Fixed Income Funds

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EMERGING MARKETS DEBT

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HIGH YIELD

∎

HIGH YIELD FLOATING RATE

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INVESTMENT GRADE CREDIT

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LOCAL EMERGING MARKETS DEBT

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U.S. MORTGAGES


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussion and Analysis			3

Fund Basics			6

Schedules of Investments			34

Financial Statements			102

Financial Highlights			109

Emerging Markets Debt			109

High Yield			115

High Yield Floating Rate			123

Investment Grade Credit			130

Local Emerging Markets Debt			136

U.S. Mortgages			142

Notes to the Financial Statements			148

Report of Independent Registered Public Accounting Firm			183

Other Information			186



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Single Sector Fixed Income Funds

Market Review

During the fourth quarter of 2019, spread sectors posted gains. Accommodative central bank policy, improved investor sentiment toward risk assets, a general election victory for the Conservative Party in the U.K., and the announcement of an agreement in principle for a “Phase One” trade deal between the U.S. and China bolstered spread sector performance. High yield corporate bonds performed particularly well, logging one of their best quarters since 2016. Near the end of October, the Fed cut short-term interest rates for a third time in 2019 and replaced a comment in its statement to “act as appropriate” with a more neutral comment that indicated its policy path would be dependent on the evolution of data and trade developments. In Europe, the first public address by new ECB President Christine Lagarde pointed to policy continuity, as it called for “a new European policy mix” that includes fiscal policy, which she believes could enable monetary policy to achieve its goal “faster and with fewer side effects.”

In the first quarter of 2020, spread sectors, with the exception of mortgage-backed securities, recorded negative returns. January 2020 began with improving macroeconomic data but also with heightened geopolitical uncertainty due to U.S.-Iran tensions. In the second half of the month, investor sentiment was challenged by concerns that Chinese and global economic growth could slow due to the outbreak of COVID-19 in China. Although risk-off investor sentiment, or reduced risk appetite, eased in early February, it resurfaced later in the month on news of an uptick in COVID-19 cases outside of China. Investor sentiment quickly worsened in March, as governments around the world initiated shutdowns and quarantines to stem what had then become a pandemic. Global central banks indicated their willingness to use monetary policy to address market volatility and economic conditions. In early March, the Fed cut the targeted federal funds rate by 50 basis points to a range of between 1.00% and 1.25%, citing “evolving” risks to U.S. economic activity from COVID-19. (A basis point is 1/100^th of a percentage point.) On March 15^th, the Fed slashed

MARKET REVIEW

the target federal funds rate to near zero. Other G10 banks, except for Sweden’s Riksbank, reduced their policy rates or held them at all-time lows. (Also known as Group of 10 nations, the G10 are actually 11 countries that participate in an agreement to provide the International Monetary Fund with additional funds to increase its lending ability. Members include Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, the U.K. and the U.S.) Quantitative easing measures were resumed in the U.S., the U.K. and Sweden, expanded in Europe and Japan and commenced in Australia, Canada and New Zealand. New policy measures were also launched, with the goal of easing stresses in corporate bond markets. Meanwhile, many governments began to make use of fiscal policy to stem supply-side shocks. Several announced large fiscal measures, which included direct support for health care efforts. Many of the measures also sought to provide income support to individuals, assistance to households, small businesses and larger companies, and loan guarantees. Finally, a sharp drop in crude oil prices during March 2020 added further to market volatility. Early in the month, a dispute between the Organization of the Petroleum Exporting Countries, or OPEC, and Russia led Saudi Arabia to lower the price at which it sells crude oil.

Looking Ahead

At the end of the Reporting Period, we believed the global economy was experiencing a severe slowdown. Non-essential economic activity had suddenly stopped around the world, with approximately one-third of the global population under full or partial lockdowns. Most forms of face-to-face consumption—a key driver of growth in many key economies — had come to a standstill. Manufacturers had reduced or shut down production, while construction had slowed or stalled. In our view, global economic growth rates had dropped to recession-like levels at the end of the Reporting Period.

FUND RESULTS

Goldman Sachs Emerging Markets Debt Fund

Investment Objective

The Fund seeks a high level of total return consisting of income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P and Class R6 Shares generated average annual total returns, without sales charges, of -11.48%, -12.07%, -11.10%, -11.16%, -11.10% and -11.17%, respectively. These returns compare to the -6.82% average annual total return of the Fund’s benchmark, the J.P. Morgan Emerging Market Bond Index (EMBI^SM) Global Diversified Index (Gross, USD, Unhedged) (the “Index”), during the same time period.

What economic and market factors most influenced emerging markets debt as a whole during the Reporting Period?

External emerging markets debt was most influenced during the Reporting Period by global economic conditions, geopolitical events and the emergence in China of a novel coronavirus (“COVID-19”).

During the first nine months of the Reporting Period, external emerging markets debt broadly posted gains, as sovereign spreads (that is, the difference in yields between external emerging markets debt and U.S. Treasuries) tightened. The tightening was driven by continued monetary policy support by global central banks and the subsequent easing of financial conditions, coupled with stable macro fundamentals across most emerging markets countries and the lessening of U.S.-China trade tensions.

The last three months of the Reporting Period proved turbulent. In January 2020, Middle Eastern geopolitical risks emerged, followed by the global outbreak of COVID-19. Governments and central banks responded with unprecedented fiscal and monetary policy actions, as they sought to contain and mitigate significant negative impacts on economic growth. In March 2020, crude oil prices, which were already weak from a drop in demand, fell dramatically after OPEC+ nations failed to reach an agreement on cutting oil production. (OPEC+ is composed of the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, most notably Russia.) Saudi Arabia responded by increasing crude oil production and reducing prices, which pushed down the price for a barrel of Brent crude oil from the mid-$50 range during February 2020 to less than $20 by the end of March 2020. Against this backdrop, external emerging markets debt recorded steep declines, with sovereign spreads widening significantly.

During the Reporting Period overall, external emerging markets debt, as represented by the Index, recorded a return of -6.82%. Sovereign spreads widened by approximately 275 basis points and ended the Reporting Period 626 basis points wider than U.S. Treasury securities. The worst performing emerging external debt markets in the Index (in U.S. dollar terms¹) were Lebanon (-76.21%), Venezuela (-72.88%) and Ecuador (-67.62%). The top performing countries were Russia (+12.13%), Qatar (+10.24%) and Uruguay (+8.22%).

What key factors were responsible for the Fund’s performance during the Reporting Period?

During the Reporting Period, issue selection within emerging markets corporate debt/quasi-sovereign bonds and local

All regional and market returns are in U.S. dollar terms (unless otherwise specified), are based on country-specific stock market indices and reflect the reinvestment of any dividends if applicable.

FUND RESULTS

emerging markets debt detracted from the Fund’s relative performance. Our active currency management (which is primarily accomplished through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies) also had a negative impact on the Fund’s returns. In addition, the Fund was hampered by its U.S.

duration positioning strategy. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.) On the positive side, the Fund benefited from sector positioning in sovereign emerging markets debt, though this was offset somewhat by sector positioning in emerging markets corporate debt, which detracted.

What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

The Fund was hurt most during the Reporting Period by its long beta exposure (that is, the Fund’s broad overweight versus the Index) to emerging markets corporate bonds, which broadly sold off, especially in March 2020, on COVID-19-related risk-off investor sentiment, or reduced risk appetite, global economic growth concerns and falling crude oil prices. These pressures fueled a global reach for liquidity and what we believe was the indiscriminate selling of emerging markets debt. Additionally, the Fund was hampered during the Reporting Period by its overweight compared to the Index in the quasi-sovereign bonds of Venezuela’s state-owned oil and natural gas company Petroleos de Venezuela, which declined in response to the drop in crude oil prices, geopolitical tensions and limited liquidity conditions. Overweights in Angolan and Ecuadoran external bonds further detracted from the Fund’s relative performance, as both countries have economies that are highly reliant on crude oil. Also, Ecuador’s market had previously weakened on significant social unrest in October 2019, fueled by its government’s efforts to pass austerity measures, which included the cancellation of fuel subsidies.

Contributing positively during the Reporting Period was the Fund’s underweight compared to the Index in Lebanese external bonds. Lebanon has experienced rather constant social unrest since the autumn of 2019 and defaulted in March 2020 on a $1.2 billion Eurobond. The Fund was also helped during the Reporting Period by its overweight position in Ukrainian external bonds. Ukraine has followed a path of fiscal consolidation in accordance with International Monetary Fund (“IMF”) direction so as to continue receiving disbursements from the IMF’s extended fund facility (“EFF”). (The EFF was established to provide assistance to countries experiencing serious payment imbalances because of structural impediments or slow economic growth and an inherently weak balance-of-payments position. EFFs are typically approved for periods of three years but may be approved for periods as long as four years to implement deep and sustained structural reforms.) In addition, the Fund benefited during the Reporting Period from overweight positions versus the Index in Turkish banks and Russian corporate/quasi-sovereign debt. Overweights in Brazilian and South African local interest rates also bolstered the Fund’s relative performance during the Reporting Period.

Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period?

The Fund’s U.S. duration positioning strategy detracted from relative performance during the Reporting Period. The Fund held a short duration position versus the Index in May and early June 2019, which dampened returns as U.S. interest rates fell. The Fund was also hurt in March 2020 when it held a long duration position relative to the Index, and longer-term U.S. interest rates rose during the middle of the month. (The U.S. duration positioning strategy is primarily implemented via interest rate swaps and/or futures.) The Fund’s U.S. yield curve positioning strategy did not have a material impact on relative performance during the Reporting Period. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, the Fund invested in U.S. Treasury futures, options on Eurodollar futures, yield curve options, currency forwards, forward foreign currency exchange contracts, currency swaps, interest rate swaps, total return swaps, credit default swaps and reverse repurchase agreements. U.S. Treasury futures were used to manage U.S. interest rate duration. Options on Eurodollar futures and yield curve options were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) Currency forwards and forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Total return swaps were used in place of buying a local currency denominated bond when a particular

FUND RESULTS

market was otherwise inaccessible or as a more efficient means of gaining access to a local market. Credit default swaps were used to implement specific credit-related investment strategies. Reverse repurchase agreements were used to manage the Fund’s cash balances. Derivatives may be used in combination with cash securities to implement our views in the Fund.

During the Reporting Period, the Fund’s use of U.S. Treasury futures had a positive impact on Fund returns. Collectively, the Fund’s use of interest rate swaps and credit default swaps had a negative impact on returns. The other derivatives used by the Fund had a neutral impact overall on performance during the Reporting Period.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

We reduced the size of the Fund’s underweight relative to the Index in Lebanon after that country dramatically underperformed in the fourth quarter of 2019. Additionally, during the Reporting Period, we reduced the Fund’s overweight in Argentinian external bonds and initiated exposure to Egyptian and Dominican Republic external bonds. Finally, because of our concerns about the potential of slowing global economic growth, we reduced the Fund’s positions in emerging markets currencies, and we increased its positions in the euro, Swiss franc, Japanese yen and U.S. dollar.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

Regionally, at the end of the Reporting Period, the Fund held overweight positions compared to the Index in Central and Eastern Europe. It was underweight Latin America, the Middle East, Africa and Asia. In terms of countries, the Fund had overweight positions in Ukrainian, Dominican Republic, Indonesian, Israeli and Paraguayan external bonds. The Fund held underweight positions compared to the Index in the external bonds of Kazakhstan, Oman, Uruguay, China, the Philippines and Panama. As for emerging markets corporate debt, the Fund maintained an overweight position overall at the end of the Reporting Period, with its largest overweights in the technology, media and telecommunications market segments. Regarding local emerging markets debt, the Fund had exposure to China, Brazil, South Africa, Mexico and the Dominican Republic, and it had no exposure to Poland. In terms of its currency exposures, the Fund held only modest positions in emerging markets currencies at the end of the Reporting Period.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, emerging markets debt had broadly weakened, providing potential opportunities to invest in select emerging markets countries where price declines had been excessive relative to fundamentals, in our view. We planned to seek to take advantage of global price dislocations that might offer attractive forward-looking risk-adjusted return potential. That said, we remained cautious about the broader macro environment and recognized that a high degree of uncertainty persisted.

Among countries at the end of the Reporting Period, we had constructive views on Ukraine and the Dominican Republic. In Ukraine, its administration had made a policy priority of structural reforms to unlock economic growth potential while continuing to meet IMF requirements. We intended to continue monitoring developments around PrivatBank, Ukraine’s largest commercial bank, that will be critical, in our opinion, to the country’s participation in IMF’s loan program. As for the Dominican Republic, we considered its valuations attractive at the end of the Reporting Period given that the country’s current account and fiscal balance could benefit from lower energy costs from the new Punta Catalina thermoelectric plant as well as from tax collection improvements. In addition, despite the potential impact of COVID-19 on tourism, we thought the Dominican Republic was at a strong starting point in managing its fiscal and external vulnerabilities. We had less favorable views of Kazakhstan and Oman at the end of the Reporting Period. Although Kazakhstan had a low government debt-to-Gross Domestic Product ratio and a backstop of foreign exchange reserves, we were concerned about the use of central bank financing and the impact of crude oil price declines given that the country is an oil exporter. As for Oman, we believed it had been negatively impacted by the drop in crude oil prices and continued to have large fiscal and current account deficits.

FUND BASICS

Emerging Markets Debt Fund

as of March 31, 2020


TOP TEN COUNTRY ALLOCATION¹

	Percentage of Net Assets

	As of 3/31/20			As of 3/31/19

Indonesia		6.4	%		7.4	%
Turkey		5.1			6.0
Mexico		5.1			4.2
Dominican Republic		4.3			2.5
Ukraine		4.0			3.9
Egypt		3.5			2.0
South Africa		3.4			2.2
Paraguay		3.0			2.7
United Arab Emirates		2.8			3.0
Guatemala		2.6			2.0
Other		47.4			56.1

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 6.1% as of 3/31/20 and 0.9% as of 3/31/19. 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.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the J.P. Morgan EMBI^SM Global Diversified Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Emerging Markets Debt Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

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Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-11.48%	1.00%	3.78%	—
Including sales charges	-15.42%	0.08%	3.30%	—

Class C
Excluding contingent deferred sales charges	-12.07%	0.25%	3.02%	—
Including contingent deferred sales charges	-12.94%	0.25%	3.02%	—

Institutional	-11.10%	1.35%	4.14%	—

Investor (Commenced July 30, 2010)	-11.16%	1.26%	N/A	3.60%

Class P (Commenced April 20, 2018)	-11.10%	N/A	N/A	-5.17%

Class R6 (Commenced July 31, 2015)	-11.17%	N/A	N/A	1.37%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND RESULTS

Goldman Sachs High Yield Fund

Investment Objective

The Fund seeks a high level of current income and may also consider the potential for capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares generated average annual total returns, without sales charges, of -8.50%, -9.02%, -8.05%, -8.56%, -8.25%, -8.04%, -8.58% and -8.02%, respectively. These returns compare to the -6.92% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index (the “Index”), during the same time period.

What economic and market factors most influenced the high yield corporate bond market as a whole during the Reporting Period?

During the second quarter of 2019, when the Reporting Period began, high yield corporate bonds generated positive returns, supported by better than consensus expected corporate earnings releases, muted inflation pressures and supportive central policy monetary policy. High yield corporate bonds continued to advance during the third calendar quarter, as ongoing uncertainty about the U.S.-China trade dispute and broader capital market volatility challenged risk asset performance. In the fourth quarter of 2019, high yield corporate bonds produced further gains, bolstered by accommodative central bank policy, improved investor sentiment towards risk assets and an agreement in principle on a “Phase One” trade deal between the U.S. and China. During the first quarter of 2020, high yield corporate bonds experienced a sharp sell-off, recording a double-digit negative return in their worst quarterly performance since the 2008-2009 financial crisis. The sell-off was driven by market perceptions of slowing economic growth, alongside sharp equity and crude oil price declines, fueled by the outbreak of a novel coronavirus (“COVID-19”). Investor risk sentiment was also dampened by stressed liquidity conditions and rising concern about an increase in the number of “fallen angels,” or investment grade corporate bonds downgraded to high yield status.

For the Reporting Period overall, the high yield corporate bond market posted a negative return, with C-rated and D-rated credits significantly underperforming higher quality B-rated credits. Option adjusted spreads widened approximately 520 basis points, ending the Reporting Period at 882 basis points. (The option adjusted spread is a measurement tool for evaluating price differences between similar products with different embedded options. A basis point is 1/100th of a percentage point.) High yield corporate bonds outperformed high yield loans, as represented by the Credit Suisse Leveraged Loan Index, during the Reporting Period.

In terms of issuance, approximately $293.5 billion of new high yield corporate bonds were priced during the Reporting Period, with refinancing the primary use of the proceeds. As for demand, high yield corporate bond mutual funds received approximately $6.1 billion of investment inflows during the first nine months of the Reporting Period. Investment flows turned negative during the final three months of the Reporting Period, with $14.7 billion leaving high yield corporate bond mutual funds in the first quarter of 2020. Approximately $10.9 billion of investment outflows occurred during March alone.¹

The default rate for high yield corporate bonds rose over the course of the Reporting Period amid sharply depressed corporate cash flows. The 12-month par-weighted default high yield corporate bond rate through March 31, 2020 was 3.35%, as compared to 0.94% on March 31, 2019.²

Source: J.P. Morgan, Bloomberg, Lipper FMI.

Source: J.P. Morgan.

FUND RESULTS

What key factors were responsible for the Fund’s performance during the Reporting Period?

During the Reporting Period, individual issue section detracted from the Fund’s relative performance. The Fund’s credit quality positioning also dampened returns. On the positive side, our sector positioning contributed positively to the Fund’s relative results.

What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

From an individual issue selection perspective, the Fund was hurt by overweight positions versus the Index in Transocean, a Switzerland-based offshore drilling contractor; Summit Midstream Partners, LP, an energy master limited partnership focused on natural gas and crude oil production; and AMC Entertainment, a movie theater chain. Conversely, the Fund was helped by an underweight in oil and gas producer Weatherford International as well as by overweights in PetSmart, a retail chain specializing in pet supplies, and Chesapeake Energy, an oil and gas exploration company. Conversely, the Fund was helped by an underweight in oil and gas producer Weatherford International and an overweight in PetSmart, a retail chain specializing in pet supplies. The Fund’s exposure to Chesapeake Energy, an oil and gas exploration company, also added to relative returns. The Fund held an overweight position in the credit when it outperformed during the first part of the Reporting Period. We subsequently shifted the Fund to an underweight position based on our concerns about leverage, which contributed positively to the Fund’s performance in the latter part of the Reporting Period as Chesapeake Energy materially weakened.

Regarding sector positioning, the Fund benefited during the Reporting Period from its underweight position compared to the Index in energy. Overweight positions in retail (food and drug) and media (cable and satellite TV) added further to relative returns. On the other hand, an underweight in health care and an overweight in leisure and restaurants detracted from relative performance. In addition, the Fund’s overall exposure to cellular telecommunications had a negative impact on results.

During the Reporting Period, the Fund’s long market beta positioning (that is, the Fund’s broad overweight relative to the Index in riskier securities) hampered performance. An underweight compared to the Index in BB-rated high yield corporate bonds was also a drag on relative returns. However, the Fund was aided by its cash position and its underweight in short maturity securities, specifically those with maturities of less than four years.

Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period?

During the Reporting Period, the Fund’s duration and yield curve positioning strategies did not have a material impact on performance. (The duration positioning strategy is primarily implemented via interest rate swaps and/or futures. Duration is a measure of a portfolio’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, the Fund used total return swaps as well as a specialized index of credit default swaps (“CDX”) to manage the beta of the Fund on an active basis. CDX was also used as a cost-efficient instrument to help manage the Fund’s cash position. We employ CDX contracts as a way to gain credit exposure by being short credit protection when the Fund experiences significant cash inflows. The use of total return swaps and CDX each had a negative impact on the Fund’s performance during the Reporting Period. In addition, the Fund employed U.S. Treasury futures to facilitate specific duration and yield curve strategies. The use of U.S. Treasury futures had a negative impact on the Fund’s performance. To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed Eurodollar futures, options on Eurodollar futures, currency swaps, forward foreign currency exchange contracts and participation notes, all of which had a neutral impact on the Fund’s performance during the Reporting Period. (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) Reverse repurchase agreements, which were used the manage the Fund’s cash balances, had a neutral impact on performance. Derivatives may be used in combination with cash securities to implement our views in the Fund.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the first nine months of the Reporting Period, we scaled back the Fund’s exposure to CCC-rated bonds. We added exposure to consumer goods and services given what we saw as the improved prospects for consumer spending amid firming wage growth. We shifted the Fund from an overweight position relative to the Index in energy to an underweight position because we thought energy companies faced funding challenges, were exposed to volatile geopolitics, and had exhibited operational underperformance. We also reduced the

FUND RESULTS

Fund’s exposure to metals and mining due to what appeared to be weaker global economic growth and elevated trade uncertainty. In addition, during the first nine months of the Reporting Period, we increased the Fund’s exposure to the health care and cable and satellite TV market segments. In the last three months of the Reporting Period, we reduced Fund exposure to market segments affected by the twin shocks of falling crude oil prices and the outbreak of COVID-19, including gaming and lodging, transportation and metals and mining. We adopted a cautious stance on issuers in the retail and autos market segments. Finally, we increased the size of the Fund’s underweight in health care during the last three months of the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective September 4, 2019, Michael Goldstein no longer served as a portfolio manager for the Fund. As of February 25, 2020, Rachel C. Golder no longer served as a portfolio manager for the Fund. At the end of the Reporting Period, the portfolio manager for the Fund was Robert Magnuson. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Fund.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund maintained its long market beta positioning. It was underweight compared to the Index in BB-rated high yield corporate bonds, as we thought they were expensive relative to lower quality, though still viable, credits and also because we believed they were unlikely to benefit from dynamics in the investment grade corporate bond market (e.g., downgrade risk and government purchases). In terms of sector positioning, the Fund was underweight market segments that had been hurt by the drop in crude oil prices and the outbreak of COVID-19, including energy, gaming and lodging, transportation and metals and mining. The Fund remained underweight in health care at the end of the Reporting Period.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we expected global central banks’ quick response and unprecedented stimulus to provide support and medium-term stability to corporate fundamentals and to supply and demand conditions in the high yield corporate bond market. Should central banks continue to systematically address illiquidity across the fixed income markets, we think investors’ search for yield amid declining interest rates could further support high yield corporate bonds. In addition, inexpensive valuations and dispersion in returns could create idiosyncratic opportunities. Accordingly, we had a positive outlook on high yield corporate bonds when the Reporting Period ended. That said, we planned to closely monitor the potential impact of the COVID-19 outbreak, focusing on industry and issuer dynamics.

The Fund’s positioning at the end of the Reporting Period was centered on attractive carry and roll-down opportunities arising from credit curve steepness, and we were focusing Fund purchases on intermediate-term maturities. (Carry involves borrowing at a low interest rate and investing in an asset that provides a higher rate of return. Roll-down opportunities arise when the value of a bond converges to par as maturity is approached.) Going forward, we intend to systematically increase the Fund’s liquidity, with a concentration on bonds that we feel are showing greater resilience to the pressures of COVID-19.

In terms of sector positioning, the Fund remained underweight relative to the Index in energy at the end of the Reporting Period. We remained sensitive to potential downgrades and elevated defaults among energy companies given the slowdown in global economic activity. However, the Fund maintained a small position in midstream issuers, as we thought they had greater cash flow resilience than issuers with more sensitivity to oil price volatility, such as oilfield services or exploration and production companies. (The midstream component of the energy industry is usually defined as those companies providing products or services that help link energy producers and energy end-users for any type of energy commodity.) The Fund was underweight exploration and production issuers at the end of the Reporting Period, with a concentration on companies that own what we consider to be better assets and that do not face near-term maturities. Additionally, the Fund was underweight health care at the end of the Reporting Period. Hospitals face unique challenges due to COVID-19, with the risks of their exposures to the opioid crisis and billing legislation hovering in the background. Certain hospitals could perform well, but we remained concerned that some, along with other service providers, might lose profits because of the deferral of elective procedures and might suffer cost spikes that could hurt their profit margins. Finally, at the end of the Reporting Period, the Fund maintained overweight positions versus the Index in chemicals, packaging and building materials, given the diversified nature of their end user bases, as they could benefit from an eventual industrial recovery, in our view.

FUND BASICS

High Yield Fund

as of March 31, 2020


TOP TEN HOLDINGS AS OF 3/31/20¹

Company	% of Net Assets			Line of Business

Kraft Heinz Foods Co. (BB+/Baa3)		1.0	%	Food & Drug Retailing
Bausch Health Americas, Inc. (B/B3)		0.8		Pharmaceuticals
CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)		0.8		Media
DISH DBS Corp. (B-/B1)		0.7		Media
Sprint Corp. (B/B3)		0.6		Telecommunication Services
Sprint Capital Corp. (B/B3)		0.6		Telecommunication Services
Tenet Healthcare Corp. (CCC+/Caa1)		0.6		Healthcare Providers & Services
Clear Channel Worldwide Holdings, Inc. (B-/Caa2)		0.6		Media
Intelsat Jackson Holdings SA (CCC+/Caa2)		0.6		Telecommunication Services
1011778 BC ULC/New Red Finance, Inc. (B+/B2)		0.6		Retailing

The top 10 holdings may not be representative of the Fund’s future investments.


TOP TEN INDUSTRY ALLOCATION²

	Percentage of Net Assets

	as of 3/31/20			as of 3/31/19

Media		9.7	%		9.8	%
Telecommunication Services		7.7			9.6
Food & Drug Retailing		4.7			2.0
Diversified Financial Services		4.5			3.7
Retailing		4.4			1.6
Commercial Services		4.0			2.8
Healthcare Providers & Services		3.9			5.7
Pipelines		3.7			3.3
Oil Field Services		3.6			9.5
Packaging		3.5			0.0
Others		46.7			41.4

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investment companies and exchange traded funds of 3.7% as of 3/31/20 and 4.9% as of 3/31/19. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

GOLDMAN SACHS HIGH YIELD FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

High Yield Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-8.50%	1.00%	4.24%	—
Including sales charges	-12.63%	0.08%	3.76%	—

Class C
Excluding contingent deferred sales charges	-9.02%	0.26%	3.47%	—
Including contingent deferred sales charges	-9.92%	0.26%	3.47%	—

Institutional	-8.05%	1.34%	4.59%	—

Service	-8.56%	0.85%	4.08%	—

Investor	-8.25%	1.26%	4.52%	—

Class P (Commenced April 20, 2018)	-8.04%	N/A	N/A	-2.27%

Class R	-8.58%	0.75%	3.98%	—

Class R6 (Commenced July 31, 2015)	-8.02%	N/A	N/A	1.61%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 4.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND RESULTS

Goldman Sachs High Yield Floating Rate Fund

Investment Objective

The Fund seeks a high level of current income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Floating Rate Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

What economic and market factors most influenced the high yield floating rate loan market as a whole during the Reporting Period?

High yield loans generated gains during the second quarter of 2019, when the Reporting Period began, and through the end of the calendar year. However, the positive returns were limited by investment outflows from high yield loan mutual funds, driven by the U.S. Federal Reserve’s (“Fed”) dovish stance, which hurt high yield loans given their floating rate nature. (Dovish tends to suggest lower interest rates; opposite of hawkish.) In the first quarter of 2020, high yield loans experienced a double-digit loss, as the spread of a novel coronavirus (“COVID-19”), along with a steep drop in commodity prices and falling interest rates, increased risk-off investor sentiment, or reduced risk appetite, and led to a surge in investment outflows.

For the Reporting Period overall, high yield loans produced negative returns, with CCC-rated high yield loans performing worst. High yield loan spreads (or yield differentials versus duration-equivalent U.S. Treasury securities) widened by 507 basis points, ending the Reporting Period at 974 basis points.¹ (A basis point is 1/100^th of a percentage point.)

In terms of issuance, approximately $523 billion in new high yield loans were brought to market during the Reporting Period. As for demand, high yield loan mutual funds experienced investment outflows of approximately $34.2 billion.²

The default rate for high yield loans increased during the Reporting Period. The 12-month par-weighted high yield loan default rate through March 31, 2020 was 1.87%, as compared to 1.00% through March 31, 2019.²

What key factors were responsible for the Fund’s performance during the Reporting Period?

During the Reporting Period, individual issue selection within the high yield loan market detracted from the Fund’s relative performance. The Fund’s overall credit quality compared to that of the Index also hampered relative returns. On the positive side, the Fund benefited from its sector positioning.

What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

In terms of individual issue selection, the Fund was hurt by overweight positions relative to the Index in NEP Group, a video production company that provides services for major events throughout the world; Swissport, a Switzerland-headquartered provider of group and cargo handling services to airlines; and BCP Raptor, a natural gas gathering and processing system operator. On the positive side, the Fund

Source: Credit Suisse.

Source: J.P. Morgan.

FUND RESULTS

was helped by its avoidance of California Resources and Seadrill as well as by its underweight in McDermott International — all energy companies.

In addition, the Fund’s underweight compared to the Index in BB-rated high yield loans and its overweights in senior unsecured debt and equity investments detracted from relative performance during the Reporting Period. These losses were partially offset by an underweight in CCC-rated high yield loans and an overweight in European (ex-U.K.) high yield loans, which contributed positively. The Fund’s cash positioning added further to its relative returns, as high yield loans posted a negative return during the Reporting Period.

Regarding sector positioning, the Fund benefited from its underweight versus the Index in energy and from its overweights in technology and building materials. These gains were offset somewhat by an overweight in gas distribution utilities and by underweight positions in media (cable and satellite TV) and health care, which detracted.

Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period?

The Fund does not use duration or yield curve positioning as active management strategies within its investment process.

How did the Fund use derivatives and similar instruments during the Reporting Period?

To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed forward foreign currency exchange contracts during the Reporting Period. The Fund also utilized U.S. Treasury futures as cost-efficient instruments to provide us with greater precision and versatility in the management of duration. In addition, options on Eurodollar futures were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) Finally, total return swaps and a specialized index of credit default swaps (“CDX”) were employed to manage the beta of the Fund on an active basis. (Beta refers to the component of returns that is attributable to market risk exposure, rather than manager skill.) CDX was also used as a cost-efficient instrument to help manage the Fund’s cash position. We utilized CDX contracts to gain credit exposure by being short credit protection when the Fund experienced significant cash inflows. Overall, the use of derivatives had a negative impact on the Fund’s performance during the Reporting Period. Derivatives may be used in combination with cash securities to implement our views in the Fund.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, we increased the size of the Fund’s underweight relative to the Index in health care. In response to market volatility toward the end of the Reporting Period, we increased the Fund’s cash position.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective September 4, 2019, Michael Goldstein no longer served as a portfolio manager for the Fund. As of January 21, 2020, Ken Yang no longer served as a portfolio manager for the Fund, and as of February 25, 2020, Rachel C. Golder no longer served as a portfolio manager for the Fund. At the end of the Reporting Period, the portfolio manager for the Fund was Peter Campo. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Fund.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight relative to the Index in the technology and non-cable media market segments. Within technology, the Fund was focused on business enterprise software companies rather than on hardware companies. In addition, the Fund maintained underweight positions in consumer services, health care, media (cable & satellite TV), retail and apparel, and energy. At the end of the Reporting Period, relative to the Index, the Fund was slightly overweight B-rated high yield loans and was underweight BB-rated and CCC-rated high yield loans, with a preference for the intermediate portion of the credit curve.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we considered high yield loans inexpensive based on our views of longer-term fundamentals and potential defaults. Although we expected continued volatility in the near term, we thought fundamentals were supportive of high yield loans in the longer term. As for defaults, we expected them to trend

FUND RESULTS

higher in the short term. However, we did not think they would rise to levels that justified valuations near the end of the Reporting Period, when the high yield loan market was pricing in realized losses far greater than those seen during the 2008-2009 financial crisis. That said, we believed weaker supply and demand was a potential downside risk. We also expected to see increased stress/defaults in the energy market segment, though we note that energy companies account for less than 4% of the high yield loan market.

Looking ahead, we continue to see medium- to long-term value in high yield loans in spite of near-term challenges. Our credit analysts will seek to identify idiosyncratic opportunities in companies that generate free cash flow and exhibit what we view as balance sheet resilience. From a macro perspective, we think central bank actions taken at unscheduled meetings in March 2020 demonstrate policymakers’ commitment to shoring up market liquidity and lessening the economic fallout of the COVID-19 shock.

FUND BASICS

High Yield Floating Rate Fund

as of March 31, 2020


TOP TEN INDUSTRY ALLOCATION¹

	Percentage of Net Assets

	as of 3/31/20			as of 3/31/19
Technology – Software/Services		12.8	%		13.6	%
Chemicals		5.4			3.9
Health Care – Services		4.9			8.0
Building Materials		4.2			3.6
Packaging		3.8			3.4
Automotive – Parts		3.6			2.7
Entertainment		3.5			2.8
Media – Broadcasting & Radio		3.4			3.7
Media – Non Cable		3.2			2.6
Diversified Financial Services		3.2			1.6
Other		45.6			48.4

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies, exchange traded funds and securities lending reinvestment vehicle of 7.6% as of 3/31/20 and 3.0% as of 3/31/19. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on March 31, 2011 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Credit Suisse Leveraged Loan Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

High Yield Floating Rate Fund’s Lifetime Performance

Performance of a $1,000,000 investment, with distributions reinvested, from March 31, 2011 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Since Inception
Class A (Commenced March 31, 2011)
Excluding sales charges	-11.44%	-0.39%	1.24%
Including sales charges	-13.47%	-0.84%	0.98%

Class C (Commenced March 31, 2011)
Excluding contingent deferred sales charges	-12.10%	-1.13%	0.49%
Including contingent deferred sales charges	-12.98%	-1.13%	0.49%

Institutional (Commenced March 31, 2011)	-11.03%	-0.04%	1.60%

Investor (Commenced March 31, 2011)	-11.18%	-0.13%	1.52%

Class P (Commenced April 20, 2018)	-11.11%	N/A	-5.24%

Class R (Commenced March 31, 2011)	-11.64%	-0.63%	0.99%

Class R6 (Commenced November 30, 2017)	-11.11%	N/A	-3.72%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 2.25% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND RESULTS

Goldman Sachs Investment Grade Credit Fund

Investment Objective

The Fund seeks a high level of total return consisting of capital appreciation and income that exceeds the total return of the Bloomberg Barclays U.S. Credit Index.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Investment Grade Credit Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Institutional, Investor, Separate Account Institutional, Class P and Class R6 Shares generated average annual total returns, without sales charges, of 1.98%, 2.44%, 2.35%, 2.45%, 2.45% and 2.45%, respectively. These returns compare to the 5.08% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Credit Index (the “Index”), during the same time period.

What economic and market factors most influenced the investment grade credit market as a whole during the Reporting Period?

In the second quarter of 2019, when the Reporting Period began, global investment grade credit spreads, or the difference in yields between global corporate bonds and duration-equivalent government securities, tightened by six basis points to end the quarter at 118 basis points. (A basis point is 1/100th of a percentage point.) The performance of investment grade corporate bonds was robust in April and June 2019 on expectations of central bank monetary policy support but was challenged in May amid an escalation in U.S.-China trade tensions. European investment grade corporate bonds outperformed U.S. investment grade corporate bonds during the second calendar quarter.

In the third quarter of 2019, global investment grade credit spreads fluctuated but ended the quarter where they began—at 118 basis points. Spreads tightened in July 2019 on dovish monetary policy outlooks and on a pause in U.S.-China trade tensions but widened in August due to increased trade uncertainty and downbeat economic data releases. (Dovish tends to suggest lower interest rates; opposite of hawkish.) In September, spreads tightened slightly as the U.S. Federal Reserve (“Fed”) and European Central Bank (“ECB”) eased monetary policy. The ECB’s announcement of its open-ended asset purchase program helped European investment grade corporate bonds to outperform U.S. investment grade corporate bonds during September. In the third calendar quarter overall, U.S. and European investment grade bonds slightly outperformed U.K. investment grade corporate bonds, with Brexit-related uncertainty weighing on U.K. investment grade corporate bonds throughout the quarter. (Brexit refers to the U.K.’s efforts to exit the European Union.)

In the fourth quarter of 2019, global investment grade credit spreads tightened 20 basis points, ending the quarter at 98 basis points. Investment grade corporate bonds benefited from dovish global central bank monetary policy, reduced geopolitical uncertainty as the U.S. and China reached an agreement in principle on a “Phase One” trade deal and the Conservative Party’s victory in the U.K. general election. U.K. investment grade corporate bonds outperformed both U.S. and European investment grade corporate bonds during the fourth calendar quarter.

In the first quarter of 2020, global investment grade credit spreads widened 168 basis points, closing the quarter at 266 basis points. Most of the spread widening occurred in March, as the outbreak of a novel coronavirus (“COVID-19”) and a drop in crude oil prices led to severe market dislocations and heavy investment outflows from investment grade corporate bond mutual funds. Decisive action by major central banks, particularly the Fed’s announcement that it would begin purchases of investment grade corporate bonds, helped ease liquidity challenges and encouraged spreads to tighten somewhat toward the end of March. European and U.K. investment grade corporate bonds outperformed U.S.

FUND RESULTS

investment grade corporate bonds during the first calendar quarter.

New issuance increased during the Reporting Period overall. U.S. new issuance was approximately $223 billion, $386 billion and $232 billion during the second, third and fourth quarters of 2019, respectively. In the first quarter of 2020, U.S. new issuance was approximately $541 billion, representing a 39% year over year increase. As for European new issuance, it was approximately €168 billion, €150 billion and €138 billion in the second, third and fourth quarters of 2019, respectively. European new issuance was €184 billion during the first quarter of 2020. European new issuance includes U.K. new issuance.¹

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund posted positive absolute returns but underperformed the Index on a relative basis. The Fund’s performance during the Reporting Period was defined primarily by the market turmoil that occurred in March 2020, with individual issue selection detracting most from relative returns. Our cross-sector strategy also hurt the Fund’s relative results. In our cross-sector strategy, we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Index.

What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

In terms of individual issue selection, the Fund’s investments in energy-related investment grade corporate bonds detracted from relative performance. Although the Fund benefited from an underweight position relative to the Index in the energy sector, the significant drop in crude oil prices during

March 2020 increased the dispersion of returns within the sector, which had an outsized negative impact on the Fund’s holdings. A notable Fund detractor was oil and gas producer Occidental Petroleum, which was downgraded to high yield status in mid-March. Individual issue selection among consumer cyclical investment grade corporate bonds also hurt the Fund’s relative returns, as governments imposed lockdowns in response to the spread of COVID-19.

Regarding our cross-sector strategy, the Fund’s overweight in corporate credit broadly detracted from its relative returns, as the COVID-19 pandemic threatened the stability of corporate fundamentals and the outlook for corporate earnings.

Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period?

Our duration and yield curve positioning strategies did not have a meaningful impact on the Fund’s relative performance during the Reporting Period. (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. The Fund’s duration positioning strategy is primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.)

How did the Fund use derivatives and similar instruments during the Reporting Period?

As market conditions warranted during the Reporting Period, the Fund used U.S. Treasury futures, which had a positive impact on performance, to hedge interest rate exposure and facilitate specific duration and yield curve strategies. The Fund also employed interest rate swaps and Eurodollar futures to hedge interest rate exposure and express an outright term structure view (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between yield to maturity and the time to maturity for pure discount bonds). (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) The use of interest rate swaps had a negative impact on the Fund’s performance during the Reporting Period, while the use Eurodollar futures had a neutral impact on performance. In addition, Fed funds futures and Secured Overnight Financing Rate (“SOFR”) futures were utilized to gauge the market’s expectations for an interest rate change by the Fed. The Fund’s use of Fed funds futures had a negative impact on performance, and its use of SOFR futures had a positive impact on performance during the Reporting Period. Furthermore, during the Reporting

Source: Barclays.

FUND RESULTS

Period, the Fund used credit default swaps to implement specific credit-related investment strategies and hedge corporate spread duration (the price sensitivity of a corporate bond to a 100 basis point change in its spread over the London Interbank Offered Rate (“LIBOR”)). The use of credit default swaps had a negative impact on performance during the Reporting Period. Finally, to hedge currency exposure, the Fund used forward foreign currency exchange contracts, which had a slightly positive impact on the Fund’s performance during the Reporting Period.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

Toward the end of the Reporting Period, we selectively increased the Fund’s overweight position relative to the Index in investment grade corporate bonds, as credit spreads widened in March 2020. Also in March, we increased the Fund’s position in high quality investment grade bonds.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

Relative to the Index, the Fund was overweight at the end of the Reporting Period in consumer products, telecommunications and pharmaceutical companies as well as in banks. It was underweight compared to the Index in autos and non-auto transport companies at the end of the Reporting Period.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, the Fund was overweight compared to the Index in investment grade corporate bonds, with a focus on short and intermediate maturities. We planned to look for opportunities in longer maturities, especially in the U.S., in the months ahead. We also intended to maintain the Fund’s down-in-quality bias, while adding select exposure to A-rated issues as well as to high quality bonds that had weakened more in March 2020 than we thought was warranted by what we saw as their strong fundamentals. Regionally, the Fund was tilted toward the U.S., as we expected U.S. credits to benefit from Fed purchases.

At the end of the Reporting Period, we favored consumer products companies, including the beverage segment. We had a positive view of telecommunications companies due to their low demand cyclicality and rather steady free cash flow amidst moderating pricing pressures. The Fund was overweight banks, as we consider them well capitalized overall. In health care, we added to the Fund’s overweight in pharmaceutical companies because we thought some of them would benefit from increased demand due to the COVID-19 pandemic, and we believed they had a comparatively lower risk of being downgraded. The Fund was underweight autos, due to what we see as the industry’s secular challenges, regulatory headwinds and a demand decline resulting from COVID-19-related lockdowns. The Fund was also underweight non-auto transport companies at the end of the Reporting Period, as certain industries, such as rail, face near-term cyclical headwinds, in our view.

Going forward, we will be mindful both of shifting investor risk sentiment, which could influence conditions in the investment grade corporate bond market, and of supply and demand dynamics. We will also be mindful of the potential economic impact of COVID-19 and the duration of lockdowns, as these factors are likely, we believe, to materially impact the outlook for corporate fundamentals.

In April 2020, the Board of Trustees of the Goldman Sachs Trust approved a change investment objective of the Fund. This change will become effective on July 29, 2020. The Fund’s current investment objective is to seek a high level of total return consisting of capital appreciation and income that exceeds the total return of the Bloomberg Barclays U.S. Credit Index. The Fund’s new investment objective will be to seek a high level of total return consisting of capital appreciation and income.

FUND BASICS

Investment Grade Credit Fund

as of March 31, 2020

FUND COMPOSITION¹

Percentage of Net Assets

LOGO


TOP TEN INDUSTRY ALLOCATION²

	Percentage of Net Assets

	as of 3/31/20			as of 3/31/19
Banks		20.9	%		17.4	%
Pharmaceuticals		7.6			4.7
Telecommunication Services		6.3			7.7
Pipelines		6.0			8.5
Beverages		5.2			6.2
Electrical		4.9			4.4
Oil Field Services		3.9			7.6
Computers		3.3			3.4
Media		3.2			6.1
Semiconductors		3.0			3.3
Other		28.3			28.5

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies of 5.2% as of 3/31/20 and 1.3% as of 3/31/19. Figures in the above table may not sum to 100% due to exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020 of a $1,000,000 investment made on April 1, 2010 in Separate Account Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Credit Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Investment Grade Credit Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	1.98%	2.32%	4.50%	—
Including sales charges	-1.86%	1.54%	4.09%	—

Institutional	2.44%	2.67%	4.86%	—

Investor (Commenced July 29, 2011)	2.35%	2.58%	N/A	3.91%

Separate Account Institutional	2.45%	2.67%	4.87%	—

Class P (Commenced April 20, 2018)	2.45%	N/A	N/A	4.38%

Class R6 (Commenced July 31, 2015)	2.45%	N/A	N/A	3.43%

These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 3.75% for Class A Shares. Because Institutional, Investor, Separate Account Institutional, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return.

FUND RESULTS

Goldman Sachs Local Emerging Markets Debt Fund

Investment Objective

The Fund seeks a high level of total return consisting of income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Local Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class P and Class R6 Shares generated average annual total returns, without sales charges, of -10.05%, -10.74%, -9.82%, -9.69%, -9.82% and -9.82%, respectively. These returns compare to the -6.50% average annual total return of the Fund’s benchmark, the J.P. Morgan Government Bond Index – Emerging Markets (GBI-EM^SM) Global Diversified Index (Gross, USD, Unhedged) (the “Index”), during the same time period.

What economic and market factors most influenced local emerging markets debt as a whole during the Reporting Period?

Local emerging markets debt was most influenced during the Reporting Period by global economic conditions, geopolitical events and the emergence in China of a novel coronavirus (“COVID-19”).

During the first nine months of the Reporting Period, local emerging markets debt recorded gains, supported by a promising global economic outlook, low to moderate inflation and accommodative global central bank monetary policy. The Index generated a return of 10.25% during the first nine months of the Reporting Period, with approximately 9.43% due to local interest rates and 0.74% from currency appreciation versus the U.S. dollar.¹

The final three months of the Reporting Period were notably different, as investors’ risk appetite dissipated amid COVID-19 uncertainty and local currencies weakened significantly. Central banks remained accommodative to provide stimulus. The Index posted a return of -15.21%

during the first quarter of 2020, with approximately -14.30% driven by currency depreciation versus the U.S. dollar and -1.05% due to local interest rates.¹

During the Reporting Period overall, local emerging markets debt, as represented by the Index, posted a return of -6.50%, with approximately -13.67% due to currency depreciation versus the U.S. dollar, which was partially offset by 8.28% from local interest rates.¹ On a total return basis, the worst performing countries in the Index (in U.S. dollar terms²) were Argentina (-62.37%), South Africa (-22.03%) and Uruguay (-21.09%). The top performing countries during the Reporting Period were Turkey (+20.86%), Nigeria (+16.87%) and the Philippines (+10.05%).

What key factors were responsible for the Fund’s performance during the Reporting Period?

During the Reporting Period, the Fund was hurt by its active currency positioning through which the Fund takes positions in local currencies (accomplished primarily through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). In addition, issue selection among corporate/quasi-sovereign bonds detracted from relative performance. On the positive side, the Fund benefited from issue selection among local emerging markets bonds.

Because of the effects of compounding, the combined impact of local interest rates and currency appreciation does not equal the Index’s total return.

All regional and market returns are in U.S. dollar terms (unless otherwise specified), are based on country-specific stock market indices and reflect the reinvestment of any dividends if applicable.

FUND RESULTS

What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

During the Reporting Period, the largest detractor from the Fund’s relative performance was its exposure to the quasi-sovereign bonds of Venezuela’s state-owned oil and natural

gas company Petroleos de Venezuela, which sold off due to limited liquidity, economic sanctions and crude oil price volatility. An investment in the corporate bonds of South African energy producer Sasol also diminished results. In addition, the Fund’s exposure overall to sovereign emerging markets bonds and emerging markets corporate debt hurt relative performance during the final three months of the Reporting Period. In January 2020, Middle Eastern geopolitical risks emerged, followed by the global spread of COVID-19. Governments and central banks responded with unprecedented fiscal and monetary policy actions, as they sought to contain and mitigate significant negative impacts on economic growth. In March 2020, crude oil prices, which were already weak from a drop in demand, fell dramatically after OPEC+ nations failed to reach an agreement on cutting oil production. (OPEC+ is composed of the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, most notably Russia.) Saudi Arabia responded by increasing crude oil production and reducing prices, which pushed down the price for a barrel of Brent crude oil from the mid-$50 range during February 2020 to less than $20 by the end of March 2020. Among other Fund detractors during the Reporting Period were long positions in emerging markets currencies, most notably the Brazilian real, Czech Republic koruna, Norwegian krone and Colombian peso.

Conversely, the Fund was helped by its overweight positions versus the Index in local interest rates, especially those of Thailand, Brazil, Israel and Peru. This was partially offset by the Fund’s underweights in Polish and Czech Republic local interest rates and its overweight in Dominican Republic local interest rates, which detracted from performance. In terms of currencies, the Fund benefited from long positions in the euro, Egyptian pound and Israeli shekel, each of which added to relative returns during the Reporting Period.

Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period?

The Fund’s U.S. duration and yield curve positioning strategies did not have a material impact on results during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. The U.S. duration positioning strategy is primarily implemented via interest rate swaps and/or futures. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, the Fund invested in U.S. Treasury futures, Eurodollar futures, options on Eurodollar futures, swap futures, currency forwards, forward foreign currency exchange contracts, interest rate swaps, total return swaps and credit default swaps. U.S. Treasury futures were used to manage U.S. interest rate duration. Eurodollar futures, options on Eurodollar futures and swap futures were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) Currency forwards and forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Total returns swaps were used in place of buying a local currency denominated bond when a particular market was otherwise inaccessible or as a more efficient means of gaining access to a local market. Credit default swaps were used to implement specific credit-related investment strategies. Derivatives may be used in combination with cash securities to implement our views in the Fund.

During the Reporting Period, the Fund’s use of U.S. Treasury futures and swap futures had a slightly negative impact on Fund returns. Collectively, the use of currency forwards and forward foreign currency exchange contracts had a negative impact on performance. The Fund’s use of interest rate swaps had a positive impact on performance. The other derivatives used by the Fund had a neutral impact overall on performance during the Reporting Period.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

During the Reporting Period, the Fund initiated overweight positions versus the Index in Chinese, Israeli, Russian and Mexican local interest rates. Exposure to Mexican external bonds was also added. We increased the Fund’s overweight in Peruvian local interest rates and reduced its overweights in South African, Argentinian and Hungarian local interest rates. In addition, we eliminated the Fund’s exposure to

FUND RESULTS

South Korean local interest rates. We also moved the Fund from overweight positions in Colombian and Polish local interest rates to underweight positions. Among currencies, we established a long position in the Ukrainian hryvnia. We removed the Fund’s long positions in the Indian rupee, Taiwanese dollar, Brazilian real, Russian ruble, South African rand and Egyptian pound in favor of long positions in developed markets currencies, including the Swiss franc, euro and Japanese yen. We also reduced the size of the Fund’s short position in the U.S. dollar during the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight compared to the Index in the local interest rates of Israel, China, Brazil, Thailand and Russia. It remained underweight in Colombian, Polish and Romanian local interest rates. Within currencies, the Fund held long positions in the Japanese yen, Swiss franc and euro at the end of the Reporting Period.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, local emerging markets debt had broadly weakened, providing potential opportunities to invest in select emerging markets countries where price declines had been excessive relative to fundamentals, in our view. We remained cautious about the broader macro environment and recognized that a high degree of uncertainty persisted. Against this backdrop, we planned to maintain a balanced portfolio with adequate cash balances to seek to take advantage of what we may view as outsized price dislocations. We intended to add exposure to short-term maturities, especially in countries where central banks have room to cut interest rates further. For example, at the end of the Reporting Period, the Fund was overweight relative to the Index in Brazilian local interest rates, as we expected Brazil’s economic growth and inflation to decline substantially, and we believed the impact on inflation from its currency depreciation would be limited. As for Israel, we thought its central bank would remain dovish as the country’s economic growth had already been slowing and inflation remained low. (Dovish tends to suggest lower interest rates; opposite of hawkish.) In addition, the Fund continued to hold an overweight in the local interest rates of Thailand at the end of the Reporting Period, because we believed slowing economic growth and muted inflation were likely to keep its central bank monetary policy accommodative. Finally, the Fund maintained an underweight versus the Index in Colombian local interest rates given the stress created by lower crude oil prices and our concerns about that country’s fiscal trajectory.

Regarding currencies, the Fund continued to have reduced exposure at the end of the Reporting Period to those with a higher carry. (Higher carry currencies are those from countries with higher prevailing interest rates.) At the end of the Reporting Period, we had paired the Fund’s long positions in the Japanese yen, Swiss franc and euro with short positions in the currencies of countries having commodity exposure. Specifically, the Fund held a short position in the U.S. dollar versus long positions in the Japanese yen and the Swiss franc. The Fund also held a short position in the Turkish lira versus a long position in the Russian ruble at the end of the Reporting Period.

FUND BASICS

Local Emerging Markets Debt Fund

as of March 31, 2020


TOP TEN COUNTRY ALLOCATIONS⁴

	Percentage of Net Assets

	as of 3/31/20			as of 3/31/19

Thailand		11.9	%		7.9	%
Peru		7.6			4.1
South Africa		7.4			9.8
Poland		6.5			4.8
Russia		6.5			5.0
United Kingdom		5.9			0.0
Czech Republic		5.6			0.0
Chile		4.9			6.7
Mexico		4.8			0.0
Turkey		4.7			3.8
Other		17.8			46.2

⁴

The percentage shown for each investment category reflects the value of investments in that country as a percentage of net assets. The table does not include investments in other investment companies of 8.3% as of 3/31/20 and 6.9% as of 3/31/19. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the J.P. Morgan GBI-EM^SM Global Diversified Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Local Emerging Markets Debt Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	-10.05%	-1.59%	-0.92%	—
Including sales charges	-14.06%	-2.50%	-1.38%	—

Class C
Excluding contingent deferred sales charges	-10.74%	-2.42%	-1.70%	—
Including contingent deferred sales charges	-11.63%	-2.42%	-1.70%	—

Institutional	-9.82%	-1.40%	-0.64%	—

Investor (Commenced July 30, 2010)	-9.69%	-1.39%	N/A	-1.04%

Class P (Commenced April 20, 2018)	-9.82%	N/A	N/A	-10.49%

Class R6 (Commenced November 30, 2017)	-9.82%	N/A	N/A	-6.37%

FUND RESULTS

Goldman Sachs U.S. Mortgages Fund

Investment Objective

The Fund seeks a high level of total return consisting of income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs U.S. Mortgages Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2020 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Institutional, Investor, Separate Account Institutional, Class P and Class R6 Shares generated average annual total returns, without sales charges, of 5.41%, 5.75%, 5.66%, 5.67%, 5.77% and 5.77%, respectively. These returns compare to the 6.87% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Securitized Bond Index (the “Index”), during the same time period.

What economic and market factors most influenced the U.S. mortgage markets as a whole during the Reporting Period?

In the second quarter of 2019, when the Reporting Period began, agency mortgage-backed securities underperformed U.S. Treasury securities of similar duration. Refinancing activity had picked up as mortgage interest rates fell. As a result, spreads on agency mortgage-backed securities (yield differentials versus duration-equivalent U.S. Treasury securities) widened, pushing up prices to levels not seen since 2013. In the third quarter of 2019, agency mortgage-backed securities underperformed duration-equivalent U.S. Treasury securities amid heightened interest rate volatility, elevated refinancing activity and the Federal Reserve’s (“Fed”) ongoing balance sheet reduction. During the fourth quarter of 2019, agency mortgage-backed securities outperformed duration-equivalent U.S. Treasury securities. Lower interest rates, reduced interest rate volatility and a decline in supply supported prices. In the first quarter of 2020, agency mortgage-backed securities underperformed duration-equivalent U.S. Treasury securities, as market volatility increased. Concerns about the potential economic impact of a spreading novel coronavirus (“COVID-19”), as well as the implications of a collapse in crude oil prices, led to broad-based credit stress and liquidity challenges across the fixed income markets. Spreads on agency mortgage-backed securities widened significantly, as market liquidity evaporated on the back of heavy new supply driven by historically low mortgage interest rates, lack of investor demand and forced selling by money managers, mortgage real estate investment trusts and hedge funds as they sought to meet redemptions. In an effort to stabilize the U.S. mortgage market, the Fed announced a new round of open-ended quantitative easing measures that included purchases of agency mortgage-backed securities and also established the Term Asset-Backed Securities Loan Facility to support asset backed securities (“ABS”). The massive infusion of liquidity helped ease market conditions near the end of the Reporting Period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund posted positive absolute returns but underperformed the Index on a relative basis. During the Reporting Period, the Fund was hurt by our cross-sector strategy, through which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Index. Individual issue selection also detracted from relative performance. Our duration and yield curve positioning strategies contributed positively. (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.)

What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

Within our cross-sector strategy, the Fund’s overweight positions compared to the Index in ABS and collateralized loan obligations (“CLOs”) detracted from its relative returns during the Reporting Period. An underweight in commercial mortgage-backed securities (“CMBS”) was also detrimental.

FUND RESULTS

On the positive side, the Fund benefited from its overweight versus the Index in pass-through mortgage securities. (Pass-through mortgage securities consist of a pool of residential mortgage loans in which homeowners’ monthly payments of principal, interest and prepayments pass from the mortgage servicer through a government agency or investment bank to investors.)

In terms of individual issue selection, the Fund was hampered by selection of ABS, specifically Federal Family Education Loan Program (“FFELP”) student loan ABS. Selection of CMBS also limited relative returns. These negative results were offset somewhat by selection of specific pools of agency mortgage-backed securities, which added value.

Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period?

The Fund’s duration positioning strategy, wherein the Fund held a neutral duration position on the U.S. Treasury yield curve throughout the Reporting Period, added to relative performance. (The duration positioning strategy is implemented via bonds as well as interest rate swaps and/or futures.) Our yield curve positioning strategy did not have a meaningful impact on relative performance during the Reporting Period overall.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund used U.S. Treasury and Eurodollar futures to hedge interest rate exposure and to facilitate specific duration and yield curve strategies. (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) The use of U.S. Treasury futures had a positive impact on performance, while the use of Eurodollar futures had a slightly negative impact on performance. Interest rate swaps were used to hedge interest rate exposure and express a relative term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The use of interest rate swaps had a negative impact on performance during the Reporting Period. In addition, the Fund employed mortgage-backed securities forward agreements (known as “TBAs”) to efficiently manage certain of its mortgage-backed securities positions, which had a positive impact on performance. The Fund utilized principal only securities, as well as interest only and inverse interest-only securities, to manage the Fund’s exposure to agency mortgage-backed securities, all of which had a rather neutral impact on performance during the Reporting Period.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

There were no notable changes in the Fund’s weightings during the first four months of the Reporting Period. In August 2019, we shifted the Fund from an underweight position versus the Index to an overweight position in agency pass-through mortgage securities, as we believed their valuations then accurately reflected heightened interest rate volatility and increased mortgage prepayments. Our conviction for the overweight position was further strengthened by Federal Housing Finance Agency administrative and legislative recommendations, many of which focused on how to remove Fannie Mae and Freddie Mac from federal conservatorship with the least market disruption. In January 2020, we trimmed the size of the Fund’s overweight position in agency pass-through mortgage securities after they outperformed, making their valuations less attractive to us. No notable changes were made in the Fund’s weightings for the remainder of the Reporting Period.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight relative to the Index in agency pass-through mortgage securities. The Fund was overweight CLOs and slightly underweight CMBS. In addition, the Fund was overweight compared to the Index in ABS at the end of the Reporting Period. More specifically, it held positions in FFELP student loan ABS, which are not represented in the Index.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we planned to maintain the Fund’s overweight compared the Index in agency pass-through mortgage securities, as social distancing efforts have suppressed prepayments and slowed mortgage origination. Also, in our view, the Fed’s purchases of mortgage-backed securities have created short-term distortions in the structure

FUND RESULTS

of the market and anomalies in market pricing, which we believe could offer potential attractive investment opportunities. For example, the Fed’s quantitative easing targets new-issue mortgage-backed securities and TBAs, while selling pressure has focused on pools of seasoned mortgage-backed securities with higher coupon payments. Accordingly, at the end of the Reporting Period, we added higher coupon Ginnie Mae mortgage-backed securities to the Fund, as we considered their valuations attractive.

Going forward, we expect the securitized sector to remain challenged, at least in the near term. We plan to opportunistically reposition the Fund as pockets of liquidity present themselves and generally expect to focus on senior debt. Also, we intend to maintain the Fund’s overweight in CLOs, though we eliminated certain longer duration positions at the end of the Reporting Period.

FUND BASICS

U.S. Mortgages Fund

as of March 31, 2020

PORTFOLIO COMPOSITION¹

Percentage of Net Assets

LOGO

GOLDMAN SACHS U.S. MORTGAGES FUND

Performance Summary

March 31, 2020

The following graph shows the value, as of March 31, 2020, of a $1,000,000 investment made on April 1, 2010 in Separate Account Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Securitized Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. The returns set forth below 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 below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.


U.S. Mortgages Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2010 through March 31, 2020.

