Goldman Sachs Variable Insurance Trust


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – 33.6%
Automobiles & Components – 0.5%
Ford Motor Credit Co. LLC
$	475,000		5.875	%	08/02/21	$ 529,158

Banks – 8.7%
American Express Co.^(a)
	75,000		3.625		12/05/24	75,422
Bank of America Corp.
	100,000		5.700		01/24/22	112,268
	225,000		4.125		01/22/24	235,021
	275,000		4.000		04/01/24	285,120
	275,000		3.248	^(a)	10/21/27	261,755
	225,000		3.824	^(a)(b)	01/20/28	225,377
Bank of Tokyo-Mitsubishi UFJ Ltd. (The)^(c)
	300,000		2.150		09/14/18	300,442
Citigroup, Inc.
	200,000		3.400		05/01/26	194,872
	75,000		4.125		07/25/28	73,751
Compass Bank^(a)
	375,000		2.750		09/29/19	377,288
Credit Suisse AG
	325,000		2.300		05/28/19	326,232
Credit Suisse Group Funding Guernsey Ltd.
	400,000		3.125		12/10/20	402,219
Deutsche Bank AG
	50,000		2.500		02/13/19	50,083
Discover Financial Services^(a)
	225,000		3.750		03/04/25	220,728
HSBC Holdings plc
	225,000		3.400		03/08/21	230,112
	225,000		3.262	^(a)(b)	03/13/23	226,253
ING Bank NV^(a)(b)
	325,000		4.125		11/21/23	331,468
Intesa Sanpaolo SpA
	350,000		3.875		01/16/18	354,721
JPMorgan Chase & Co.
	450,000		4.400		07/22/20	479,603
	225,000		2.972	^(a)	01/15/23	224,821
	275,000		2.700	^(a)	05/18/23	269,504
	75,000		4.260	^(a)(b)	02/22/48	74,783
JPMorgan Chase & Co. Series Z^(a)(b)
	250,000		5.300		12/31/49	259,063
KBC Bank NV^(a)(b)
	200,000		8.000		01/25/23	209,440
KeyCorp
	400,000		2.900		09/15/20	406,460
Lloyds Bank plc
	175,000		2.300		11/27/18	176,198
Macquarie Bank Ltd.^(c)
	150,000		6.625		04/07/21	169,071
Morgan Stanley
	150,000		2.443	^(a)(b)	10/24/23	153,183
	650,000		3.700		10/23/24	659,342
	75,000		3.625		01/20/27	74,452
Morgan Stanley Series F
	100,000		3.875		04/29/24	102,914
Regions Bank
	250,000		7.500		05/15/18	264,697
Synchrony Financial^(a)
	350,000		2.600		01/15/19	352,734
Toronto-Dominion Bank (The)^(a)(b)
	125,000		3.625		09/15/31	122,406
UBS Group Funding Jersey Ltd.^(c)
	350,000		3.000		04/15/21	350,607


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Banks – (continued)
Wells Fargo & Co.
$	850,000		3.000	%	10/23/26	$ 813,835
Westpac Banking Corp.^(a)(b)
	150,000		4.322		11/23/31	151,576

						9,597,821

Commercial Services – 0.5%
Rensselaer Polytechnic Institute
	475,000		5.600		09/01/20	517,613

Consumer Services^(a) – 0.3%
Marriott International, Inc.
	125,000		2.875		03/01/21	126,382
	250,000		2.300		01/15/22	244,373

						370,755

Diversified Financials – 0.3%
General Motors Financial Co., Inc.
	125,000		3.250		05/15/18	126,717
	175,000		3.500		07/10/19	179,791

						306,508

Diversified Manufacturing^(a) – 0.2%
Roper Technologies, Inc.
	125,000		3.000		12/15/20	127,349
	100,000		2.800		12/15/21	100,113

						227,462

Electric – 1.7%
Berkshire Hathaway Energy Co.
	200,000		6.125		04/01/36	249,686
Emera US Finance LP^(a)
	125,000		2.700		06/15/21	124,292
Entergy Corp.^(a)
	125,000		2.950		09/01/26	118,512
Exelon Corp.^(a)
	125,000		3.497		06/01/22	126,154
Florida Power & Light Co.^(a)
	193,000		4.125		02/01/42	199,525
Pacific Gas & Electric Co.^(a)
	100,000		3.500		06/15/25	102,206
Progress Energy, Inc.
	350,000		7.000		10/30/31	460,945
Puget Sound Energy, Inc. Series A^(a)(b)
	150,000		6.974		06/01/67	135,188
Southern California Edison Co.^(a)
	175,000		4.050		03/15/42	177,260
Southern Co. (The)^(a)
	225,000		2.350		07/01/21	220,922

						1,914,690

Energy – 2.4%
Anadarko Petroleum Corp.
	35,000		3.450	^(a)	07/15/24	34,126
	50,000		5.550	^(a)	03/15/26	55,489
	100,000		6.450		09/15/36	118,029
Apache Corp.^(a)
	50,000		2.625		01/15/23	48,144
	150,000		4.250		01/15/44	140,700
ConocoPhillips Co.^(a)
	100,000		3.350		11/15/24	100,808
	50,000		4.950		03/15/26	55,496
	100,000		4.150		11/15/34	99,958


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Energy – (continued)
Devon Energy Corp.^(a)
$	25,000		4.000	%	07/15/21	$ 25,799
	75,000		5.600		07/15/41	79,316
	80,000		4.750		05/15/42	77,054
Dolphin Energy Ltd.^(c)
	43,872		5.888		06/15/19	45,901
Energy Transfer Partners LP^(a)
	75,000		4.650		06/01/21	78,910
	75,000		4.750		01/15/26	77,258
Kinder Morgan Energy Partners LP^(a)
	150,000		5.400		09/01/44	148,323
Kinder Morgan, Inc.^(a)
	425,000		3.050		12/01/19	432,156
Occidental Petroleum Corp.^(a)
	200,000		3.400		04/15/26	199,614
Petroleos Mexicanos
	30,000		5.500		02/04/19	31,425
	60,000		6.375		02/04/21	65,100
	20,000		4.500		01/23/26	19,110
	13,000		5.500		06/27/44	11,441
	70,000		5.625		01/23/46	62,587
Pioneer Natural Resources Co.^(a)
	125,000		3.450		01/15/21	127,959
	70,000		3.950		07/15/22	72,867
Plains All American Pipeline LP^(a)
	50,000		3.650		06/01/22	50,696
	125,000		4.500		12/15/26	127,469
Sabine Pass Liquefaction LLC^(a)
	175,000		5.625		03/01/25	189,725
Valero Energy Corp.
	100,000		3.650		03/15/25	99,236

						2,674,696

Food & Beverage – 1.6%
Anheuser-Busch InBev Finance, Inc.^(a)
	675,000		2.650		02/01/21	680,076
	200,000		3.650		02/01/26	202,240
	75,000		4.900		02/01/46	81,054
Kraft Heinz Foods Co.^(a)
	100,000		2.800		07/02/20	101,362
	75,000		3.950		07/15/25	76,139
	125,000		4.375		06/01/46	117,300
Molson Coors Brewing Co.^(a)
	50,000		2.100		07/15/21	48,825
	75,000		3.000		07/15/26	71,320
Smithfield Foods, Inc.^(c)
	125,000		2.700		01/31/20	124,913
Suntory Holdings Ltd.^(c)
	275,000		2.550		09/29/19	277,008

						1,780,237

Food & Staples Retailing^(a) – 1.0%
CVS Health Corp.
	125,000		2.800		07/20/20	127,095
	125,000		4.125		05/15/21	132,235
	225,000		3.500		07/20/22	231,573
	89,000		3.875		07/20/25	91,701
	275,000		2.875		06/01/26	262,262
Walgreens Boots Alliance, Inc.
	125,000		2.600		06/01/21	125,151
	125,000		3.450		06/01/26	122,220

						1,092,237


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Health Care Equipment & Services – 0.8%
Aetna, Inc.^(a)
$	75,000		2.800	%	06/15/23	$ 74,387
Becton Dickinson and Co.
	175,000		2.675		12/15/19	177,493
Cigna Corp.^(a)
	150,000		3.250		04/15/25	148,269
Medtronic, Inc.
	75,000		2.500		03/15/20	76,081
	150,000		3.150		03/15/22	154,379
Stryker Corp.^(a)
	50,000		2.625		03/15/21	50,290
	125,000		3.375		11/01/25	125,518
UnitedHealth Group, Inc.
	100,000		4.625		07/15/35	109,023

						915,440

Life Insurance – 0.7%
American International Group, Inc.^(a)
	50,000		3.750		07/10/25	49,721
	25,000		4.500		07/16/44	23,857
	100,000		4.800		07/10/45	99,743
Northwestern Mutual Life Insurance Co. (The)^(c)
	200,000		6.063		03/30/40	253,614
Principal Financial Group, Inc.^(a)
	150,000		3.100		11/15/26	146,055
Reliance Standard Life Global Funding II^(c)
	225,000		2.500		01/15/20	224,876

						797,866

Materials – 0.4%
Ecolab, Inc.
	100,000		5.500		12/08/41	118,198
LYB International Finance II BV^(a)
	200,000		3.500		03/02/27	196,273
Westlake Chemical Corp.^(a)(c)
	75,000		3.600		08/15/26	73,448

						387,919

Media – 0.5%
21st Century Fox America, Inc.^(a)
	75,000		3.700		09/15/24	76,685
CCO Safari II LLC^(a)
	25,000		3.579		07/23/20	25,716
	200,000		4.908		07/23/25	211,334
	25,000		6.484		10/23/45	28,783
Comcast Corp.^(a)
	125,000		3.375		08/15/25	126,123
Time Warner Cable LLC
	50,000		5.000		02/01/20	53,179
	25,000		5.875	^(a)	11/15/40	26,539

						548,359

Metals and Mining^(c) – 0.6%
Glencore Finance Canada Ltd.
	350,000		2.700		10/25/17	351,403
Glencore Funding LLC
	75,000		4.125		05/30/23	76,447
	200,000		4.000	^(a)	03/27/27	197,449

						625,299

Noncaptive-Financial – 0.4%
AerCap Ireland Capital DAC^(a)
	250,000		3.500		05/26/22	251,906
International Lease Finance Corp.^(c)
	150,000		7.125		09/01/18	160,312

						412,218


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – 2.5%
AbbVie, Inc.^(a)
$	125,000		2.500	%	05/14/20	$ 125,852
	75,000		2.300		05/14/21	74,059
Actavis Funding SCS
	225,000		2.350		03/12/18	225,981
	50,000		4.850	^(a)	06/15/44	50,683
Amgen, Inc.^(a)
	200,000		3.125		05/01/25	196,638
Bayer US Finance LLC^(c)
	400,000		3.000		10/08/21	404,744
EMD Finance LLC^(a)(c)
	375,000		2.950		03/19/22	376,049
Forest Laboratories LLC^(a)(c)
	325,000		4.375		02/01/19	336,494
	100,000		5.000		12/15/21	108,363
Mylan NV^(a)
	175,000		3.950		06/15/26	171,294
Shire Acquisitions Investments Ireland DAC
	225,000		1.900		09/23/19	223,378
	200,000		3.200	^(a)	09/23/26	190,445
Teva Pharmaceutical Finance Netherlands III BV
	50,000		3.150		10/01/26	46,076
Thermo Fisher Scientific, Inc.^(a)
	175,000		3.000		04/15/23	173,414
	100,000		3.650		12/15/25	101,345

						2,804,815

Pipelines – 1.1%
Columbia Pipeline Group, Inc.^(a)
	100,000		3.300		06/01/20	101,905
Enbridge, Inc.^(a)
	50,000		3.500		06/10/24	49,085
EnLink Midstream Partners LP^(a)
	175,000		4.150		06/01/25	172,895
	75,000		4.850		07/15/26	77,391
Enterprise Products Operating LLC^(a)
	25,000		3.350		03/15/23	25,209
Enterprise Products Operating LLC Series A^(a)(b)
	250,000		4.741		08/01/66	249,375
Sunoco Logistics Partners Operations LP^(a)
	50,000		4.250		04/01/24	50,900
Western Gas Partners LP^(a)
	100,000		3.950		06/01/25	98,993
Williams Partners LP^(a)
	80,000		3.600		03/15/22	81,150
	175,000		3.900		01/15/25	174,767
	125,000		4.000		09/15/25	125,527

						1,207,197

Property/Casualty Insurance – 0.1%
Chubb Corp. (The)^(a)(b)
	125,000		6.375		04/15/37	120,937
Hartford Financial Services Group, Inc. (The)
	25,000		5.125		04/15/22	27,602

						148,539

Real Estate Investment Trusts – 2.4%
American Campus Communities Operating Partnership LP^(a)
	275,000		4.125		07/01/24	283,060
Camden Property Trust
	325,000		5.700		05/15/17	326,515


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Real Estate Investment Trusts – (continued)
Crown Castle International Corp.^(a)
$	75,000		2.250	%	09/01/21	$ 72,911
CubeSmart LP^(a)
	125,000		4.000		11/15/25	126,909
DDR Corp.
	375,000		7.500		04/01/17	375,000
HCP, Inc.^(a)
	25,000		2.625		02/01/20	25,152
Healthcare Realty Trust, Inc.
	350,000		5.750		01/15/21	383,580
Healthcare Trust of America Holdings LP^(a)
	100,000		3.375		07/15/21	101,418
National Retail Properties, Inc.^(a)
	125,000		4.000		11/15/25	127,472
Select Income REIT^(a)
	50,000		2.850		02/01/18	50,318
	75,000		3.600		02/01/20	75,682
Ventas Realty LP^(a)
	150,000		3.100		01/15/23	148,888
	125,000		3.500		02/01/25	122,350
VEREIT Operating Partnership LP^(a)
	75,000		4.875		06/01/26	78,094
Welltower, Inc.
	375,000		2.250		03/15/18	376,638

						2,673,987

Retailing^(a) – 0.1%
Home Depot, Inc. (The)
	75,000		4.250		04/01/46	78,094

Software & Services^(a) – 0.5%
Fidelity National Information Services, Inc.
	250,000		3.625		10/15/20	259,793
	125,000		3.000		08/15/26	117,774
Fiserv, Inc.
	150,000		2.700		06/01/20	151,697

						529,264

Technology – 1.3%
Amphenol Corp.^(a)
	125,000		3.125		09/15/21	127,581
Broadcom Corp.^(a)(c)
	275,000		3.625		01/15/24	277,027
	25,000		3.875		01/15/27	25,132
Cisco Systems, Inc.
	100,000		2.200		02/28/21	100,043
Everett Spinco, Inc.^(a)(c)
	150,000		4.250		04/15/24	152,524
Hewlett Packard Enterprise Co.^(a)
	125,000		4.900		10/15/25	129,842
NXP BV^(c)
	375,000		4.125		06/01/21	389,062
Oracle Corp.^(a)
	200,000		2.500		05/15/22	199,446

						1,400,657

Tobacco – 0.7%
Imperial Brands Finance plc^(c)
	400,000		2.050		02/11/18	400,431
Reynolds American, Inc.^(a)
	375,000		4.450		06/12/25	394,728

						795,159


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Transportation^(c) – 0.5%
ERAC USA Finance LLC
$	350,000		2.350	%	10/15/19	$ 350,038
Penske Truck Leasing Co. LP^(a)
	200,000		3.375		02/01/22	202,938

						552,976

Wireless Telecommunications – 3.2%
American Tower Corp.
	75,000		3.300	^(a)	02/15/21	76,053
	125,000		4.700		03/15/22	133,869
AT&T, Inc.
	225,000		2.300		03/11/19	226,094
	25,000		2.800	^(a)	02/17/21	25,074
	175,000		3.200	^(a)	03/01/22	176,650
	250,000		3.800		03/15/22	258,592
	150,000		3.000	^(a)	06/30/22	149,219
	250,000		3.400	^(a)	05/15/25	241,482
	100,000		4.125	^(a)	02/17/26	101,410
	50,000		4.750	^(a)	05/15/46	46,654
Verizon Communications, Inc.
	850,000		4.500		09/15/20	904,725
	621,000		2.946	^(c)	03/15/22	618,528
	400,000		5.150		09/15/23	440,239
	200,000		2.625		08/15/26	182,629

						3,581,218

Wirelines Telecommunications – 0.6%
Telefonica Emisiones SAU
	175,000		3.192		04/27/18	177,274
	225,000		5.462		02/16/21	246,989
	225,000		4.103		03/08/27	226,588

						650,851

TOTAL CORPORATE BONDS (Cost $36,771,466)						$ 37,121,035


Mortgage-Backed Securities – 19.5%
Adjustable Rate FHLMC^(b) – 0.5%
$	468,007		2.821	%	09/01/35	$ 493,647

Adjustable Rate FNMA^(b) – 0.8%
	214,714		2.625		05/01/33	222,435
	386,720		2.833		05/01/35	408,076
	251,032		3.057		09/01/35	262,794

						893,305

FHLMC – 1.8%
	19,732		5.500		02/01/18	20,017
	1,830		5.500		04/01/18	1,853
	1,023		4.500		09/01/18	1,045
	3,312		5.500		09/01/18	3,395
	14		9.500		08/01/20	15
	25,984		6.500		10/01/20	28,930
	6,969		4.500		07/01/24	7,402
	37,973		4.500		11/01/24	40,441
	8,625		4.500		12/01/24	9,161
	9,052		6.000		03/01/29	10,219
	153		6.000		04/01/29	173
	10,744		7.500		12/01/29	12,522
	113,625		7.000		05/01/32	132,577
	192		6.000		08/01/32	216
	59,801		7.000		12/01/32	69,856


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
FHLMC – (continued)
$	3,690		5.000	%	10/01/33	$ 4,036
	5,338		5.000		07/01/35	5,839
	7,298		5.000		12/01/35	8,056
	59,434		5.500		01/01/37	66,084
	1,595		5.000		03/01/38	1,742
	104,376		7.000		02/01/39	121,287
	3,393		5.000		06/01/41	3,711
	1,494,313		3.500		04/01/43	1,538,500

						2,087,077

FNMA – 4.8%
	25,221		5.500		02/01/18	25,572
	23,436		5.000		05/01/18	23,794
	2,726		6.500		08/01/18	2,795
	15,157		7.000		08/01/18	15,438
	779		5.000		06/01/23	830
	73,521		5.500		09/01/23	78,621
	20,125		5.500		10/01/23	21,632
	3,998		4.500		07/01/24	4,247
	97,822		4.500		11/01/24	104,256
	40,927		4.500		12/01/24	43,640
	61		7.000		07/01/25	70
	11,757		9.000		11/01/25	13,614
	37,312		7.000		08/01/26	42,204
	639		7.000		08/01/27	738
	4,931		7.000		09/01/27	5,358
	120		7.000		01/01/28	138
	64,224		6.000		02/01/29	73,166
	59,017		6.000		06/01/29	67,249
	21,517		8.000		10/01/29	25,223
	5,418		7.000		12/01/29	6,230
	1,288		8.500		04/01/30	1,565
	2,397		8.000		05/01/30	2,735
	232		8.500		06/01/30	256
	6,452		7.000		05/01/32	7,576
	50,919		7.000		06/01/32	59,401
	69,928		7.000		08/01/32	81,741
	9,106		8.000		08/01/32	10,176
	2,690		5.000		08/01/33	2,948
	730		5.500		09/01/33	822
	853		5.500		02/01/34	959
	171		5.500		04/01/34	194
	6,095		5.500		12/01/34	6,852
	26,804		5.000		04/01/35	29,587
	49,707		6.000		04/01/35	55,922
	1,145		5.500		09/01/35	1,293
	112,722		6.000		10/01/35	126,769
	248,135		6.000		09/01/36	279,056
	73		5.500		02/01/37	83
	159		5.500		04/01/37	179
	157,211		5.500		08/01/37	175,323
	231		5.500		03/01/38	260
	219		5.500		06/01/38	246
	169		5.500		07/01/38	190
	161		5.500		08/01/38	181
	120		5.500		09/01/38	136
	2,295		5.500		10/01/38	2,587
	56		5.500		12/01/38	63
	126,705		5.000		01/01/39	140,308
	66,923		7.000		03/01/39	77,763
	195,777		6.000		05/01/39	221,007
	15,155		4.500		08/01/39	16,436
	56,553		3.000		01/01/43	56,525
	223,736		3.000		03/01/43	223,674


Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Securities – (continued)
FNMA – (continued)
$	311,739		3.000	%		04/01/43		$ 311,655
	234,153		3.000			05/01/43		234,089
	792,056		3.500			07/01/43		813,921
	835,711		4.500			04/01/45		907,889
	99,985		4.500			05/01/45		107,640
	856,197		3.500			05/01/46		879,508

								5,392,330

GNMA – 11.6%
	2,085		7.000			10/15/25		2,125
	7,400		7.000			11/15/25		7,998
	1,221		7.000			02/15/26		1,256
	5,673		7.000			04/15/26		6,285
	3,231		7.000			03/15/27		3,734
	52,833		7.000			11/15/27		59,971
	424		7.000			01/15/28		467
	18,072		7.000			02/15/28		19,685
	2,454		7.000			03/15/28		2,799
	1,028		7.000			04/15/28		1,195
	223		7.000			05/15/28		255
	4,532		7.000			06/15/28		5,249
	8,004		7.000			07/15/28		9,306
	13,615		7.000			09/15/28		15,864
	2,290		7.000			11/15/28		2,664
	2,689		7.500			11/15/30		2,697
	157,782		6.000			08/20/34		181,790
	171,784		5.000			06/15/40		188,246
	803,333		4.000			08/20/43		852,380
	1,468,509		4.000			10/20/45		1,554,956
	887,398		4.000			01/20/46		938,250
	854,243		4.000			03/20/46		902,661
	3,556,487		4.000			04/20/46		3,758,623
	903,528		4.000			05/20/46		954,881
	3,000,000		4.000			TBA-30yr	^(d)	3,168,984

								12,642,321

TOTAL MORTGAGE-BACKED SECURITIES (Cost $21,318,249)								$ 21,508,680


Collateralized Mortgage Obligations – 2.2%
Adjustable Rate Non-Agency^(a)(b) – 0.5%
Alternative Loan Trust Series 2005-38, Class A1
$	118,406		2.138	%		09/25/35		$ 113,452
Lehman XS Trust Series 2005-7N, Class 1A1A
	208,196		1.252			12/25/35		197,511
MASTR Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	258,488		1.488			12/25/46		222,165


								533,128

Regular Floater^(b) – 1.3%
Connecticut Avenue Securities Series 2014-C03, Class 1M1^(a)
	10,902		2.182			07/25/24		10,923
Mortgage Repurchase Agreement Financing Trust Series 2016-1, Class A^(a)(c)
	300,000		1.758			04/10/19		300,000


Principal Amount		Interest Rate			Maturity Date	Value
Collateralized Mortgage Obligations – (continued)
Regular Floater^(b) – (continued)
Mortgage Repurchase Agreement Financing Trust Series 2016-1, Class A2^(a)(c)
$	200,000		1.808	%	04/10/19	$ 200,000
Mortgage Repurchase Agreement Financing Trust Series 2016-2, Class A^(a)(c)
	500,000		2.158		03/10/19	500,117
Mortgage Repurchase Agreement Financing Trust Series 2016-3, Class A1^(a)(c)
	150,000		1.858		11/10/18	150,019
Station Place Securitization Trust Series 2015-2, Class A^(c)
	300,000		1.941		05/15/18	300,000

						1,461,059

Sequential Fixed Rate – 0.4%
FNMA REMIC Series 2012-111, Class B
	21,165		7.000		10/25/42	24,871
FNMA REMIC Series 2012-153, Class B
	55,632		7.000		07/25/42	64,723
NCUA Guaranteed Notes Series A4
	300,000		3.000		06/12/19	309,178

						398,772

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,361,495)						$ 2,392,959


Commercial Mortgage-Backed Securities^(b) – 1.1%
Sequential Fixed Rate – 1.1%
Banc of America Commercial Mortgage Trust Series 2007-4, Class A1A
$	162,286		5.774	%	02/10/51	$ 163,360
GS Mortgage Securities Trust Series 2007-GG10, Class A1A^(e)
	436,219		5.949		08/10/45	437,337
GS Mortgage Securities Trust Series 2007-GG10, Class A4^(e)
	99,215		5.949		08/10/45	99,113
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB19, Class A1A^(e)
	74,517		5.829		02/12/49	74,443
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class A1A
	406,097		5.608		05/15/46	409,309

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,312,549)						$ 1,183,562


U.S. Government Agency Securities – 1.9%
FHLB
$	600,000		2.125	%	06/09/23	$ 595,877
	100,000		3.375		12/08/23	106,105
FNMA
	400,000		1.875		09/24/26	371,828
	400,000		6.250		05/15/29	535,620