LOGO


Average Annual Total Return through March 31, 2020*	One Year	Five Years	Ten Years	Since Inception
Class A
Excluding sales charges	5.41%	2.16%	3.07%	—
Including sales charges	1.47%	1.38%	2.67%	—

Institutional	5.75%	2.51%	3.44%	—

Investor (Commenced July 29, 2011)	5.66%	2.41%	N.A	2.99%

Separate Account Institutional	5.67%	2.49%	3.42%	—

Class P (Commenced April 20, 2018)	5.77%	N.A	N.A	5.31%

Class R6 (Commenced July 31, 2015)	5.77%	N.A	N.A	2.70%

FUND BASICS

Index Definitions

The J.P. Morgan Emerging Markets Bond Index (EMBI^SM) Global Diversified Index (Gross, USD, Unhedged) is an unmanaged index of debt instruments of 50 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index, an unmanaged index, covers the universe of U.S. dollar denominated, non-convertible, fixed rate, non-investment grade debt. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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 Bloomberg Barclays U.S. Credit Index is an unmanaged index which is unbundled into pure corporates (industrial, utility, and finance, including both U.S. and non-U.S. corporations) and non-corporates (sovereign, supranational, foreign agencies, and foreign local governments). The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The J.P. Morgan Government Bond Index — Emerging Markets (GBI-EM^SM) Global Diversified Index (Gross, USD, Unhedged) is an unmanaged index of debt instruments of 14 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Bloomberg Barclays U.S. Securitized Bond Index is an unmanaged composite of asset-backed securities, collateralized mortgage-backed securities and fixed rate mortgage-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

CDX is an index based on a basket of North American single-name high yield credit default swaps. It is not possible to invest directly in an unmanaged index.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – 62.7%
Angola – 1.3%
	Republic of Angola (NR/B3)
$	19,560,000		8.250	%^(a)		05/09/28	$	7,432,800
	2,720,000		8.250			05/09/28		1,033,600
	460,000		9.375	^(a)		05/08/48		174,800
	1,300,000		9.375			05/08/48		494,000
	Republic of Angola (CCC+/B3)
	5,630,000		8.000	^(a)		11/26/29		2,139,400
	5,910,000		9.125	^(a)		11/26/49		2,245,800
	2,450,000		9.125			11/26/49		931,000

								14,451,400

Argentina – 1.1%
	Republic of Argentina (CCC-/Ca)
	480,000		5.625			01/26/22		145,200
	720,000		4.625			01/11/23		210,825
EUR	13,360,000		3.375			01/15/23		3,854,055
	3,670,000		5.000			01/15/27		1,038,473
$	900,000		6.875			01/26/27		263,250
	5,843,000		5.875			01/11/28		1,636,040
EUR	12,990,000		5.250			01/15/28		3,657,776
$	3,520,000		7.125			07/06/36		921,800
EUR	1,210,000		3.380	^(b)		12/31/38		360,317
$	4,030,000		6.875			01/11/48		1,071,728

								13,159,464

Armenia^(a) – 0.2%
	Republic of Armenia (NR/NR)
	2,640,000		3.950			09/26/29		2,303,400

Azerbaijan – 0.7%
	Republic of Azerbaijan (NR/Ba2u)
	3,534,000		4.750			03/18/24		3,410,310
	5,750,000		3.500			09/01/32		4,756,328

								8,166,638

Bahrain – 0.4%
	Kingdom of Bahrain (B+/NR)
	560,000		7.000			10/12/28		511,525
	990,000		6.000			09/19/44		749,616
	Kingdom of Bahrain (B+/B2u)^(a)
	4,410,000		5.625			09/30/31		3,539,025

								4,800,166

Belarus – 0.2%
	Republic of Belarus (B/B3u)
	760,000		6.875			02/28/23		741,000
	450,000		7.625			06/29/27		446,203
	1,340,000		6.200			02/28/30		1,206,838

								2,394,041

Belize^(a)(b) – 0.1%
	Republic of Belize (B-/B3)
	2,446,500		4.938			02/20/34		1,348,633

Bolivia – 0.0%
	Republic of Bolivian (BB-/B1)
	200,000		4.500			03/20/28		163,688


Sovereign Debt Obligations – (continued)
Colombia^(c) – 0.1%
	Republic of Colombia (BBB-/Baa2)
	640,000		5.200	%		05/15/49		672,600

Costa Rica – 0.7%
	Republic of Costa Rica (NR/NR)
	650,000		5.520			08/17/22		619,125
	1,240,000		9.200	^(a)		02/21/24		1,272,550
	Republic of Costa Rica (B+/B2)
	2,040,000		9.995			08/01/20		2,036,813
	3,920,000		6.125	^(a)		02/19/31		3,283,000
	1,380,000		7.158	^(a)		03/12/45		1,097,531

								8,309,019

Dominican Republic – 4.1%
	Dominican Republic (NR/NR)
DOP	20,700,000		16.000			07/10/20		389,462
	13,900,000		11.500			05/10/24		249,715
	8,900,000		18.500	^(a)		02/04/28		207,632
	152,600,000		10.750			08/11/28		2,666,422
	134,200,000		11.375			07/06/29		2,407,112
	Dominican Republic (BB-/Ba3)
	248,350,000		9.750	^(a)		06/05/26		3,794,007
$	1,500,000		8.625			04/20/27		1,470,000
	740,000		6.000			07/19/28		690,050
	3,040,000		4.500	^(a)		01/30/30		2,606,800
	316,000		7.450			04/30/44		306,520
	9,870,000		6.850	^(a)		01/27/45		8,873,747
	6,599,000		6.850			01/27/45		5,932,913
	13,580,000		6.500	^(a)		02/15/48		11,923,240
	160,000		6.500			02/15/48		140,480
	5,900,000		6.400	^(a)		06/05/49		5,094,281
	160,000		6.400			06/05/49		138,150

								46,890,531

Ecuador – 1.3%
	Ecuador Government International Bond (CCC-/NR)
	1,126,000		7.950			06/20/24		329,355
	4,790,000		7.875	^(a)		03/27/25		1,281,325
	5,200,000		9.650	^(a)		12/13/26		1,378,000
	10,080,000		9.625	^(a)		06/02/27		2,696,400
	750,000		9.625			06/02/27		200,625
	4,490,000		7.875			01/23/28		1,234,750
	7,860,000		9.500	^(a)		03/27/30		2,161,500
	Ecuador Government International Bond (CCC-/Caa3)
	22,060,000		8.875	^(a)		10/23/27		5,790,750
	410,000		8.875			10/23/27		107,625

								15,180,330

Egypt – 3.8%
	Republic of Egypt (NR/B2)
	2,500,000		7.500			01/31/27		2,237,500
	Republic of Egypt (B/NR)
EUR	1,310,000		4.750			04/11/25		1,251,557
	1,770,000		6.375	^(a)		04/11/31		1,542,794
	6,219,000		6.375			04/11/31		5,420,699
	Republic of Egypt (B/B2)
	8,360,000		4.750	^(a)		04/16/26		7,837,203


34		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)
Egypt – (continued)
	Republic of Egypt (B/B2) – (continued)
EUR	10,810,000		5.625	% ^(a)		04/16/30	$	9,064,706
	7,200,000		5.625			04/16/30		6,037,547
	Republic of Egypt (B/B2u)
$	1,300,000		4.550	^(a)		11/20/23		1,140,750
	2,950,000		7.053	^(a)		01/15/32		2,326,813
	730,000		7.903	^(a)		02/21/48		584,228
	670,000		7.903			02/21/48		536,209
	4,340,000		8.700	^(a)		03/01/49		3,577,788
	990,000		8.700			03/01/49		816,131
	1,120,000		8.150	^(a)		11/20/59		890,400

								43,264,325

El Salvador – 0.2%
	El Salvador Government International Bond (B-/B3)
	260,000		5.875			01/30/25		226,038
	2,550,000		7.125	^(a)(c)		01/20/50		1,967,484

								2,193,522

Gabon – 0.3%
	Republic of Gabon (NR/Caa1)^(a)
	2,760,000		6.625			02/06/31		1,628,400
	Republic of Gabon (NR/NR)
	1,854,118		6.375			12/12/24		1,270,650

								2,899,050

Ghana – 2.5%
	Republic of Ghana (NR/B1)
	1,970,000		10.750			10/14/30		2,048,800
	Republic of Ghana (B/B3)
	3,870,000		6.375	^(a)		02/11/27		2,817,844
	12,560,000		7.625			05/16/29		8,980,400
	710,000		7.875	^(a)		02/11/35		487,238
	1,210,000		8.627	^(a)		06/16/49		837,925
	6,779,000		8.627			06/16/49		4,694,457
	1,940,000		8.750	^(a)		03/11/61		1,338,600
	Republic of Ghana (B/B3u)^(a)
	11,250,000		8.125			03/26/32		7,875,000

								29,080,264

Guatemala – 2.6%
	Republic of Guatemala (NR/Ba1)^(a)(c)
	5,010,000		6.125			06/01/50		4,934,850
	Republic of Guatemala (BB-/Ba1)
	5,520,000		4.500	^(a)		05/03/26		5,262,975
	5,430,000		4.500			05/03/26		5,177,166
	8,400,000		4.375	^(a)		06/05/27		8,050,875
	550,000		4.375			06/05/27		527,141
	2,980,000		4.875			02/13/28		2,918,537
	2,620,000		4.900	^(a)(c)		06/01/30		2,490,637

								29,362,181

Honduras – 1.3%
	Republic of Honduras (BB-/B1)
	6,930,000		8.750	^(a)		12/16/20		6,899,682
	6,018,000		8.750			12/16/20		5,991,671
	1,310,000		7.500	^(a)		03/15/24		1,268,653
	1,120,000		7.500			03/15/24		1,084,650

								15,244,656


Sovereign Debt Obligations – (continued)
Indonesia – 6.3%
	Perusahaan Penerbit SBSN (NR/Baa2)^(a)
	24,200,000		4.150			03/29/27		24,230,250
	Perusahaan Penerbit SBSN (BBB/Baa2)^(a)
	1,130,000		4.550			03/29/26		1,156,131
	33,470,000		4.400			03/01/28		33,919,753
	Perusahaan Penerbit SBSN Indonesia III (BBB/Baa2)
	9,930,000		4.550			03/29/26		10,159,631
	Republic of Indonesia (NR/Baa2)
	550,000		4.350			01/11/48		560,313
	Republic of Indonesia (BBB/Baa2)
	400,000		4.750	^(a)		01/08/26		423,500
EUR	1,550,000		0.900			02/14/27		1,487,260
$	350,000		4.625			04/15/43		371,547

								72,308,385

Iraq^(c) – 0.2%
	Republic of Iraq (NR/NR)
	2,430,000		5.800			01/15/28		1,844,522

Israel – 1.0%
	State of Israel (NR/NR)
	4,570,000		3.875			07/03/50		4,570,000
	State of Israel (AA-/A1)
	2,510,000		2.750			07/03/30		2,510,000
	1,840,000		3.375			01/15/50		1,789,510
	2,820,000		4.500			12/31/99		2,820,000

								11,689,510

Ivory Coast – 0.4%
	Republic of Ivory Coast (NR/Ba3)
EUR	2,370,000		6.625	^(a)		03/22/48		2,221,791
	2,720,000		6.625			03/22/48		2,549,903

								4,771,694

Jamaica – 0.7%
	Republic of Jamaica (B+/B2)
$	7,700,000		7.875			07/28/45		8,123,500

Kazakhstan^(a) – 0.2%
	Republic of Kazakhstan (BBB-/Baa3)
EUR	2,300,000		1.550			11/09/23		2,489,106

Kenya – 1.6%
	Republic of Kenya (B+/NR)
$	7,451,000		6.875			06/24/24		7,097,077
	Republic of Kenya (B+/B2u)
	4,200,000		7.000	^(a)		05/22/27		3,885,000
	750,000		7.250	^(a)		02/28/28		693,750
	6,380,000		8.000	^(a)		05/22/32		5,917,450
	990,000		8.000			05/22/32		918,225

								18,511,502

Lebanon^(d) – 0.5%
	Republic of Lebanon (NR/NR)
	3,663,000		6.750			11/29/27		659,340
	Republic of Lebanon (SD/NR)
	3,990,000		6.200			02/26/25		718,200
	2,020,000		6.650			04/22/24		373,700
	270,000		6.600			11/27/26		48,600


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – (continued)
Lebanon^(d) – (continued)
	Republic of Lebanon (SD/NR) – (continued)
$	710,000		6.850	%		03/23/27	$	127,800
	1,220,000		6.650			11/03/28		219,600
	7,704,000		6.850			05/25/29		1,386,720
	10,123,000		6.650			02/26/30		1,822,140
	1,820,000		7.050			11/02/35		327,600
	150,000		7.250			03/23/37		27,000

								5,710,700

Macedonia – 1.5%
	Republic of Macedonia (BB-/NR)
EUR	2,060,000		5.625			07/26/23		2,499,880
	10,480,000		2.750	^(a)		01/18/25		11,713,702
	2,710,000		2.750			01/18/25		3,029,020

								17,242,602

Mexico^(c) – 0.3%
	United Mexican States (BBB/A3)
$	3,740,000		4.500			01/31/50		3,719,430

Mongolia – 0.5%
	Republic of Mongolia (B/B3)
	3,130,000		5.125			12/05/22		2,795,481
	Republic of Mongolia (B/B3u)
	3,860,000		5.625			05/01/23		3,442,638

								6,238,119

Morocco^(a) – 0.2%
	Morocco Government International Bond (BBB-/Ba1u)
EUR	2,560,000		1.500			11/27/31		2,428,143

Mozambique – 0.1%
	Republic of Mozambique (NR/Caa2u)
$	2,060,000		5.000			09/15/31		1,552,725

Nigeria – 1.4%
	Republic of Nigeria (B-/B2)
	2,530,000		8.747	^(a)		01/21/31		1,805,788
	8,390,000		7.875			02/16/32		5,846,781
	12,540,000		7.696	^(a)		02/23/38		8,433,150

								16,085,719

Oman – 0.5%
	Republic of Oman (NR/Ba2)
	3,400,000		5.625			01/17/28		2,384,250
	4,250,000		6.750	^(a)		01/17/48		2,794,375
	400,000		6.750			01/17/48		263,000

								5,441,625

Pakistan – 0.3%
	Republic of Pakistan (NR/B3)
	1,300,000		8.250			09/30/25		1,118,000
	Republic of Pakistan (B-/B3)
	2,954,000		6.875			12/05/27		2,440,669
	Republic of Pakistan (BBB+/Baa1)^(c)
	4,520,000		4.500			04/01/56		4,915,500

								8,474,169

Panama – 0.5%
	Panama Notas del Tesoro (BBB+/NR)
	920,000		4.875			02/05/21		924,600


Sovereign Debt Obligations – (continued)
Papua New Guinea^(a) – 0.1%
	Papua New Guinea Government International Bond (B/B2)
	1,450,000		8.375			10/04/28		1,327,112

Paraguay – 3.0%
	Republic of Paraguay (BB/NR)^(a)
	4,590,000		5.600			03/13/48		4,618,687
	Republic of Paraguay (BB/Ba1)
	12,098,000		4.625			01/25/23		12,389,108
	3,930,000		5.000	^(a)		04/15/26		4,002,459
	2,655,000		5.000			04/15/26		2,703,952
	2,770,000		4.700	^(a)		03/27/27		2,789,044
	5,650,000		6.100			08/11/44		5,771,828
	3,050,000		5.400	^(a)(c)		03/30/50		2,856,516

								35,131,594

Philippines – 0.3%
	Republic of Philippines (BBB+/Baa2)
EUR	1,120,000		0.000			02/03/23		1,161,133
	2,430,000		0.700			02/03/29		2,342,527

								3,503,660

Qatar – 1.4%
	Republic of Qatar (AA-/Aa3)
$	10,470,000		5.103	^(a)		04/23/48		12,704,691
	2,950,000		4.817	^(a)		03/14/49		3,478,234
	240,000		4.817			03/14/49		282,975

								16,465,900

Romania – 2.1%
	Republic of Romania (BBB-/Baa3)
EUR	900,000		3.375	^(a)		01/28/50		884,991
	4,370,000		2.375	^(a)		04/19/27		4,884,435
	7,360,000		2.875			05/26/28		8,426,813
	1,330,000		2.500			02/08/30		1,463,189
	2,320,000		2.124	^(a)		07/16/31		2,339,636
	1,730,000		2.124			07/16/31		1,744,642
	2,270,000		2.000	^(a)		01/28/32		2,262,612
	390,000		3.375	^(a)		02/08/38		408,624
	1,920,000		4.625	^(a)		04/03/49		2,247,268

								24,662,210

Russia – 2.0%
	Russian Federation Bond (NR/NR)
$	11,800,000		4.750			05/27/26		12,549,300
	3,200,000		4.375	^(a)		03/21/29		3,424,000
	4,200,000		5.100	^(a)		03/28/35		4,851,000
	Russian Federation Bond (BBB-/Baa3)^(a)
	600,000		4.500			04/04/22		619,500
	2,000,000		4.875			09/16/23		2,130,000

								23,573,800

Saudi Arabia – 0.8%
	Saudi Government International Bond (NR/A1)
	1,770,000		2.750	^(a)		02/03/32		1,637,250
	920,000		4.500			10/26/46		929,200
	2,850,000		4.625			10/04/47		2,914,125
	1,380,000		5.000			04/17/49		1,486,950
	1,770,000		3.750	^(a)		01/21/55		1,628,400

								8,595,925


36		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)
Senegal^(a) – 0.5%
	Republic of Senegal (B+/Ba3)
EUR	5,580,000		4.750	%		03/13/28	$	5,559,916

Serbia^(a) – 0.4%
	Republic of Serbia (NR/NR)
	4,400,000		1.500			06/26/29		4,422,075

South Africa – 3.2%
	Republic of South Africa (NR/Ba1)
$	3,660,000		4.850			09/27/27		3,228,806
	3,350,000		5.650			09/27/47		2,479,000
	Republic of South Africa (BB/Ba1)
	20,055,000		5.875			09/16/25		19,227,731
	2,670,000		4.300			10/12/28		2,176,050
	5,670,000		4.850			09/30/29		4,621,050
	200,000		5.875			06/22/30		169,090
	1,590,000		6.250			03/08/41		1,276,969
	4,790,000		5.750			09/30/49		3,469,733

								36,648,429

Sri Lanka – 2.5%
	Republic of Sri Lanka (B/B2)
	15,260,000		5.750	^(a)		04/18/23		9,484,090
	7,190,000		6.850	^(a)		03/14/24		4,256,336
	3,370,000		6.350	^(a)		06/28/24		1,983,470
	3,960,000		6.125			06/03/25		2,330,064
	6,010,000		6.850	^(a)		11/03/25		3,297,987
	3,180,000		6.850			11/03/25		1,745,025
	1,690,000		6.750	^(a)		04/18/28		925,275
	8,400,000		7.550	^(a)		03/28/30		4,630,500

								28,652,747

Suriname^(a) – 0.1%
	Republic of Suriname (CCC+/B3)
	1,190,000		9.250			10/26/26		855,907

Tajikistan – 0.0%
	Republic of Tajikistan (B-/B3)
	710,000		7.125			09/14/27		421,562

Tunisia^(a) – 0.3%
	Banque Centrale de Tunisie International Bond (NR/NR)
EUR	760,000		6.375			07/15/26		682,088
	Banque Centrale de Tunisie International Bond (NR/B2)
	2,370,000		6.750			10/31/23		2,360,653

								3,042,741

Turkey – 3.9%
	Republic of Turkey (NR/B1)
$	10,523,000		5.750			03/22/24		9,829,140
	2,050,000		6.350			08/10/24		1,946,859
	5,380,000		4.250			03/13/25		4,573,000
EUR	5,290,000		3.250			06/14/25		5,033,940
	6,280,000		5.200			02/16/26		6,408,907
$	1,200,000		4.875			10/09/26		1,015,875
	4,780,000		6.000			03/25/27		4,278,100
	3,450,000		5.250			03/13/30		2,760,000
	7,640,000		5.750			05/11/47		5,519,136
	2,129,000		7.375			02/05/25		2,099,726
	2,300,000		6.000			01/14/41		1,796,875

								45,261,558


Sovereign Debt Obligations – (continued)
Ukraine – 4.0%
	Ukraine Government Bond (B/NR)
	1,190,000		8.994			02/01/24		1,091,825
	1,900,000		9.750			11/01/28		1,850,719
EUR	2,560,000		4.375	^(a)		01/27/30		2,230,504
$	210,000		7.375			09/25/32		190,181
	12,688,000		0.001	^(e)		05/31/40		9,389,120
	Ukraine Government Bond (B/Caa1u)
	2,910,000		7.750			09/01/21		2,793,600
	1,130,000		7.750			09/01/22		1,062,200
	9,490,000		7.750			09/01/23		8,873,150
	12,900,000		7.750			09/01/24		11,900,250
	7,000,000		7.750			09/01/25		6,326,250
	230,000		7.750			09/01/26		211,025
	360,000		7.750			09/01/27		329,850

								46,248,674

United Arab Emirates^(a) – 0.3%
	Abu Dhabi Government International Bond (AA/NR)
	2,890,000		4.125			10/11/47		3,132,941

Uzbekistan^(a) – 0.2%
	Republic of Uzbekistan (BB-/NR)
	510,000		4.750			02/20/24		501,234
	1,460,000		5.375			02/20/29		1,432,169

								1,933,403

Venezuela^(c)(f) – 0.3%
	Debt and Asset Trading Corp. (NR/NR)
	4,680,000		1.000			10/10/25		3,621,150

Zambia – 0.2%
	Republic of Zambia (CCC/NR)
	7,024,000		5.375			09/20/22		2,745,945

	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $925,109,680)						$	723,247,208



Corporate Obligations – 24.9%
Argentina^(a)(c) – 0.1%
	Telecom Argentina SA (NR/Caa1)
$	1,480,000		6.500	%		06/15/21	$	1,243,200

Azerbaijan – 0.1%
	State Oil Co. of the Azerbaijan Republic (BB-/Ba2)
	400,000		4.750			03/13/23		384,500
	State Oil Co. of the Azerbaijan Republic (BB-/NR)
	1,040,000		6.950			03/18/30		1,026,675

								1,411,175

Brazil – 1.5%
	Banco do Brasil SA (CCC+/NR)^(c)(e) (10 Year CMT + 4.398%)
	5,210,000		6.250			04/15/49		4,089,850
	Banco do Brasil SA (CCC+/B2)^(c)(e) (10 Year CMT + 6.362%)
	6,880,000		9.000			06/18/49		6,515,790
	Embraer Overseas Ltd. (BBB-/Ba1)
	890,000		5.696			09/16/23		760,950
	Itau Unibanco Holding SA (NR/Ba3)^(a)
	850,000		3.250			01/24/25		780,045


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Brazil – (continued)
	Itau Unibanco Holding SA (BB-/B2)^(a)(c)(e) (5 Year CMT + 3.222%)
$	3,860,000		4.625	%		02/27/25	$	3,155,550
	Samarco Mineracao SA (NR/WR)^(d)
	3,185,000		4.125			11/01/22		1,178,450
	2,080,000		5.750			10/24/23		811,200
	800,000		5.375			09/26/24		312,000

								17,603,835

British Virgin Islands^(c) – 0.7%
	Fortune Star BVI Ltd. (BB/NR)
	610,000		5.250			03/23/22		561,963
	260,000		6.750			07/02/23		233,188
	Huarong Finance 2017 Co. Ltd.^(e) (-1x5 Year CMT + 6.983%)
	3,530,000		4.000			11/07/49		3,362,325
	Huarong Finance 2019 Co. Ltd.
	1,490,000		3.875			11/13/29		1,452,284
	1,900,000		3.375			02/24/30		1,797,281
	Sino-Ocean Land Treasure IV Ltd. (NR/Baa3)
	320,000		4.750			01/14/30		292,720
	Sunny Express Enterprises Corp. (NR/A3)^(e) (-1x3 Year CMT + 4.762%)
	870,000		3.350			10/23/49		848,250

								8,548,011

Burundi – 0.3%
	Eastern & Southern African Trade & Development Bank (NR/Baa3)
	3,660,000		5.375			03/14/22		3,671,273

Chile – 0.5%
	Embotelladora Andina SA (BBB/NR)^(a)
	506,000		5.000			10/01/23		508,530
	GNL Quintero SA (BBB/Baa2)
	1,060,000		4.634			07/31/29		1,025,550
	Inversiones CMPC SA (BBB-/NR)^(a)(c)
	660,000		4.375			05/15/23		633,600
	Sociedad Quimica y Minera de Chile SA (BBB+/Baa1)^(a)(c)
	3,291,000		4.375			01/28/25		3,144,962

								5,312,642

China – 0.5%
	China Evergrande Group (NR/NR)^(g)
HKD	2,000,000		4.250			02/14/23		203,154
	China Evergrande Group (NR/B2)^(c)
$	2,430,000		8.250			03/23/22		1,963,136
	China Evergrande Group (B/B2)^(c)
	520,000		10.000			04/11/23		392,600
	Kaisa Group Holdings Ltd. (NR/NR)^(c)
	1,250,000		8.500			06/30/22		1,025,391
	Kaisa Group Holdings Ltd. (NR/B2)^(c)
	200,000		10.875			07/23/23		161,750
	260,000		11.950			11/12/23		214,710
	Sunac China Holdings Ltd. (B+/B1)^(c)
	1,080,000		8.350			04/19/23		1,023,300
	Yuzhou Properties Co. Ltd. (NR/B1)^(c)
	970,000		7.700			02/20/25		809,043


Corporate Obligations – (continued)
China – (continued)
	Zhenro Properties Group Ltd. (NR/NR)^(c)
CNY	1,920,000		8.000			11/16/20		271,687

								6,064,771

Colombia – 0.9%
	Banco de Bogota SA (NR/Ba2)
$	6,870,000		6.250	^(a)		05/12/26		6,560,850
	1,980,000		6.250			05/12/26		1,890,900
	Grupo Aval Ltd. (NR/Ba2)
	590,000		4.750			09/26/22		564,925
	1,530,000		4.375	^(a)(c)		02/04/30		1,228,131

								10,244,806

Cyprus – 0.1%
	MHP SE (B/NR)
	1,910,000		7.750			05/10/24		1,593,059

Dominican Republic^(a)(c) – 0.2%
	Aeropuertos Dominicanos Siglo XXI SA (BB-/B+)
	3,220,000		6.750			03/30/29		2,125,200

Ecuador^(a)(f) – 0.0%
	Petroamazonas EP (NR/NR)
	380,003		4.625			11/06/20		189,764

India – 0.7%
	Adani Electricity Mumbai Ltd. (BBB-/NR)^(a)
	2,750,000		3.949			02/12/30		2,261,875
	Greenko Investment Co. (B+/NR)^(a)(c)
	3,290,000		4.875			08/16/23		2,673,125
	Reliance Industries Ltd. (BBB+/Baa2)
	550,000		4.125			01/28/25		547,938
	1,090,000		3.667	^(a)		11/30/27		1,021,140
	ReNew Power Synthetic (BB-/NR)^(c)
	2,650,000		6.670			03/12/24		2,107,578

								8,611,656

Indonesia – 0.1%
	Perusahaan Gas Persero Tbk PT (BBB-/Baa2)
	560,000		5.125			05/16/24		546,175

Ireland – 0.6%
	Credit Bank of Moscow Via CBOM Finance PLC (BB-/Ba3)^(a)
	3,010,000		5.550			02/14/23		2,544,955
	Credit Bank of Moscow Via CBOM Finance PLC (BB-/NR)^(a)
	430,000		4.700			01/29/25		328,155
	Credit Bank of Moscow Via CBOM Finance PLC (NR/NR)^(c)(e) (5 Year USD Swap + 5.416%)
	310,000		7.500			10/05/27		223,781
	Phosagro OAO Via Phosagro Bond Funding DAC (BBB-/Baa3)^(a)
	3,610,000		3.949			04/24/23		3,576,156

								6,673,047

Ivory Coast – 0.6%
	Brazil Minas SPE via State of Minas Gerais (BB-/NR)^(a)(f)
	2,800,000		5.333			02/15/28		2,813,125
	Comunicaciones Celulares SA Via Comcel Trust (NR/Ba1)^(c)
	3,980,000		6.875			02/06/24		3,807,119

								6,620,244


38		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)
Jamaica^(c) – 0.3%
	Digicel Group Two Ltd. (NR/Ca)^(a)
$	263,000		8.250	%		09/30/22	$	34,275
	Digicel Ltd. (NR/Caa2)
	2,670,000		6.000			04/15/21		1,441,800
	3,860,000		6.000	^(a)		04/15/21		2,084,400

								3,560,475

Japan^(c)(e) – 0.1%
	SoftBank Group Corp. (B+/B2u) (5 Year USD ICE Swap + 4.226%)
	1,310,000		6.000			07/19/49		1,018,525

Luxembourg – 0.9%
	Gazprom PJSC Via Gaz Capital SA (BBB-/Baa2)
	2,180,000		5.150	^(a)		02/11/26		2,270,606
	490,000		5.150			02/11/26		510,366
	410,000		8.625	^(g)		04/28/34		563,878
	3,970,000		7.288			08/16/37		5,046,862
	MHP Lux SA (B/NR)
	380,000		6.950			04/03/26		318,488
	Rede D’or Finance Sarl (BB-/NR)^(a)(c)
	1,500,000		4.500			01/22/30		1,290,000

								10,000,200

Mauritius – 0.5%
	Greenko Investment Co. (B+/NR)^(c)
	200,000		4.875			08/16/23		162,500
	MTN Mauritius Investments Ltd. (BB/Ba1)
	3,390,000		5.373			02/13/22		3,173,887
	1,790,000		4.755			11/11/24		1,604,847
	1,150,000		6.500	^(a)		10/13/26		1,095,016

								6,036,250

Mexico – 4.8%
	Banco Mercantil del Norte SA (BB-/Ba2)^(a)(c)(e)
	(10 Year CMT + 5.470%)
	1,350,000		7.500			06/27/49		1,026,000
	(5 Year CMT + 4.967%)
	3,820,000		6.750			09/27/49		2,913,514
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/A3)
	730,000		4.125			11/09/22		703,743
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3)^(a)(c)(e) (5 Year CMT + 2.995%)
	1,090,000		5.950			10/01/28		1,013,700
	BBVA Bancomer SA (BB/NR)^(a)(c)(e) (5 Year CMT + 2.650%)
	3,080,000		5.125			01/18/33		2,550,240
	Coca-Cola Femsa SAB de CV (NR/A2)^(c)
	1,230,000		2.750			01/22/30		1,183,875
	Mexico City Airport Trust (BBB/Baa3)^(c)
	1,180,000		4.250	^(a)		10/31/26		1,045,775
	1,409,000		4.250			10/31/26		1,248,726
	5,200,000		3.875	^(a)		04/30/28		4,347,200
	2,190,000		5.500	^(a)		10/31/46		1,773,900
	722,000		5.500			10/31/46		584,820
	10,548,000		5.500			07/31/47		8,707,374


Corporate Obligations – (continued)
Mexico – (continued)
	Petroleos Mexicanos (BBB/Baa3)
EUR	13,560,000		5.125			03/15/23		12,833,531
$	2,050,000		6.875			08/04/26		1,552,875
	3,520,000		6.490	^(a)(c)		01/23/27		2,596,000
	970,000		6.490	^(c)		01/23/27		715,375
	2,450,000		6.500			03/13/27		1,801,133
	2,800,000		5.350			02/12/28		1,946,000
	997,000		5.950	^(a)(c)		01/28/31		685,537
	365,000		6.750			09/21/47		239,075
	2,091,000		6.350			02/12/48		1,306,875
	4,093,000		7.690	^(a)(c)		01/23/50		2,803,705
	3,043,000		6.950	^(a)(c)		01/28/60		2,015,987
	Unifin Financiera SAB de CV (BB-/NR)^(a)(c)
	230,000		7.375			02/12/26		144,900

								55,739,860

Netherlands – 2.0%
	Bharti Airtel International Netherlands B.V. (BBB-/Ba1)
	550,000		5.125			03/11/23		538,313
	1,020,000		5.350			05/20/24		983,344
	Embraer Netherlands Finance B.V. (BBB/NR)
	330,000		5.400			02/01/27		288,750
	Greenko Dutch B.V. (NR/Ba1)^(c)
	690,000		4.875			07/24/22		611,297
	260,000		5.250	^(a)		07/24/24		208,603
	IHS Netherlands Holdco B.V. (B-/B2)^(a)(c)
	490,000		7.125			03/18/25		414,050
	400,000		8.000			09/18/27		336,080
	Lukoil International Finance B.V. (BBB/Baa2)
	1,450,000		4.563			04/24/23		1,465,769
	Lukoil International Finance B.V. (BBB/NR)
	1,090,000		4.750			11/02/26		1,105,914
	Metinvest B.V. (B/NR)^(c)
	301,000		7.750	^(a)		04/23/23		216,720
	520,000		7.750			04/23/23		374,400
	MV24 Capital B.V. (BB/NR)^(a)
	1,518,532		6.748			06/01/34		1,197,837
	NE Property B.V. (BBB/NR)^(c)
EUR	980,000		1.750			11/23/24		985,403
	Petrobras Global Finance B.V. (BB-/Ba2)
$	5,160,000		5.999			01/27/28		4,997,460
	1,820,000		6.850			12/31/99		1,693,000
	Prosus NV (BBB-/Baa3)^(c)
	460,000		5.500			07/21/25		449,075
	3,220,000		3.680	^(a)		01/21/30		2,923,760
	Syngenta Finance NV (BBB-/Ba2)^(a)(c)
	4,640,000		5.676			04/24/48		3,742,114

								22,531,889

Pakistan – 0.6%
	The Third Pakistan International Sukuk Co. Ltd. (NR/B3)
	2,130,000		5.500			10/13/21		2,056,781
	The Third Pakistan International Sukuk Co. Ltd. (B-/B3)
	5,200,000		5.625			12/05/22		4,854,200

								6,910,981


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Panama^(a) – 0.0%
	Autoridad del Canal de Panama (A/A1)
$	380,000		4.950	%		07/29/35	$	435,100

Peru – 1.4%
	ABY Transmision Sur SA (BBB/NR)^(a)
	5,054,220		6.875			04/30/43		6,573,013
	Banco de Credito del Peru (BBB+/NR)^(a)(c)
	4,290,000		2.700			01/11/25		3,936,075
	Corp. Lindley SA (BBB/NR)
	3,560,000		6.750			11/23/21		3,493,250
	1,630,000		6.750	^(a)		11/23/21		1,599,437
	120,000		4.625	^(a)		04/12/23		114,563

								15,716,338

Qatar – 0.0%
	QNB Finance Ltd. (A/Aa3)
	200,000		3.500			03/28/24		197,688

Singapore^(c)(h) – 0.0%
	Eterna Capital Pte Ltd. (CCC+p/Caa2)
	378,851		8.000			12/11/22		203,500
	Innovate Capital Pte Ltd. (NR/NR)
	612,177		6.000			12/11/24		199,854

								403,354

South Africa – 0.2%
	Eskom Holdings SOC Ltd. (CCC+/Caa1)
	520,000		6.750			08/06/23		380,250
	800,000		7.125			02/11/25		569,000
	Eskom Holdings SOC Ltd. (BB/Ba1)^(f)
	1,470,000		6.350			08/10/28		1,249,353

								2,198,603

Thailand^(a)(c) – 0.1%
	PTTEP Treasury Center Co. Ltd. (NR/Baa1)
	1,040,000		2.993			01/15/30		994,500

Turkey – 1.2%
	Akbank T.A.S. (NR/Caa2)^(c)(e) (5 Year USD Swap + 4.029%)
	564,000		6.797			04/27/28		435,338
	TC Ziraat Bankasi A/S (NR/B2)
	500,000		5.125			05/03/22		453,594
	770,000		5.125	^(a)		09/29/23		670,862
	Turkiye Vakiflar Bankasi TAO (NR/B2)
	1,090,000		8.125	^(a)		03/28/24		1,047,348
	250,000		8.125			03/28/24		240,218
	1,080,000		5.250	^(a)		02/05/25		912,600
	Yapi ve Kredi Bankasi A/S (NR/B2)
	1,820,000		6.100			03/16/23		1,686,344
	200,000		5.850			06/21/24		176,250
	4,610,000		8.250	^(a)		10/15/24		4,339,162
	Yapi ve Kredi Bankasi A/S (NR/Caa3u)^(c)(e) (5 Year USD Swap + 11.245%)
	4,330,000		13.875			01/15/49		4,244,753

								14,206,469

United Arab Emirates – 2.5%
	Abu Dhabi Crude Oil Pipeline LLC (AA/NR)^(a)
	14,990,000		4.600			11/02/47		15,102,425


Corporate Obligations – (continued)
United Arab Emirates – (continued)
	Dolphin Energy Ltd. LLC (NR/A2)
	2,580,000		5.500			12/15/21		2,580,806
	DP World PLC (NR/Baa1)^(g)
	7,600,000		1.750			06/19/24		7,479,540
	NBK Tier 1 Financing 2 Ltd. (NR/Baa3)^(a)(c)(e) (6 Year USD Swap + 2.832%)
	2,480,000		4.500			11/27/49		2,225,304
	Sharjah Sukuk Program Ltd. (BBB/Baa2)
	1,370,000		4.226			03/14/28		1,356,163

								28,744,238

United Kingdom – 1.4%
	European Bank for Reconstruction & Development (NR/NR)
UAH	160,000,000		16.950			04/03/20		5,792,379
	Gazprom PJSC Via Gaz Finance PLC (BBB-/Baa2)^(a)
$	11,140,000		3.250			02/25/30		10,360,188

								16,152,567

United States – 1.3%
	Brazil Loan Trust 1 (BB-/NR)^(a)(f)
	5,405,162		5.477			07/24/23		5,324,084
	Reliance Holding USA, Inc. (BBB+/Baa2)
	6,180,000		5.400			02/14/22		6,324,844
	Sasol Financing USA LLC (BB/Ba2)^(c)
	6,720,000		5.875			03/27/24		2,753,856

								14,402,784

Venezuela^(d) – 0.7%
	Petroleos de Venezuela SA (NR/NR)
	138,210,000		6.000			10/28/22		4,146,300
	Petroleos de Venezuela SA (D/NR)
	41,690,000		6.000			05/16/24		2,501,400
	3,387,934		6.000			11/15/26		203,276
	19,170,000		5.375			04/12/27		1,150,200
	Petroleos de Venezuela SA (CCC-/NR)
	2,180,000		5.500			04/12/37		130,800

								8,131,976

	TOTAL CORPORATE OBLIGATIONS
	(Cost $384,253,533)						$	287,840,655


Shares		Dividend Rate	Value

Investment Company⁽ⁱ⁾ – 6.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	70,293,308	0.333%	$	70,293,308
	(Cost $70,293,308)

	TOTAL INVESTMENTS – 93.7% (Cost $1,379,656,521)		$	1,081,381,171

	OTHER ASSETS IN EXCESS OF LIABILITIES – 6.3%			73,233,085

	NET ASSETS – 100.0%		$	1,154,614,256


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND



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

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

(b)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2020.

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

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

(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 March 31, 2020.

(f)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $13,197,476, which represents approximately 1.1% of the Fund’s net assets as of March 31, 2020.

(g)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2020.

(h)		Pay-in-kind securities.

(i)		Represents an affiliated fund.

Security ratings disclosed, if any, are obtained from Standard & Poor’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.



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

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
EURO		—Euro Offered Rate
JIBAR		—Johannesburg Interbank Agreed Rate
LLC		—Limited Liability Company
MTN		—Medium Term Note
NR		—Not Rated
PLC		—Public Limited Company
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	AUD	4,567,486	CAD	3,924,274		06/17/20	$	19,452
	AUD	7,806,238	USD	4,606,423		06/17/20		196,176
	CAD	7,554,575	EUR	4,837,174		06/17/20		21,310
	CAD	7,504,640	JPY	560,912,483		06/17/20		102,692
	CAD	21,729,776	USD	15,096,604		06/17/20		355,612
	CHF	4,131,640	USD	4,262,544		06/17/20		46,006
	CLP	2,775,890,828	USD	3,230,936		05/22/20		16,961
	COP	10,829,386,002	USD	2,650,364		04/07/20		14,259


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	EUR	2,289,544	CAD	3,559,091		06/17/20	$	1,762
	EUR	5,244,000	CHF	5,517,475		06/17/20		47,110
	EUR	15,334,396	CZK	410,177,167		06/17/20		441,487
	EUR	1,410,025	HUF	475,657,830		06/17/20		102,780
	EUR	12,550,691	NOK	138,524,224		06/17/20		555,288
	EUR	1,565,795	PLN	6,824,910		06/17/20		82,776
	EUR	33,517,071	SEK	355,778,246		06/17/20		1,050,035
	EUR	35,583,850	USD	38,302,352		06/17/20		1,059,960
	GBP	8,594,710	USD	10,233,930		06/17/20		456,044
	HUF	1,104,846,738	USD	3,362,699		06/17/20		21,511
	IDR	47,094,323,410	USD	2,876,165		04/07/20		22,482
	ILS	78,470,746	USD	21,395,530		06/17/20		846,859
	INR	224,233,109	USD	2,883,000		04/28/20		59,590
	JPY	914,752,765	USD	8,395,813		06/17/20		139,815
	KRW	9,261,850,868	USD	7,489,929		04/21/20		116,342
	KRW	3,175,212,606	USD	2,542,061		06/02/20		67,734
	MXN	56,322,881	USD	2,284,968		06/17/20		62,047
	NOK	39,437,851	EUR	3,384,462		06/17/20		50,670
	NOK	78,590,231	USD	7,143,394		06/17/20		418,157
	NZD	9,901,850	USD	5,842,111		06/17/20		62,664
	PLN	4,964,383	EUR	1,078,066		06/17/20		7,134
	TWD	226,547,388	USD	7,493,956		04/17/20		15,982
	USD	9,734,876	AUD	15,262,348		06/17/20		345,087
	USD	15,066,004	BRL	69,906,126		04/02/20		1,614,277
	USD	2,642,031	BRL	13,444,933		05/05/20		60,752
	USD	42,728,877	CAD	58,385,047		06/17/20		1,210,809
	USD	35,612,884	CHF	33,302,815		06/17/20		884,106
	USD	1,239,619	CLP	970,534,693		04/21/20		105,009
	USD	2,956,465	CNH	20,613,508		06/17/20		52,820
	USD	9,976,519	COP	34,319,931,684		04/07/20		1,531,936
	USD	5,610,364	CZK	126,772,478		06/17/20		504,200
	USD	25,843,888	EUR	23,018,158		06/17/20		381,550
	USD	26,383,168	HUF	7,886,456,508		06/17/20		2,226,492
	USD	16,956,371	IDR	241,580,669,060		04/07/20		2,087,123
	USD	4,610,650	IDR	65,886,523,410		05/28/20		606,688
	USD	40,740,295	ILS	139,128,938		06/17/20		1,304,454
	USD	5,941,393	INR	443,435,840		04/16/20		118,618
	USD	3,728,507	INR	280,535,018		04/20/20		45,552
	USD	12,805,468	INR	955,434,222		04/28/20		267,394
	USD	6,757,888	JPY	710,047,490		06/17/20		132,380
	USD	13,684,461	KRW	16,351,470,762		04/21/20		255,860
	USD	27,868,909	MXN	531,245,356		04/27/20		5,568,428
	USD	12,613,903	MXN	283,111,347		06/17/20		816,450
	USD	26,668,567	NZD	42,152,195		06/17/20		1,531,920
	USD	12,367,770	PLN	50,196,537		05/21/20		237,225
	USD	11,230,358	RUB	841,654,252		05/22/20		536,601
	USD	3,517,377	SEK	34,204,539		06/17/20		53,832
	USD	9,370,506	THB	296,338,991		06/17/20		337,364
	USD	1,585,132	TRY	9,808,321		04/20/20		110,862
	USD	4,545,062	TRY	28,986,767		05/04/20		206,975
	USD	3,085,482	TRY	19,161,454		05/11/20		223,248
	USD	4,651,246	TRY	28,926,343		05/12/20		331,555


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	1,546,629	TRY	9,639,534		05/14/20	$	107,894
	USD	3,139,132	TRY	19,576,840		05/20/20		221,943
	USD	4,660,525	TRY	29,353,739		05/27/20		294,692
	USD	1,520,687	TRY	9,532,958		06/04/20		105,630
	USD	4,020,010	TRY	25,828,159		06/17/20		200,607
	USD	1,646,800	TRY	10,908,777		06/19/20		34,576
	USD	24,653,659	TWD	735,279,729		04/17/20		279,490
	USD	4,563,713	TWD	136,875,327		04/20/20		24,301
	USD	17,752,695	ZAR	301,852,214		06/17/20		1,048,173

TOTAL							$	32,467,570

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	4,711,489	EUR	2,708,375		06/17/20	$	(97,334	)
	AUD	4,620,938	JPY	310,707,217		06/17/20		(56,313	)
	AUD	16,186,442	USD	10,596,859		06/17/20		(638,545	)
	BRL	69,906,125	USD	14,692,359		04/02/20		(1,240,633	)
	BRL	2,637,605	USD	518,265		05/05/20		(11,874	)
	CAD	5,220,817	GBP	3,072,237		06/17/20		(108,638	)
	CAD	3,698,845	JPY	285,180,955		06/17/20		(30,767	)
	CAD	21,601,794	USD	15,737,498		06/17/20		(376,292	)
	CHF	1,192,456	AUD	2,091,992		06/17/20		(43,532	)
	CHF	7,692,918	EUR	7,278,860		06/17/20		(29,450	)
	CHF	3,532,944	GBP	3,052,380		06/17/20		(112,287	)
	CHF	34,347,557	USD	36,706,199		06/17/20		(887,945	)
	CNH	6,556,044	USD	940,051		06/17/20		(16,558	)
	COP	23,490,545,682	USD	6,895,194		04/07/20		(1,115,232	)
	COP	15,215,762,952	USD	4,428,078		05/08/20		(692,571	)
	CZK	629,518,209	EUR	24,828,168		06/17/20		(2,108,695	)
	CZK	72,539,785	USD	3,114,071		06/17/20		(192,300	)
	EUR	2,131,835	AUD	3,884,619		06/17/20		(31,713	)
	EUR	3,168,133	CAD	4,948,001		06/17/20		(14,023	)
	EUR	1,078,066	CZK	29,947,560		06/17/20		(13,693	)
	EUR	4,292,761	GBP	3,931,269		06/17/20		(141,069	)
	EUR	1,048,065	JPY	125,543,454		06/17/20		(12,103	)
	EUR	6,153,995	NOK	76,627,065		06/17/20		(565,212	)
	EUR	8,766,846	USD	9,875,449		05/14/20		(189,507	)
	EUR	85,309,523	USD	96,080,269		06/17/20		(1,712,173	)
	GBP	11,699,691	USD	15,006,023		06/17/20		(454,121	)
	HUF	5,160,297,064	EUR	14,809,320		06/17/20		(575,554	)
	HUF	810,819,326	USD	2,622,331		06/17/20		(138,744	)
	IDR	194,486,345,649	USD	14,095,359		04/07/20		(2,124,759	)
	IDR	85,025,959,928	USD	6,087,198		05/28/20		(920,122	)
	IDR	21,348,636,178	USD	1,482,338		06/08/20		(187,655	)
	ILS	62,502,898	USD	18,068,325		06/17/20		(351,994	)
	INR	585,573,036	USD	7,804,654		04/20/20		(117,058	)
	INR	609,451,252	USD	8,363,725		04/28/20		(365,953	)
	JPY	276,534,198	EUR	2,351,427		06/17/20		(20,752	)
	JPY	3,205,895,625	USD	30,570,233		06/17/20		(655,776	)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2020

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)	KRW	11,520,021,394	USD	9,692,745		04/21/20	$	(231,959	)
	MXN	297,880,203	USD	14,695,873		04/27/20		(2,191,536	)
	MXN	638,275,728	USD	29,542,290		06/17/20		(2,944,887	)
	NOK	123,390,057	EUR	11,617,286		06/17/20		(978,902	)
	NOK	45,024,167	USD	4,806,300		06/17/20		(474,304	)
	NZD	7,369,341	EUR	4,062,705		06/17/20		(99,539	)
	NZD	29,981,499	USD	18,708,475		06/17/20		(829,588	)
	PLN	7,495,220	EUR	1,645,936		06/17/20		(9,443	)
	PLN	50,575,097	USD	13,300,908		06/17/20		(1,079,124	)
	RUB	986,255,902	USD	14,160,464		05/22/20		(1,629,451	)
	SEK	335,415,849	EUR	31,292,753		06/17/20		(651,421	)
	SEK	57,489,029	USD	6,136,792		06/17/20		(315,464	)
	THB	84,680,138	USD	2,663,710		06/17/20		(82,451	)
	TRY	15,950,856	USD	2,526,371		04/20/20		(128,828	)
	TRY	36,945,355	USD	5,661,473		05/04/20		(132,323	)
	TRY	10,512,487	USD	1,695,013		05/11/20		(124,715	)
	TRY	19,425,352	USD	3,129,245		05/12/20		(228,376	)
	TRY	9,424,103	USD	1,517,080		05/14/20		(110,499	)
	TRY	9,615,359	USD	1,532,657		05/27/20		(102,548	)
	TRY	6,504,656	USD	1,034,785		06/04/20		(69,244	)
	TRY	15,497,783	USD	2,408,163		06/17/20		(116,391	)
	TWD	712,861,761	USD	23,720,982		04/17/20		(89,956	)
	TWD	128,508,564	USD	4,275,298		04/20/20		(13,366	)
	USD	5,965,746	AUD	10,101,795		06/17/20		(249,136	)
	USD	3,259,455	CAD	4,620,064		06/17/20		(25,910	)
	USD	1,198,951	CLP	1,037,691,711		05/22/20		(15,188	)
	USD	2,643,409	COP	10,829,386,002		05/08/20		(15,232	)
	USD	202,589,453	EUR	186,670,608		05/14/20		(3,651,279	)
	USD	17,553,110	EUR	16,054,896		06/17/20		(206,574	)
	USD	12,276,358	GBP	10,130,221		06/17/20		(323,462	)
	USD	2,842,315	IDR	47,094,323,410		05/28/20		(19,634	)
	USD	1,996,998	INR	154,379,917		04/28/20		(28,915	)
	USD	10,247,426	JPY	1,111,661,933		06/17/20		(125,576	)
	USD	2,381,815	KRW	2,952,750,935		04/21/20		(43,124	)
	USD	10,535,778	MXN	256,611,232		06/17/20		(157,396	)
	USD	960,399	NOK	10,414,254		06/17/20		(41,607	)
	USD	2,333,831	RUB	189,526,945		05/22/20		(74,230	)
	USD	1,151,836	SEK	11,405,537		06/17/20		(3,087	)
	USD	8,439,444	TWD	255,152,278		04/17/20		(18,732	)
	ZAR	52,376,345	USD	3,564,278		04/15/20		(642,810	)
	ZAR	171,396,018	USD	9,983,338		06/17/20		(498,269	)

TOTAL							$	(35,125,423	)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		393			06/19/20	$	87,196,875		$	6,599,412
Ultra 10 Year U.S. Treasury Notes		572			06/19/20		89,249,875			5,111,033
2 Year U.S. Treasury Notes		355			06/30/20		78,235,898			488,097
5 Year U.S. Treasury Notes		825			06/30/20		103,421,484			3,565,129
10 Year U.S. Treasury Notes		52			06/19/20		7,211,750			42,585
20 Year U.S. Treasury Bonds		68			06/19/20		12,176,250			837,497

Total									$	16,643,753
Short position contracts:
Eurodollars		(2	)		12/14/20		(498,300	)		(8,797	)

TOTAL FUTURES CONTRACTS									$	16,634,956

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)				Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M BID Avg^(a)		5.440%	01/03/22		BRL	384,655		$	1,871,200		$	489,424		$	1,381,776
Mexico IB THE 28D^(a)		6.000	06/15/22		MXN	920,180	^(b)		217,220			12,088			205,132
3M JIBAR^(c)		6.500	06/17/22		ZAR	1,128,010	^(b)		1,416,535			136,691			1,279,844
6.244%^(d)		1M BID Average	01/02/23		BRL	46,950			(205,263	)		—			(205,263	)
6.943^(a)		1M BID Average	01/02/23			23,350			(180,108	)		—			(180,108	)
7.223^(a)		1M BID Average	01/02/23			33,950			(290,940	)		—			(290,940	)
1M BID Avg^(d)		5.750	01/02/23			80,805			225,783			106,436			119,347
1M BID Avg^(a)		6.660	01/02/23			11,448			89,464			20,236			69,228
0.250^(f)		6M EURO^(e)	03/18/23		EUR	21,570			(51,815	)		(20,993	)		(30,822	)
1M BID Avg^(d)		5.330	01/02/24		BRL	83,950			(356,076	)		(17,091	)		(338,985	)
0.000^(f)		6M EURO^(e)	03/18/24		EUR	8,840			(111,225	)		(90,889	)		(20,336	)
6.260^(a)		1M BID Average	01/02/25		BRL	8,300			11,675			(7,295	)		18,970
0.000^(f)		6M EURO^(e)	03/18/25		EUR	470			(6,320	)		(7,380	)		1,060
3M LIBOR^(c)		2.500	06/17/25		CNY	351,120			534,345			44,596			489,749
1.400^(f)		6M WIBOR^(e)	06/17/25		PLN	98,900	^(b)		(654,255	)		(122,219	)		(532,036	)
6M EURO^(f)		0.250^(e)	03/18/27		EUR	14,030			(2,245	)		(39	)		(2,206	)
0.250^(f)		6M EURO^(e)	03/18/27			20,480			(650,835	)		(497,861	)		(152,974	)
6M EURO^(f)		0.500^(e)	03/18/30			12,720			(2,035	)		(53,204	)		51,169
0.500^(f)		6M EURO^(e)	03/18/30			12,720			(752,323	)		(989,588	)		237,265
6M EURO^(f)		0.750^(e)	03/18/40			30			3,499			5,096			(1,597	)
1.000^(f)		6M EURO^(e)	03/18/50			1,670			(455,804	)		(255,225	)		(200,579	)

TOTAL								$	650,477		$	(1,247,217	)	$	1,897,694

(a)

Payments made monthly.

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2020.

(c)

Payments made quarterly.

(d)

Payments made at maturity.

(e)

Payments made annually.

(f)

Payments made semi-annually.


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate (Paid) Received by the Fund^(a)		Credit Spread at March 31, 2020^(b)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)%	0.089%		Barclays Bank PLC		06/20/21	$	7,030	$	(81,150	)	$	9,324		$	(90,474	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.074		BofA Securities LLC		12/20/20		9,500		(67,301	)		12,095			(79,396	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089		BofA Securities LLC		06/20/21		8,370		(96,618	)		23,949			(120,567	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.074		Citibank NA		12/20/20		20,690		(146,575	)		31,233			(177,808	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089		Citibank NA		06/20/21		51,990		(600,138	)		93,870			(694,008	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.173		Citibank NA		06/20/22		2,550		(47,895	)		(17,093	)		(30,802	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.074		Deutsche Bank AG (London)		12/20/20		5,280		(37,405	)		6,987			(44,392	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089		Deutsche Bank AG (London)		06/20/21		28,030		(323,560	)		26,568			(350,128	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.101		Deutsche Bank AG (London)		12/20/21		15,570		(247,929	)		19,947			(267,876	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.074		JPMorgan Securities, Inc.		12/20/20		18,200		(128,935	)		19,350			(148,285	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089		JPMorgan Securities, Inc.		06/20/21		21,650		(249,913	)		18,604			(268,517	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.173		JPMorgan Securities, Inc.		06/20/22		2,820		(52,946	)		(13,703	)		(39,243	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089		UBS AG (London)		06/20/21		18,520		(213,782	)		20,837			(234,619	)

Protection Sold:
Republic of Chile, 3.875%, 08/05/20		1.000	0.420		Citibank NA		12/20/20		11,510		53,240			(22,624	)		75,864
Republic of Colombia, 10.375%, 01/28/33		1.000	1.597		Citibank NA		12/20/22		3,940		(63,137	)		—			(63,137	)
Republic of Colombia, 10.375%, 01/28/33		1.000	1.597		JPMorgan Securities, Inc.		12/20/22		3,600		(57,689	)		905			(58,594	)
Ukraine Government, 7.375%, 09/25/32		5.000	8.208		Deutsche Bank AG (London)		12/20/23		3,820		(374,422	)		(249,856	)		(124,566	)
Ukraine Government, 7.750%, 09/01/23		5.000	8.241		Barclays Bank PLC		12/20/24		1,810		(216,898	)		140,025			(356,923	)

TOTAL										$	(2,953,053	)	$	120,418		$	(3,073,471	)

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received by the Fund^(a)		Credit Spread at March 31, 2020^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Federative Republic of Brazil, 4.250%, 01/07/25		1.000%	0.810%		06/20/20	$	2,970	$	2,183		$	3,344		$	(1,161	)
Federative Republic of Brazil, 4.250%, 01/07/25		1.000	2.297		06/20/24		8,940		(471,096	)		(138,062	)		(333,034	)
Federative Republic of Brazil, 4.250%, 01/07/25		1.000	2.469		12/20/24		21,780		(1,436,849	)		(185,426	)		(1,251,423	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000	1.576		06/20/24		27,560		(637,952	)		146,470			(784,422	)
Republic of Abu Dhabi, 3.125%, 08/03/26		1.000	1.108		12/20/24		4,140		(19,217	)		107,118			(126,335	)
Republic of Chile, 3.875%, 08/05/20		1.000	1.083		06/20/24		2,020		(5,042	)		52,201			(57,243	)
Republic of Chile, 3.875%, 08/05/20		1.000	1.175		12/20/24		12,630		(97,593	)		300,704			(398,297	)
Republic of Colombia, 10.375%, 01/28/33		1.000	1.830		12/20/23		29,500		(885,935	)		(345,447	)		(540,488	)
Republic of Colombia, 10.375%, 01/28/33		1.000	1.953		06/20/24		2,730		(104,260	)		(1,377	)		(102,883	)
Republic of Indonesia, 5.875%, 03/13/20		1.000	1.736		06/20/24		11,960		(352,974	)		37,158			(390,132	)
Republic of Indonesia, 5.875%, 03/13/20		1.000	1.923		12/20/24		6,430		(263,858	)		8,019			(271,877	)
Republic of Peru, 8.750%, 11/21/33		1.000	0.972		06/20/24		16,310		24,219			252,628			(228,409	)
Republic of Peru, 8.750%, 11/21/33		1.000	1.094		12/20/24		11,830		(47,156	)		156,494			(203,650	)
Republic of the Philippines, 10.625%, 03/16/25		1.000	0.777		12/20/23		9,460		80,769			9,996			70,773
Republic of the Philippines, 10.625%, 03/16/25		1.000	0.974		12/20/24		2,270		3,433			(19,987	)		23,420
Republic of Turkey, 11.875%, 01/15/30		1.000	0.000		06/20/25		5,620		(1,082,966	)		(1,084,838	)		1,872
Russian Federation, 7.500%, 03/31/30		1.000	1.841		12/20/24		26,630		(1,005,315	)		(702,276	)		(303,039	)
State of Qatar, 9.750%, 06/15/30		1.000	1.138		06/20/24		8,010		(42,885	)		147,125			(190,010	)
State of Qatar, 9.750%, 06/15/30		1.000	1.209		12/20/24		17,410		(161,600	)		(164,535	)		2,935
United Mexican States, 4.150%, 03/28/27		1.000	2.035		06/20/24		11,760		(488,162	)		(134,535	)		(353,627	)

TOTAL								$	(6,992,256	)	$	(1,555,226	)	$	(5,437,030	)

(a)

Payments made quarterly.

(b)



Abbreviations:
1M BID Avg		—1 month Brazilian Interbank Deposit Average
BofA Securities LLC		—Bank of America Securities LLC
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D		—Mexico Interbank TIIE 28 Days


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a)(b) – 2.5%
Automotive – 0.3%
	Adient US LLC (BB-/Ba3) (3M LIBOR + 4.000%)
$	2,540,800		5.450	%		05/06/24	$	2,197,792
	Panther BF Aggregator 2 LP (B/Ba3)^(c) (1M LIBOR + 3.500%)
	2,885,500		4.441			04/30/26		2,625,805

								4,823,597

Commercial Services – 0.2%
	Prime Security Services Borrower LLC (BB-/Ba3) (1M LIBOR + 3.250%)
	3,432,750		4.606			09/23/26		3,065,446

Gaming – 0.1%
	Mohegan Tribal Gaming Authority (B-/B2) (1M LIBOR + 4.375%)
	2,369,484		5.375			10/13/23		1,670,486

Health Care – Services – 0.1%
	Team Health Holdings, Inc. (B-/Caa1) (1M LIBOR + 2.750%)
	4,011,545		3.750			02/06/24		2,507,216

Media – Cable – 0.2%
	Altice France SA (B/B2) (1M LIBOR + 3.688%)
	3,880,528		4.392			01/31/26		3,608,891

Packaging – 0.2%
	Charter NEX US, Inc. (B/B2) (1M LIBOR + 3.000%)
	3,781,008		4.000			05/16/24		3,194,952

Restaurants – 0.1%
	CEC Entertainment, Inc. (B-/B3) (3M LIBOR + 6.500%)
	2,363,125		7.572			08/30/26		1,252,456

Retailers – 0.2%
	Staples, Inc. (B+/B1) (1M LIBOR + 5.000%)
	5,731,688		6.515			04/16/26		4,499,374

Services Cyclical – Business Services – 0.1%
	Travelport Finance (Luxembourg) S.a.r.l. (B/B3) (3M LIBOR + 5.000%)
	4,402,875		6.072			05/29/26		2,820,041

Technology – Software/Services – 0.8%
	Cerence, Inc. (B/B2) (1M LIBOR + 6.000%)
	2,255,094		7.515			10/01/24		2,001,396
	Mitchell International, Inc. (B-/B2) (1M LIBOR + 3.250%)
	2,817,364		4.239			11/29/24		2,329,030
	The Dun & Bradstreet Corp. (B-/B2) (1M LIBOR + 4.000%)
	4,700,000		4.959			02/06/26		4,212,375
	TriTech Software Systems (B-/B3) (3M LIBOR + 3.750%)
	3,406,875		5.200			08/29/25		2,677,804
	Vertafore, Inc. (B-/B2) (1M LIBOR + 3.250%)
	3,826,562		4.239			07/02/25		3,351,724

								14,572,329

Telecommunication Services – 0.1%
	CenturyLink, Inc. (BBB-/Ba3) (1M LIBOR + 2.250%)
	2,185,523		3.239			03/15/27		2,028,449

	TOTAL BANK LOANS
	(Cost $52,727,841)						$	44,043,237


Corporate Obligations – 90.0%
Advertising^(d) – 0.6%
	Lamar Media Corp. (BB/Ba2)^(e)
	2,600,000		3.750			02/15/28		2,418,000
	National CineMedia LLC (B+/Ba3)^(e)
	2,025,000		5.875			04/15/28		1,407,375
	National CineMedia LLC (B-/B3)
	3,250,000		5.750			08/15/26		2,136,875
	Outfront Media Capital LLC/Outfront Media Capital Corp. (BB-/B1)^(e)
	1,160,000		5.000			08/15/27		1,073,000
	Terrier Media Buyer, Inc. (CCC+/Caa1)^(e)
	4,100,000		8.875			12/15/27		3,505,500

								10,540,750

Aerospace & Defense – 1.6%
	Arconic, Inc. (BBB-/Ba2)^(d)
	2,155,000		5.400			04/15/21		2,133,450
	Bombardier, Inc. (CCC+/Caa1)^(e)
	1,015,000		5.750			03/15/22		751,100
	4,330,000		6.125			01/15/23		3,052,650
	225,000		7.500	^(d)		12/01/24		156,375
	9,208,000		7.500	^(d)		03/15/25		6,422,580
	SSL Robotics LLC (B/B2)^(d)(e)
	220,000		9.750			12/31/23		228,800
	TransDigm UK Holdings PLC (B-/B3)^(d)
	220,000		6.875			05/15/26		204,600
	TransDigm, Inc. (B-/B3)^(d)
	6,885,000		6.500			05/15/25		6,540,750
	3,580,000		6.375			06/15/26		3,401,000
	215,000		7.500			03/15/27		208,550
	6,090,000		5.500	^(e)		11/15/27		5,465,775
	Triumph Group, Inc. (CCC/Caa2)^(d)
	225,000		7.750			08/15/25		157,500

								28,723,130

Automotive – 2.8%
	Adient Global Holdings Ltd. (B/B3)^(d)(e)
	2,951,000		4.875			08/15/26		2,054,634
	Adient US LLC (BB-/Ba3)^(d)(e)
	2,477,000		7.000			05/15/26		2,291,225
	American Axle & Manufacturing, Inc. (B/B2)^(d)
	7,810,000		6.250			04/01/25		6,404,200
	230,000		6.250			03/15/26		175,950
	230,000		6.500			04/01/27		177,388
	Cooper-Standard Automotive, Inc. (CCC+/Caa1)^(d)(e)
	350,000		5.625			11/15/26		262,500
	Dana Financing Luxembourg S.a.r.l. (BB-/B2)^(d)(e)
	2,440,000		5.750			04/15/25		2,122,800
	Dana, Inc. (BB-/B2)^(d)
	3,740,000		5.375			11/15/27		3,048,100
	Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)^(d)(e)
	5,239,000		8.000			02/01/28		4,191,200
	Delphi Technologies PLC (BB-/B3)^(e)
	3,403,000		5.000			10/01/25		2,713,892
	Ford Motor Credit Co. LLC (BB+/Ba2)
	958,000		3.087			01/09/23		862,008
	8,816,000		4.375			08/06/23		8,107,670
	772,000		3.810	^(d)		01/09/24		691,242


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Automotive – (continued)
	IHO Verwaltungs GmbH (BB+/Ba2)^(d)(e)(f)
	(PIK 5.500%, Cash 4.750%)
$	2,695,000		4.750	%		09/15/26	$	2,122,313
	(PIK 6.750%, Cash 6.000%)
	900,000		6.000			05/15/27		639,000
	Jaguar Land Rover Automotive PLC (B+/B1)^(d)(e)
EUR	450,000		5.875			11/15/24		363,350
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (B/Ba3)^(d)
	836,000		4.375			05/15/26		760,199
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (CCC+/B3)^(d)(e)
$	8,200,000		8.500			05/15/27		7,154,500
	Tenneco, Inc. (B/B3)^(d)
	2,500,000		5.000			07/15/26		1,568,750
	Tesla, Inc. (B-/Caa1)^(d)(e)
	4,295,000		5.300			08/15/25		4,026,562

								49,737,483

Banks – 2.0%
	Barclays PLC (B+/Ba2)^(b)(d) (5 Year CMT + 5.672%)
	5,350,000		8.000			12/31/99		4,962,125
	CIT Group, Inc. (BB/Ba1)
	35,000		6.125			03/09/28		32,988
	Citigroup, Inc. (BB+/Ba1)^(b)(d)
	(3M USD LIBOR + 3.423%)
	6,125,000		6.300			12/29/49		5,581,406
	(3M USD LIBOR + 3.950%)
	2,050,000		5.950			12/29/49		1,985,937
	Credit Suisse Group AG (BB/NR)^(b)(d) (5 Year USD Swap + 3.455%)
	1,129,000		6.250			12/29/49		1,044,969
	Credit Suisse Group AG (BB-/NR)^(b)(d)(e) (5 Year CMT + 3.293%)
	1,100,000		5.100			12/31/99		851,703
	Credit Suisse Group AG (BBB+/Baa2)^(b)(d)(e) (SOFR + 3.730%)
	2,643,000		4.194			04/01/31		2,708,097
	Deutsche Bank AG (B+/B1)^(b)(d) (5 year CMT + 4.524%)
	1,800,000		6.000			12/31/99		1,197,000
	Deutsche Bank AG (BB+/Ba2)^(b)(d) (5 Year USD ICE Swap + 2.553%)
	5,150,000		4.875			12/01/32		4,306,687
	Freedom Mortgage Corp. (B-/B2)^(d)(e)
	240,000		8.125			11/15/24		193,200
	245,000		8.250			04/15/25		194,775
	HSBC Holdings PLC (A/A2)
	1,025,000		4.950			03/31/30		1,130,842
	Intesa Sanpaolo SpA (BB+/Ba1)^(e)
	2,350,000		5.017			06/26/24		2,402,875
	4,125,000		5.710			01/15/26		4,155,937
	Royal Bank of Scotland Group PLC (BB-/Ba2)^(b)(d) (3M USD LIBOR + 2.320%)
	2,300,000		3.770			12/31/49		1,883,125
	UBS Group AG (BB/Ba1u)^(b)(d)(e) (5 Year USD Swap + 4.344%)
	4,000,000		7.000			12/31/99		3,720,000

								36,351,666


Corporate Obligations – (continued)
Building Materials^(d)(e) – 2.1%
	American Woodmark Corp. (BB/Ba2)
	3,170,000		4.875			03/15/26		2,952,063
	BMC East LLC (BB/B1)
	4,225,000		5.500			10/01/24		4,066,562
	Builders FirstSource, Inc. (BB+/B1)
	5,422,000		6.750			06/01/27		5,286,450
	Builders FirstSource, Inc. (BB-/B3)
	611,000		5.000			03/01/30		554,483
	Cornerstone Building Brands, Inc. (B-/Caa1)
	6,465,000		8.000			04/15/26		5,600,306
	Griffon Corp. (B+/B2)
	986,000		5.750			03/01/28		926,840
	JELD-WEN, Inc. (BB-/B2)
	3,730,000		4.625			12/15/25		3,375,650
	4,220,000		4.875			12/15/27		3,724,150
	Masonite International Corp. (BB+/Ba3)
	2,675,000		5.375			02/01/28		2,621,500
	Standard Industries, Inc. (BBB-/Ba2)
	4,160,000		5.375			11/15/24		4,038,861
	1,290,000		5.000			02/15/27		1,175,680
	Summit Materials LLC/Summit Materials Finance Corp. (BB/B3)
	2,580,000		6.500			03/15/27		2,444,550

								36,767,095

Chemicals – 3.5%
	Ashland Services B.V. (BB+/Ba1)^(d)(e)
EUR	825,000		2.000			01/30/28		786,285
	Axalta Coating Systems LLC (BB-/B1)^(d)(e)
$	3,300,000		4.875			08/15/24		3,069,000
	Cornerstone Chemical Co. (B/B2)^(d)(e)
	4,060,000		6.750			08/15/24		3,288,600
	Hexion, Inc. (CCC+/B3)^(d)(e)
	2,250,000		7.875			07/15/27		1,912,500
	Ingevity Corp. (NR/Ba3)^(d)(e)
	3,295,000		4.500			02/01/26		3,080,825
	Kraton Polymers LLC/Kraton Polymers Capital Corp. (B+/B3)^(d)(e)
	2,245,000		7.000			04/15/25		1,986,825
	OCI NV (BB/Ba3)^(d)(e)
	1,500,000		5.250			11/01/24		1,421,250
	Olin Corp. (BB/Ba2)^(d)
	1,650,000		5.000			02/01/30		1,419,000
	PQ Corp. (B/B3)^(d)(e)
	5,475,000		5.750			12/15/25		4,927,500
	PQ Corp. (BB-/B1)^(d)(e)
	5,490,000		6.750			11/15/22		5,490,000
	SPCM SA (BB+/Ba2)^(d)(e)
	5,150,000		4.875			09/15/25		4,963,312
	Starfruit Finco B.V./Starfruit US Holdco LLC (B-/Caa1)^(d)(e)
	5,365,000		8.000			10/01/26		4,714,494
	The Chemours Co. (B/Ba3)^(d)
	4,225,000		6.625			05/15/23		3,591,250
	5,255,000		7.000			05/15/25		4,374,787
	270,000		5.375			05/15/27		209,250
	Tronox Finance PLC (B/B3)^(d)(e)
	2,685,000		5.750			10/01/25		2,349,375


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Chemicals – (continued)
	Tronox, Inc. (B/B3)^(d)(e)
$	230,000		6.500	%		04/15/26	$	207,000
	Valvoline, Inc. (BB/Ba3)^(d)
	4,055,000		4.375			08/15/25		3,857,319
	Venator Finance S.a.r.l./Venator Materials LLC (BB-/B2)^(d)(e)
	2,520,000		5.750			07/15/25		1,940,400
	WR Grace & Co-Conn (BB-/Ba3)^(e)
	345,000		5.125			10/01/21		349,313
	8,365,000		5.625			10/01/24		8,239,525

								62,177,810

Commercial Services – 3.8%
	Algeco Global Finance PLC (B-/B2)^(d)(e)
	2,375,000		8.000			02/15/23		1,825,781
	Allied Universal Holdco LLC/Allied Universal Finance Corp. (CCC/Caa2)^(d)(e)
	6,685,000		9.750			07/15/27		6,250,475
	APX Group, Inc. (B-/B2)^(d)
	177,000		7.875			12/01/22		168,150
	Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (BB/B1)^(d)
	270,000		5.500			04/01/23		229,500
	1,872,000		6.375	^(e)		04/01/24		1,535,040
	2,262,000		5.750	^(e)		07/15/27		1,820,910
	Graham Holdings Co. (BB+/Ba1)^(d)(e)
	3,350,000		5.750			06/01/26		3,216,000
	Herc Holdings, Inc. (B+/B3)^(d)(e)
	7,022,000		5.500			07/15/27		6,460,240
	MPH Acquisition Holdings LLC (B-/Caa1)^(d)(e)
	8,435,000		7.125			06/01/24		7,422,800
	Nielsen Finance LLC/Nielsen Finance Co. (BB/B1)^(d)(e)
	2,045,000		5.000			04/15/22		1,901,850
	Prime Security Services Borrower LLC/Prime Finance, Inc. (B-/B3)^(d)(e)
	7,512,000		6.250			01/15/28		6,460,320
	Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)^(e)
	6,575,000		5.250			04/15/24		6,443,500
	Refinitiv US Holdings, Inc. (B-/Caa2)^(d)(e)
	5,814,000		8.250			11/15/26		6,133,770
	Sisal Pay SpA (BB-/B2)^(b)(d)(e) (3M Euribor + 3.875%)
EUR	725,000		3.875			12/17/26		668,323
	Team Health Holdings, Inc. (CCC/Caa2)^(d)(e)
$	5,410,000		6.375			02/01/25		1,893,500
	The Hertz Corp. (B-/Caa1)^(d)(e)
	230,000		5.500			10/15/24		130,525
	220,000		7.125			08/01/26		111,100
	9,750,000		6.000			01/15/28		5,118,750
	The Nielsen Co. Luxembourg S.a.r.l. (BB/B1)^(d)(e)
	2,675,000		5.000			02/01/25		2,464,344
	United Rentals North America, Inc. (BB-/Ba3)^(d)
	4,670,000		6.500			12/15/26		4,716,700
	1,924,000		4.875			01/15/28		1,856,660
	Verscend Escrow Corp. (CCC+/Caa2)^(d)(e)
	2,145,000		9.750			08/15/26		2,091,375

								68,919,613


Corporate Obligations – (continued)
Computers^(d)(e) – 1.1%
	Banff Merger Sub, Inc. (CCC/Caa2)
	5,640,000		9.750			09/01/26		4,935,000
	Dell International LLC/EMC Corp. (BB/Ba2)
	3,261,000		5.875			06/15/21		3,265,076
	6,980,000		7.125			06/15/24		7,206,850
	MTS Systems Corp. (B+/B3)
	600,000		5.750			08/15/27		559,500
	Presidio Holdings, Inc. (CCC+/Caa1)
	1,335,000		8.250			02/01/28		1,176,469
	Science Applications International Corp. (BB-/B1)
	2,535,000		4.875			04/01/28		2,433,600

								19,576,495

Distribution & Wholesale^(d) – 1.4%
	American Builders & Contractors Supply Co., Inc. (B+/B3)^(e)
	4,000,000		5.875			05/15/26		3,780,000
	Core & Main Holdings LP (B-/Caa2)^(e) (f)(PIK 9.375%, Cash 8.625%)
	5,000,000		8.625			09/15/24		4,575,000
	Core & Main LP (B-/Caa2)^(e)
	2,725,000		6.125			08/15/25		2,534,250
	H&E Equipment Services, Inc. (BB-/B2)
	6,035,000		5.625			09/01/25		5,672,900
	IAA, Inc. (B/B2)^(e)
	1,450,000		5.500			06/15/27		1,401,063
	Performance Food Group, Inc. (B/B1)^(e)
	1,956,000		5.500			06/01/24		1,819,080
	850,000		5.500			10/15/27		790,500
	Resideo Funding, Inc. (BB/B1)^(e)
	5,129,000		6.125			11/01/26		4,459,701
	Wolverine Escrow LLC (B-/B3)^(e)
	230,000		8.500			11/15/24		185,725
	225,000		9.000			11/15/26		177,750

								25,395,969

Diversified Financial Services – 4.5%
	AerCap Holdings NV (BB+/Ba2)^(b)(d) (5 Year CMT + 4.535%)
	3,265,000		5.875			10/10/79		2,277,338
	Altice France Holding SA (CCC+/NR)^(d)(e)
	4,755,000		10.500			05/15/27		5,025,987
	Curo Group Holdings Corp. (B-/B3)^(d)(e)
	5,425,000		8.250			09/01/25		3,777,156
	Global Aircraft Leasing Co. Ltd. (NR/Ba2)^(d)(e)(f) (PIK 7.250%, Cash 6.500%)
	12,397,000		6.500			09/15/24		7,717,133
	Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB+/NR)^(d)
	7,800,000		4.750			09/15/24		7,176,000
	Lincoln Financing S.a.r.l. (BB+/B1)^(d)(e)
EUR	3,125,000		3.625			04/01/24		2,834,796
	LPL Holdings, Inc. (BB/B1)^(d)(e)
$	1,800,000		5.750			09/15/25		1,728,000
	Nationstar Mortgage Holdings, Inc. (B/B2)^(d)(e)
	8,065,000		8.125			07/15/23		7,883,538
	2,800,000		6.000			01/15/27		2,359,000
	Navient Corp. (B+/Ba3)
	1,090,000		7.250			01/25/22		1,076,375


50		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)
Diversified Financial Services – (continued)
	Navient Corp. (B+/Ba3) – (continued)
$	2,140,000		5.500	%		01/25/23	$	1,968,800
	8,670,000		5.875			10/25/24		7,933,050
	3,035,000		6.750			06/15/26		2,746,675
	5,550,000		5.000	^(d)		03/15/27		4,773,000
	Quicken Loans, Inc. (BB/Ba1)^(d)(e)
	7,450,000		5.250			01/15/28		7,345,856
	Springleaf Finance Corp. (BB-/Ba3)
	6,240,000		5.625			03/15/23		6,091,800
	5,190,000		7.125			03/15/26		5,125,125
	2,175,000		6.625	^(d)		01/15/28		2,052,656

								79,892,285

Electrical^(d) – 2.3%
	Calpine Corp. (B/B2)
	2,050,000		5.500			02/01/24		1,942,375
	2,797,000		5.750			01/15/25		2,615,195
	Calpine Corp. (BB/Ba2)^(e)
	5,995,000		5.250			06/01/26		5,695,250
	6,500,000		4.500			02/15/28		6,296,875
	NRG Energy, Inc. (BB/Ba2)
	595,000		7.250			05/15/26		623,263
	200,000		6.625			01/15/27		207,000
	2,990,000		5.750			01/15/28		3,019,900
	905,000		5.250	^(e)		06/15/29		932,150
	Talen Energy Supply LLC (BB-/Ba3)^(e)
	3,850,000		7.250			05/15/27		3,503,500
	1,675,000		6.625			01/15/28		1,390,250
	Talen Energy Supply LLC (CCC+/B3)
	4,380,000		6.500			06/01/25		2,693,700
	2,050,000		10.500	^(e)		01/15/26		1,537,500
	Vistra Operations Co. LLC (BB/Ba2)^(e)
	1,249,000		5.625			02/15/27		1,288,031
	9,550,000		5.000			07/31/27		9,693,250

								41,438,239

Electrical Components & Equipment^(d)(e) – 0.2%
	Energizer Holdings, Inc. (B+/B2)
	3,635,000		7.750			01/15/27		3,689,525

Electronics^(e) – 0.2%
	Sensata Technologies B.V. (BB+/Ba3)
	1,040,000		5.000			10/01/25		988,000
	Sensata Technologies, Inc. (BB+/Ba3)^(d)
	2,300,000		4.375			02/15/30		2,044,125

								3,032,125

Energy-Alternate Sources^(d)(e) – 0.1%
	Enviva Partners LP/Enviva Partners Finance Corp. (B+/B1)
	1,650,000		6.500			01/15/26		1,592,250

Engineering & Construction^(d) – 0.1%
	AECOM (BB-/Ba3)
	250,000		5.125			03/15/27		225,000
	Swissport Financing S.a r.l. (CCC/Caa2)^(e)
EUR	3,000,000		9.000			02/15/25		1,582,583

								1,807,583


Corporate Obligations – (continued)
Entertainment^(d) – 2.5%
	Allen Media LLC/Allen Media Co-Issuer, Inc. (B-/Caa1)^(e)
$	5,650,000		10.500			02/15/28		4,237,500
	AMC Entertainment Holdings, Inc. (CCC+/Caa1)
	9,460,000		5.750			06/15/25		4,020,500
	6,360,000		5.875			11/15/26		2,639,400
	260,000		6.125			05/15/27		106,600
	Caesars Resort Collection LLC/CRC Finco, Inc. (B-/B3)^(e)
	5,310,000		5.250			10/15/25		3,829,837
	Cinemark USA, Inc. (BB/B2)
	4,535,000		4.875			06/01/23		3,389,912
	Lions Gate Capital Holdings LLC (CCC+/B2)^(e)
	235,000		6.375			02/01/24		199,750
	6,775,000		5.875			11/01/24		5,826,500
	Live Nation Entertainment, Inc. (B+/B1)^(e)
	2,390,000		4.875			11/01/24		2,204,775
	Mohegan Gaming & Entertainment (CCC+/Caa2)^(e)
	2,595,000		7.875			10/15/24		1,923,544
	Motion Bondco DAC (B-/B3)^(e)
	2,235,000		6.625			11/15/27		1,698,600
	Pinewood Finance Co. Ltd. (BB/NR)^(e)
GBP	1,200,000		3.250			09/30/25		1,389,210
	Scientific Games International, Inc. (B-/Caa2)^(e)
$	10,004,000		8.250			03/15/26		6,402,560
	2,300,000		7.000			05/15/28		1,414,500
	Stars Group Holdings B.V./Stars Group US Co-Borrower LLC (B-/Caa1)^(e)
	1,790,000		7.000			07/15/26		1,669,175
	WMG Acquisition Corp. (B+/B2)^(e)
	2,200,000		5.500			04/15/26		2,156,000
	WMG Acquisition Corp. (BB-/Ba3)^(e)
	2,160,000		5.000			08/01/23		2,143,800

								45,252,163

Environmental^(d)(e) – 0.6%
	Advanced Disposal Services, Inc. (B/B3)
	1,610,000		5.625			11/15/24		1,628,112
	GFL Environmental, Inc. (B-/B3)
	810,000		7.000			06/01/26		785,700
	4,113,000		8.500			05/01/27		4,128,424
	GFL Environmental, Inc. (BB-/Ba3)
	700,000		5.125			12/15/26		682,500
	Waste Pro USA, Inc. (B+/Caa1)
	3,259,000		5.500			02/15/26		3,002,354

								10,227,090

Food & Drug Retailing – 4.7%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC (BB-/B2)^(d)
	4,930,000		5.750			03/15/25		4,985,462
	510,000		7.500	^(e)		03/15/26		543,788
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (BB-/B2)^(d)
	4,150,000		6.625			06/15/24		4,212,250
	5,385,000		4.625	^(e)		01/15/27		5,358,075
	4,025,000		5.875	^(e)		02/15/28		4,055,187


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (BB-/B2)^(d)(e)
$	1,655,000		4.875	%		02/15/30	$	1,638,450
	B&G Foods, Inc. (B+/B2)^(d)
	5,375,000		5.250			04/01/25		5,294,375
	235,000		5.250			09/15/27		227,950
	Chobani LLC/Chobani Finance Corp., Inc. (CCC/Caa2)^(d)(e)
	3,157,000		7.500			04/15/25		2,793,945
	FAGE International SA/FAGE USA Dairy Industry, Inc. (B+/B2)^(d)(e)
	1,505,000		5.625			08/15/26		1,181,425
	H-Food Holdings LLC/Hearthside Finance Co., Inc. (CCC/Caa2)^(d)(e)
	7,449,000		8.500			06/01/26		5,959,200
	JBS USA LUX SA/JBS USA Finance, Inc. (BB/Ba2)^(d)(e)
	3,900,000		5.875			07/15/24		3,948,750
	2,275,000		5.750			06/15/25		2,297,750
	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. (BB/Ba2)^(d)(e)
	3,200,000		5.500			01/15/30		3,304,000
	Kraft Heinz Foods Co. (BB+/Baa3)^(d)
	18,105,000		3.000			06/01/26		17,657,137
	New Albertsons LP (B+/WR)
	3,100,000		7.450			08/01/29		3,007,000
	Post Holdings, Inc. (B+/B2)^(d)(e)
	3,225,000		5.000			08/15/26		3,289,500
	4,945,000		5.750			03/01/27		5,043,900
	6,180,000		5.625			01/15/28		6,288,150
	1,365,000		4.625			04/15/30		1,306,988
	Sigma Holdco B.V. (B-/B3)^(d)(e)
	2,350,000		7.875			05/15/26		2,115,000

								84,508,282

Food Service^(d)(e) – 0.1%
	Aramark Services, Inc. (BB-/Ba3)
	1,025,000		5.000			02/01/28		960,938

Forest Products&Paper^(d) – 0.3%
	Mercer International, Inc. (BB-/Ba3)
	4,950,000		7.375			01/15/25		4,269,375
	2,305,000		5.500			01/15/26		1,774,850

								6,044,225

Gaming – 1.4%
	Boyd Gaming Corp. (B+/Caa1)^(d)
	1,585,000		6.000			08/15/26		1,363,100
	2,200,000		4.750	^(e)		12/01/27		1,815,000
	MGM Resorts International (BB-/Ba3)
	4,670,000		7.750			03/15/22		4,646,650
	4,620,000		6.000			03/15/23		4,365,900
	2,441,000		5.750	^(d)		06/15/25		2,184,695
	5,648,000		5.500	^(d)		04/15/27		5,139,680
	Station Casinos LLC (B-/Caa1)^(d)(e)
	3,912,000		4.500			02/15/28		3,168,720
	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. (BB-/B1)^(d)(e)
	2,350,000		5.500			03/01/25		2,185,500

								24,869,245


Corporate Obligations – (continued)
Gas^(d) – 0.4%
	AmeriGas Partners LP/AmeriGas Finance Corp. (NR/Ba3)
	550,000		5.875			08/20/26		522,500
	7,580,000		5.750			05/20/27		7,011,500

								7,534,000

Hand/Machine Tools^(d)(e) – 0.1%
	Colfax Corp. (BB+/Ba2)
	1,405,000		6.000			02/15/24		1,376,900

Healthcare Providers & Services – 3.8%
	Acadia Healthcare Co., Inc. (B-/B3)^(d)
	855,000		6.125			03/15/21		837,900
	415,000		5.625			02/15/23		394,250
	2,050,000		6.500			03/01/24		1,998,750
	Centene Corp. (BBB-/Ba1)^(d)(e)
	7,100,000		3.375			02/15/30		6,608,609
	CHS/Community Health Systems, Inc. (B-/Caa2)^(d)
	235,000		6.250			03/31/23		223,250
	225,000		8.625	^(e)		01/15/24		222,750
	3,940,000		8.000	^(e)		03/15/26		3,743,000
	CHS/Community Health Systems, Inc. (CCC-/Ca)^(d)(e)
	2,200,000		8.125			06/30/24		1,523,500
	DaVita, Inc. (B+/Ba3)^(d)
	1,400,000		5.125			07/15/24		1,386,000
	Encompass Health Corp. (B+/B1)^(d)
	2,400,000		4.500			02/01/28		2,352,000
	Envision Healthcare Corp. (CCC+/Caa2)^(d)(e)
	8,025,000		8.750			10/15/26		1,946,063
	HCA, Inc. (BB-/Ba2)
	6,120,000		5.375			02/01/25		6,257,700
	Hill-Rom Holdings, Inc. (BB/Ba3)^(d)(e)
	1,005,000		5.000			02/15/25		1,005,000
	515,000		4.375			09/15/27		507,275
	Immucor, Inc. (CCC-/Caa3)^(d)(e)
	2,440,000		11.125			02/15/22		2,293,600
	MEDNAX, Inc. (BB/Ba2)^(d)(e)
	2,350,000		6.250			01/15/27		1,887,544
	Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA (CCC/Caa2)^(d)(e)
	2,000		6.625			05/15/22		1,860
	Polaris Intermediate Corp. (B-/Caa2)^(d)(e)(f) (PIK 9.250%, Cash 8.500%)
	4,545,000		8.500			12/01/22		3,556,462
	RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. (CCC+/Caa1)^(d)(e)
	5,635,000		9.750			12/01/26		5,395,512
	Select Medical Corp. (B-/B3)^(d)(e)
	2,250,000		6.250			08/15/26		2,250,000
	Tenet Healthcare Corp. (B-/Ba3)^(d)(e)
	600,000		6.250			02/01/27		585,000
	Tenet Healthcare Corp. (BB-/Ba3)^(d)
	3,460,000		4.625			07/15/24		3,312,950
	3,000,000		4.625	^(e)		09/01/24		2,865,000
	Tenet Healthcare Corp. (CCC+/Caa1)
	10,789,000		8.125			04/01/22		10,276,522
	5,940,000		7.000	^(d)		08/01/25		5,167,800


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	West Street Merger Sub, Inc. (CCC/Caa2)^(d)(e)
$	2,425,000		6.375	%		09/01/25	$	2,097,625

								68,695,922

Home Builders – 2.0%
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (BB-/B1)^(d)(e)
	5,400,000		6.375			05/15/25		4,725,000
	1,057,000		4.875			02/15/30		803,320
	Installed Building Products, Inc. (B+/B3)^(d)(e)
	1,250,000		5.750			02/01/28		1,187,500
	Lennar Corp. (BB+/Ba1)
	1,750,000		5.375			10/01/22		1,785,000
	3,195,000		4.750	^(d)		11/15/22		3,131,100
	3,245,000		5.875	^(d)		11/15/24		3,318,012
	Mattamy Group Corp. (BB/B1)^(d)(e)
	2,800,000		5.250			12/15/27		2,597,000
	1,518,000		4.625			03/01/30		1,320,660
	Taylor Morrison Communities, Inc. (B+/Ba3)^(d)(e)
	5,520,000		6.000			09/01/23		5,299,200
	2,000,000		5.875			01/31/25		1,845,000
	Taylor Morrison Communities, Inc. (BB/Ba3)^(d)(e)
	605,000		5.875			06/15/27		565,675
	TRI Pointe Group, Inc. (BB-/Ba3)^(d)
	4,360,000		5.250			06/01/27		3,874,950
	TRI Pointe Group, Inc./TRI Pointe Homes, Inc. (BB-/Ba3)
	1,635,000		5.875			06/15/24		1,455,150
	Williams Scotsman International, Inc. (B/B3)^(d)(e)
	1,350,000		7.875			12/15/22		1,290,938
	2,080,000		6.875			08/15/23		1,924,000

								35,122,505

Household Products^(d) – 0.6%
	Kronos Acquisition Holdings, Inc. (CCC-/Caa2)^(e)
	8,740,000		9.000			08/15/23		7,166,800
	Prestige Brands, Inc. (B+/B3)^(e)
	1,550,000		5.125			01/15/28		1,511,250
	Spectrum Brands, Inc. (B/B2)
	2,550,000		5.750			07/15/25		2,384,250

								11,062,300

Housewares^(d) – 0.3%
	Newell Brands, Inc. (BB+/Ba1)
	5,600,000		4.200			04/01/26		5,488,000

Insurance – 1.3%
	Acrisure LLC/Acrisure Finance, Inc. (B/B2)^(d)(e)
	3,280,000		8.125			02/15/24		3,083,200
	Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)^(d)(e)
	3,850,000		7.000			11/15/25		3,349,500
	225,000		10.125			08/01/26		216,000
	Alliant Holdings Intermediate LLC (CCC+/Caa2)^(d)(e)
	3,525,000		6.750			10/15/27		3,309,094
	Fidelity & Guaranty Life Holdings, Inc. (BB+/Ba2)^(d)(e)
	2,275,000		5.500			05/01/25		2,209,594
	Genworth Holdings, Inc. (B/B2)
	220,000		7.625			09/24/21		209,000


Corporate Obligations – (continued)
Insurance – (continued)
	GTCR AP Finance, Inc. (CCC+/Caa2)^(d)(e)
	3,550,000		8.000			05/15/27		3,248,250
	HUB International Ltd. (CCC+/Caa2)^(d)(e)
	2,580,000		7.000			05/01/26		2,476,800
	USI, Inc. (CCC+/Caa2)^(d)(e)
	5,505,000		6.875			05/01/25		5,085,243

								23,186,681

Internet – 1.4%
	Getty Images, Inc. (CCC+/Caa2)^(d)(e)
	2,235,000		9.750			03/01/27		2,123,250
	Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/B1)^(d)(e)
	2,620,000		5.250			12/01/27		2,646,200
	GrubHub Holdings, Inc. (BB-/B1)^(d)(e)
	6,800,000		5.500			07/01/27		5,984,000
	Netflix, Inc. (BB-/Ba3)
	2,082,000		4.875			04/15/28		2,123,640
	Photo Holdings Merger Sub, Inc. (B/B1)^(d)(e)
	260,000		8.500			10/01/26		210,925
	Twitter, Inc. (BB+/Ba2)^(d)(e)
	2,504,000		3.875			12/15/27		2,403,840
	Uber Technologies, Inc. (CCC+/B3)^(d)(e)
	7,565,000		7.500			11/01/23		7,432,612
	225,000		8.000			11/01/26		224,156
	230,000		7.500			09/15/27		226,838
	VeriSign, Inc. (BBB-/Ba1)^(d)
	1,750,000		4.750			07/15/27		1,827,298

								25,202,759

Iron/Steel^(d) – 0.6%
	Cleveland-Cliffs, Inc. (B/B2)
	6,549,000		5.750			03/01/25		5,059,103
	4,050,000		5.875	^(e)		06/01/27		2,460,375
	Cleveland-Cliffs, Inc. (BB-/Ba3)^(e)
	3,100,000		6.750			03/15/26		2,759,000

								10,278,478

Leisure Time^(d)(e) – 0.6%
	Sabre GLBL, Inc. (BB-/Ba3)
	2,330,000		5.250			11/15/23		2,143,600
	Viking Cruises Ltd. (B+/B3)
	1,840,000		6.250			05/15/25		1,223,600
	2,130,000		5.875			09/15/27		1,256,700
	VOC Escrow Ltd. (BB/Ba2)
	7,685,000		5.000			02/15/28		5,610,050

								10,233,950

Lodging^(d)(e) – 0.0%
	Diamond Resorts International, Inc. (B-/B2)
	230,000		7.750			09/01/23		163,875
	Diamond Resorts International, Inc. (CCC-/Caa2)
	225,000		10.750			09/01/24		137,250

								301,125

Machinery – Construction & Mining^(d)(e) – 0.2%
	The Manitowoc Co., Inc. (B/B2)
	4,465,000		9.000			04/01/26		3,945,944


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Machinery-Diversified^(d)(e) – 0.4%
	Cleaver-Brooks, Inc. (B-/B3)
$	1,820,000		7.875	%		03/01/23	$	1,496,950
	Husky III Holding Ltd. (CCC/Caa2)^(f)
	2,612,000		13.000			02/15/25		1,906,760
	Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC/Caa2)
	4,650,000		7.750			04/15/26		3,882,750

								7,286,460

Media – 9.6%
	Altice Financing SA (B/B2)^(d)(e)
	7,500,000		7.500			05/15/26		7,293,750
	Altice Finco SA (CCC+/Caa1)^(d)(e)
	4,100,000		7.625			02/15/25		3,787,375
	AMC Networks, Inc. (BB/Ba3)^(d)
	1,150,000		5.000			04/01/24		1,115,500
	1,015,000		4.750			08/01/25		979,475
	Banijay Group SAS (CCC+/Caa1)^(d)(e)
EUR	1,275,000		6.500			03/01/26		1,103,246
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)^(d)(e)
$	2,155,000		5.875			04/01/24		2,203,488
	13,420,000		5.750			02/15/26		13,621,300
	1,680,000		5.500			05/01/26		1,705,200
	Clear Channel Worldwide Holdings, Inc. (B-/Caa2)^(d)(e)
	11,820,000		9.250			02/15/24		10,165,200
	Comcast Corp. (A-/A3)^(d)
	1,350,000		3.400			04/01/30		1,457,649
	CSC Holdings LLC (B/B3)
	4,210,000		5.250			06/01/24		4,199,475
	2,150,000		7.750	^(d)(e)		07/15/25		2,246,750
	7,300,000		5.750	^(d)(e)		01/15/30		7,300,000
	CSC Holdings LLC (BB/Ba3)^(d)(e)
	5,819,000		5.500			05/15/26		6,008,117
	4,270,000		5.500			04/15/27		4,366,075
	Cumulus Media New Holdings, Inc. (B/B2)^(d)(e)
	4,550,000		6.750			07/01/26		4,072,250
	Diamond Sports Group LLC/Diamond Sports Finance Co. (B/B2)^(d)(e)
	9,245,000		6.625			08/15/27		6,182,594
	Diamond Sports Group LLC/Diamond Sports Finance Co. (BB/Ba2)^(d)(e)
	1,750,000		5.375			08/15/26		1,417,500
	DISH DBS Corp. (B-/B1)
	3,940,000		6.750			06/01/21		3,969,550
	11,965,000		5.875			07/15/22		11,755,612
	230,000		5.875			11/15/24		221,950
	8,540,000		7.750			07/01/26		8,732,150
	Entercom Media Corp. (B/B2)^(d)(e)
	7,400,000		6.500			05/01/27		6,438,000
	Entercom Media Corp. (B-/B3)^(d)(e)
	4,670,000		7.250			11/01/24		3,899,450
	GCI LLC (B/B3)^(d)(e)
	2,700,000		6.625			06/15/24		2,659,500
	Gray Television, Inc. (B+/B3)^(d)(e)
	4,130,000		7.000			05/15/27		4,109,350
	iHeartCommunications, Inc. (B-/Caa1)^(d)
	210,000		8.375			05/01/27		179,550


Corporate Obligations – (continued)
Media – (continued)
	iHeartCommunications, Inc. (BB-/B1)^(d)(e)
	1,900,000		5.250			08/15/27		1,672,000
	1,050,000		4.750			01/15/28		945,000
	LCPR Senior Secured Financing DAC (B+/B1)^(d)(e)
	220,000		6.750			10/15/27		216,425
	Meredith Corp. (B+/B3)^(d)
	5,405,000		6.875			02/01/26		4,648,300
	Midcontinent Communications/Midcontinent Finance Corp. (B/B3)^(d)(e)
	1,350,000		5.375			08/15/27		1,326,375
	Nexstar Broadcasting, Inc. (B/B3)^(d)(e)
	7,320,000		5.625			08/01/24		6,954,000
	1,950,000		5.625			07/15/27		1,862,250
	Scripps Escrow, Inc. (B-/B3)^(d)(e)
	3,885,000		5.875			07/15/27		3,418,800
	Sinclair Television Group, Inc. (B/B1)^(d)(e)
	230,000		5.500			03/01/30		190,325
	Sirius XM Radio, Inc. (BB/Ba3)^(d)(e)
	5,535,000		5.000			08/01/27		5,576,512
	TEGNA, Inc. (BB-/Ba3)^(d)(e)
	3,450,000		4.625			03/15/28		3,053,250
	1,605,000		5.000			09/15/29		1,444,500
	The E.W. Scripps Co. (B-/B3)^(d)(e)
	2,675,000		5.125			05/15/25		2,347,313
	Univision Communications, Inc. (B/B2)^(d)(e)
	6,645,000		5.125			05/15/23		5,698,087
	240,000		5.125			02/15/25		204,600
	UPC Holding B.V. (B/B2)^(d)(e)
	1,765,000		5.500			01/15/28		1,676,750
	Virgin Media Secured Finance PLC (BB-/Ba3)^(d)(e)
	3,605,000		5.500			08/15/26		3,659,075
	1,160,000		5.500			05/15/29		1,164,350
	Ziggo Bond Co. B.V. (B-/B3)^(d)(e)
EUR	2,175,000		3.375			02/28/30		2,150,938
$	1,725,000		5.125			02/28/30		1,662,469

								171,061,375

Metal Fabricate/Hardware^(d) – 0.2%
	Park-Ohio Industries, Inc. (B-/B3)
	5,074,000		6.625			04/15/27		4,084,570

Mining^(d) – 2.3%
	Alcoa Nederland Holding B.V. (BB+/Ba1)^(e)
	3,250,000		7.000			09/30/26		2,965,625
	Aleris International, Inc. (CCC+/Caa2)^(e)
	5,700,000		10.750			07/15/23		5,700,000
	Constellium SE (B/B2)^(e)
	1,600,000		5.875			02/15/26		1,362,000
	First Quantum Minerals Ltd. (B-/Caa1u)^(e)
	7,020,000		7.250			05/15/22		6,300,450
	FMG Resources August 2006 Pty Ltd. (BB+/Ba1)^(e)
	8,725,000		5.125			03/15/23		8,670,469
	Freeport-McMoRan, Inc. (BB/Ba1)
	8,370,000		3.875			03/15/23		7,972,425
	Hudbay Minerals, Inc. (B/B3)^(e)
	5,155,000		7.250			01/15/23		4,587,950
	Novelis Corp. (B+/B2)^(e)
	2,410,000		5.875			09/30/26		2,391,925


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Mining^(d) – (continued)
	Novelis Corp. (B+/B2)^(e) – (continued)
$	2,325,000		4.750	%		01/30/30	$	2,080,875

								42,031,719

Miscellaneous Manufacturing^(d) – 0.2%
	EnPro Industries, Inc. (BB/B1)
	3,095,000		5.750			10/15/26		2,978,937
	Foxtrot Escrow Issuer LLC/Foxtrot Escrow Corp. (B-/B3)^(e)
	225,000		12.250			11/15/26		175,219
	FXI Holdings, Inc. (B-/B2)^(e)
	245,000		7.875			11/01/24		168,438

								3,322,594

Office^(d) – 0.3%
	Xerox Corp. (BB+/Ba1)
	5,350,000		4.125			03/15/23		5,316,563

Oil Field Services – 3.6%
	Antero Resources Corp. (B/B1)^(d)
	1,010,000		5.375			11/01/21		717,100
	7,375,000		5.125			12/01/22		3,982,500
	Cenovus Energy, Inc. (BBB-/Ba2)^(d)
	447,000		3.000			08/15/22		319,605
	4,108,000		3.800			09/15/23		2,177,240
	Chesapeake Energy Corp. (CCC-/Caa3)
	2,715,000		5.750			03/15/23		271,500
	CNX Resources Corp. (BB-/B3)^(d)(e)
	3,469,000		7.250			03/14/27		2,462,990
	Denbury Resources, Inc. (B/Caa2)^(d)(e)
	1,300,000		7.750			02/15/24		182,000
	Ensign Drilling, Inc. (BB-/B2)^(d)(e)
	1,700,000		9.250			04/15/24		624,750
	EQT Corp. (BB+/Ba1)^(d)
	925,000		6.125			02/01/25		703,000
	Exterran Energy Solutions LP/EES Finance Corp. (B+/B1)^(d)
	5,685,000		8.125			05/01/25		3,752,100
	Laredo Petroleum, Inc. (B+/B3)^(d)
	3,968,000		9.500			01/15/25		1,587,200
	MEG Energy Corp. (BB-/B3)^(d)(e)
	1,653,000		7.000			03/31/24		752,115
	3,935,000		7.125			02/01/27		1,829,775
	Nabors Industries Ltd. (BB-/Ba2)^(d)(e)
	2,655,000		7.250			01/15/26		849,600
	Nabors Industries, Inc. (B+/B1)
	2,635,000		0.750			01/15/24		474,541
	564,000		5.750	^(d)		02/01/25		124,080
	Noble Holding International Ltd. (B-/Caa1)^(d)(e)
	3,100,000		7.875			02/01/26		813,750
	Noble Holding International Ltd. (CCC+/Caa3)^(d)
	730,000		7.750			01/15/24		80,300
	Occidental Petroleum Corp. (BB+/Ba1)
	6,366,000		2.700			08/15/22		4,535,775
	6,692,000		6.450			09/15/36		3,186,329
	13,442,000		4.400	^(d)		04/15/46		5,746,455
	4,142,000		4.200	^(d)		03/15/48		1,749,995
	3,317,000		4.400	^(d)		08/15/49		1,426,310
	Precision Drilling Corp. (BB-/B2)^(d)
	5,320,000		7.750			12/15/23		2,234,400


Corporate Obligations – (continued)
Oil Field Services – (continued)
	Range Resources Corp. (BB-/B1)^(d)
	822,000		5.875			07/01/22		637,050
	1,455,000		5.000			03/15/23		1,062,150
	5,000		4.875			05/15/25		2,850
	SM Energy Co. (BB-/B2)^(d)
	2,148,000		5.000			01/15/24		579,960
	Southwestern Energy Co. (BB/Ba3)^(d)
	2,710,000		7.750			10/01/27		1,788,600
	Sunoco LP/Sunoco Finance Corp. (BB-/B1)^(d)
	2,575,000		5.500			02/15/26		2,214,500
	325,000		6.000			04/15/27		279,500
	Transocean, Inc. (B-/Caa2)^(d)(e)
	2,185,000		7.250			11/01/25		1,059,725
	5,930,000		7.500			01/15/26		2,787,100
	2,616,000		8.000			02/01/27		1,242,600
	Transocean, Inc. (CCC+/Caa3)
	10,400,000		7.500			04/15/31		2,704,000
	USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)^(d)
	8,135,000		6.875			04/01/26		5,084,375
	Valaris PLC (B-/Ca)^(d)
	4,550,000		5.400			12/01/42		910,000
	3,100,000		5.750			10/01/44		263,500
	WPX Energy, Inc. (BB-/B1)^(d)
	1,525,000		8.250			08/01/23		1,113,250
	2,185,000		5.250			09/15/24		1,311,000
	1,039,000		4.500			01/15/30		561,060

								64,184,630

Packaging – 3.4%
	ARD Finance SA (B-/Caa2)^(d)(f)
	(PIK 5.750%, Cash 5.000%)
EUR	3,125,000		5.000			06/30/27		2,617,594
	(PIK 7.250%, Cash 6.500%)
$	3,425,000		6.500	^(e)		06/30/27		3,014,000
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B/B3)^(d)(e)
	2,104,000		6.000			02/15/25		2,104,000
	6,500,000		5.250			08/15/27		6,548,750
	Berry Global, Inc. (BB/B2)^(d)
	3,580,000		5.125			07/15/23		3,580,000
	4,050,000		5.625	^(e)		07/15/27		4,110,750
	Flex Acquisition Co., Inc. (CCC+/Caa2)^(d)(e)
	2,420,000		6.875			01/15/25		2,262,700
	235,000		7.875			07/15/26		216,200
	Graphic Packaging International LLC (BB+/Ba2)^(e)
	1,394,000		3.500			03/15/28		1,230,205
	LABL Escrow Issuer LLC (B/B2)^(d)(e)
	2,725,000		6.750			07/15/26		2,534,250
	LABL Escrow Issuer LLC (B-/Caa2)^(d)(e)
	3,980,000		10.500			07/15/27		3,706,375
	Mauser Packaging Solutions Holding Co. (CCC+/Caa2)^(d)(e)
	6,025,000		7.250			04/15/25		4,639,250
	Owens-Brockway Glass Container, Inc. (B+/B1)^(e)
	5,225,000		5.875			08/15/23		5,094,375


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Packaging – (continued)
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B+/B1)^(d)(e)
$	4,490,000		5.125	%		07/15/23	$	4,422,650
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B-/Caa1)^(d)(e)
	855,000		7.000			07/15/24		867,825
	Sealed Air Corp. (BB+/Ba3)^(d)(e)
	2,800,000		4.000			12/01/27		2,604,000
	Silgan Holdings, Inc. (BB/Ba3)^(d)(e)
	1,607,000		4.125			02/01/28		1,478,440
	Trivium Packaging Finance B.V. (B+/B2)^(d)(e)
	2,825,000		5.500			08/15/26		2,789,687
	Trivium Packaging Finance B.V. (B-/Caa2)^(d)(e)
	6,455,000		8.500			08/15/27		6,487,275

								60,308,326

Pharmaceuticals – 2.8%
	Bausch Health Americas, Inc. (B/B3)^(d)(e)
	14,060,000		9.250			04/01/26		14,763,000
	1,625,000		8.500			01/31/27		1,690,000
	Bausch Health Cos., Inc. (B/B3)^(d)(e)
	7,950,000		6.125			04/15/25		7,890,375
	2,595,000		5.000			01/30/28		2,439,300
	2,595,000		5.250			01/30/30		2,439,300
	Bausch Health Cos., Inc. (BB/Ba2)^(d)(e)
	5,425,000		7.000			03/15/24		5,574,187
	2,950,000		5.500			11/01/25		2,964,750
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)^(d)(e)
	5,425,000		7.250			08/15/26		4,611,250
	Par Pharmaceutical, Inc. (B+/B1)^(d)(e)
	6,675,000		7.500			04/01/27		6,641,625
	Teva Pharmaceutical Finance Co. B.V. (BB/Ba2)
	855,000		3.650			11/10/21		820,800
	Vizient, Inc. (B/B2)^(d)(e)
	990,000		6.250			05/15/27		980,100

								50,814,687

Pipelines – 3.7%
	Antero Midstream Partners LP/Antero Midstream Finance Corp. (B+/B1)^(d)(e)
	4,400,000		5.750			03/01/27		2,772,000
	Blue Racer Midstream LLC/Blue Racer Finance Corp. (B/B2)^(d)(e)
	240,000		6.125			11/15/22		180,000
	Buckeye Partners LP (BB/B1)^(d)
	1,650,000		4.350			10/15/24		1,384,234
	2,400,000		4.125	^(e)		03/01/25		2,013,000
	4,814,000		3.950			12/01/26		3,947,480
	860,000		4.125			12/01/27		705,200
	1,573,000		4.500	^(e)		03/01/28		1,274,130
	Cheniere Energy Partners LP (BB/Ba2)^(d)
	7,245,000		5.250			10/01/25		6,665,400
	2,825,000		4.500	^(e)		10/01/29		2,514,250
	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (BB-/B1)^(d)(e)
	1,911,000		5.625			05/01/27		1,041,495


Corporate Obligations – (continued)
Pipelines – (continued)
	DCP Midstream Operating LP (BB+/Ba2)
	5,090,000		5.375	^(d)		07/15/25		3,435,750
	1,535,000		5.125	^(d)		05/15/29		959,375
	925,000		6.450	^(e)		11/03/36		448,625
	EnLink Midstream LLC (BB+/Ba1)^(d)
	2,490,000		5.375			06/01/29		1,344,600
	EnLink Midstream Partners LP (BB+/Ba1)^(d)
	2,325,000		4.400			04/01/24		1,174,125
	Genesis Energy LP/Genesis Energy Finance Corp. (B+/B1)^(d)
	6,034,000		5.625			06/15/24		4,314,310
	250,000		6.500			10/01/25		178,750
	255,000		6.250			05/15/26		182,325
	6,350,000		7.750			02/01/28		4,540,250
	Global Partners LP/GLP Finance Corp. (B+/B2)^(d)
	2,970,000		7.000			08/01/27		2,227,500
	NGL Energy Partners LP/NGL Energy Finance Corp. (B+/B2)^(d)
	2,390,000		7.500			11/01/23		830,525
	2,990,000		7.500			04/15/26		1,046,500
	NuStar Logistics LP (BB-/Ba2)^(d)
	3,420,000		5.625			04/28/27		2,599,200
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (B-/B1)^(d)
	10,736,000		5.750			04/15/25		1,234,640
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)^(d)(e)
	5,955,000		4.750			10/01/23		3,751,650
	1,935,000		5.500			09/15/24		1,064,250
	1,310,000		5.500			01/15/28		681,200
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB/Ba3)^(d)
	700,000		5.125			02/01/25		581,000
	4,440,000		5.875			04/15/26		3,663,000
	4,880,000		5.375			02/01/27		4,026,000
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB/Ba3)^(d)
	3,635,000		6.500			07/15/27		3,053,400
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB/Ba3)^(d)
	2,905,000		5.000			01/15/28		2,353,050

								66,187,214

Real Estate^(d)(e) – 0.5%
	Realogy Group LLC/Realogy Co-Issuer Corp. (B/B3)
	575,000		5.250			12/01/21		542,656
	4,550,000		4.875			06/01/23		3,822,000
	5,429,000		9.375			04/01/27		4,533,215

								8,897,871

Real Estate Investment Trust^(d) – 0.9%
	Crown Castle International Corp. (BBB-/Baa3)
	450,000		4.150			07/01/50		445,050
	MPT Operating Partnership LP/MPT Finance Corp. (BBB-/Ba1)
	1,685,000		4.625			08/01/29		1,555,794
	Starwood Property Trust, Inc. (B+/Ba3)
	8,890,000		4.750			03/15/25		7,823,200


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Real Estate Investment Trust^(d) – (continued)
	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC (C/Ca)
$	1,270,000		8.250	%		10/15/23	$	977,900
	275,000		7.125	^(e)		12/15/24		203,500
	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC (CCC/Caa1)^(e)
	2,715,000		6.000			04/15/23		2,487,619
	VICI Properties LP/VICI Note Co., Inc. (BB/Ba3)^(e)
	2,154,000		3.500			02/15/25		2,003,220
	1,209,000		3.750			02/15/27		1,139,482

								16,635,765

Retailing – 4.4%
	1011778 BC ULC/New Red Finance, Inc. (B+/B2)^(d)(e)
	10,399,000		5.000			10/15/25		10,035,035
	4,050,000		4.375			01/15/28		3,776,625
	Asbury Automotive Group, Inc. (BB/B1)^(d)(e)
	5,000		4.500			03/01/28		4,300
	Beacon Roofing Supply, Inc. (B-/B3)^(d)(e)
	10,615,000		4.875			11/01/25		9,580,037
	eG Global Finance PLC (B/B2)^(d)(e)
	5,610,000		6.750			02/07/25		4,586,175
	2,210,000		8.500			10/30/25		1,966,900
	Golden Nugget, Inc. (CCC+/Caa2)^(d)(e)
	220,000		8.750			10/01/25		113,300
	IRB Holding Corp. (B-/Caa2)^(d)(e)
	8,870,000		6.750			02/15/26		7,096,000
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (BB/Ba3)^(d)(e)
	3,312,000		5.250			06/01/26		3,349,260
	Kirk Beauty One GmbH (CCC/Caa2)^(d)
EUR	2,250,000		8.750			07/15/23		980,202
	L Brands, Inc. (B+/Ba3)
$	6,845,000		5.250			02/01/28		5,185,088
	Lowe’s Cos., Inc. (BBB+/NR)^(d)
	1,487,000		5.125			04/15/50		1,778,898
	Party City Holdings, Inc. (CCC-/Caa1)^(d)(e)
	5,075,000		6.625			08/01/26		545,563
	PetSmart, Inc. (B/B2)^(d)(e)
	6,264,000		5.875			06/01/25		6,248,340
	PetSmart, Inc. (CCC+/Caa2)^(d)(e)
	6,095,000		7.125			03/15/23		5,653,112
	2,328,000		8.875			06/01/25		2,118,480
	Staples, Inc. (B+/B1)^(d)(e)
	3,805,000		7.500			04/15/26		3,362,669
	Staples, Inc. (B-/B3)^(d)(e)
	6,800,000		10.750			04/15/27		5,202,000
	Suburban Propane Partners LP/Suburban Energy Finance Corp. (BB-/B1)^(d)
	2,880,000		5.500			06/01/24		2,707,200
	2,175,000		5.875			03/01/27		2,001,000
	The Home Depot, Inc. (NR/NR)^(d)
	1,357,000		3.350			04/15/50		1,437,714
	Yum! Brands, Inc. (B+/B1)^(d)(e)
	187,000		7.750			04/01/25		196,584

								77,924,482


Corporate Obligations – (continued)
Semiconductors – 0.4%
	Advanced Micro Devices, Inc. (BB/Ba3)
	1,562,000		7.500			08/15/22		1,667,435
	Amkor Technology, Inc. (BB/B1)^(d)(e)
	3,350,000		6.625			09/15/27		3,090,375
	Qorvo, Inc. (BB+/Ba1)^(d)
	2,440,000		5.500			07/15/26		2,549,800

								7,307,610

Software^(d) – 2.1%
	Camelot Finance SA (B/B2)^(e)
	2,150,000		4.500			11/01/26		2,053,250
	Castle US Holding Corp. (CCC/Caa2)^(e)
	2,020,000		9.500			02/15/28		1,929,100
	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. (B-/Caa1)^(e)
	950,000		5.750			03/01/25		883,500
	Granite Merger Sub 2, Inc. (CCC+/Caa1)^(e)
	2,092,000		11.000			07/15/27		2,071,080
	Nuance Communications, Inc. (BB-/Ba3)
	3,640,000		5.625			12/15/26		3,530,800
	Open Text Corp. (BB/Ba2)^(e)
	4,730,000		3.875			02/15/28		4,463,938
	Oracle Corp. (A+/A3)
	2,721,000		3.600			04/01/50		2,718,578
	PTC, Inc. (BB-/Ba3)^(e)
	2,082,000		3.625			02/15/25		1,951,875
	Rackspace Hosting, Inc. (B-/Caa1)^(e)
	2,980,000		8.625			11/15/24		2,667,100
	Solera LLC/Solera Finance, Inc. (CCC+/Caa1)^(e)
	6,500,000		10.500			03/01/24		6,370,000
	SS&C Technologies, Inc. (B+/B2)^(e)
	6,045,000		5.500			09/30/27		6,301,912
	The Dun & Bradstreet Corp. (CCC/Caa2)^(e)
	3,280,000		10.250			02/15/27		3,288,200
	Veritas US, Inc./Veritas Bermuda Ltd. (B/B2)^(e)
	235,000		7.500			02/01/23		215,025

								38,444,358

Storage/Warehousing^(d) – 0.1%
	Algeco Global Finance 2 PLC (CCC/Caa1)^(e)
	2,390,000		10.000			08/15/23		1,762,625
	Mobile Mini, Inc. (BB-/B2)
	350,000		5.875			07/01/24		333,375

								2,096,000

Telecommunication Services – 7.6%
	Altice France SA (B/B2)^(d)(e)
	3,715,000		7.375			05/01/26		3,710,356
	4,910,000		8.125			02/01/27		5,118,675
	225,000		5.500			01/15/28		212,063
	CenturyLink, Inc. (B+/B2)
	220,000		5.625	^(d)		04/01/25		218,900
	5,230,000		5.125	^(d)(e)		12/15/26		5,203,850
	3,465,000		6.875			01/15/28		3,534,300
	1,700,000		7.600			09/15/39		1,649,000


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Telecommunication Services – (continued)
	CommScope Technologies LLC (B-/B3)^(d)(e)
$	4,640,000		6.000	%		06/15/25	$	4,245,600
	CommScope, Inc. (B-/B3)^(d)(e)
	6,975,000		5.500			06/15/24		6,460,594
	3,230,000		8.250			03/01/27		3,141,175
	Digicel Group One Ltd. (NR/Caa2)^(d)(e)
	6,910,000		8.250			12/30/22		2,770,910
	Digicel Group Two Ltd. (NR/Ca)^(d)(e)
	7,935,000		8.250			09/30/22		1,034,129
	Frontier Communications Corp. (CCC+/B3)^(d)(e)
	4,625,000		8.500			04/01/26		4,255,000
	225,000		8.000			04/01/27		221,625
	Frontier Communications Corp. (D/Caa3)^(d)
	6,950,000		11.000			09/15/25		1,841,750
	Hughes Satellite Systems Corp. (BB/B2)
	210,000		6.625			08/01/26		210,000
	Intelsat Jackson Holdings SA (B/B1)^(e)
	210,000		9.500			09/30/22		212,100
	Intelsat Jackson Holdings SA (CCC+/Caa2)^(d)(e)
	6,885,000		8.500			10/15/24		4,337,550
	16,115,000		9.750			07/15/25		10,071,875
	Level 3 Financing, Inc. (BB/Ba3)^(d)
	910,000		5.375			01/15/24		910,000
	5,285,000		5.250			03/15/26		5,285,000
	5,891,000		4.625	^(e)		09/15/27		5,905,727
	Nokia of America Corp. (NR/WR)
	5,200,000		6.450			03/15/29		5,408,000
	Sprint Capital Corp. (B/B3)
	8,075,000		8.750			03/15/32		10,638,812
	Sprint Communications, Inc. (B/B3)
	6,193,000		11.500			11/15/21		6,812,300
	5,550,000		6.000			11/15/22		5,772,000
	Sprint Corp. (B/B3)
	10,288,000		7.875			09/15/23		11,291,080
	4,230,000		7.625	^(d)		02/15/25		4,705,875
	1,400,000		7.625	^(d)		03/01/26		1,571,500
	T-Mobile USA, Inc. (BB+/Ba2)^(d)
	5,825,000		6.000			03/01/23		5,846,844
	1,360,000		6.000			04/15/24		1,380,400
	3,820,000		6.500			01/15/26		4,001,450
	Telecom Italia Capital SA (BB+/Ba1)
	6,865,000		7.200			07/18/36		7,105,275
	675,000		7.721			06/04/38		713,813
	Telesat Canada/Telesat LLC (BB-/Ba3)^(d)(e)
	402,000		4.875			06/01/27		388,935

								136,186,463

Toys/Games/Hobbies^(d) – 0.3%
	Mattel, Inc. (B+/B1)^(e)
	2,165,000		6.750			12/31/25		2,208,300
	1,553,000		5.875			12/15/27		1,584,060
	Mattel, Inc. (B-/B3)
	2,335,000		3.150			03/15/23		2,194,900

								5,987,260


Corporate Obligations – (continued)
Trucking & Leasing^(d)(e) – 0.0%
	Fortress Transportation & Infrastructure Investors LLC (B+/Ba3)
	225,000		6.500			10/01/25		164,250

	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,855,438,275)						$	1,612,174,722



Structured Note^(d)(e)(g) – 0.1%
	CHS/Community Health Systems, Inc. (CCC-/Ca)
$	1,820,000		9.875	%		06/30/23	$	1,428,700
	(Cost $1,691,702)


Shares		Dividend Rate		Value

Preferred Stocks^(d)(f) – 0.1%
Media – 0.1%
	Spanish Broadcasting System, Inc.
	3,014		10.750%	$	2,049,520
	(Cost $3,042,345)


Units		Expiration Date		Value

Warrant^(h) – 0.0%
	True Religion Warrant (NR/NR)
	1,914		10/27/22	$	—
	True Religion Warrant 2 (NR/NR)
	7,229		10/27/22		—

	TOTAL WARRANT
	(Cost $—)			$	—


Shares		Dividend Rate		Value

Investment Company⁽ⁱ⁾ – 3.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	65,794,418		0.333%	$	65,794,418
	(Cost $65,794,418)

	TOTAL INVESTMENTS – 96.4%
	(Cost $1,978,694,581)			$	1,725,490,597


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount			Interest Rate (Paid) Received			Maturity Date		Value


Reverse Repurchase Agreement^(j) – (0.2)%
	Barclays Reverse Repurchase Agreement (NR/NR)
$	(3,466,621	)		(2.000	)%		04/1/20	$	(3,466,621	)
	(Cost $(3,466,621))

	OTHER ASSETS IN EXCESS OF OTHER LIABILITIES – 3.8%								68,834,458

	NET ASSETS – 100.0%							$	1,790,858,434



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 March 31, 2020. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2020.