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Government Agency Securities – (continued)
Tennessee Valley Authority
$	500,000		3.875	%	02/15/21	$ 537,170

TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $2,157,778)						$ 2,146,600


Asset-Backed Securities^(b) – 10.7%
Collateralized Loan Obligations^(c) – 2.7%
Acis CLO Ltd. Series 2013-1A, Class ACOM^(a)
$	1,500,000		2.251	%	04/18/24	$ 1,490,400
Acis CLO Ltd. Series 2013-2A, Class A^(a)
	22,292		1.523		10/14/22	22,288
Acis CLO Ltd. Series 2013-2A, Class ACOM^(a)
	334,662		1.721		10/14/22	334,763
Acis CLO Ltd. Series 2013-2A, Class BR^(a)
	250,000		0.000		10/14/22	250,000
Acis CLO Ltd. Series 2013-2A, Class C2R^(a)
	200,000		0.000		10/14/22	200,000
OFSI Fund V Ltd. Series 2013-5A, Class A1LA
	734,299		1.953		04/17/25	732,055

						3,029,506

Home Equity^(a) – 0.1%
GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A1
	32,525		7.000		09/25/37	32,312
GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1
	80,710		6.755		09/25/37	80,732

						113,044

Student Loans – 7.9%
Academic Loan Funding Trust Series 2012-1A, Class A2^(a)(c)
	550,000		2.082		12/27/44	547,861
Access Group, Inc. Series 2005-2, Class A3^(a)
	153,180		1.230		11/22/24	152,833
Brazos Higher Education Authority, Inc. Series 2005-2, Class A11
	149,703		1.293		09/27/21	149,338
Chase Education Loan Trust Series 2007-A, Class A3
	51,853		1.221		12/28/23	51,695
ECMC Group Student Loan Trust Series 2016-1A, Class A^(a)(c)
	545,060		2.332		07/26/66	544,706
Edsouth Indenture No. 10 LLC Series 2015-2, Class A^(a)(c)
	363,697		1.982		12/25/56	363,697
EFS Volunteer No. 2 LLC Series 2012-1, Class A2^(c)
	550,000		2.332		03/25/36	557,037
EFS Volunteer No. 3 LLC Series 2012-1, Class A3^(a)(c)
	350,000		1.982		04/25/33	349,806
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3^(a)
	300,000		2.028		07/20/43	290,252
Navient Student Loan Trust Series 2016-5A, Class A^(a)(c)
	1,107,988		2.232		06/25/65	1,124,403
Navient Student Loan Trust Series 2016-7A, Class A^(a)(c)
	537,167		2.132		03/25/66	543,889
Nelnet Student Loan Trust Series 2006-1, Class A6^(a)(c)
	500,000		1.503		08/23/36	470,551
Nelnet Student Loan Trust Series 2006-2, Class A5^(a)
	333,506		1.138		01/25/30	332,624


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(b) – (continued)
Student Loans – (continued)
Northstar Education Finance, Inc. Series 2004-2, Class A3
$	11,503		1.209	%	07/30/18	$ 11,494
Northstar Education Finance, Inc. Series 2007-1, Class A1^(a)
	100,000		1.139		04/28/30	98,277
Scholar Funding Trust Series 2010-A, Class A^(a)(c)
	152,575		1.789		10/28/41	150,332
SLC Student Loan Trust Series 2006-1, Class A5^(a)
	484,169		1.241		03/15/27	478,790
SLM Student Loan Trust Series 2003-7A, Class A5A^(a)(c)
	429,126		2.331		12/15/33	429,926
SLM Student Loan Trust Series 2004-8A, Class A6^(a)(c)
	400,000		1.668		01/25/40	384,821
SLM Student Loan Trust Series 2005-3, Class A5^(a)
	180,381		1.128		10/25/24	179,889
SLM Student Loan Trust Series 2005-5, Class A5^(a)
	100,000		1.788		10/25/40	97,862
SLM Student Loan Trust Series 2006-2, Class A5^(a)
	230,423		1.148		07/25/25	230,136
SLM Student Loan Trust Series 2007-7, Class A4^(a)
	223,496		1.368		01/25/22	218,824
SLM Student Loan Trust Series 2008-5, Class A4^(a)
	459,169		2.738		07/25/23	469,159
SLM Student Loan Trust Series 2008-6, Class A4^(a)
	300,000		2.138		07/25/23	300,722
SLM Student Loan Trust Series 2008-8, Class A4^(a)
	150,000		2.538		04/25/23	152,765

						8,681,689

TOTAL ASSET-BACKED SECURITIES (Cost $11,692,114)						$ 11,824,239


Foreign Government Securities – 3.2%
Colombia Government International Bond^(a)
$	240,000		4.000	%	02/26/24	$ 246,960
Hashemite Kingdom of Jordan Government AID Bond^(f)
	700,000		2.503		10/30/20	715,659
Indonesia Government International Bond^(c)
	230,000		4.750		01/08/26	244,950
Israel Government AID Bond^(f)
	400,000		5.500		09/18/23	472,880
	200,000		5.500		12/04/23	237,366
	100,000		5.500		04/26/24	119,274
KfW^(g)
	1,000,000		1.125		08/06/18	997,160
Mexico Government International Bond
	470,000		3.600		01/30/25	468,825

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $3,489,442)						$ 3,503,074


Supranational – 0.2%
Inter-American Development Bank
$	200,000		1.000	%	02/27/18	$ 198,567
(Cost $199,633)


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds – 0.8%
California – 0.3%
California State Various Purpose GO Bonds Series 2010
$	140,000		7.950	%	03/01/36	$ 161,415
	105,000		7.625		03/01/40	153,765

						315,180

Illinois – 0.2%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	250,000		7.350		07/01/35	266,765

Ohio – 0.3%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	250,000		6.270		02/15/50	299,570

TOTAL MUNICIPAL BONDS (Cost $750,191)						$ 881,515


U.S. Treasury Obligations – 22.5%
U.S. Treasury Bonds
$	2,700,000		3.625	%^(h)	08/15/43	$ 3,006,666
	1,250,000		3.750		11/15/43	1,422,450
	790,000		3.625		02/15/44	880,384
	100,000		3.000		11/15/44	99,578
	200,000		2.875		08/15/45	194,010
	1,350,000		3.000		11/15/45	1,342,089
U.S. Treasury Inflation Indexed Bonds (TIPS)^(b)
	100,599		0.875		02/15/47	99,183
U.S. Treasury Inflation Indexed Notes (TIPS)^(b)
	259,243		0.125		04/15/20	263,204
	256,153		0.125		04/15/21	258,980
	426,708		0.625		01/15/24	437,273
	410,108		0.250		01/15/25	406,909
U.S. Treasury Notes
	1,400,000		1.375		04/30/21	1,376,592
	10,380,000		2.250		01/31/24	10,412,905
	610,000		2.125		03/31/24	606,401
	3,100,000		2.250		11/15/25	3,073,309
U.S. Treasury STRIPS⁽ⁱ⁾
	1,800,000		0.000		02/15/36	1,028,808

TOTAL U.S. TREASURY OBLIGATIONS (Cost $24,524,720)						$ 24,908,741


Shares		Distribution Rate				Value
Investment Company^(b)(j) – 4.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,571,491		0.618	%		$ 4,571,491
(Cost $4,571,491)

TOTAL INVESTMENTS – 99.8% (Cost $109,149,128)						$110,240,463

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%						221,514

NET ASSETS – 100.0%						$110,461,977



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

(a)		Securities with “Call” features. Maturity dates disclosed are the final maturity dates.

(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2017.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $16,438,442, which represents approximately 14.9% of net assets as of March 31, 2017.

(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 $3,168,984 which represents approximately 2.9% of net assets as of March 31, 2017.

(e)		Interest is based on the weighted net interest rate of the collateral.

(f)		Guaranteed by the United States Government. Total market value of these securities amounts to $1,545,179, which represents 1.4% of net assets as of March 31, 2017.

(g)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $997,160, which represents 0.9% of net assets as of March 31, 2017.

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

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

(j)		Represents an affiliated issuer.



Investment Abbreviations:
BA		— Banker Acceptance Rate
BBR		— Bank Bill Reference Rate
EONIA		— Euro Overnight Index Average
EURIBOR		— Euro Interbank Offered Rate
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
GO		— General Obligation
LIBOR		— London Interbank Offered Rate
NIBOR		— Norwegian Interbank Offered Rate
RB		— Revenue Bond
REMIC		— Real Estate Mortgage Investment Conduit
RMKT		— Remarketed
STIBOR		— Stockholm Interbank Offered Rate
STRIPS		— Separate Trading of Registered Interest and Principal of Securities
TIPS		— Treasury Inflation-Protected Securities

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
TWD		— Taiwan Dollar
USD		— United States Dollar


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

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2017, the Fund had the following forward foreign currency exchange contracts:

FORWARD SALES CONTRACTS — At March 31, 2017, the Fund had the following forward sales contracts:

FUTURES CONTRACTS — At March 31, 2017, the Fund had the following futures contracts:

SWAP CONTRACTS — At March 31, 2017, the Fund had the following swap contracts:

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).



Shares		Description	Value
	Common Stocks – 99.3%
	Automobiles & Components – 0.7%
	1,684	BorgWarner, Inc.	$ 70,374
	2,228	Delphi Automotive plc	179,332
	32,520	Ford Motor Co.	378,533
	11,268	General Motors Co.	398,436
	2,147	Goodyear Tire & Rubber Co. (The)	77,292
	1,500	Harley-Davidson, Inc.	90,750

			1,194,717

	Banks – 6.4%
	83,284	Bank of America Corp.	1,964,670
	6,805	BB&T Corp.	304,183
	23,005	Citigroup, Inc.	1,376,159
	4,258	Citizens Financial Group, Inc.	147,114
	1,406	Comerica, Inc.	96,423
	6,379	Fifth Third Bancorp	162,027
	9,041	Huntington Bancshares, Inc.	121,059
	29,746	JPMorgan Chase & Co.	2,612,889
	8,868	KeyCorp	157,673
	1,293	M&T Bank Corp.	200,066
	2,617	People’s United Financial, Inc.	47,629
	4,077	PNC Financial Services Group, Inc. (The)	490,218
	9,850	Regions Financial Corp.	143,121
	4,142	SunTrust Banks, Inc.	229,053
	13,198	US Bancorp	679,697
	37,490	Wells Fargo & Co.	2,086,693
	1,723	Zions Bancorporation	72,366

			10,891,040

	Capital Goods – 7.3%
	4,957	3M Co.	948,423
	372	Acuity Brands, Inc.	75,888
	813	Allegion plc	61,544
	1,923	AMETEK, Inc.	103,996
	3,558	Arconic, Inc.	93,718
	4,734	Boeing Co. (The)	837,255
	4,909	Caterpillar, Inc.	455,359
	1,289	Cummins, Inc.	194,897
	2,427	Deere & Co.	264,203
	1,336	Dover Corp.	107,348
	3,706	Eaton Corp. plc	274,800
	5,391	Emerson Electric Co.	322,705
	2,368	Fastenal Co.	121,952
	1,146	Flowserve Corp.	55,489
	1,113	Fluor Corp.	58,566
	2,554	Fortive Corp.	153,802
	1,257	Fortune Brands Home & Security, Inc.	76,488
	2,354	General Dynamics Corp.	440,669
	72,490	General Electric Co.	2,160,202
	6,330	Honeywell International, Inc.	790,427
	2,575	Illinois Tool Works, Inc.	341,110
	2,120	Ingersoll-Rand plc	172,398
	1,006	Jacobs Engineering Group, Inc.	55,612
	7,813	Johnson Controls International plc	329,083
	648	L3 Technologies, Inc.	107,108
	2,090	Lockheed Martin Corp.	559,284
	2,684	Masco Corp.	91,229
	1,442	Northrop Grumman Corp.	342,965
	2,947	PACCAR, Inc.	198,038
	1,100	Parker-Hannifin Corp.	176,352
	1,411	Pentair plc	88,583



Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	1,227	Quanta Services, Inc.*	$ 45,534
	2,446	Raytheon Co.	373,015
	1,075	Rockwell Automation, Inc.	167,388
	1,104	Rockwell Collins, Inc.	107,265
	838	Roper Technologies, Inc.	173,039
	478	Snap-on, Inc.	80,624
	1,256	Stanley Black & Decker, Inc.	166,885
	2,265	Textron, Inc.	107,791
	429	TransDigm Group, Inc.	94,449
	692	United Rentals, Inc.*	86,535
	6,262	United Technologies Corp.	702,659
	451	WW Grainger, Inc.	104,975
	1,547	Xylem, Inc.	77,690

			12,347,342

	Commercial & Professional Services – 0.6%
	697	Cintas Corp.	88,198
	291	Dun & Bradstreet Corp. (The)	31,411
	999	Equifax, Inc.	136,603
	2,741	Nielsen Holdings plc	113,231
	1,970	Republic Services, Inc.	123,736
	1,137	Robert Half International, Inc.	55,520
	728	Stericycle, Inc.*	60,344
	1,318	Verisk Analytics, Inc.*	106,942
	3,409	Waste Management, Inc.	248,584

			964,569

	Consumer Durables & Apparel – 1.2%
	2,290	Coach, Inc.	94,646
	2,840	DR Horton, Inc.	94,600
	923	Garmin Ltd.	47,174
	3,283	Hanesbrands, Inc.	68,155
	939	Hasbro, Inc.	93,731
	1,075	Leggett & Platt, Inc.	54,094
	1,593	Lennar Corp. Class A	81,546
	2,776	Mattel, Inc.	71,093
	1,428	Michael Kors Holdings Ltd.*	54,421
	522	Mohawk Industries, Inc.*	119,794
	4,003	Newell Brands, Inc.	188,821
	10,979	NIKE, Inc. Class B	611,860
	2,401	PulteGroup, Inc.	56,544
	682	PVH Corp.	70,567
	481	Ralph Lauren Corp.	39,259
	1,605	Under Armour, Inc. Class A*^(a)	31,747
	1,616	Under Armour, Inc. Class C*	29,573
	2,710	VF Corp.	148,969
	625	Whirlpool Corp.	107,081

			2,063,675

	Consumer Services – 1.6%
	3,551	Carnival Corp.	209,190
	239	Chipotle Mexican Grill, Inc.*	106,479
	1,000	Darden Restaurants, Inc.	83,670
	1,623	H&R Block, Inc.	37,735
	2,594	Marriott International, Inc. Class A	244,303
	6,843	McDonald’s Corp.	886,921
	1,425	Royal Caribbean Cruises Ltd.	139,807
	12,158	Starbucks Corp.	709,906
	890	Wyndham Worldwide Corp.	75,018
	656	Wynn Resorts Ltd.	75,184



Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	2,757	Yum Brands, Inc.	$ 176,172

			2,744,385

	Diversified Financials – 5.2%
	458	Affiliated Managers Group, Inc.	75,084
	6,278	American Express Co.	496,653
	1,264	Ameriprise Financial, Inc.	163,915
	8,593	Bank of New York Mellon Corp. (The)	405,847
	15,809	Berkshire Hathaway, Inc. Class B*	2,635,044
	1,021	BlackRock, Inc.	391,564
	4,039	Capital One Financial Corp.	350,020
	767	CBOE Holdings, Inc.	62,181
	10,079	Charles Schwab Corp. (The)	411,324
	2,819	CME Group, Inc.	334,897
	3,258	Discover Financial Services	222,815
	2,263	ETRADE Financial Corp.	78,956
	2,857	Franklin Resources, Inc.	120,394
	3,085	Goldman Sachs Group, Inc. (The)^(b)	708,686
	4,963	Intercontinental Exchange, Inc.	297,135
	3,275	Invesco Ltd.	100,313
	2,680	Leucadia National Corp.	69,680
	1,385	Moody’s Corp.	155,175
	12,014	Morgan Stanley	514,680
	993	Nasdaq, Inc.	68,964
	2,568	Navient Corp.	37,904
	1,809	Northern Trust Corp.	156,623
	1,068	Raymond James Financial, Inc.	81,446
	2,149	S&P Global, Inc.	280,960
	3,041	State Street Corp.	242,094
	6,344	Synchrony Financial	217,599
	2,037	T Rowe Price Group, Inc.	138,822

			8,818,775

	Energy – 6.5%
	4,654	Anadarko Petroleum Corp.	288,548
	3,181	Apache Corp.	163,472
	3,568	Baker Hughes, Inc.	213,438
	3,946	Cabot Oil & Gas Corp.	94,349
	5,166	Chesapeake Energy Corp.*^(a)	30,686
	15,740	Chevron Corp.	1,690,004
	812	Cimarex Energy Co.	97,026
	1,139	Concho Resources, Inc.*	146,179
	10,224	ConocoPhillips	509,871
	4,370	Devon Energy Corp.	182,316
	4,819	EOG Resources, Inc.	470,093
	1,437	EQT Corp.	87,801
	34,523	Exxon Mobil Corp.	2,831,231
	7,152	Halliburton Co.	351,950
	897	Helmerich & Payne, Inc.	59,713
	2,186	Hess Corp.	105,387
	15,912	Kinder Morgan, Inc.	345,927
	7,228	Marathon Oil Corp.	114,202
	4,453	Marathon Petroleum Corp.	225,055
	1,464	Murphy Oil Corp.	41,856
	3,080	National Oilwell Varco, Inc.	123,477
	1,619	Newfield Exploration Co.*	59,757
	3,593	Noble Energy, Inc.	123,384
	6,368	Occidental Petroleum Corp.	403,476
	1,715	ONEOK, Inc.	95,080
	3,679	Phillips 66	291,450
	1,426	Pioneer Natural Resources Co.	265,564



Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	1,521	Range Resources Corp.	$ 44,261
	11,634	Schlumberger Ltd.	908,615
	3,328	Southwestern Energy Co.*	27,190
	3,999	TechnipFMC plc*	129,968
	973	Tesoro Corp.	78,871
	3,110	Transocean Ltd.*	38,720
	3,750	Valero Energy Corp.	248,588
	6,739	Williams Cos., Inc. (The)	199,407

			11,086,912

	Food & Staples Retailing – 1.9%
	3,627	Costco Wholesale Corp.	608,212
	8,570	CVS Health Corp.	672,745
	7,615	Kroger Co. (The)	224,566
	4,144	Sysco Corp.	215,157
	7,116	Walgreens Boots Alliance, Inc.	590,984
	12,490	Wal-Mart Stores, Inc.	900,279
	2,675	Whole Foods Market, Inc.	79,501

			3,291,444

	Food, Beverage & Tobacco – 5.3%
	16,133	Altria Group, Inc.	1,152,219
	4,695	Archer-Daniels-Midland Co.	216,158
	1,536	Brown-Forman Corp. Class B	70,932
	1,622	Campbell Soup Co.	92,843
	32,083	Coca-Cola Co. (The)	1,361,603
	3,425	Conagra Brands, Inc.	138,164
	1,443	Constellation Brands, Inc. Class A	233,867
	1,545	Dr Pepper Snapple Group, Inc.	151,286
	4,846	General Mills, Inc.	285,962
	1,166	Hershey Co. (The)	127,386
	2,176	Hormel Foods Corp.	75,355
	989	JM Smucker Co. (The)	129,638
	2,101	Kellogg Co.	152,554
	5,003	Kraft Heinz Co. (The)	454,322
	979	McCormick & Co., Inc.	95,501
	1,535	Mead Johnson Nutrition Co.	136,738
	1,484	Molson Coors Brewing Co. Class B	142,034
	12,668	Mondelez International, Inc. Class A	545,737
	3,339	Monster Beverage Corp.*	154,162
	11,874	PepsiCo, Inc.	1,328,226
	12,904	Philip Morris International, Inc.	1,456,862
	6,922	Reynolds American, Inc.	436,224
	2,412	Tyson Foods, Inc. Class A	148,845

			9,086,618

	Health Care Equipment & Services – 5.3%
	14,348	Abbott Laboratories	637,195
	2,905	Aetna, Inc.	370,533
	1,412	AmerisourceBergen Corp.	124,962
	2,206	Anthem, Inc.	364,828
	3,995	Baxter International, Inc.	207,181
	1,774	Becton Dickinson and Co.	325,423
	11,405	Boston Scientific Corp.*	283,642
	2,664	Cardinal Health, Inc.	217,249
	1,386	Centene Corp.*	98,766
	2,494	Cerner Corp.*	146,772
	2,141	Cigna Corp.	313,635
	395	Cooper Cos., Inc. (The)	78,957
	615	CR Bard, Inc.	152,852
	5,104	Danaher Corp.	436,545
	1,313	DaVita, Inc.*	89,245



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	1,907	DENTSPLY SIRONA, Inc.	$ 119,073
	1,796	Edwards Lifesciences Corp.*	168,950
	1,009	Envision Healthcare Corp.*	61,872
	5,010	Express Scripts Holding Co.*	330,209
	2,373	HCA Holdings, Inc.*	211,173
	656	Henry Schein, Inc.*	111,500
	2,080	Hologic, Inc.*	88,504
	1,236	Humana, Inc.	254,789
	716	IDEXX Laboratories, Inc.*	110,701
	307	Intuitive Surgical, Inc.*	235,306
	842	Laboratory Corp. of America Holdings*	120,802
	1,770	McKesson Corp.	262,420
	11,435	Medtronic plc	921,204
	642	Patterson Cos., Inc.	29,038
	1,144	Quest Diagnostics, Inc.	112,329
	2,570	Stryker Corp.	338,340
	7,916	UnitedHealth Group, Inc.	1,298,303
	730	Universal Health Services, Inc. Class B	90,849
	769	Varian Medical Systems, Inc.*	70,079
	1,684	Zimmer Biomet Holdings, Inc.	205,633

			8,988,859

	Household & Personal Products – 1.9%
	2,157	Church & Dwight Co., Inc.	107,570
	1,082	Clorox Co. (The)	145,886
	7,310	Colgate-Palmolive Co.	535,019
	3,784	Coty, Inc. Class A	68,604
	1,825	Estee Lauder Cos., Inc. (The) Class A	154,742
	2,940	Kimberly-Clark Corp.	386,992
	21,238	Procter & Gamble Co. (The)	1,908,234

			3,307,047

	Insurance – 2.7%
	3,311	Aflac, Inc.	239,783
	3,086	Allstate Corp. (The)	251,478
	7,775	American International Group, Inc.	485,393
	2,219	Aon plc	263,373
	1,466	Arthur J Gallagher & Co.	82,888
	463	Assurant, Inc.	44,295
	3,900	Chubb Ltd.	531,375
	1,225	Cincinnati Financial Corp.	88,531
	3,156	Hartford Financial Services Group, Inc. (The)	151,709
	1,896	Lincoln National Corp.	124,093
	2,262	Loews Corp.	105,794
	4,262	Marsh & McLennan Cos., Inc.	314,919
	8,996	MetLife, Inc.	475,169
	2,198	Principal Financial Group, Inc.	138,716
	4,880	Progressive Corp. (The)	191,198
	3,604	Prudential Financial, Inc.	384,475
	905	Torchmark Corp.	69,721
	2,361	Travelers Cos., Inc. (The)	284,595
	1,923	Unum Group	90,169
	1,060	Willis Towers Watson plc	138,743
	2,289	XL Group Ltd.	91,240

			4,547,657

	Materials – 2.8%
	1,801	Air Products & Chemicals, Inc.	243,657
	930	Albemarle Corp.	98,245



Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	753	Avery Dennison Corp.	$ 60,692
	1,445	Ball Corp.	107,306
	2,053	CF Industries Holdings, Inc.	60,255
	9,246	Dow Chemical Co. (The)	587,491
	1,211	Eastman Chemical Co.	97,849
	2,197	Ecolab, Inc.	275,372
	7,227	EI du Pont de Nemours & Co.	580,545
	1,149	FMC Corp.	79,959
	10,104	Freeport-McMoRan, Inc.*	134,989
	653	International Flavors & Fragrances, Inc.	86,542
	3,394	International Paper Co.	172,347
	2,762	LyondellBasell Industries NV Class A	251,867
	536	Martin Marietta Materials, Inc.	116,982
	3,643	Monsanto Co.	412,388
	3,030	Mosaic Co. (The)	88,415
	4,434	Newmont Mining Corp.	146,145
	2,651	Nucor Corp.	158,318
	2,119	PPG Industries, Inc.	222,664
	2,356	Praxair, Inc.	279,422
	1,601	Sealed Air Corp.	69,772
	668	Sherwin-Williams Co. (The)	207,207
	1,124	Vulcan Materials Co.	135,419
	2,063	WestRock Co.	107,338