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

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

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

(f)		Pay-in-kind securities.

(g)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2020.

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

(i)		Represents an affiliated issuer.

(j)		Reverse repurchase agreements are entered on a rolling day-to-day basis; both parties to the agreement have the right to terminate the contract on any date.



Currency Abbreviations:
EUR		—Euro
GBP		—British Pound
USD		—U.S. Dollar

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
SOFR		—Secured Overnight Funding Rate
WR		—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty

Currency
Purchased

Currency
Sold

Settlement
Date

Unrealized
Gain

JPMorgan Securities, Inc.

EUR

5,275,000

USD

5,822,160

05/14/20

5,859

State Street Bank (London)

USD

1,555,626

GBP

1,200,000

04/29/20

64,101

TOTAL

69,960

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency
Purchased

Currency
Sold

Settlement
Date

Unrealized
Gain

Westpac Banking Corp.

USD

21,112,802

EUR

19,457,566

05/14/20

(384,651

)


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		140			06/19/20	$	31,062,500		$	1,779,276
Ultra 10 Year U.S. Treasury Notes		250			06/19/20		39,007,813			1,540,341
10 Year U.S. Treasury Notes		1,261			06/19/20		174,884,937			7,022,766

Total									$	10,342,383
Short position contracts:
Eurodollars		(1	)		12/14/20		(249,150	)		(4,399	)
2 Year U.S. Treasury Notes		(775	)		06/30/20		(170,796,679	)		(81,750	)
5 Year German Euro-Bobl		(97	)		06/08/20		(14,464,934	)		97,205
5 Year U.S. Treasury Notes		(226	)		06/30/20		(28,331,219	)		31,782
20 Year U.S. Treasury Bonds		(58	)		06/19/20		(10,385,625	)		(710,248	)

Total									$	(667,410	)

TOTAL FUTURES CONTRACTS									$	9,674,973

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at March 31, 2020^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:

CDX.NA.HY Index 34	5.000%	6.575%		06/20/25	$	141,500	$	(8,947,700	)	$	(5,864,115	)	$	(3,083,585	)

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value


Bank Loans^(a) – 92.2%
Aerospace & Defense – 0.8%
	Arconic Rolled Products Corporation (NR/NR)^(b)
$	5,000,000		0.000	%		02/04/27	$	4,500,000
	Dynasty Acquisition Co., Inc. (B/B2)^(b)
	1,297,439		0.000			04/06/26		1,026,599
	697,548		0.000			04/06/26		551,935
	TransDigm, Inc. (B+/Ba3)^(c) (1M LIBOR + 2.250%)
	4,037,889		3.239			08/22/24		3,739,085

								9,817,619

Airlines^(c) – 1.3%
	Allegiant Travel Co. (NR/Ba3) (3M LIBOR + 3.000%)
	6,841,000		4.707			02/05/24		5,301,775
	American Airlines, Inc. (BB-/Ba1) (1M LIBOR + 1.750%)
	4,900,000		2.691			01/29/27		3,969,000
	Atlantic Aviation FBO, Inc. (BB/Ba3)^(d) (1M LIBOR + 3.750%)
	4,517,563		4.740			12/06/25		4,291,685
	Kestrel Bidco Inc. (B+/Ba2) (1M LIBOR + 3.000%)
	3,990,000		4.000			12/11/26		3,032,400

								16,594,860

Automotive – Distributors^(c) – 1.0%
	American Axle & Manufacturing, Inc. (BB-/Ba2) (1M LIBOR + 2.250%)
	4,143,221		3.200			04/06/24		3,426,444
	Bombardier Recreational Products, Inc. (BB/B2) (1M LIBOR + 2.000%)
	4,427,750		2.989			05/24/27		3,630,755
	Drive Chassis Holding Co. LLC (NR/NR) (3M LIBOR + 8.250%)
	4,550,000		10.084			04/10/26		3,185,000
	Thor Industries, Inc. (BB/B2) (1M LIBOR + 3.750%)
	3,006,024		5.438			02/01/26		2,555,120

								12,797,319

Automotive – Parts^(c) – 3.6%
	Adient US LLC (BB-/Ba3) (3M LIBOR + 4.000%)
	5,206,521		5.742			05/06/24		4,503,640
	CS Intermediate Holdco 2 LLC (B/Ba3)^(d) (1M LIBOR + 2.000%)
	3,842,347		2.989			11/02/23		2,497,526
	Garrett LX III S.a r.l. (BB-/B1) (3M LIBOR + 2.500%)
	5,924,812		3.770			09/27/25		4,858,346
	Gates Global LLC (B+/B1) (1M LIBOR + 2.750%)
	4,240,790		3.750			04/01/24		3,655,561
	Mavis Tire Express Services Corp. (B/B2) (1M LIBOR + 3.250%)
	11,128,013		4.700			03/20/25		8,818,950
	Navistar International Corp. (BB-/Ba2) (1M LIBOR + 3.500%)
	6,064,770		4.280			11/06/24		5,215,702
	Panther BF Aggregator 2 LP (B/Ba3)
	(1M EURIBOR + 3.750%)
EUR	1,150,000		3.750			04/30/26		1,099,823
	(1M LIBOR + 3.500%)
$	4,726,250		4.441	^(d)		04/30/26		4,300,887
	Tenneco, Inc. (B+/Ba3) (1M LIBOR + 3.000%)
	9,183,750		3.989			10/01/25		6,290,869
	Wand NewCo 3, Inc. (B/B1)(6M LIBOR + 3.000%)
	4,062,693		4.072			02/05/26		3,615,797

								44,857,101


Bank Loans^(a) – (continued)
Building & Construction Material^(c) – 0.3%
	CSC Holdings LLC (BB/Ba3) (1M LIBOR + 2.500%)
	3,793,392		3.112			04/15/27		3,616,355

Building Materials – 4.2%
	ACProducts, Inc. (NR/B2)^(c) (3M LIBOR + 6.500%)
	4,950,000		8.192			08/18/25		4,405,500
	Beacon Roofing Supply, Inc. (BB/B1)^(c) (1M LIBOR + 2.250%)
	3,083,294		3.239			01/02/25		2,778,819
	CPG International, Inc. (B/B2)^(c) (3M LIBOR + 3.750%)
	8,525,388		5.933			05/05/24		7,070,786
	Foundation Building Materials Holding Co. LLC (BB-/B2)^(c) (1M LIBOR + 3.000%)
	4,858,268		3.989			08/13/25		4,190,256
	Hayward Industries, Inc. (B/B3)^(c) (1M LIBOR + 3.500%)
	4,808,159		4.489			08/05/24		3,768,395
	Ingersoll-Rand Services Co. (BB+/Ba2)^(b)
	1,750,000		0.000			03/01/27		1,636,250
	Jeld-Wen, Inc. (BB+/Ba2)^(c) (3M LIBOR + 2.000%)
	3,336,648		3.450			12/14/24		2,925,406
	LBM Borrower LLC (B+/B2)^(c) (1M LIBOR + 3.750%)
	3,412,847		4.691			08/20/22		3,014,670
	NCI Building Systems, Inc. (B+/B2)^(c) (1M LIBOR + 3.750%)
	10,987,144		4.561			04/12/25		9,284,137
	Quikrete Holdings, Inc. (BB-/B1)^(c) (1M LIBOR + 2.500%)
	8,304,188		3.489			02/01/27		7,639,853
	Swissport Financing S.a r.l. (B-/B2)^(c) (3M EURIBOR + 4.500%)
EUR	8,275,000		4.500			08/14/24		5,175,999

								51,890,071

Chemicals^(c) – 5.4%
	Alpha 3 B.V. (B-/B1)^(d) (3M LIBOR + 3.000%)
$	6,823,296		4.450			01/31/24		6,209,199
	ASP Unifrax Holdings, Inc. (CCC/Caa3) (3M LIBOR + 8.500%)
	1,975,000		9.273			12/14/26		1,283,750
	ASP Unifrax Holdings, Inc. (CCC+/Caa1) (6M LIBOR + 3.750%)
	5,216,943		4.822			12/12/25		4,121,385
	Consolidated Energy Finance SA (BB/Ba2) (3M LIBOR + 2.500%)
	3,939,975		3.205			05/07/25		2,757,982
	Cyanco Intermediate Corp. (B/B2) (1M LIBOR + 3.500%)
	5,199,917		4.489			03/16/25		4,358,206
	Element Solutions, Inc. (BB/Ba2) (1M LIBOR + 2.000%)
	3,918,197		2.989			01/31/26		3,624,332
	Emerald Performance Materials LLC (B-/B2) (1M LIBOR + 3.500%)
	2,861,098		4.500			08/01/21		2,422,405
	Emerald Performance Materials LLC (CCC+/Caa2) (1M LIBOR + 7.750%)
	3,550,000		8.750			08/01/22		2,840,000
	Hexion, Inc. (B+/Ba3) (3M LIBOR + 3.500%)
	3,628,329		5.410			07/01/26		3,020,584
	INEOS Enterprises Holdings US Finco LLC (NR/Ba3) (3M LIBOR + 3.500%)
	4,824,270		5.113			08/28/26		4,229,293
	Momentive Performance Materials, Inc. (B+/B1) (1M LIBOR + 3.250%)
	5,588,423		4.240			05/15/24		4,491,136


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Chemicals^(c) – (continued)
	Polar US Borrower LLC (B/B2) (3M LIBOR + 4.750%)
$	3,928,202		6.624	%		10/15/25	$	3,397,895
	PQ Corp. (BB-/WR) (3M LIBOR + 2.250%)
	4,293,678		4.027			02/07/27		3,939,450
	Starfruit Finco B.V. (B+/B1) (1M LIBOR + 3.000%)
	7,750,883		3.863			10/01/25		6,898,286
	The Chemours Co. (BB/Baa3) (1M LIBOR + 1.750%)
	3,895,120		2.740			04/03/25		3,544,559
	Tronox Finance LLC (BB-/Ba3) (1M LIBOR + 2.750%)
	6,931,699		3.739			09/23/24		6,035,500
	Univar, Inc. (BB+/Ba3) (3M LIBOR + 2.250%)
	3,840,414		3.700			07/01/24		3,590,787

								66,764,749

Commercial Services^(c) – 1.8%
	Amentum Government Services Holdings LLC (B/Ba3) (1M LIBOR + 4.000%)
	860,000		4.989			02/01/27		791,200
	AQ Carver Buyer, Inc. (B/B2)^(d) (3M LIBOR + 5.000%)
	2,189,000		6.450			09/23/25		1,641,750
	Da Vinci Purchaser Corp. (B/B2) (3M LIBOR + 4.000%)
	4,000,000		5.872			01/08/27		3,760,000
	IRB Holding Corp. (B+/B3) (1M LIBOR + 2.750%)
	6,396,585		3.750			02/05/25		4,913,409
	Prime Security Services Borrower LLC (BB-/Ba3) (1M LIBOR + 3.250%)
	5,472,500		4.606			09/23/26		4,886,943
	Rockwood Service Corporation (B/B2)^(d) (3M LIBOR + 4.250%)
	1,500,000		5.700			01/23/27		1,260,000
	STG-Fairway Holdings LLC (B-/B2) (3M LIBOR + 3.500%)
	975,000		4.572			01/31/27		819,000
	The Hertz Corp. (BB/Ba3) (1M LIBOR + 2.750%)
	2,884,615		3.740			06/30/23		2,026,442
	Trans Union LLC (BB+/Ba2) (1M LIBOR + 1.750%)
	2,905,962		2.739			11/16/26		2,773,740

								22,872,484

Construction Machinery^(c) – 0.8%
	Brookfield WEC Holdings Inc. (B/B2) (1M LIBOR + 3.000%)
	7,680,556		3.989			08/01/25		7,219,722
	Welbilt, Inc. (B-/B1) (1M LIBOR + 2.500%)
	3,422,500		3.489			10/23/25		2,628,206

								9,847,928

Consumer Cyclical Services – 0.4%
	Fleet U.S. Bidco, Inc. (B+/B2)^(c) (6M LIBOR + 3.250%)
	1,592,000		4.322			10/07/26		1,432,800
	Verisure Holding AB (NR/NR)^(b)
EUR	3,800,000		0.000			10/20/22		3,950,034

								5,382,834

Consumer Cyclical Services – Business^(c) – 2.3%
	Advantage Sales & Marketing, Inc. (B-/B2) (3M LIBOR + 3.250%)
$	2,386,148		4.700			07/23/21		1,902,953


Bank Loans^(a) – (continued)
Consumer Cyclical Services – Business^(c) – (continued)
	Advantage Sales & Marketing, Inc. (CCC/Caa2) (3M LIBOR + 6.500%)
	2,053,226		7.950			07/25/22		1,457,791
	Allied Universal Holding Co. LLC (B-/B3) (1M LIBOR + 4.250%)
	4,837,875		5.239			07/10/26		4,450,845
	Colorado Buyer, Inc. (CC/Caa1) (1M LIBOR + 7.250%)
	2,875,000		8.250			05/01/25		1,019,015
	Guidehouse LLP (B-/B1) (1M LIBOR + 4.500%)
	3,706,139		5.489			05/01/25		2,964,911
	Sabre GLBL, Inc. (BB-/Ba3) (1M LIBOR + 2.000%)
	7,337,734		2.989			02/22/24		6,108,663
	Stats Intermediate Holdings, LLC (B-/NR) (3M LIBOR + 5.250%)
	2,643,375		6.963			07/10/26		2,176,370
	Tempo Acquisition LLC (B/B1) (1M LIBOR + 2.750%)
	5,604,109		3.739			05/01/24		4,987,657
	The House of HR (NR/NR)(6M EURIBOR + 4.250%)
EUR	2,475,000		4.250			07/27/26		2,074,554
	USS Ultimate Holdings, Inc. (CCC+/Caa2) (3M LIBOR + 7.750%)
$	2,225,000		9.671			08/25/25		1,557,500

								28,700,259

Consumer Products – 0.4%
	Coty, Inc. (B+/Ba3)^(b)
EUR	1,172,018		0.000			04/07/25		1,024,400
$	822,906		0.000			04/07/25		650,713
	Fluidra SA (BB/Ba3)^(c) (1M LIBOR + 2.000%)
	3,312,155		2.989			07/02/25		2,980,939

								4,656,052

Consumer Products – Household & Leisure^(c) – 0.4%
	Diamond (BC) B.V. (B-/B1) (3M LIBOR + 3.000%)
	3,081,418		4.777			09/06/24		2,280,249
	Prestige Brands, Inc. (BB/Ba3) (1M LIBOR + 2.000%)
	2,462,920		2.989			01/26/24		2,279,950

								4,560,199

Consumer Products – Non Durable^(c) – 0.9%
	Alphabet Holding Co., Inc. (B-/B3) (1M LIBOR + 3.500%)
	3,453,714		4.489			09/26/24		2,730,368
	Alphabet Holding Co., Inc. (CCC/Caa2) (1M LIBOR + 7.750%)
	6,350,000		8.739			09/26/25		4,603,750
	HLF Financing S.A R.L. (BB+/Ba1) (1M LIBOR + 2.750%)
	2,158,564		3.739			08/18/25		1,935,520
	KIK Custom Products, Inc. (CCC+/B3) (1M LIBOR + 4.000%)
	2,250,000		5.000			05/15/23		2,002,973

								11,272,611

Distributor^(c) – 0.1%
	UGI Energy Services LLC (NR/Ba3) (1M LIBOR + 3.750%)
	1,935,375		4.739			08/13/26		1,635,392

Diversified Financial Services^(c) – 3.2%
	Advisor Group, Inc. (B-/B2) (1M LIBOR + 5.000%)
	4,987,500		5.989			07/31/26		3,669,952


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)
Diversified Financial Services^(c) – (continued)
	Blackstone CQP Holding Co. LP (B+/B1) (3M LIBOR + 3.500%)
$	7,443,750		4.616	%		09/30/24	$	5,791,238
	Citadel Securities LP (BBB-/Ba1) (1M LIBOR + 2.750%)
	5,438,222		3.739			02/27/26		4,840,017
	DLG Acquisitions Ltd. (NR/NR) (3M EURIBOR + 3.500%)
EUR	1,825,000		3.500			05/15/26		1,717,575
	Edelman Financial Center LLC (B/B2) (1M LIBOR + 3.250%)
$	3,637,110		4.179			07/21/25		3,064,266
	FinCo I LLC (BB/Baa3) (1M LIBOR + 2.000%)
	1,533,968		2.989			12/27/22		1,468,774
	First Eagle Holdings, Inc. (BB/Ba2) (3M LIBOR + 2.500%)
	4,861,858		3.950			02/01/27		4,071,806
	Fiserv Investment Solutions, Inc. (B/B2)^(d) (3M LIBOR + 5.500%)
	1,200,000		6.442			02/18/27		1,008,000
	Franklin Square Holdings LP (BB/Ba1)^(d) (1M LIBOR + 2.250%)
	1,917,943		3.250			08/01/25		1,745,328
	Jefferies Finance LLC (BB-/Ba2) (1M LIBOR + 3.250%)
	3,986,250		4.250			06/03/26		3,295,313
	MHI Holdings LLC (B/B2) (1M LIBOR + 5.000%)
	4,239,375		5.989			09/21/26		3,497,484
	VFH Parent LLC (B+/Ba3) (1M LIBOR + 3.000%)
	2,839,293		4.005			03/01/26		2,576,659
	Victory Capital Holdings, Inc. (NR/Ba3) (1M USD LIBOR), (3 mo. LIBOR + 2.500%)
	2,825,518		4.015			07/01/26		2,444,073

								39,190,485

Diversified Manufacturing – 1.8%
	AI Aqua Merger Sub, Inc. (B/B2)^(b)
	1,865,217		0.000			12/13/23		1,585,435
	1,122,101		0.000			12/13/23		953,785
	AI Plex Acquico GmbH (B/B3)^(c) (6M LIBOR + 5.000%)
	1,144,250		6.779			07/31/26		783,811
	Apex Tool Group LLC (B-/B2)^(c) (1M LIBOR + 5.250%)
	3,949,842		6.500			08/01/24		3,019,970
	Atkore International, Inc. (BB-/Ba3)^(c) (3M LIBOR + 2.750%)
	4,369,211		4.020			12/22/23		3,699,280
	Dynacast International LLC (CCC/Caa1)^(c) (3M LIBOR + 3.250%)
	6,983,479		4.700			01/28/22		4,539,261
	Gardner Denver, Inc. (BB+/Ba2)^(c) (1M LIBOR + 1.750%)
	1,506,967		2.739			03/01/27		1,409,014
	Robertshaw US Holding Corp. (CCC/Caa2)^(c) (1M LIBOR + 8.000%)
	4,650,000		9.000			02/28/26		2,557,500
	Titan Acquisition Ltd. (B-/B2)^(c) (3M LIBOR + 3.000%)
	4,180,843		4.450			03/28/25		3,407,387

								21,955,443

Electrical Utilities^(c) – 0.4%
	Pike Corp. (B/B2) (1M LIBOR + 3.250%)
	1,963,578		4.250			07/24/26		1,816,310
	Resideo Funding, Inc. (BBB-/Ba2) (3M LIBOR + 2.250%)
	3,358,814		3.710			10/24/25		3,022,933

								4,839,243


Bank Loans^(a) – (continued)
Entertainment – 3.5%
	Allen Media LLC (NR/Ba3)^(c)(d) (3M LIBOR + 5.500%)
	6,550,000		7.231			02/10/27		5,436,500
	Alterra Mountain Co. (B/B1)^(c) (1M LIBOR + 2.750%)
	4,359,789		3.739			07/31/24		3,923,810
	AMC Entertainment Holdings, Inc. (CCC+/Ba3)^(c) (1M LIBOR + 3.000%)
	5,469,064		4.080			04/22/26		3,987,276
	Amer Sports Oyj (NR/NR)^(c) (6M EURIBOR + 4.500%)
EUR	4,300,000		4.500			03/30/26		3,272,302
	Cineworld Limited (NR/NR)^(b)(d)
$	5,600,000		0.000			02/05/27		3,696,000
	CityCenter Holdings LLC (BB-/B2)^(c) (1M LIBOR + 2.250%)
	3,566,400		3.239			04/18/24		3,095,635
	Crown Finance US, Inc. (B/B3)^(c)
	(6M LIBOR + 2.250%)
	5,065,431		3.322			02/28/25		3,419,166
	(6M LIBOR + 2.500%)
	1,094,500		3.572			09/30/26		681,633
	PCI Gaming Authority (BB+/Ba3)^(c) (1M LIBOR + 2.500%)
	4,918,308		3.489			05/29/26		3,983,829
	Playtika Holding Corp. (B+/B1)^(c) (6M LIBOR + 6.000%)
	2,493,438		7.072			12/10/24		2,314,733
	UFC Holdings LLC (B/B2)^(c) (1M LIBOR + 3.250%)
	5,396,212		4.250			04/29/26		4,694,704
	Vue International Bidco PLC (NR/NR)
	(3M EURIBOR + 4.250%)
	3,136,096		4.750	^(c)		07/03/26		2,448,829
	World Triathlon Corp. (B-/B2)^(c) (1M LIBOR + 4.250%)
$	2,089,500		5.250			08/15/26		1,964,130

								42,918,547

Environmental^(c) – 0.6%
	Core & Main LP (B+/B2) (1M LIBOR + 2.750%)
	6,471,943		4.331			08/01/24		5,679,130
	FTS International, Inc. (CCC+/Caa2) (1M LIBOR + 4.750%)
	2,067,585		5.750			04/16/21		1,116,496

								6,795,626

Environmental^(c) – 0.6%
	EnergySolutions LLC (B-/B3)^(d) (3M LIBOR + 3.750%)
	4,511,925		5.200			05/09/25		3,880,255
	GFL Environmental, Inc. (BB-/Ba3) (1M LIBOR + 3.000%)
	2,576,333		4.000			05/30/25		2,486,161
	Innovative Water Care Global Corp. (B-/Caa1) (3M LIBOR + 5.000%)
	2,895,750		6.450			02/27/26		1,496,147

								7,862,563

Food & Beverages – 2.5%
	CHG PPC Parent LLC (B-/B2)^(c) (1M LIBOR + 2.750%)
	5,386,712		3.739			03/31/25		4,794,173
	Chobani LLC (B-/B1)^(c) (1M LIBOR + 3.500%)
	3,555,247		4.500			10/10/23		3,155,282
	Froneri International Ltd. (B+/B1)^(c)
	(6M LIBOR + 2.625%)
EUR	2,000,000		2.625			01/29/27		2,080,796


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Food & Beverages – (continued)
	Froneri International Ltd. (B+/B1)^(c) – (continued)
	(1M LIBOR + 2.250%)
$	9,000,000		3.239	% ^(d)		01/29/27	$	8,527,500
	Shearer’s Foods, Inc. (CCC/Caa2)^(c)(d) (1M LIBOR + 6.750%)
	2,390,889		7.750			06/30/22		2,205,595
	Sigma Bidco B.V. (NR/NR)^(b)
	6,561,751		0.000			07/02/25		5,730,574
	Sunshine Investments B.V. (B+/B1)^(c)
	(3M EURIBOR + 3.250%)
EUR	525,000		3.250			03/28/25		534,391
	(2M LIBOR + 3.250%)
$	4,565,400		4.954			03/28/25		4,165,928

								31,194,239

Gaming^(c) – 2.0%
	Caesars Entertainment Operating Co., Inc. (BB/B1) (1M LIBOR + 2.000%)
	3,649,489		2.989			10/07/24		2,949,992
	Caesars Resort Collection LLC (BB/Ba3) (1M LIBOR + 2.750%)
	7,525,077		3.739			12/23/24		6,050,162
	Eldorado Resorts LLC (BB/Ba1) (6M LIBOR + 2.250%)
	3,223,352		3.250			04/17/24		2,820,433
	Mohegan Tribal Gaming Authority (B-/B2)
	(1M LIBOR + 4.125%)
	2,459,620		5.728			10/13/21		1,852,905
	(1M LIBOR + 4.375%)
	1,362,543		5.375			10/13/23		960,593
	Scientific Games International, Inc. (B+/B1)(2M LIBOR + 2.750%)
	10,214,761		4.369			08/14/24		8,205,824
	The Stars Group Holdings B.V. (B+/B1) (3M LIBOR + 3.500%)
	2,498,454		4.950			07/10/25		2,375,605

								25,215,514

Health Care – Pharmaceuticals^(c) – 1.5%
	Amedes Holding AG (B/B2) (3M EURIBOR + 3.500%)
EUR	3,025,000		3.500			05/30/26		2,945,927
	Bausch Health Cos., Inc. (BB/Ba2) (1M LIBOR + 2.750%)
$	2,461,726		3.362			11/27/25		2,326,331
	Endo Luxembourg Finance Co. I S.A.R.L. (B+/B1) (1M LIBOR + 4.250%)
	5,095,155		5.250			04/29/24		4,547,425
	Grifols Worldwide Operations USA, Inc. (BB+/Ba2) (1 Week LIBOR + 2.000%)
	4,936,515		2.684			11/15/27		4,652,666
	Sunshine Luxembourg VII S.a r.l. (B-/B2)(6M LIBOR + 4.250%)
	4,987,500		5.322			10/01/26		4,458,825

								18,931,174

Health Care – Services – 4.9%
	21st Century Oncology Holdings, Inc. (NR/NR)^(c) (1M LIBOR + 6.125%)
	2,149,815		7.125			01/16/23		2,038,734
	Air Medical Group Holdings, Inc. (B/B1)^(b)
	3,042,219		0.000			03/14/25		2,707,575
	Air Methods Corp. (B/B3)^(c) (3M LIBOR + 3.500%)
	1,864,989		4.950			04/22/24		1,297,212


Bank Loans^(a) – (continued)
Health Care – Services – (continued)
	American Renal Holdings, Inc. (B-/B3)^(c) (1M LIBOR + 5.000%)
	3,914,470		5.989			06/21/24		3,317,513
	Athenahealth, Inc. (B/B2)^(c) (3M LIBOR + 4.500%)
	3,165,395		5.284			02/11/26		2,943,818
	Change Healthcare Holdings LLC (B+/B1)^(c) (1M LIBOR + 2.500%)
	2,848,057		3.500			03/01/24		2,677,173
	Envision Healthcare Corp. (B/Caa1)^(c) (1M LIBOR + 3.750%)
	10,084,770		4.739			10/10/25		5,092,809
	MPH Acquisition Holdings LLC (B+/B1)^(c) (3M LIBOR + 2.750%)
	3,982,295		4.200			06/07/23		3,507,725
	RegionalCare Hospital Partners Holdings, Inc. (B/B1)^(c) (1M LIBOR + 3.750%)
	7,870,833		4.739			11/17/25		7,265,802
	Rodenstock GmbH (NR/NR)^(b)
EUR	3,200,000		0.000			06/05/26		2,735,191
	Sedgwick Claims Management Services, Inc. (B/B2)^(c) (1M LIBOR + 3.250%)
$	6,157,910		4.239			12/31/25		5,413,850
	Sotera Health Holdings LLC (B/B2)^(c) (1M LIBOR + 4.500%)
	5,291,487		5.500			12/11/26		4,582,111
	Team Health Holdings, Inc. (B-/Caa1)^(c) (1M LIBOR + 2.750%)
	9,260,960		3.750			02/06/24		5,788,100
	U.S. Renal Care, Inc. (B/B2)^(c) (1M LIBOR + 5.000%)
	4,870,824		6.000			06/26/26		4,209,805
	Verscend Holding Corp. (B+/B3)^(c) (1M LIBOR + 4.500%)
	5,946,124		5.489			08/27/25		5,589,356
	WP CityMD Bidco LLC (B-/B2)^(c) (3M LIBOR + 4.500%)
	1,446,375		5.950			08/13/26		1,282,457

								60,449,231

Home Construction^(c) – 0.4%
	Builders FirstSource, Inc. (BB+/B1) (3M LIBOR + 3.000%)
	855,405		4.613			02/29/24		761,311
	Gyp Holdings III Corp. (BB-/B2)^(d) (1M LIBOR + 2.750%)
	4,120,928		3.739			06/01/25		3,708,835

								4,470,146

Insurance^(c) – 1.6%
	Acrisure LLC (B/B2) (3M LIBOR + 3.500%)
	3,500,000		5.207			02/15/27		3,080,000
	Alliant Holdings Intermediate LLC (B/B2) (1M LIBOR + 3.250%)
	4,820,857		3.862			05/09/25		4,374,928
	AssuredPartners, Inc. (B/B2) (1M LIBOR + 3.500%)
	3,362,718		4.489			02/12/27		2,917,158
	HUB International Ltd. (B/B2) (3M LIBOR + 2.750%)
	5,192,692		4.551			04/25/25		4,824,010
	USI, Inc. (B/B2) (3M LIBOR + 3.000%)
	5,047,306		3.989			05/16/24		4,593,048

								19,789,144

Machinery^(c) – 0.5%
	Clark Equipment Co. (BBB-/Ba3) (3M LIBOR + 1.750%)
	2,787,456		3.200			05/18/24		2,485,017


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

Bank Loans^(a) – (continued)
Machinery^(c) – (continued)
	Shape Technologies Group, Inc. (B-/Caa2) (3M LIBOR + 3.000%)
$	4,141,435		4.806	%		04/21/25	$	2,899,004
	Star US Bidco LLC (NR/NR) (1M LIBOR + 4.250%)
	1,500,000		5.250			03/03/27		1,278,750

								6,662,771

Media – 0.4%
	Banijay Entertainment S.A.S (NR/NR)^(b)(d)
	3,650,000		0.000			03/04/25		3,212,000
	Meredith Corp. (BB/Ba2)^(c) (1M LIBOR + 2.500%)
	1,893,413		3.489			01/31/25		1,663,836

								4,875,836

Media – Broadcasting & Radio^(c) – 3.4%
	Ascend Learning LLC (B/Ba3) (1M LIBOR + 3.000%)
	4,236,767		4.000			07/12/24		3,754,834
	Cumulus Media New Holdings, Inc. (B/B2)(6M LIBOR + 3.750%)
	5,323,250		4.822			03/31/26		4,254,182
	Diamond Sports Group LLC (BB/Ba2) (1M LIBOR + 3.250%)
	8,780,875		4.180			08/24/26		6,761,274
	Digital Room Holdings, Inc. (B-/B2) (1M LIBOR + 5.000%)
	4,987,313		5.941			05/21/26		4,239,216
	Metro-Goldwyn-Mayer, Inc. (B-/B3) (1M LIBOR + 4.500%)
	1,050,000		5.500			07/03/26		892,500
	Metro-Goldwyn-Mayer, Inc. (BB/Ba3) (1M LIBOR + 2.500%)
	2,227,387		3.490			07/03/25		1,982,374
	Nexstar Broadcasting, Inc. (BB/Ba3)
	(1M LIBOR + 2.250%)
	3,747,459		3.191			01/17/24		3,485,137
	(1M LIBOR + 2.750%)
	2,473,610		4.331			09/18/26		2,293,036
	Renaissance Holding Corp. (B-/B2) (1M LIBOR + 3.250%)
	4,858,625		4.239			05/30/25		4,012,398
	Renaissance Holding Corp. (CCC/Caa2) (1M LIBOR + 7.000%)
	2,525,000		7.989			05/29/26		1,944,250
	The E.W. Scripps Co. (BB-/Ba2) (1M LIBOR + 2.000%)
	1,558,339		2.989			10/02/24		1,412,899
	Univision Communications, Inc. (B/B2) (1M LIBOR + 2.750%)
	5,278,559		3.750			03/15/24		4,447,186
	WMG Acquisition Corp. (BB-/Ba3) (1M LIBOR + 2.125%)
	3,237,047		3.114			11/01/23		3,139,935

								42,619,221

Media – Cable^(c) – 2.9%
	Altice Financing SA (NR/NR) (1M LIBOR + 2.750%)
	4,059,823		3.674			01/31/26		3,684,289
	Altice Financing SA (B/B2)(2M LIBOR + 2.750%)
	1,979,644		4.412			07/15/25		1,791,578
	Altice France SA (B/B2) (1M LIBOR + 3.688%)
	4,111,367		4.392			01/31/26		3,823,571
	Cogeco Communications, Inc. (BB/B1) (1M LIBOR + 2.000%)
	5,180,102		2.989			01/03/25		4,800,245
	CSC Holdings LLC (BB/Ba3) (1M LIBOR + 2.250%)
	3,942,861		2.862			07/17/25		3,752,302


Bank Loans^(a) – (continued)
Media – Cable^(c) – (continued)
	ION Media Networks, Inc. (BB-/B1) (1M LIBOR + 3.000%)
	1,244,908		4.000			12/18/24		1,132,866
	Numericable Group SA (B/B2) (1M LIBOR + 2.750%)
	8,162,520		3.739			07/31/25		7,489,112
	Virgin Media Bristol LLC (BB-/Ba3) (1M LIBOR + 2.500%)
	4,858,080		3.205			01/31/28		4,469,434
	Ziggo Financing Partnership B.V. (B+/B1) (1M LIBOR + 2.500%)
	5,700,000		3.205			04/30/28		5,358,000

								36,301,397

Media – Non Cable^(c) – 3.2%
	Cambium Learning Group, Inc. (B/B2) (3M LIBOR + 4.500%)
	5,177,318		5.950			12/18/25		4,167,741
	Clear Channel Outdoor Holdings, Inc. (B+/B1)^(d) (1M LIBOR + 3.500%)
	5,472,500		4.489			08/21/26		4,596,900
	Entercom Media Corp. (BB-/Ba3) (1M LIBOR + 2.500%)
	2,805,562		3.489			11/18/24		2,525,005
	Getty Images, Inc. (B-/B2) (1M LIBOR + 4.500%)
	6,443,507		5.500			02/19/26		5,090,370
	Hubbard Radio LLC (BB-/B2) (1M LIBOR + 3.500%)
	3,790,378		4.500			03/28/25		3,209,199
	iHeartCommunications, Inc. (B+/B1) (1M LIBOR + 3.000%)
	932,685		3.989			05/01/26		781,124
	Lions Gate Capital Holdings LLC (B+/Ba2) (1M LIBOR + 2.250%)
	1,456,554		3.239			03/24/25		1,303,616
	McGraw-Hill Global Education Holdings LLC (B+/B2) (3M LIBOR + 4.000%)
	6,920,618		5.450			05/04/22		5,628,747
	Mission Broadcasting, Inc. (BB/Ba3) (1M LIBOR + 2.250%)
	966,513		3.831			01/17/24		898,857
	NEP/NCP Holdco, Inc. (B/Caa1) (3M LIBOR + 3.250%)
	6,747,159		4.700			10/20/25		4,124,201
	NEP/NCP Holdco, Inc. (CCC/Ca) (3M LIBOR + 7.000%)
	7,000,000		8.450			10/19/26		3,325,000
	Terrier Media Buyer, Inc. (BB-/Ba3)^(d) (3M LIBOR + 4.250%)
	4,788,000		5.700			12/17/26		4,225,410

								39,876,170

Metals & Mining^(c) – 1.2%
	Aleris International, Inc. (B-/B3) (1M LIBOR + 4.750%)
	3,875,057		5.739			02/27/23		3,439,113
	AMG Advanced Metallurgical Group NV (BB/B1)^(d) (1M LIBOR + 3.000%)
	2,126,405		3.989			02/01/25		1,839,340
	Anvil International LLC (B-/B2)(6M LIBOR + 5.000%)
	3,980,000		6.080			05/28/26		2,885,500
	Covia Holdings Corp. (CCC+/Caa1) (3M LIBOR + 4.000%)
	2,771,353		5.874			06/01/25		1,239,155
	Crosby US Acquisition Corp. (B-/B2) (1M LIBOR + 4.750%)
	4,813,625		5.750			06/26/26		3,784,713
	U.S. Silica Co. (CCC+/Caa1) (1M LIBOR + 4.000%)
	2,304,316		5.000			05/01/25		1,140,636

								14,328,457


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Packaging – 3.8%
	Berlin Packaging LLC (B-/B3)^(c) (3M LIBOR + 3.000%)
$	6,247,463		4.460	%		11/07/25	$	5,419,674
	BWAY Holding Co. (B/B2)^(c) (3M LIBOR + 3.250%)
	9,719,307		5.084			04/03/24		7,878,762
	Canister International Group, Inc. (NR/B2)^(c) (1M LIBOR + 4.750%)
	1,300,000		5.739			12/21/26		1,098,500
	Charter NEX US, Inc. (B/B2)^(c) (1M LIBOR + 3.000%)
	3,576,300		4.000			05/16/24		3,021,974
	Charter NEX US, Inc. (B/B2)^(c) (1M LIBOR + 3.500%)
	2,256,010		4.489			05/16/24		1,951,449
	Consolidated Container Co. LLC (B+/B2)^(c)(d) (1M LIBOR + 2.750%)
	4,265,333		3.750			05/22/24		3,966,760
	Flex Acquisition Co., Inc. (B/B2)^(c)(d)
	(3M LIBOR + 3.000%)
	1,170,262		4.909			12/29/23		1,059,087
	(3M LIBOR + 3.250%)
	5,871,110		5.159			06/29/25		5,313,354
	LABL, Inc. (B/B2)^(c)
	(1M EURIBOR + 5.000%)
EUR	3,050,000		5.000			07/01/26		2,825,628
	(1M LIBOR + 4.500%)
$	1,840,750		5.489			07/01/26		1,523,221
	Pro Mach Group, Inc. (B-/B2)^(c)(d) (1M LIBOR + 2.750%)
	6,009,183		3.679			03/07/25		4,777,300
	Reynolds Consumer Products, Inc (BB+/Ba1)^(b)
	3,000,000		0.000			02/04/27		2,811,000
	Reynolds Group Holdings, Inc. (B+/B1)^(c) (1M LIBOR + 2.750%)
	2,942,791		3.739			02/05/23		2,773,580
	Trident TPI Holdings, Inc. (B-/B2)^(c) (1M LIBOR + 3.250%)
	3,968,489		4.000			10/17/24		3,254,161

								47,674,450

Paper^(c)(d) – 0.4%
	Altium Packaging LLC (NR/B2) (1M LIBOR + 3.000%)
	744,384		3.989			06/14/26		684,834
	Pregis TopCo Corp. (B/B2) (1M LIBOR + 4.000%)
	4,289,250		4.989			07/31/26		3,710,201

								4,395,035

Pipelines^(c) – 1.8%
	BCP Raptor LLC (B-/B3)
	(1M LIBOR + 4.250%)
	8,231,140		5.250			06/24/24		3,457,079
	(1M LIBOR + 4.750%)
	4,108,900		5.739			11/03/25		2,259,895
	Buckeye Partners LP (BBB-/Ba1) (1M LIBOR + 2.750%)
	1,450,000		4.265			11/01/26		1,322,400
	Centurion Pipeline Co. LLC (BB+/Ba3) (1M LIBOR + 3.250%)
	2,864,899		4.239			09/29/25		2,005,430
	Lower Cadence Holdings LLC (B-/B2) (1M LIBOR + 4.000%)
	2,233,125		4.989			05/22/26		1,339,875
	Moda Ingleside Energy Center LLC (BB+/B1) (1M LIBOR + 3.250%)
	3,160,000		4.239			09/29/25		2,342,350


Bank Loans^(a) – (continued)
Pipelines^(c) – (continued)
	NorthRiver Midstream Finance LP (BB+/Ba3) (3M LIBOR + 3.250%)
	3,743,000		5.159			10/01/25		2,854,824
	Prairie ECI Acquiror LP (B/B2) (3M LIBOR + 4.750%)
	3,079,942		6.200			03/11/26		1,575,390
	Traverse Midstream Partners LLC (B+/B2) (1M LIBOR + 4.000%)
	4,362,677		5.000			09/27/24		2,399,472
	Waterbridge Midstream Operating LLC (B-/B1) (6M LIBOR + 5.750%)
	5,472,500		6.750			06/22/26		3,009,875

								22,566,590

Real Estate Investment Trust^(c) – 0.5%
	Brookfield Property REIT, Inc. (BB+/Ba3) (1M LIBOR + 2.500%)
	4,873,041		3.489			08/27/25		3,411,128
	Realogy Group LLC (BB/Ba2) (1M LIBOR + 2.250%)
	3,034,478		3.831			02/08/25		2,560,827

								5,971,955

Restaurants^(c) – 0.5%
	1011778 B.C. Unlimited Liability Co. (BB+/Ba2) (1M LIBOR + 1.750%)
	4,873,807		2.739			11/19/26		4,483,903
	CEC Entertainment, Inc. (CCC/B3) (3M LIBOR + 6.500%)
	2,164,125		7.572			08/30/26		1,146,986

								5,630,889

Retailers^(c) – 2.3%
	Academy Ltd. (CCC+/Caa2) (1M LIBOR + 4.000%)
	5,869,996		5.581			07/01/22		3,133,932
	Bass Pro Group LLC (B+/B1) (1M LIBOR + 5.000%)
	5,898,541		6.072			09/25/24		4,925,281
	EG America LLC (B/B2) (6M LIBOR + 4.000%)
	4,314,875		5.072			02/07/25		3,128,284
	Harbor Freight Tools USA, Inc. (BB-/Ba3) (1M LIBOR + 2.500%)
	4,517,969		3.489			08/18/23		4,084,244
	Neiman Marcus Group Ltd. LLC (CCC+/Caa2) (1M LIBOR + 6.000%)
	2,832,737		7.500			10/25/23		1,114,200
	OEConnection LLC (B-/B2) (3M LIBOR + 4.000%)
	2,953,772		4.941			09/25/26		2,326,096
	Shutterfly, Inc. (B/B1) (3M LIBOR + 6.000%)
	2,308,065		7.450			09/25/26		1,840,682
	Staples, Inc. (B+/B1) (1M LIBOR + 5.000%)
	10,761,802		6.515			04/16/26		8,448,014

								29,000,733

Services Cyclical – Business Services^(c) – 0.6%
	Shift4 Payments LLC (B+/B1) (3M LIBOR + 4.500%)
	3,628,938		6.277			11/29/24		3,048,308
	Travelport Finance (Luxembourg) S.a.r.l. (B/B3) (3M LIBOR + 5.000%)
	5,840,014		6.072			05/29/26		3,740,529

								6,788,837


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

Bank Loans^(a) – (continued)
Services Cyclical – Consumer Services^(c) – 1.9%
	Asurion LLC (B+/Ba3) (1M LIBOR + 3.000%)
$	6,130,950		3.989	%		11/03/23	$	5,824,402
	KUEHG Corp. (CCC+/B3) (3M LIBOR + 3.750%)
	10,468,911		5.200			02/21/25		7,757,463
	Spin Holdco, Inc. (B-/B2) (3M LIBOR + 3.250%)
	1,483,505		5.093			11/14/22		1,316,611
	USIC Holdings, Inc. (B-/B2) (1M LIBOR + 3.250%)
	3,296,235		4.250			12/08/23		2,768,837
	USS Ultimate Holdings, Inc. (B/B2)(6M LIBOR + 3.750%)
	3,130,131		5.671			08/25/24		2,691,913
	Weight Watchers International, Inc. (BB/Ba2) (3M LIBOR + 4.750%)
	3,461,182		6.720			11/29/24		3,218,900

								23,578,126

Technology – Hardware^(c) – 0.6%
	CommScope, Inc. (B+/Ba3) (1M LIBOR + 3.250%)
	5,149,125		4.239			04/06/26		4,840,178
	ON Semiconductor Corp. (BB/Ba1) (1M LIBOR + 2.000%)
	2,661,625		2.989			09/19/26		2,488,619

								7,328,797

Technology – Software – 1.1%
	Castle US Holding Corp. (B-/B2)^(c) (1M LIBOR + 3.750%)
	4,900,000		5.200			01/29/27		3,886,337
	Informatica LLC (B-/B1)^(b)
	2,430,000		0.000			02/25/27		2,093,858
	Tibco Software, Inc. (B+/B2)^(c)(d) (1M LIBOR + 3.750%)
	3,217,492		4.740			06/30/26		3,024,442
	Uber Technologies (B/B1)^(c) (1M LIBOR + 3.500%)
	1,776,292		4.489			07/13/23		1,648,399
	VS Buyer LLC (B-/B1)^(b)
	2,450,000		0.000			02/28/27		2,339,750

								12,992,786

Technology – Software/Services^(c) – 12.8%
	Almonde, Inc. (B-/B2) (3M LIBOR + 3.500%)
	2,969,722		5.277			06/13/24		2,524,264
	Almonde, Inc. (CCC/Caa2) (3M LIBOR + 7.250%)
	1,625,000		9.027			06/13/25		1,205,750
	AppLovin Corp. (B+/B1) (1M LIBOR + 3.500%)
	4,134,244		4.489			08/15/25		3,679,477
	Avast Software B.V. (NR/NR) (3M LIBOR + 2.250%)
	1,425,186		3.700			09/29/23		1,292,174
	Banff Merger Sub, Inc. (B-/B2) (1M LIBOR + 4.250%)
	5,168,379		5.239			10/02/25		4,265,205
	Bracket Intermediate Holding Corp. (B-/B2) (3M LIBOR + 4.250%)
	4,305,753		6.159			09/05/25		3,444,602
	Cerence, Inc. (B/B2) (1M LIBOR + 6.000%)
	4,287,156		7.515			10/01/24		3,804,851
	Ceridian HCM Holding, Inc. (B+/B2) (1M LIBOR + 2.500%)
	5,212,225		3.489			04/30/25		4,951,614
	ConvergeOne Holdings, Inc. (B-/B2) (1M LIBOR + 5.000%)
	2,397,835		5.989			01/04/26		1,822,354
	Datto, Inc. (B/B2) (1M LIBOR + 4.250%)
	5,198,810		5.239			04/02/26		4,483,973


Bank Loans^(a) – (continued)
Technology – Software/Services^(c) – (continued)
	DCert Buyer, Inc. (B-/B2) (1M LIBOR + 4.000%)
	5,175,000		4.989			10/16/26		4,588,517
	Electronics for Imaging, Inc. (B-/B2) (3M LIBOR + 5.000%)
	1,870,313		6.450			07/23/26		1,521,181
	Ellie Mae, Inc. (B/B2) (3M LIBOR + 3.750%)
	2,198,352		5.200			04/17/26		1,915,314
	Emerald TopCo, Inc. (B/B2) (1M LIBOR + 3.500%)
	4,427,750		4.489			07/24/26		4,029,253
	Eta Australia Holdings III Pty Ltd. (B/B2) (1M LIBOR + 4.000%)
	5,111,375		4.989			05/06/26		4,319,112
	Genuine Financial Holdings LLC (B-/B3) (1M LIBOR + 3.750%)
	6,676,859		4.739			07/12/25		5,441,640
	Genuine Financial Holdings LLC (CCC/Caa3) (1M LIBOR + 7.250%)
	4,300,000		8.239			07/10/26		3,268,000
	Huskies Parent, Inc. (B-/B2) (3M LIBOR + 4.000%)
	2,892,750		5.777			07/31/26		2,516,693
	Hyland Software, Inc. (B-/B1) (1M LIBOR + 3.250%)
	4,101,997		4.239			07/01/24		3,794,347
	Hyland Software, Inc. (CCC/Caa1) (1M LIBOR + 7.000%)
	3,275,000		7.989			07/07/25		2,898,375
	Ion Trading Technologies S.a.r.l. (B/B3) (3M LIBOR + 4.000%)
	5,202,215		5.072			11/21/24		4,248,493
	MA FinanceCo. LLC (BB-/B1) (1M LIBOR + 2.500%)
	749,657		3.489			06/21/24		664,196
	Marcel LUX IV S.a.r.l. (B/B2) (1M LIBOR + 3.250%)
	7,260,711		4.239			03/15/26		6,534,640
	McAfee LLC (B/B2) (1M LIBOR + 3.750%)
	4,416,373		4.691			09/30/24		4,121,933
	McAfee LLC (B-/Caa1) (1M LIBOR + 8.500%)
	2,800,000		9.500			09/29/25		2,618,000
	MH Sub I LLC (B/B2)(6M LIBOR + 3.750%)
	4,890,137		4.822			09/13/24		4,112,605
	Mitchell International, Inc. (NR/NR) (1M LIBOR + 7.250%)
	1,100,000		8.239			12/01/25		825,000
	Mitchell International, Inc. (B-/B2) (1M LIBOR + 3.250%)
	4,196,447		4.239			11/29/24		3,469,077
	Omnitracs, Inc. (B/B2) (3M LIBOR + 2.750%)
	5,284,568		3.966			03/21/25		4,571,151
	Project Boost Purchaser LLC (B-/B2) (1M LIBOR + 3.500%)
	5,174,000		4.489			06/01/26		4,259,909
	QBS Parent, Inc. (B/B2) (3M LIBOR + 4.250%)
	4,838,750		5.700			09/22/25		3,709,725
	Quest Software US Holdings Inc. (B+/B2) (3M LIBOR + 4.250%)
	2,549,185		6.027			05/16/25		1,924,635
	Refinitiv US Holdings Inc. (B/B2) (1M LIBOR + 3.250%)
	5,746,586		4.239			10/01/25		5,492,759
	Rocket Software, Inc. (B/B1) (1M LIBOR + 4.250%)
	3,663,000		5.239			11/28/25		2,997,543
	Seattle SpinCo, Inc. (BB-/B1) (1M LIBOR + 2.500%)
	5,062,618		3.489			06/21/24		4,485,480
	Severin Acquisition LLC (B-/B2) (3M LIBOR + 3.000%)
	5,748,053		4.742			08/01/25		4,914,585
	Syncsort, Inc. (B-/B2) (3M LIBOR + 6.000%)
	5,261,813		7.580			08/16/24		4,165,619


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Technology – Software/Services^(c) – (continued)
	The Dun & Bradstreet Corp. (B-/B2) (1M LIBOR + 4.000%)
$	5,725,000		4.959	%		02/06/26	$	5,131,031
	The Ultimate Software Group, Inc. (B/B2) (1M LIBOR + 3.750%)
	4,925,250		4.739			05/04/26		4,572,257
	TriTech Software Systems (B-/B3) (3M LIBOR + 3.750%)
	8,491,578		5.200			08/29/25		6,674,380
	TTM Technologies, Inc. (BB+/Ba3) (1M LIBOR + 2.500%)
	2,891,547		4.081			09/28/24		2,689,139
	Ultra Clean Holdings, Inc. (B+/B1) (1M LIBOR + 4.500%)
	3,014,340		5.489			08/27/25		2,486,830
	Upland Software, Inc. (B/B2) (1M LIBOR + 3.750%)
	4,402,875		4.739			08/06/26		3,698,415
	Vertafore, Inc. (B-/B2) (1M LIBOR + 3.250%)
	3,718,337		4.239			07/02/25		3,256,929
	Vertafore, Inc. (CCC/Caa2) (1M LIBOR + 7.250%)
	2,125,000		8.239			07/02/26		1,810,500

								159,201,527

Telecommunication Services – 3.0%
	Buzz Merger Sub Ltd. (B+/B1)^(c)(d) (1M LIBOR + 2.750%)
	1,125,000		3.739			01/29/27		1,023,750
	CenturyLink, Inc. (BBB-/Ba3)^(c) (1M LIBOR + 2.250%)
	7,433,370		3.239			03/15/27		6,899,134
	Connect Finco S.a.r.l. (B+/B1)^(c) (1M LIBOR + 4.500%)
	4,350,000		5.500			12/11/26		3,403,875
	Imperva, Inc. (B-/B2)^(c) (3M LIBOR + 4.000%)
	5,371,732		5.704			01/12/26		4,315,273
	MLN US Holding Co. LLC (B-/Caa1)^(c) (1M LIBOR + 4.500%)
	3,347,948		6.015			11/30/25		2,295,721
	Project Alpha Intermediate Holding, Inc. (B/B3)^(c) (6M LIBOR + 3.500%)
	5,507,526		5.380			04/26/24		4,956,773
	Vivid Seats Ltd. (B/B3)^(c) (6M LIBOR + 3.500%)
	8,961,104		4.572			06/30/24		6,362,384
	Web.com Group, Inc. (B+/B2)^(c) (3M LIBOR + 3.750%)
	5,425,000		4.945			10/10/25		4,421,375
	Zayo Group Holdings, Inc. (NR/B1)^(b)
	4,150,000		0.000			03/09/27		3,901,000

								37,579,285

Textiles^(c) – 0.4%
	Kontoor Brands, Inc. (B+/Ba2) (1M LIBOR + 4.250%)
	1,709,667		5.174			05/15/26		1,504,507
	Renfro Corp. (CCC/Caa3)^(d) (3M LIBOR + 5.500%)
	6,892,401		7.113			03/31/21		3,101,580

								4,606,087

Transportation Services^(c) – 0.7%
	Hornblower Sub LLC (CCC+/B3) (3M LIBOR + 4.500%)
	6,607,781		5.950			04/27/25		3,634,280
	XPO Logistics, Inc. (BBB-/Baa3) (3M LIBOR + 2.500%)
	5,425,000		4.192			02/24/25		5,119,844

								8,754,124


Bank Loans^(a) – (continued)
Utilities – Electric^(c) – 1.0%
	Calpine Corp. (BB/Ba2)
	(1M LIBOR + 2.250%)
	2,961,140		3.240			01/15/24		2,836,772
	(1M LIBOR + 2.000%)
	1,243,750		2.989			08/12/26		1,169,125
	LMBE-MC Holdco II LLC (BB-/Ba3)^(d) (3M LIBOR + 4.000%)
	6,828,477		5.460			12/03/25		5,804,205
	Lonestar II Generation Holdings LLC (B+/Ba3)
	(1M LIBOR + 5.000%)
	3,343,813		5.989			04/20/26		2,708,489
	(1M LIBOR + 5.000%)
	404,463		5.989			04/20/26		327,615

								12,846,206

Wireless Telecommunications^(c) – 1.3%
	Digicel International Finance Ltd. (NR/B3) (3M EURIBOR + 3.250%)
	8,555,803		4.870			05/28/24		6,620,053
	Intelsat Jackson Holdings Ltd. (B/B1)(6M LIBOR + 6.625%)
	3,375,000		6.625			01/02/24		3,113,437
	Sprint Communications, Inc. (NR/WR) (1M LIBOR + 2.500%)
	3,060,560		3.500			02/02/24		2,981,506
	Telesat Canada (BB-/Ba3) (1M LIBOR + 2.750%)
	2,967,563		3.740			12/07/26		2,819,184

								15,534,180

Wirelines Telecommunications^(c) – 1.3%
	Consolidated Communications, Inc. (B+/B1) (1M LIBOR + 3.000%)
	5,883,435		4.000			10/04/23		5,133,297
	GTT Communications, Inc. (B-/B2) (1M LIBOR + 2.750%)
	2,824,685		3.740			05/31/25		1,973,749
	Level 3 Financing, Inc. (BBB-/Ba1) (1M LIBOR + 1.750%)
	3,823,623		2.739			03/01/27		3,555,969
	Zacapa LLC (B-/B2) (3M LIBOR + 4.500%)
	6,460,289		5.572			07/02/25		5,822,336

								16,485,351

	TOTAL BANK LOANS
	(Cost $1,383,415,560)						$	1,144,475,998



Corporate Obligations^(e) – 0.6%
Commercial Services^(c)(f) – 0.0%
	Sisal Pay SpA (BB-/B2) (3M Euribor + 3.875%)
EUR	625,000		3.875	%		12/17/26	$	576,141

Media – 0.1%
	iHeartCommunications, Inc. (B+/B1)
$	1,393,437		6.375			05/01/26		1,323,765

Oil Field Services – 0.5%
	Exterran Energy Solutions LP/EES Finance Corp. (B+/B1)
	8,850,000		8.125			05/01/25		5,841,000


68		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^(e) – (continued)
Oil Field Services – (continued)
	Noble Holding International Ltd. (CCC+/Caa3)
$	1,008,000		7.750	%		01/15/24	$	110,880

								5,951,880

Restaurants^(f) – 0.0%
	Yum! Brands, Inc. (B+/B1)
	141,000		7.750			04/01/25		148,226

								148,226

	TOTAL CORPORATE OBLIGATIONS
	(Cost $12,531,503)						$	8,000,012



Asset-Backed Securities^(c)(f) – 0.6%
Collateralized Loan Obligations – 0.6%
	Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/ NR) (3M USD LIBOR + 3.800%)
$	5,400,000		4.672	%		04/17/33	$	3,560,220
	ICG US CLO LLC Series 2015-2RA, Class C (NR/Baa3) (3M USD LIBOR + 3.500%)
	2,100,000		5.213			01/16/33		1,460,073
	Race Point VIII CLO Ltd. Series 2013-8A, Class DR2 (BBB/NR) (3M USD LIBOR + 3.500%)
	3,235,000		5.302			02/20/30		2,554,660

	TOTAL ASSET-BACKED SECURITIES
	(Cost $10,715,997)						$	7,574,953


Shares		Description	Value

Common Stocks – 0.1%
Media – 0.0%
	162,749	Bright Pattern Holding Co.	$	211,574
	579,399	Clear Channel Outdoor Holdings, Inc.^(g)		370,816

	TOTAL COMMON STOCKS
	(Cost $3,684,246)		$	582,390


Units		Expiration Date	Value

Warrant – 0.0%^(g)
	Aspect Software, Inc. Class B (NR/NR)^(d)
	162,749		$	40,687
	True Religion Warrant (NR/NR)
	2,145	10/27/22		—
	True Religion Warrant 2 (NR/NR)
	8,103	10/27/22		—

	TOTAL WARRANT		$	40,687
	(Cost $–)


Shares		Description	Value

Exchange Traded Funds – 0.9%
	273,342	Eaton Vance Floating-Rate Income Trust (NR/NR)	$	2,801,756
	281,021	Eaton Vance Senior Floating-Rate Trust (NR/NR)		2,776,487
	349,789	Nuveen Floating Rate Income Fund (NR/NR)		2,640,907
	348,796	Nuveen Floating Rate Income Opportunity Fund (NR/NR)		2,591,554

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $14,262,323)		$	10,810,704


Shares		Dividend Rate	Value

Investment Company^(h) – 6.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	84,002,150	0.333%	$	84,002,150
	(Cost $84,002,150)



Securities Lending Reinvestment Vehicle^(h) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	281,175	0.333%	$	281,175
	(Cost $281,175)

	TOTAL INVESTMENTS – 101.2%
	(Cost $1,508,892,954)		$	1,255,768,070

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.2)%			(14,522,106	)

	NET ASSETS – 100.0%		$	1,241,245,964



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 March 31, 2020. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		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.