			4,781,186

	Media – 3.2%
	3,075	CBS Corp. (Non-Voting) Class B	213,282
	1,782	Charter Communications, Inc. Class A*	583,284
	39,382	Comcast Corp. Class A	1,480,369
	1,181	Discovery Communications, Inc. Class A*	34,355
	1,900	Discovery Communications, Inc. Class C*	53,789
	1,896	DISH Network Corp. Class A*	120,377
	3,281	Interpublic Group of Cos., Inc. (The)	80,614
	3,213	News Corp. Class A	41,769
	1,017	News Corp. Class B	13,730
	1,948	Omnicom Group, Inc.	167,937
	820	Scripps Networks Interactive, Inc. Class A	64,264
	1,766	TEGNA, Inc.	45,245
	6,440	Time Warner, Inc.	629,252
	8,740	Twenty-First Century Fox, Inc. Class A	283,089
	3,835	Twenty-First Century Fox, Inc. Class B	121,876
	2,957	Viacom, Inc. Class B	137,855
	12,104	Walt Disney Co. (The)	1,372,473

			5,443,560

	Pharmaceuticals, Biotechnology & Life Sciences – 8.5%
	13,317	AbbVie, Inc.	867,736
	2,741	Agilent Technologies, Inc.	144,917
	1,885	Alexion Pharmaceuticals, Inc.*	228,537
	2,806	Allergan plc	670,410
	6,124	Amgen, Inc.	1,004,765
	1,791	Biogen, Inc.*	489,695
	13,942	Bristol-Myers Squibb Co.	758,166
	6,479	Celgene Corp.*	806,182



Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	8,082	Eli Lilly & Co.	$ 679,777
	10,858	Gilead Sciences, Inc.	737,475
	1,234	Illumina, Inc.*	210,570
	1,471	Incyte Corp.*	196,629
	22,550	Johnson & Johnson	2,808,602
	852	Mallinckrodt plc*	37,974
	22,846	Merck & Co., Inc.	1,451,635
	218	Mettler-Toledo International, Inc.*	104,402
	3,693	Mylan NV*	143,990
	950	PerkinElmer, Inc.	55,157
	1,177	Perrigo Co. plc	78,141
	49,435	Pfizer, Inc.	1,691,171
	633	Regeneron Pharmaceuticals, Inc.*	245,294
	3,276	Thermo Fisher Scientific, Inc.	503,194
	2,080	Vertex Pharmaceuticals, Inc.*	227,448
	682	Waters Corp.*	106,603
	4,076	Zoetis, Inc.	217,536

			14,466,006

	Real Estate – 2.9%
	743	Alexandria Real Estate Equities, Inc. (REIT)	82,116
	3,547	American Tower Corp. (REIT)	431,102
	1,262	Apartment Investment & Management Co. Class A (REIT)	55,970
	1,157	AvalonBay Communities, Inc. (REIT)	212,425
	1,284	Boston Properties, Inc. (REIT)	170,014
	2,492	CBRE Group, Inc. Class A*	86,697
	2,933	Crown Castle International Corp. (REIT)	277,022
	1,246	Digital Realty Trust, Inc. (REIT)	132,562
	598	Equinix, Inc. (REIT)	239,421
	3,006	Equity Residential (REIT)	187,033
	537	Essex Property Trust, Inc. (REIT)	124,332
	1,082	Extra Space Storage, Inc. (REIT)	80,490
	607	Federal Realty Investment Trust (REIT)	81,035
	4,808	GGP, Inc. (REIT)*	111,449
	3,901	HCP, Inc. (REIT)	122,023
	6,177	Host Hotels & Resorts, Inc. (REIT)	115,263
	1,967	Iron Mountain, Inc. (REIT)	70,163
	3,427	Kimco Realty Corp. (REIT)	75,702
	1,019	Macerich Co. (The) (REIT)	65,624
	977	Mid-America Apartment Communities, Inc. (REIT)	99,400
	4,450	Prologis, Inc. (REIT)	230,866
	1,231	Public Storage (REIT)	269,478
	2,160	Realty Income Corp. (REIT)	128,585
	1,226	Regency Centers Corp. (REIT)	81,394
	2,627	Simon Property Group, Inc. (REIT)	451,923
	832	SL Green Realty Corp. (REIT)	88,708
	2,261	UDR, Inc. (REIT)	81,984
	2,988	Ventas, Inc. (REIT)	194,340
	1,416	Vornado Realty Trust (REIT)	142,039
	2,982	Welltower, Inc. (REIT)	211,185
	6,234	Weyerhaeuser Co. (REIT)	211,831

			4,912,176

	Retailing – 5.5%
	607	Advance Auto Parts, Inc.	89,994
	3,290	Amazon.com, Inc.*	2,916,716
	589	AutoNation, Inc.*	24,909



Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	243	AutoZone, Inc.*	$ 175,701
	1,318	Bed Bath & Beyond, Inc.	52,008
	2,218	Best Buy Co., Inc.	109,015
	1,576	CarMax, Inc.*	93,331
	2,148	Dollar General Corp.	149,780
	2,006	Dollar Tree, Inc.*	157,391
	1,014	Expedia, Inc.	127,936
	1,154	Foot Locker, Inc.	86,331
	1,834	Gap, Inc. (The)	44,548
	1,265	Genuine Parts Co.	116,899
	10,155	Home Depot, Inc. (The)	1,491,059
	1,416	Kohl’s Corp.	56,371
	2,060	L Brands, Inc.	97,026
	2,564	LKQ Corp.*	75,048
	7,173	Lowe’s Cos., Inc.	589,692
	2,645	Macy’s, Inc.	78,398
	3,565	Netflix, Inc.*	526,943
	973	Nordstrom, Inc.^(a)	45,313
	755	O’Reilly Automotive, Inc.*	203,729
	408	Priceline Group, Inc. (The)*	726,228
	3,314	Ross Stores, Inc.	218,293
	569	Signet Jewelers Ltd.	39,415
	5,583	Staples, Inc.	48,963
	4,692	Target Corp.	258,951
	928	Tiffany & Co.	88,438
	5,433	TJX Cos., Inc. (The)	429,642
	1,091	Tractor Supply Co.	75,246
	984	TripAdvisor, Inc.*	42,469
	480	Ulta Beauty, Inc.*	136,910

			9,372,693

	Semiconductors & Semiconductor Equipment – 3.4%
	6,445	Advanced Micro Devices, Inc.*	93,775
	3,002	Analog Devices, Inc.	246,014
	9,064	Applied Materials, Inc.	352,590
	3,314	Broadcom Ltd.	725,633
	39,417	Intel Corp.	1,421,771
	1,275	KLA-Tencor Corp.	121,214
	1,359	Lam Research Corp.	174,441
	1,811	Microchip Technology, Inc.	133,616
	8,679	Micron Technology, Inc.*	250,823
	4,921	NVIDIA Corp.	536,044
	1,028	Qorvo, Inc.*	70,480
	12,289	QUALCOMM, Inc.	704,651
	1,540	Skyworks Solutions, Inc.	150,889
	8,314	Texas Instruments, Inc.	669,776
	2,092	Xilinx, Inc.	121,106

			5,772,823

	Software & Services – 12.8%
	5,180	Accenture plc Class A	620,978
	5,657	Activision Blizzard, Inc.	282,058
	4,147	Adobe Systems, Inc.*	539,649
	1,476	Akamai Technologies, Inc.*	88,117
	475	Alliance Data Systems Corp.	118,275
	2,469	Alphabet, Inc. Class A*	2,093,218
	2,460	Alphabet, Inc. Class C*	2,040,718
	1,667	Autodesk, Inc.*	144,146
	3,710	Automatic Data Processing, Inc.	379,867
	2,659	CA, Inc.	84,343
	1,269	Citrix Systems, Inc.*	105,822



Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	5,073	Cognizant Technology Solutions Corp. Class A*	$ 301,945
	1,321	CSRA, Inc.	38,692
	8,447	eBay, Inc.*	283,566
	2,516	Electronic Arts, Inc.*	225,232
	19,614	Facebook, Inc. Class A*	2,786,169
	2,710	Fidelity National Information Services, Inc.	215,770
	1,763	Fiserv, Inc.*	203,292
	1,271	Global Payments, Inc.	102,544
	7,125	International Business Machines Corp.	1,240,748
	2,055	Intuit, Inc.	238,359
	7,831	Mastercard, Inc. Class A	880,753
	64,241	Microsoft Corp.	4,230,912
	25,023	Oracle Corp.	1,116,276
	2,667	Paychex, Inc.	157,086
	9,390	PayPal Holdings, Inc.*	403,958
	1,466	Red Hat, Inc.*	126,809
	5,335	salesforce.com, Inc.*	440,084
	5,175	Symantec Corp.	158,769
	1,263	Synopsys, Inc.*	91,100
	1,169	Teradata Corp.*	36,379
	1,361	Total System Services, Inc.	72,759
	774	VeriSign, Inc.*	67,423
	15,427	Visa, Inc. Class A	1,370,998
	3,920	Western Union Co. (The)	79,772
	7,260	Yahoo!, Inc.*	336,937

			21,703,523

	Technology Hardware & Equipment – 5.8%
	2,588	Amphenol Corp. Class A	184,188
	43,624	Apple, Inc.	6,267,024
	41,755	Cisco Systems, Inc.	1,411,319
	7,883	Corning, Inc.	212,841
	530	F5 Networks, Inc.*	75,562
	1,120	FLIR Systems, Inc.	40,634
	1,013	Harris Corp.	112,716
	13,946	Hewlett Packard Enterprise Co.	330,520
	14,223	HP, Inc.	254,307
	3,102	Juniper Networks, Inc.	86,329
	1,362	Motorola Solutions, Inc.	117,432
	2,321	NetApp, Inc.	97,134
	2,513	Seagate Technology plc	115,422
	2,970	TE Connectivity Ltd.	221,413
	2,403	Western Digital Corp.	198,320
	7,163	Xerox Corp.	52,576

			9,777,737

	Telecommunication Services – 2.4%
	51,026	AT&T, Inc.	2,120,130
	4,447	CenturyLink, Inc.	104,816
	2,443	Level 3 Communications, Inc.*	139,788
	33,990	Verizon Communications, Inc.	1,657,013

			4,021,747

	Transportation – 2.2%
	1,032	Alaska Air Group, Inc.	95,171
	4,140	American Airlines Group, Inc.	175,122
	1,168	C.H. Robinson Worldwide, Inc.	90,275
	7,653	CSX Corp.	356,247
	6,140	Delta Air Lines, Inc.	282,194



Shares		Description	Value
	Common Stocks – (continued)
	Transportation – (continued)
	1,520	Expeditors International of Washington, Inc.	$ 85,865
	2,046	FedEx Corp.	399,277
	731	JB Hunt Transport Services, Inc.	67,062
	885	Kansas City Southern	75,898
	2,422	Norfolk Southern Corp.	271,191
	433	Ryder System, Inc.	32,665
	5,082	Southwest Airlines Co.	273,208
	6,759	Union Pacific Corp.	715,913
	2,398	United Continental Holdings, Inc.*	169,395
	5,732	United Parcel Service, Inc. Class B	615,044

			3,704,527

	Utilities – 3.2%
	5,392	AES Corp.	60,283
	1,855	Alliant Energy Corp.	73,476
	2,003	Ameren Corp.	109,344
	4,144	American Electric Power Co., Inc.	278,187
	1,479	American Water Works Co., Inc.	115,022
	3,551	CenterPoint Energy, Inc.	97,901
	2,283	CMS Energy Corp.	102,141
	2,558	Consolidated Edison, Inc.	198,654
	5,222	Dominion Resources, Inc.	405,070
	1,488	DTE Energy Co.	151,940
	5,759	Duke Energy Corp.	472,296
	2,683	Edison International	213,594
	1,465	Entergy Corp.	111,281
	2,678	Eversource Energy	157,413
	7,656	Exelon Corp.	275,463
	3,625	FirstEnergy Corp.	115,347
	3,915	NextEra Energy, Inc.	502,569
	2,594	NiSource, Inc.	61,711
	2,677	NRG Energy, Inc.	50,060
	4,231	PG&E Corp.	280,769
	939	Pinnacle West Capital Corp.	78,294
	5,642	PPL Corp.	210,954
	4,258	Public Service Enterprise Group, Inc.	188,842
	1,159	SCANA Corp.	75,741
	2,060	Sempra Energy	227,630
	8,151	Southern Co. (The)	405,757
	2,643	WEC Energy Group, Inc.	160,245
	4,260	Xcel Energy, Inc.	189,357

			5,369,341

	TOTAL COMMON STOCKS (Cost $70,660,047)		$ 168,658,359

Principal
Amount

Interest
Rate

Maturity
Date

Value

Short-Term Investment – 0.0%^(c)(d)

U.S. Government Obligation – 0.0%

U.S. Treasury Bill

100,000

0.000

08/03/17

$ 99,735

(Cost $99,764)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE

(Cost $70,759,811)

$ 168,758,094



Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle^(b)(e) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	102,900	0.618%	$ 102,900
	(Cost $102,900)

	TOTAL INVESTMENTS – 99.4% (Cost $70,862,711)		$168,860,994

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%		992,106

	NET ASSETS – 100.0%		$169,853,100



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.

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

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

(e)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2017.



Investment Abbreviation:
REIT		— Real Estate Investment Trust


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

FUTURES CONTRACT — At March 31, 2017, the Fund had the following futures contracts:

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Exchange Traded Funds – 28.3%
	201,744	iShares Core S&P 500 Fund	$ 47,867,799
	309,874	iShares MSCI Emerging Markets Fund^(a)	12,205,937
	204,062	Vanguard S&P 500 Fund	44,148,814

	TOTAL EXCHANGE TRADED FUNDS (Cost $91,883,583)		$104,222,550


Shares		Distribution Rate	Value
	Investment Companies^(b)(c) – 44.7%
	Goldman Sachs Financial Square Funds – Treasury Obligations Fund
	46,001,354	0.594%	$ 46,001,354

	Goldman Sachs Financial Square Funds – Treasury Solutions Fund
	45,501,314	0.006	45,501,314
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	72,955,949	0.618	72,955,949

	TOTAL INVESTMENT COMPANIES (Cost $164,458,617)		$164,458,617

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $256,342,200)		$268,681,167


	Securities Lending Reinvestment Vehicle^(b)(c) – 3.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	14,535,450	0.618%	$ 14,535,450

	TOTAL INVESTMENTS – 76.9% (Cost $270,877,650)		$283,216,617

	OTHER ASSETS IN EXCESS OF LIABILITIES – 23.1%		85,051,902

	NET ASSETS – 100.0%		$368,268,519



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 on loan.

(b)		Represents an affiliated issuer.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2017.

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

FUTURES CONTRACTS — At March 31, 2017, the Fund had the following futures contracts:

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations – 27.8%
Federal Farm Credit Bank
$	500,000		0.914	%^(a)	04/07/17	$ 500,000
	1,200,000		1.082	^(a)	04/25/17	1,200,000
	10,000,000		1.037	^(a)	05/23/17	10,000,000
	300,000		1.090	^(a)	06/13/17	300,073
	350,000		0.991	^(a)	06/15/17	350,000
	2,000,000		1.007	^(a)	06/30/17	1,999,980
	1,000,000		1.034	^(a)	08/01/17	999,836
	300,000		0.952	^(a)	09/15/17	299,993
Federal Home Loan Bank
	3,000,000		0.578	^(a)	04/03/17	3,000,000
	3,150,000		0.884	^(a)	04/05/17	3,150,000
	3,500,000		0.565	^(a)	04/06/17	3,500,000
	3,500,000		0.569	^(a)	04/07/17	3,500,000
	7,000,000		0.589	^(a)	04/07/17	6,999,995
	1,500,000		0.575	^(a)	04/11/17	1,500,000
	2,450,000		0.922	^(a)	04/13/17	2,450,000
	1,500,000		0.923	^(a)	04/18/17	1,500,000
	7,500,000		0.871	^(a)	04/21/17	7,500,000
	3,800,000		0.858	^(a)	04/25/17	3,800,000
	7,000,000		0.996	^(a)	06/09/17	7,000,000
	1,400,000		0.726	^(a)	06/13/17	1,399,978
	1,350,000		0.731	^(a)	06/13/17	1,350,000
	1,350,000		0.736	^(a)	06/13/17	1,350,000
	2,700,000		0.762	^(a)	06/15/17	2,700,000
	1,500,000		0.996	^(a)	06/15/17	1,500,000
	3,000,000		0.798	^(a)	06/27/17	3,000,000
	2,500,000		0.605	^(a)	07/10/17	2,500,000
	2,900,000		0.686	^(a)	07/11/17	2,900,000
	1,000,000		0.691	^(a)	07/12/17	1,000,000
	1,100,000		0.756	^(a)	07/14/17	1,100,000
	5,500,000		0.787	^(a)	07/25/17	5,500,000
	2,750,000		0.792	^(a)	07/25/17	2,750,000
	500,000		0.926	^(a)	08/21/17	500,000
	1,000,000		0.917	^(a)	08/22/17	1,000,000
	2,500,000		1.024	^(a)	08/28/17	2,499,897
	3,500,000		0.815	^(a)	09/01/17	3,500,000
	2,000,000		0.860	^(a)	09/06/17	2,000,000
	1,350,000		0.771	^(a)	09/12/17	1,350,000
	2,500,000		0.728	^(a)	10/02/17	2,500,000
	3,000,000		0.738	^(a)	10/02/17	3,000,000
	1,500,000		0.863	^(a)	11/08/17	1,500,000
	1,500,000		0.942	^(a)	12/19/17	1,500,000
	3,000,000		0.967	^(a)	12/26/17	3,000,000
	1,400,000		0.938	^(a)	12/27/17	1,400,000
	2,000,000		0.929	^(a)	02/05/18	2,000,000
	2,000,000		0.889	^(a)	02/15/18	2,000,000
	3,000,000		0.902	^(a)	02/22/18	3,000,000
	1,430,000		0.961	^(a)	03/15/18	1,430,000
	1,430,000		0.967	^(a)	03/16/18	1,429,931
	4,000,000		0.936	^(a)	03/23/18	4,000,000
	4,000,000		0.988	^(a)	06/19/18	4,000,000
	2,710,000		0.993	^(a)	06/28/18	2,710,000
	600,000		0.789	^(a)	07/09/18	599,960
	800,000		0.798	^(a)	07/12/18	799,948
	2,800,000		0.831	^(a)	07/13/18	2,800,000
Federal Home Loan Mortgage Corporation
	10,000,000		0.983	^(a)	04/20/17	9,999,921
	6,099,000		1.056	^(a)	04/26/17	6,098,958
	1,434,000		1.250		05/12/17	1,434,920
	139,000		1.000		06/29/17	139,139
	3,500,000		1.072	^(a)	12/20/17	3,500,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations – (continued)
Federal Home Loan Mortgage Corporation – (continued)
$	3,000,000		0.979	%^(a)	01/08/18	$ 3,000,000
	2,470,000		0.750		01/12/18	2,465,071
	1,000,000		0.988	^(a)	01/12/18	1,000,000
Federal National Mortgage Association
	200,000		0.750		04/20/17	200,010
	1,994,000		5.000		05/11/17	2,003,238
	100,000		0.609		06/01/17	99,899
	735,000		5.375		06/12/17	741,818
	1,225,000		0.998	^(a)	07/20/17	1,224,777
Tennessee Valley Authority
	3,000,000		5.500		07/18/17	3,040,682

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$170,068,024


U.S. Treasury Obligations – 11.6%
United States Treasury Bills
$	100,000		0.758	%	04/27/17	$ 99,946
	100,000		0.769		06/22/17	99,828
	325,000		0.831		08/31/17	323,882
	1,875,000		0.888		09/21/17	1,867,161
	1,500,000		0.893		09/21/17	1,493,693
	100,000		0.903		09/21/17	99,575
	1,100,000		0.908		09/21/17	1,095,295
	1,100,000		0.914		09/21/17	1,095,269
	200,000		0.914		09/28/17	199,105
United States Treasury Notes
	300,000		3.125		04/30/17	300,614
	3,190,000		4.500		05/15/17	3,205,041
	3,800,000		2.750		05/31/17	3,813,417
	3,300,000		0.875		06/15/17	3,301,611
	1,890,000		0.625		06/30/17	1,890,159
	3,600,000		0.750		06/30/17	3,601,095
	3,900,000		2.500		06/30/17	3,917,909
	700,000		0.875		07/15/17	700,372
	2,550,000		0.875		08/15/17	2,551,870
	8,310,000		4.750		08/15/17	8,435,564
	2,500,000		0.625		08/31/17	2,498,672
	12,200,000		1.875		08/31/17	12,257,889
	3,900,000		0.625		09/30/17	3,896,240
	2,600,000		1.875		09/30/17	2,613,871
	2,150,000		0.875		10/15/17	2,150,234
	2,600,000		0.750		10/31/17	2,598,099
	1,860,000		1.875		10/31/17	1,870,839
	2,800,000		4.250		11/15/17	2,857,962
	500,000		0.625		11/30/17	498,953
	900,000		2.250		11/30/17	908,316
	800,000		3.500		02/15/18	817,154

TOTAL U.S. TREASURY OBLIGATIONS						$ 71,059,635

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$241,127,659


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements^(b)– 59.7%
Joint Repurchase Agreement Account III
$	365,400,000		0.809	%	04/03/17	$365,400,000
Maturity Value: $365,424,640

TOTAL INVESTMENTS – 99.1%						$606,527,659

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%						5,669,148

NET ASSETS – 100.0%						$612,196,807



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

(a)		Variable or floating rate security. Interest rate disclosed is that which is in effect at March 31, 2017.

(b)		Unless noted, all repurchase agreements were entered into on March 31, 2017. Additional information on Joint Repurchase Agreement Account III appears in the notes to the Schedule of Investments.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

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



Shares		Description	Value
	Common Stocks – 99.4%
	Automobiles & Components – 0.5%
	10,647	Delphi Automotive plc	$ 856,977

	Banks – 3.7%
	40,106	Eagle Bancorp, Inc.*	2,394,328
	24,649	First Republic Bank	2,312,323
	29,259	SunTrust Banks, Inc.	1,618,023

			6,324,674

	Capital Goods – 18.5%
	45,432	Fortive Corp.	2,735,915
	30,356	Fortune Brands Home & Security, Inc.	1,847,163
	15,598	Hubbell, Inc.	1,872,540
	15,165	IDEX Corp.	1,418,079
	14,047	John Bean Technologies Corp.	1,235,434
	10,229	L3 Technologies, Inc.	1,690,751
	27,535	Middleby Corp. (The)*	3,757,151
	17,457	Rockwell Automation, Inc.	2,718,229
	24,842	Roper Technologies, Inc.	5,129,624
	53,469	Sensata Technologies Holding NV*	2,334,991
	14,945	WABCO Holdings, Inc.*	1,754,842
	92,517	Xylem, Inc.	4,646,204

			31,140,923

	Consumer Durables & Apparel – 2.8%
	44,459	Kate Spade & Co.*	1,032,782
	57,711	Newell Brands, Inc.	2,722,228
	8,887	PVH Corp.	919,538

			4,674,548

	Consumer Services – 4.4%
	8,181	Chipotle Mexican Grill, Inc.*	3,644,799
	14,507	Panera Bread Co. Class A*	3,798,948

			7,443,747

	Diversified Financials – 6.5%
	11,139	Affiliated Managers Group, Inc.	1,826,128
	57,127	Intercontinental Exchange, Inc.	3,420,193
	40,734	Lazard Ltd. Class A	1,873,357
	44,106	Northern Trust Corp.	3,818,697

			10,938,375

	Energy – 1.3%
	13,070	Concho Resources, Inc.*	1,677,404
	10,440	Dril-Quip, Inc.*	569,502

			2,246,906

	Food & Staples Retailing – 0.6%
	33,666	Whole Foods Market, Inc.	1,000,553

	Food, Beverage & Tobacco – 4.3%
	72,137	Blue Buffalo Pet Products, Inc.*	1,659,151
	13,135	Molson Coors Brewing Co. Class B	1,257,151
	27,114	Monster Beverage Corp.*	1,251,853
	35,792	Snyder’s-Lance, Inc.	1,442,776
	19,083	TreeHouse Foods, Inc.*	1,615,567

			7,226,498

	Health Care Equipment & Services – 4.4%
	11,759	CR Bard, Inc.	2,922,582
	32,605	Edwards Lifesciences Corp.*	3,067,152



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	14,492	Nevro Corp.*	$ 1,357,901

			7,347,635

	Materials – 6.1%
	15,673	Ashland Global Holdings, Inc.	1,940,474
	33,736	Avery Dennison Corp.	2,719,122
	57,492	RPM International, Inc.	3,163,785
	4,333	Sherwin-Williams Co. (The)	1,344,053
	48,480	Valvoline, Inc.^(a)	1,190,184

			10,357,618

	Media – 1.1%
	25,856	CBS Corp. (Non-Voting) Class B	1,793,372

	Pharmaceuticals, Biotechnology & Life Sciences – 10.5%
	51,510	Agilent Technologies, Inc.	2,723,334
	28,089	Alkermes plc*	1,643,206
	32,700	Exelixis, Inc.*	708,609
	12,597	Illumina, Inc.*	2,149,552
	17,802	Incyte Corp.*	2,379,593
	6,816	Mettler-Toledo International, Inc.*	3,264,251
	10,943	Neurocrine Biosciences, Inc.*	473,832
	8,935	Vertex Pharmaceuticals, Inc.*	977,042
	63,491	Zoetis, Inc.	3,388,515

			17,707,934

	Real Estate Investment Trusts – 3.6%
	9,187	Equinix, Inc.	3,678,199
	19,745	SBA Communications Corp.*	2,376,706

			6,054,905

	Retailing – 10.0%
	17,841	Advance Auto Parts, Inc.	2,645,107
	24,260	Expedia, Inc.	3,060,884
	31,985	Five Below, Inc.*	1,385,271
	8,418	O’Reilly Automotive, Inc.*	2,271,513
	61,976	Ross Stores, Inc.	4,082,359
	12,192	Ulta Beauty, Inc.*	3,477,524

			16,922,658

	Semiconductors & Semiconductor Equipment – 1.2%
	12,755	Qorvo, Inc.*	874,483
	20,107	Xilinx, Inc.	1,163,994

			2,038,477

	Software & Services – 16.8%
	20,232	Autodesk, Inc.*	1,749,461
	74,231	Black Knight Financial Services, Inc. Class A*	2,843,047
	22,555	Electronic Arts, Inc.*	2,019,124
	28,233	Fiserv, Inc.*	3,255,547
	12,236	FleetCor Technologies, Inc.*	1,852,898
	33,622	Global Payments, Inc.	2,712,623
	37,377	GoDaddy, Inc. Class A*	1,416,588
	25,512	Intuit, Inc.	2,959,137
	28,832	Red Hat, Inc.*	2,493,968
	16,715	ServiceNow, Inc.*	1,462,061
	19,882	Snap, Inc. Class A*^(a)	447,941



Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	13,948	Splunk, Inc.*	$ 868,821
	46,912	Total System Services, Inc.	2,507,916
	7,591	Tyler Technologies, Inc.*	1,173,265
	19,427	Yelp, Inc.*	636,234

			28,398,631

	Technology Hardware & Equipment – 3.1%
	72,813	Amphenol Corp. Class A	5,182,101

	TOTAL COMMON STOCKS (Cost $129,472,397)		$167,656,532


Shares		Distribution Rate	Value
	Investment Company^(b)(c) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	150	0.618%	$ 150
	(Cost $150)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $129,472,547)		$167,656,682


	Securities Lending Reinvestment Vehicle^(b)(c) – 1.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,645,425	0.618%	$ 1,645,425
	(Cost $1,645,425)

	TOTAL INVESTMENTS – 100.4% (Cost $131,117,972)		$169,302,107

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%		(745,937)

	NET ASSETS – 100.0%		$168,556,170



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2017.