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

March 31, 2020



(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 March 31, 2020.

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

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

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

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

(h)		Represents an affiliated fund.



Currency Abbreviations:
EUR		—Euro
USD		—U.S. Dollar

Investment Abbreviations:
CLO		—Collateralized Loan Obligation
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS – At March 31, 2020, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:


Borrower	Principal Amount	Current Value	Unrealized Gain (Loss)
OEConnection LLC (NR/B2), due 09/25/26	$281,385	$221,591	$(58,489)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty

Currency

Purchased

Currency

Sold

Settlement
Date

Unrealized
Gain

MS & Co. Int. PLC

EUR

11,039,000

USD

12,043,410

05/14/20

152,894

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	EUR	2,312,000	USD	2,623,204		05/14/20	$	(68,820	)
	USD	51,021,218	EUR	47,021,174		05/14/20		(929,549	)

TOTAL							$	(998,369	)

FUTURES CONTRACTS — At March 31, 2020, 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		128			06/30/20	$	16,046,000		$	155,787

Short position contracts:
2 Year U.S. Treasury Notes		(79	)		06/30/20		(17,410,242	)		(252,438	)
10 Year U.S. Treasury Notes		(33	)		06/19/20		(4,576,688	)		(196,924	)

Total									$	(449,362	)

TOTAL FUTURES CONTRACTS									$	(293,575	)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at March 31, 2020^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:

CDX.NA.HY Index 34	5.000%	5.000%		06/20/25	$	18,600	$	(1,176,164	)	$	(770,831	)	$	(405,333	)

(a)

Payments made quarterly.

(b)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Paid by the Fund^(a)		Counterparty	Termination Date^(b)		Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
IBXXLLTR Index		1.000%	Barclays Bank PLC		09/20/20	$	10,650	$	(373,834	)
IBXXLLTR Index		1.000	JPMorgan Securities, Inc.		09/20/20		2,800		129,496

TOTAL								$	(244,338	)

(a)

Payments made quarterly.

(b)

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

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



Abbreviations:
IBXXLLTR Index		—Markit iBoxx USD Liquid Leveraged Loans Index
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 88.2%
Aerospace & Defense – 2.5%
	General Dynamics Corp.^(a)
$	450,000		4.250	%		04/01/50	$	554,598
	Lockheed Martin Corp.
	850,000		4.070			12/15/42		990,802
	125,000		4.700	^(a)		05/15/46		156,684
	Northrop Grumman Corp.
	1,175,000		4.750			06/01/43		1,420,070
	380,000		4.030	^(a)		10/15/47		434,663
	1,175,000		5.250	^(a)		05/01/50		1,577,755
	The Boeing Co.^(a)
	800,000		3.450			11/01/28		708,856
	500,000		3.550			03/01/38		432,590
	400,000		3.625			03/01/48		348,348
	United Technologies Corp.
	1,075,000		3.950	^(a)		08/16/25		1,173,276
	2,550,000		4.125	^(a)		11/16/28		2,817,852
	370,000		5.700			04/15/40		469,253
	550,000		4.050	^(a)		05/04/47		601,397
	450,000		4.625	^(a)		11/16/48		532,382

								12,218,526

Agriculture – 0.9%
	Altria Group, Inc.^(a)
	1,325,000		3.800			02/14/24		1,344,570
	1,100,000		4.400			02/14/26		1,134,573
	Archer-Daniels-Midland Co.^(a)
	350,000		3.250			03/27/30		370,499
	BAT Capital Corp.^(a)
	620,000		3.222			08/15/24		619,789
	200,000		3.557			08/15/27		191,688
	175,000		5.282			04/02/50		175,382
	Reynolds American, Inc.
	700,000		4.850			09/15/23		728,637

								4,565,138

Apparel^(a) – 0.3%
	NIKE, Inc.
	825,000		3.250			03/27/40		860,359
	650,000		3.375			03/27/50		709,215

								1,569,574

Automotive – 0.6%
	Ford Motor Credit Co. LLC
	1,475,000		5.875			08/02/21		1,445,323
	General Motors Co.^(a)
	300,000		6.600			04/01/36		260,562
	General Motors Financial Co., Inc.^(a)
	1,425,000		5.650			01/17/29		1,232,739

								2,938,624

Banks – 20.9%
	AIB Group PLC^(b)
	1,975,000		4.750			10/12/23		1,897,165
	Banco Santander SA
	1,000,000		4.250			04/11/27		1,017,160
	1,000,000		3.306			06/27/29		974,020


Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp.
	1,023,000		4.000			04/01/24		1,088,492
	4,850,000		4.200			08/26/24		5,150,700
	4,400,000		3.950			04/21/25		4,609,704
	(3M USD LIBOR + 1.040%)
	5,363,000		3.419	^(a)(c)		12/20/28		5,519,921
	(3M USD LIBOR + 1.070%)
	1,150,000		3.970	^(a)(c)		03/05/29		1,220,288
	(3M USD LIBOR + 1.310%)
	1,125,000		4.271	^(a)(c)		07/23/29		1,218,836
	(3M USD LIBOR + 1.210%)
	400,000		3.974	^(a)(c)		02/07/30		430,752
	(3M USD LIBOR + 0.990%)
	275,000		2.496	^(a)(c)		02/13/31		265,870
	(3M USD LIBOR + 3.150%)
	1,225,000		4.083	^(a)(c)		03/20/51		1,384,201
	Barclays PLC^(a)(c) (3M USD LIBOR + 1.400%)
	2,075,000		4.610			02/15/23		2,096,725
	BNP Paribas SA^(b)
	6,800,000		3.500			03/01/23		6,836,720
	775,000		3.375			01/09/25		771,970
	(5 Year USD Swap + 4.149%)
	550,000		6.625	^(a)(c)		12/31/99		488,125
	BPCE SA^(b)
	2,300,000		5.700			10/22/23		2,427,006
	1,350,000		4.625			09/12/28		1,490,467
	CIT Bank NA^(a)(c) (SOFR + 1.715%)
	650,000		2.969			09/27/25		569,816
	CIT Group, Inc.^(a)
	75,000		4.750			02/16/24		72,750
	Citigroup, Inc.
	1,800,000		3.875			03/26/25		1,855,296
	575,000		3.400			05/01/26		607,626
	800,000		4.450			09/29/27		832,856
	(SOFR + 1.422%)
	1,050,000		2.976	^(a)(c)		11/05/30		1,016,232
	(SOFR + 3.914%)
	575,000		4.412	^(a)(c)		03/31/31		631,678
	1,200,000		4.750			05/18/46		1,301,940
	Credit Agricole SA^(a)(b)(c) (5 Year USD Swap + 4.319%)
	700,000		6.875			12/31/99		630,049
	Credit Agricole SA, Class B
	2,350,000		4.375			03/17/25		2,427,056
	Credit Suisse AG^(b)
	1,800,000		6.500			08/08/23		1,836,936
	Credit Suisse Group AG^(a)(b)
	1,345,000		4.282			01/09/28		1,389,883
	(SOFR + 3.730%)
	1,200,000		4.194	^(c)		04/01/31		1,229,556
	Credit Suisse Group Funding Guernsey Ltd.
	884,000		4.550			04/17/26		933,301
	HSBC Bank USA NA
	300,000		7.000			01/15/39		398,961
	HSBC Holdings PLC
	(3M USD LIBOR + 1.000%)
	725,000		2.692	^(a)(c)		05/18/24		672,757


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)
	HSBC Holdings PLC – (continued)
	(3M USD LIBOR + 1.211%)
$	1,775,000		3.803	%^(a)(c)		03/11/25	$	1,818,452
	350,000		4.950			03/31/30		386,141
	JPMorgan Chase & Co.
	3,950,000		3.875			09/10/24		4,172,069
	(3M USD LIBOR + 1.000%)
	1,125,000		4.023	^(a)(c)		12/05/24		1,190,543
	(3M USD LIBOR + 1.245%)
	1,300,000		3.960	^(a)(c)		01/29/27		1,401,920
	1,628,000		3.625	^(a)		12/01/27		1,705,753
	(SOFR + 3.790%)
	275,000		4.493	^(a)(c)		03/24/31		317,045
	(3M USD LIBOR + 1.360%)
	600,000		3.882	^(a)(c)		07/24/38		670,416
	(3M USD LIBOR + 3.800%)
	2,375,000		5.300	^(a)(c)		12/29/49		2,214,901
	(SOFR + 3.125%)
	1,425,000		4.600	^(a)(c)		12/31/99		1,254,656
	Macquarie Group Ltd.^(a)(b)(c) (3M USD LIBOR + 1.372%)
	700,000		3.763			11/28/28		724,430
	Mitsubishi UFJ Financial Group, Inc.
	1,275,000		3.751			07/18/39		1,290,848
	Morgan Stanley, Inc.
	1,300,000		4.875			11/01/22		1,360,021
	(SOFR + 1.152%)
	1,075,000		2.720	^(a)(c)		07/22/25		1,080,837
	3,000,000		3.950			04/23/27		3,113,850
	(3M USD LIBOR + 1.628%)
	2,650,000		4.431	^(a)(c)		01/23/30		2,936,597
	(SOFR + 3.120%)
	925,000		3.622	^(a)(c)		04/01/31		967,865
	(3M USD LIBOR + 1.455%)
	770,000		3.971	^(a)(c)		07/22/38		825,001
	500,000		4.300			01/27/45		599,000
	(SOFR + 4.840%)
	1,075,000		5.597	^(a)(c)		03/24/51		1,483,296
	Royal Bank of Scotland Group PLC
	(3M USD LIBOR + 1.480%)
	1,008,000		3.498	^(a)(c)		05/15/23		1,011,578
	700,000		6.100			06/10/23		716,631
	2,001,000		3.875			09/12/23		2,019,909
	(3M USD LIBOR + 1.550%)
	1,475,000		4.519	^(a)(c)		06/25/24		1,498,674
	(3M USD LIBOR + 1.762%)
	700,000		4.269	^(a)(c)		03/22/25		726,978
	(5 Year CMT + 2.100%)
	250,000		3.754	^(a)(c)		11/01/29		230,000
	Santander Holdings USA, Inc.^(a)
	750,000		4.500			07/17/25		764,280
	Santander UK PLC
	1,475,000		2.875			06/18/24		1,474,749
	State Street Corp.^(a)(b)(c)(SOFR + 2.650%)
	75,000		3.152			03/30/31		76,652
	Truist Bank^(a)
	1,100,000		2.250			03/11/30		1,008,073
	Wells Fargo & Co.
	1,325,000		3.000			02/19/25		1,354,654


Corporate Obligations – (continued)
Banks – (continued)
	Wells Fargo & Co. – (continued)
	(3M USD LIBOR + 1.170%)
	1,200,000		3.196	^(a)(c)		06/17/27		1,235,448
	700,000		4.300			07/22/27		741,734
	850,000		3.900			05/01/45		956,131
	(3M USD LIBOR + 4.240%)
	250,000		5.013	^(a)(c)		04/04/51		317,138
	Wells Fargo Bank NA
	799,000		5.950			08/26/36		1,032,931
	Westpac Banking Corp.^(a)(c)
	(5 Year USD ICE Swap + 2.236%)
	625,000		4.322			11/23/31		637,944
	(5 Year CMT + 2.000%)
	625,000		4.110			07/24/34		601,006

								101,212,966

Beverages – 5.2%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.^(a)
	2,350,000		4.700			02/01/36		2,452,836
	3,975,000		4.900			02/01/46		4,378,780
	Anheuser-Busch InBev Worldwide, Inc.
	2,000,000		4.750	^(a)		01/23/29		2,205,340
	175,000		5.450	^(a)		01/23/39		201,441
	325,000		4.950			01/15/42		359,291
	775,000		4.600	^(a)		04/15/48		819,989
	2,725,000		5.550	^(a)		01/23/49		3,202,911
	Bacardi Ltd.^(a)(b)
	1,000,000		5.300			05/15/48		1,089,800
	Constellation Brands, Inc.^(a)
	3,150,000		4.400			11/15/25		3,169,026
	350,000		3.700			12/06/26		347,452
	600,000		4.500			05/09/47		560,340
	Keurig Dr Pepper, Inc.^(a)
	3,275,000		4.057			05/25/23		3,408,456
	1,200,000		4.597			05/25/28		1,337,304
	500,000		4.500			11/15/45		516,455
	175,000		5.085			05/25/48		218,118
	PepsiCo., Inc.^(a)
	625,000		3.625			03/19/50		735,931

								25,003,470

Biotechnology^(a) – 0.2%
	Amgen, Inc.
	800,000		4.400			05/01/45		946,320

Building Materials^(a)(b) – 1.6%
	Carrier Global Corp.
	2,975,000		2.493			02/15/27		2,808,638
	4,100,000		2.722			02/15/30		3,764,456
	1,450,000		3.377			04/05/40		1,270,591

								7,843,685

Chemicals – 1.6%
	Celanese US Holdings LLC^(a)
	600,000		3.500			05/08/24		568,716
	CNAC HK Finbridge Co. Ltd.
	200,000		4.625			03/14/23		205,750


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Chemicals – (continued)
	DuPont de Nemours, Inc.^(a)
$	1,175,000		4.493	%		11/15/25	$	1,258,907
	925,000		4.725			11/15/28		1,013,495
	125,000		5.319			11/15/38		140,394
	Huntsman International LLC^(a)
	1,000,000		4.500			05/01/29		855,217
	Sasol Financing International Ltd.
	200,000		4.500			11/14/22		84,000
	Sasol Financing USA LLC^(a)
	400,000		5.875			03/27/24		163,920
	Syngenta Finance NV^(b)
	970,000		3.933			04/23/21		913,643
	The Sherwin-Williams Co.^(a)
	2,050,000		3.125			06/01/24		2,041,246
	475,000		4.000			12/15/42		464,070

								7,709,358

Commercial Services^(a) – 1.0%
	Global Payments, Inc.
	1,225,000		2.650			02/15/25		1,240,631
	IHS Markit Ltd.
	900,000		3.625			05/01/24		914,247
	2,000,000		4.000	^(b)		03/01/26		1,985,380
	PayPal Holdings, Inc.
	950,000		2.850			10/01/29		942,561

								5,082,819

Computers – 3.3%
	Apple, Inc.
	1,652,000		3.850			05/04/43		1,963,022
	Dell International LLC/EMC Corp.^(a)(b)
	4,950,000		5.450			06/15/23		5,077,116
	3,225,000		6.020			06/15/26		3,339,197
	125,000		8.100			07/15/36		144,020
	75,000		8.350			07/15/46		87,930
	Hewlett Packard Enterprise Co.^(a)
	4,699,000		4.900			10/15/25		4,857,967
	355,000		6.350			10/15/45		412,624

								15,881,876

Cosmetics/Personal Care^(a) – 0.1%
	The Procter & Gamble Co.
	250,000		3.600			03/25/50		308,343

Diversified Financial Services – 2.3%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust^(a)
	950,000		4.875			01/16/24		815,945
	Air Lease Corp.^(a)
	2,000,000		3.750			06/01/26		1,724,100
	Ally Financial, Inc.
	375,000		4.125			02/13/22		368,438
	American Express Co.^(a)(c) (3M USD LIBOR + 3.285%)
	527,000		4.026			12/29/49		445,315
	Avolon Holdings Funding Ltd.^(a)(b)
	750,000		3.950			07/01/24		590,993
	Avolon Holdings Funding, Ltd.^(a)(b)
	900,000		3.250			02/15/27		690,723


Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	GE Capital International Funding Co.
	1,750,000		3.373			11/15/25		1,761,637
	1,450,000		4.418			11/15/35		1,566,478
	Huarong Finance 2019 Co. Ltd.
	200,000		3.750			05/29/24		198,250
	Huarong Finance II Co. Ltd.
	200,000		5.500			01/16/25		210,000
	200,000		5.000			11/19/25		208,125
	Mastercard, Inc.^(a)
	400,000		3.350			03/26/30		443,860
	300,000		3.850			03/26/50		366,321
	Raymond James Financial, Inc.^(a)
	200,000		4.650			04/01/30		207,792
	The Western Union Co.^(a)
	650,000		2.850			01/10/25		646,770
	Visa, Inc.^(a)
	575,000		2.050			04/15/30		574,166
	300,000		2.700			04/15/40		297,792

								11,116,705

Electrical – 4.9%
	AEP Transmission Co. LLC^(a)
	175,000		3.650			04/01/50		178,084
	Ameren Corp.^(a)
	350,000		3.500			01/15/31		349,171
	American Electric Power Co., Inc.^(a)
	350,000		2.300			03/01/30		326,431
	Arizona Public Service Co.^(a)
	275,000		3.750			05/15/46		289,372
	Berkshire Hathaway Energy Co.
	725,000		3.250	^(a)		04/15/28		748,686
	450,000		3.700	^(a)(b)		07/15/30		481,284
	1,767,000		6.125			04/01/36		2,337,335
	475,000		4.250	^(a)(b)		10/15/50		537,187
	CMS Energy Corp.^(a)
	500,000		4.875			03/01/44		567,345
	Dominion Energy, Inc.^(a)
	1,225,000		3.900			10/01/25		1,263,832
	650,000		3.375			04/01/30		643,467
	Duke Energy Corp.^(a)
	400,000		4.800			12/15/45		449,964
	Entergy Corp.^(a)
	875,000		2.950			09/01/26		869,627
	Exelon Corp.^(a)
	1,125,000		3.497			06/01/22		1,092,229
	400,000		4.450			04/15/46		404,044
	125,000		4.700			04/15/50		130,705
	FirstEnergy Corp.^(a)
	525,000		2.050			03/01/25		487,636
	875,000		2.650			03/01/30		825,930
	Florida Power & Light Co.^(a)
	325,000		3.950			03/01/48		384,754
	NRG Energy, Inc.^(a)(b)
	1,035,000		4.450			06/15/29		1,029,152
	Ohio Power Co.^(a)
	450,000		2.600			04/01/30		447,147


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)
Electrical – (continued)
	PPL WEM Ltd./Western Power Distribution Ltd.^(a)(b)
$	300,000		5.375	%		05/01/21	$	306,288
	Progress Energy, Inc.
	1,000,000		7.000			10/30/31		1,313,790
	Public Service Electric & Gas Co.^(a)
	1,525,000		3.950			05/01/42		1,657,431
	Puget Sound Energy, Inc.^(a)
	325,000		4.223			06/15/48		375,404
	Sempra Energy^(a)
	570,000		3.400			02/01/28		578,396
	1,125,000		3.800			02/01/38		1,067,906
	Southern California Edison Co.^(a)
	500,000		4.200			03/01/29		533,025
	275,000		4.050			03/15/42		290,257
	805,000		4.125			03/01/48		849,235
	25,000		4.875			03/01/49		28,813
	The Southern Co.^(a)
	1,800,000		3.250			07/01/26		1,813,590
	Vistra Operations Co. LLC^(a)(b)
	1,450,000		4.300			07/15/29		1,288,499

								23,946,016

Electronics^(a) – 0.4%
	PerkinElmer, Inc.
	1,200,000		3.300			09/15/29		1,126,896
	Roper Technologies, Inc.
	800,000		3.800			12/15/26		823,912

								1,950,808

Engineering & Construction^(a) – 0.1%
	Mexico City Airport Trust
	240,000		3.875	^(b)		04/30/28		200,640
	200,000		5.500			07/31/47		165,100
	220,000		5.500	^(b)		07/31/47		181,610

								547,350

Food & Drug Retailing^(a) – 0.4%
	Grupo Bimbo SAB de CV
	1,070,000		4.700			11/10/47		1,013,491
	Sysco Corp.
	150,000		6.600			04/01/40		161,301
	600,000		6.600			04/01/50		651,450

								1,826,242

Gas^(a) – 0.2%
	NiSource, Inc.
	825,000		3.650			06/15/23		843,191

Healthcare Providers & Services – 0.8%
	Centene Corp.^(a)(b)
	1,250,000		4.250			12/15/27		1,258,275
	CommonSpirit Health
	150,000		4.350			11/01/42		147,007
	DH Europe Finance II S.a.r.l.^(a)
	1,000,000		2.600			11/15/29		997,690
	Thermo Fisher Scientific, Inc.^(a)
	250,000		4.497			03/25/30		281,690


Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	Zimmer Biomet Holdings, Inc.^(a)
	1,025,000		3.550			03/20/30		1,018,163

								3,702,825

Household Products^(a) – 0.0%
	Kimberly-Clark Corp.
	150,000		3.100			03/26/30		160,904

Insurance – 2.4%
	American International Group, Inc.
	1,850,000		3.900	^(a)		04/01/26		1,906,517
	325,000		4.200	^(a)		04/01/28		336,167
	700,000		6.250			05/01/36		827,400
	598,000		4.500	^(a)		07/16/44		615,193
	375,000		4.800	^(a)		07/10/45		394,395
	Arch Capital Finance LLC^(a)
	400,000		4.011			12/15/26		403,740
	323,000		5.031			12/15/46		329,612
	Arch Capital Group Ltd.
	845,000		7.350			05/01/34		1,098,272
	Great-West Lifeco Finance 2018 LP^(a)(b)
	425,000		4.047			05/17/28		457,946
	Marsh & McLennan Cos., Inc.^(a)
	1,500,000		4.375			03/15/29		1,671,195
	MetLife, Inc.
	475,000		4.721			12/15/44		531,862
	Nippon Life Insurance Co.^(a)(b)(c) (5 Year CMT + 2.612%)
	315,000		3.400			01/23/50		302,850
	Teachers Insurance & Annuity Association of America^(b)
	890,000		4.900			09/15/44		1,010,461
	The Hartford Financial Services Group, Inc.
	200,000		6.625			04/15/42		256,256
	The Progressive Corp.^(a)
	325,000		3.950			03/26/50		374,202
	XLIT Ltd.
	998,000		4.450			03/31/25		1,030,136

								11,546,204

Internet^(a) – 0.7%
	Amazon.com, Inc.
	900,000		4.950			12/05/44		1,252,341
	eBay, Inc.
	825,000		4.000			07/15/42		773,561
	Expedia Group, Inc.
	1,375,000		3.250			02/15/30		1,122,275
	Prosus NV^(b)
	200,000		3.680			01/21/30		181,600

								3,329,777

Machinery-Diversified^(a) – 0.6%
	Deere & Co.
	275,000		3.750			04/15/50		319,556
	Otis Worldwide Corp.^(b)
	2,525,000		2.565			02/15/30		2,445,715
	325,000		3.112			02/15/40		306,400

								3,071,671


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Media – 3.2%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
$	5,900,000		4.908	%		07/23/25	$	6,341,674
	Comcast Corp.
	638,000		3.300	^(a)		02/01/27		670,296
	525,000		3.400	^(a)		04/01/30		566,863
	150,000		3.250	^(a)		11/01/39		157,088
	250,000		6.400			03/01/40		360,130
	475,000		3.750	^(a)		04/01/40		528,124
	525,000		3.400	^(a)		07/15/46		557,938
	1,150,000		4.700	^(a)		10/15/48		1,490,768
	263,000		3.999	^(a)		11/01/49		304,688
	180,000		4.950	^(a)		10/15/58		244,805
	Discovery Communications LLC^(a)
	150,000		5.200			09/20/47		146,844
	75,000		5.300			05/15/49		75,640
	Fox Corp.^(a)
	350,000		3.500			04/08/30		349,297
	225,000		5.476			01/25/39		260,994
	The Walt Disney Co.^(a)
	1,125,000		4.625			03/23/40		1,365,975
	900,000		4.700			03/23/50		1,170,873
	Time Warner Cable LLC^(a)
	500,000		5.875			11/15/40		525,050
	ViacomCBS, Inc.^(a)
	450,000		5.850			09/01/43		461,290

								15,578,337

Mining – 0.7%
	Glencore Finance Canada Ltd.^(b)
	800,000		4.950			11/15/21		790,080
	825,000		4.250			10/25/22		805,918
	Glencore Funding LLC^(b)
	206,000		4.625			04/29/24		193,757
	Newmont Corp.^(a)
	1,600,000		2.250			10/01/30		1,487,568

								3,277,323

Miscellaneous Manufacturing – 0.6%
	3M Co.^(a)
	175,000		3.700			04/15/50		195,151
	General Electric Co.
	600,000		3.450	^(a)		05/15/24		593,754
	600,000		6.750			03/15/32		715,944
	1,069,000		5.875			01/14/38		1,265,247
	Parker-Hannifin Corp.^(a)
	270,000		4.000			06/14/49		280,765

								3,050,861

Oil Field Services – 3.9%
	BP Capital Markets America, Inc.^(a)
	675,000		3.410			02/11/26		687,494
	950,000		3.119			05/04/26		956,906
	375,000		4.234			11/06/28		405,386
	Cenovus Energy, Inc.^(a)
	650,000		4.250			04/15/27		319,865


Corporate Obligations – (continued)
Oil Field Services – (continued)
	Continental Resources, Inc.^(a)
	1,075,000		4.500			04/15/23		591,196
	Devon Energy Corp.^(a)
	2,517,000		5.850			12/15/25		2,049,618
	Gazprom PJSC Via Gaz Capital SA
	200,000		5.150	^(b)		02/11/26		208,313
	70,000		8.625	^(d)		04/28/34		96,272
	110,000		7.288			08/16/37		139,838
	Gazprom PJSC Via Gaz Finance PLC^(b)
	450,000		3.250			02/25/30		418,500
	Hess Corp.^(a)
	400,000		4.300			04/01/27		295,784
	Lukoil International Finance B.V.
	1,030,000		4.563			04/24/23		1,041,201
	Marathon Petroleum Corp.^(a)
	725,000		3.625			09/15/24		644,815
	1,920,000		3.800			04/01/28		1,615,296
	Newfield Exploration Co.
	1,750,000		5.625			07/01/24		871,465
	Noble Energy, Inc.^(a)
	400,000		3.250			10/15/29		257,672
	Occidental Petroleum Corp.^(a)
	1,700,000		4.850			03/15/21		1,424,583
	2,375,000		2.900			08/15/24		1,305,656
	1,425,000		5.550			03/15/26		755,364
	425,000		3.500			08/15/29		202,831
	325,000		4.400			08/15/49		139,750
	Petroleos Mexicanos
EUR	1,370,000		5.125			03/15/23		1,296,603
$	94,000		4.500			01/23/26		68,239
	120,000		6.490	^(a)(b)		01/23/27		88,500
	420,000		6.500			03/13/27		308,766
	306,000		5.950	^(a)(b)		01/28/31		210,406
	70,000		6.625			06/15/35		46,831
	320,000		6.750			09/21/47		209,600
	791,000		6.350			02/12/48		494,375
	274,000		7.690	^(a)(b)		01/23/50		187,690
	374,000		6.950	^(a)(b)		01/28/60		247,775
	Shell International Finance BV
	225,000		6.375			12/15/38		320,612
	Suncor Energy, Inc.^(a)
	900,000		3.600			12/01/24		882,675

								18,789,877

Pharmaceuticals^(a) – 7.6%
	AbbVie, Inc.
	1,575,000		3.750			11/14/23		1,638,693
	3,700,000		3.200	^(b)		11/21/29		3,708,103
	2,600,000		4.050	^(b)		11/21/39		2,712,814
	75,000		4.875			11/14/48		87,000
	4,575,000		4.250	^(b)		11/21/49		4,910,896
	Bayer US Finance II LLC^(b)
	1,100,000		3.875			12/15/23		1,127,830
	1,475,000		3.375			07/15/24		1,472,537
	Becton Dickinson & Co.
	3,114,000		3.700			06/06/27		3,162,578
	500,000		4.685			12/15/44		533,415


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.^(b)
$	1,575,000		3.875	%		08/15/25	$	1,709,190
	1,100,000		4.550			02/20/48		1,402,775
	675,000		4.250			10/26/49		853,706
	Cigna Corp.
	6,900,000		4.125			11/15/25		7,378,032
	950,000		2.400			03/15/30		899,346
	650,000		4.900			12/15/48		772,967
	CVS Health Corp.
	2,675,000		3.875			07/20/25		2,806,985
	325,000		4.780			03/25/38		354,357
	170,000		5.125			07/20/45		194,929
	475,000		4.250			04/01/50		492,000
	Pfizer, Inc.
	475,000		2.625			04/01/30		497,316
	Zoetis, Inc.
	75,000		4.450			08/20/48		89,093

								36,804,562

Pipelines – 6.0%
	Abu Dhabi Crude Oil Pipeline LLC^(b)
	490,000		4.600			11/02/47		493,675
	Energy Transfer Operating LP^(a)
	650,000		4.650			06/01/21		633,009
	1,540,000		5.200			02/01/22		1,450,988
	1,575,000		2.900			05/15/25		1,335,379
	1,900,000		4.200			04/15/27		1,477,858
	456,000		5.150			03/15/45		354,321
	450,000		6.250			04/15/49		380,876
	Enterprise Products Operating LLC^(a)
	575,000		4.800			02/01/49		585,396
	(3M USD LIBOR + 2.778%)
	4,420,000		4.358	^(c)		06/01/67		2,582,252
	EQM Midstream Partners LP^(a)
	4,464,000		4.750			07/15/23		3,225,954
	425,000		5.500			07/15/28		236,606
	Kinder Morgan Energy Partners LP^(a)
	700,000		5.400			09/01/44		695,720
	MPLX LP^(a)
	400,000		4.500			04/15/38		284,116
	400,000		4.700			04/15/48		309,108
	520,000		5.500			02/15/49		447,242
	Plains All American Pipeline LP/PAA Finance Corp.^(a)
	400,000		3.650			06/01/22		366,752
	2,175,000		3.850			10/15/23		1,967,157
	519,000		4.650			10/15/25		419,046
	Sabine Pass Liquefaction LLC^(a)
	1,875,000		6.250			03/15/22		1,818,731
	4,125,000		5.625			03/01/25		3,911,531
	475,000		5.000			03/15/27		411,051
	Sunoco Logistics Partners Operations LP^(a)
	550,000		5.950			12/01/25		504,306
	150,000		5.400			10/01/47		118,200
	The Williams Cos., Inc.
	3,630,000		3.600	^(a)		03/15/22		3,556,311
	150,000		6.300			04/15/40		150,380


Corporate Obligations – (continued)
Pipelines – (continued)
	Western Midstream Operating LP^(a)
	1,025,000		3.100			02/01/25		535,429
	650,000		4.050			02/01/30		285,305
	1,000,000		5.450			04/01/44		373,420

								28,910,119

Real Estate Investment Trust – 2.6%
	Alexandria Real Estate Equities, Inc.^(a)
	500,000		3.800			04/15/26		501,680
	500,000		3.375			08/15/31		464,175
	475,000		4.000			02/01/50		442,159
	American Tower Corp.
	1,550,000		5.000			02/15/24		1,654,485
	1,400,000		3.375	^(a)		05/15/24		1,398,362
	1,300,000		4.000	^(a)		06/01/25		1,336,595
	Camden Property Trust^(a)
	700,000		3.150			07/01/29		688,625
	Crown Castle International Corp.^(a)
	275,000		4.300			02/15/29		287,152
	225,000		3.300			07/01/30		223,153
	125,000		4.150			07/01/50		123,625
	Essex Portfolio LP^(a)
	700,000		3.000			01/15/30		654,948
	MPT Operating Partnership LP/MPT Finance Corp.^(a)
	950,000		4.625			08/01/29		877,154
	National Retail Properties, Inc.^(a)
	700,000		3.600			12/15/26		729,932
	Regency Centers LP^(a)
	1,200,000		2.950			09/15/29		1,126,536
	Spirit Realty LP^(a)
	1,675,000		4.000			07/15/29		1,581,066
	WP Carey, Inc.^(a)
	700,000		3.850			07/15/29		682,528

								12,772,175

Retailing – 0.9%
	Lowe’s Cos., Inc.^(a)
	425,000		5.000			04/15/40		483,947
	775,000		4.550			04/05/49		875,920
	700,000		5.125			04/15/50		837,410
	McDonald’s Corp.^(a)
	150,000		4.450			09/01/48		166,133
	275,000		4.200			04/01/50		306,037
	Starbucks Corp.^(a)
	400,000		3.800			08/15/25		425,012
	The Home Depot, Inc.
	400,000		5.875			12/16/36		566,208
	500,000		4.875	^(a)		02/15/44		620,235
	200,000		4.400	^(a)		03/15/45		233,840

								4,514,742

Savings & Loans^(a)(b)(c) – 0.2%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	750,000		3.960			07/18/30		764,378


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Semiconductors – 3.0%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
$	1,775,000		3.625	%		01/15/24	$	1,755,173
	600,000		3.125			01/15/25		567,396
	4,725,000		3.875			01/15/27		4,507,272
	64,000		3.500			01/15/28		59,013
	Broadcom, Inc.^(a)(b)
	3,675,000		3.625			10/15/24		3,603,705
	2,075,000		4.250			04/15/26		2,082,968
	KLA Corp.^(a)
	550,000		3.300			03/01/50		521,103
	Microchip Technology, Inc.
	775,000		3.922			06/01/21		750,584
	NXP B.V./NXP Funding LLC^(b)
	450,000		3.875			09/01/22		452,110

								14,299,324

Software^(a) – 1.3%
	Citrix Systems, Inc.
	1,275,000		3.300			03/01/30		1,186,094
	Fiserv, Inc.
	1,600,000		3.200			07/01/26		1,640,640
	1,025,000		4.400			07/01/49		1,084,173
	Oracle Corp.
	750,000		3.600			04/01/40		749,565
	725,000		3.600			04/01/50		724,355
	850,000		3.850			04/01/60		855,211

								6,240,038

Telecommunication Services – 6.3%
	AT&T, Inc.
	2,500,000		4.450	^(a)		04/01/24		2,648,475
	1,948,000		3.400	^(a)		05/15/25		2,022,238
	1,724,000		3.600	^(a)		07/15/25		1,796,167
	3,520,000		4.125	^(a)		02/17/26		3,728,666
	550,000		6.150			09/15/34		688,597
	175,000		4.900	^(a)		08/15/37		196,469
	1,125,000		4.850	^(a)		03/01/39		1,271,947
	300,000		6.000	^(a)		08/15/40		372,942
	125,000		4.300	^(a)		12/15/42		130,794
	275,000		4.850	^(a)		07/15/45		305,264
	250,000		4.750	^(a)		05/15/46		276,618
	1,050,000		5.150	^(a)		11/15/46		1,225,864
	British Telecommunications PLC^(a)(b)
	1,335,000		4.250			11/08/49		1,272,442
	Deutsche Telekom International Finance B.V.^(a)(b)
	575,000		4.375			06/21/28		630,234
	Verizon Communications, Inc.
	4,056,000		4.329			09/21/28		4,639,172
	750,000		3.875	^(a)		02/08/29		839,835
	2,551,000		4.016	^(a)		12/03/29		2,875,054
	375,000		5.250			03/16/37		479,089
	295,000		4.125			08/15/46		342,436
	400,000		4.862			08/21/46		521,872
	846,000		5.012			04/15/49		1,141,423
	425,000		4.000	^(a)		03/22/50		501,402


Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Vodafone Group PLC
	1,850,000		3.750			01/16/24		1,926,275
	525,000		4.375			05/30/28		551,345

								30,384,620

Transportation – 0.9%
	Burlington Northern Santa Fe LLC
	425,000		6.150			05/01/37		544,961
	825,000		5.750	^(a)		05/01/40		1,108,808
	CSX Corp.^(a)
	100,000		3.800			04/15/50		104,381
	FedEx Corp.^(a)
	700,000		4.050			02/15/48		610,036
	Union Pacific Corp.^(a)
	275,000		3.550			08/15/39		269,456
	525,000		4.300			03/01/49		600,752
	United Parcel Service, Inc.^(a)
	900,000		5.300			04/01/50		1,175,283

	4,413,677

	TOTAL CORPORATE OBLIGATIONS
	(Cost $435,410,625)						$	427,122,425



Foreign Debt Obligations – 3.3%
Sovereign – 3.3%
	Abu Dhabi Government International Bond
$	1,680,000		4.125	%		10/11/47	$	1,821,225
	Mexico Government International Bond^(a)
	2,540,000		3.250			04/16/30		2,396,490
	Perusahaan Penerbit SBSN Indonesia III
	1,580,000		4.550			03/29/26		1,616,538
	Republic of Chile^(a)
	200,000		3.500			01/25/50		208,000
	Republic of Colombia^(a)
	1,221,000		4.000			02/26/24		1,229,013
	350,000		4.500			03/15/29		357,328
	690,000		3.000			01/30/30		623,760
	200,000		5.200			05/15/49		210,188
	Republic of Indonesia
	200,000		3.700	^(b)		01/08/22		201,250
	387,000		5.875			01/15/24		421,225
	350,000		4.350	^(b)		01/08/27		362,031
	470,000		6.750			01/15/44		611,000
	Republic of Panama^(a)
	200,000		3.870			07/23/60		199,875
	Republic of Philippines
EUR	340,000		0.000	^(e)		02/03/23		352,487
	450,000		0.700			02/03/29		433,801
	Republic of Qatar^(b)
$	1,800,000		5.103			04/23/48		2,184,187
	Republic of Romania^(b)
EUR	90,000		2.124			07/16/31		90,762
	70,000		2.000			01/28/32		69,772
	80,000		4.625			04/03/49		93,636


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

Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of South Africa
$	200,000		4.850	%		09/30/29	$	163,000
	200,000		5.750			09/30/49		144,874
	State of Israel^(f)
	200,000		4.500			04/03/20		200,000
	United Mexican States
EUR	1,770,000		1.625			04/08/26		1,848,425
$	250,000		4.500	^(a)		01/31/50		248,625

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $15,831,229)						$	16,087,492



Municipal Debt Obligations – 0.9%
California^(a) – 0.2%
	California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%		10/01/39	$	699,130

Illinois – 0.6%
	Illinois State GO Bonds Build America Series 2010^(a)
	1,625,000		6.630			02/01/35		1,749,118
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,360,000		5.100			06/01/33		1,349,977

								3,099,095

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		512,400

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,797,102)						$	4,310,625



U.S. Treasury Obligation^(g) – 0.2%
	United States Treasury Bonds
$	700,000		3.375	%		11/15/48	$	1,036,656
	(Cost $859,710)


Shares		Dividend Rate	Value

Investment Company^(h) – 5.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	24,456,240	0.333%	$	24,456,240
	(Cost $24,456,240)

	TOTAL INVESTMENTS – 97.7%
	(Cost $480,354,906)		$	473,013,438

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.3%			10,974,015

	NET ASSETS – 100.0%		$	483,987,453



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 March 31, 2020.

(d)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2020.

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

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

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

(h)		Represents an affiliated issuer.



Currency Abbreviations:
EUR		—Euro
USD		—U.S. Dollar

Investment Abbreviations:
BP		—British Pound Offered Rate
CMT		—Constant Maturity Treasury Indexes
EURO		—Euro Offered Rate
GO		—General Obligation
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
RB		—Revenue Bond
SOFR		—Secured Overnight Funding Rate


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency
Purchased

Currency
Sold

Settlement
Date

Unrealized
Gain

Westpac Banking Corp.

USD

4,918,369

EUR

4,532,771

05/14/20

(89,607

)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		1			06/15/20	$	248,688		$	3,034
Ultra Long U.S. Treasury Bonds		79			06/19/20		17,528,125			1,076,096
1 Month SOFR		41			07/31/20		17,074,449			153,371
2 Year U.S. Treasury Notes		281			06/30/20		61,927,570			693,367
10 Year U.S. Treasury Notes		195			06/19/20		27,044,062			423,785
20 Year U.S. Treasury Bonds		55			06/19/20		9,848,438			74,722

Total									$	2,424,375
Short position contracts:
Eurodollars		(1	)		12/14/20		(249,150	)		(4,399	)
Ultra 10 Year U.S. Treasury Notes		(140	)		06/19/20		(21,844,375	)		(1,005,911	)
30 day Federal Funds		(41	)		07/31/20		(17,074,449	)		(152,945	)
5 Year U.S. Treasury Notes		(252	)		06/30/20		(31,590,563	)		(890,612	)

Total									$	(2,053,867	)

TOTAL FUTURES CONTRACTS									$	370,508

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)^(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR + 0.090%^(b)		3M LIBOR	07/25/24	$	10,400	$	(10,798	)	$	166		$	(10,964	)
0.500%^(c)		6M EURO^(d)	03/18/30	EUR	460		(27,281	)		(20,796	)		(6,485	)

TOTAL						$	(38,079	)	$	(20,630	)	$	(17,449	)

(a)

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

(b)

Payments made quarterly.

(c)

Payments made annually.

(d)

Payments made semi-annually.


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/ (Paid) by the Fund^(a)		Credit Spread at March 31, 2020(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
AT&T, Inc., 2.450%, 06/30/20		1.000%		1.868%		06/20/24	$	2,325	$	(79,985	)	$	4,570		$	(84,555	)
CDX.NA.IG Index 28		1.000		1.103		06/20/22		28,500		16,401			437,678			(421,277	)
CDX.NA.IG Index 32		1.000		1.024		06/20/24		24,600		(16,024	)		329,271			(345,295	)
CDX.NA.IG Index 33		1.000		1.079		12/20/24		72,875		(237,282	)		1,095,239			(1,332,521	)
General Electric Co. 2.700%, 10/09/22		1.000		2.055		06/20/24		1,175		(48,873	)		(16,944	)		(31,929	)
General Electric Co. 2.700%, 10/09/22		1.000		2.165		12/20/24		550		(27,982	)		(8,269	)		(19,713	)
Prudential Financial, Inc., 3.500%, 05/15/24		1.000		0.715		06/20/24		1,150		14,042			14,497			(455	)
Republic of Colombia, 10.375%, 01/28/33		1.000		1.953		06/20/24		1,830		(69,888	)		(8,661	)		(61,227	)
Republic of Indonesia, 5.875%, 03/13/20		1.000		1.736		06/20/24		70		(2,066	)		(134	)		(1,932	)
Republic of Peru, 8.750%, 11/21/33		1.000		0.972		06/20/24		550		816			7,520			(6,704	)
The Boeing Co., 8.750%, 08/15/21		1.000		4.389		06/20/24		1,750		(214,892	)		32,053			(246,945	)
United Mexican States, 4.150%, 03/28/27		1.000		2.035		06/20/24		640		(26,566	)		(8,000	)		(18,566	)

TOTAL									$	(692,299	)	$	1,878,820		$	(2,571,119	)

(a)

Payments made quarterly.

(b)



Abbreviations:
CDX.NA.IG Index 28		—CDX North America Investment Grade Index 28
CDX.NA.IG Index 32		—CDX North America Investment Grade Index 32
CDX.NA.IG Index 33		—CDX North America Investment Grade Index 33


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – 68.2%
Argentina – 0.0%
	Republic of Argentina (CCC-/Caa2)
$	30,000		6.875	%		01/11/48	$	7,978

Brazil – 2.2%
	Brazil Notas do Tesouro Nacional (BB-/NR)
BRL	541,000		10.000			01/01/29		118,641
	Brazil Notas do Tesouro Nacional (BB-/Ba2)
	8,473,000		10.000			01/01/25		1,843,126

								1,961,767

Chile – 4.9%
	Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
CLP	1,260,000,000		5.000			03/01/35		1,634,089
	Bonos de la Tesoreria de la Republica en Pesos (NR/A1)
	840,000,000		4.500			03/01/26		1,071,624
	Republic of Chile (A+/A1)
	1,504,000,000		5.500			08/05/20		1,781,025

								4,486,738

Colombia – 2.0%
	Republic of Colombia (NR/NR)
COP	1,272,381,360		3.300			03/17/27		319,721
	Republic of Colombia (NR/Baa2)^(a)
	1,851,000,000		4.375			03/21/23		436,047
	Republic of Colombia (BBB/Baa2)
	1,701,200,000		7.500			08/26/26		424,471
	2,660,100,000		6.000			04/28/28		615,483

								1,795,722

Czech Republic – 5.6%
	Czech Republic Government Bond (NR/NR)
CZK	43,430,000		1.000			06/26/26		1,716,283
	43,810,000		0.250			02/10/27		1,639,808
	19,950,000		0.950			05/15/30		765,445
	7,590,000		2.000			10/13/33		322,214
	Czech Republic Government Bond (NR/Aa3)
	11,320,000		4.200			12/04/36		625,690

								5,069,440

Dominican Republic – 1.9%
	Dominican Republic (NR/NR)
DOP	2,800,000		10.500			04/07/23		49,571
	5,400,000		11.500			05/10/24		97,012
	39,400,000		11.375			07/06/29		706,708
	49,900,000		12.000			03/05/32		866,895

								1,720,186

Egypt – 0.3%
	Republic of Egypt (B/B2)
EUR	100,000		4.750			04/16/26		93,747
	Republic of Egypt (B/B2u)^(b)
$	200,000		4.550			11/20/23		175,500

								269,247

Hungary – 3.5%
	Hungary Government Bond (NR/NR)
HUF	105,800,000		2.750			12/22/26		340,217


Sovereign Debt Obligations – (continued)
Hungary – (continued)
	Hungary Government Bond (NR/Baa3)
HUF	65,720,000		3.000			08/21/30		204,846
	Hungary Government Bond (BBB/NR)
	68,080,000		3.000			06/26/24		221,368
	401,200,000		5.500			06/24/25		1,457,698
	292,160,000		3.000			10/27/27		942,453

								3,166,582

Indonesia – 1.4%
	Republic of Indonesia (NR/NR)
IDR	1,373,000,000		7.000			09/15/30		78,710
	Republic of Indonesia (NR/NR)
	296,000,000		8.750			05/15/31		18,820
	Republic of Indonesia (NR/Baa2)
	20,000,000,000		7.000			05/15/27		1,164,316

								1,261,846

Mexico – 4.8%
	United Mexican States (NR/A3)
MXN	18,225,800		8.000			09/05/24		813,429
	1,907,500		8.000			11/07/47		80,786
	United Mexican States (BBB+/A3)
	9,112,900		10.000			12/05/24		436,606
	11,801,700		7.500			06/03/27		513,036
	5,208,200		8.500			05/31/29		240,335
	5,456,000		7.750			05/29/31		237,467
	3,817,800		7.750			11/23/34		165,713
	11,706,100		10.000			11/20/36		604,026
	29,149,400		8.500			11/18/38		1,306,332

								4,397,730

Peru – 4.7%
	Republic of Peru (NR/A3)
PEN	963,000		6.714			02/12/55		304,865
	Republic of Peru (A-/A3)
	935,000		8.200			08/12/26		339,680
	1,145,000		5.940	^(b)		02/12/29		358,563
	18,000		6.950			08/12/31		5,998
	7,135,000		6.150	^(b)		08/12/32		2,237,810
	2,225,000		5.400	^(b)		08/12/34		648,439
	246,000		6.900			08/12/37		81,974
	1,050,000		5.350	^(b)		08/12/40		293,236

								4,270,565

Philippines – 0.2%
	Republic of Philippines (BBB+/Baa2)
PHP	10,000,000		6.250			01/14/36		215,588

Poland – 6.5%
	Republic of Poland Government Bond (A/A2)
PLN	22,690,000		2.750			04/25/28		5,909,915

Romania^(b) – 0.2%
	Republic of Romania (BBB-/Baa3)
EUR	150,000		2.000			01/28/32		149,512

Russia – 6.5%
	Russian Federation Bond (NR/NR)
RUB	144,690,000		7.650			04/10/30		1,968,108
	85,370,000		7.250			05/10/34		1,134,560


82		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)
Russia – (continued)
	Russian Federation Bond (NR/NR) – (continued)
RUB	200,880,000		7.700	%		03/16/39	$	2,791,066

								5,893,734

South Africa – 7.0%
	Republic of South Africa (BB+/Ba1)
ZAR	18,990,000		10.500			12/21/26		1,092,161
	6,930,000		7.000			02/28/31		285,700
	10,106,000		8.250			03/31/32		449,807
	44,370,000		8.875			02/28/35		1,997,938
	23,010,000		8.500			01/31/37		980,353
	15,840,000		9.000			01/31/40		696,186
	2,790,000		6.500			02/28/41		92,800
	19,154,300		8.750			01/31/44		811,022

								6,405,967

Thailand – 11.9%
	Thailand Government Bond (NR/NR)
THB	88,470,000		2.400			12/17/23		2,822,084
	26,820,000		3.300			06/17/38		979,973
	1,220,000		3.600			06/17/67		49,770
	Thailand Government Bond (NR/Baa1)
	53,278,992		1.250			03/12/28		1,573,248
	86,180,000		3.775			06/25/32		3,188,312
	Thailand Government Bond (A-/Baa1)
	58,690,000		3.850			12/12/25		2,048,077
	3,150,000		3.650			06/20/31		114,501

								10,775,965

Turkey – 4.3%
	Republic of Turkey (NR/NR)
TRY	19,080,000		12.200			01/18/23		2,874,961
	4,270,000		8.800			09/27/23		575,605
	1,610,000		10.600			02/11/26		221,056
	2,080,000		11.000			02/24/27		286,679

								3,958,301

Ukraine^(b) – 0.1%
	Ukraine Government Bond (B/NR)
EUR	100,000		4.375			01/27/30		87,129

Uruguay – 0.2%
	Republic of Uruguay (BBB/Baa2)
UYU	8,101,292		4.375			12/15/28		187,261

	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $71,373,383)						$	61,991,173



Corporate Obligations – 7.1%
Brazil^(a)(c) – 0.2%
	Banco do Brasil SA (CCC+/NR) (10 Year CMT + 4.398%)
$	200,000		6.250	%		10/29/49	$	157,000

British Virgin Islands – 0.3%
	Huarong Finance II Co. Ltd.
	260,000		5.500			01/16/25		273,000


Corporate Obligations – (continued)
China^(a) – 0.1%
	Zhenro Properties Group Ltd. (NR/NR)
CNY	1,000,000		8.000			11/16/20		141,504

Colombia – 0.2%
	Banco de Bogota SA (NR/Ba2)
$	200,000		6.250			05/12/26		191,000

Mauritius – 0.2%
	MTN Mauritius Investments Ltd. (BB+/Ba1)
	200,000		4.755			11/11/24		179,313

Peru^(a)(b) – 2.9%
	Banco de Credito del Peru (BBB+/Baa1)
PEN	643,000		4.850			10/30/20		188,335
	Banco de Credito del Peru (BBB+/NR)
	8,200,000		4.650			09/17/24		2,413,135

								2,601,470

South Africa – 0.4%
	Eastern & Southern African Trade & Development Bank (NR/Baa3)
$	390,000		4.875			05/23/24		364,201

Turkey – 0.4%
	Turkiye Vakiflar Bankasi TAO (NR/B2)^(b)
	200,000		5.250			02/05/25		169,000
	Yapi ve Kredi Bankasi AS (NR/B2)
	200,000		8.250			10/15/24		188,250

								357,250

United Kingdom – 2.0%
	European Bank for Reconstruction & Development (NR/NR)
UAH	40,400,000		16.950			04/03/20		1,462,576
	Gazprom PJSC Via Gaz Finance PLC (BBB-/Baa2)^(b)
$	400,000		3.250			02/25/30		371,999

								1,834,575

United States^(a) – 0.1%
	Sasol Financing USA LLC (BB/Ba1)
	200,000		5.875			03/27/24		81,960

Venezuela^(d) – 0.3%
	Petroleos de Venezuela SA (NR/NR)
	9,280,000		6.000			10/28/22		278,400

	TOTAL CORPORATE OBLIGATIONS
	(Cost $9,831,626)						$	6,459,673



Structured Notes – 8.2%
Singapore^(b) – 0.3%
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	4,275,000,000		9.000			03/19/29		276,394

United Kingdom^(b) – 3.9%
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
	44,885,000,000		8.750			05/17/31		2,853,816
	12,570,000,000		7.500			08/19/32		724,066

								3,577,882


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Structured Notes – (continued)
United States – 4.0%
	Republic of Columbia (Issuer Citibank NA) (NR/NR)
COP	4,226,000,000		11.000	%		07/25/24	$	1,192,685
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)^(b)
IDR	15,558,000,000		7.000			05/17/27		905,722
	17,372,000,000		8.750			05/17/31		1,104,523
	6,568,000,000		7.500			08/19/32		378,334

								3,581,264

	TOTAL STRUCTURED NOTES
	(Cost $10,351,781)						$	7,435,540



U.S. Treasury Obligations^(e)– 0.2%
	United States Treasury Notes
$	28,000		2.875	%		10/15/21	$	29,121
	72,000		1.750			09/30/22		74,587
	47,000		2.875			05/31/25		52,858

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $150,408)						$	156,566


Shares	Dividend Rate		Value

Investment Company^(f) – 8.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
7,510,991		0.333%	$	7,510,991
(Cost $7,510,991)

TOTAL INVESTMENTS – 92.0%
(Cost $99,218,189)			$	83,553,943

OTHER ASSETS IN EXCESS OF LIABILITIES – 8.0%				7,287,256

NET ASSETS – 100.0%			$	90,841,199



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 March 31, 2020.

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

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

(f)		Represents an affiliated issuer.

Security ratings disclosed, if any, are obtained from Standard & Poor’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.