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

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – 9.8%
Adjustable Rate FHLMC^(a) – 3.8%
$	216,355		2.904	%	05/01/35	$ 227,269
	117,002		2.821		09/01/35	123,412
	266,883		3.360		12/01/36	282,090
	811,557		3.305		04/01/37	863,801
	620,622		2.870		01/01/38	655,623
	518,098		3.243		01/01/38	538,281

						2,690,476

Adjustable Rate FNMA^(a) – 2.8%
	71,571		2.625		05/01/33	74,145
	193,360		2.833		05/01/35	204,038
	488,886		2.742		06/01/35	513,715
	676,655		2.947		11/01/35	706,028
	98,537		3.285		12/01/35	103,971
	368,074		3.408		03/01/37	390,084

						1,991,981

Adjustable Rate GNMA^(a) – 0.5%
	334,172		2.125		04/20/33	343,460

Agency Multi-Family – 2.7%
FNMA
	175,040		2.800		03/01/18	176,002
	455,715		3.740		05/01/18	461,983
	110,000		3.840		05/01/18	111,441
	400,000		4.506		06/01/19	404,377
	79,575		3.416		10/01/20	82,498
	82,969		3.619		12/01/20	86,843
	339,933		3.762		12/01/20	356,960
	177,029		4.380		06/01/21	190,975

						1,871,079

TOTAL MORTGAGE-BACKED SECURITIES (Cost $6,911,626)						$ 6,896,996


Collateralized Mortgage Obligations^(a) – 37.6%
Agency Multi-Family – 2.0%
FHLMC Multifamily Structured Pass-Through Certificates Series KF02, Class A1
$	185,723		1.362	%	07/25/20	$ 185,686
FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A
	163,116		1.322		01/25/21	163,116
FHLMC Multifamily Structured Pass-Through Certificates Series KS02, Class A
	1,073,569		1.362		08/25/23	1,074,285

						1,423,087

Regular Floater – 35.6%
FHLMC REMIC Series 3049, Class FP
	249,339		1.262		10/15/35	247,840
FHLMC REMIC Series 3208, Class FB^(b)
	155,669		1.312		08/15/36	155,605
FHLMC REMIC Series 3208, Class FD^(b)
	231,947		1.312		08/15/36	232,617
FHLMC REMIC Series 3208, Class FG^(b)
	934,013		1.312		08/15/36	936,713
FHLMC REMIC Series 3307, Class FT
	1,426,734		1.152		07/15/34	1,424,128


Principal Amount		Interest Rate			Maturity Date	Value
Collateralized Mortgage Obligations – (continued)
Regular Floater – (continued)
FHLMC REMIC Series 3311, Class KF^(b)
$	2,520,840		1.252	%	05/15/37	$ 2,515,752
FHLMC REMIC Series 3371, Class FA^(b)
	589,115		1.512		09/15/37	593,897
FHLMC REMIC Series 4174, Class FB^(b)
	1,183,246		1.212		05/15/39	1,182,053
FHLMC REMIC Series 4320, Class FD
	542,223		1.312		07/15/39	543,529
FHLMC REMIC Series 4477, Class FG
	1,228,141		1.084		10/15/40	1,220,229
FHLMC REMIC Series 4631, Class GF
	2,899,128		1.412		11/15/46	2,916,780
FHLMC REMIC Series 4637, Class QF^(b)
	2,731,855		1.784		04/15/44	2,728,322
FNMA REMIC Series 2006-82, Class F
	335,753		1.552		09/25/36	337,699
FNMA REMIC Series 2006-96, Class FA
	795,460		1.282		10/25/36	793,418
FNMA REMIC Series 2007-114, Class A7
	400,000		1.182		10/27/37	395,044
FNMA REMIC Series 2007-33, Class HF
	134,456		1.332		04/25/37	134,562
FNMA REMIC Series 2007-36, Class F
	222,652		1.212		04/25/37	221,153
FNMA REMIC Series 2007-85, Class FC
	609,603		1.522		09/25/37	613,695
FNMA REMIC Series 2008-8, Class FB
	790,406		1.802		02/25/38	797,184
FNMA REMIC Series 2011-63, Class FG
	593,778		1.432		07/25/41	596,007
FNMA REMIC Series 2012-35, Class QF
	1,572,424		1.382		04/25/42	1,573,968
FNMA REMIC Series 2016-1, Class FT
	1,519,345		1.332		02/25/46	1,518,495
GNMA Series 2005-48, Class AF
	760,263		1.178		06/20/35	753,245
GNMA Series 2012-98, Class FA
	721,503		1.378		08/20/42	722,998
NCUA Guaranteed Notes Trust Series 2011-R1, Class 1A^(b)
	1,824,131		1.304		01/08/20	1,828,193

						24,983,126

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,392,941)						$26,406,213


Commercial Mortgage-Backed Security^(a) – 0.1%
Agency Multi-Family – 0.1%
FNMA ACES Series 2013-M11, Class FA
$	100,646		1.312	%	01/25/18	$ 100,504
(Cost $100,646)


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Government Agency Security^(a) – 1.1%
FHLB
$	750,000		1.132	%	09/29/17	$ 751,213
(Cost $750,442)


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(a) – 36.6%
Automobile^(b)(c) – 0.8%
Chesapeake Funding II LLC Series 2016-2A, Class A2
$	550,000		1.912	%	06/15/28	$ 552,704

Collateralized Loan Obligations – 9.4%
Acis CLO Ltd. Series 2013-2A, Class A^(b)(c)
	137,465		1.523		10/14/22	137,445
Acis CLO Ltd. Series 2013-2A, Class BR^(c)
	100,000		0.000		10/14/22	100,000
Apidos CLO X Series 2012-10A, Class A^(b)(c)
	581,408		2.459		10/30/22	581,492
Bowman Park CLO Ltd. Series 2014-1A, Class AR^(c)
	250,000		2.233		11/23/25	249,998
Brentwood CLO Corp. Series 2006-1A, Class A1A^(b)(c)
	130,818		1.304		02/01/22	130,763
Brentwood CLO Corp. Series 2006-1A, Class A1B^(b)(c)
	51,393		1.304		02/01/22	51,354
Callidus Debt Partners CLO Fund VI Ltd. Series 6A, Class A1T^(b)(c)
	137,792		1.301		10/23/21	137,756
Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1^(b)(c)
	350,000		2.554		04/18/26	350,011
Jamestown CLO III Ltd. Series 2013-3A, Class A1A^(b)(c)
	1,400,000		2.473		01/15/26	1,400,949
Jamestown CLO VII Ltd. Series 2015-7A, Class A1^(b)(c)
	1,300,000		2.588		07/25/27	1,300,428
OFSI Fund V Ltd. Series 2013-5A, Class A1LA^(b)(c)
	300,000		1.953		04/17/25	299,083
OFSI Fund VI Ltd. Series 2014-6A, Class A1^(b)(c)
	350,000		2.053		03/20/25	346,916
Parallel Ltd. Series 2015-1A, Class A^(b)(c)
	300,000		2.480		07/20/27	300,116
Sound Point CLO XI Ltd. Series 2016-1A, Class A^(b)(c)
	700,000		2.680		07/20/28	706,583
Westchester CLO Ltd. Series 2007-1X, Class A1A^(b)
	99,446		1.259		08/01/22	99,408
Z Capital Credit Partners CLO Ltd. Series 2015-1A, Class A1^(b)(c)
	400,000		2.353		07/16/27	398,721

						6,591,023

Credit Card – 3.7%
BA Credit Card Trust Series 2014-A1, Class A
	1,000,000		1.292		06/15/21	1,004,216
Capital One Multi-Asset Execution Trust Series 2016-A1, Class A1^(b)
	300,000		1.362		02/15/22	301,736
CARDS II Trust Series 2016-1A, Class A^(b)(c)
	300,000		1.612		07/15/21	301,392
Evergreen Credit Card Trust Series 2016-1, Class A^(b)(c)
	500,000		1.632		04/15/20	502,235
Trillium Credit Card Trust II Series 2016-1A, Class A^(b)(c)
	500,000		1.702		05/26/21	502,341

						2,611,920

Student Loans – 22.7%
Academic Loan Funding Trust Series 2013-1A, Class A^(b)(c)
	546,404		1.782		12/26/44	547,222
Access Group, Inc. Series 2006-1, Class A2
	33,153		1.162		08/25/23	33,130
Access Group, Inc. Series 2015-1, Class A^(b)(c)
	250,243		1.682		07/25/56	248,556


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(a) – (continued)
Student Loans – (continued)
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A
$	517,853		1.782	%	02/25/41	$ 510,751
College Loan Corp. Trust I Series 2005-1, Class A4
	200,000		1.188		04/25/27	198,772
ECMC Group Student Loan Trust Series 2016-1A, Class A^(b)(c)
	317,952		2.332		07/26/66	317,745
Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(c)
	332,343		1.782		06/25/26	332,742
Education Loan Asset-Backed Trust I Series 2013-1, Class A2^(c)
	500,000		1.782		04/26/32	486,616
Educational Funding of the South, Inc. Series 2011-1, Class A2^(b)
	622,104		1.688		04/25/35	618,778
Educational Funding of the South, Inc. Series 2012-1, Class A^(b)
	416,475		2.032		03/25/36	418,654
Educational Services of America, Inc. Series 2010-1, Class A1^(b)(c)
	718,068		1.888		07/25/23	718,607
Educational Services of America, Inc. Series 2013-1, Class A^(b)(c)
	98,553		1.552		02/26/29	98,230
Educational Services of America, Inc. Series 2014-1, Class A^(b)(c)
	306,101		1.682		02/25/39	302,054
EFS Volunteer No 3 LLC Series 2012-1, Class A2^(b)(c)
	966,983		1.982		02/25/25	972,345
GCO Education Loan Funding Master Trust-II Series 2006-2A, Class A3L^(b)(c)
	69,316		1.172		08/25/28	69,234
GCO Education Loan Funding Trust Series 2006-1, Class A8L
	476,540		1.182		05/25/25	471,586
Goal Capital Funding Trust Series 2007-1, Class A3
	52,371		1.243		09/25/28	51,997
Higher Education Funding I Series 2005-1, Class A4
	44,429		1.192		02/25/30	44,112
Higher Education Funding I Series 2014-1, Class A^(b)(c)
	272,737		2.102		05/25/34	272,050
Illinois Student Assistance Commission Series 2010-1, Class A3^(b)
	200,000		1.938		07/25/45	200,712
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1
	732,216		1.534		12/01/31	727,918
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2^(b)
	882,478		1.978		05/20/30	892,202
Navient Student Loan Trust Series 2016-2, Class A1^(b)(c)
	340,098		1.732		06/25/65	341,148
Navient Student Loan Trust Series 2016-5A, Class A^(b)(c)
	1,348,855		2.232		06/25/65	1,368,838
Navient Student Loan Trust Series 2016-7A, Class A^(b)(c)
	293,000		2.132		03/25/66	296,667
Nelnet Student Loan Trust Series 2005-4, Class A3^(b)
	62,523		1.286		06/22/26	62,489
Nelnet Student Loan Trust Series 2006-2, Class A5^(b)
	433,558		1.138		01/25/30	432,412



Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities^(a) – (continued)
Student Loans – (continued)
Nelnet Student Loan Trust Series 2013-5A, Class A^(b)(c)
$	104,479		1.612	%	01/25/37	$ 104,128
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3^(b)
	200,000		1.888		10/25/37	195,243
North Carolina State Education Assistance Authority Series 2010-1, Class A1^(b)
	127,616		1.938		07/25/41	127,156
Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2^(b)
	411,587		1.948		07/01/24	413,897
Pennsylvania Higher Education Assistance Agency Series 2006-1, Class A3^(b)
	652,358		1.178		10/25/35	628,935
Scholar Funding Trust Series 2010-A, Class A^(b)(c)
	271,245		1.789		10/28/41	267,256
Scholar Funding Trust Series 2011-A, Class A^(b)(c)
	265,213		1.939		10/28/43	263,000
SLM Student Loan Trust Series 2003-12, Class A5^(b)(c)
	76,226		1.411		09/15/22	76,199
SLM Student Loan Trust Series 2003-14, Class A5^(b)
	35,252		1.268		01/25/23	35,252
SLM Student Loan Trust Series 2005-9, Class A6^(b)
	549,384		1.588		10/26/26	550,316
SLM Student Loan Trust Series 2006-2, Class A5^(b)
	322,592		1.148		07/25/25	322,191
SLM Student Loan Trust Series 2006-4, Class A5^(b)
	119,767		1.138		10/27/25	119,742
SLM Student Loan Trust Series 2007-1, Class A5^(b)
	958,236		1.128		01/26/26	953,560
SLM Student Loan Trust Series 2008-5, Class A4^(b)
	166,971		2.738		07/25/23	170,603
SLM Student Loan Trust Series 2013-3, Class A2^(b)
	27,319		1.282		05/26/20	27,310
SLM Student Loan Trust Series 2014-1, Class A2^(b)
	40,158		1.362		07/26/21	40,160
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2^(b)
	139,632		1.848		10/01/24	139,742
Utah State Board of Regents Series 2015-1, Class A^(b)
	489,809		1.378		02/25/43	486,855
Wachovia Student Loan Trust Series 2005-1, Class A5^(b)
	45,072		1.168		01/26/26	44,877

						16,001,989

TOTAL ASSET-BACKED SECURITIES (Cost $25,620,543)						$25,757,636


U.S. Treasury Obligations^(a) – 3.9%
U.S. Treasury Inflation Indexed Notes (TIPS)
$	534,580		0.125	%	04/15/17	$ 535,200
	2,177,637		0.125		04/15/20	2,210,911

TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,724,563)						$ 2,746,111



Shares		Distribution Rate	Value
	Investment Company^(a)(d) – 8.7%
	Investment Company – 8.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	6,135,854	0.618%	$ 6,135,854
	(Cost $6,135,854)

	TOTAL INVESTMENTS – 97.8% (Cost $68,636,615)		$68,794,527

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.2%		1,524,660

	NET ASSETS – 100.0%		$70,319,187



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. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2017.

(b)		Securities with “Call” features. Maturity dates disclosed are the final maturity dates.

(c)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $15,432,924, which represents approximately 21.9% of net assets as of March 31, 2017.

(d)		Represents an affiliated issuer.



Investment Abbreviations:
ACES		— Alternative Credit Enhancement Securities
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
REMIC		— Real Estate Mortgage Investment Conduit
TIPS		— Treasury Inflation-Protected Securities


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

FUTURES CONTRACTS — At March 31, 2017, the Fund had the following futures contracts:

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 95.8%
	Banks – 15.6%
	1,162,748	Bank of America Corp.	$ 27,429,225
	157,560	Citigroup, Inc.	9,425,239
	229,429	JPMorgan Chase & Co.	20,153,044
	516,012	Wells Fargo & Co.	28,721,228

			85,728,736

	Capital Goods – 8.0%
	57,069	Caterpillar, Inc.	5,293,720
	109,242	Eaton Corp. plc	8,100,294
	112,080	Emerson Electric Co.	6,709,109
	82,827	Fluor Corp.	4,358,357
	468,342	General Electric Co.	13,956,592
	118,484	Textron, Inc.	5,638,653

			44,056,725

	Consumer Durables & Apparel – 0.7%
	101,769	Coach, Inc.	4,206,113

	Diversified Financials – 5.5%
	139,846	American Express Co.	11,063,217
	323,105	Deutsche Bank AG (Registered)*^(a)	5,544,482
	180,665	Invesco Ltd.	5,533,769
	197,137	Morgan Stanley	8,445,349

			30,586,817

	Energy – 12.0%
	54,012	Apache Corp.	2,775,677
	334,964	BP plc ADR	11,562,957
	50,548	Chevron Corp.	5,427,339
	249,899	ConocoPhillips	12,462,463
	239,968	Exxon Mobil Corp.	19,679,776
	150,426	Range Resources Corp.	4,377,396
	1,168,301	Southwestern Energy Co.*	9,545,019

			65,830,627

	Food & Staples Retailing – 1.0%
	181,881	Whole Foods Market, Inc.	5,405,503

	Food, Beverage & Tobacco – 4.6%
	139,765	Altria Group, Inc.	9,982,016
	63,630	Anheuser-Busch InBev SA/NV ADR	6,984,029
	65,262	Campbell Soup Co.	3,735,597
	110,621	Mondelez International, Inc. Class A	4,765,553

			25,467,195

	Health Care Equipment & Services – 4.2%
	263,357	Abbott Laboratories	11,695,684
	46,170	Aetna, Inc.	5,888,984
	11,675	Humana, Inc.	2,406,685
	36,279	Medtronic plc	2,922,636

			22,913,989

	Household & Personal Products – 1.8%
	313,620	Coty, Inc. Class A	5,685,931
	30,645	Kimberly-Clark Corp.	4,033,801

			9,719,732



Shares		Description	Value
	Common Stocks – (continued)
	Insurance – 4.5%
	110,290	American International Group, Inc.	$ 6,885,405
	57,317	Hartford Financial Services Group, Inc. (The)	2,755,228
	282,327	MetLife, Inc.	14,912,512

			24,553,145

	Materials – 2.4%
	64,127	Ball Corp.	4,762,071
	106,040	EI du Pont de Nemours & Co.	8,518,193

			13,280,264

	Media – 3.9%
	129,550	DISH Network Corp. Class A*	8,225,129
	125,538	Liberty Global plc Class C*	4,398,852
	188,488	Viacom, Inc. Class B	8,787,311

			21,411,292

	Pharmaceuticals, Biotechnology & Life Sciences – 9.4%
	54,763	Allergan plc	13,083,976
	43,332	Bristol-Myers Squibb Co.	2,356,394
	58,817	Celgene Corp.*	7,318,599
	19,579	Johnson & Johnson	2,438,565
	508,796	Pfizer, Inc.	17,405,911
	81,233	Vertex Pharmaceuticals, Inc.*	8,882,829

			51,486,274

	Real Estate Investment Trusts – 4.7%
	38,063	American Tower Corp.	4,626,177
	35,104	AvalonBay Communities, Inc.	6,445,095
	298,257	DDR Corp.	3,737,160
	32,375	Simon Property Group, Inc.	5,569,471
	55,371	Vornado Realty Trust	5,554,265

			25,932,168

	Retailing – 1.0%
	19,741	Home Depot, Inc. (The)	2,898,571
	34,780	TJX Cos., Inc. (The)	2,750,402

			5,648,973

	Semiconductors & Semiconductor Equipment – 0.7%
	47,589	Texas Instruments, Inc.	3,833,770

	Software & Services – 6.0%
	11,553	Alphabet, Inc. Class A*	9,794,633
	332,390	Oracle Corp.	14,827,918
	142,158	Symantec Corp.	4,361,408
	44,224	Visa, Inc. Class A	3,930,187

			32,914,146

	Technology Hardware & Equipment – 4.0%
	23,430	Apple, Inc.	3,365,954
	323,024	Cisco Systems, Inc.	10,918,211
	128,525	Corning, Inc.	3,470,175
	55,574	TE Connectivity Ltd.	4,143,042

			21,897,382

	Telecommunication Services – 1.3%
	45,521	Level 3 Communications, Inc.*	2,604,712



Shares		Description	Value
	Common Stocks – (continued)
	Telecommunication Services – (continued)
	91,934	Verizon Communications, Inc.	$ 4,481,782

			7,086,494

	Transportation – 3.2%
	289,151	JetBlue Airways Corp.*	5,959,402
	108,036	Union Pacific Corp.	11,443,173

			17,402,575

	Utilities – 1.3%
	221,808	FirstEnergy Corp.	7,057,930

	TOTAL COMMON STOCKS (Cost $427,653,625)		$526,419,850



Units	Description		Expiration Month		Value
*Right^(a⁾ – 0.2%**
Diversified Financials – 0.2%
323,105		Deutsche Bank AG		04/17	$ 762,528
(Cost $0)


Shares	Distribution Rate				Value
Investment Company^(b)(c) – 3.1%
Goldman Sachs Financial Square Government Fund – Institutional Share
17,301,159		0.618%			$ 17,301,159
(Cost $17,301,159)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $444,954,784)					$544,483,537


Securities Lending Reinvestment Vehicle^(b)(c) – 1.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
5,315,575		0.618%			$ 5,315,575
(Cost $5,315,575)

TOTAL INVESTMENTS – 100.1% (Cost $450,270,359)					$549,799,112

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%					(423,090)

NET ASSETS – 100.0%					$549,376,022



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2017.

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 95.5%
	Banks – 7.3%
	286,504	CIT Group, Inc.	$ 12,299,617
	257,549	Citizens Financial Group, Inc.	8,898,318
	1,017,095	Huntington Bancshares, Inc.	13,618,902
	52,106	Signature Bank*	7,732,009
	282,615	SunTrust Banks, Inc.	15,628,610

			58,177,456

	Capital Goods – 10.9%
	249,150	AMETEK, Inc.	13,474,032
	179,534	Jacobs Engineering Group, Inc.	9,924,639
	62,119	L3 Technologies, Inc.	10,267,649
	82,684	MSC Industrial Direct Co., Inc. Class A	8,496,608
	103,088	Stanley Black & Decker, Inc.	13,697,303
	118,412	Terex Corp.	3,718,137
	208,316	Textron, Inc.	9,913,758
	237,381	Trinity Industries, Inc.	6,302,466
	141,792	Wabtec Corp.^(a)	11,059,776

			86,854,368

	Consumer Durables & Apparel – 2.1%
	195,941	Coach, Inc.	8,098,242
	117,688	Kate Spade & Co.*	2,733,892
	157,162	Toll Brothers, Inc.*	5,675,120

			16,507,254

	Consumer Services – 1.2%
	359,127	MGM Resorts International	9,840,080

	Diversified Financials – 6.2%
	69,553	Ameriprise Financial, Inc.	9,019,633
	79,229	Raymond James Financial, Inc.	6,042,003
	649,106	SLM Corp.*	7,854,183
	214,463	Starwood Property Trust, Inc. (REIT)	4,842,574
	470,932	Synchrony Financial	16,152,968
	532,057	Two Harbors Investment Corp. (REIT)	5,102,427

			49,013,788

	Energy – 9.1%
	82,737	Anadarko Petroleum Corp.	5,129,694
	207,978	Antero Resources Corp.*	4,743,978
	443,311	Encana Corp.	5,191,172
	153,305	Newfield Exploration Co.*	5,658,487
	238,837	Parsley Energy, Inc. Class A*	7,764,591
	214,474	Patterson-UTI Energy, Inc.	5,205,284
	21,352	Pioneer Natural Resources Co.	3,976,383
	200,646	RSP Permian, Inc.*	8,312,764
	194,629	TechnipFMC plc*	6,325,442
	76,827	US Silica Holdings, Inc.	3,686,928
	310,085	Williams Cos., Inc. (The)	9,175,415
	547,740	WPX Energy, Inc.*	7,334,239

			72,504,377

	Food & Staples Retailing – 1.2%
	66,025	US Foods Holding Corp.*	1,847,379
	263,676	Whole Foods Market, Inc.	7,836,451

			9,683,830

	Food, Beverage & Tobacco – 2.9%
	174,849	Conagra Brands, Inc.	7,053,409
	124,005	Molson Coors Brewing Co. Class B	11,868,518



Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	77,041	Pinnacle Foods, Inc.	$ 4,458,363

			23,380,290

	Health Care Equipment & Services – 3.3%
	61,779	Acadia Healthcare Co., Inc.*	2,693,565
	49,112	Centene Corp.*	3,499,721
	57,217	Laboratory Corp. of America Holdings*	8,208,923
	98,694	Zimmer Biomet Holdings, Inc.	12,051,524

			26,453,733

	Insurance – 6.0%
	85,484	Arch Capital Group Ltd.*	8,101,319
	81,961	Arthur J Gallagher & Co.	4,634,075
	241,101	Hartford Financial Services Group, Inc. (The)	11,589,725
	140,358	Lincoln National Corp.	9,186,431
	222,775	Progressive Corp. (The)	8,728,325
	80,253	WR Berkley Corp.	5,668,269

			47,908,144

	Materials – 5.7%
	131,053	Alcoa Corp.	4,508,223
	121,930	Ball Corp.	9,054,522
	100,167	Celanese Corp. Series A	9,000,005
	483,783	Freeport-McMoRan, Inc.*	6,463,341
	38,618	Martin Marietta Materials, Inc.	8,428,378
	239,551	Steel Dynamics, Inc.	8,326,793

			45,781,262

	Media – 4.1%
	193,632	Discovery Communications, Inc. Class A*	5,632,755
	178,891	DISH Network Corp. Class A*	11,357,789
	28,287	Liberty Broadband Corp. Class C*	2,443,997
	104,349	Liberty Media Corp-Liberty Formula One Class C*^(a)	3,563,518
	204,864	Viacom, Inc. Class B	9,550,760

			32,548,819

	Pharmaceuticals, Biotechnology & Life Sciences – 1.5%
	52,932	BioMarin Pharmaceutical, Inc.*	4,646,371
	69,729	Vertex Pharmaceuticals, Inc.*	7,624,866

			12,271,237

	Real Estate Investment Trusts – 11.5%
	583,678	Brixmor Property Group, Inc.	12,525,730
	130,994	CyrusOne, Inc.	6,742,261
	677,790	DDR Corp.	8,492,709
	174,423	Equity Residential	10,852,599
	79,571	Federal Realty Investment Trust	10,622,728
	137,284	Mid-America Apartment Communities, Inc.	13,967,274
	429,847	RLJ Lodging Trust	10,105,703
	109,101	Taubman Centers, Inc.	7,202,848
	111,489	Vornado Realty Trust	11,183,462

			91,695,314

	Retailing – 2.0%
	4,065	AutoZone, Inc.*	2,939,198
	55,434	Dollar General Corp.	3,865,413



Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	71,160	Expedia, Inc.	$ 8,978,257

			15,782,868

	Semiconductors & Semiconductor Equipment – 1.6%
	500,305	Marvell Technology Group Ltd.	7,634,654
	74,505	Qorvo, Inc.*	5,108,063

			12,742,717

	Software & Services – 5.2%
	93,859	Activision Blizzard, Inc.	4,679,810
	81,515	Computer Sciences Corp.	5,625,350
	101,713	Fidelity National Information Services, Inc.	8,098,389
	107,677	GoDaddy, Inc. Class A*	4,080,958
	113,993	IAC/InterActiveCorp.*	8,403,564
	224,625	Symantec Corp.	6,891,495
	81,619	Verint Systems, Inc.*	3,540,224

			41,319,790

	Technology Hardware & Equipment – 3.0%
	158,116	Corning, Inc.	4,269,132
	285,629	Juniper Networks, Inc.	7,949,055
	281,633	VeriFone Systems, Inc.*	5,274,986
	585,485	Viavi Solutions, Inc.*	6,276,399

			23,769,572

	Telecommunication Services – 0.4%
	56,348	Level 3 Communications, Inc.*	3,224,233

	Transportation – 2.8%
	640,749	JetBlue Airways Corp.*	13,205,837
	102,744	Old Dominion Freight Line, Inc.	8,791,804

			21,997,641

	Utilities – 7.5%
	124,990	American Water Works Co., Inc.	9,720,472
	106,208	Atmos Energy Corp.	8,389,370
	213,884	FirstEnergy Corp.	6,805,789
	123,266	PG&E Corp.	8,179,932
	94,367	Pinnacle West Capital Corp.	7,868,320
	131,603	Sempra Energy	14,542,132
	74,880	Vectren Corp.	4,388,717

			59,894,732

	TOTAL COMMON STOCKS (Cost $664,848,308)		$761,351,505


Shares		Distribution Rate	Value
	Investment Company^(b)(c) – 2.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	17,930,532	0.618%	$ 17,930,532
	(Cost $17,930,532)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $682,778,840)		$779,282,037


Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(b)(c) – 0.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
4,167,985	0.618%	$ 4,167,985
(Cost $4,167,985)

TOTAL INVESTMENTS – 98.2% (Cost $686,946,825)		$783,450,022

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%		14,457,338

NET ASSETS – 100.0%		$797,907,360



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2017.



Investment Abbreviation:
REIT		— Real Estate Investment Trust


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

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Underlying Funds^(a) – 88.0%
	Equity – 27.1%
	157,972	Goldman Sachs Absolute Return Tracker Fund	$ 1,491,252
	76,984	Goldman Sachs Long Short Fund	672,841
	31,833	Goldman Sachs Emerging Markets Equity Fund	578,717
	20,648	Goldman Sachs International Real Estate Securities Fund	119,553
	6,135	Goldman Sachs Real Estate Securities Fund	114,853

			2,977,216

	Fixed Income – 60.9%
	185,415	Goldman Sachs Long Short Credit Strategies Fund	1,750,319
	156,100	Goldman Sachs Strategic Income Fund	1,514,173
	143,141	Goldman Sachs Fixed Income Macro Strategies Fund	1,271,097
	104,998	Goldman Sachs Managed Futures Strategy Fund	1,087,777
	124,305	Goldman Sachs Dynamic Emerging Markets Debt Fund	1,055,350

			6,678,716

	TOTAL UNDERLYING FUNDS (INSTITUTIONAL SHARES) (Cost $9,683,590)		$ 9,655,932


	Exchange Traded Funds – 1.5%
	778	ProShares Short VIX Short-Term Futures Fund	$ 109,815
	1,171	SPDR S&P Bank Fund	50,329

	TOTAL EXCHANGE TRADED FUNDS (Cost $81,710)		$ 160,144



Shares	Distribution Rate	Value
Investment Company^(a)(b) – 9.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,030,910	0.618%	$ 1,030,910
(Cost $1,030,910)

TOTAL INVESTMENTS – 98.9% (Cost $10,796,210)		$10,846,986

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%		125,848

NET ASSETS – 100.0%		$10,972,834



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



(a)		Represents Affiliated Funds.

(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2017.



Investment Abbreviation:
SPDR		— Standard and Poor’s Depositary Receipts

Currency Abbreviations:
BRL		— Brazilian Real
CHF		— Swiss Franc
CLP		— Chilean Peso
CNY		— Chinese Yuan
CZK		— Czech Koruna
EUR		— Euro
GBP		— British Pound
HUF		— Hungarian Forint
IDR		— Indonesian Rupiah
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— South Korean Won
NOK		— Norwegian Krone
RUB		— Russian Ruble
SEK		— Swedish Krona
TRY		— Turkish Lira
TWD		— Taiwan Dollar
USD		— United States Dollar
ZAR		— South African Rand


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

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2017, the Portfolio had the following forward foreign currency exchange contracts:

FUTURES CONTRACTS — At March 31, 2017, the Portfolio had the following futures contracts:

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.3%
	Automobiles & Components – 3.0%
	9,929	Cooper Tire & Rubber Co.	$ 440,351
	5,574	Cooper-Standard Holdings, Inc.*	618,324
	31,079	Dana, Inc.	600,136
	3,192	LCI Industries	318,562
	13,446	Superior Industries International, Inc.	340,856
	9,013	Tenneco, Inc.	562,591

			2,880,820

	Banks – 9.3%
	637	Banner Corp.	35,443
	12,466	Beneficial Bancorp, Inc.	199,456
	2,618	Berkshire Hills Bancorp, Inc.	94,379
	21,940	Central Pacific Financial Corp.	670,048
	25,134	CVB Financial Corp.	555,210
	21,025	Dime Community Bancshares, Inc.	426,808
	1,851	Enterprise Financial Services Corp.	78,482
	12,471	FCB Financial Holdings, Inc. Class A*	617,938
	558	Federal Agricultural Mortgage Corp. Class C	32,124
	1,976	First Busey Corp.	58,094
	1,730	First Citizens BancShares, Inc. Class A	580,190
	5,817	First Commonwealth Financial Corp.	77,134
	4,283	FNB Corp.	63,688
	5,696	Hancock Holding Co.	259,453
	8,809	Hanmi Financial Corp.	270,877
	1,638	Heartland Financial USA, Inc.	81,818
	8,431	HomeStreet, Inc.*	235,647
	6,926	International Bancshares Corp.	245,180
	4,648	Meridian Bancorp, Inc.	85,058
	39,181	OFG Bancorp	462,336
	7,557	Prosperity Bancshares, Inc.	526,799
	7,826	Radian Group, Inc.	140,555
	5,469	Sandy Spring Bancorp, Inc.	224,174
	6,054	Sterling Bancorp	143,480
	8,494	UMB Financial Corp.	639,683
	24,765	Umpqua Holdings Corp.	439,331
	21,754	United Community Banks, Inc.	602,368
	4,535	Walker & Dunlop, Inc.*	189,064
	14,004	Washington Federal, Inc.	463,532
	5,618	Wintrust Financial Corp.	388,316

			8,886,665

	Capital Goods – 8.4%
	21,874	Aegion Corp.*	501,133
	13,111	Aircastle Ltd.	316,368
	1,634	Applied Industrial Technologies, Inc.	101,063
	1,250	Argan, Inc.	82,688
	7,881	Astec Industries, Inc.	484,642
	6,328	BMC Stock Holdings, Inc.*	143,013
	9,897	Builders FirstSource, Inc.*	147,465
	2,572	Chart Industries, Inc.*	89,866
	11,989	Continental Building Products, Inc.*	293,731
	7,970	Curtiss-Wright Corp.	727,342
	2,313	DigitalGlobe, Inc.*	75,751
	2,753	Ducommun, Inc.*	79,259
	9,959	EMCOR Group, Inc.	626,919
	6,604	Esterline Technologies Corp.*	568,274
	15,387	General Cable Corp.	276,197



Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	1,277	Gibraltar Industries, Inc.*	$ 52,612
	14,910	H&E Equipment Services, Inc.	365,593
	3,045	Harsco Corp.*	38,824
	2,780	KLX, Inc.*	124,266
	17,515	LSI Industries, Inc.	176,726
	5,300	MasTec, Inc.*	212,265
	5,215	Miller Industries, Inc.	137,415
	5,480	MRC Global, Inc.*	100,448
	2,638	Mueller Water Products, Inc. Class A	31,181
	1,749	MYR Group, Inc.*	71,709
	1,850	NCI Building Systems, Inc.*	31,728
	16,362	Rush Enterprises, Inc. Class A*	541,255
	6,556	Tutor Perini Corp.*	208,481
	4,594	Universal Forest Products, Inc.	452,693
	14,709	Wabash National Corp.	304,329
	9,618	Woodward, Inc.	653,255

			8,016,491

	Commercial & Professional Services – 5.6%
	3,155	ACCO Brands Corp.*	41,488
	18,106	Brady Corp. Class A	699,797
	6,819	Brink’s Co. (The)	364,476
	6,705	FTI Consulting, Inc.*	276,045
	2,080	Heidrick & Struggles International, Inc.	54,808
	7,440	Herman Miller, Inc.	234,732
	9,132	Huron Consulting Group, Inc.*	384,457
	6,525	Insperity, Inc.	578,441
	32,194	Kimball International, Inc. Class B	531,201
	12,219	Knoll, Inc.	290,934
	1,873	Matthews International Corp. Class A	126,709
	15,221	McGrath RentCorp	510,969
	6,399	Navigant Consulting, Inc.*	146,281
	2,136	On Assignment, Inc.*	103,660
	16,360	Quad/Graphics, Inc.	412,926
	6,998	RPX Corp.*	83,976
	2,886	TriNet Group, Inc.*	83,405
	3,176	TrueBlue, Inc.*	86,864
	4,379	WageWorks, Inc.*	316,602

			5,327,771

	Consumer Durables & Apparel – 2.0%
	4,300	Beazer Homes USA, Inc.*	52,159
	45,111	Callaway Golf Co.	499,379
	15,960	Fossil Group, Inc.*	278,502
	4,505	Installed Building Products, Inc.*	237,639
	5,052	Steven Madden Ltd.*	194,754
	24,191	Taylor Morrison Home Corp. Class A*	515,752
	667	TopBuild Corp.*	31,349
	3,727	Wolverine World Wide, Inc.	93,063

			1,902,597

	Consumer Services – 5.0%
	8,995	Belmond Ltd. Class A*	108,840
	13,086	Bridgepoint Education, Inc.*	139,628
	4,172	Buffalo Wild Wings, Inc.*	637,273
	5,476	Capella Education Co.	465,597
	7,039	Cheesecake Factory, Inc. (The)	445,991
	21,535	Houghton Mifflin Harcourt Co.*	218,580
	14,395	International Speedway Corp. Class A	531,895



Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	23,094	K12, Inc.*	$ 442,250
	10,930	La Quinta Holdings, Inc.*	147,774
	2,925	Marriott Vacations Worldwide Corp.	292,295
	32,333	Penn National Gaming, Inc.*	595,897
	7,878	Red Rock Resorts, Inc. Class A	174,734
	37,050	Regis Corp.*	434,226
	6,637	SeaWorld Entertainment, Inc.	121,258
	898	Sotheby’s*	40,841

			4,797,079

	Diversified Financials – 4.8%
	115,864	Anworth Mortgage Asset Corp. (REIT)^(a)	643,045
	2,024	Enova International, Inc.*	30,056
	9,536	Evercore Partners, Inc. Class A	742,854
	11,505	EZCORP, Inc. Class A*	93,766
	5,333	GAMCO Investors, Inc. Class A	157,804
	18,092	Greenhill & Co., Inc.	530,096
	38,808	Invesco Mortgage Capital, Inc. (REIT)	598,419
	12,530	KCG Holdings, Inc. Class A*	223,410
	6,115	Moelis & Co. Class A	235,428
	36,129	MTGE Investment Corp. (REIT)	605,161
	1,169	Nelnet, Inc. Class A	51,272
	8,807	Piper Jaffray Cos.	562,327
	12,852	Western Asset Mortgage Capital Corp. (REIT)	125,564

			4,599,202

	Energy – 3.0%
	9,610	Archrock, Inc.	119,164
	18,478	Delek US Holdings, Inc.	448,461
	67,843	Denbury Resources, Inc.*	175,035
	17,835	EP Energy Corp. Class A*^(b)	84,716
	7,697	Fairmount Santrol Holdings, Inc.*	56,419
	3,773	Forum Energy Technologies, Inc.*	78,101
	1,986	GasLog Ltd.^(b)	30,485
	12,444	Golar LNG Ltd.	347,561
	4,148	Green Plains, Inc.	102,663
	5,093	Helix Energy Solutions Group, Inc.*	39,573
	75,942	McDermott International, Inc.*	512,608
	11,233	Oasis Petroleum, Inc.*	160,183
	2,562	Oil States International, Inc.*	84,930
	30,808	Pioneer Energy Services Corp.*	123,232
	28,807	Scorpio Tankers, Inc.	127,903
	8,468	Unit Corp.*	204,587
	2,787	US Silica Holdings, Inc.	133,748

			2,829,369

	Food, Beverage & Tobacco – 0.5%
	2,184	Fresh Del Monte Produce, Inc.	129,358
	1,583	John B Sanfilippo & Son, Inc.	115,860
	1,453	Lancaster Colony Corp.	187,205

			432,423

	Health Care Equipment & Services – 4.3%
	22,274	AngioDynamics, Inc.*	386,454
	284	Atrion Corp.	132,969
	2,617	Cantel Medical Corp.	209,622
	9,237	Community Health Systems, Inc.*	81,932
	930	Halyard Health, Inc.*	35,424
	6,952	HealthSouth Corp.	297,615



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	12,546	HMS Holdings Corp.*	$ 255,060
	4,403	Magellan Health, Inc.*	304,027
	8,556	Masimo Corp.*	797,933
	2,442	Medidata Solutions, Inc.*	140,879
	3,954	Molina Healthcare, Inc.*	180,302
	4,252	Orthofix International NV*	162,214
	16,781	Owens & Minor, Inc.	580,623
	2,050	Quality Systems, Inc.*	31,242
	13,615	Triple-S Management Corp. Class B*	239,215
	9,403	Wright Medical Group NV*	292,621

			4,128,132

	Household & Personal Products – 0.5%
	12,816	Central Garden & Pet Co. Class A*	444,971
	656	USANA Health Sciences, Inc.*	37,786

			482,757

	Insurance – 2.6%
	28,612	American Equity Investment Life Holding Co.	676,101
	10,757	Argo Group International Holdings Ltd.	729,325
	25,608	CNO Financial Group, Inc.	524,964
	1,683	Fidelity & Guaranty Life	46,787
	21,913	Genworth Financial, Inc. Class A*	90,282
	30,451	Maiden Holdings Ltd.	426,314

			2,493,773

	Materials – 6.4%
	11,766	AK Steel Holding Corp.*	84,597
	3,886	Carpenter Technology Corp.	144,948
	16,234	Chemours Co. (The)	625,009
	34,866	Cliffs Natural Resources, Inc.*	286,250
	1,708	Commercial Metals Co.	32,674
	14,089	GCP Applied Technologies, Inc.*	460,006
	3,465	Greif, Inc. Class A	190,887
	10,051	Innophos Holdings, Inc.	542,452
	6,301	KapStone Paper and Packaging Corp.	145,553
	1,262	Koppers Holdings, Inc.*	53,446
	26,789	Louisiana-Pacific Corp.*	664,903
	4,683	Materion Corp.	157,115
	8,866	Minerals Technologies, Inc.	679,136
	1,816	Neenah Paper, Inc.	135,655
	20,910	Schnitzer Steel Industries, Inc. Class A	431,791
	1,041	Schweitzer-Mauduit International, Inc.	43,118
	2,602	Stepan Co.	205,064
	2,240	Summit Materials, Inc. Class A*	55,350
	26,708	SunCoke Energy, Inc.*	239,304
	6,029	Trinseo SA	404,546
	12,370	Worthington Industries, Inc.	557,763

			6,139,567

	Pharmaceuticals, Biotechnology & Life Sciences – 7.4%
	5,971	Acorda Therapeutics, Inc.*	125,391
	18,118	AMAG Pharmaceuticals, Inc.*	408,561
	32,278	Array BioPharma, Inc.*	288,565
	6,108	Blueprint Medicines Corp.*	244,259
	1,433	Cambrex Corp.*	78,887
	13,582	Catalent, Inc.*	384,642
	1,794	Clovis Oncology, Inc.*	114,224



Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	1,216	Enanta Pharmaceuticals, Inc.*	$ 37,453
	9,414	Exact Sciences Corp.*	222,359
	31,314	Exelixis, Inc.*	678,574
	18,270	FibroGen, Inc.*	450,355
	3,930	Five Prime Therapeutics, Inc.*	142,069
	18,104	Genomic Health, Inc.*	570,095
	7,937	Horizon Pharma plc*	117,309
	3,220	Innoviva, Inc.*^(b)	44,533
	8,493	Insys Therapeutics, Inc.*^(b)	89,261
	28,397	Ironwood Pharmaceuticals, Inc.*	484,453
	1,195	Kite Pharma, Inc.*	93,796
	4,552	MiMedx Group, Inc.*^(b)	43,381
	2,908	Momenta Pharmaceuticals, Inc.*	38,822
	14,712	Myriad Genetics, Inc.*	282,470
	1,115	Pacira Pharmaceuticals, Inc.*	50,844
	87,665	PDL BioPharma, Inc.	199,000
	2,929	Portola Pharmaceuticals, Inc.*	114,787
	7,308	Prestige Brands Holdings, Inc.*	406,032
	6,831	Progenics Pharmaceuticals, Inc.*	64,485
	876	Prothena Corp. plc*^(b)	48,872
	6,487	Repligen Corp.*	228,342
	4,608	Retrophin, Inc.*	85,064
	13,185	SciClone Pharmaceuticals, Inc.*	129,213
	1,188	Supernus Pharmaceuticals, Inc.*	37,184
	719	TESARO, Inc.*	110,632
	3,747	Ultragenyx Pharmaceutical, Inc.*	253,972
	8,630	Vanda Pharmaceuticals, Inc.*	120,820
	13,018	Xencor, Inc.*	311,391

			7,100,097

	Real Estate – 7.8%
	17,967	Ashford Hospitality Trust, Inc. (REIT)	114,450
	3,638	CoreSite Realty Corp. (REIT)	327,602
	52,887	DiamondRock Hospitality Co. (REIT)	589,690
	3,529	DuPont Fabros Technology, Inc. (REIT)	175,003
	5,529	FelCor Lodging Trust, Inc. (REIT)	41,523
	27,286	First Industrial Realty Trust, Inc. (REIT)	726,626
	9,752	Hersha Hospitality Trust (REIT)	183,240
	16,826	Hudson Pacific Properties, Inc. (REIT)	582,853
	15,233	iStar, Inc. (REIT)*	179,749
	15,109	Kennedy-Wilson Holdings, Inc.	335,420
	5,157	LaSalle Hotel Properties (REIT)	149,295
	12,083	Mack-Cali Realty Corp. (REIT)	325,516
	17,296	New Senior Investment Group, Inc. (REIT)	176,419
	5,374	PS Business Parks, Inc. (REIT)	616,720
	11,821	QTS Realty Trust, Inc. Class A (REIT)	576,274
	4,384	Rexford Industrial Realty, Inc. (REIT)	98,728
	26,500	RLJ Lodging Trust (REIT)	623,015
	33,345	Summit Hotel Properties, Inc. (REIT)	532,853
	44,066	Sunstone Hotel Investors, Inc. (REIT)	675,532
	21,703	Xenia Hotels & Resorts, Inc. (REIT)	370,470

			7,400,978



Shares		Description	Value
	Common Stocks – (continued)
	Retailing – 5.1%
	21,746	Aaron’s, Inc.	$ 646,726
	5,875	American Eagle Outfitters, Inc.	82,426
	8,524	Asbury Automotive Group, Inc.*	512,292
	15,126	Cato Corp. (The) Class A	332,167
	41,969	Chico’s FAS, Inc.	595,960
	31,831	Finish Line, Inc. (The) Class A	452,955
	5,619	Francesca’s Holdings Corp.*	86,252
	9,382	FTD Cos., Inc.*	188,954
	7,463	Group 1 Automotive, Inc.	552,859
	24,984	Liberty TripAdvisor Holdings, Inc. Class A*	352,274
	973	Lithia Motors, Inc. Class A	83,338
	9,172	Pier 1 Imports, Inc.	65,672
	20,008	Rent-A-Center, Inc.^(b)	177,471
	17,379	Select Comfort Corp.*	430,825
	6,070	Shutterfly, Inc.*	293,120