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

Investment Abbreviations:
CLICP		—Sinacofi Chile Interbank Rate
CMT		—Constant Maturity Treasury Indexes
JIBAR		—Johannesburg Interbank Agreed Rate
KLIBOR		—Kuala Lumpur Interbank Offered Rate
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
MIBOR		—MIBOR - Mumbai Interbank Offered Rate
MTN		—Medium Term Note
NR		—Not Rated
PLC		—Public Limited Company
PRIBOR		—Prague Interbank Offered Rate
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	AUD	719,653	CAD	618,309		06/17/20	$	3,064
	AUD	1,269,712	USD	749,493		06/17/20		31,665
	CAD	1,197,711	EUR	766,870		06/17/20		3,402
	CAD	1,190,931	JPY	88,998,813		06/17/20		16,425
	CAD	3,905,160	USD	2,707,909		06/17/20		69,082
	CHF	649,900	USD	670,585		06/17/20		7,143
	CLP	3,443,485,915	USD	3,976,464		05/22/20		52,545
	COP	6,751,244,316	USD	1,646,826		05/08/20		10,621
	EUR	349,811	CAD	543,674		06/17/20		344
	EUR	2,439,653	CZK	65,267,842		06/17/20		69,836
	EUR	216,607	HUF	73,070,037		06/17/20		15,789
	EUR	1,979,334	NOK	21,845,702		06/17/20		87,628
	EUR	245,299	PLN	1,069,291		06/17/20		12,946
	EUR	5,735,044	SEK	60,871,771		06/17/20		180,154
	EUR	2,055,076	USD	2,222,039		06/17/20		51,253
	GBP	1,404,363	USD	1,672,601		06/17/20		74,125
	IDR	14,837,002,145	USD	906,132		04/07/20		7,083
	ILS	13,973,217	USD	3,817,751		06/17/20		142,933
	INR	14,165,054	USD	182,175		04/28/20		3,711
	JPY	149,034,913	USD	1,368,046		06/17/20		22,610
	KRW	1,489,927,786	USD	1,204,918		04/21/20		18,683
	KRW	605,888,591	USD	485,072		06/02/20		12,925
	MXN	9,267,843	USD	375,997		06/17/20		10,201
	NOK	6,426,886	EUR	551,834		06/17/20		7,932
	NOK	8,954,713	USD	795,885		06/17/20		65,692
	NZD	2,227,859	USD	1,311,911		06/17/20		16,630
	THB	5,872,597	USD	177,769		06/17/20		1,242
	TWD	36,015,223	USD	1,191,347		04/17/20		2,541
	USD	1,541,517	AUD	2,417,897		06/17/20		53,965
	USD	8,693,367	BRL	42,974,773		04/02/20		423,921
	USD	385,749	BRL	1,967,085		05/05/20		8,090
	USD	7,069,537	CAD	9,659,554		06/17/20		200,551
	USD	5,937,794	CHF	5,559,329		06/17/20		140,427
	USD	6,787,334	CLP	5,314,007,319		04/21/20		574,959
	USD	458,227	CNH	3,194,919		06/17/20		8,187
	USD	2,576,508	COP	9,389,116,552		04/07/20		266,270
	USD	854,960	CZK	19,317,657		06/17/20		76,879
	USD	4,120,317	EUR	3,670,031		06/17/20		60,584
	USD	3,152,651	HUF	943,346,968		06/17/20		263,124
	USD	3,428,704	IDR	48,397,393,475		04/07/20		449,853
	USD	714,945	IDR	10,214,665,010		05/28/20		94,194
	USD	6,863,765	ILS	23,438,449		06/17/20		220,180
	USD	833,818	INR	62,232,027		04/16/20		16,647
	USD	602,248	INR	45,334,721		04/20/20		7,080
	USD	1,864,227	INR	139,082,116		04/28/20		39,065
	USD	1,828,886	JPY	189,588,250		06/17/20		59,824
	USD	2,116,864	KRW	2,531,439,567		04/21/20		37,927
	USD	2,155,558	MXN	48,640,215		06/17/20		128,687
	USD	4,640,068	NZD	7,332,241		06/17/20		267,628


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	2,830,192	PEN	9,638,218		04/21/20	$	24,595
	USD	581,984	PLN	2,228,617		06/17/20		43,425
	USD	1,776,473	RUB	133,139,961		05/22/20		84,843
	USD	554,780	SEK	5,402,797		06/17/20		7,693
	USD	7,550,227	THB	239,115,226		06/17/20		261,405
	USD	246,848	TRY	1,527,422		04/20/20		17,264
	USD	695,856	TRY	4,437,921		05/04/20		31,688
	USD	488,234	TRY	3,032,033		05/11/20		35,326
	USD	737,155	TRY	4,584,401		05/12/20		52,547
	USD	243,099	TRY	1,515,140		05/14/20		16,959
	USD	490,848	TRY	3,061,109		05/20/20		34,705
	USD	718,618	TRY	4,526,119		05/27/20		45,440
	USD	234,106	TRY	1,467,574		06/04/20		16,261
	USD	948,284	TRY	6,092,628		06/17/20		47,321
	USD	266,296	TRY	1,764,010		06/19/20		5,591
	USD	3,845,644	TWD	114,680,349		04/17/20		44,045
	USD	732,914	TWD	21,976,316		04/20/20		4,082
	USD	2,782,454	ZAR	48,031,346		06/17/20		124,405

TOTAL							$	5,293,842

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	725,514	EUR	417,058		06/17/20	$	(14,988	)
	AUD	710,990	JPY	47,806,282		06/17/20		(8,665	)
	AUD	2,237,661	USD	1,464,941		06/17/20		(88,274	)
	BRL	42,974,773	USD	9,669,613		04/02/20		(1,400,167	)
	BRL	33,703,112	USD	6,734,599		05/05/20		(263,975	)
	CAD	843,016	GBP	496,120		06/17/20		(17,592	)
	CAD	583,133	JPY	44,959,572		06/17/20		(4,851	)
	CAD	3,387,507	USD	2,467,699		06/17/20		(58,815	)
	CHF	190,792	AUD	334,158		06/17/20		(6,622	)
	CHF	1,227,067	EUR	1,161,077		06/17/20		(4,758	)
	CHF	567,225	GBP	490,060		06/17/20		(18,017	)
	CHF	4,915,178	USD	5,251,135		06/17/20		(125,497	)
	CNH	7,285,336	USD	1,044,621		06/17/20		(18,400	)
	COP	16,140,360,867	USD	4,345,119		04/07/20		(373,706	)
	COP	1,588,616,373	USD	462,318		05/08/20		(72,309	)
	CZK	115,145,241	EUR	4,541,323		06/17/20		(385,702	)
	CZK	11,208,364	USD	481,165		06/17/20		(29,713	)
	EUR	349,973	AUD	637,718		06/17/20		(5,206	)
	EUR	522,024	CAD	815,440		06/17/20		(2,410	)
	EUR	475,000	CZK	13,195,011		06/17/20		(6,033	)
	EUR	699,819	GBP	640,821		06/17/20		(22,914	)
	EUR	169,010	JPY	20,245,079		06/17/20		(1,952	)
	EUR	1,026,101	NOK	12,814,313		06/17/20		(97,872	)
	EUR	10,390,150	USD	11,698,907		06/17/20		(205,481	)
	GBP	1,981,547	USD	2,541,532		06/17/20		(76,913	)
	HUF	828,282,701	EUR	2,376,513		06/17/20		(91,785	)
	HUF	129,780,533	USD	419,733		06/17/20		(22,208	)


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 LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	IDR	33,560,391,330	USD	2,431,721		04/07/20	$	(366,086	)
	IDR	47,633,233,770	USD	3,416,115		05/28/20		(521,417	)
	IDR	3,369,519,278	USD	233,848		06/08/20		(29,505	)
	ILS	9,635,960	USD	2,785,491		06/17/20		(54,197	)
	INR	94,202,857	USD	1,254,454		04/20/20		(17,727	)
	INR	97,726,022	USD	1,341,250		04/28/20		(58,801	)
	JPY	44,649,884	EUR	379,672		06/17/20		(3,355	)
	JPY	565,010,499	USD	5,390,070		06/17/20		(117,914	)
	KRW	1,862,664,922	USD	1,567,214		04/21/20		(37,505	)
	MXN	205,423,097	USD	9,525,664		06/17/20		(965,539	)
	MYR	30,693,387	USD	7,546,008		04/30/20		(424,572	)
	NOK	20,112,231	EUR	1,895,005		06/17/20		(161,129	)
	NOK	10,927,496	USD	1,125,075		06/17/20		(73,688	)
	NZD	1,134,791	EUR	625,609		06/17/20		(15,328	)
	NZD	4,703,607	USD	2,934,062		06/17/20		(129,158	)
	PLN	1,230,218	EUR	270,154		06/17/20		(1,550	)
	PLN	16,535,882	USD	4,351,319		06/17/20		(355,321	)
	RON	13,676,883	USD	3,143,605		06/17/20		(40,760	)
	RUB	320,252,617	USD	4,516,313		05/22/20		(447,297	)
	SEK	53,916,651	EUR	5,030,255		06/17/20		(104,801	)
	SEK	8,867,478	USD	946,573		06/17/20		(48,654	)
	THB	144,007,662	USD	4,468,327		06/17/20		(78,619	)
	TRY	2,546,035	USD	402,898		04/20/20		(20,209	)
	TRY	2,528,059	USD	386,140		05/04/20		(7,797	)
	TRY	1,620,989	USD	261,365		05/11/20		(19,231	)
	TRY	3,033,058	USD	489,637		05/12/20		(36,698	)
	TRY	1,474,602	USD	237,231		05/14/20		(17,141	)
	TRY	1,481,217	USD	236,101		05/27/20		(15,797	)
	TRY	1,007,227	USD	160,233		06/04/20		(10,722	)
	TRY	2,454,550	USD	381,407		06/17/20		(18,434	)
	TWD	119,975,327	USD	3,991,454		04/17/20		(14,329	)
	TWD	20,695,543	USD	688,511		04/20/20		(2,153	)
	USD	958,444	AUD	1,622,662		06/17/20		(39,858	)
	USD	534,567	CAD	757,558		06/17/20		(4,139	)
	USD	1,651,075	COP	6,751,244,316		04/07/20		(10,102	)
	USD	882,875	CZK	22,746,865		06/17/20		(33,327	)
	USD	2,832,049	EUR	2,590,575		06/17/20		(33,606	)
	USD	1,996,928	GBP	1,648,146		06/17/20		(53,013	)
	USD	895,468	IDR	14,837,002,145		05/28/20		(6,186	)
	USD	322,152	INR	24,904,306		04/28/20		(4,665	)
	USD	1,484,039	JPY	161,276,950		06/17/20		(20,850	)
	USD	388,397	KRW	481,363,105		04/21/20		(6,920	)
	USD	3,287,401	MXN	79,937,978		06/17/20		(43,672	)
	USD	801,000	MYR	3,481,947		04/30/20		(6,876	)
	USD	155,695	NOK	1,703,693		06/17/20		(8,226	)
	USD	364,774	RON	1,608,205		06/17/20		(76	)
	USD	383,972	RUB	31,181,811		05/22/20		(12,213	)
	USD	189,973	SEK	1,881,122		06/17/20		(509	)
	USD	1,300,153	TWD	39,305,593		04/17/20		(2,809	)
	ZAR	39,314,854	USD	2,345,894		06/17/20		(170,205	)

TOTAL							$	(8,097,511	)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		1			12/14/20	$	249,150		$	4,068
Ultra Long U.S. Treasury Bonds		25			06/19/20		5,546,875			527,332
Ultra 10 Year U.S. Treasury Notes		69			06/19/20		10,766,156			630,654
5 Year U.S. Treasury Notes		4			06/30/20		501,438			1,931
10 Year U.S. Treasury Notes		12			06/19/20		1,664,250			31,570

Total									$	1,195,555
Short position contracts:
2 Year U.S. Treasury Notes		(6	)		06/30/20		(1,322,297	)		219
20 Year U.S. Treasury Bonds		(93	)		06/19/20		(16,652,813	)		(1,137,212	)

Total									$	(1,136,993	)

TOTAL FUTURES CONTRACTS									$	58,562

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by the Fund		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Payments (Received) Paid		Unrealized Appreciation/ (Depreciation)
3M TELBOR^(a)		1.342%^(b)	Barclays Bank PLC		12/18/29	ILS	4,110	$	52,101		$	—	$	52,101
3M TELBOR^(a)		1.020^(b)	BofA Securities LLC		03/18/30		7,075		19,865			2,461		17,404
3M KLIBOR^(a)		3.650^(a)	Citibank NA		02/27/24	MYR	3,020		33,373			—		33,373
6.055%^(a)		Colombia IBR Overnight IB^(a)	CS International (London)		05/02/24	COP	3,635,890		(63,387	)		—		(63,387	)
3M TELBOR^(a)		1.405^(a)	Deutsche Bank AG (London)		12/18/29	ILS	3,360		48,367			—		48,36
3M KLIBOR^(a)		3.693^(a)	MS & Co. Int. PLC		03/01/24	MYR	5,490		62,640			—		62,640
3M KLIBOR^(a)		3.605^(a)	MS & Co. Int. PLC		03/06/24		25,010		270,101			—		270,101
3M KLIBOR^(a)		3.330^(a)	MS & Co. Int. PLC		05/31/24		2,610		22,475			—		22,475
3M KLIBOR^(a)		3.250^(a)	MS & Co. Int. PLC		12/18/24		2,000		17,302			509		16,793

TOTAL								$	462,837		$	2,970	$	459,867

(a)

Payments made quarterly.

(b)

Payments made annually.


88		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


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M Thai Reuters^(a)		1.750%^(a)	06/19/21	THB	681,590		$	281,069		$	250,401		$	30,668
1M BID Avg^(b)		5.440^(b)	01/03/22	BRL	65,270			331,927			90,570			241,357
4.500%^(c)		3M MIBOR^(c)	03/18/22	COP	44,810,770			(222,838	)		(67,763	)		(155,075	)
Mexico IB TIIE 28D^(b)		6.000^(b)	06/15/22	MXN	87,580	^(d)		22,165			1,150			21,015
4.000^(c)		3M MIBOR^(c)	06/17/22	COP	12,555,825			(25,550	)		(1,013	)		(24,537	)
6M MIBOR^(a)		4.750^(a)	06/17/22	INR	554,300			82,773			50,345			32,428
3M JIBAR^(c)		6.500^(c)	06/17/22	ZAR	122,320	^(d)		155,246			14,846			140,400
1.800^(a)		6M CLICP^(a)	06/17/22	CLP	3,887,025			(82,720	)		(102,135	)		19,415
6M PRIBOR^(a)		1.850^(e)	09/16/22	CZK	111,650	^(d)		110,023			1,207			108,816
6M PRIBOR^(a)		2.260^(e)	09/16/22		167,000	^(d)		221,027			3,076			217,951
6.244^(f)		1M BID Average^(f)	01/02/23	BRL	6,150			(28,794	)		—			(28,794	)
6.943^(b)		1M BID Average^(b)	01/02/23		4,525			(35,004	)		—			(35,004	)
7.223^(b)		1M BID Average^(b)	01/02/23		5,075			(45,337	)		—			(45,337	)
1M BID Avg^(f)		5.750^(f)	01/02/23		11,130			34,403			21,934			12,469
1M BID Avg^(b)		6.660^(b)	01/02/23		49,936			407,168			126,861			280,307
Mexico IB TIIE 28D^(b)		6.500^(b)	06/14/23	MXN	19,990	^(d)		14,110			(6,793	)		20,903
6.844^(b)		1M BID Average^(b)	01/02/24	BRL	12,250			(57,639	)		—			(57,639	)
1M BID Avg^(f)		5.330^(f)	01/02/24		12,250			(47,936	)		(2,490	)		(45,446	)
6M PRIBOR^(a)		1.100^(e)	12/18/24	CZK	36,900			17,532			(351	)		17,883
6M WIBOR^(a)		1.860^(e)	12/18/24	PLN	1,020			11,619			2,123			9,496
6.260^(b)		1M BID Average^(b)	01/02/25	BRL	1,190			1,211			112			1,099
Mexico IB TIIE 28D^(b)		7.400^(b)	06/11/25	MXN	50,230	^(d)		92,866			(2,403	)		95,269
6M CNY^(c)		2.500^(c)	06/17/25	CNY	61,600			100,658			12,379			88,279
1.250^(a)		6M Thai Reuters^(a)	06/17/25	THB	16,600			(5,037	)		(2,058	)		(2,979	)
1.400^(e)		6M WIBOR^(a)	06/17/25	PLN	22,605	^(d)		(142,773	)		(18,195	)		(124,578	)
1.505^(e)		6M PRIBOR^(a)	09/16/26	CZK	37,950	^(d)		(75,914	)		(1,913	)		(74,001	)
2.010^(e)		6M PRIBOR^(a)	09/16/26		57,350	^(d)		(186,873	)		(3,572	)		(183,301	)
Mexico IB TIIE 28D^(b)		7.500	06/09/27	MXN	33,290	^(d)		60,748			(2,925	)		63,673
2.000^(a)		3M LIBOR^(c)	03/18/30	$	350			(44,851	)		(7,108	)		(37,743	)
3M MIBOR^(c)		5.600^(c)	03/18/30	COP	3,072,000			6,523			(1,061	)		7,584
6.400^(b)		Mexico IB TIIE 28D^(b)	06/05/30	MXN	9,110	^(d)		18,296			145			18,151
1.500^(e)		6M PRIBOR^(a)	06/17/30	CZK	61,120	^(d)		(192,236	)		(19,641	)		(172,595	)
1.750^(e)		6M WIBOR^(a)	06/17/30	PLN	2,101	^(d)		(33,747	)		(2,509	)		(31,238	)

TOTAL							$	742,115		$	333,219		$	408,896

(a)

Payments made semi-annually.

(b)

Payments made monthly.

(c)

Payments made quarterly.

(d)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2020.

(e)

Payments made annually.

(f)

Payments made at the termination date.


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate (Paid) Received by the Fund^(a)		Credit Spread at March 31, 2020^(b)		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)%		0.074%	BofA Securities LLC		12/20/20	$	2,320	$	(16,436	)	$	3,761	$	(20,197	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.089	BofA Securities LLC		06/20/21		70		(797	)		200		(997	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.074	Citibank NA		12/20/20		3,400		(24,087	)		6,419		(30,506	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.089	Citibank NA		06/20/21		3,810		(43,488	)		9,749		(53,237	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.089	JPMorgan Securities, Inc.		06/20/21		250		(2,886	)		623		(3,509	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.089	UBS AG (London)		06/20/21		280		(3,232	)		301		(3,533	)

Protection Sold:
People’s Republic of China, 7.500%, 10/28/27		1.000		0.342	MS & Co. Int. PLC		12/20/23		6,780		167,761			123,915		43,846

TOTAL										$	76,835		$	144,968	$	(68,133	)

(a)

Payments made quarterly.

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received by the Fund^(a)		Credit Spread at March 31, 2020^(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
Republic of Indonesia, 5.875%, 03/13/20		1.000%		1.736%		06/20/24	$	1,310	$	(36,338	)	$	7,211	$	(43,549	)
Republic of Colombia, 10.375%, 01/28/33		1.000		1.953		06/20/24		1,230		(47,157	)		6,394		(53,551	)
Republic of Peru, 8.750%, 11/21/33		1.000		1.094		12/20/24		1,000		(4,290	)		19,869		(24,159	)
Federative Republic of Brazil, 4.250%, 01/07/25		1.000		0.810		06/20/20		200		117			225		(108	)
People’s Republic of China, 7.500%, 10/28/27		1.000		0.173		06/20/22		1,210		22,727			19,435		3,292
State of Qatar, 9.750%, 06/15/30		1.000		1.209		12/20/24		1,030		(9,321	)		27,626		(36,947	)
United Mexican States, 4.150%, 03/28/27		1.000		2.177		12/20/24		1,000		(54,417	)		8,514		(62,931	)

TOTAL									$	(128,679	)	$	89,274	$	(217,953	)

(a)

Payments made quarterly.


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

(b)



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


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – 129.5%
Collateralized Mortgage Obligations – 5.9%
Interest Only^(a) – 2.1%
	FHLMC REMIC Series 3852, Class SW^(b) (-1x1M USD LIBOR + 6.000%)
$	379,801		5.295	%		05/15/41	$	58,963
	FHLMC REMIC Series 4286, Class SN^(b) (-1x1M USD LIBOR + 6.000%)
	3,001,157		5.295			12/15/43		484,220
	FHLMC REMIC Series 4314, Class SE^(b) (-1x1M USD LIBOR + 6.050%)
	290,843		5.345			03/15/44		47,505
	FHLMC REMIC Series 4320, Class SD^(b) (-1x1M USD LIBOR + 6.100%)
	150,985		5.395			07/15/39		30,517
	FHLMC REMIC Series 4456, Class IO
	175,755		4.500			10/15/44		24,531
	FHLMC REMIC Series 4468, Class SY^(b) (-1x1M USD LIBOR + 6.100%)
	275,564		5.395			05/15/45		52,603
	FHLMC REMIC Series 4583, Class ST^(b) (-1x1M USD LIBOR + 6.000%)
	1,234,307		5.295			05/15/46		206,910
	FHLMC REMIC Series 4936, Class ES^(b) (-1x1M USD LIBOR + 6.000%)
	480,093		5.295			12/25/49		55,673
	FHLMC REMIC Series 4936, Class PS^(b) (-1x1M USD LIBOR + 6.000%)
	392,123		5.295			12/25/49		50,784
	FHLMC STRIPS Series 304, Class C45
	208,334		3.000			12/15/27		12,284
	FNMA REMIC Series 2007-36, Class SN^(b) (-1x1M USD LIBOR + 6.770%)
	362,148		5.823			04/25/37		79,694
	FNMA REMIC Series 2008-17, Class SI^(b) (-1x1M USD LIBOR + 6.300%)
	464,134		5.353			03/25/38		91,074
	FNMA REMIC Series 2011-124, Class SC^(b) (-1x1M USD LIBOR + 6.550%)
	253,580		5.603			12/25/41		45,818
	FNMA REMIC Series 2012-88, Class SB^(b) (-1x1M USD LIBOR + 6.670%)
	344,756		5.723			07/25/42		60,984
	FNMA REMIC Series 2015-34, Class LS^(b) (-1x1M USD LIBOR + 6.100%)
	2,008,652		5.153			06/25/45		381,761
	FNMA REMIC Series 2017-104, Class SB^(b)(-1X 1M USD LIBOR + 6.150%)
	949,721		5.203			01/25/48		138,645
	FNMA REMIC Series 2017-69, Class SG^(b)(-1X 1M USD LIBOR + 6.150%)
	1,258,663		5.203			09/25/47		205,556
	FNMA REMIC Series 2017-86, Class SB^(b) (-1x M USD LIBOR + 6.150%)
	1,034,605		5.203			11/25/47		162,314
	FNMA REMIC Series 2018-8, Class SA^(b) (-1x1M USD LIBOR + 6.150%)
	958,876		5.203			02/25/48		125,411


Mortgage-Backed Obligations – (continued)
Interest Only^(a) – (continued)
	FNMA REMIC Series 2019-81, Class SD^(b) (-1x1M USD LIBOR + 6.000%)
	562,956		5.053			01/25/50		72,125
	GNMA REMIC Series 2010-101, Class S^(b) (-1x1M USD LIBOR + 6.000%)
	823,948		5.227			08/20/40		146,742
	GNMA REMIC Series 2010-20, Class SE^(b) (-1x1M USD LIBOR + 6.250%)
	340,737		5.477			02/20/40		66,792
	GNMA REMIC Series 2010-85, Class SN^(b) (-1x1M USD LIBOR + 5.940%)
	33,381		5.167			07/20/40		6,767
	GNMA REMIC Series 2013-124, Class CS^(b) (-1x1M USD LIBOR + 6.050%)
	1,480,503		5.277			08/20/43		285,488
	GNMA REMIC Series 2013-134, Class DS^(b) (-1x1M USD LIBOR + 6.100%)
	77,251		5.327			09/20/43		14,567
	GNMA REMIC Series 2014-11, Class KI
	176,753		4.500			12/20/42		14,682
	GNMA REMIC Series 2014-117, Class SJ^(b) (-1x1M USD LIBOR + 5.600%)
	3,521,125		4.827			08/20/44		626,065
	GNMA REMIC Series 2014-132, Class SL^(b) (-1x1M USD LIBOR + 6.100%)
	541,678		5.327			10/20/43		72,846
	GNMA REMIC Series 2014-133, Class BS^(b) (-1x1M USD LIBOR + 5.600%)
	265,764		4.827			09/20/44		46,890
	GNMA REMIC Series 2014-158, Class SA^(b) (-1x1M USD LIBOR + 5.600%)
	1,649,375		4.895			10/16/44		288,528
	GNMA REMIC Series 2015-110, Class MS^(b) (-1x1M USD LIBOR + 5.710%)
	1,054,031		4.937			08/20/45		168,095
	GNMA REMIC Series 2015-111, Class IM
	900,068		4.000			08/20/45		93,101
	GNMA REMIC Series 2015-111, Class SM^(b) (-1x1M USD LIBOR + 6.200%)
	327,364		5.427			08/20/45		55,975
	GNMA REMIC Series 2015-112, Class SB^(b) (-1x1M USD LIBOR + 5.740%)
	312,306		4.967			08/20/45		48,018
	GNMA REMIC Series 2015-119, Class SN^(b) (-1x1M USD LIBOR + 6.250%)
	680,106		5.477			08/20/45		112,937
	GNMA REMIC Series 2015-129, Class IC
	657,539		4.500			09/16/45		102,798
	GNMA REMIC Series 2015-168, Class SD^(b) (-1x1M USD LIBOR + 6.200%)
	176,439		5.427			11/20/45		33,517
	GNMA REMIC Series 2015-57, Class AS^(b) (-1x1M USD LIBOR + 5.600%)
	1,942,006		4.827			04/20/45		306,709
	GNMA REMIC Series 2015-72, Class JI
	71,077		3.500			05/20/45		4,456
	GNMA REMIC Series 2015-83, Class PI
	119,144		3.500			06/20/45		7,853


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

GOLDMAN SACHS U.S. MORTGAGES FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Interest Only^(a) – (continued)
	GNMA REMIC Series 2015-90, Class PI
$	94,074		3.500	%		04/20/45	$	5,022
	GNMA REMIC Series 2016-1, Class ST^(b) (-1x1M USD LIBOR + 6.200%)
	330,997		5.427			01/20/46		55,740
	GNMA REMIC Series 2016-138, Class DI
	203,438		4.000			10/20/46		24,375
	GNMA REMIC Series 2016-27, Class IA
	703,497		4.000			06/20/45		57,947
	GNMA REMIC Series 2016-4, Class SM^(b) (-1x1M USD LIBOR + 5.650%)
	500,044		4.877			01/20/46		90,789
	GNMA REMIC Series 2017-112, Class SJ^(b) (-1X 1M USD LIBOR + 5.660%)
	983,240		4.887			07/20/47		139,709
	GNMA REMIC Series 2018-105, Class SC^(b) (-1x1M USD LIBOR + 6.200%)
	612,931		5.427			08/20/48		84,736
	GNMA REMIC Series 2018-124, Class SN^(b) (-1X 1M USD LIBOR + 6.200%)
	1,588,093		5.427			09/20/48		279,474
	GNMA REMIC Series 2018-139, Class SQ^(b) (-1x1M USD LIBOR + 6.150%)
	1,085,084		5.377			10/20/48		148,517
	GNMA REMIC Series 2018-67, Class PS^(b)(c) (-1X 1M USD LIBOR + 6.200%)
	1,588,566		5.427			05/20/48		232,278
	GNMA REMIC Series 2018-72, Class IB
	2,254,178		4.000			04/20/46		279,802
	GNMA REMIC Series 2019-1, Class SN^(b)(c) (-1x1M USD LIBOR + 6.050%)
	867,782		5.277			01/20/49		116,615
	GNMA REMIC Series 2019-110, Class SD^(b) (-1x1M USD LIBOR + 6.100%)
	1,437,854		5.327			09/20/49		218,119
	GNMA REMIC Series 2019-110, Class SE^(b) (-1x1M USD LIBOR + 6.100%)
	1,572,588		5.327			09/20/49		208,288
	GNMA REMIC Series 2019-128, Class IO
	1,278,510		4.000			10/20/49		139,896
	GNMA REMIC Series 2019-129, Class AI
	1,672,157		3.500			10/20/49		199,173
	GNMA REMIC Series 2019-151, Class IA
	5,228,581		3.500			12/20/49		572,494
	GNMA REMIC Series 2019-151, Class NI
	3,759,895		3.500			10/20/49		341,124
	GNMA REMIC Series 2019-20, Class SF^(b) (-1x1M USD LIBOR + 3.790%)
	1,570,065		3.017			02/20/49		121,156
	GNMA REMIC Series 2019-4, Class SJ^(b)(c) (-1X 1M USD LIBOR + 6.050%)
	1,472,418		5.277			01/20/49		217,001
	GNMA REMIC Series 2019-6, Class SA^(b)(c) (-1x1M USD LIBOR + 6.050%)
	560,174		5.277			01/20/49		78,313
	GNMA REMIC Series 2019-78, Class SE^(b)(c) (-1X 1M USD LIBOR + 6.100%)
	612,509		5.327			06/20/49		83,269


Mortgage-Backed Obligations – (continued)
Interest Only^(a) – (continued)
	GNMA REMIC Series 2019-97, Class SC^(b) (-1x1M USD LIBOR + 6.100%)
	1,187,993		5.327			08/20/49		157,368
	GNMA REMIC Series 2019-98, Class SC^(b) (-1x1M USD LIBOR + 6.050%)
	1,979,700		5.277			08/20/49		263,895
	GNMA Series 2018-7, Class DS^(b) (-1X 1M USD LIBOR + 5.700%)
	1,076,768		4.927			01/20/48		167,661

								9,172,959

Regular Floater^(b) – 1.5%
	FHLMC REMIC Series 4103, Class BF (1M USD LIBOR + 0.350%)
	343,051		1.055			12/15/38		341,917
	FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	88,139		1.397			07/25/41		87,397
	FNMA REMIC Series 2017-96, Class FA (1M USD LIBOR + 0.400%)
	2,062,016		1.347			12/25/57		2,037,343
	GNMA REMIC Series 2017-182, Class FN (1M USD LIBOR + 0.300%)
	3,880,228		1.005			12/16/47		3,814,816

								6,281,473

Sequential Fixed Rate – 1.8%
	FHLMC REMIC Series 2042, Class N
	35,540		6.500			03/15/28		39,834
	FHLMC REMIC Series 3748, Class D
	332,555		4.000			11/15/39		345,540
	FHLMC REMIC Series 4577, Class HM^(d)
	629,731		4.000			12/15/50		705,266
	FNMA REMIC Series 2000-16, Class ZG
	116,599		8.500			06/25/30		142,503
	FNMA REMIC Series 2005-59, Class KZ
	696,907		5.500			07/25/35		807,472
	FNMA REMIC Series 2011-52, Class GB
	401,076		5.000			06/25/41		459,689
	FNMA REMIC Series 2011-99, Class DB
	432,586		5.000			10/25/41		494,577
	FNMA REMIC Series 2012-111, Class B
	59,394		7.000			10/25/42		73,292
	FNMA REMIC Series 2012-153, Class B
	241,583		7.000			07/25/42		304,908
	FNMA REMIC Series 2017-87, Class EA
	4,192,703		3.000			04/25/44		4,511,697

								7,884,778

Sequential Floating Rate^(b) – 0.5%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	48,076		3.835			04/25/35		42,210
	Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
	282,648		3.972			07/25/35		247,983
	Countrywide Alternative Loan Trust Series 2005-38, Class A1 (12M MTA + 1.500%)
	74,925		3.466			09/25/35		61,262


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ2, Class M3 (1M USD LIBOR + 3.250%)
$	850,000		4.197	%		05/25/25	$	758,419
	FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%)
	35,907		6.247			10/25/28		34,957
	FNMA Connecticut Avenue Securities Series 2016-C06, Class 1M2 (1M USD LIBOR + 4.250%)
	308,316		5.197			04/25/29		295,981
	HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
	63,658		1.230			01/19/36		54,682
	Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	30,841		1.667			10/25/34		26,661
	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	268,066		3.997			10/25/34		235,451
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1^(e)
	215,328		3.750			05/28/52		221,381

								1,978,987

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	25,318,197

Commercial Mortgage-Backed Securities – 3.2%
Sequential Fixed Rate – 2.8%
	BBCMS Mortgage Trust Series 2018-C2, Class A4
$	2,650,000		4.047	%		12/15/51	$	2,937,736
	Morgan Stanley Capital I Trust Series 2018-L1, Class A3
	6,400,000		4.139			10/15/51		7,152,647
	Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	1,900,000		3.006			01/15/53		1,927,471

								12,017,854

Sequential Floating Rate^(b) – 0.4%
	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A^(e) (1M USD LIBOR + 0.900%)
	732,823		1.605			09/15/35		636,283
	BANK 2018-BNK15 Series 2018-BN15, Class A4
	900,000		4.407			11/15/61		1,029,272
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A^(e) (1M USD LIBOR + 0.830%)
	104,915		1.630			06/15/35		95,791

								1,761,346

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	13,779,200

Federal Agencies – 120.4%
Adjustable Rate FHLMC^(b) – 0.0%
	(1 Year CMT + 2.107%)
$	8,002		4.007	%		10/01/34	$	8,335
	(1 Year CMT + 2.206%)
	12,256		4.294			09/01/33		12,746


Mortgage-Backed Obligations – (continued)
Adjustable Rate FHLMC^(b) – (continued)
	(1 Year CMT + 2.250%)
	29,109		4.612			04/01/33		30,050
	10,514		4.006			11/01/34		10,939
	9,790		3.777			02/01/35		10,168
	35,097		4.474			06/01/35		36,328

								108,566

Adjustable Rate FNMA^(b) – 0.1%
	(1 Year CMT + 2.196%)
	14,203		3.858			02/01/35		14,791
	(1 Year CMT + 2.208%)
	3,549		4.521			07/01/33		3,668
	(1 Year CMT + 2.261%)
	85,727		4.669			06/01/33		88,349
	(1 Year CMT + 2.307%)
	997		4.389			04/01/34		1,032
	(12M USD LIBOR + 1.622%)
	23,785		3.621			03/01/35		24,604
	(12M USD LIBOR + 1.647%)
	25,777		3.679			12/01/33		26,615
	(12M USD LIBOR + 1.670%)
	11,401		3.716			11/01/34		11,817
	(12M USD LIBOR + 1.810%)
	16,309		4.835			04/01/35		16,933
	(12M USD LIBOR + 1.977%)
	30,899		4.493			05/01/35		32,176
	(6M USD LIBOR + 1.412%)
	4,304		3.425			06/01/33		4,375
	(COF + 1.250%)
	697		2.350			07/01/22		695
	6,970		2.286			07/01/27		6,931
	8,023		2.286			11/01/27		7,979
	4,519		2.286			01/01/31		4,488
	6,211		2.286			06/01/32		6,166
	6,314		2.350			08/01/32		6,268
	9,332		2.350			05/01/33		9,264
	76,244		2.285			08/01/33		75,732
	2,933		2.286			11/01/35		2,912
	18,552		2.286			12/01/37		18,443
	11,302		2.286			01/01/38		11,238
	7,188		2.286			11/01/40		7,139

								381,615

Adjustable Rate GNMA^(b) – 0.1%
	(1 Year CMT + 1.500%)
	7,158		3.875			06/20/23		7,312
	3,868		3.250			07/20/23		3,941
	3,714		3.250			08/20/23		3,784
	8,364		3.250			09/20/23		8,524
	2,881		4.000			03/20/24		2,942
	25,881		3.875			04/20/24		26,500
	3,469		3.875			05/20/24		3,553
	29,527		3.875			06/20/24		30,255
	17,985		3.250			07/20/24		18,388
	25,466		3.250			08/20/24		26,032
	7,644		3.250			09/20/24		7,809
	10,128		3.125			11/20/24		10,384


94		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)
	(1 Year CMT + 1.500%) – (continued)
$	10,919		3.125	%		12/20/24	$	11,235
	6,661		4.000			01/20/25		6,828
	4,026		4.000			02/20/25		4,128
	15,314		3.875			05/20/25		15,755
	12,552		3.250			07/20/25		12,886
	5,502		4.000			02/20/26		5,643
	311		3.250			07/20/26		319
	14,795		4.000			01/20/27		15,212
	6,010		4.000			02/20/27		6,172
	46,192		3.875			04/20/27		47,571
	4,528		3.875			05/20/27		4,665
	6,887		3.875			06/20/27		7,097
	2,419		3.125			11/20/27		2,488
	7,080		3.125			12/20/27		7,288
	16,786		4.000			01/20/28		17,262
	5,460		4.000			02/20/28		5,616
	5,937		4.000			03/20/28		6,109
	27,821		3.250			07/20/29		28,645
	17,452		3.250			08/20/29		17,971
	3,207		3.250			09/20/29		3,303
	13,816		3.125			10/20/29		14,249
	19,878		3.125			11/20/29		20,512
	3,753		3.125			12/20/29		3,872
	5,480		4.000			01/20/30		5,650
	2,340		4.000			02/20/30		2,413
	16,370		4.000			03/20/30		16,878
	16,361		3.875			04/20/30		16,914
	43,463		3.875			05/20/30		44,930
	4,615		3.875			06/20/30		4,769
	38,951		3.250			07/20/30		40,266
	7,828		3.250			09/20/30		8,092
	12,075		3.125			10/20/30		12,468

								566,630

FHLMC – 12.5%
	54,357		5.000			10/01/33		60,779
	2,947		5.000			07/01/35		3,274
	1,928		4.500			08/01/35		2,100
	4,850		4.500			09/01/35		5,281
	4,274		4.500			10/01/35		4,653
	68,252		5.000			12/01/35		76,075
	1,978		5.000			02/01/37		2,215
	27,638		4.500			01/01/38		30,097
	1,149		4.500			06/01/38		1,251
	44,609		4.500			09/01/38		48,851
	200		4.500			01/01/39		220
	25,298		4.500			02/01/39		27,837
	10,348		4.500			03/01/39		11,400
	2,083		4.500			04/01/39		2,295
	74,672		4.500			05/01/39		82,262
	169,707		5.000			05/01/39		187,241
	217,812		4.500			06/01/39		239,952
	2,797		4.500			07/01/39		3,081
	310,889		5.000			07/01/39		345,172
	5,137		4.500			08/01/39		5,659
	11,050		4.500			09/01/39		12,173


Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	2,744		4.500			10/01/39		3,023
	1,831		4.500			11/01/39		2,018
	6,855		4.500			12/01/39		7,552
	7,510		4.500			01/01/40		8,273
	5,110		4.500			04/01/40		5,626
	8,305		4.500			05/01/40		9,144
	18,445		4.000			06/01/40		20,048
	11,295		4.500			06/01/40		12,436
	7,905		4.500			07/01/40		8,704
	1,973		4.500			08/01/40		2,172
	10,354		5.000			08/01/40		11,393
	12,090		5.000			10/01/40		13,356
	163,092		4.000			02/01/41		177,373
	46,496		4.500			02/01/41		51,243
	8,114		4.500			03/01/41		8,943
	22,321		4.500			04/01/41		24,604
	18,412		4.500			05/01/41		20,295
	37,534		4.500			06/01/41		41,370
	2,338		5.000			06/01/41		2,579
	90,833		4.500			08/01/41		100,116
	95,911		4.500			09/01/41		105,598
	64,846		4.000			10/01/41		71,258
	12,099		4.000			11/01/41		13,148
	6,117		4.500			12/01/41		6,743
	676,699		4.000			03/01/42		732,542
	72,724		4.500			03/01/42		80,161
	36,706		3.000			05/01/42		38,933
	382,850		3.500			06/01/42		411,923
	831,497		4.500			06/01/42		912,405
	112,746		3.000			08/01/42		119,530
	118,901		3.500			08/01/42		127,649
	42,420		3.000			10/01/42		44,961
	275,664		3.500			10/01/42		295,945
	605,316		3.000			11/01/42		641,926
	188,735		3.500			11/01/42		202,621
	1,048,661		3.000			12/01/42		1,112,087
	1,841,241		3.000			01/01/43		1,952,546
	178,592		3.000			02/01/43		189,250
	2,465,912		3.500			08/01/43		2,634,210
	1,074,250		4.000			08/01/43		1,168,546
	623,281		4.000			01/01/44		677,991
	664,842		3.500			02/01/44		710,284
	531,425		3.500			06/01/44		569,506
	15,125		4.000			11/01/44		16,596
	71,511		3.500			02/01/45		77,129
	113,320		3.500			03/01/45		122,259
	20,294		3.500			08/01/45		21,653
	30,606		3.500			09/01/45		32,656
	55,226		3.500			11/01/45		58,924
	3,858,165		3.500			03/01/46		4,131,649
	613,835		3.500			05/01/46		654,953
	816,980		3.500			06/01/46		870,928
	303,847		3.500			07/01/46		323,911
	45,901		3.500			10/01/46		48,889
	66,309		3.500			12/01/46		70,522
	13,087,687		3.000			05/01/47		13,838,355


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	471,187		3.500	%		12/01/47		$	504,510
	3,956,612		3.000			01/01/48			4,175,758
	3,682,770		4.000			06/01/48			3,959,115
	3,320,092		4.000			07/01/48			3,569,223
	762,418		3.500			09/01/48			807,563
	5,575,285		3.500			12/01/48			5,901,041

									53,687,533

FNMA – 6.4%
	2,620		7.000			08/01/31			3,027
	118,547		3.500			07/01/42			127,232
	119,441		3.500			08/01/42			128,190
	99,109		3.500			09/01/42			106,369
	11,627		3.500			10/01/42			12,479
	22,491		3.500			11/01/42			24,138
	11,750		3.500			01/01/43			12,611
	265,712		3.500			02/01/43			285,176
	27,870		3.500			05/01/43			29,911
	1,099,129		3.500			07/01/43			1,179,642
	569,224		3.500			01/01/44			610,920
	20,764		3.500			12/01/44			22,305
	440,822		4.000			03/01/45			478,984
	214,021		4.000			04/01/45			232,415
	2,408,254		4.500			06/01/51			2,661,128
	4,282,333		4.000			05/01/56			4,715,950
	4,843,271		4.000			07/01/56			5,340,473
	2,749,028		3.500			08/01/56			2,979,606
	4,418,959		3.500			10/01/56			4,796,508
	3,538,967		4.000			02/01/57			3,897,312

									27,644,376

GNMA – 45.6%
	289		5.500			07/15/20			290
	3,757		6.000			04/15/26			3,993
	183		6.500			01/15/32			200
	940		6.500			02/15/32			1,068
	300,286		5.500			04/15/33			342,907
	4,788		5.000			11/15/33			5,252
	826		6.500			08/15/34			966
	583		6.500			02/15/36			676
	1,547		6.500			03/15/36			1,795
	3,135		6.500			04/15/36			3,609
	10,938		6.500			05/15/36			12,687
	5,647		6.500			06/15/36			6,549
	29,433		6.500			07/15/36			34,172
	33,008		6.500			08/15/36			38,341
	58,094		6.500			09/15/36			67,766
	23,257		6.500			10/15/36			27,027
	35,133		6.500			11/15/36			41,208
	16,434		6.500			12/15/36			19,104
	9,996		6.500			01/15/37			11,606
	1,661		6.500			03/15/37			1,926
	4,198		6.500			04/15/37			4,880
	2,221		6.500			05/15/37			2,570
	2,592		6.500			08/15/37			3,005
	9,696		6.500			09/15/37			11,235
	10,477		6.500			10/15/37			12,415


Mortgage-Backed Obligations – (continued)
GNMA – (continued)
	4,325		6.500			11/15/37			4,980
	2,278		6.500			05/15/38			2,660
	2,226		6.500			02/15/39			2,579
	310,227		5.000			01/20/40			340,741
	322,077		4.500			05/15/40			358,462
	127,401		5.000			07/15/40			135,633
	164,667		3.500			09/15/42			178,983
	322,035		3.500			02/15/45			347,656
	77,148		4.000			05/20/45			83,418
	61,010		4.000			07/20/45			65,911
	113,510		4.000			10/20/45			122,451
	344,484		4.000			01/20/46			371,620
	1,275,280		4.500			03/20/46			1,381,115
	3,657,816		3.000			06/20/46			3,913,183
	958,939		3.500			10/20/46			1,018,986
	5,922,332		4.500			02/20/47			6,314,443
	696,467		4.500			03/20/47			748,826
	4,023,566		4.500			05/20/47			4,317,244
	6,125,367		4.000			06/20/47			6,550,455
	689,409		4.500			06/20/47			739,728
	210,100		4.500			07/20/47			225,435
	2,088,887		4.500			08/20/47			2,241,353
	3,932,092		3.500			01/20/48			4,175,154
	9,330,021		4.500			08/20/48			9,959,262
	1,325,396		5.000			08/20/48			1,417,246
	4,457,247		4.500			09/20/48			4,756,463
	1,648,292		5.000			09/20/48			1,762,005
	3,739,585		5.000			10/20/48			3,996,112
	8,317,262		5.000			11/20/48			8,879,358
	3,893,849		4.500			12/20/48			4,143,075
	4,586,776		5.000			12/20/48			4,884,933
	9,377,887		4.500			01/20/49			9,976,655
	8,732,384		5.000			01/20/49			9,291,152
	4,418,477		4.000			02/20/49			4,707,850
	2,824,232		4.500			03/20/49			3,000,584
	6,199,075		5.000			03/20/49			6,585,571
	5,616,170		4.000			04/20/49			5,980,911
	3,633,189		4.000			05/20/49			3,866,023
	1,374,229		5.000			05/20/49			1,458,405
	5,247,770		5.000			06/20/49			5,577,514
	17,000,000		2.500			TBA-30yr	^(f)		17,772,793
	24,000,000		3.000			TBA-30yr	^(f)		25,384,003
	2,000,000		4.500			TBA-30yr	^(f)		2,120,593
	4,000,000		4.000			TBA-30yr	^(f)		4,250,757
	4,000,000		5.000			TBA-30yr	^(f)		4,239,323
	17,000,000		3.500			TBA-30yr	^(f)		17,933,371

									196,240,222

UMBS – 26.1%
	405		5.500			01/01/21			408
	1,820		7.000			09/01/21			1,864
	10,942		7.000			06/01/22			11,363
	4,646		7.000			07/01/22			4,855
	513		4.500			04/01/23			530
	220,567		4.500			07/01/36			243,031
	21,491		4.500			12/01/36			23,680


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

GOLDMAN SACHS U.S. MORTGAGES FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	209,098		4.500	%		02/01/39	$	230,259
	4,307		4.500			03/01/39		4,727
	5,846		4.500			05/01/39		6,416
	4,423		4.500			07/01/39		4,854
	4,182		4.000			08/01/39		4,544
	10,440		4.500			09/01/39		11,497
	14,747		4.500			10/01/39		16,239
	36,154		4.500			02/01/40		39,680
	5,651		4.500			03/01/40		6,223
	84,389		4.500			04/01/40		92,877
	29,949		4.500			06/01/40		32,860
	5,790		4.500			09/01/40		6,352
	6,889		4.500			12/01/40		7,582
	83,744		4.500			01/01/41		92,167
	24,203		4.500			04/01/41		26,668
	40,588		4.500			06/01/41		44,722
	34,852		4.500			07/01/41		38,401
	160,326		4.500			08/01/41		175,764
	156,714		4.500			09/01/41		172,676
	143,961		3.500			10/01/41		154,281
	119,919		4.500			10/01/41		132,132
	37,706		3.500			11/01/41		40,409
	109,295		4.500			11/01/41		120,426
	76,919		4.500			12/01/41		84,753
	137,489		3.500			01/01/42		147,302
	70,415		4.500			01/01/42		77,586
	15,749		3.500			02/01/42		16,873
	588,932		4.000			03/01/42		637,383
	6,796		4.500			03/01/42		7,471
	105,293		4.000			04/01/42		113,955
	20,624		4.500			04/01/42		22,672
	13,589		3.500			05/01/42		14,551
	49,755		3.500			06/01/42		53,306
	91,029		3.000			09/01/42		96,429
	36,538		3.500			09/01/42		39,146
	214,771		3.500			10/01/42		230,099
	513,423		3.000			12/01/42		544,187
	97,748		3.500			12/01/42		104,725
	107,819		3.000			01/01/43		114,620
	38,343		3.000			02/01/43		40,762
	308,172		3.500			02/01/43		330,139
	1,056,043		3.000			03/01/43		1,122,654
	1,326,567		3.500			03/01/43		1,418,768
	1,151,185		3.000			04/01/43		1,223,795
	1,469,424		3.500			04/01/43		1,569,260
	465,046		2.500			05/01/43		488,767
	1,416,676		3.000			05/01/43		1,506,033
	228,670		3.500			05/01/43		244,205
	49,619		3.000			06/01/43		52,748
	872,847		3.500			06/01/43		933,692
	422,064		3.000			07/01/43		448,686
	3,340,881		3.500			07/01/43		3,570,036
	1,654,762		3.500			08/01/43		1,767,343
	48,765		3.500			09/01/43		52,245
	108,298		3.500			01/01/44		116,027
	49,907		3.500			08/01/44		53,221


Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	97,807		3.500			09/01/44		104,747
	132,470		3.500			10/01/44		143,209
	53,437		5.000			12/01/44		58,458
	37,584		3.500			01/01/45		40,525
	498,416		4.000			02/01/45		543,004
	144,243		3.500			03/01/45		155,249
	99,065		3.500			04/01/45		105,733
	919,582		3.500			05/01/45		994,126
	2,521,276		4.500			06/01/45		2,742,957
	141,149		3.500			07/01/45		150,650
	23,493		3.500			11/01/45		25,059
	568,666		4.000			11/01/45		611,278
	441,835		3.500			01/01/46		471,577
	776,832		3.500			03/01/46		839,253
	375,272		4.000			03/01/46		402,817
	110,911		3.500			04/01/46		119,867
	746,080		3.500			05/01/46		796,068
	253,820		4.000			06/01/46		272,125
	629,352		4.500			06/01/46		679,112
	671,284		3.000			07/01/46		706,391
	684,788		4.000			07/01/46		734,175
	387,113		3.000			08/01/46		407,358
	865,603		4.000			08/01/46		928,029
	1,350,012		3.000			09/01/46		1,420,616
	474,801		3.000			10/01/46		499,672
	412,113		4.000			10/01/46		441,834
	3,050,493		3.000			11/01/46		3,210,030
	7,369,027		3.000			12/01/46		7,754,421
	2,997,635		3.000			01/01/47		3,154,408
	132,533		3.000			02/01/47		139,464
	2,592,828		4.000			02/01/47		2,779,795
	1,691,150		4.500			02/01/47		1,839,843
	504,772		3.000			04/01/47		531,236
	1,948,557		3.500			06/01/47		2,066,503
	2,490,205		3.000			07/01/47		2,620,440
	422,440		4.500			11/01/47		456,764
	3,961,776		4.000			02/01/48		4,279,984
	824,570		4.500			05/01/48		898,785
	1,853,762		3.500			06/01/48		1,966,015
	4,421,760		4.000			06/01/48		4,718,688
	3,351,973		3.000			07/01/48		3,527,277
	1,592,374		3.500			08/01/48		1,684,596
	1,607,387		3.500			09/01/48		1,700,478
	672,519		4.000			09/01/48		717,463
	1,396,412		4.500			10/01/48		1,501,410
	4,254,512		3.500			11/01/48		4,512,141
	3,817,922		5.000			11/01/48		4,174,749
	4,953,713		4.000			01/01/49		5,359,333
	6,323,275		3.500			02/01/49		6,689,486
	2,588,510		5.000			02/01/49		2,896,765
	1,569,249		4.000			05/01/49		1,674,121
	1,759,102		3.500			07/01/49		1,882,419
	1,100,365		3.500			08/01/49		1,177,873
	2,935,532		3.000			10/01/49		3,088,265
	1,735,477		5.000			10/01/49		1,872,122

								112,259,689


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2020


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family^(f) – 29.6%
$	60,000,000		2.500	%		TBA-30yr	$	62,195,550
	13,000,000		4.000			TBA-30yr		13,876,587
	23,000,000		5.000			TBA-30yr		24,822,117
	14,000,000		3.000			TBA-30yr		14,681,187
	11,000,000		3.500			TBA-30yr		11,634,532

								127,209,973

	TOTAL FEDERAL AGENCIES						$	518,098,604

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $541,900,533)						$	557,196,001



Asset-Backed Securities – 10.5%
Collateralized Loan Obligations^(b)(e) – 4.2%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
$	1,300,000		1.855	%		06/15/28	$	1,190,403
	Battalion CLO Ltd. Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%)
	800,000		2.762			05/17/31		749,918
	Cedar Funding V CLO Ltd. Series 2016-5A, Class A1R (3M USD LIBOR + 1.100%)
	4,510,000		2.936			07/17/31		4,177,121
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	618,469		3.081			07/15/26		598,839
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	3,100,000		0.000			04/15/33		2,882,997
	Madison Park Funding XII Ltd. Series 2014-12A, Class AR (3M USD LIBOR + 1.260%)
	545,551		3.079			07/20/26		539,925
	Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%)
	1,500,000		2.619			01/18/28		1,440,080
	Nassau Ltd. Series 2019-IA, Class ANA (3M USD LIBOR + 1.510%)
	1,000,000		3.341			04/15/31		906,623
	OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	1,600,000		2.874			04/26/31		1,487,934
	Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A (1M USD LIBOR + 0.850%)
	84,640		1.797			06/25/35		84,268
	Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%)
	850,000		3.219			01/21/31		726,311
	Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%)
	550,000		3.619			01/21/31		446,131
	Thacher Park CLO Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 1.160%)
	1,080,352		2.979			10/20/26		1,066,746
	York CLO 1 Ltd. Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%)
	2,100,000		2.922			10/22/29		1,993,083

								18,290,379


Asset-Backed Securities – (continued)
Credit Card – 0.5%
	Citibank Credit Card Issuance Trust Series 2018-A7, Class A7
	1,750,000		3.960			10/13/30		1,989,237

Student Loan^(b) – 5.8%
	Academic Loan Funding Trust Series 2013-1A, Class A^(e) (1M USD LIBOR + 0.800%)
	3,336,606		1.747			12/26/44		3,041,183
	Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%)
	294,528		1.647			12/26/35		271,941
	ECMC Group Student Loan Trust Series 2017-1A, Class A^(e) (1M USD LIBOR + 1.200%)
	2,638,386		2.147			12/27/66		2,336,722
	ECMC Group Student Loan Trust Series 2018-1A, Class A^(e) (1M USD LIBOR + 0.750%)
	3,426,007		1.697			02/27/68		3,084,942
	ECMC Group Student Loan Trust Series 2018-2A, Class A^(e) (1M USD LIBOR + 0.800%)
	1,843,808		1.747			09/25/68		1,719,927
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(e) (1M USD LIBOR + 0.800%)
	159,793		1.747			06/25/26		149,030
	Goal Capital Funding Trust Series 2010-1, Class A^(e) (3M USD LIBOR + 0.700%)
	1,179,255		2.379			08/25/48		1,105,659
	Higher Education Funding I Series 2014-1, Class A^(e) (3M USD LIBOR + 1.050%)
	1,346,034		2.729			05/25/34		1,278,247
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	818,468		2.694			07/25/45		769,838
	Panhandle-Plains Higher Education Authority, Inc. Series 2011-2, Class A3 (3M USD LIBOR + 0.850%)
	1,100,000		2.759			07/01/32		1,042,161
	PHEAA Student Loan Trust Series 2011-1A, Class A1^(e) (3M USD LIBOR + 1.100%)
	1,583,750		2.316			06/25/38		1,501,970
	PHEAA Student Loan Trust Series 2014-3A, Class A^(e) (1M USD LIBOR + 0.590%)
	3,569,062		1.537			08/25/40		3,364,861
	PHEAA Student Loan Trust Series 2016-1A, Class A^(e) (1M USD LIBOR + 1.150%)
	833,733		2.097			09/25/65		782,654
	PHEAA Student Loan Trust Series 2016-2A, Class A^(e) (1M USD LIBOR + 0.950%)
	953,372		1.897			11/25/65		905,122
	South Carolina Student Loan Corp. Series 2010-1, Class A3 (3M USD LIBOR + 1.050%)
	1,850,000		2.844			10/27/36		1,768,337
	Utah State Board of Regents Series 2016-1, Class A (1M USD LIBOR + 0.750%)
	1,786,311		1.697			09/25/56		1,728,826

								24,851,420

	TOTAL ASSET-BACKED SECURITIES
	(Cost $48,063,063)						$	45,131,036


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

GOLDMAN SACHS U.S. MORTGAGES FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Debt Obligation^(b)(c) – 0.2%
New Hampshire – 0.2%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.000%)
$	993,730		2.644	%		10/25/37	$	937,919
	(Cost $985,832)


Shares		Dividend Rate	Value

Investment Company^(g) – 3.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	16,960,588	0.333%	$	16,960,588
	(Cost $16,960,588)

	TOTAL INVESTMENTS – 144.1%
	(Cost $607,910,016)		$	620,225,544

	LIABILITIES IN EXCESS OF OTHER ASSETS – (44.1)%			(189,779,967	)

	NET ASSETS – 100.0%		$	430,445,577



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 March 31, 2020.

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



(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2020.

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

(f)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $198,910,813 which represents approximately 46.2% of the Fund’s net assets as of March 31, 2020.

(g)		Represents an affiliated issuer.



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
COF		—Cost of Funds Index
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
MTA		—Monthly Treasury Average
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACT — At March 31, 2020, the Fund had the following forward sales contracts:


Description	Interest Rate	Maturity Date^(a)	Settlement Date	Principal Amount			Value

UMBS, 30 Year, Single Family (Proceeds Receivable: $(1,046,172))	4.500%	TBA-30yr	04/15/20	$	(1,000,000	)	$	(1,075,323	)

(a)


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

March 31, 2020

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
1 Month SOFR		44			07/31/20	$	18,323,799		$	183,221
10 Year U.S. Treasury Notes		3			06/19/20		416,062			(240	)

Total									$	182,981
Short position contracts:
Eurodollars		(1	)		06/15/20		(248,687	)		(4,455	)
Ultra Long U.S. Treasury Bonds		(3	)		06/19/20		(665,625	)		(19,832	)
Ultra 10 Year U.S. Treasury Notes		(16	)		06/19/20		(2,496,500	)		(7,030	)
30 day Federal Funds		(44	)		07/31/20		(18,323,799	)		(183,849	)
2 Year U.S. Treasury Notes		(181	)		06/30/20		(39,889,289	)		(381,908	)
5 Year U.S. Treasury Notes		(99	)		06/30/20		(12,410,578	)		(89,536	)
20 Year U.S. Treasury Bonds		(15	)		06/19/20		(2,685,938	)		18,256

Total									$	(668,354	)

TOTAL FUTURES CONTRACTS									$	(485,373	)

SWAP CONTRACTS — At March 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT


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)

1M LIBOR + 0.090%	3M LIBOR	07/25/24	$9,700	$	(10,071	)	$	157	$	(10,228	)

(a)

Payment made quarterly.

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2020.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Received by the Fund^(a)		Credit Spread at March 31, 2020^(b)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 10		3.000%	8.266%		JPMorgan Securities, Inc.		11/17/59	$	2,450	$	(643,303	)	$	(7,395	)	$	(635,908	)
Markit CMBX Series 11		3.250	8.599		JPMorgan Securities, Inc.		11/18/54		2,400		(730,345	)		(33,082	)		(697,263	)
Markit CMBX Series 9		3.000	8.626		JPMorgan Securities, Inc.		09/17/58		2,450		(597,375	)		(11,389	)		(585,986	)

TOTAL										$	(1,971,023	)	$	(51,866	)	$	(1,919,157	)

(a)

Payments made monthly.

(b)


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

GOLDMAN SACHS U.S. MORTGAGES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At March 31, 2020, the Fund had the following written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
1M IRS	Deutsche Bank AG (London)		0.395	%		09/30/2020		(3,000,000	)	$	(3,000,000	)	$	(31,962	)	$	(38,100	)	$	6,138
6M IRS	Deutsche Bank AG (London)		0.395			09/30/2020		(3,000,000	)		(3,000,000	)		(33,741	)		(31,200	)		(2,541	)
								(6,000,000	)	$	(6,000,000	)	$	(65,703	)	$	(69,300	)	$	3,597
Puts
3M IRS	JPMorgan Securities, Inc.		2.020			04/08/2020		(4,200,000	)		(4,200,000	)		—			(16,914	)		16,914

Total written option contracts								(10,200,000	)	$	(10,200,000	)	$	(65,703	)	$	(86,214	)	$	20,511

Abbreviations:

1M IRS — 1 Month Interest Rate Swaptions

3M IRS — 3 Month Interest Rate Swaptions

6M IRS — 6 Month Interest Rate Swaptions


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2020


	Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund

Assets:
Investments of unaffiliated issuers, at value (cost $1,309,363,213, $1,912,900,163 and $1,424,609,629, respectively.)	$	1,011,087,863		$	1,659,696,179		$	1,171,484,745
Investments of affiliated issuers, at value (cost $70,293,308, $65,794,418 and $84,002,150, respectively.)		70,293,308			65,794,418			84,002,150
Investments in securities lending reinvestment vehicle — affiliated issuer, at value which equals cost		—			—			281,175
Cash		17,733,140			26,969,658			21,249,064
Foreign currencies, at value (cost $215,693, $40,931 and $58,913, respectively)		225,885			41,079			58,287
Unrealized gain on forward foreign currency exchange contracts		32,467,570			69,960			152,894
Unrealized gain on swap contracts		75,864			—			129,496
Variation margin on swaps contracts		98,055			—			—
Variation margin on futures contracts		—			1,337,752			3,763
Receivables:
Collateral on certain derivative contracts^(a)		72,313,617			18,447,393			3,428,046
Interest and dividends		18,769,628			31,133,805			7,433,810
Due from broker — upfront payment		1,735,670			—			49,114
Fund shares sold		1,628,223			6,053,149			335,263
Investments sold		645,393			17,686,942			180,834,175
Collateral on Reverse Repurchase agreements		323,000			966,000			—
Upfront payments made on swap contracts		423,694			—			—
Reimbursement from investment adviser		53,804			47,324			—
Investments sold on an extended-settlement basis		—			1,725,491			—
Securities lending income		—			23,791			19,212
Other assets		63,589			85,497			123,061

Total assets		1,227,938,303			1,830,078,438			1,469,584,255


Liabilities:
Reverse Repurchase Agreement, at value		—			3,466,621			—
Unrealized loss on forward foreign currency exchange contracts		35,125,423			384,651			998,369
Unrealized loss on swap contracts		3,149,335			—			373,834
Variation margin on futures contracts		1,640,204			—			—
Variation margin on swaps contracts		—			2,645,386			347,731
Payables:
Investments purchased on an extended — settlement basis		14,420,000			3,088,050			—
Fund shares redeemed		10,391,822			13,790,106			21,564,448
Investments purchased		6,293,678			13,903,822			53,174,063
Management fees		884,147			1,170,897			738,186
Income distributions		315,772			307,541			32,489
Upfront payments received on swap contracts		303,276			—			—
Distribution and Service fees and Transfer Agency fees		73,427			99,168			41,022
Borrowings on credit facility		—			—			150,000,000
Payable upon return of securities loaned		—			—			281,175
Interest payable		—			—			171,993
Payable for Unfunded Loan Commitments		—			—			58,489
Accrued expenses		726,963			363,762			556,492

Total liabilities		73,324,047			39,220,004			228,338,291


Net Assets:

Paid-in capital		1,534,065,156			2,527,349,270			1,864,262,779
Total distributable earnings (loss)		(379,450,900	)		(736,490,836	)		(623,016,815	)

NET ASSETS	$	1,154,614,256		$	1,790,858,434		$	1,241,245,964

Net Assets:
Class A	$	46,178,966		$	120,002,539		$	2,787,863
Class C		13,742,472			9,942,072			673,489
Institutional		825,481,086			250,926,071			79,977,455
Service		—			5,563,098			—
Investor		70,616,006			13,268,466			704,995
Class P		14,207,086			1,331,465,495			1,132,605,431
Class R		—			9,899,214			10,929
Class R6		184,388,640			49,791,479			24,485,802

Total Net Assets	$	1,154,614,256		$	1,790,858,434		$	1,241,245,964

Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		4,457,920			21,934,432			353,291
Class C		1,327,309			1,815,938			85,332
Institutional		79,588,209			45,752,564			10,127,364
Service		—			1,017,994			—
Investor		6,806,255			2,420,967			89,133
Class P		1,370,483			242,794,950			143,267,307
Class R		—			1,810,865			1,385
Class R6		17,778,322			9,064,024			3,098,179

Net asset value, offering and redemption price per share:^(b)
Class A		$10.36			$5.47			$7.89
Class C		10.35			5.47			7.89
Institutional		10.37			5.48			7.90
Service		—			5.46			—
Investor		10.38			5.48			7.91
Class P		10.37			5.48			7.91
Class R		—			5.47			7.89
Class R6		10.37			5.49			7.90

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		Forwards
Emerging Markets Debt	$	10,897,581	$	48,586,036	$	12,830,000
High Yield		5,112,058		13,335,335		—

High Yield Floating Rate		65,133		1,752,913		1,610,000

(b)

Maximum public offering price per share for Class A Shares of Emerging Markets Debt, High Yield, and High Yield Floating Rate, Funds is $10.85, $5.73 and $8.07, 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.


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

March 31, 2020


		Investment Grade Credit Fund			Local Emerging Markets Debt Fund			U.S. Mortgages Fund

	Assets:
	Investments of unaffiliated issuers, at value (cost $455,898,666, $91,707,198 and $590,949,428, respectively.)	$	448,557,198		$	76,042,952		$	603,264,956
	Investments of affiliated issuers, at value (cost $24,456,240, $7,510,991 and $16,960,588, respectively.)		24,456,240			7,510,991			16,960,588
	Cash		7,792,364			1,352,057			6,396,136
	Foreign currencies, at value (cost $0, $734,976 and $0, respectively)		—			742,898			—
	Unrealized gain on swap contracts		—			567,100			—
	Unrealized gain on forward foreign currency exchange contracts		—			5,293,842			—
	Variation margin on futures contracts		—			48,720			50,068
	Variation margin on swaps contracts		—			210,521			115
	Receivables:
	Collateral on certain derivative contracts^(a)		7,457,084			7,706,420			3,352,159
	Interest		4,472,233			1,571,199			1,343,792
	Fund shares sold		909,645			477			974,319
	Reimbursement from investment adviser		46,508			23,757			29,712
	Upfront payments made on swap contracts		—			147,938			—
	Investments sold		—			518,058			73,348
	Investments sold on an extended-settlement basis		—			—			95,976,445
	Other assets		62,261			56,638			66,732
	Total assets		493,753,533			101,793,568			728,488,370


	Liabilities:
	Forward sale contracts, at value (proceeds received $0, $0 and $1,046,172, respectively)		—			—			1,075,323
	Unrealized loss on forward foreign currency exchange contracts		89,607			8,097,511			—
	Unrealized loss on swap contracts		—			175,366			1,919,157
	Variation margin on swaps contracts		457,295			—			—
	Variation margin on futures contracts		315,053			—			—
	Written option contracts, at value (premium received $0, $0 and $86,214, respectively)		—			—			65,703
	Payables:
	Collateral on certain derivative contracts^(b)		—			760,000			2,490,000
	Investments purchased on an extended — settlement basis		4,012,017			332,358			290,762,441
	Investments purchased		3,879,945			847,346			256,679
	Fund shares redeemed		599,121			174,852			881,123
	Management fees		142,801			66,751			129,409
	Income distributions		50,072			5,072			39,569
	Distribution and Service fees and Transfer Agency fees		16,287			6,781			30,360
	Upfront payments received on swap contracts		—			—			51,866
	Due to broker — upfront payment		—			29,272			—
	Due to Broker		—			83,888			1,533
	Accrued expenses		203,882			373,172			339,630
	Total liabilities		9,766,080			10,952,369			298,042,793


Net Assets:

	Paid-in capital		490,200,777			263,966,668			433,314,391
	Total distributable earnings (loss)		(6,213,324	)		(173,125,469	)		(2,868,814	)

	NET ASSETS	$	483,987,453		$	90,841,199		$	430,445,577
	Net Assets:
	Class A	$	9,832,314		$	4,808,032		$	30,384,043
	Class C		—			2,526,245			—
	Institutional		51,975,525			16,666,970			52,878,224
	Separate Account Institutional		226,962,244			—			207,621,342
	Investor		4,627,935			5,557,324			114,242,107
	Class P		189,611,485			30,957,400			4,970,859
	Class R6		977,950			30,325,228			20,349,002

	Total Net Assets	$	483,987,453		$	90,841,199		$	430,445,577

	Shares Outstanding $0.001 par value (unlimited number of shares authorized):
	Class A		1,097,284			964,672			2,879,419
	Class C		—			507,625			—
	Institutional		5,798,432			3,355,796			4,999,433
	Separate Account Institutional		25,311,733			—			19,672,823
	Investor		516,230			1,117,921			10,801,632
	Class P		21,161,896			6,230,395			469,983
	Class R6		109,095			6,104,120			1,923,315

	Net asset value, offering and redemption price per share:^(c)
	Class A		$8.96			$4.98			$10.55
	Class C		—			4.98			—
	Institutional		8.96			4.97			10.58
	Separate Account Institutional		8.97			—			10.55
	Investor		8.96			4.97			10.58
	Class P		8.96			4.97			10.58
	Class R6		8.96			4.97			10.58

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		Forwards		TBA
Investment Grade Credit	$	840,569	$	6,616,515	$	—	$	—
Local Emerging Markets Debt		114,270		2,532,150		5,060,000		—

U.S. Mortgages		451,828		2,620,331		—		280,000

(b)

Segregated for initial margin and/or collateral as follows:


Fund	Swaps		TBA
Local Emerging Markets Debt	$	760,000	$	—

U.S. Mortgages		—		2,490,000

(c)

Maximum public offering price per share for Class A Shares of Investment Grade Credit, Local Emerging Markets Debt, and U.S. Mortgages Funds is $9.31, $5.21 and $10.96, 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.		103

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2020


	Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund
Investment income:

Interest (net of foreign withholding taxes of $ 7,268, $1,708 and $0, respectively)	$	80,136,132		$	139,280,803		$	118,386,339

Dividends — affiliated issuers		431,117			1,263,661			729,208

Dividends — unaffiliated issuers		—			1,261,915			3,119,092

Securities lending income — affiliated issuer		—			33,673			103,812

Total investment income		80,567,249			141,840,052			122,338,451

Expenses:

Management fees		12,037,629			15,581,887			11,758,850

Transfer Agency fees^(a)		730,031			906,018			638,903

Custody, accounting and administrative services		441,284			270,888			706,051

Distribution and Service fees^(a)		331,878			580,771			18,717

Professional fees		163,071			137,677			373,931

Printing and mailing costs		136,817			116,765			77,729

Registration fees		136,463			208,631			263,072

Shareholder meeting expense		99,411			31,655			10,362

Prime Broker Fees		50,483			—			1,884

Trustee fees		20,445			21,950			21,045

Service Share fees — Service Plan		—			19,981			—

Service Share fees — Shareholder Administration Plan		—			19,981			—

Interest expense		—			—			171,933

Other		88,340			53,794			291,068

Total expenses		14,235,852			17,949,998			14,333,545

Less — expense reductions		(699,003	)		(483,523	)		(64,209	)

Net expenses		13,536,849			17,466,475			14,269,336

NET INVESTMENT INCOME		67,030,400			124,373,577			108,069,115

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(27,273,465	)		(89,355,344	)		(99,590,107	)

Investment — affiliated issuers		—			(812,304	)		—

Purchased options		(105,004	)		(72,681	)		—

Futures contracts		50,205,015			12,973,204			(2,484,247	)

Swap contracts		(15,613,193	)		(15,296,939	)		(2,095,189	)

Forward foreign currency exchange contracts		5,947,305			600,637			4,040,700

Foreign currency transactions		(588,041	)		10,590			142,486

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(236,786,250	)		(221,182,853	)		(178,830,100	)

Investments — affiliated issuers		—			(19,964	)		—

Purchased options		(64,106	)		(44,474	)		—

Futures contracts		11,631,320			9,717,326			62,215

Unfunded Loan Commitment		—			—			(15,803	)

Swap contracts		(1,419,586	)		(3,760,339	)		(649,671	)

Forward foreign currency exchange contracts		(5,621,009	)		(314,691	)		(1,482,525	)

Foreign currency translation		3,395			(2,477	)		58,254

Net realized and unrealized loss		(219,683,619	)		(307,560,309	)		(280,843,987	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(152,653,219	)	$	(183,186,732	)	$	(172,774,872	)

(a)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
Emerging Markets Debt	$	144,767	$	187,111	$	—	$	75,279	$	24,324	$	426,048	$	—	$	124,137	$	4,647	$	—	$	75,596
High Yield		382,853		136,335		61,583		199,083		17,724		132,800		3,197		22,450		494,037		16,012		20,715
High Yield Floating Rate		8,680		9,938		99		4,513		1,292		44,024		—		1,813		577,053		25		10,183


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended March 31, 2020


	Investment Grade Credit Fund			Local Emerging Markets Debt Fund			U.S. Mortgages Fund
Investment income:

Interest (net of foreign withholding taxes of $345, $53,840 and $0, respectively)	$	18,105,672		$	7,405,080		$	11,593,355

Dividends — affiliated issuers		78,663			65,944			416,050

Total investment income		18,184,335			7,471,024			12,009,405

Expenses:

Management fees		1,723,338			1,099,280			1,581,887

Transfer Agency fees^(a)		170,722			60,102			326,217

Custody, accounting and administrative services		136,618			273,373			229,608

Professional fees		109,775			144,977			139,161

Registration fees		105,901			102,361			104,668

Printing and mailing costs		44,613			36,458			56,527

Distribution and Service fees^(a)		24,745			47,772			73,645

Trustee fees		18,932			18,244			18,826

Shareholder meeting expense		6,802			8,333			18,840

Prime Broker Fees		—			12,356			—

Other		21,534			17,902			13,389

Total expenses		2,362,980			1,821,158			2,562,768

Less — expense reductions		(425,849	)		(503,607	)		(252,277	)

Net expenses		1,937,131			1,317,551			2,310,491

NET INVESTMENT INCOME		16,247,204			6,153,473			9,698,914

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		8,352,770			(8,917,329	)		8,215,084

Purchased options		(47,057	)		(11,504	)		(44,897	)

Futures contracts		7,769,083			(444,483	)		1,989,378

Written options		26,098			—			(137,264	)

Swap contracts		(1,611,742	)		1,846,710			(666,128	)

Non-deliverable bond forward contracts		—			22,934			—

Forward foreign currency exchange contracts		366,551			(1,330,256	)		—

Foreign currency transactions		(1,749	)		(237,408	)		—

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(16,409,252	)		(2,489,341	)		9,323,524

Purchased options		(9,514	)		(7,098	)		(33,091	)

Futures contracts		(365,659	)		255,002			(1,059,855	)

Non-deliverable bond forward contracts		—			(22,189	)		—

Written options		—			—			43,515

Swap contracts		(2,835,141	)		202,388			(1,946,115	)

Forward foreign currency exchange contracts		(145,107	)		(2,502,194	)		—

Foreign currency translation		365			(94,087	)		—

Net realized and unrealized gain (loss)		(4,910,354	)		(13,728,855	)		15,684,151

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,336,850		$	(7,575,382	)	$	25,383,065

(a)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


	Distribution and/or Service Fees				Transfer Agency Fees
Fund	Class A		Class C		Class A		Class C		Institutional		Separate Account Institutional		Investor		Class P		Class R
Investment Grade Credit	$	24,745	$	—	$	12,867	$	—	$	19,324	$	72,257	$	5,115	$	60,883	$	277
Local Emerging Markets Debt		14,163		33,609		7,365		4,369		10,383		—		9,434		12,889		15,662
U.S. Mortgages		73,645		—		38,295		—		13,554		66,943		199,930		2,579		4,916


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Emerging Markets Debt Fund						High Yield Fund
	For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019
From operations:
Net investment income	$	67,030,400		$	109,488,459		$	124,373,577		$	135,370,058
Net realized gain (loss)		12,572,617			(97,682,596	)		(91,952,837	)		(30,346,717	)
Net change in unrealized gain (loss)		(232,256,236	)		(43,186,477	)		(215,607,472	)		22,861,660
Net increase (decrease) in net assets resulting from operations		(152,653,219	)		(31,380,614	)		(183,186,732	)		127,885,001

Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,263,789	)		(3,251,779	)		(8,334,031	)		(9,137,033	)
Class C Shares		(333,826	)		(940,950	)		(640,558	)		(1,074,945	)
Institutional Shares		(25,045,372	)		(68,693,948	)		(18,978,268	)		(54,311,318	)
Service Shares		—			—			(417,320	)		(559,792	)
Investor Shares		(2,211,575	)		(5,704,684	)		(982,424	)		(1,227,007	)
Class P Shares^(a)		(365,229	)		(652,733	)		(94,416,365	)		(64,282,628	)
Class R Shares		—			—			(640,003	)		(669,342	)
Class R6 Shares		(5,941,679	)		(17,083,867	)		(3,954,079	)		(5,644,007	)
Return of capital:
Class A Shares		(1,111,999	)		(281,102	)		(102,002	)		—
Class C Shares		(293,731	)		(81,341	)		(7,841	)		—
Institutional Shares		(22,037,261	)		(5,938,301	)		(232,276	)		—
Service Shares		—						(5,107	)
Investor Shares		(1,945,950	)		(493,146	)		(12,024	)		—
Class P Shares^(a)		(321,363	)		(56,426	)		(1,155,570	)		—
Class R Shares		—						(7,833	)
Class R6 Shares		(5,228,046	)		(1,476,828	)		(48,394	)		—
Total distributions to shareholders		(66,099,820	)		(104,655,105	)		(129,934,095	)		(136,906,072	)

From share transactions:
Proceeds from sales of shares		418,273,440			1,078,015,155			515,826,133			2,198,026,602
Reinvestment of distributions		61,592,841			95,153,618			125,559,176			129,653,823
Cost of shares redeemed		(727,835,920	)^(b)		(2,010,668,188	)^(b)		(783,479,661	)^(c)		(3,068,907,774	)^(c)
Net decrease in net assets resulting from share transactions		(247,969,639	)		(837,499,415	)		(142,094,352	)		(741,227,349	)
TOTAL DECREASE		(466,722,678	)		(973,535,134	)		(455,215,179	)		(750,248,420	)

Net assets:
Beginning of year		1,621,336,934			2,594,872,068			2,246,073,613			2,996,322,033
End of year	$	1,154,614,256		$	1,621,336,934		$	1,790,858,434		$	2,246,073,613

(a)

Class P Shares commenced operations on April 20, 2018.

(b)

Net of $45,883 and $53,625 of redemption fees for Emerging Markets Debt Fund for the fiscal year ended March 31, 2020 and the fiscal year ended March 31, 2019, respectively.

(c)

Net of $54,742 and $150,501 of redemption fees for the High Yield Fund for the fiscal year ended March 31, 2020 and the fiscal year ended March 31, 2019, respectively.


106		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 Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019
From operations:
Net investment income	$	108,069,115		$	179,497,100		$	16,247,204		$	13,794,679
Net realized gain (loss)		(99,986,357	)		(94,651,201	)		14,853,954			(2,507,915	)
Net change in unrealized gain (loss)		(180,857,630	)		(41,751,030	)		(19,764,308	)		10,231,003
Net increase (decrease) in net assets resulting from operations		(172,774,872	)		43,094,869			11,336,850			21,517,767

Distributions to shareholders:
From distributable earnings:
Class A Shares		(169,688	)		(198,718	)		(420,113	)		(271,279	)
Class C Shares		(41,208	)		(59,269	)		—			—
Institutional Shares		(5,716,419	)		(51,349,191	)		(2,343,388	)		(2,380,003	)
Separate Account Institutional		—			—			(11,315,432	)		(8,328,590	)
Investor Shares		(72,087	)		(173,791	)		(181,765	)		(145,640	)
Class P Shares^(a)		(100,901,335	)		(122,306,692	)		(9,369,285	)		(2,907,036	)
Class R Shares		(936	)		(3,012	)		—			–
Class R6 Shares		(1,774,242	)		(5,832,268	)		(44,221	)		(5,356	)
Total distributions to shareholders		(108,675,915	)		(179,922,941	)		(23,674,204	)		(14,037,904	)

From share transactions:
Proceeds from sales of shares		362,853,216			4,483,776,377			161,915,703			258,238,698
Reinvestment of distributions		107,988,395			176,798,534			22,621,942			13,107,711
Cost of shares redeemed		(1,285,710,520	)		(6,315,994,378	)		(165,854,670	)		(213,136,398	)
Net increase (decrease) in net assets resulting from share transactions		(814,868,909	)		(1,655,419,467	)		18,682,975			58,210,011
TOTAL INCREASE (DECREASE)		(1,096,319,696	)		(1,792,247,539	)		6,345,621			65,689,874

Net assets:
Beginning of year		2,337,565,660			4,129,813,199			477,641,832			411,951,958
End of year	$	1,241,245,964		$	2,337,565,660		$	483,987,453		$	477,641,832

(a)

Class P Shares commenced operations on April 20, 2018.


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

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 Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2020			For the Fiscal Year Ended March 31, 2019
	From operations:
	Net investment income	$	6,153,473		$	16,559,215		$	9,698,914		$	12,763,801
	Net realized gain (loss)		(9,071,336	)		(43,520,843	)		9,356,173			(2,395,804	)
	Net change in unrealized gain (loss)		(4,657,519	)		(20,382,979	)		6,327,978			7,548,226
	Net increase (decrease) in net assets resulting from operations		(7,575,382	)		(47,344,607	)		25,383,065			17,916,223

	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(35	)		—			(802,424	)		(1,009,234	)
	Class C Shares		(16	)		—			—			—
	Institutional Shares		(177	)		—			(1,014,305	)		(1,253,097	)
	Separate Account Institutional		—			—			(6,829,488	)		(7,022,677	)
	Investor Shares		(48	)		—			(4,596,122	)		(4,678,056	)
	Class P Shares^(a)		(291	)		—			(265,754	)		(206,554	)
	Class R6 Shares		(362	)		—			(498,184	)		(227,280	)
	Return of capital:
	Class A Shares		(221,272	)		(297,854	)		(21,716	)		—
	Class C Shares		(107,814	)		(231,191	)		—			—
	Institutional Shares		(1,101,239	)		(6,123,840	)		(27,448	)		—
	Separate Account Institutional		—						(184,820	)
	Investor Shares		(299,433	)		(438,209	)		(124,380	)		—
	Class P Shares^(a)		(1,826,494	)		(2,303,744	)		(7,191	)		—
	Class R6 Shares		(2,268,381	)		(5,408,241	)		(13,482	)		—
	Total distributions to shareholders		(5,825,562	)		(14,803,079	)		(14,385,314	)		(14,396,898	)

	From share transactions:
	Proceeds from sales of shares		18,687,145			251,065,221			190,191,461			189,959,043
	Reinvestment of distributions		5,707,127			14,423,675			13,518,689			13,289,593
	Cost of shares redeemed		(113,751,122	)^(b)		(337,480,402	)^(b)		(241,007,411	)		(236,651,245	)
	Net decrease in net assets resulting from share transactions		(89,356,850	)		(71,991,506	)		(37,297,261	)		(33,402,609	)
	TOTAL DECREASE		(102,757,794	)		(134,139,192	)		(26,299,510	)		(29,883,284	)

Net assets:
	Beginning of year		193,598,993			327,738,185			456,745,087			486,628,371
	End of year	$	90,841,199		$	193,598,993		$	430,445,577		$	456,745,087

(a)

Class P Shares commenced operations on April 20, 2018.

(b)

Net of $30,109 and $5,621 of redemption fees for the Local Emerging Markets Debt Fund for the fiscal year ended March 31, 2020 and the fiscal year ended March 31, 2019, respectively.


108		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 Year


	Goldman Sachs Emerging Markets Debt Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.20		$	12.67		$	12.73		$	12.25		$	12.33

Net investment income^(a)		0.51			0.58			0.56			0.60			0.61

Net realized and unrealized gain (loss)		(1.85	)		(0.51	)		(0.08	)		0.46			(0.09	)

Total from investment operations		(1.34	)		0.07			0.48			1.06			0.52

Distributions to shareholders from net investment income		(0.26	)		(0.50	)		(0.54	)		(0.58	)		(0.60	)

Distributions to shareholders from return of capital		(0.24	)		(0.04	)		—			—			—

Total distributions		(0.50	)		(0.54	)		(0.54	)		(0.58	)		(0.60	)

Net asset value, end of year	$	10.36		$	12.20		$	12.67		$	12.73		$	12.25

Total return^(b)		(11.48	)%		0.77	%		3.75	%		8.79	%		4.43	%

Net assets, end of year (in 000s)	$	46,179		$	61,408		$	105,098		$	103,548		$	109,830

Ratio of net expenses to average net assets		1.19	%		1.20	%		1.20	%		1.23	%		1.23	%

Ratio of total expenses to average net assets		1.26	%		1.24	%		1.23	%		1.24	%		1.27	%

Ratio of net investment income to average net assets		4.17	%		4.84	%		4.32	%		4.73	%		5.02	%

Portfolio turnover rate^(c)		87	%		80	%		70	%		89	%		99	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Emerging Markets Debt Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.19		$	12.67		$	12.72		$	12.24		$	12.33

Net investment income^(a)		0.42			0.48			0.46			0.50			0.51

Net realized and unrealized gain (loss)		(1.85	)		(0.51	)		(0.07	)		0.47			(0.09	)

Total from investment operations		(1.43	)		(0.03	)		0.39			0.97			0.42

Distributions to shareholders from net investment income		(0.22	)		(0.41	)		(0.44	)		(0.49	)		(0.51	)

Distributions to shareholders from return of capital		(0.19	)		(0.04	)		—			—			—

Total distributions		(0.41	)		(0.45	)		(0.44	)		(0.49	)		(0.51	)

Net asset value, end of year	$	10.35		$	12.19		$	12.67		$	12.72		$	12.24

Total return^(b)		(12.07	)%		(0.06	)%		3.07	%		7.98	%		3.57	%

Net assets, end of year (in 000s)	$	13,742		$	21,871		$	34,848		$	32,597		$	27,645

Ratio of net expenses to average net assets		1.94	%		1.95	%		1.95	%		1.98	%		1.98	%

Ratio of total expenses to average net assets		2.01	%		1.99	%		1.98	%		1.99	%		2.02	%

Ratio of net investment income to average net assets		3.42	%		4.08	%		3.60	%		3.94	%		4.26	%

Portfolio turnover rate^(c)		87	%		80	%		70	%		89	%		99	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


110		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 Year


	Goldman Sachs Emerging Markets Debt Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.21		$	12.69		$	12.74		$	12.26		$	12.35

Net investment income^(a)		0.55			0.62			0.60			0.63			0.64

Net realized and unrealized gain (loss)		(1.85	)		(0.52	)		(0.07	)		0.47			(0.08	)

Total from investment operations		(1.30	)		0.10			0.53			1.10			0.56

Distributions to shareholders from net investment income		(0.29	)		(0.53	)		(0.58	)		(0.62	)		(0.65	)

Distributions to shareholders from return of capital		(0.25	)		(0.05	)		—			—			—

Total distributions		(0.54	)		(0.58	)		(0.58	)		(0.62	)		(0.65	)

Net asset value, end of year	$	10.37		$	12.21		$	12.69		$	12.74		$	12.26

Total return^(b)		(11.10	)%		1.04	%		4.18	%		9.15	%		4.70	%

Net assets, end of year (in 000s)	$	825,481		$	1,087,407		$	1,984,662		$	1,656,148		$	895,309

Ratio of net expenses to average net assets		0.87	%		0.86	%		0.86	%		0.89	%		0.89	%

Ratio of total expenses to average net assets		0.92	%		0.90	%		0.89	%		0.90	%		0.93	%

Ratio of net investment income to average net assets		4.48	%		5.18	%		4.65	%		4.95	%		5.30	%

Portfolio turnover rate^(c)		87	%		80	%		70	%		89	%		99	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Emerging Markets Debt Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	12.21		$	12.69		$	12.74		$	12.26		$	12.35

Net investment income^(a)		0.54			0.61			0.58			0.61			0.64

Net realized and unrealized gain (loss)		(1.83	)		(0.52	)		(0.06	)		0.48			(0.09	)

Total from investment operations		(1.29	)		0.09			0.52			1.09			0.55

Distributions to shareholders from net investment income		(0.29	)		(0.52	)		(0.57	)		(0.61	)		(0.64	)

Distributions to shareholders from return of capital		(0.25	)		(0.05	)		—			—			—

Total distributions		(0.54	)		(0.57	)		(0.57	)		(0.61	)		(0.64	)

Net asset value, end of year	$	10.38		$	12.21		$	12.69		$	12.74		$	12.26

Total return^(b)		(11.16	)%		0.95	%		4.09	%		9.05	%		4.60	%

Net assets, end of year (in 000s)	$	70,616		$	103,473		$	175,664		$	85,556		$	16,927

Ratio of net expenses to average net assets		0.94	%		0.95	%		0.95	%		0.98	%		0.98	%

Ratio of total expenses to average net assets		1.01	%		0.99	%		0.98	%		0.99	%		1.02	%

Ratio of net investment income to average net assets		4.42	%		5.09	%		4.51	%		4.79	%		5.26	%

Portfolio turnover rate^(c)		87	%		80	%		70	%		89	%		99	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Debt Fund
	Class P Shares
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	12.20		$	12.59

Net investment income^(b)		0.55			0.55

Net realized and unrealized loss		(1.84	)		(0.40	)

Total from investment operations		(1.29	)		0.15

Distributions to shareholders from net investment income		(0.29	)		(0.50	)

Distributions to shareholders from return of capital		(0.25	)		(0.04	)

Total distributions		(0.54	)		(0.54	)

Net asset value, end of period	$	10.37		$	12.20

Total return^(c)		(11.10	)%		1.46	%

Net assets, end of period (in 000s)	$	14,207		$	14,908

Ratio of net expenses to average net assets		0.86	%		0.85	%^(d)

Ratio of total expenses to average net assets		0.91	%		0.91	%^(d)

Ratio of net investment income to average net assets		4.49	%		5.00	%^(d)

Portfolio turnover rate^(e)		87	%		80	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS 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
	Year Ended March 31,												Period Ended March 31, 2016^(a)
	2020			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	12.21		$	12.69		$	12.74		$	12.26		$	12.18

Net investment income^(b)		0.55			0.60			0.60			0.60			0.46

Net realized and unrealized gain (loss)		(1.85	)		(0.50	)		(0.07	)		0.51			0.06

Total from investment operations		(1.30	)		0.10			0.53			1.11			0.52

Distributions to shareholders from net investment income		(0.28	)		(0.53	)		(0.58	)		(0.63	)		(0.44	)

Distributions to shareholders from return of capital		(0.26	)		(0.05	)		—			—			—

Total distributions		(0.54	)		(0.58	)		(0.58	)		(0.63	)		(0.44	)

Net asset value, end of period	$	10.37		$	12.21		$	12.69		$	12.74		$	12.26

Total return^(c)		(11.17	)%		1.05	%		4.20	%		9.17	%		4.41	%

Net assets, end of period (in 000s)	$	184,389		$	332,270		$	294,599		$	28,593		$	458

Ratio of net expenses to average net assets		0.86	%		0.85	%		0.84	%		0.87	%		0.87	%^(d)

Ratio of total expenses to average net assets		0.91	%		0.90	%		0.89	%		0.88	%		0.92	%^(d)

Ratio of net investment income to average net assets		4.50	%		5.10	%		4.67	%		4.76	%		5.84	%^(d)

Portfolio turnover rate^(e)		87	%		80	%		70	%		89	%		99	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	6.32		$	6.34		$	6.57		$	6.02		$	6.80

Net investment income^(a)		0.33			0.33			0.33			0.34			0.35

Net realized and unrealized gain (loss)		(0.83	)		(0.01	)		(0.24	)		0.55			(0.77	)

Total from investment operations		(0.50	)		0.32			0.09			0.89			(0.42	)

Distributions to shareholders from net investment income		(0.35	)		(0.34	)		(0.32	)		(0.34	)		(0.34	)

Distributions to shareholders from return of capital		—	^(b)		—			—			—			(0.02	)

Total distributions		(0.35	)		(0.34	)		(0.32	)		(0.34	)		(0.36	)

Net asset value, end of year	$	5.47		$	6.32		$	6.34		$	6.57		$	6.02

Total return^(c)		(8.50	)%		5.20	%		1.37	%		15.06	%		(6.33	)%

Net assets, end of year (in 000s)	$	120,003		$	163,355		$	179,807		$	232,572		$	340,534

Ratio of net expenses to average net assets		1.03	%		1.04	%		1.05	%		1.07	%		1.05	%

Ratio of total expenses to average net assets		1.11	%		1.11	%		1.08	%		1.07	%		1.06	%

Ratio of net investment income to average net assets		5.26	%		5.31	%		5.00	%		5.34	%		5.49	%

Portfolio turnover rate^(d)		80	%		59	%		69	%		93	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	6.32		$	6.34		$	6.57		$	6.03		$	6.81

Net investment income^(a)		0.29			0.29			0.28			0.29			0.30

Net realized and unrealized gain (loss)		(0.84	)		(0.02	)		(0.23	)		0.54			(0.77	)

Total from investment operations		(0.55	)		0.27			0.05			0.83			(0.47	)

Distributions to shareholders from net investment income		(0.30	)		(0.29	)		(0.28	)		(0.29	)		(0.30	)

Distributions to shareholders from return of capital		—	^(b)		—			—			—			(0.01	)

Total distributions		(0.30	)		(0.29	)		(0.28	)		(0.29	)		(0.31	)

Net asset value, end of year	$	5.47		$	6.32		$	6.34		$	6.57		$	6.03

Total return^(c)		(9.02	)%		4.41	%		0.64	%		14.02	%		(7.01	)%

Net assets, end of year (in 000s)	$	9,942		$	15,532		$	33,221		$	46,396		$	51,973

Ratio of net expenses to average net assets		1.78	%		1.79	%		1.80	%		1.82	%		1.80	%

Ratio of total expenses to average net assets		1.86	%		1.85	%		1.83	%		1.82	%		1.81	%

Ratio of net investment income to average net assets		4.52	%		4.53	%		4.26	%		4.59	%		4.76	%

Portfolio turnover rate^(d)		80	%		59	%		69	%		93	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


116		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 Year


	Goldman Sachs High Yield Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	6.33		$	6.35		$	6.58		$	6.04		$	6.82

Net investment income^(a)		0.35			0.35			0.35			0.36			0.38

Net realized and unrealized gain (loss)		(0.83	)		(0.01	)		(0.23	)		0.54			(0.78	)

Total from investment operations		(0.48	)		0.34			0.12			0.90			(0.40	)

Distributions to shareholders from net investment income		(0.37	)		(0.36	)		(0.35	)		(0.36	)		(0.36	)

Distributions to shareholders from return of capital		—	^(b)		—			—			—			(0.02	)

Total distributions		(0.37	)		(0.36	)		(0.35	)		(0.36	)		(0.38	)

Net asset value, end of year	$	5.48		$	6.33		$	6.35		$	6.58		$	6.04

Total return^(c)		(8.05	)%		5.50	%		1.72	%		15.24	%		(5.98	)%

Net assets, end of year (in 000s)	$	250,926		$	338,503		$	2,488,697		$	3,410,302		$	3,221,934

Ratio of net expenses to average net assets		0.75	%		0.75	%		0.73	%		0.73	%		0.71	%

Ratio of total expenses to average net assets		0.77	%		0.75	%		0.74	%		0.73	%		0.72	%

Ratio of net investment income to average net assets		5.55	%		5.52	%		5.32	%		5.67	%		5.84	%

Portfolio turnover rate^(d)		80	%		59	%		69	%		93	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Fund
	Service Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	6.31		$	6.33		$	6.56		$	6.02		$	6.79

Net investment income^(a)		0.32			0.32			0.31			0.33			0.34

Net realized and unrealized gain (loss)		(0.84	)		(0.02	)		(0.23	)		0.54			(0.76	)

Total from investment operations		(0.52	)		0.30			(0.08	)		0.87			(0.42	)

Distributions to shareholders from net investment income		(0.33	)		(0.32	)		(0.31	)		(0.33	)		(0.33	)

Distributions to shareholders from return of capital		—	^(b)		—			—			—			(0.02	)

Total distributions		(0.33	)		(0.32	)		(0.31	)		(0.33	)		(0.35	)

Net asset value, end of year	$	5.46		$	6.31		$	6.33		$	6.56		$	6.02

Total return^(c)		(8.56	)%		4.97	%		1.20	%		14.70	%		(6.35	)%

Net assets, end of year (in 000s)	$	5,563		$	10,858		$	11,172		$	12,089		$	14,710

Ratio of net expenses to average net assets		1.25	%		1.25	%		1.23	%		1.23	%		1.21	%

Ratio of total expenses to average net assets		1.27	%		1.27	%		1.24	%		1.23	%		1.22	%

Ratio of net investment income to average net assets		5.05	%		5.10	%		4.81	%		5.17	%		5.35	%

Portfolio turnover rate^(d)		80	%		59	%		69	%		93	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


118		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 Year


	Goldman Sachs High Yield Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	6.33		$	6.35		$	6.58		$	6.03		$	6.81

Net investment income^(a)		0.35			0.35			0.34			0.36			0.37

Net realized and unrealized gain (loss)		(0.83	)		(0.02	)		(0.23	)		0.55			(0.78	)

Total from investment operations		(0.48	)		0.33			0.11			0.91			(0.41	)

Distributions to shareholders from net investment income		(0.37	)		(0.35	)		(0.34	)		(0.36	)		(0.35	)

Distributions to shareholders from return of capital		—	^(b)		—			—			—			(0.02	)

Total distributions		(0.37	)		(0.35	)		(0.34	)		(0.36	)		(0.37	)

Net asset value, end of year	$	5.48		$	6.33		$	6.35		$	6.58		$	6.03

Total return^(c)		(8.25	)%		5.46	%		1.65	%		15.33	%		(6.08	)%

Net assets, end of year (in 000s)	$	13,268		$	18,830		$	25,259		$	33,482		$	9,302

Ratio of net expenses to average net assets		0.78	%		0.79	%		0.80	%		0.82	%		0.80	%

Ratio of total expenses to average net assets		0.86	%		0.86	%		0.83	%		0.82	%		0.81	%

Ratio of net investment income to average net assets		5.52	%		5.56	%		5.25	%		5.64	%		5.76	%

Portfolio turnover rate^(d)		80	%		59	%		69	%		93	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

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
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	6.33		$	6.42

Net investment income^(b)		0.35			0.33

Net realized and unrealized loss		(0.83	)		(0.08	)

Total from investment operations		(0.48	)		0.25

Distributions to shareholders from net investment income		(0.37	)		(0.34	)

Distributions to shareholders from return of capital		—	^(c)		—

Total distributions		(0.37	)		(0.34	)

Net asset value, end of period	$	5.48		$	6.33

Total return^(d)		(8.04	)%		4.00	%

Net assets, end of period (in 000s)	$	1,331,465		$	1,604,685

Ratio of net expenses to average net assets		0.74	%		0.74	%^(e)

Ratio of total expenses to average net assets		0.76	%		0.77	%^(e)

Ratio of net investment income to average net assets		5.55	%		5.67	%^(e)

Portfolio turnover rate^(f)		80	%		59	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)


120		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 Year


	Goldman Sachs High Yield Fund
	Class R Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	6.31		$	6.33		$	6.56		$	6.02		$	6.80

Net investment income^(a)		0.32			0.32			0.31			0.32			0.34

Net realized and unrealized gain (loss)		(0.83	)		(0.02	)		(0.23	)		0.54			(0.78	)

Total from investment operations		(0.51	)		0.30			0.08			0.86			(0.44	)

Distributions to shareholders from net investment income		(0.33	)		(0.32	)		(0.31	)		(0.32	)		(0.33	)

Distributions to shareholders from return of capital		—	^(b)		—			—			—			(0.01	)

Total distributions		(0.33	)		(0.32	)		(0.31	)		(0.32	)		(0.34	)

Net asset value, end of year	$	5.47		$	6.31		$	6.33		$	6.56		$	6.02

Total return^(c)		(8.58	)%		4.93	%		1.13	%		14.60	%		(6.57	)%

Net assets, end of year (in 000s)	$	9,899		$	12,560		$	14,068		$	14,817		$	15,296

Ratio of net expenses to average net assets		1.28	%		1.29	%		1.30	%		1.32	%		1.30	%

Ratio of total expenses to average net assets		1.36	%		1.36	%		1.33	%		1.32	%		1.31	%

Ratio of net investment income to average net assets		5.01	%		5.06	%		4.74	%		5.08	%		5.26	%

Portfolio turnover rate^(d)		80	%		59	%		69	%		93	%		46	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

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
	Year Ended March 31,												Period Ended March 31, 2016^(a)
	2020			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	6.34		$	6.36		$	6.59		$	6.05		$	6.65

Net investment income^(b)		0.35			0.35			0.35			0.36			0.24

Net realized and unrealized gain (loss)		(0.83	)		(0.01	)		(0.23	)		0.54			(0.59	)

Total from investment operations		(0.48	)		0.34			0.12			0.90			(0.35	)

Distributions to shareholders from net investment income		(0.37	)		(0.36	)		(0.35	)		(0.36	)		(0.24	)

Distributions to shareholders from return of capital		—	^(c)		—			—			—			(0.01	)

Total distributions		(0.37	)		(0.36	)		(0.35	)		(0.36	)		(0.25	)

Net asset value, end of period	$	5.49		$	6.34		$	6.36		$	6.59		$	6.05

Total return^(d)		(8.02	)%		5.51	%		1.74	%		15.25	%		(5.29	)%

Net assets, end of period (in 000s)	$	49,791		$	81,751		$	244,099		$	202,273		$	162,768

Ratio of net expenses to average net assets		0.74	%		0.74	%		0.71	%		0.71	%		0.70	%^(e)

Ratio of total expenses to average net assets		0.76	%		0.75	%		0.71	%		0.71	%		0.71	%^(e)

Ratio of net investment income to average net assets		5.55	%		5.58	%		5.33	%		5.69	%		6.02	%^(e)

Portfolio turnover rate^(f)		80	%		59	%		69	%		93	%		46	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)


122		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 Year


	Goldman Sachs High Yield Floating Rate Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.36		$	9.65		$	9.72		$	9.46		$	9.92

Net investment income^(a)		0.45			0.44			0.37			0.37			0.37

Net realized and unrealized gain (loss)		(1.47	)		(0.29	)		(0.07	)		0.26			(0.46	)

Total from investment operations		(1.02	)		0.15			0.30			0.63			(0.09	)

Distributions to shareholders from net investment income		(0.45	)		(0.44	)		(0.37	)		(0.36	)		(0.37	)

Distributions to shareholders from return of capital		—			—			—	^(b)		(0.01	)		—

Total distributions		(0.45	)		(0.44	)		(0.37	)		(0.37	)		(0.37	)

Net asset value, end of year	$	7.89		$	9.36		$	9.65		$	9.72		$	9.46

Total return^(c)		(11.44	)%		1.57	%		3.00	%		6.87	%		(0.89	)%

Net assets, end of year (in 000s)	$	2,788		$	3,802		$	4,259		$	7,030		$	6,668

Ratio of net expenses to average net assets		1.04	%		0.97	%		0.94	%		0.95	%		0.95	%

Ratio of total expenses to average net assets		1.04	%		0.97	%		0.96	%		0.96	%		0.96	%

Ratio of net investment income to average net assets		4.86	%		4.57	%		3.83	%		3.83	%		3.80	%

Portfolio turnover rate^(d)		39	%		69	%		44	%		55	%		42	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Floating Rate Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.36		$	9.65		$	9.72		$	9.46		$	9.92

Net investment income^(a)		0.38			0.36			0.30			0.30			0.30

Net realized and unrealized gain (loss)		(1.47	)		(0.28	)		(0.08	)		0.26			(0.46	)

Total from investment operations		(1.09	)		0.08			0.22			0.56			(0.16	)

Distributions to shareholders from net investment income		(0.38	)		(0.37	)		(0.29	)		(0.29	)		(0.30	)

Distributions to shareholders from return of capital		—			—			—	^(b)		(0.01	)		—

Total distributions		(0.38	)		(0.37	)		(0.29	)		(0.30	)		(0.30	)

Net asset value, end of year	$	7.89		$	9.36		$	9.65		$	9.72		$	9.46

Total return^(c)		(12.10	)%		0.81	%		2.23	%		6.07	%		(1.63	)%

Net assets, end of year (in 000s)	$	673		$	1,126		$	2,443		$	2,610		$	1,760

Ratio of net expenses to average net assets		1.79	%		1.71	%		1.69	%		1.70	%		1.70	%

Ratio of total expenses to average net assets		1.79	%		1.72	%		1.71	%		1.71	%		1.72	%

Ratio of net investment income to average net assets		4.12	%		3.74	%		3.06	%		3.06	%		3.09	%

Portfolio turnover rate^(d)		39	%		69	%		44	%		55	%		42	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


124		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 Year


	Goldman Sachs High Yield Floating Rate Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.36		$	9.66		$	9.73		$	9.47		$	9.93

Net investment income^(a)		0.48			0.43			0.40			0.40			0.40

Net realized and unrealized gain (loss)		(1.45	)		(0.26	)		(0.07	)		0.27			(0.46	)

Total from investment operations		(0.97	)		0.17			0.33			0.67			(0.06	)

Distributions to shareholders from net investment income		(0.49	)		(0.47	)		(0.39	)		(0.40	)		(0.40	)

Distributions to shareholders from return of capital		—			—			(0.01	)		(0.01	)		—

Total distributions		(0.49	)		(0.47	)		(0.40	)		(0.41	)		(0.40	)

Net asset value, end of year	$	7.90		$	9.36		$	9.66		$	9.73		$	9.47

Total return^(b)		(11.03	)%		1.81	%		3.45	%		7.12	%		(0.55	)%

Net assets, end of year (in 000s)	$	79,977		$	89,465		$	3,906,449		$	3,896,724		$	3,217,752

Ratio of net expenses to average net assets		0.70	%		0.61	%		0.60	%		0.61	%		0.61	%

Ratio of total expenses to average net assets		0.70	%		0.62	%		0.62	%		0.62	%		0.63	%

Ratio of net investment income to average net assets		5.16	%		4.51	%		4.16	%		4.16	%		4.17	%

Portfolio turnover rate^(c)		39	%		69	%		44	%		55	%		42	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Floating Rate Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.38		$	9.67		$	9.73		$	9.48		$	9.94

Net investment income^(a)		0.48			0.45			0.40			0.39			0.39

Net realized and unrealized gain (loss)		(1.47	)		(0.28	)		(0.07	)		0.26			(0.45	)

Total from investment operations		(0.99	)		0.17			0.33			0.65			(0.06	)

Distributions to shareholders from net investment income		(0.48	)		(0.46	)		(0.39	)		(0.39	)		(0.40	)

Distributions to shareholders from return of capital		—			—			—	^(b)		(0.01	)		—

Total distributions		(0.48	)		(0.46	)		(0.39	)		(0.40	)		(0.40	)

Net asset value, end of year	$	7.91		$	9.38		$	9.67		$	9.73		$	9.48

Total return^(c)		(11.18	)%		1.83	%		3.36	%		7.02	%		(0.64	)%

Net assets, end of year (in 000s)	$	705		$	1,431		$	5,599		$	4,125		$	1,237

Ratio of net expenses to average net assets		0.78	%		0.71	%		0.69	%		0.70	%		0.70	%

Ratio of total expenses to average net assets		0.78	%		0.72	%		0.70	%		0.71	%		0.72	%

Ratio of net investment income to average net assets		5.14	%		4.69	%		4.07	%		4.00	%		4.10	%

Portfolio turnover rate^(d)		39	%		69	%		44	%		55	%		42	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


126		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
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.37		$	9.69

Net investment income^(b)		0.49			0.45

Net realized and unrealized loss		(1.46	)		(0.33	)

Total from investment operations		(0.97	)		0.12

Distributions to shareholders from net investment income		(0.49	)		(0.44	)

Net asset value, end of period	$	7.91		$	9.37

Total return^(c)		(11.11	)%		1.32	%

Net assets, end of period (in 000s)	$	1,132,605		$	2,215,089

Ratio of net expenses to average net assets		0.69	%		0.62	%^(d)

Ratio of total expenses to average net assets		0.69	%		0.63	%^(d)

Ratio of net investment income to average net assets		5.22	%		5.04	%^(d)

Portfolio turnover rate^(e)		39	%		69	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs High Yield Floating Rate Fund
	Class R Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.36		$	9.65		$	9.73		$	9.46		$	9.92

Net investment income^(a)		0.44			0.42			0.34			0.35			0.35

Net realized and unrealized gain (loss)		(1.48	)		(0.30	)		(0.08	)		0.27			(0.46	)

Total from investment operations		(1.04	)		0.12			0.26			0.62			(0.11	)

Distributions to shareholders from net investment income		(0.43	)		(0.41	)		(0.34	)		(0.34	)		(0.35	)

Distributions to shareholders from return of capital		—			—			—	^(b)		(0.01	)		—

Total distributions		(0.43	)		(0.41	)		(0.34	)		(0.35	)		(0.35	)

Net asset value, end of year	$	7.89		$	9.36		$	9.65		$	9.73		$	9.46

Total return^(c)		(11.64	)%		1.31	%		2.74	%		6.61	%		(1.13	)%

Net assets, end of year (in 000s)	$	11		$	100		$	79		$	12		$	11

Ratio of net expenses to average net assets		1.27	%		1.22	%		1.19	%		1.19	%		1.19	%

Ratio of total expenses to average net assets		1.27	%		1.23	%		1.21	%		1.20	%		1.20	%

Ratio of net investment income to average net assets		4.75	%		4.40	%		3.54	%		3.59	%		3.60	%

Portfolio turnover rate^(d)		39	%		69	%		44	%		55	%		42	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


128		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
	Year Ended March 31,						Period Ended March 31, 2018^(a)
	2020			2019			Period Ended March 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	9.37		$	9.67		$	9.69

Net investment income^(b)		0.49			0.45			0.13

Net realized and unrealized gain (loss)		(1.47	)		(0.28	)		(0.02	)

Total from investment operations		(0.98	)		0.17			0.11

Distributions to shareholders from net investment income		(0.49	)		(0.47	)		(0.13	)

Distributions to shareholders from return of capital		—			—			(0.00	)^(c)

Total distributions		(0.49	)		(0.47	)		(0.13	)

Net asset value, end of period	$	7.90		$	9.37		$	9.67

Total return^(d)		(11.11	)%		1.82	%		1.17	%

Net assets, end of period (in 000s)	$	24,486		$	26,552		$	210,985

Ratio of net expenses to average net assets		0.69	%		0.60	%		0.58	%^(e)

Ratio of total expenses to average net assets		0.69	%		0.61	%		0.59	%^(e)

Ratio of net investment income to average net assets		5.20	%		4.69	%		4.12	%^(e)

Portfolio turnover rate^(f)		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)

(e)

Annualized.

(f)


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Investment Grade Credit Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.16		$	9.01		$	9.06		$	9.08		$	9.47

Net investment income (loss)^(a)		0.27			0.28			0.26			0.27			0.30

Net realized and unrealized gain (loss)		(0.06	)		0.16			(0.05	)		(0.02	)		(0.36	)

Total from investment operations		0.21			0.44			0.21			0.25			(0.06	)

Distributions to shareholders from net investment income		(0.29	)		(0.29	)		(0.26	)		(0.27	)		(0.29	)

Distributions to shareholders from net realized gains		(0.12	)		—			—			—			(0.04	)

Total distributions		(0.41	)		(0.29	)		(0.26	)		(0.27	)		(0.33	)

Net asset value, end of year	$	8.96		$	9.16		$	9.01		$	9.06		$	9.08

Total return^(b)		1.98	%		5.14	%		2.34	%		2.75	%		(0.53	)%

Net assets, end of year (in 000s)	$	9,832		$	7,895		$	10,198		$	32,514		$	28,037

Ratio of net expenses to average net assets		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%

Ratio of total expenses to average net assets		0.81	%		0.84	%		0.84	%		0.87	%		0.86	%

Ratio of net investment income to average net assets		2.86	%		3.19	%		2.85	%		2.93	%		3.28	%

Portfolio turnover rate^(c)		76	%		82	%		82	%		63	%		79	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


130		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 Year


	Goldman Sachs Investment Grade Credit Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.17		$	9.01		$	9.06		$	9.08		$	9.48

Net investment income^(a)		0.30			0.31			0.29			0.30			0.33

Net realized and unrealized gain (loss)		(0.07	)		0.17			(0.04	)		(0.02	)		(0.37	)

Total from investment operations		0.23			0.48			0.25			0.28			(0.04	)

Distributions to shareholders from net investment income		(0.32	)		(0.32	)		(0.30	)		(0.30	)		(0.32	)

Distributions to shareholders from net realized gains		(0.12	)		—			—			—			(0.04	)

Total distributions		(0.44	)		(0.32	)		(0.30	)		(0.30	)		(0.36	)

Net asset value, end of year	$	8.96		$	9.17		$	9.01		$	9.06		$	9.08

Total return^(b)		2.44	%		5.50	%		2.69	%		3.10	%		(0.29	)%

Net assets, end of year (in 000s)	$	51,976		$	40,548		$	163,229		$	142,218		$	156,202

Ratio of net expenses to average net assets		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%

Ratio of total expenses to average net assets		0.47	%		0.48	%		0.48	%		0.53	%		0.52	%

Ratio of net investment income to average net assets		3.19	%		3.49	%		3.18	%		3.28	%		3.62	%

Portfolio turnover rate^(c)		76	%		82	%		82	%		63	%		79	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Investment Grade Credit Fund
	Separate Account Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.17		$	9.02		$	9.07		$	9.09		$	9.48

Net investment income^(a)		0.31			0.31			0.29			0.30			0.33

Net realized and unrealized gain (loss)		(0.07	)		0.16			(0.04	)		(0.02	)		(0.36	)

Total from investment operations		0.24			0.47			0.25			0.28			(0.03	)

Distributions to shareholders from net investment income		(0.32	)		(0.32	)		(0.30	)		(0.30	)		(0.32	)

Distributions to shareholders from net realized gains		(0.12	)		—			—			—			(0.04	)

Total distributions		(0.44	)		(0.32	)		(0.30	)		(0.30	)		(0.36	)

Net asset value, end of year	$	8.97		$	9.17		$	9.02		$	9.07		$	9.09

Total return^(b)		2.45	%		5.39	%		2.69	%		3.10	%		(0.18	)%

Net assets, end of year (in 000s)	$	226,962		$	228,692		$	233,908		$	249,971		$	239,713

Ratio of net expenses to average net assets		0.37	%		0.37	%		0.38	%		0.38	%		0.38	%

Ratio of total expenses to average net assets		0.46	%		0.49	%		0.48	%		0.53	%		0.52	%

Ratio of net investment income to average net assets		3.21	%		3.55	%		3.19	%		3.28	%		3.62	%

Portfolio turnover rate^(c)		76	%		82	%		82	%		63	%		79	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


132		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 Year


	Goldman Sachs Investment Grade Credit Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	9.17		$	9.02		$	9.07		$	9.09		$	9.48

Net investment income^(a)		0.30			0.31			0.28			0.29			0.32

Net realized and unrealized gain (loss)		(0.07	)		0.15			(0.04	)		(0.02	)		(0.35	)

Total from investment operations		0.23			0.46			0.24			0.27			(0.03	)

Distributions to shareholders from net investment income		(0.32	)		(0.31	)		(0.29	)		(0.29	)		(0.32	)

Distributions to shareholders from net realized gains		(0.12	)		—			—			—			(0.04	)

Total distributions		(0.44	)		(0.31	)		(0.29	)		(0.29	)		(0.36	)

Net asset value, end of year	$	8.96		$	9.17		$	9.02		$	9.07		$	9.09

Total return^(b)		2.35	%		5.28	%		2.60	%		3.01	%		(0.27	)%

Net assets, end of year (in 000s)	$	4,628		$	3,164		$	4,600		$	4,062		$	1,080

Ratio of net expenses to average net assets		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%

Ratio of total expenses to average net assets		0.56	%		0.58	%		0.57	%		0.61	%		0.61	%

Ratio of net investment income to average net assets		3.10	%		3.45	%		3.10	%		3.18	%		3.53	%

Portfolio turnover rate^(c)		76	%		82	%		82	%		63	%		79	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		133

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
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.16		$	8.93

Net investment income^(b)		0.31			0.30

Net realized and unrealized gain (loss)		(0.07	)		0.23

Total from investment operations		0.24			0.53

Distributions to shareholders from net investment income		(0.32	)		(0.30	)

Distributions to shareholders from net realized gains		(0.12	)		—

Total distributions		(0.44	)		(0.30	)

Net asset value, end of period	$	8.96		$	9.16

Total return^(c)		2.45	%		6.12	%

Net assets, end of period (in 000s)	$	189,611		$	196,668

Ratio of net expenses to average net assets		0.37	%		0.37	%^(d)

Ratio of total expenses to average net assets		0.46	%		0.51	%^(d)

Ratio of net investment income to average net assets		3.22	%		3.57	%^(d)

Portfolio turnover rate^(e)		76	%		82	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


134		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Investment Grade Credit Fund
	Class R6 Shares
	Year Ended March 31,												Period Ended March 31, 2016^(a)
	2020			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.17		$	9.02		$	9.07		$	9.08		$	9.13

Net investment income^(b)		0.31			0.33			0.29			0.30			0.22

Net realized and unrealized gain (loss)		(0.08	)		0.14			(0.04	)		(0.01	)		(0.02	)

Total from investment operations		0.23			0.47			0.25			0.29			0.20

Distributions to shareholders from net investment income		(0.32	)		(0.32	)		(0.30	)		(0.30	)		(0.21	)

Distributions to shareholders from net realized gains		(0.12	)		—			—			—			(0.04	)

Total distributions		(0.44	)		(0.32	)		(0.30	)		(0.30	)		(0.25	)

Net asset value, end of period	$	8.96		$	9.17		$	9.02		$	9.07		$	9.08

Total return^(c)		2.45	%		5.39	%		2.70	%		3.23	%		2.28	%

Net assets, end of period (in 000s)	$	978		$	675		$	17		$	12		$	10

Ratio of net expenses to average net assets		0.37	%		0.37	%		0.37	%		0.38	%		0.38	%^(d)

Ratio of total expenses to average net assets		0.46	%		0.54	%		0.46	%		0.51	%		0.53	%^(d)

Ratio of net investment income to average net assets		3.20	%		3.63	%		3.20	%		3.28	%		3.61	%^(d)

Portfolio turnover rate^(e)		76	%		82	%		82	%		63	%		79	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		135

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Local Emerging Markets Debt Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	5.76		$	6.89		$	6.38		$	6.36		$	6.96

Net investment income^(a)		0.24			0.34			0.36			0.33			0.34

Net realized and unrealized gain (loss)		(0.79	)		(1.17	)		0.52			0.04			(0.60	)

Total from investment operations		(0.55	)		(0.83	)		0.88			0.37			(0.26	)

Distributions to shareholders from net investment income		—	^(b)		—			—			—			—

Distributions to shareholders from return of capital		(0.23	)		(0.30	)		(0.37	)		(0.35	)		(0.34	)

Total distributions		(0.23	)		(0.30	)		(0.37	)		(0.35	)		(0.34	)

Net asset value, end of year	$	4.98		$	5.76		$	6.89		$	6.38		$	6.36

Total return^(c)		(10.05	)%		(12.08	)%		13.93	%		6.21	%		(3.54	)%

Net assets, end of year (in 000s)	$	4,808		$	5,465		$	8,880		$	11,295		$	140,623

Ratio of net expenses to average net assets		1.23	%		1.21	%		1.22	%		1.24	%		1.25	%

Ratio of total expenses to average net assets		1.63	%		1.53	%		1.44	%		1.48	%		1.40	%

Ratio of net investment income to average net assets		4.13	%		5.75	%		5.47	%		5.17	%		5.31	%

Portfolio turnover rate^(d)		84	%		117	%		112	%		111	%		100	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.005 per share.

(c)

(d)


136		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 Year


	Goldman Sachs Local Emerging Markets Debt Fund
	Class C Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	5.75		$	6.88		$	6.38		$	6.37		$	6.98

Net investment income^(a)		0.20			0.29			0.32			0.27			0.29

Net realized and unrealized gain (loss)		(0.78	)		(1.17	)		0.50			0.04			(0.61	)

Total from investment operations		(0.58	)		(0.88	)		0.82			0.31			(0.32	)

Distributions to shareholders from net investment income		—	^(b)		—			—			—			—

Distributions to shareholders from return of capital		(0.19	)		(0.25	)		(0.32	)		(0.30	)		(0.29	)

Total distributions		(0.19	)		(0.25	)		(0.32	)		(0.30	)		(0.29	)

Net asset value, end of year	$	4.98		$	5.75		$	6.88		$	6.38		$	6.37

Total return^(c)		(10.74	)%		(12.76	)%		13.10	%		5.08	%		(4.38	)%

Net assets, end of year (in 000s)	$	2,526		$	4,457		$	7,115		$	6,202		$	6,574

Ratio of net expenses to average net assets		1.98	%		1.96	%		1.96	%		1.98	%		2.00	%

Ratio of total expenses to average net assets		2.38	%		2.27	%		2.18	%		2.21	%		2.15	%

Ratio of net investment income to average net assets		3.44	%		4.99	%		4.77	%		4.27	%		4.58	%

Portfolio turnover rate^(d)		84	%		117	%		112	%		111	%		100	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		137

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs Local Emerging Markets Debt Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	5.74		$	6.87		$	6.37		$	6.36		$	6.97

Net investment income^(a)		0.26			0.38			0.38			0.34			0.37

Net realized and unrealized gain (loss)		(0.78	)		(1.20	)		0.50			0.04			(0.62	)

Total from investment operations		(0.52	)		(0.82	)		0.88			0.38			(0.25	)

Distributions to shareholders from net investment income		—	^(b)		—			—			—			—

Distributions to shareholders from return of capital		(0.25	)		(0.31	)		(0.38	)		(0.37	)		(0.36	)

Total distributions		(0.25	)		(0.31	)		(0.38	)		(0.37	)		(0.36	)

Net asset value, end of year	$	4.97		$	5.74		$	6.87		$	6.37		$	6.36

Total return^(c)		(9.82	)%		(11.86	)%		14.29	%		6.20	%		(3.35	)%

Net assets, end of year (in 000s)	$	16,667		$	32,419		$	245,127		$	332,212		$	403,203

Ratio of net expenses to average net assets		0.93	%		0.91	%		0.92	%		0.91	%		0.91	%

Ratio of total expenses to average net assets		1.29	%		1.10	%		1.10	%		1.12	%		1.06	%

Ratio of net investment income to average net assets		4.48	%		6.33	%		5.80	%		5.35	%		5.67	%

Portfolio turnover rate^(d)		84	%		117	%		112	%		111	%		100	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.005 per share.

(c)

(d)


138		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 Year


	Goldman Sachs Local Emerging Markets Debt Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	5.74		$	6.87		$	6.37		$	6.35		$	6.96

Net investment income^(a)		0.26			0.35			0.38			0.33			0.34

Net realized and unrealized gain (loss)		(0.79	)		(1.17	)		0.50			0.06			(0.59	)

Total from investment operations		(0.53	)		(0.82	)		0.88			0.39			(0.25	)

Distributions to shareholders from net investment income		—	^(b)		—			—			—			—

Distributions to shareholders from return of capital		(0.24	)		(0.31	)		(0.38	)		(0.37	)		(0.36	)

Total distributions		(0.24	)		(0.31	)		(0.38	)		(0.37	)		(0.36	)

Net asset value, end of year	$	4.97		$	5.74		$	6.87		$	6.37		$	6.35

Total return^(c)		(9.69	)%		(11.91	)%		14.24	%		6.30	%		(3.45	)%

Net assets, end of year (in 000s)	$	5,557		$	6,057		$	10,263		$	5,489		$	9,741

Ratio of net expenses to average net assets		0.98	%		0.96	%		0.97	%		0.98	%		0.99	%

Ratio of total expenses to average net assets		1.38	%		1.25	%		1.16	%		1.21	%		1.14	%

Ratio of net investment income to average net assets		4.35	%		6.03	%		5.78	%		5.28	%		5.55	%

Portfolio turnover rate^(d)		84	%		117	%		112	%		111	%		100	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		139

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
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	5.74		$	6.75

Net investment income^(b)		0.26			0.31

Net realized and unrealized loss		(0.78	)		(1.03	)

Total from investment operations		(0.52	)		(0.72	)

Distributions to shareholders from net investment income		—	^(c)		—

Distributions to shareholders from return of capital		(0.25	)		(0.29	)

Total distributions		(0.25	)		(0.29	)

Net asset value, end of period	$	4.97		$	5.74

Total return^(d)		(9.82	)%		(10.66	)%

Net assets, end of period (in 000s)	$	30,957		$	52,263

Ratio of net expenses to average net assets		0.92	%		0.90	%^(e)

Ratio of total expenses to average net assets		1.28	%		1.24	%^(e)

Ratio of net investment income to average net assets		4.48	%		5.75	%^(e)

Portfolio turnover rate^(f)		84	%		117	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.005 per share.

(d)

(e)

Annualized.