			4,853,291

	Semiconductors & Semiconductor Equipment – 4.3%
	1,832	Advanced Energy Industries, Inc.*	125,602
	11,062	Advanced Micro Devices, Inc.*	160,952
	25,470	Amkor Technology, Inc.*	295,197
	4,803	Brooks Automation, Inc.	107,587
	6,366	Cabot Microelectronics Corp.	487,699
	7,969	Cirrus Logic, Inc.*	483,639
	34,812	Entegris, Inc.*	814,601
	54,667	Photronics, Inc.*	584,937
	1,715	Power Integrations, Inc.	112,761
	11,696	Semtech Corp.*	395,325
	7,106	Silicon Laboratories, Inc.*	522,646

			4,090,946

	Software & Services – 6.5%
	10,497	Aspen Technology, Inc.*	618,483
	5,047	Barracuda Networks, Inc.*	116,636
	2,094	Blucora, Inc.*	36,226
	5,789	Cardtronics plc Class A*	270,636
	6,082	CommVault Systems, Inc.*	308,966
	23,870	Convergys Corp.	504,850
	13,495	Cornerstone OnDemand, Inc.*	524,821
	15,547	EVERTEC, Inc.	247,197
	7,857	Five9, Inc.*	129,326
	664	j2 Global, Inc.	55,716
	7,839	LogMeIn, Inc.	764,303
	1,176	MicroStrategy, Inc. Class A*	220,853
	17,397	NIC, Inc.	351,419
	19,050	Progress Software Corp.	553,403
	6,140	QAD, Inc. Class A	170,999
	2,728	Science Applications International Corp.	202,963
	1,904	Synchronoss Technologies, Inc.*	46,458
	12,253	Take-Two Interactive Software, Inc.*	726,235
	25,884	Travelport Worldwide Ltd.	304,655

			6,154,145

	Technology Hardware & Equipment – 6.3%
	13,144	AVX Corp.	215,299
	4,066	Belden, Inc.	281,326
	21,475	Benchmark Electronics, Inc.*	682,905
	4,193	Ciena Corp.*	98,997
	4,698	Extreme Networks, Inc.*	35,282
	15,231	Finisar Corp.*	416,416
	6,051	InterDigital, Inc.	522,201
	3,328	Itron, Inc.*	202,010



Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	17,149	Kimball Electronics, Inc.*	$ 290,676
	1,965	Knowles Corp.*	37,237
	2,289	Methode Electronics, Inc.	104,378
	1,922	NetScout Systems, Inc.*	72,940
	10,300	Plexus Corp.*	595,340
	7,528	Rogers Corp.*	646,429
	13,713	Sanmina Corp.*	556,748
	38,864	TTM Technologies, Inc.*	626,876
	35,530	Vishay Intertechnology, Inc.	584,468

			5,969,528

	Telecommunication Services – 0.5%
	3,968	Cogent Communications Holdings, Inc.	170,823
	8,539	General Communication, Inc. Class A*	177,611
	8,328	Spok Holdings, Inc.	158,232

			506,666

	Transportation – 1.1%
	762	Atlas Air Worldwide Holdings, Inc.*	42,253
	13,564	Hawaiian Holdings, Inc.*	630,048
	1,347	Marten Transport Ltd.	31,587
	8,889	SkyWest, Inc.	304,448

			1,008,336

	Utilities – 2.9%
	14,098	Atlantica Yield plc	295,494
	6,666	NRG Yield, Inc. Class C	117,988
	5,278	ONE Gas, Inc.	356,793
	11,843	Ormat Technologies, Inc.	675,998
	10,606	Portland General Electric Co.	471,119
	9,729	Southwest Gas Holdings, Inc.	806,631

			2,724,023

	TOTAL COMMON STOCKS (Cost $82,077,442)		$92,724,656



Units	Description	Expiration Month	Value
*Right – 0.0%**
Pharmaceuticals, Biotechnology & Life Sciences – 0.0%
1,561	Dyax Corp.		$ 2,365
(Cost $0)


Shares	Distribution Rate		Value
Investment Company^(c)(d) – 1.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,031,908	0.618%		$ 1,031,908
(Cost $1,031,908)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $83,109,350)			$93,758,929


Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(c)(d) – 0.6%
Goldman Sachs Financial Square Government Fund – Institutional Shares
591,941	0.618%	$ 591,941
(Cost $591,941)

TOTAL INVESTMENTS – 99.0% (Cost $83,701,291)		$94,350,870

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%		961,185

NET ASSETS – 100.0%		$95,312,055



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

*		Non-income producing security.

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

(b)		All or a portion of security is on loan.

(c)		Represents an affiliated issuer.

(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2017.



Investment Abbreviation:
REIT		— Real Estate Investment Trust


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

FUTURES CONTRACT — At March 31, 2017, the Fund had the following futures contracts:

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 98.9%
	Banks – 1.3%
	117,829	SunTrust Banks, Inc.	$ 6,515,944

	Capital Goods – 9.4%
	23,082	3M Co.	4,416,279
	17,662	Boeing Co. (The)	3,123,701
	78,643	Fortive Corp.	4,735,881
	50,153	Fortune Brands Home & Security, Inc.	3,051,810
	13,144	General Dynamics Corp.	2,460,557
	68,895	Honeywell International, Inc.	8,602,919
	43,535	Middleby Corp. (The)*	5,940,351
	24,950	Northrop Grumman Corp.	5,934,108
	18,777	Roper Technologies, Inc.	3,877,263
	112,070	Xylem, Inc.	5,628,155

			47,771,024

	Consumer Durables & Apparel – 3.5%
	146,278	Kate Spade & Co.*	3,398,038
	71,668	Newell Brands, Inc.	3,380,579
	154,409	NIKE, Inc. Class B	8,605,214
	23,996	PVH Corp.	2,482,866

			17,866,697

	Consumer Services – 2.7%
	13,830	Chipotle Mexican Grill, Inc.*	6,161,542
	58,877	McDonald’s Corp.	7,631,048

			13,792,590

	Diversified Financials – 3.5%
	130,760	Intercontinental Exchange, Inc.	7,828,601
	84,184	Northern Trust Corp.	7,288,651
	206,547	SLM Corp.*	2,499,219

			17,616,471

	Energy – 1.6%
	22,824	Concho Resources, Inc.*	2,929,232
	64,056	Schlumberger Ltd.	5,002,774

			7,932,006

	Food & Staples Retailing – 3.7%
	70,736	Costco Wholesale Corp.	11,861,720
	58,422	Walgreens Boots Alliance, Inc.	4,851,947
	66,558	Whole Foods Market, Inc.	1,978,104

			18,691,771

	Food, Beverage & Tobacco – 4.2%
	35,316	Altria Group, Inc.	2,522,269
	55,569	Coca-Cola Co. (The)	2,358,348
	39,708	Kraft Heinz Co. (The)	3,605,883
	55,006	Molson Coors Brewing Co. Class B	5,264,624
	103,221	Monster Beverage Corp.*	4,765,714
	26,301	Philip Morris International, Inc.	2,969,383

			21,486,221

	Health Care Equipment & Services – 4.5%
	39,951	Aetna, Inc.	5,095,750
	189,795	Boston Scientific Corp.*	4,720,202
	86,835	Danaher Corp.	7,426,997
	59,225	Edwards Lifesciences Corp.*	5,571,296

			22,814,245



Shares		Description	Value
	Common Stocks – (continued)
	Household & Personal Products – 1.0%
	34,560	Colgate-Palmolive Co.	$ 2,529,446
	29,372	Estee Lauder Cos., Inc. (The) Class A	2,490,452

			5,019,898

	Materials – 2.0%
	26,512	Ashland Global Holdings, Inc.	3,282,451
	16,981	Sherwin-Williams Co. (The)	5,267,336
	73,177	Valvoline, Inc.^(a)	1,796,495

			10,346,282

	Media – 5.0%
	346,094	Comcast Corp. Class A	13,009,673
	108,492	Walt Disney Co. (The)	12,301,908

			25,311,581

	Pharmaceuticals, Biotechnology & Life Sciences – 9.5%
	66,856	Agilent Technologies, Inc.	3,534,677
	29,196	Allergan plc	6,975,508
	36,888	Amgen, Inc.	6,052,214
	130,529	Eli Lilly & Co.	10,978,794
	42,216	Gilead Sciences, Inc.	2,867,311
	23,829	Illumina, Inc.*	4,066,181
	32,433	Incyte Corp.*	4,335,319
	47,718	Vertex Pharmaceuticals, Inc.*	5,217,963
	80,762	Zoetis, Inc.	4,310,268

			48,338,235

	Real Estate Investment Trusts – 3.6%
	83,690	American Tower Corp.	10,171,682
	20,621	Equinix, Inc.	8,256,030

			18,427,712

	Retailing – 10.3%
	22,335	Amazon.com, Inc.*	19,800,871
	54,808	Home Depot, Inc. (The)	8,047,459
	45,351	Netflix, Inc.*	6,703,331
	10,877	O’Reilly Automotive, Inc.*	2,935,050
	4,079	Priceline Group, Inc. (The)*	7,260,498
	110,380	Ross Stores, Inc.	7,270,730

			52,017,939

	Semiconductors & Semiconductor Equipment – 0.9%
	58,996	Texas Instruments, Inc.	4,752,718

	Software & Services – 22.9%
	42,292	Adobe Systems, Inc.*	5,503,458
	18,059	Alphabet, Inc. Class A*	15,310,420
	13,721	Alphabet, Inc. Class C*	11,382,393
	56,115	Electronic Arts, Inc.*	5,023,415
	140,602	Facebook, Inc. Class A*	19,972,514
	47,569	Fiserv, Inc.*	5,485,181
	39,529	Intuit, Inc.	4,584,969
	104,088	Mastercard, Inc. Class A	11,706,777
	340,469	Microsoft Corp.	22,423,288
	163,482	Oracle Corp.	7,292,932
	73,276	salesforce.com, Inc.*	6,044,537
	58,769	Snap, Inc. Class A*^(a)	1,324,066

			116,053,950

	Technology Hardware & Equipment – 8.1%
	42,663	Amphenol Corp. Class A	3,036,326



Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	265,970	Apple, Inc.	$ 38,209,250

			41,245,576

	Transportation – 1.2%
	125,865	CSX Corp.	5,859,016

	TOTAL COMMON STOCKS (Cost $353,083,520)		$501,859,876

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $353,083,520)		$501,859,876


Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle^(b)(c) – 0.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,156,095	0.618%	$ 3,156,095
	(Cost $3,156,095)

	TOTAL INVESTMENTS – 99.5% (Cost $356,239,615)		$505,015,971

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%		2,649,851

	NET ASSETS – 100.0%		$507,665,822



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2017.

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

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stock – 0.3%
	Energy – 0.3%
	5,850	Magnum Hunter Resources Corp.*	$ 65,520
	(Cost $58,340)


Principal Amount		Interest Rate			Maturity Date	Value
Convertible Bond^(a) – 0.2%
Energy – 0.2%
Nabors Industries, Inc.
$	50,000		0.750	%	01/15/24	$ 46,719
(Cost $52,375)


Corporate Bonds – 5.4%
Banks^(b) – 0.2%
Ladder Capital Finance Holdings LLLP
$	50,000		7.375	%	10/01/17	$ 50,000
Consumer Services^(b) – 0.2%
MGM Resorts International
	50,000		8.625		02/01/19	54,875
Energy – 1.0%
Carrizo Oil & Gas, Inc.^(b)
	50,000		7.500		09/15/20	51,812
Halcon Resources Corp.^(a)(b)
	50,000		6.750		02/15/25	49,250
Laredo Petroleum, Inc.^(b)
	25,000		5.625		01/15/22	25,000
Petrobras Global Finance BV
	30,000		8.375		05/23/21	33,938
	40,000		7.375		01/17/27	42,550
	20,000		6.850		06/05/15	17,750
Petroleos Mexicanos
	10,000		5.500		06/27/44	8,801
	10,000		6.375		01/23/45	9,725

						238,826

Food & Beverage – 0.2%
Constellation Brands, Inc.
	50,000		7.250		05/15/17	50,278

Healthcare^(b) – 0.8%
Change Healthcare Holdings LLC^(a)
	35,000		5.750		03/01/25	35,919
Tenet Healthcare Corp.
	50,000		6.250		11/01/18	52,437
Valeant Pharmaceuticals International, Inc.^(a)
	50,000		6.375		10/15/20	45,250
	50,000		6.500		03/15/22	51,438

						185,044
Media^(b) – 0.2%
iHeartCommunications, Inc.
	50,000		9.000		12/15/19	42,375
Noncaptive-Financial – 0.6%
CURO Financial Technologies Corp.^(a)(b)
	50,000		12.000		03/01/22	51,500
Nationstar Mortgage LLC
	50,000		6.500		08/01/18	50,500


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Bonds – (continued)
Noncaptive-Financial – (continued)
Park Aerospace Holdings Ltd.^(a)
$	50,000		5.250	%	08/15/22	$ 52,035

						154,035

Pipelines^(b) – 0.5%
DCP Midstream Operating LP
	50,000		2.500		12/01/17	49,875
Enterprise Products Operating LLC Series A^(c)
	75,000		4.741		08/01/66	74,812

						124,687

Real Estate – 0.2%
Equinix, Inc.^(b)
	50,000		5.375		05/15/27	51,375

Wireless Telecommunications – 1.5%
Intelsat Jackson Holdings SA^(b)
	50,000		7.500		04/01/21	45,000
Sprint Communications, Inc.
	50,000		8.375		08/15/17	51,000
	50,000		9.000	^(a)	11/15/18	54,375
	50,000		7.000		08/15/20	53,750
Telecom Italia Capital SA^(b)
	50,000		7.721		06/04/38	55,375
T-Mobile USA, Inc.^(b)
	50,000		6.250		04/01/21	51,563
Windstream Services LLC^(b)
	50,000		7.750		10/15/20	50,687

						361,750

TOTAL CORPORATE BONDS (Cost $1,298,050)						$ 1,313,245


Mortgage-Backed Security – 0.7%
FNMA – 0.7%
$	146,593		6.000	%	09/01/36	$ 166,516
(Cost $164,528)


Collateralized Mortgage Obligations – 10.0%
Adjustable Rate Non-Agency^(b)(c) – 2.4%
Alternative Loan Trust Series 2005-51, Class 2A1
$	45,696		1.276	%	11/20/35	$ 38,883
Alternative Loan Trust Series 2006-HY11, Class A1
	52,328		1.102		06/25/36	42,554
Alternative Loan Trust Series 2006-OA6, Class 1A2
	278,127		1.192		07/25/46	240,455
HomeBanc Mortgage Trust Series 2006-1, Class 3A2
	107,663		2.890		04/25/37	86,134
IndyMac INDA Mortgage Loan Trust Series 2006-AR2, Class 1A1
	48,266		3.318		09/25/36	42,129
JP Morgan Alternative Loan Trust Series 2006-A5, Class 1A1
	39,862		1.142		10/25/36	36,520
Lehman XS Trust Series 2005-7N, Class 1A1A
	43,374		1.252		12/25/35	41,148


Principal Amount		Interest Rate			Maturity Date	Value
Collateralized Mortgage Obligations – (continued)
Adjustable Rate Non-Agency^(b)(c) – (continued)
Lehman XS Trust Series 2006-14N, Class 1A1A
$	67,944		1.172	%	09/25/46	$ 59,466

						587,289

Interest Only^(d) – 4.9%
FHLMC REMIC Series 4314, Class SE^(b)
	972,008		5.138		03/15/44	172,184
FHLMC REMIC Series 4320, Class SD^(b)
	86,756		5.188		07/15/39	13,654
FHLMC REMIC Series 4583, Class ST^(b)
	892,643		5.088		05/15/46	172,380
FNMA REMIC Series 2011-124, Class SC
	458,759		5.568		12/25/41	84,024
FNMA REMIC Series 2013-121, Class SA
	723,490		5.118		12/25/43	114,730
FNMA REMIC Series 2013-130, Class SN
	727,911		5.668		10/25/42	137,647
FNMA REMIC Series 2014-87, Class MS
	401,212		5.268		01/25/45	64,380
FNMA REMIC Series 2015-81, Class SA
	295,050		4.718		11/25/45	41,080
GNMA Series 2010-101, Class S^(b)
	678,851		5.022		08/20/40	119,187
GNMA Series 2010-20, Class SE^(b)
	377,153		5.272		02/20/40	63,885
GNMA Series 2010-31, Class SA^(b)
	116,883		4.772		03/20/40	17,954
GNMA Series 2013-152, Class SG^(b)
	96,851		5.172		06/20/43	15,932
GNMA Series 2013-181, Class SA^(b)
	406,830		5.122		11/20/43	68,148
GNMA Series 2015-110, Class MS^(b)
	433,466		4.732		08/20/45	65,406
GNMA Series 2015-159, Class HS^(b)
	319,577		5.222		11/20/45	53,566

						1,204,157

Regular Floater^(b)(c) – 2.7%
Alternative Loan Trust Series 2005-36, Class 2A1A
	66,362		1.292		08/25/35	53,871
Banc of America Alternative Loan Trust Series 2005-4, Class CB1
	191,057		1.382		05/25/35	156,098
FNMA Series 2014-C03, Class 1M1
	3,634		2.182		07/25/24	3,641
Mortgage Repurchase Agreement Financing Trust Series 2016-1, Class A^(a)
	150,000		1.758		04/10/19	150,000
Mortgage Repurchase Agreement Financing Trust Series 2016-1, Class A2^(a)
	150,000		1.808		04/10/19	150,000
Mortgage Repurchase Agreement Financing Trust Series 2016-2, Class A^(a)
	150,000		2.158		03/10/19	150,035

						663,645

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,404,116)						$ 2,455,091


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Government Agency Security – 3.4%
FHLB^(c)
$	825,000		0.957	%	10/27/17	$ 826,215
(Cost $825,000)


Asset-Backed Securities – 29.4%
Airlines^(b) – 0.2%
Continental Airlines Pass-Through Certificates Series 2012-3, Class C
$	50,000		6.125	%	04/29/18	$ 51,688

Collateralized Loan Obligations^(a)(c) – 15.2%
Acis CLO Ltd. Series 2014-4A, Class ACOM^(b)
	150,000		2.519		05/01/26	149,355
Anchorage Capital CLO IV Ltd. Series 2014-4A, Class A1A^(b)
	250,000		2.489		07/28/26	250,025
Apidos CLO X Series 2012-10A, Class A^(b)
	447,237		2.459		10/30/22	447,302
Crown Point CLO III Ltd. Series 2015-3A, Class ACOM^(b)
	250,000		2.559		12/31/27	249,950
Halcyon Loan Advisors Funding Ltd. Series 2015-2A, Class A^(b)
	250,000		2.428		07/25/27	249,640
Hildene CLO II Ltd. Series 2014-2A, Class A^(b)
	250,000		2.475		07/19/26	250,210
Monroe Capital BSL CLO Ltd. Series 2015-1A, Class ACOM
	200,000		2.603		05/22/27	200,120
Ocean Trails CLO IV Series 2013-4A, Class A^(b)
	250,000		2.334		08/13/25	250,024
OCP CLO Ltd. Series 2015-8A, Class A1^(b)
	250,000		2.553		04/17/27	250,290
OCP CLO Ltd. Series 2016-12A, Class A1^(b)
	150,000		2.456		10/18/28	150,998
OFSI Fund VI Ltd. Series 2014-6A, Class A1^(b)
	200,000		2.053		03/20/25	198,238
OFSI Fund VII Ltd. Series 2014-7A, Class ACOM
	100,000		2.520		10/18/26	99,800
Regatta IV Funding Ltd. Series 2014-1A, Class ACOM^(b)
	250,000		0.000		07/25/26	249,100
Trinitas CLO II Ltd. Series 2014-2A, Class ACOM^(b)
	250,000		0.000		07/15/26	248,325
Trinitas CLO III Ltd. Series 2015-3A, Class A2^(b)
	150,000		2.533		07/15/27	150,376
Wasatch Ltd. Series 2006-1A, Class A1B
	176,202		1.276		11/14/22	174,440
Z Capital Credit Partners CLO Ltd. Series 2015-1A, Class ACOM^(b)
	150,000		2.471		07/16/27	149,625

						3,717,818

Home Equity^(b) – 1.8%
Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH1, Class M3^(c)
	100,000		1.382		01/25/36	96,375
Credit-Based Asset Servicing & Securitization LLC Series 2005-CB8, Class AF2^(e)
	8,740		3.958		12/25/35	8,776


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Home Equity^(b) – (continued)
Credit-Based Asset Servicing & Securitization LLC Series 2005-CB8, Class AF3^(e)
$	25,000		3.958	%	12/25/35	$ 24,625
Lehman XS Trust Series 2007-3, Class 1BA2^(c)
	41,285		1.861		03/25/37	34,310
Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A^(c)
	144,760		1.152		11/25/36	58,022
Saxon Asset Securities Trust Series 2007-2, Class A2C^(c)
	80,474		1.222		05/25/47	58,436
Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-NC2, Class M4^(c)
	100,000		1.452		05/25/35	94,527
VOLT XXV LLC Series 2015-NPL8, Class A1^(a)(e)
	60,603		3.500		06/26/45	60,694

						435,765

Student Loans^(b)(c) – 12.2%
Academic Loan Funding Trust Series 2012-1A, Class A2^(a)
	150,000		2.082		12/27/44	149,416
Access Group, Inc. Series 2006-1, Class A2
	4,420		1.162		08/25/23	4,417
Access Group, Inc. Series 2015-1, Class A^(a)
	71,498		1.682		07/25/56	71,016
Bank of America Student Loan Trust Series 2010-1A, Class A^(a)
	44,506		1.838		02/25/43	44,683
Brazos Higher Education Authority, Inc. Series 2005-2, Class A11
	29,941		1.293		09/27/21	29,868
ECMC Group Student Loan Trust Series 2016-1A, Class A^(a)
	136,265		2.332		07/26/66	136,177
EFS Volunteer No. 2 LLC Series 2012-1, Class A2^(a)
	250,000		2.332		03/25/36	253,199
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A
	100,000		2.028		07/20/43	96,751
Navient Student Loan Trust Series 2016-5A, Class A^(a)
	289,040		2.232		06/25/65	293,322
Navient Student Loan Trust Series 2016-7A, Class A^(a)
	146,500		2.132		03/25/66	148,334
Nelnet Student Loan Trust Series 2006-1, Class A6^(a)
	150,000		1.503		08/23/36	141,165
Northstar Education Finance, Inc. Series 2007-1, Class A1
	100,000		1.139		04/28/30	98,277
PHEAA Student Loan Trust Series 2016-1A, Class A^(a)
	178,936		2.132		09/25/65	180,207
Scholar Funding Trust Series 2010-A, Class A^(a)
	50,858		1.789		10/28/41	50,111
SLM Student Loan Trust Series 2003-14, Class A5
	23,501		1.268		01/25/23	23,501
SLM Student Loan Trust Series 2003-7A, Class A5A^(a)
	153,259		2.331		12/15/33	153,545
SLM Student Loan Trust Series 2005-5, Class A5
	100,000		1.788		10/25/40	97,861
SLM Student Loan Trust Series 2007-1, Class A5
	217,781		1.128		01/26/26	216,718
SLM Student Loan Trust Series 2008-3, Class A3
	76,117		2.038		10/25/21	76,099


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans^(b)(c) – (continued)
SLM Student Loan Trust Series 2008-5, Class A4
$	208,713		2.738	%	07/25/23	$ 213,254
SLM Student Loan Trust Series 2008-6, Class
	100,000		2.138		07/25/23	100,241
SLM Student Loan Trust Series 2008-8, Class A
	100,000		2.538		04/25/23	101,843
SLM Student Loan Trust Series 2012-3, Class A
	124,457		1.632		12/27/38	122,928
SunTrust Student Loan Trust Series 2006-1A, Class A4^(a)
	175,487		1.229		10/28/37	165,063

						2,967,996

TOTAL ASSET-BACKED SECURITIES (Cost $7,103,038)						$ 7,173,267


Foreign Government Securities – 1.7%
Brazilian Government International Bond^(f)
BRL	174,000		6.000	%	08/15/50	$ 185,284
Dominican Republic International Bond
$	100,000		5.875		04/18/24	104,750
	100,000		5.500		01/27/25	102,000
Mexico Government International Bond
MXN	207,100		8.500		11/18/38	12,311
	8,200		8.000		11/07/47	466
Mexico Government International Bond Series M
	223,400		7.750		11/23/34	12,354

TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $436,254)						$ 417,165


Municipal Bonds^(b) – 1.5%
Puerto Rico – 1.5%
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A
$	5,000		6.000	%	07/01/44	$ 3,912
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A
	10,000		5.500		07/01/28	7,850
	5,000		5.000		07/01/33	3,800
	5,000		5.125		07/01/37	3,800
	10,000		5.750		07/01/37	7,750
	5,000		5.250		07/01/42	3,813
Puerto Rico Commonwealth GO Bonds Series 2014 A^(f)
	100,000		8.000		07/01/35	62,000
Puerto Rico Commonwealth GO Refunding for Public Improvement Series 2008 A^(f)
	20,000		5.500		07/01/32	11,750
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A
	15,000		5.500		08/01/28	5,981
	25,000		6.000		08/01/42	10,625
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A
	15,000		5.500		08/01/37	6,131
	155,000		5.375		08/01/39	61,515
	115,000		5.500		08/01/42	46,431


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Bonds^(b) – (continued)
Puerto Rico – (continued)
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C
$	10,000		5.375	%	08/01/38	$ 4,019
	55,000		6.000		08/01/39	23,787
	105,000		5.250		08/01/41	41,475
Puerto Rico Sales Tax Financing Corp. RB First Subseries 2011 A-1
	170,000		5.000		08/01/43	68,213
Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A
	15,000		6.750		08/01/32	6,750

TOTAL MUNICIPAL BONDS (Cost $516,932)						$ 379,602


Loan Participations^(b)(c)(f)(h) – 0.9%
Electric – 0.1%
Calpine Corp.
$	18,182		2.740	%	11/30/17	$ 18,187

Energy – 0.0%
American Energy - Marcellus, LLC
	25,000		5.284		08/04/20	17,250
Magnum Hunter Resources Corp.
	8,974		16.000		04/15/19	8,974

						26,224

Entertainment – 0.1%
Lions Gate Entertainment Corp.
	20,000		3.982		12/08/23	20,106

Health Care – 0.0%
Valeant Pharmaceuticals International, Inc.
	632		5.740		04/01/22	633

Media – 0.3%
Checkout Holding Corp.
	25,000		7.750		04/11/22	19,000
Getty Images, Inc.
	57,513		4.750		10/18/19	50,217

						69,217

Noncaptive-Financial – 0.2%
Avolon
	25,000		3.228		09/16/20	25,219
	25,000		3.728		03/21/22	25,323

						50,542

Pipelines – 0.2%
Williams Partners LP
	50,000		0.000		12/24/18	50,000

TOTAL LOAN PARTICIPATIONS (Cost $244,820)						$ 234,909


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 33.6%
U.S. Treasury Bonds
$	300,000		3.625	%	08/15/43	$ 334,074
	190,000		3.625		02/15/44	211,738
	50,000		3.000		05/15/45	49,725
	130,000		2.875		08/15/45	126,106
U.S. Treasury Inflation Indexed Bonds (TIPS)^(c)
	30,180		0.875		02/15/47	29,755
U.S. Treasury Inflation Indexed Notes (TIPS)^(c)
	157,578		0.125		04/15/18	158,966
	362,726		0.125		04/15/19	368,134
	103,697		0.125		04/15/20	105,282
	307,383		0.12		04/15/21	310,777
U.S. Treasury Notes
	200,000		0.875		11/30/17	199,874
	200,000		1.000		12/31/17	199,988
	200,000		1.750		09/30/19	201,798
	800,000		1.375		04/30/21	786,624
	4,890,000		2.250		01/31/24	4,905,501
	100,000		2.375		08/15/24	100,796
	100,000		2.250		11/15/25	99,139

TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,243,170)						$ 8,188,277



Shares	Distribution Rate	Value
Investment Company^(c)(i) – 0.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,393	0.618%	$ 2,393
(Cost $2,393)

Principal
Amount

Interest
Rate

Maturity
Date

Value

Short-Term Investment^(g) – 2.6%

Foreign Government Securities – 2.6%

Mexico Government International Bond

MXN

12,048,520

0.000

06/08/17

$ 635,976

(Cost $583,125)

TOTAL INVESTMENTS – 89.8%
(Cost $21,932,141)

$21,904,895

OTHER ASSETS IN EXCESS OF
LIABILITIES – 10.2%

2,479,325

NET ASSETS – 100.0%

$24,384,220



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

*		Non-income producing security.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $6,401,271, which represents approximately 26.3% of net assets as of March 31, 2017.



(b)		Securities with “Call” features. Maturity dates disclosed are the final maturity dates.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2017.

(d)		Inverse floating rate security. Interest rate disclosed is that which is in effect on March 31, 2017.

(e)		Step Bond. Coupon rate is fixed for an initial period then it resets at a specified date and rate.

(f)		Security is currently in default.

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

(h)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the loan facility on March 31, 2017. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”) and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(i)		Represents an affiliated issuer.



Investment Abbreviations:
BA		— Banker Acceptance Rate
BBR		— Bank Bill Reference Rate
CD KSDA		— Certificates of Deposit by the Korean Securities Dealers Association
CDI		— Average One-Day Interbank Deposit
EONIA		— Euro Overnight Index Average
EURIBOR		— Euro Interbank Offered Rate
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
GO		— General Obligation
LIBOR		— London Interbank Offered Rate
NIBOR		— Norwegian Interbank Offered Rate
RB		— Revenue Bond
REMIC		— Real Estate Mortgage Investment Conduit
STIBOR		— Stockholm Interbank Offered Rate
TIPS		— Treasury Inflation-Protected Securities
WIBOR		— Warsaw InterBank Offered Rate



Currency Abbreviations:
ARS		— Argentina peso
AUD		— Australian Dollar
BRL		— Brazilian Real
CAD		— Canadian Dollar
CHF		— Swiss Franc
CLP		— Chilean Peso
CNH		— Chinese Renminbi
CNY		— Chinese Yuan
COP		— Colombian Peso
CZK		— Czech Koruna
EUR		— Euro
GBP		— British Pound
HKD		— Hong Kong Dollar
HUF		— Hungarian Forint
IDR		— Indonesian Rupiah
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— South Korean Won
MXN		— Mexican Peso
MYR		— Malaysian Ringgit
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
PEN		— Peru nuevo sol
PHP		— Philippines peso
PLN		— Polish Zloty
RUB		— Russian Ruble
SEK		— Swedish Krona
SGD		— Singapore Dollar
TRY		— Turkish Lira
TWD		— Taiwan Dollar
USD		— United States Dollar
ZAR		— South African Rand


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

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2017, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

FUTURES CONTRACTS — At March 31, 2017, the Fund had the following futures contracts:

SWAP CONTRACTS — At March 31, 2017, the Fund had the following swap contracts:

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 96.5%
	Australia – 3.3%
	115,676	Australia & New Zealand Banking Group Ltd. (Banks)	$ 2,808,691
	65,306	BHP Billiton plc (Materials)	1,007,274
	117,578	Computershare Ltd. (Software & Services)	1,262,771

			5,078,736

	Belgium – 2.6%
	37,103	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)	4,065,571

	China – 0.7%
	486,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)	1,007,777

	Denmark – 2.7%
	69,077	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	2,372,030
	43,794	Novozymes A/S Class B (Materials)	1,735,102

			4,107,132

	Finland – 1.3%
	366,585	Nokia OYJ (Technology Hardware & Equipment)	1,970,337

	France – 9.8%
	20,800	Air Liquide SA (Materials)	2,374,917
	7,610	Iliad SA (Telecommunication Services)	1,699,559
	75,301	Klepierre (REIT)	2,925,486
	39,529	Publicis Groupe SA (Media)	2,759,924
	54,369	Rexel SA (Capital Goods)	985,037
	26,908	Safran SA (Capital Goods)	2,008,250
	30,647	Vinci SA (Capital Goods)	2,433,637

			15,186,810

	Germany – 8.2%
	34,064	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	3,924,634
	39,448	Beiersdorf AG (Household & Personal Products)	3,732,927
	45,787	GEA Group AG (Capital Goods)	1,945,192
	12,092	HeidelbergCement AG (Materials)	1,132,393
	19,713	SAP SE (Software & Services)	1,934,003

			12,669,149

	Hong Kong – 0.9%
	1,313,500	HKBN Ltd. (Telecommunication Services)	1,466,846

	Ireland – 3.3%
	7,757,848	Bank of Ireland (Banks)*	1,925,511
	41,081	Kerry Group plc Class A (Food, Beverage & Tobacco)	3,229,918

			5,155,429



Shares		Description	Value
	Common Stocks – (continued)
	Italy – 8.2%
	153,593	Davide Campari-Milano SpA (Food, Beverage & Tobacco)	$ 1,781,618
	375,641	Enav SpA (Transportation)*^(a)	1,525,780
	599,820	Enel SpA (Utilities)	2,822,433
	71,896	Moncler SpA (Consumer Durables & Apparel)	1,574,976
	2,295,502	Telecom Italia SpA (Telecommunication Services)*	2,066,379
	191,390	UniCredit SpA (Banks)*	2,950,338

			12,721,524

	Japan – 19.0%
	15,100	Dentsu, Inc. (Media)	822,374
	17,100	East Japan Railway Co. (Transportation)	1,493,198
	20,800	Hoshizaki Corp. (Capital Goods)	1,644,072
	66,400	Hoya Corp. (Health Care Equipment & Services)	3,207,837
	103,500	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	3,368,672
	57,400	Kao Corp. (Household & Personal Products)	3,152,210
	62,800	KDDI Corp. (Telecommunication Services)	1,651,690
	131,000	Mitsubishi Estate Co. Ltd. (Real Estate)	2,387,693
	24,600	Nidec Corp. (Capital Goods)	2,349,413
	6,900	Nintendo Co. Ltd. (Software & Services)	1,601,068
	127,600	ORIX Corp. (Diversified Financials)	1,893,908
	93,600	Pola Orbis Holdings, Inc. (Household & Personal Products)	2,261,613
	63,100	Sumitomo Mitsui Financial Group, Inc. (Banks)	2,296,762
	29,000	Suzuki Motor Corp. (Automobiles & Components)	1,204,478

			29,334,988

	Netherlands – 6.1%
	41,078	Aalberts Industries NV (Capital Goods)	1,531,209
	298,876	Royal Dutch Shell plc Class A (Energy)	7,877,855

			9,409,064

	Singapore – 2.0%
	227,538	DBS Group Holdings Ltd. (Banks)	3,151,833

	Spain – 1.1%
	234,615	EDP Renovaveis SA (Utilities)	1,733,784

	Switzerland – 9.1%
	120,413	Credit Suisse Group AG (Registered) (Diversified Financials)*	1,791,580
	57,513	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	4,270,775



Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – (continued)
	6,167	Syngenta AG (Registered) (Materials)	$ 2,723,598
	178,187	UBS Group AG (Registered) (Diversified Financials)*	2,848,250
	39,426	Wolseley plc (Capital Goods)	2,482,320

			14,116,523

	United Kingdom – 16.6%
	274,524	Aviva plc (Insurance)	1,831,916
	131,750	BTG plc (Pharmaceuticals, Biotechnology & Life Sciences)*	968,265
	127,009	Compass Group plc (Consumer Services)	2,397,956
	56,759	InterContinental Hotels Group plc (Consumer Services)	2,779,994
	3,429,441	Lloyds Banking Group plc (Banks)	2,852,202
	429,006	Melrose Industries plc (Capital Goods)	1,198,629
	389,086	Merlin Entertainments plc (Consumer Services)^(a)	2,338,812
	169,869	Pennon Group plc (Utilities)	1,876,452
	27,453	Reckitt Benckiser Group plc (Household & Personal Products)	2,506,231
	473,096	Rentokil Initial plc (Commercial & Professional Services)	1,463,170
	34,705	Rio Tinto plc (Materials)	1,397,490
	240,770	UBM plc (Media)	2,305,466
	266,910	Virgin Money Holdings UK plc (Banks)	1,072,123
	300,607	Vodafone Group plc (Telecommunication Services)	783,378

			25,772,084

	United States – 1.6%
	42,295	Shire plc (Pharmaceuticals, Biotechnology & Life Sciences)	2,464,407

	TOTAL COMMON STOCKS (Cost $143,544,523)		$149,411,994


	Exchange Traded Fund – 2.0%
	United States – 2.0%
	59,366	iShares MSCI Japan Fund	$ 3,057,349
	(Cost $3,029,441)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $146,573,964)		$152,469,343


Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle^(b)(c) – 0.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	764,701	0.618%	$ 764,701
	(Cost $764,701)

	TOTAL INVESTMENTS – 99.0% (Cost $147,338,665)		$153,234,044

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%		1,574,322

	NET ASSETS – 100.0%		$154,808,366



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

*		Non-income producing security.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $3,864,592, which represents approximately 2.5% of net assets as of March 31, 2017.

(b)		Represents an affiliated issuer.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on March 31, 2017.



Investment Abbreviation:
REIT		— Real Estate Investment Trust


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

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.7%
	Automobiles & Components – 1.2%
	13,045	Delphi Automotive plc	$ 1,049,992
	26,050	Lear Corp.	3,688,159

			4,738,151

	Banks – 4.5%
	36,820	Bank of America Corp.	868,584
	31,650	Citigroup, Inc.	1,893,303
	116,562	Citizens Financial Group, Inc.	4,027,217
	111,474	JPMorgan Chase & Co.	9,791,876
	17,416	Wells Fargo & Co.	969,375

			17,550,355

	Capital Goods – 3.2%
	3,732	Allegion plc	282,512
	68,649	AMETEK, Inc.	3,712,538
	3,825	Boeing Co. (The)	676,490
	58,654	General Electric Co.	1,747,889
	23,897	Masco Corp.	812,259
	20,006	Northrop Grumman Corp.	4,758,227
	8,265	Spirit AeroSystems Holdings, Inc. Class A	478,709

			12,468,624

	Commercial & Professional Services – 0.3%
	3,284	ManpowerGroup, Inc.	336,840
	17,494	Nielsen Holdings plc	722,677

			1,059,517

	Consumer Durables & Apparel – 1.7%
	16,197	Mohawk Industries, Inc.*	3,717,050
	28,084	PVH Corp.	2,905,851

			6,622,901

	Consumer Services – 2.5%
	66,459	Carnival Corp.	3,915,100
	11,054	Hilton Worldwide Holdings, Inc.	646,217
	65,265	International Game Technology plc	1,546,780
	62,951	Las Vegas Sands Corp.	3,592,613
	4,094	Yum Brands, Inc.	261,607

			9,962,317

	Diversified Financials – 6.2%
	112,211	AGNC Investment Corp. (REIT)	2,231,877
	177,604	Ally Financial, Inc.	3,610,689
	102,513	Bank of New York Mellon Corp. (The)	4,841,689
	13,524	Berkshire Hathaway, Inc. Class B*	2,254,180
	52,535	Capital One Financial Corp.	4,552,683
	26,489	Intercontinental Exchange, Inc.	1,585,897
	27,987	S&P Global, Inc.	3,659,020
	4,902	Synchrony Financial	168,139
	23,079	Thomson Reuters Corp.	997,705
	15,710	Voya Financial, Inc.	596,352

			24,498,231

	Energy – 5.4%
	74,753	Baker Hughes, Inc.	4,471,724
	20,483	Energen Corp.*	1,115,095
	35,425	Exxon Mobil Corp.	2,905,204
	46,662	Kinder Morgan, Inc.	1,014,432
	30,048	Marathon Petroleum Corp.	1,518,626
	31,174	Newfield Exploration Co.*	1,150,632
	9,127	Occidental Petroleum Corp.	578,287



Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	32,256	Phillips 66	$ 2,555,320
	68,010	Valero Energy Corp.	4,508,383
	47,905	Williams Cos., Inc. (The)	1,417,509

			21,235,212

	Food & Staples Retailing – 3.1%
	57,145	CVS Health Corp.	4,485,882
	26,299	Walgreens Boots Alliance, Inc.	2,184,132
	74,539	Wal-Mart Stores, Inc.	5,372,771

			12,042,785

	Food, Beverage & Tobacco – 4.9%
	45,089	Bunge Ltd.	3,573,754
	23,354	Coca-Cola Co. (The)	991,144
	105,950	Conagra Brands, Inc.	4,274,023
	7,690	PepsiCo, Inc.	860,203
	52,610	Philip Morris International, Inc.	5,939,669
	60,270	Tyson Foods, Inc. Class A	3,719,262

			19,358,055

	Health Care Equipment & Services – 5.6%
	85,466	Baxter International, Inc.	4,432,267
	5,366	Centene Corp.*	382,381
	22,126	Cigna Corp.	3,241,238
	57,562	Danaher Corp.	4,923,278
	39,880	Express Scripts Holding Co.*	2,628,491
	34,483	Hologic, Inc.*	1,467,251
	1,096	Laboratory Corp. of America Holdings*	157,243
	30,693	McKesson Corp.	4,550,544
	1,696	WellCare Health Plans, Inc.*	237,796

			22,020,489

	Household & Personal Products – 1.6%
	69,740	Colgate-Palmolive Co.	5,104,270
	8,176	Procter & Gamble Co. (The)	734,614
	2,683	Spectrum Brands Holdings, Inc.	372,964

			6,211,848

	Insurance – 2.4%
	12,894	Aon plc	1,530,389
	63,643	Marsh & McLennan Cos., Inc.	4,702,581
	18,545	Reinsurance Group of America, Inc.	2,354,844
	25,203	XL Group Ltd.	1,004,592

			9,592,406

	Materials – 2.8%
	1,572	Air Products & Chemicals, Inc.	212,676
	20,287	Celanese Corp. Series A	1,822,787
	10,870	Crown Holdings, Inc.*	575,566
	8,108	EI du Pont de Nemours & Co.	651,316
	50,974	Graphic Packaging Holding Co.	656,035
	13,141	Huntsman Corp.	322,480
	47,309	Owens-Illinois, Inc.*	964,157
	5,844	PPG Industries, Inc.	614,088
	28,637	Reliance Steel & Aluminum Co.	2,291,533
	10,759	Sealed Air Corp.	468,877
	26,389	Steel Dynamics, Inc.	917,282
	27,246	WestRock Co.	1,417,609

			10,914,406



Shares		Description	Value
	Common Stocks – (continued)
	Media – 2.4%
	160,585	Interpublic Group of Cos., Inc. (The)	$ 3,945,573
	2,323	Scripps Networks Interactive, Inc. Class A	182,054
	4,455	Time Warner, Inc.	435,298
	150,964	Twenty-First Century Fox, Inc. Class A	4,889,724

			9,452,649

	Pharmaceuticals, Biotechnology & Life Sciences – 11.3%
	19,948	Agilent Technologies, Inc.	1,054,651
	17,860	Alexion Pharmaceuticals, Inc.*	2,165,346
	9,886	Allergan plc	2,361,963
	34,711	Amgen, Inc.	5,695,034
	17,603	Biogen, Inc.*	4,813,012
	19,114	Bristol-Myers Squibb Co.	1,039,419
	46,385	Celgene Corp.*	5,771,685
	38,042	Eli Lilly & Co.	3,199,713
	43,751	Johnson & Johnson	5,449,187
	113,633	Merck & Co., Inc.	7,220,241
	32,680	Thermo Fisher Scientific, Inc.	5,019,648
	6,028	Vertex Pharmaceuticals, Inc.*	659,162

			44,449,061

	Real Estate – 2.8%
	46,784	American Homes 4 Rent Class A (REIT)	1,074,161
	41,514	American Tower Corp. (REIT)	5,045,612
	27,610	CBRE Group, Inc. Class A*	960,552
	1,892	Equinix, Inc. (REIT)	757,500
	40,931	Forest City Realty Trust, Inc. Class A (REIT)	891,477
	37,131	Prologis, Inc. (REIT)	1,926,356
	4,174	SBA Communications Corp. (REIT)*	502,424

			11,158,082

	Retailing – 3.8%
	7,773	Amazon.com, Inc.*	6,891,075
	14,290	Best Buy Co., Inc.	702,354
	3,024	Expedia, Inc.	381,538
	7,838	Netflix, Inc.*	1,158,535
	14,367	O’Reilly Automotive, Inc.*	3,876,791
	1,009	Priceline Group, Inc. (The)*	1,795,990

			14,806,283

	Semiconductors & Semiconductor Equipment – 3.6%
	121,510	Applied Materials, Inc.	4,726,739
	79,855	Maxim Integrated Products, Inc.	3,590,281
	2,770	Microchip Technology, Inc.	204,371
	67,997	Texas Instruments, Inc.	5,477,838

			13,999,229

	Software & Services – 13.5%
	28,880	Accenture plc Class A	3,462,134
	36,628	Activision Blizzard, Inc.	1,826,272
	40,621	Adobe Systems, Inc.*	5,286,011
	6,244	Alphabet, Inc. Class A*	5,293,663
	6,269	Alphabet, Inc. Class C*	5,200,512
	34,841	Cadence Design Systems, Inc.*	1,094,007
	19,758	CDK Global, Inc.	1,284,468
	49,803	Citrix Systems, Inc.*	4,153,072
	44,901	Facebook, Inc. Class A*	6,378,187



Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	5,826	Fidelity National Information Services, Inc.	$ 463,866
	53,961	Mastercard, Inc. Class A	6,068,994
	88,723	Microsoft Corp.	5,843,297
	27,494	Nuance Communications, Inc.*	475,921
	24,676	VeriSign, Inc.*	2,149,526
	159,856	Western Union Co. (The)	3,253,070
	17,601	Yahoo!, Inc.*	816,862
	6,286	Yandex NV Class A*	137,852

			53,187,714

	Technology Hardware & Equipment – 6.7%
	74,154	Apple, Inc.	10,652,964
	33,580	CommScope Holding Co., Inc.*	1,400,622
	23,488	F5 Networks, Inc.*	3,348,684
	236,304	Flex Ltd.*	3,969,907
	203,251	HP, Inc.	3,634,128
	29,381	Jabil Circuit, Inc.	849,698
	56,599	Juniper Networks, Inc.	1,575,150
	17,592	Seagate Technology plc	808,001

			26,239,154

	Telecommunication Services – 1.3%
	116,210	AT&T, Inc.^(a)	4,828,526
	5,696	Level 3 Communications, Inc.*	325,925

			5,154,451

	Transportation – 4.6%
	99,423	Delta Air Lines, Inc.	4,569,481
	102,085	JetBlue Airways Corp.*	2,103,972
	15,825	Norfolk Southern Corp.	1,771,925
	51,996	Union Pacific Corp.	5,507,416
	61,085	United Continental Holdings, Inc.*	4,315,045

			18,267,839

	Utilities – 2.3%
	195,106	AES Corp.	2,181,285
	151,544	CenterPoint Energy, Inc.	4,178,068
	106,155	NiSource, Inc.	2,525,428

			8,884,781

	TOTAL COMMON STOCKS (Cost $341,462,226)		$383,874,540



Shares	Distribution Rate	Value
Investment Company^(b)(c) – 1.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
4,051,908	0.618%	$ 4,051,908
(Cost $4,051,908)

TOTAL INVESTMENTS – 98.7% (Cost $345,514,134)		$387,926,448

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%		4,993,246

NET ASSETS – 100.0%		$392,919,694



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

FUTURES CONTRACT — At March 31, 2017, the Fund had the following futures contracts:

TAX INFORMATION — At March 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Investment Valuation — The Funds’ and Portfolio’s valuation policy (except VIT Government Money Market Fund) is to value investments at fair value.

It is the Government Money Market Fund’s policy to use the amortized-cost method permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Act”), which approximates market value, for valuing portfolio securities. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue, as an adjustment to interest income. Under procedures and tolerance established by the Board of Trustees (“Trustees”), Goldman Sachs Asset Management, L.P. (“GSAM”) evaluated the difference between the Fund’s net asset value (“NAV”) based upon the amortized cost of the Fund’s securities and the NAV based upon available market quotations (or permitted substitutes).

Investments and Fair Value Measurements — The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Accounting principles generally accepted in the United State of America (“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).

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ and Portfolio’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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

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

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

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. 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.

Underlying Funds (Including Money Market Funds) — Investments in the Underlying Funds are valued at the NAV per share of the Institutional Share class of each Underlying Fund on the day of valuation. Because the Portfolio invests primarily in other mutual funds that fluctuate in value, the Portfolio’s shares will correspondingly fluctuate in value. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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 of the Institutional Share class on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued using available market quotations as provided by a third party pricing vendor or broker. With the exception of treasury securities of G8 countries (not held in money market funds that use amortized cost as a valuation methodology), which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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

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

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

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

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

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

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

vi. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss.

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.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

A forward foreign currency 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 and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These

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

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

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

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

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

Short Term Investments — Short-term investments having a maturity of 60 days or less are valued using available market quotations as provided by a third party pricing vendor or broker. These investments are classified as Level 2 of the fair value hierarchy.

i. 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 underlying securities for all repurchase agreements are held at the Fund’s 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.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Fund, 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 Fund maintains pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.