(f)


140		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Local Emerging Markets Debt Fund
	Class R6 Shares
	Year Ended March 31,						Period Ended March 31, 2018^(a)
	2020			2019			Period Ended March 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	5.74		$	6.87		$	6.48

Net investment income^(b)		0.27			0.34			0.14

Net realized and unrealized gain (loss)		(0.79	)		(1.16	)		0.37

Total from investment operations		(0.52	)		(0.82	)		0.51

Distributions to shareholders from net investment income		—	^(c)		—			—

Distributions to shareholders from return of capital		(0.25	)		(0.31	)		(0.12	)

Total distributions		(0.25	)		(0.31	)		(0.12	)

Net asset value, end of period	$	4.97		$	5.74		$	6.87

Total return^(d)		(9.82	)%		(11.86	)%		7.88	%

Net assets, end of period (in 000s)	$	30,325		$	92,937		$	56,354

Ratio of net expenses to average net assets		0.91	%		0.90	%		0.90	%^(e)

Ratio of total expenses to average net assets		1.28	%		1.18	%		0.87	%^(e)

Ratio of net investment income to average net assets		4.60	%		5.91	%		6.04	%^(e)

Portfolio turnover rate^(f)		84	%		117	%		112	%

(a)

Commenced operations on November 30, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.005 per share.

(d)

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		141

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Mortgages Fund
	Class A Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.29		$	10.21		$	10.45		$	10.68		$	10.74

Net investment income (loss)^(a)		0.19			0.24			0.15			0.12			0.17

Net realized and unrealized gain (loss)		0.36			0.12			(0.16	)		(0.11	)		0.03

Total from investment operations		0.55			0.36			(0.01	)		0.01			0.20

Distributions to shareholders from net investment income		(0.28	)		(0.28	)		(0.23	)		(0.24	)		(0.26	)

Distributions to shareholders from return of capital		(0.01	)		—			0.00	^(b)		—			—	^(b)

Total distributions		(0.29	)		(0.28	)		(0.23	)		(0.24	)		(0.26	)

Net asset value, end of year	$	10.55		$	10.29		$	10.21		$	10.45		$	10.68

Total return^(c)		5.41	%		3.60	%		(0.10	)%		0.10	%		1.89	%

Net assets, end of year (in 000s)	$	30,384		$	31,394		$	24,967		$	47,235		$	36,465

Ratio of net expenses to average net assets		0.79	%		0.78	%		0.77	%		0.77	%		0.75	%

Ratio of total expenses to average net assets		0.85	%		0.86	%		0.87	%		0.93	%		0.96	%

Ratio of net investment income to average net assets		1.82	%		2.37	%		1.40	%		1.10	%		1.58	%

Portfolio turnover rate^(d)		1,233	%		963	%		1,149	%		863	%		956	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


142		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 Year


	Goldman Sachs U.S. Mortgages Fund
	Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.32		$	10.23		$	10.47		$	10.71		$	10.77

Net investment income^(a)		0.21			0.27			0.19			0.15			0.20

Net realized and unrealized gain (loss)		0.38			0.14			(0.16	)		(0.11	)		0.04

Total from investment operations		0.59			0.41			0.03			0.04			0.24

Distributions to shareholders from net investment income		(0.32	)		(0.32	)		(0.27	)		(0.28	)		(0.30	)

Distributions to shareholders from return of capital		(0.01	)		—			—	^(b)		—			—	^(b)

Total distributions		(0.33	)		(0.32	)		(0.27	)		(0.28	)		(0.30	)

Net asset value, end of year	$	10.58		$	10.32		$	10.23		$	10.47		$	10.71

Total return^(c)		5.75	%		4.05	%		0.24	%		0.35	%		2.23	%

Net assets, end of year (in 000s)	$	52,878		$	34,027		$	80,298		$	63,035		$	60,513

Ratio of net expenses to average net assets		0.45	%		0.44	%		0.43	%		0.43	%		0.41	%

Ratio of total expenses to average net assets		0.51	%		0.51	%		0.52	%		0.59	%		0.62	%

Ratio of net investment income to average net assets		1.98	%		2.68	%		1.78	%		1.45	%		1.89	%

Portfolio turnover rate^(d)		1,233	%		963	%		1,149	%		863	%		956	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		143

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Year


	Goldman Sachs U.S. Mortgages Fund
	Separate Account Institutional Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.30		$	10.21		$	10.45		$	10.69		$	10.75

Net investment income^(a)		0.22			0.28			0.18			0.15			0.20

Net realized and unrealized gain (loss)		0.36			0.13			(0.15	)		(0.11	)		0.04

Total from investment operations		0.58			0.41			0.03			0.04			0.24

Distributions to shareholders from net investment income		(0.32	)		(0.32	)		(0.27	)		(0.28	)		(0.30	)

Distributions to shareholders from return of capital		(0.01	)		—			—	^(b)		—			—	^(b)

Total distributions		(0.33	)		(0.32	)		(0.27	)		(0.28	)		(0.30	)

Net asset value, end of year	$	10.55		$	10.30		$	10.21		$	10.45		$	10.69

Total return^(c)		5.67	%		4.07	%		0.24	%		0.35	%		2.23	%

Net assets, end of year (in 000s)	$	207,621		$	215,647		$	221,303		$	217,648		$	210,773

Ratio of net expenses to average net assets		0.44	%		0.44	%		0.43	%		0.43	%		0.41	%

Ratio of total expenses to average net assets		0.49	%		0.51	%		0.52	%		0.59	%		0.62	%

Ratio of net investment income to average net assets		2.13	%		2.77	%		1.77	%		1.45	%		1.91	%

Portfolio turnover rate^(d)		1,233	%		963	%		1,149	%		863	%		956	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


144		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 Year


	Goldman Sachs U.S. Mortgages Fund
	Investor Shares
	Year Ended March 31,
	2020			2019			2018			2017			2016
Per Share Data

Net asset value, beginning of year	$	10.32		$	10.23		$	10.47		$	10.71		$	10.77

Net investment income^(a)		0.22			0.27			0.18			0.13			0.17

Net realized and unrealized gain (loss)		0.36			0.13			(0.16	)		(0.10	)		0.06

Total from investment operations		0.58			0.40			0.02			0.03			0.23

Distributions to shareholders from net investment income		(0.31	)		(0.31	)		(0.26	)		(0.27	)		(0.29	)

Distributions to shareholders from return of capital		(0.01	)		—			—	^(b)		—			—	^(b)

Total distributions		(0.32	)		(0.31	)		(0.26	)		(0.27	)		(0.29	)

Net asset value, end of year	$	10.58		$	10.32		$	10.23		$	10.47		$	10.71

Total return^(c)		5.66	%		3.96	%		0.15	%		0.25	%		2.14	%

Net assets, end of year (in 000s)	$	114,242		$	152,715		$	154,957		$	143,018		$	6,582

Ratio of net expenses to average net assets		0.54	%		0.54	%		0.52	%		0.50	%		0.51	%

Ratio of total expenses to average net assets		0.59	%		0.61	%		0.61	%		0.62	%		0.71	%

Ratio of net investment income to average net assets		2.09	%		2.67	%		1.68	%		1.26	%		1.63	%

Portfolio turnover rate^(d)		1,233	%		963	%		1,149	%		863	%		956	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)


The accompanying notes are an integral part of these financial statements.		145

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
	Year Ended March 31, 2020			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.32		$	10.16

Net investment income^(b)		0.23			0.28

Net realized and unrealized gain		0.36			0.18

Total from investment operations		0.59			0.46

Distributions to shareholders from net investment income		(0.32	)		(0.30	)

Distributions to shareholders from return of capital		(0.01	)

Total distributions		(0.33	)		(0.30	)

Net asset value, end of period	$	10.58		$	10.32

Total return^(c)		5.77	%		4.57	%

Net assets, end of period (in 000s)	$	4,971		$	8,575

Ratio of net expenses to average net assets		0.44	%		0.44	%^(d)

Ratio of total expenses to average net assets		0.49	%		0.52	%^(d)

Ratio of net investment income to average net assets		2.17	%		2.89	%^(d)

Portfolio turnover rate^(e)		1,233	%		963	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


146		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Mortgages Fund
	Class R6 Shares
	Year Ended March 31,												Period Ended March 31, 2016^(a)
	2020			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of	$	10.32		$	10.23		$	10.48		$	10.71		$	10.67

Net investment income^(b)		0.22			0.29			0.19			0.19			0.13

Net realized and unrealized gain (loss)		0.37			0.12			(0.17	)		(0.14	)		0.11

Total from investment operations		0.59			0.41			0.02			0.05			0.24

Distributions to shareholders from net investment income		(0.32	)		(0.32	)		(0.27	)		(0.28	)		(0.20	)

Distributions to shareholders from return of capital		(0.01	)		—			—	^(c)		—			—	^(c)

Total distributions		(0.33	)		(0.32	)		(0.27	)		(0.28	)		(0.20	)

Net asset value, end of period	$	10.58		$	10.32		$	10.23		$	10.48		$	10.71

Total return^(d)		5.77	%		4.06	%		0.16	%		0.46	%		2.24	%

Net assets, end of period (in 000s)	$	20,349		$	14,387		$	5,104		$	2,606		$	10

Ratio of net expenses to average net assets		0.44	%		0.44	%		0.42	%		0.41	%		0.44	%^(e)

Ratio of total expenses to average net assets		0.50	%		0.52	%		0.51	%		0.53	%		0.64	%^(e)

Ratio of net investment income to average net assets		2.11	%		2.88	%		1.80	%		1.79	%		1.77	%^(e)

Portfolio turnover rate^(f)		1,233	%		963	%		1,149	%		863	%		956	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		147

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2020

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:


Fund	Share Classes Offered	Diversified/ Non-diversified
Local Emerging Markets Debt	A, C, Institutional, Investor, P and R6	Non-diversified
High Yield	A, C, Institutional, Service, Investor, P, R and R6	Diversified
Emerging Markets Debt, High Yield Floating Rate	A, C, Institutional, Investor, P, R and R6	Diversified
Investment Grade Credit, U.S. Mortgages	A, Institutional, Investor, Separate Account Institutional, P and R6	Diversified

Class A Shares of the Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 2.25%, 3.75%, 4.50% and 3.75%, respectively. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Separate Account Institutional, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall

148

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/ deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

D. Redemption Fees — Prior to March 16, 2020, a 2% redemption fee was imposed for the redemption of shares (including by exchange) held for 60 calendar days or less with respect to the High Yield Fund and 30 calendar days or less with respect to the Emerging Markets Debt and Local Emerging Markets Debt Funds. For this purpose, the Funds used a first-in first-out method so that shares held longest would be treated as being redeemed first and shares held shortest would be treated as being redeemed last. Redemption fees were reimbursed to a Fund and were reflected as a reduction in share redemptions. Redemption fees were credited to Paid-in Capital and were allocated to each share class of a Fund on a pro-rata basis. Effective March 16, 2020 such redemption fees are no longer imposed.


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

149

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

150

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

comparable entities, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure, offerings in equity or debt capital markets, and changes in current and projected financial ratios or cash flows.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

The High Yield and High Yield Floating Rate Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

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.

151

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

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. 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.

152

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

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

153

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

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.

Secured Borrowings — Secured borrowings are valued at their contractual amounts, which approximate fair value, and are generally classified as Level 2 of the fair value hierarchy.

i. Reverse Repurchase Agreements — Reverse repurchase agreements involve the sale of securities held by a Fund subject to the Fund’s agreement to repurchase the securities at a mutually agreed upon date and net price (including interest), under the terms of a Master Repurchase Agreement (“MRA”). The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

When a Fund enters into a reverse repurchase agreement, it is required to deliver securities as collateral to the counterparty that exceed the value of the reverse repurchase agreement. During the term of a reverse repurchase agreement, the value of the underlying securities pledged as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the reverse repurchase agreement, including accrued interest. If the value of those securities pledged as collateral, including accrued interest, becomes less than the value of the reverse repurchase agreement, including accrued interest, a Fund will be obligated to deliver additional collateral to the buyer. If the buyer defaults on its commitment to sell back the securities, a Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that the Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to a Fund.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

154

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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 March 31, 2020:



EMERGING MARKETS DEBT

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Sovereign Debt Obligations	$	—		$	723,232,800		$	—

Corporate Obligations		—			287,855,063			—

Investment Company		70,293,308			—			—

Total	$	70,293,308		$	1,011,087,863		$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	32,467,570		$	—

Futures Contracts		16,643,753			—			—

Interest Rate Swap Contracts		—			3,853,541			—

Credit Default Swap Contracts		—			174,864			—

Total	$	16,643,753		$	36,495,975		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	(35,125,423	)	$	—

Futures Contracts		(8,797	)		—			—

Interest Rate Swap Contracts		—			(1,955,847	)		—

Credit Default Swap Contracts		—			(8,685,365	)		—

Total	$	(8,797	)	$	(45,766,635	)	$	—

HIGH YIELD

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Bank Loans	$	—		$	41,417,432		$	2,625,805

Corporate Obligations		—			1,612,174,722			—

Structured Note					1,428,700

Common Stock and/or Other Equity Investments

North America		—			2,049,520			—

Investment Company		65,794,418			—			—

Total	$	65,794,418		$	1,657,070,374		$	2,625,805

Liabilities

Reverse Repurchase Agreements	$	—		$	(3,466,621	)	$	—

Total	$	—		$	(3,466,621	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

155

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



HIGH YIELD (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	69,960		$	—

Futures Contracts		10,471,370			—			—

Total	$	10,471,370		$	69,960		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts with Unrealized Gain	$	—		$	(384,651	)	$	—

Futures Contracts		(796,397	)		—			—

Credit Default Swap Contracts		—			(3,083,585	)		—

Total	$	(796,397	)	$	(3,468,236	)	$	—

HIGH YIELD FLOATING RATE

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Bank Loans	$	—		$	1,047,727,775		$	96,748,223

Corporate Obligations		—			8,000,012			—

Asset-Backed Securities		—			7,574,954			—

Common Stock and/or Other Equity Investments

North America		370,816			211,574			—

Warrants		—			—			40,687

Exchange Traded Funds		10,810,704			—			—

Investment Company		84,002,150			—			—

Securities Lending Reinvestment Vehicle		281,175			—			—

Total	$	95,464,845		$	1,063,514,315		$	96,788,910

Liabilities^(a)

Unfunded Loan Commitment	$	—		$	(58,489	)	$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	152,894		$	—

Futures Contracts		155,787			—			—

Total Return Swap Contracts		—			129,496			—

Total	$	155,787		$	282,390		$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

156

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	$	—		$	(998,369	)	$	—

Futures Contracts		(449,362	)		—			—

Credit Default Swap Contracts		—			(405,333	)		—

Total Return Swap Contracts		—			(373,834	)		—

Total	$	(449,362	)	$	(1,777,536	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

The following is a reconciliation of Level 3 investments for the fiscal year ended March 31, 2020:


				Bank Loans			Warrant

Beginning Balance as of April 1, 2019				$	16,921,844		$	—

Realized gain (loss)					(2,685,905	)		—

Net change in unrealized gain (loss) relating to instruments still held at reporting date					(13,187,269	)		40,687

Purchases					53,581,893			—

Sales					(76,150,963	)		—

Amortization					160,428			—

Transfers into Level 3					122,130,445			—

Transfers out of Level 3					(4,022,250	)		—

Ending Balance as of March 31, 2020				$	96,748,223		$	40,687

INVESTMENT GRADE CREDIT

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	427,122,425		$	—

Foreign Debt Obligations		—			16,087,492			—

Municipal Debt Obligations		—			4,310,625			—

U.S. Treasury Obligations		1,036,656			—			—

Investment Company		24,456,240			—			—

Total	$	25,492,896		$	447,520,542		$	—

Derivative Type

Assets^(a)

Futures Contracts	$	2,424,375		$	—		$	—

Total	$	2,424,375		$	—		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts with Unrealized Gain	$	—		$	(89,607	)	$	—

Futures Contracts		(2,053,867	)		—			—

Interest Rate Swap Contracts		—			(17,449	)		—

Credit Default Swap Contracts		—			(2,571,119	)		—

Total	$	(2,053,867	)	$	(2,678,175	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

157

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



LOCAL EMERGING MARKETS DEBT

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Sovereign Debt Obligations	$	—		$	61,991,173		$	—

Corporate Obligations		—			6,459,673			—

Structured Notes		—			7,435,540			—

U.S. Treasury Obligations		156,566			—			—

Investment Company		7,510,991			—			—

Total	$	7,667,557		$	75,886,386		$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	5,293,842		$	—

Futures Contracts		1,195,774			—			—

Interest Rate Swap Contracts		—			1,950,417			—

Credit Default Swap Contracts		—			47,138			—

Total	$	1,195,774		$	7,291,397		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	(8,097,511	)	$	—

Futures Contracts		(1,137,212	)		—			—

Interest Rate Swap Contracts		—			(1,081,654	)		—

Credit Default Swap Contracts		—			(333,224	)		—

Total	$	(1,137,212	)	$	(9,512,389	)	$	—

U.S. MORTGAGES

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Mortgage-Backed Obligations	$	—		$	557,196,001		$	—

Asset-Backed Securities		—			45,131,036			—

Municipal Debt Obligation		—			937,919			—

Investment Company		16,960,588			—			—

Total	$	16,960,588		$	603,264,956		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(1,075,323	)	$	—

Total	$	—		$	(1,075,323	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

158

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



U.S. MORTGAGES (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets^(a)

Futures Contracts	$	201,477		$	—		$	—

Liabilities

Futures Contracts^(a)	$	(686,850	)	$	—		$	—

Interest Rate Swap Contracts^(a)		—			(10,228	)		—

Credit Default Swap Contracts^(a)		—			(1,919,157	)		—

Written option contracts		—			(65,703	)		—

Total	$	(686,850	)	$	(1,995,088	)	$	—

(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

EMERGING MARKETS DEBT

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

20,497,294

^(a)

Variation margin on futures contracts;

Variation margin on swap contracts;

(1,964,644)

^(a)

Credit

Variation margin on swap contracts; Unrealized gain on swap contracts

174,864

^(a)

Variation margin on swap contracts;

Unrealized gain on swap contracts

(8,685,365)

^(a)(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts.

32,467,570

Payable for unrealized loss on forward

foreign currency exchange contracts.

(35,125,423)

Total

53,139,728

(45,775,432)

HIGH YIELD

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts;

10,471,370

^(a)

Variation margin on futures contracts;

(796,397)

^(a)

Credit

—

Variation margin on swap contracts

(3,083,585)

^(a)

Currency

Receivable for unrealized gain on forward

foreign currency exchange contracts.

69,960

Payable for unrealized loss on forward

foreign currency exchange contracts.

(384,651)

Total$

10,541,330

(4,264,633)

159

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

4. INVESTMENTS IN DERIVATIVES (continued)



HIGH YIELD FLOATING RATE
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	155,787	^(a)	Variation margin on futures contracts	$	(449,362)	^(a)
Credit	Receivable for unrealized gain on swap contracts		129,496	^(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts		(779,167)	^(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		152,894		Payable for unrealized loss on forward foreign currency exchange contracts		(998,369)
Total		$	438,177			$	(2,226,898)

INVESTMENT GRADE CREDIT
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	2,424,375	^(a)	Variation margin on futures contracts; Variation margin on swap contracts	$	(2,071,316)	^(a)
Credit	—		—		Variation margin on swap contracts		(2,571,119)
Currency	—		—		Payable for unrealized loss on forward foreign currency exchange contracts		(89,607)
Total			2,424,375			$	(4,732,042)

(a)

(b)

Aggregate of amounts include $3,149,335 and $373,834 for the Emerging Markets Debt Fund and High Yield Floating Rate Fund, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

LOCAL EMERGING MARKETS DEBT

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts;

3,146,191

^(a)

Payable for unrealized loss on swap contracts; Variation margin on swap contracts; Variation margin on futures

contracts

(2,218,866)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts; Variation margin on swap contracts

47,138

^(a)

Payable for unrealized loss on swap

contracts

(333,224)

^(a)(b)

Currency

Receivable for unrealized gain on forward

foreign currency exchange contracts

5,293,842

Payable for unrealized loss on forward

foreign currency exchange contracts

(8,097,511)

Total

8,487,171

(10,649,601)

160

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

U.S. MORTGAGES

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts;

201,477

^(a)

Variation margin on swap contracts;

Variation margin on futures contracts; Written options, at value

(762,781)

^(a)

Credit

—

Payable for unrealized loss on swap

contracts

(1,919,157)

^(b)

Total

201,477

(2,681,938)

(a)

(b)

Aggregate of amounts include $175,366 and $1,919,157 for the Local Emerging Markets Debt and U.S. Mortgages Funds, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.



EMERGING MARKETS DEBT
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts, swap contracts and purchased options/Net change in unrealized gain (loss) on futures contracts, swap contracts and purchased options	$	41,701,872		$	14,698,682			3,570
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(7,215,054	)		(4,551,054	)		89
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		5,947,305			(5,621,009	)		349
Total		$	40,434,123		$	4,526,619			4,008

HIGH YIELD
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from purchased options contracts and futures contracts/Net change in unrealized gain (loss) on purchased options contracts and futures contracts	$	12,900,523		$	9,672,852			3,160
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(15,296,939	)		(3,760,339	)		1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		600,637			(314,691	)		2
Total		$	(1,795,779	)	$	5,597,822			3,163

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2020.

161

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

4. INVESTMENTS IN DERIVATIVES (continued)



HIGH YIELD FLOATING RATE
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(2,484,247	)	$	62,215			247
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(2,095,189	)		(649,671	)		1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		4,040,700			(1,482,525	)		3
Total		$	(538,736	)	$	(2,069,981	)		251

INVESTMENT GRADE CREDIT
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from purchased options contracts, written options contracts, futures contracts, swap contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts	$	7,154,223		$	(405,858	)		1,034
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(1,017,841	)		(2,804,456	)		10
Currency	Net realized gain (loss) forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		366,551			(145,107	)		1
Total		$	6,502,933		$	(3,355,421	)		1,045

LOCAL EMERGING MARKETS DEBT
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) on futures contracts, non deliverable bond forward contracts; swap contracts and purchased options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, non deliverable bond forward contracts and swap contracts	$	1,568,456		$	399,389			353
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		(154,799	)		28,714			18
Currency	Net realized gain (loss) on forward foreign currency exchange/Net change in unrealized gain (loss) on forward foreign currency exchange contracts.		(1,330,256	)		(2,502,194	)		379
Total		$	83,401		$	(2,074,091	)		750

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2020.

162

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



U.S. MORTGAGES
Risk	Statements of Operations	Net Realized Gain (Loss)	Net Change in Unrealized Gain (Loss)	Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts, swap contracts and written options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts	$1,086,812	$(1,076,389)	532
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	54,277	(1,919,157)	1
Total		$1,141,089	$(2,995,546)	533

(a)

Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2020.

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.

163

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

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 March 31, 2020:



Emerging Markets Debt
	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Barclays Bank PLC	$	—	$	—	$	—	$	(447,397	)	$	—		$	(447,397	)	$	(447,397	)	$	350,000		$	(97,397	)
BofA Securities LLC		—		—		—		(199,963	)		—			(199,963	)		(199,963	)		199,963			—
Citibank NA		75,864		—		75,864		(965,755	)		—			(965,755	)		(889,891	)		889,891			—
Deutsche Bank AG (London)		—		—		—		(786,962	)		—			(786,962	)		(786,962	)		786,962			—
JPMorgan Securities, Inc.		—		—		—		(514,639	)		—			(514,639	)		(514,639	)		514,639			—
MS & Co. Int. PLC		—		32,467,570		32,467,570		—			(35,125,423	)		(35,125,423	)		(2,657,853	)		2,657,853			—
UBS AG (London)		—		—		—		(234,619	)		—			(234,619	)		(234,619	)		234,619			—

Total	$	75,864	$	32,467,570	$	32,543,434	$	(3,149,335	)	$	(35,125,423	)	$	(38,274,758	)	$	(5,731,324	)	$	5,633,927		$	(97,397	)

Local Emerging Markets Debt Fund
	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Barclays Bank PLC	$	52,101	$	—	$	52,101	$	—		$	—		$	—		$	52,101		$	(52,101	)	$	—
BofA Securities LLC		17,404		—		17,404		(21,194	)		—			(21,194	)		(3,790	)		—			(3,790	)
Citibank NA		33,373		—		33,373		(83,743	)		—			(83,743	)		(50,370	)		—			(50,370	)
CS International (London)		—		—		—		(63,387	)		—			(63,387	)		(63,387	)		63,387			—
Deutsche Bank AG (London)		48,367		—		48,367		—			—			—			48,367			—			48,367
JPMorgan Securities, Inc.		—		—		—		(3,509	)		—			(3,509	)		(3,509	)		—			(3,509	)
MS & Co. Int. PLC		415,855		5,293,842		5,709,697		—			(8,097,511	)		(8,097,511	)		(2,387,814	)		2,387,814			—
UBS AG (London)		—		—		—		(3,533	)		—			(3,533	)		(3,533	)		—			(3,533	)

Total	$	567,100	$	5,293,842	$	5,860,942	$	(175,366	)	$	(8,097,511	)	$	(8,272,877	)	$	(2,411,935	)	$	2,399,100		$	(12,835	)

(1)

Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

(2)

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.

164

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended March 31, 2020, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate^
Fund Name	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Emerging Markets Debt		0.80	%		0.80	%		0.72	%		0.68	%		0.67	%		0.80	%		0.80	%
High Yield		0.70			0.70			0.63			0.60			0.59			0.69			0.69
High Yield Floating Rate		0.60			0.54			0.51			0.50			0.49			0.57			0.56
Investment Grade Credit		0.34			0.31			0.29			0.28			0.28			0.34			0.34
Local Emerging Markets Debt		0.80			0.80			0.72			0.68			0.67			0.80			0.80
U.S. Mortgages		0.34			0.31			0.29			0.28			0.28			0.34			0.33

The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund and Goldman Sachs Access High Yield Corporate Bond ETF, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the fiscal year ended March 31, 2020, the management fee waived by GSAM for each Fund was as follows:


Fund Name	Management Fee Waived
Emerging Markets Debt	$	39,217
High Yield		95,334
High Yield Floating Rate		64,177
Investment Grade Credit		8,683
Local Emerging Markets Debt		5,392
U.S. Mortgages		33,559

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.

165

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.


	Distribution and/or Service Plan Rates
	Class A*			Class C			Class R*			Service
Distribution and/or Service Plan		0.25	%		0.75	%		0.50	%		0.25	%

With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. For the fiscal year ended March 31, 2020, Goldman Sachs retained the following amounts:


	Front End Sales Charge
Fund Name	Class A
Emerging Markets Debt	$	5,202
High Yield		14,346
High Yield Floating Rate		137
Investment Grade Credit		143
Local Emerging Markets Debt		366
U.S. Mortgages		1,027

During the fiscal year ended March 31, 2020, Goldman Sachs did not retain any portion of Class C Shares’ CDSC.

D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service and/or Shareholder Administration Plans to allow Class C and Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and/or shareholder administration services to their customers who are beneficial owners of such shares. The Service and/or Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% the average daily net assets attributable to Class C and/or Service Shares of the Funds.

Goldman Sachs has agreed to waive a portion of the transfer agency fees equal to 0.04% of the average daily net assets attributable to Class A, Class C and Investor Shares of the Local Emerging Markets Debt Fund and 0.06% of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Fund through at least July 29, 2020. Effective July 30, 2019, Goldman Sachs has agreed to waive a portion of the transfer agency fees equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Debt Fund, through at least July 29, 2020, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Trustees.

166

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are 0.024%, 0.024%, 0.104%, 0.004%, 0.074% and 0.074%, respectively. These Other Expense limitations will remain in place through at least July 29, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended March 31, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund Name	Management Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions
Emerging Markets Debt	$	39,217	$	34,494	$	625,292	$	699,003
High Yield		95,334		119,008		269,181		483,523
High Yield Floating Rate		64,177		32		—		64,209
Investment Grade Credit		8,683		67		417,009		425,849
Local Emerging Markets Debt		5,392		6,584		491,631		503,607
U.S. Mortgages		33,559		831		217,887		252,277

G. Lines of Credit Facility — As of March 31, 2020, the Funds participated in a $580,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2020, the Funds did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000. The facility was increased to $700,000,000 effective April 28, 2020.

In addition, as of November 19, 2019, the High Yield Floating Rate Fund also participated in a $150,000,000 committed, unsecured credit facility for the purpose of providing short-term, temporary working capital to the Fund (the “Credit Facility”). The Credit Facility is intended to enable the Fund to more efficiently manage various factors associated with the length of settlement of bank loan transactions and may also be used to satisfy redemption requests. The interest rate on borrowings is based on the federal funds rate as defined in the credit agreement and the Fund is required to pay a fee based on the amount of the commitment that has not been utilized. Under the Credit Facility, the Fund had an average outstanding balance and weighted average annual interest rate for the fiscal year ended March 31, 2020 of $138,461,538 and 1.749%, respectively. As of March 31, 2020, there was $150,000,000 of outstanding borrowings under the Credit Facility at a weighted average annual interest rate of 1.371%.

H. Other Transactions with Affiliates — For the fiscal year ended March 31, 2020, Goldman Sachs earned $104,758, $31,766, $7,703, and $24,123 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.

167

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of March 31, 2020, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the Local Emerging Market Debts Fund:

Goldman Sachs Satellite

Strategies Portfolio

Goldman Sachs
Growth and Income Portfolio

Goldman Sachs

Growth Strategy
Portfolio

12%

As of March 31, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of 100% of Class R Shares of the High Yield Floating Rate Fund.

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund and Goldman Sachs Access High Yield Corporate Bond ETF for the fiscal year ended March 31, 2020:


Fund	Underlying Fund	Beginning Value as of March 31, 2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Ending Value as of March 31, 2020		Shares as of March 31, 2020		Dividend Income
Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	14,750,424	$	555,218,083	$	(499,675,199	)	$	—		$	—		$	70,293,308		70,293,308	$	431,117
High Yield	Goldman Sachs Financial Square Government Fund — Institutional Shares		87,368,040		977,958,396		(999,532,018	)		—			—			65,794,418		65,794,418		755,735
	Goldman Sachs Access High Yield Corporate Bond ETF		22,474,864		22,634,555		(44,180,459	)		(908,996	)		(19,964	)		—		—		506,676
High Yield Floating Rate	Goldman Sachs Financial Square Government Fund — Institutional Shares		17,476,345		997,465,443		(930,939,638	)		—			—			84,002,150		84,002,150		729,208
Investment Grade Credit	Goldman Sachs Financial Square Government Fund — Institutional Shares		6,402,136		154,669,859		(136,615,755	)		—			—			24,456,240		24,456,240		78,663
Local Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares		13,273,080		69,883,899		(75,645,988	)		—			—			7,510,991		7,510,991		65,944
U.S. Mortgages	Goldman Sachs Financial Square Government Fund — Institutional Shares		18,368,741		369,281,433		(370,689,586	)		—			—			16,960,588		16,960,588		416,050

168

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the investment in the shares of an issuer deemed to be an affiliate of the High Yield Fund for the fiscal year ended March 31, 2020:

Name of Affiliated Issuer

Beginning
Value as of
March 31, 2019

Proceeds

from Sales

Net Realized
Gain/(Loss)

Ending
Value as of
March 31, 2020

Shares as of

March 31, 2020

Dividend

Income

Berry Corp*

—

(96,692

)

96,692

—

1,250

Security was received as a distribution as a result of a corporate action.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2020, were:


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Emerging Markets Debt	$	512,393,906	$	639,409,644	$	512,584,598	$	854,838,238
High Yield		—		1,721,303,993		—		1,907,629,889
High Yield Floating Rate		—		780,200,344		—		1,592,044,740
Investment Grade Credit		69,257,405		303,146,933		72,003,235		306,187,410
Local Emerging Markets Debt		34,460,763		62,079,285		37,541,563		137,548,933
U.S. Mortgages		7,150,469,354		8,292,022		7,032,659,516		21,586,484

The table below summarizes the reverse repurchase agreement activity for the fiscal year ended March 31, 2020:


Fund	Average amount of borrowings		Weighted average interest rate (Paid) Received			Number of days outstanding during the period
Emerging Markets Debt Fund	$	5,005,000		(0.017	)%		5
High Yield Fund		4,902,842		0.004			297

The following table sets forth the Funds’ different types of investments pledged as collateral and the remaining contractual maturities of the reverse repurchase agreements as of March 31, 2020:

High Yield Fund


	Remaining Contractual Maturity of the Agreements As of March 31, 2020
	Overnight and Continuous		< 30 days		Between 30 and 90 days		> 90 days		Total

Reverse Repurchase Agreements
	$	—	$	—	$	—	$	3,466,621	$	3,466,621

Total Borrowings	$	—	$	—	$	—	$	3,466,621	$	3,466,621
Gross amount of recognized liabilities for reverse repurchase agreements									$	3,466,621

169

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the High Yield and High Yield Floating Rate Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The High Yield and High Yield Floating Rate Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of March 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the High Yield and High Yield Floating Rate Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year end, March 31, 2020, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:


	For the fiscal year end, March 31, 2020				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of March 31, 2020
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
High Yield	$	3,737	$	—	$	—
High Yield Floating Rate		11,524		6,628		—

170

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for fiscal year ended March 31, 2020.


Fund	Beginning Value as of March 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of March 31, 2020		Shares as of March 31, 2020
High Yield	$	—	$	123,772,160	$	(123,772,160	)	$	—		—
High Yield Floating Rate		—		198,816,710		(198,535,535	)		281,175		281,175

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2020 was as follows:



	Emerging Markets Debt		High Yield		High Yield Floating Rate		Investment Grade Credit		Local Emerging Markets Debt		U.S. Mortgages
Distribution paid from:
Ordinary income	$	35,161,470	$	128,363,048	$	108,675,915	$	18,751,072	$	929	$	14,006,277
Net long-term capital gains		—		—		—		4,923,132		—		—
Total taxable distributions	$	35,161,470	$	128,363,048	$	108,675,915	$	23,674,204	$	929	$	14,006,277
Tax return of capital	$	30,938,350	$	1,571,047	$	—	$	—	$	5,824,633	$	379,037

The tax character of distributions paid during the fiscal year ended March 31, 2019 was as follows:



	Emerging Markets Debt		High Yield		High Yield Floating Rate		Investment Grade Credit		Local Emerging Markets Debt		U.S. Mortgages
Distribution paid from:
Ordinary income		$96,327,961		$136,906,072		$179,922,941		$14,037,904	$	—		$14,396,898
Net long-term capital gains		—		—		—		—		—		—
Total taxable distributions	$	96,327,961	$	136,906,072	$	179,922,941	$	14,037,904	$	—	$	14,396,898
Tax return of capital	$	8,327,144	$	—	$	—	$	—	$	14,803,079	$	—

171

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

8. TAX INFORMATION (continued)

As of March 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:


	Emerging Markets Debt			High Yield			High Yield Floating Rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Undistributed ordinary income — net	$	—		$	—		$	3,018,235		$	—		$	—		$	—
Undistributed long-term capital gains		—			—			—			5,031,987			—			—
Total undistributed earnings	$	—		$	—		$	3,018,235		$	5,031,987		$	—		$	—
Capital loss carryforwards:⁽¹⁾
Perpetual Short-Term		—			(126,573,848	)		(106,033,900	)		—			(106,887,704	)		(7,650,896	)
Perpetual Long-Term		(61,457,173	)		(294,434,378	)		(181,946,019	)		—			(40,115,015	)		(5,359,737	)
Total capital loss carryforwards	$	(61,457,173	)	$	(421,008,226	)	$	(287,979,919	)	$	—		$	(147,002,719	)	$	(13,010,633	)
Timing differences ( Late Year Ordinary Loss Deferral/Post October Capital Loss Deferral/Straddle Deferral/Dividends Payable as of Current FYE)	$	(5,711,923	)	$	(54,872,512	)	$	(79,876,337	)	$	(1,383,181	)	$	(9,875,646	)	$	(289,602	)
Unrealized gains (losses) — net		(312,281,804	)		(260,610,099	)		(258,178,794	)		(9,862,130	)		(16,247,104	)		10,431,421
Total accumulated earnings (losses) net	$	(379,450,900	)	$	(736,490,837	)	$	(623,016,815	)	$	(6,213,324	)	$	(173,125,469	)	$	(2,868,814	)

(1)

The Emerging Markets Debt, Investment Grade Credit and U.S. Mortgages Funds utilized $7,555,709, $3,385,957 and $4,169,308 respectively, of capital losses in the current fiscal year.

As of March 31, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Emerging Markets Debt			High Yield			High Yield Floating Rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Tax Cost	$	1,400,915,477		$	1,992,138,550		$	1,512,312,790		$	480,451,435		$	97,411,707		$	607,367,600
Gross unrealized gain		9,903,895			15,178,940			501,879			14,594,852			826,698			14,929,917
Gross unrealized loss		(322,185,699	)		(275,789,039	)		(258,680,673	)		(24,456,982	)		(17,073,802	)		(4,498,496	)
Net unrealized gains (losses)	$	(312,281,804	)	$	(260,610,099	)	$	(258,178,794	)	$	(9,862,130	)	$	(16,247,104	)	$	10,431,421

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions, market discount accretion and premium amortization and material modification of debt securities.

The Local Emerging Markets debt Fund reclassed $6,596,897 from distributable earnings to paid in capital for the year ending March 31, 2020. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from net operating losses.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

9. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

173

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Notes to Financial Statements (continued)

March 31, 2020

9. OTHER RISKS (continued)

Interest Rate Risk— When interest rates increase, fixed income securities or instruments held by the Funds will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Funds’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including exchange-traded funds (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund‘s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

174

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9. OTHER RISKS (continued)

liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-Diversification Risk — The Local Emerging Markets Debt Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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.

175

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Notes to Financial Statements (continued)

March 31, 2020

11. OTHER MATTERS

The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended March 31, 2020. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Funds.

12. SUBSEQUENT EVENTS

176

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Emerging Markets Debt Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,799,062		$	22,111,392			2,722,191		$	32,457,682
Reinvestment of distributions		169,839			2,071,741			268,756			3,189,475
Shares redeemed		(2,546,388	)		(31,032,397	)		(6,247,982	)		(74,037,140	)
		(577,487	)		(6,849,264	)		(3,257,035	)		(38,389,983	)
Class C Shares
Shares sold		158,428			1,957,781			297,761			3,534,487
Reinvestment of distributions		46,146			562,918			78,280			927,445
Shares redeemed		(671,612	)		(8,207,244	)		(1,332,626	)		(15,727,504	)
		(467,038	)		(5,686,545	)		(956,585	)		(11,265,572	)
Institutional Shares
Shares sold		27,059,839			331,489,144			48,986,873			583,523,166
Reinvestment of distributions		3,544,599			43,280,086			5,576,022			66,175,612
Shares redeemed		(40,072,790	)		(476,866,219	)		(121,909,237	)		(1,439,663,635	)
		(9,468,352	)		(102,096,989	)		(67,346,342	)		(789,964,857	)
Investor Shares
Shares sold		2,455,938			30,277,018			5,447,874			64,907,118
Reinvestment of distributions		339,925			4,156,004			521,732			6,195,712
Shares redeemed		(4,461,512	)		(54,474,763	)		(11,341,527	)		(134,594,033	)
		(1,665,649	)		(20,041,741	)		(5,371,921	)		(63,491,203	)
Class P Shares^(a)
Shares sold		381,972			4,785,423			2,722,879			32,277,122
Reinvestment of distributions		56,398			686,592			60,452			709,159
Shares redeemed		(289,463	)		(3,389,004	)		(1,561,755	)		(17,767,201	)
		148,907			2,083,011			1,221,576			15,219,080
Class R6 Shares
Shares sold		2,273,598			27,652,682			30,713,944			361,315,580
Reinvestment of distributions		886,709			10,835,500			1,520,598			17,956,215
Shares redeemed		(12,594,757	)		(153,866,293	)		(28,241,290	)		(328,878,675	)
		(9,434,450	)		(115,378,111	)		3,993,252			50,393,120

NET DECREASE		(21,464,069	)		(247,969,639	)		(71,717,055	)		(837,499,415	)

(a)

Class P Shares commenced operations on April 20, 2018.

177

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Notes to Financial Statements (continued)

March 31, 2020

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	High Yield Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,253,663		$	14,179,863			3,584,667		$	22,672,202
Reinvestment of distributions		1,271,994			8,010,299			1,394,920			8,742,759
Shares redeemed		(7,449,519	)		(46,849,415	)		(7,496,027	)		(46,974,100	)
		(3,923,862	)		(24,659,253	)		(2,516,440	)		(15,559,139	)
Class C Shares
Shares sold		373,255			2,379,542			311,557			1,957,141
Reinvestment of distributions		89,909			566,531			149,733			942,353
Shares redeemed		(1,104,011	)		(6,923,942	)		(3,242,780	)		(20,575,932	)
		(640,847	)		(3,977,869	)		(2,781,490	)		(17,676,438	)
Institutional Shares
Shares sold		15,763,009			99,829,525			9,607,002			60,580,335
Reinvestment of distributions		2,473,141			15,607,017			7,535,413			47,682,035
Shares redeemed		(25,934,086	)		(162,127,701	)		(355,459,541	)		(2,259,275,214	)
		(7,697,936	)		(46,691,159	)		(338,317,126	)		(2,151,012,844	)
Service Shares
Shares sold		196,451			1,224,931			167,551			1,052,114
Reinvestment of distributions		63,976			402,810			87,311			546,854
Shares redeemed		(963,127	)		(6,092,977	)		(299,201	)		(1,875,001	)
		(702,700	)		(4,465,236	)		(44,339	)		(276,033	)
Investor Shares
Shares sold		586,339			3,659,920			554,794			3,496,809
Reinvestment of distributions		157,589			994,360			195,110			1,225,968
Shares redeemed		(1,298,245	)		(8,156,242	)		(1,753,410	)		(11,038,459	)
		(554,317	)		(3,501,962	)		(1,003,506	)		(6,315,682	)
Class P Shares^(a)
Shares sold		59,389,030			375,549,036			325,017,697			2,058,421,639
Reinvestment of distributions		15,157,165			95,571,935			10,270,012			64,282,625
Shares redeemed		(85,156,082	)		(505,997,133	)		(81,882,872	)		(508,780,556	)
		(10,609,887	)		(34,876,162	)		253,404,837			1,613,923,708
Class R Shares
Shares sold		271,986			1,682,799			300,416			1,883,012
Reinvestment of distributions		102,892			647,026			106,771			668,679
Shares redeemed		(553,591	)		(3,396,212	)		(639,313	)		(3,999,648	)
		(178,713	)		(1,066,387	)		(232,126	)		(1,447,957	)
Class R6 Shares
Shares sold		2,698,562			17,320,517			7,604,069			47,963,350
Reinvestment of distributions		593,593			3,759,198			881,531			5,562,550
Shares redeemed		(7,116,411	)		(43,936,039	)		(33,975,941	)		(216,388,864	)
		(3,824,256	)		(22,856,324	)		(25,490,341	)		(162,862,964	)

NET DECREASE		(28,132,518	)	$	(142,094,352	)		(116,980,531	)	$	(741,227,349	)

(a)

Class P Shares commenced operations on April 20, 2018.

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13. SUMMARY OF SHARE TRANSACTIONS (continued)


	High Yield Floating Rate Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		51,166		$	457,770			163,073		$	1,564,661
Reinvestment of distributions		17,481			161,777			20,065			190,230
Shares redeemed		(121,747	)		(1,130,379	)		(218,065	)		(2,075,540	)
		(53,100	)		(510,832	)		(34,927	)		(320,649	)
Class C Shares
Shares sold		9,691			91,062			18,938			180,149
Reinvestment of distributions		4,426			41,033			6,193			58,848
Shares redeemed		(49,153	)		(458,046	)		(157,857	)		(1,512,452	)
		(35,036	)		(325,951	)		(132,726	)		(1,273,455	)
Institutional Shares
Shares sold		6,446,570			60,606,786			13,849,723			133,619,768
Reinvestment of distributions		544,456			5,036,346			5,066,105			48,710,317
Shares redeemed		(6,418,477	)		(57,796,663	)		(413,718,507	)		(3,971,537,480	)
		572,549			7,846,469			(394,802,679	)		(3,789,207,395	)
Investor Shares
Shares sold		57,643			545,434			180,658			1,743,065
Reinvestment of distributions		7,735			72,087			18,173			173,667
Shares redeemed		(128,868	)		(1,207,359	)		(625,226	)		(5,986,741	)
		(63,490	)		(589,838	)		(426,395	)		(4,070,009	)
Class P Shares^(a)
Shares sold		30,402,056			285,962,085			452,886,026			4,346,179,100
Reinvestment of distributions		10,864,245			100,901,974			12,916,410			122,306,690
Shares redeemed		(134,328,648	)		(1,210,528,615	)		(229,472,782	)		(2,146,387,804	)
		(93,062,347	)		(823,664,556	)		236,329,654			2,322,097,986
Class R Shares
Shares sold		9			79			4,256			39,634
Reinvestment of distributions		100			936			318			3,012
Shares redeemed		(9,424	)		(89,458	)		(2,008	)		(19,408	)
		(9,315	)		(88,443	)		2,566			23,238
Class R6 Shares
Shares sold		1,604,244			15,190,000			46,784			450,000
Reinvestment of distributions		191,287			1,774,242			558,244			5,355,770
Shares redeemed		(1,531,103	)		(14,500,000	)		(19,597,508	)		(188,474,953	)
		264,428			2,464,242			(18,992,480	)		(182,669,183	)

NET DECREASE		(92,386,311	)		(814,868,909	)		(178,056,987	)		(1,655,419,467	)

(a)

Class P Shares commenced operations on April 20, 2018.

179

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	Investment Grade Credit Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,064,510		$	9,946,383			153,109		$	1,359,815
Reinvestment of distributions		42,969			411,597			29,795			264,751
Shares redeemed		(871,709	)		(8,317,736	)		(453,055	)		(4,024,123	)
		235,770			2,040,244			(270,151	)		(2,399,557	)
Institutional Shares
Shares sold		4,578,984			43,280,105			1,660,280			14,692,569
Reinvestment of distributions		244,123			2,341,768			267,431			2,378,877
Shares redeemed		(3,447,206	)		(32,887,235	)		(15,612,411	)		(138,700,624	)
		1,375,901			12,734,638			(13,684,700	)		(121,629,178	)
Separate Account Institutional Shares
Shares sold		6,474,618			61,456,189			4,272,442			37,936,564
Reinvestment of distributions		1,071,922			10,273,344			833,082			7,406,051
Shares redeemed		(7,171,721	)		(67,368,294	)		(6,110,608	)		(53,992,894	)
		374,819			4,361,239			(1,005,084	)		(8,650,279	)
Investor Shares
Shares sold		498,818			4,707,948			190,417			1,674,867
Reinvestment of distributions		18,959			181,746			16,407			145,640
Shares redeemed		(346,582	)		(3,077,750	)		(371,953	)		(3,267,167	)
		171,195			1,811,944			(165,129	)		(1,446,660	)
Class P Shares^(a)
Shares sold		4,388,719			41,963,996			22,620,383			201,934,850
Reinvestment of distributions		978,941			9,369,296			326,376			2,907,036
Shares redeemed		(5,666,203	)		(53,941,392	)		(1,486,320	)		(13,137,446	)
		(298,543	)		(2,608,100	)		21,460,439			191,704,440
Class R6 Shares
Shares sold		58,732			561,082			72,673			640,033
Reinvestment of distributions		4,607			44,191			593			5,356
Shares redeemed		(27,851	)		(262,263	)		(1,570	)		(14,144	)
		35,488			343,010			71,696			631,245

NET INCREASE		1,894,630			18,682,975			6,407,071			58,210,011

(a)

Class P Shares commenced operations on April 20, 2018.

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13. SUMMARY OF SHARE TRANSACTIONS (continued)


	Local Emerging Markets Debt Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		241,187		$	1,386,001			347,675		$	2,111,977
Reinvestment of distributions		37,563			218,756			49,392			290,520
Shares redeemed		(263,342	)		(1,556,407	)		(736,659	)		(4,431,759	)
		15,408			48,350			(339,592	)		(2,029,262	)
Class C Shares
Shares sold		66,354			397,000			127,824			748,798
Reinvestment of distributions		17,920			104,147			38,134			223,287
Shares redeemed		(351,821	)		(2,049,161	)		(424,991	)		(2,448,605	)
		(267,547	)		(1,548,014	)		(259,033	)		(1,476,520	)
Institutional Shares
Shares sold		1,044,068			6,074,568			8,912,187			54,899,592
Reinvestment of distributions		174,316			1,013,809			1,003,785			5,964,730
Shares redeemed		(3,513,890	)		(20,526,021	)		(39,939,321	)		(231,901,827	)
		(2,295,506	)		(13,437,644	)		(30,023,349	)		(171,037,505	)
Investor Shares
Shares sold		1,102,704			6,501,600			1,172,391			7,113,081
Reinvestment of distributions		51,571			299,481			74,920			438,176
Shares redeemed		(1,091,038	)		(6,204,575	)		(1,686,136	)		(9,800,633	)
		63,237			596,506			(438,825	)		(2,249,376	)
Class P Shares^(a)
Shares sold		424,960			2,582,976			12,309,214			72,115,909
Reinvestment of distributions		314,691			1,826,785			405,898			2,303,744
Shares redeemed		(3,612,634	)		(20,496,940	)		(3,611,734	)		(20,502,961	)
		(2,872,983	)		(16,087,179	)		9,103,378			53,916,692
Class R6 Shares
Shares sold		304,283			1,745,000			19,238,105			114,075,864
Reinvestment of distributions		385,858			2,244,149			904,051			5,203,218
Shares redeemed		(10,781,107	)		(62,918,018	)		(12,153,460	)		(68,394,617	)
		(10,090,966	)		(58,928,869	)		7,988,696			50,884,465

NET DECREASE		(15,448,357	)	$	(89,356,850	)		(13,968,725	)	$	(71,991,506	)

(a) Class P Shares commenced operations on April 20, 2018.

181

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

March 31, 2020

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	U.S. Mortgages Fund

	For the Fiscal Year Ended March 31, 2020						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,147,097		$	12,015,501			3,562,249		$	36,167,495
Reinvestment of distributions		72,641			759,762			77,894			790,440
Shares redeemed		(1,390,147	)		(14,531,261	)		(3,036,646	)		(30,663,173	)
		(170,409	)		(1,755,998	)		603,497			6,294,762
Institutional Shares
Shares sold		3,783,136			39,828,543			2,459,139			25,076,453
Reinvestment of distributions		97,793			1,027,136			116,111			1,181,298
Shares redeemed		(2,179,366	)		(22,734,868	)		(7,126,351	)		(72,695,244	)
		1,701,563			18,120,811			(4,551,101	)		(46,437,493	)
Separate Account Institutional
Shares sold		5,621,328			58,813,402			4,010,474			40,545,758
Reinvestment of distributions		594,845			6,226,978			611,699			6,206,919
Shares redeemed		(7,488,684	)		(78,227,152	)		(5,356,831	)		(54,137,598	)
		(1,272,511	)		(13,186,772	)		(734,658	)		(7,384,921	)
Investor Shares
Shares sold		6,470,677			67,746,968			6,669,415			67,722,904
Reinvestment of distributions		450,005			4,720,326			459,929			4,677,124
Shares redeemed		(10,917,083	)		(114,719,394	)		(7,476,266	)		(75,860,432	)
		(3,996,401	)		(42,252,100	)		(346,922	)		(3,460,404	)
Class P Shares^(a)
Shares sold		114,565			1,201,600			861,600			8,764,111
Reinvestment of distributions		26,030			272,951			20,321			206,554
Shares redeemed		(501,913	)		(5,242,891	)		(50,620	)		(512,132	)
		(361,318	)		(3,768,340	)		831,301			8,458,533
Class R6 Shares
Shares sold		1,010,406			10,585,447			1,146,544			11,682,322
Reinvestment of distributions		48,738			511,536			22,296			227,258
Shares redeemed		(529,758	)		(5,551,845	)		(273,585	)		(2,782,666	)
		529,386			5,545,138			895,255			9,126,914

NET DECREASE		(3,569,690	)		(37,297,261	)		(3,302,628	)		(33,402,609	)

(a)

Class P Shares commenced operations on April 20, 2018.

182

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of 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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2020, the related statements of operations for the year ended March 31, 2020, the statements of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

183

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)


Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes

Dwight L. Bush		94,278,961,728.065		0		349,026,343.365		0

Kathryn A. Cassidy		94,310,850,789.164		0		317,137,282.266		0

Joaquin Delgado		94,282,646,444.727		0		345,341,626.703		0

Gregory G. Weaver		94,306,589,873.348		0		321,398,198.082		0

184

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Liquidity Risk Management Program (Unaudited)

185

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2020 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Separate Account Institutional, Investor, Class P, Class R or Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses.

This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Separate Account Institutional, Investor, Class P, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held

for the entire period from October 1, 2019 through March 31, 2020, which represents a period of 183 out of 366 days.

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.

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.


	Emerging Markets Debt Fund							High Yield Fund							High Yield Floating Rate Fund
Share Class	Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*
Class A
Actual	$	1,000.00	$	854.20		$	5.52	$	1,000.00	$	881.90		$	4.85	$	1,000.00	$	861.40		$	4.98
Hypothetical 5% return		1,000.00		1,019.05	+		6.01		1,000.00		1,019.85	+		5.20		1,000.00		1,019.65	+		5.40
Class C
Actual		1,000.00		851.70			8.93		1,000.00		878.80			8.36		1,000.00		858.20			8.45
Hypothetical 5% return		1,000.00		1,015.35	+		9.72		1,000.00		1,016.09	+		8.97		1,000.00		1,015.90	+		9.17
Institutional
Actual		1,000.00		856.50			4.04		1,000.00		883.60			3.53		1,000.00		863.10			3.35
Hypothetical 5% return		1,000.00		1,020.65	+		4.39		1,000.00		1,021.25	+		3.79		1,000.00		1,021.40	+		3.64
Service
Actual		—		—			—		1,000.00		880.90			5.88		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,018.75	+		6.31		—		—			—
Investor
Actual		1,000.00		856.30			4.36		1,000.00		883.20			3.67		1,000.00		862.90			3.77
Hypothetical 5% return		1,000.00		1,020.30	+		4.75		1,000.00		1,021.10	+		3.94		1,000.00		1,020.95	+		4.09
Class P
Actual		1,000.00		856.40			4.00		1,000.00		883.60			3.50		1,000.00		863.10			3.35
Hypothetical 5% return		1,000.00		1,020.70	+		4.35		1,000.00		1,021.28	+		3.76		1,000.00		1,021.40	+		3.64
Class R
Actual		—		—			—		1,000.00		880.80			6.02		1,000.00		860.40			6.14
Hypothetical 5% return		—		—			—		1,000.00		1,018.60	+		6.46		1,000.00		1,018.40	+		6.66
Class R6
Actual		1,000.00		855.80			3.99		1,000.00		883.80			3.49		1,000.00		863.10			3.35
Hypothetical 5% return		1,000.00		1,020.70	+		4.34		1,000.00		1,021.30	+		3.74		1,000.00		1,021.40	+		3.64


Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
Emerging Markets Debt+		1.19	%		1.93	%		0.87	%		—	%		0.94	%		0.86	%		—	%		0.86	%
High Yield+		1.03			1.78			0.75			1.25			0.78			0.74			1.28			0.74
High Yield Floating Rate+		1.07			1.82			0.72			—			0.81			0.72			1.32			0.72

Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

186

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2020 (Unaudited) (continued)


	Investment Grade Credit Fund							Local Emerging Markets Debt Fund							U.S. Mortgages Fund
Share Class	Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*		Beginning Account Value 10/1/19		Ending Account Value 3/31/20			Expenses Paid for the 6 months ended 3/31/20*
Class A
Actual	$	1,000.00	$	947.30		$	3.51	$	1,000.00	$	867.00		$	5.74	$	1,000.00	$	1,019.10		$	3.99
Hypothetical 5% return		1,000.00		1,021.40	+		3.64		1,000.00		1,018.85	+		6.21		1,000.00		1,021.05	+		3.99
Class C
Actual		—		—			—		1,000.00		862.00			9.22		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,015.10	+		9.97		—		—			—
Institutional
Actual		1,000.00		949.90			1.85		1,000.00		867.80			4.34		1,000.00		1,021.70			2.27
Hypothetical 5% return		1,000.00		1,023.10	+		1.92		1,000.00		1,020.35	+		4.70		1,000.00		1,022.75	+		2.28
Separate Account Institutional
Actual		1,000.00		949.00			1.80		—		—			—		1,000.00		1,020.80			2.22
Hypothetical 5% return		1,000.00		1,023.15	+		1.87		—		—			—		1,000.00		1,022.80	+		2.23
Investor
Actual		1,000.00		949.50			2.29		1,000.00		867.80			4.58		1,000.00		1,021.30			2.73
Hypothetical 5% return		1,000.00		1,022.65	+		2.38		1,000.00		1,020.10	+		4.95		1,000.00		1,022.30	+		2.73
Class P
Actual		1,000.00		948.90			1.81		1,000.00		866.30			4.29		1,000.00		1,021.80			2.24
Hypothetical 5% return		1,000.00		1,023.14	+		1.88		1,000.00		1,020.40	+		4.65		1,000.00		1,022.78	+		2.24
Class R6
Actual		1,000.00		950.00			1.80		1,000.00		867.80			4.30		1,000.00		1,020.80			2.22
Hypothetical 5% return		1,000.00		1,023.15	+		1.87		1,000.00		1,020.45	+		4.65		1,000.00		1,022.80	+		2.23


Fund	Class A			Class C			Institutional			Separate Account Institutional			Investor			Class P			Class R6
Investment Grade Credit+		0.72	%		—	%		0.38	%		0.37	%		0.47	%		0.37	%		0.37	%
Local Emerging Markets Debt+		1.23			1.98			0.93			—			0.98			0.92			0.92
U.S. Mortgages+		0.79			—			0.45			0.44			0.54			0.44			0.44

Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

187

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Jessica Palmer Age: 71	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/ Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Dwight L. Bush Age: 63	Trustee	Since 2020	Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002–2014 and 2017-present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019—January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Kathryn A. Cassidy Age: 66	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Diana M. Daniels Age: 70	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None

Joaquin Delgado Age: 60	Trustee	Since 2020	Dr. Delgado is retired. He is Director, Hexion Inc. (a specialty chemical manufacturer) (2019-present); and Director, Stepan Company (a specialty chemical manufacturer) (2011-present); and was formerly Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr.Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019—January 2020). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Stepan Company (a specialty chemical manufacturer)

188

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Roy W. Templin Age: 59	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)

Gregory G. Weaver Age: 68	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

James A. McNamara Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2020.

⁴

189

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 42	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 51	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Information is provided as of March 31, 2020.

Single Sector Fixed Income Funds Tax Information (Unaudited)

For the fiscal year ended March 31, 2020, 0.02% of the dividends paid from net investment company taxable income by the High Yield Fund qualify for the dividends received deduction available to corporations.

Pursuant to Section 871(k) of the Internal Revenue Code, the Investment Grade Credit Fund designates $2,197,981 as short-term capital gain dividends paid during the fiscal year ended March 31, 2020.

Pursuant to Section 852 of the Internal Revenue Code, the Investment Grade Credit Fund designates $4,923,132 or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended March 31, 2020.

190

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

Blue Chip Fund

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

China Equity Fund⁵

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund⁶

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

MLP & Energy Fund

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager U.S. Dynamic Equity Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Target Date Retirement Portfolio⁷

∎

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

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Target Date 2060 Portfolio

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GQG Partners International Opportunities Fund

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Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵Effective

after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁶Effective

after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

⁷Effective

December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.


TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

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 March 31, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

A summary prospectus, if available, or a Prospectus for the Funds containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a Fund’s objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Funds.

ITEM 2.

CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.


	2020		2019		Description of Services Rendered
Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)	$	3,688,525	$	4,670,430	Financial Statement audits.

Audit-Related Fees:

• PwC	$	211,276	$	478,879	Other attest services.

Tax Fees:

• PwC	$	713,523	$	1,320,879	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.


	2020		2019		Description of Services Rendered
Audit-Related Fees:

• PwC	$	2,000,617	$	1,945,098	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and Semi-Annual Updates related to withholding tax accrual for non-US Jurisdictions. These fees are borne by the Funds’ Adviser.

*	These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended March 31, 2020 and March 31, 2019 were approximately $924,799 and $1,799,758 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2019 and December 31, 2018 were approximately $14.7 and $12.3 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2019 and 2018 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13.

EXHIBITS.


(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on May 5, 2020.

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

(a)(3)	Not applicable to open-end investment companies.

(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		Goldman Sachs Trust

By:		/s/ James A. McNamara
		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs Trust

Date:		May 29, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ James A. McNamara
		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs Trust

Date:		May 29, 2020

By:		/s/ Joseph F. DiMaria
		Joseph F. DiMaria
		Principal Financial Officer
		Goldman Sachs Trust

Date:		May 29, 2020