JOINT REPURCHASE AGREEMENT ACCOUNT III — At March 31, 2017, the Government Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of April 3, 2017, as follows:

REPURCHASE AGREEMENTS — At March 31, 2017, the Principal Amounts of the Government Money Market Fund’s interest in the Joint Repurchase Agreement Account III were as follows:

At March 31, 2017, the Joint Repurchase Agreement Account III was fully collateralized by:

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 and the Portfolio’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 and the Portfolio’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Funds’ and Portfolio’s investments and derivatives classified in the fair value hierarchy as of March 31, 2017.

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

Securities Lending — The Growth Opportunities, Large Cap Value, Mid Cap Value and Strategic Growth Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Equity Index, Global Trends Allocation, Small Cap Equity Insights and Strategic International Equity 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 Fund’s 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. 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 Equity Index, Global Trends Allocation, Growth Opportunities, Large Cap Value, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and Strategic International Equity and 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 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 an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the Government Money Market Fund.

The Funds, GSAL and BNYM received compensation relating to the lending of the Funds’ securities.

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

Derivatives Risk — The Funds’, the Portfolio’s or an Underlying 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, the Portfolio or an Underlying 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.

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

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.

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 increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with 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 the Underlying Funds — The investments of the Portfolio are concentrated in the Underlying Funds, and the Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. To the extent that the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, the Portfolio may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments in Other Investment Companies — As a shareholder of another investment company, including an ETF, a Fund, Portfolio and Underlying 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, Portfolio and Underlying 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, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund, Portfolio and Underlying Fund. Such large shareholder redemptions may cause a Fund, Portfolio and Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s, Portfolio’s and Underlying 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, Portfolio’s and Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s, Portfolio’s and Underlying Fund’s expense ratio. Similarly, large Fund, Portfolio and Underlying Fund share purchases may adversely affect a Fund’s, Portfolio’s and Underlying Fund’s performance to the extent that the Fund, Portfolio and Underlying Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

Liquidity Risk — A Fund and Underlying 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 and Portfolio will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund and Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. 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.

Market and Credit Risks — In the normal course of business, a Fund, Portfolio and Underlying Fund trade financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Fund, Portfolio and Underlying 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, Portfolio and Underlying Fund have unsettled or open transactions defaults.

Non-Diversification Risk — The Global Trends Allocation 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.

Short Position Risk — A Fund, the Portfolio and an Underlying 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, the Portfolio and an Underlying Fund may

purchase for investment. Taking short positions involves leverage of a Funds’ and the Portfolio’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund, the Portfolio and an Underlying Fund has taken a short position increases, then the Fund and the Portfolio 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.

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.

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.

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.


Counterparty	Currency Purchased		Currency Sold			Settlement Date		Current Value		Unrealized Gain

Morgan Stanley Co., Inc.	AUD	155,626		JPY	13,091,424		06/21/17	$	118,725	$	767
	AUD	222,000		NZD	241,103		06/21/17		169,362		692
	AUD	119,297		USD	90,281		04/27/17		91,105		824
	AUD	1,283,044		USD	968,811		06/21/17		978,821		10,010
	CAD	112,817		AUD	111,000		06/21/17		84,928		247
	CAD	277,988		EUR	191,562		06/21/17		209,268		4,134
	CAD	2,325,167		USD	1,736,300		06/21/17		1,750,366		14,066
	CHF	977,336		EUR	913,113		06/21/17		980,398		2,594
	EUR	213,122		NOK	1,931,645		06/21/17		228,221		3,064
	EUR	272,920		SEK	2,587,709		06/21/17		292,256		2,350
	EUR	619,375		USD	660,211		05/11/17		661,868		1,657
	EUR	565,713		USD	603,800		06/21/17		605,793		1,993
	GBP	277,280		EUR	317,000		06/21/17		348,071		8,612
	GBP	299,534		USD	367,768		04/28/17		375,496		7,728
	GBP	691,495		USD	852,520		06/21/17		868,038		15,518
	JPY	11,613,101		USD	102,400		04/12/17		104,341		1,941
	JPY	37,825,712		USD	335,274		06/21/17		340,826		5,552
	NOK	4,342,854		EUR	471,000		06/21/17		506,213		1,844
	NOK	290,032		SEK	300,906		06/21/17		33,807		96
	NZD	49,156		AUD	44,768		06/21/17		34,388		235
	NZD	1,408,225		USD	975,542		06/21/17		985,160		9,618
	USD	717,099		AUD	935,060		06/21/17		713,348		3,751
	USD	85,000		CAD	112,829		06/21/17		84,937		63
	USD	1,996,532		EUR	1,848,570		06/21/17		1,979,537		16,995
	USD	142,365		GBP	112,859		06/21/17		141,673		692
	USD	352,412		JPY	39,017,309		06/21/17		351,563		849
	USD	507,455		NZD	723,000		06/21/17		505,792		1,663
	USD	108,222		SEK	948,378		05/15/17		106,045		2,177
	USD	34,174		SEK	298,758		06/21/17		33,470		704

TOTAL										$	120,436


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Current Value		Unrealized Loss

Morgan Stanley Co., Inc.	AUD	1,097,526	USD	842,436		06/21/17	$	837,291	$	(5,145	)
	CAD	54,241	GBP	32,702		06/21/17		40,832		(219	)
	EUR	158,000	CAD	227,112		06/21/17		169,194		(1,775	)
	EUR	398,329	CHF	426,597		06/21/17		426,549		(1,385	)
	EUR	724,394	GBP	628,325		06/21/17		775,716		(13,023	)
	EUR	726,206	JPY	88,250,197		06/21/17		777,657		(17,514	)
	EUR	79,000	NOK	726,042		06/21/17		84,597		(32	)
	EUR	68,681	USD	74,048		05/11/17		73,393		(655	)
	EUR	1,553,440	USD	1,673,392		06/21/17		1,663,499		(9,893	)
	JPY	18,843,395	USD	170,000		06/21/17		169,787		(213	)
	NOK	18,155,626	EUR	2,009,076		06/21/17		2,116,260		(35,153	)
	NOK	1,258,920	USD	147,568		06/21/17		146,742		(826	)
	NZD	359,000	USD	251,956		06/21/17		251,148		(808	)
	SEK	24,928,852	EUR	2,617,906		06/21/17		2,792,829		(10,553	)
	SEK	876,000	USD	99,962		05/15/17		97,951		(2,011	)
	USD	124,807	AUD	163,478		04/26/17		124,849		(42	)
	USD	2,154,038	AUD	2,847,640		06/21/17		2,172,432		(18,394	)
	USD	1,184,207	CAD	1,579,584		06/21/17		1,189,098		(4,891	)
	USD	643,315	EUR	603,470		05/11/17		644,872		(1,557	)
	USD	296,640	GBP	241,603		04/28/17		302,874		(6,234	)
	USD	1,523,517	GBP	1,240,988		06/21/17		1,557,822		(34,305	)
	USD	92,808	JPY	10,525,255		04/12/17		94,566		(1,758	)
	USD	2,262,745	JPY	258,095,624		06/21/17		2,325,549		(62,804	)
	USD	473,015	NZD	684,725		06/21/17		479,017		(6,002	)
	USD	47,374	SEK	425,050		06/21/17		47,619		(245	)
	USD	331,283	TWD	10,506,713		06/16/17		347,242		(15,959	)

TOTAL									$	(251,396	)


Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)

3 Year Australian Government Bonds	32	June 2017	$	2,731,964		$	15,303
U.S. Long Bond	(1)	June 2017		(150,844	)		(221	)
U.S. Ultra Long Treasury Bonds	16	June 2017		2,570,000			17,987
2 Year U.S. Treasury Notes	49	June 2017		10,606,203			8,856
5 Year U.S. Treasury Notes	9	June 2017		1,059,539			9,682
10 Year U.S. Treasury Notes	(5)	June 2017		(622,813	)		1

TOTAL						$	51,608


								Market Value
Referenced Obligation	Notional Amount (000’s)		Rates Received (Paid)		Termination Date		Credit Spread on March 31, 2017^(a)	Upfront Payments Made (Received)		Unrealized Gain (Loss)

Protection Sold:
CDX North America Investment Grade Index	$	635		1.000%		12/20/21	0.586%	$	10,143	$	1,840


						Rates Exchanged				Market Value
	Notional Amount (000’s)			Termination Date		Payments Received		Payments Made		Upfront Payments Made (Received)			Unrealized Gain (Loss)

	SEK	9,470			06/15/18		0.050%		3 Month STIBOR	$	5,628		$	1,079
	SEK	9,950	^(a)		09/15/18		(0.330)		3 Month STIBOR		52			95
	EUR	7,750	^(a)		03/14/19		0.010		6 Month EURIBOR		(462	)		6,820
		10,350	^(a)		03/14/19		0.030		6 Month EURIBOR		1,615			9,097
	CAD	4,500			03/15/19		1.000		3 Month BA		(12,159	)		4,580
	EUR	8,850	^(a)		03/28/19		(0.162)		1 Day EONIA		908			6,140
	CHF	2,000	^(a)		03/29/19		(0.554)		6 Month LIBOR		197			458
	NOK	2,380	^(a)		06/21/19		1.250		6 Month NIBOR		(501	)		747
	$	5,680	^(a)		12/19/19		2.250		3 Month LIBOR		(224	)		7,961
		10,680	^(a)		12/20/19		2.250		3 Month LIBOR		15,389			(925	)
	EUR	4,670	^(a)		02/11/21		0.250		6 Month EURIBOR		1,005			198
	$	3,010	^(a)		02/11/21		3 Month LIBOR		2.250%		5,692			(5,236	)
	GBP	1,720	^(a)		03/11/21		6 Month LIBOR		1.000		(371	)		(2,540	)
	NZD	680			03/15/22		3.000		3 Month BBR		2,621			(474	)
	AUD	1,450	^(a)		06/21/22		2.750		6 Month BBR		5,818			3,464
	CAD	40	^(a)		06/21/22		1.000		3 Month BA		(819	)		48
	EUR	2,920	^(a)		06/21/22		—		6 Month EURIBOR		(53,053	)		17,441
	SEK	110	^(a)		06/21/22		3 Month STIBOR		0.500		(3	)		(53	)
	$	4,640	^(a)		06/21/22		3 Month LIBOR		1.250		209,438			(17,103	)
		1,290	^(a)		12/19/23		3 Month LIBOR		2.600		(126	)		(9,555	)
	EUR	1,200	^(a)		03/23/24		6 Month EURIBOR		0.910		799			(8,076	)
		2,770	^(a)		02/15/26		0.700		6 Month EURIBOR		(5,856	)		15,036
		1,580	^(a)		01/12/27		1.330		6 Month EURIBOR		(12,083	)		12,761
	GBP	1,280	^(a)		03/16/27		1.600		6 Month LIBOR		5,390			(1,532	)
	CAD	300	^(a)		06/21/27		1.250		3 Month BA		(17,379	)		2,269
	EUR	860	^(a)		06/21/27		0.500		6 Month EURIBOR		(32,155	)		4,032
	GBP	1,320	^(a)		06/21/27		6 Month LIBOR		0.750		76,489			(792	)
	SEK	2,140	^(a)		06/21/27		3 Month STIBOR		1.250		498			(2,410	)
	$	1,150	^(a)		06/21/27		1.500		3 Month LIBOR		(105,026	)		8,342
		1,510	^(a)		12/20/28		3 Month LIBOR		2.790		(25,125	)		5,037
	GBP	1,260	^(a)		01/11/32		6 Month LIBOR		1.940		5,521			(14,386	)
		540	^(a)		06/21/32		6 Month LIBOR		1.000		42,868			(4,369	)
		900	^(a)		03/17/37		6 Month LIBOR		1.750		(2,076	)		281
	JPY	39,080	^(a)		06/21/37		6 Month LIBOR		0.750		(1,553	)		(1,321	)
	GBP	310	^(a)		06/21/47		6 Month LIBOR		1.000		46,495			(4,866	)
	$	290	^(a)		06/21/47		1.750		3 Month LIBOR		(61,064	)		3,181

TOTAL										$	96,388		$	35,429


Description	Interest Rate			Maturity Date^(a)		Settlement Date		Principal Amount		Value

FHLMC		3.500	%		TBA-30yr		04/15/47	$	(1000000)	$	(1,022,812)
FNMA		3.500			TBA-30yr		04/25/47		(1000000)		(1,022,969)

TOTAL (Proceeds Received: $2,031,562)										$	(2,045,781)



Tax cost	$	109,174,131

Gross unrealized gain		1,911,859
Gross unrealized loss		(845,527	)

Net unrealized security gain	$	1,066,332



Tax cost	$	79,341,114

Gross unrealized gain		99,867,665
Gross unrealized loss		(10,347,785	)

Net unrealized security gain	$	89,519,880



Tax cost	$	274,197,660

Gross unrealized gain		12,338,967
Gross unrealized loss		(3,320,010	)

Net unrealized security gain	$	9,018,957



Tax cost	$	131,973,818

Gross unrealized gain		39,202,028
Gross unrealized loss		(1,873,739	)

Net unrealized security gain	$	37,328,289



Tax cost	$	68,636,614

Gross unrealized gain		369,838
Gross unrealized loss		(211,925	)

Net unrealized security gain	$	157,913



Investment Abbreviation:
ADR		— American Depositary Receipt


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



Tax cost	$	461,938,658

Gross unrealized gain		102,413,608
Gross unrealized loss		(14,553,154	)

Net unrealized security gain	$	87,860,454



Tax cost	$	692,137,778

Gross unrealized gain		107,278,945
Gross unrealized loss		(15,966,701	)

Net unrealized security gain	$	91,312,244



Tax cost	$	10,982,173

Gross unrealized gain		224,204
Gross unrealized loss		(359,391	)

Net unrealized security loss	$	(135,187	)



Tax cost	$	83,988,773

Gross unrealized gain		14,309,504
Gross unrealized loss		(3,947,407	)

Net unrealized security gain	$	10,362,097



Tax cost	$	359,499,248

Gross unrealized gain		150,788,319
Gross unrealized loss		(5,271,596	)

Net unrealized security gain	$	145,516,723


				Rates Exchanged		Market Value
Notional Amount (000’s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)

SEK	16,750		06/15/18	0.050%	3 Month STIBOR	$	10,994		$	868
	12,080	^(a)	09/15/18	(0.330)	3 Month STIBOR		180			(1	)
EUR	9,090	^(a)	03/14/19	0.010	6 Month EURIBOR		(541	)		7,998
	15,280	^(a)	03/14/19	0.030	6 Month EURIBOR		2,384			13,430
CAD	6,920		03/15/19	1.000	3 Month BA		(19,011	)		7,356
EUR	10,270	^(a)	03/28/19	(0.162)	1 Day EONIA		1,054			7,125
CHF	2,300	^(a)	03/29/19	(0.554)	6 Month LIBOR		225			529
PLN	90		06/17/19	3.048	6 Month WIBOR		268			694
	90		06/17/19	6 Month WIBOR	3.045%		0			(960	)
	3,070	^(a)	06/21/19	2.123	6 Month WIBOR		304			1,936
$	18,370	^(a)	12/20/19	2.250	3 Month LIBOR		17,058			7,821
EUR	6,320	^(a)	02/11/21	0.250	6 Month EURIBOR		727			901
$	4,060	^(a)	02/11/21	3 Month LIBOR	2.250		6,696			(6,081	)
GBP	2,010	^(a)	03/11/21	6 Month LIBOR	1.000		(439	)		(2,963	)
PLN	1,190		09/21/21	1.771	6 Month WIBOR		(2,290	)		(1,675	)
NZD	1,210		03/15/22	3.000	3 Month BBR		4,664			(843	)
AUD	2,050	^(a)	06/21/22	2.750	6 Month BBR		8,075			5,047
CAD	610	^(a)	06/21/22	1.000	3 Month BA		(12,488	)		738
EUR	3,680	^(a)	06/21/22	0.000	6 Month EURIBOR		(66,853	)		21,973
NOK	1,010	^(a)	06/21/22	6 Month NIBOR	1.750		(130	)		(1,063	)
SEK	1,510	^(a)	06/21/22	3 Month STIBOR	0.500		(199	)		(579	)
$	6,220	^(a)	06/21/22	3 Month LIBOR	1.250		280,029			(22,201	)
EUR	1,770	^(a)	03/23/24	6 Month EURIBOR	0.910		1,178			(11,912	)
	3,330	^(a)	02/15/26	0.700	6 Month EURIBOR		(7,881	)		18,917
	2,520	^(a)	01/12/27	1.330	6 Month EURIBOR		(19,188	)		20,269
GBP	1,900	^(a)	03/16/27	1.600	6 Month LIBOR		46			5,681
CAD	510	^(a)	06/21/27	1.250	3 Month BA		(28,276	)		2,589
EUR	780	^(a)	06/21/27	0.500	6 Month EURIBOR		(29,466	)		3,928



Tax cost	$	21,951,286

Gross unrealized gain		262,176
Gross unrealized loss		(308,567	)

Net unrealized security loss	$	(46,391	)



Tax cost	$	147,963,254

Gross unrealized gain		15,152,534
Gross unrealized loss		(9,881,744	)

Net unrealized security gain	$	5,270,790



Tax cost	$	346,794,568

Gross unrealized gain		44,033,651
Gross unrealized loss		(2,901,771	)

Net unrealized security gain	$	41,131,880


Principal Amount	Maturity Value	Collateral Value
$365,400,000	$365,424,640	$375,282,340


Counterparty	Interest Rate			Principal Amount
ABN Amro Bank N.V.		0.810	%	$	27,533,909
Bank of America, N.A.		0.820			25,030,826
Bank of Nova Scotia (The)		0.810			70,086,313
BNP Paribas		0.800			55,067,817
Citigroup Global Markets, Inc.		0.810			22,477,682
TD Securities USA, LLC		0.810			15,018,496
Wells Fargo Securities, LLC		0.810			150,184,957
TOTAL				$	365,400,000


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		0.750 to 7.500	%		04/09/18 to 04/01/47
Federal National Mortgage Association		1.200 to 7.500			09/01/18 to 08/01/48
Government National Mortgage Association		3.000 to 10.000			02/15/18 to 03/20/47
U.S. Treasury Bill		0.000			04/13/17
U.S. Treasury Bonds		3.375 to 6.625			02/15/27 to 05/15/44
U.S. Treasury Inflation-Indexed Bonds		0.750 to 3.875			01/15/27 to 02/15/45
U.S. Treasury Inflation-Indexed Notes		0.125 to 0.375			01/15/23 to 07/15/23
U.S. Treasury Interest-Only Stripped Securities		0.000			08/15/24 to 08/15/30
U.S. Treasury Notes		0.875 to 3.500			04/15/17 to 05/15/24


CORE FIXED INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Bonds	$	—		$	37,121,035		$	—
Mortgage-Backed Securities		—			21,508,680			—
Collateralized Mortgage Obligations		—			2,392,959			—
Commercial Mortgage-Backed Securities		—			1,183,562			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		24,908,741			2,146,600			—
Asset-Backed Securities		—			11,374,239			450,000
Foreign Government Securities		—			3,503,074			—
Supranational		—			198,567			—
Municipal Bonds		—			881,515			—
Investment Company		4,571,491			—			—
Total	$	29,480,232		$	80,310,231		$	450,000
Liabilities
Fixed Income
Mortgage-Backed Securities — Forward Sales Contracts	$	—		$	(2,045,781	)	$	—

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	120,436		$	—
Futures Contracts		51,829			—			—
Credit Default Swap Contracts		—			1,840			—
Interest Rate Swap Contracts		—			107,988			—
Total	$	51,829		$	230,264		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(251,396	)	$	—
Futures Contracts		(221	)		—			—
Interest Rate Swap Contracts		—			(72,559	)		—
Total	$	(221	)	$	(323,955	)	$	—

EQUITY INDEX

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
Europe	$	218,551		$	—		$	—
North America		168,439,808			—			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		99,735			—			—
Securities Lending Reinvestment Vehicle		102,900			—			—
Total	$	168,860,994		$	—		$	—

Derivative Type
Liabilities^(a)
Futures Contract	$	(3,223	)	$	—		$	—

GLOBAL TRENDS ALLOCATION

Investment Type	Level 1			Level 2			Level 3
Assets
Exchange Traded Funds	$	104,222,550		$	—		$	—
Investment Companies		164,458,617			—			—
Securities Lending Reinvestment Vehicle		14,535,450			—			—
Total	$	283,216,617		$	—		$	—

Derivative Type
Assets^(a)
Futures Contracts	$	784,175		$	—		$	—
Liabilities^(a)
Futures Contracts	$	(645,902	)	$	—		$	—


GROWTH OPPORTUNITIES

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	167,656,532		$	—		$	—
Investment Company		150			—			—
Securities Lending Reinvestment Vehicle		1,645,425			—			—
Total	$	169,302,107		$	—		$	—

HIGH QUALITY FLOATING RATE

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations and/or Other U.S. Government Agencies	$	2,746,111		$	751,213		$	—
Mortgage-Backed Securities		—			6,896,996			—
Collateralized Mortgage Obligations		—			26,406,213			—
Commercial Mortgage-Backed Securities		—			100,504
Asset-Backed Securities		—			25,657,636			100,000
Investment Company		6,135,854			—			—
Total	$	8,881,965		$	59,812,562		$	100,000

Derivative Type
Assets^(a)
Futures Contracts	$	18,144		$	—		$	—
Liabilities^(a)
Futures Contracts	$	(12,185	)	$	—		$	—

LARGE CAP VALUE

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
Europe	$	28,490,320		$	762,528		$	—
North America		497,929,530			—			—
Investment Company		17,301,159			—			—
Securities Lending Reinvestment Vehicle		5,315,575			—			—
Total	$	549,036,584		$	762,528		$	—

MID CAP VALUE

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	755,026,062		$	—		$	—
Europe		6,325,443			—			—
Investment Company		17,930,532			—			—
Securities Lending Reinvestment Vehicle		4,167,985			—			—
Total	$	783,450,022		$	—		$	—

MULTI-STRATEGY ALTERNATIVES

Investment Type	Level 1			Level 2			Level 3
Assets
Equity Underlying Funds	$	2,977,216		$	—		$	—
Fixed Income Underlying Funds		6,678,716			—			—
Exchange Traded Funds		160,144			—			—
Investment Company		1,030,910			—			—
Total	$	10,846,986		$	—		$	—

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	16,549		$	—
Futures Contracts		11,947			—			—
Total	$	11,947		$	16,549		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(15,888	)	$	—
Futures Contracts		(14,663	)		—			—
Total	$	(14,663	)	$	(15,888	)	$	—

SMALL CAP EQUITY INSIGHTS

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
Europe	$	611,594		$	—		$	—
North America		92,113,062			—			2,365
Investment Company		1,031,908			—			—
Securities Lending Reinvestment Vehicle		591,941			—			—
Total	$	94,348,505		$	—		$	2,365

Derivative Type
Assets^(a)
Futures Contracts	$	19,330		$	—		$	—


STRATEGIC GROWTH

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
North America	$	501,859,876		$	—		$	—
Securities Lending Reinvestment Vehicle		3,156,095			—			—
Total	$	505,015,971		$	—		$	—

STRATEGIC INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	65,520		$	—		$	—
Fixed Income
Convertible Bond		—			46,719			—
Corporate Bonds		—			1,313,245			—
Mortgage-Backed Security		—			166,516			—
Collateralized Mortgage Obligations		—			2,455,091			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		8,188,277			826,215			—
Asset-Backed Securities		—			7,173,267			—
Foreign Government Securities		—			417,165			—
Municipal Bonds		—			379,602			—
Loan Participations		—			208,685			26,224
Investment Company		2,393			—			—
Short-Term Investment		635,976			—			—
Total	$	8,892,166		$	12,986,505		$	26,224

Derivative Type
Assets^(b)
Forward Foreign Currency Exchange Contracts	$	—		$	303,410		$	—
Futures Contracts		81,206			—			—
Credit Default Swap Contracts		—			962			—
Interest Rate Swap Contracts		—			152,176			—
Total	$	81,206		$	456,548		$	—
Liabilities^(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(476,460	)	$	—
Futures Contracts		(17,997	)		—			—
Credit Default Swap Contracts		—			(84,711	)		—
Interest Rate Swap Contracts		—			(103,002	)		—
Total	$	(17,997	)	$	(664,173	)	$	—

STRATEGIC INTERNATIONAL EQUITY

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
Asia	$	—		$	34,961,444		$	—
Australia and Oceania		—			5,078,736			—
Europe		—			106,907,407			—
North America		3,057,349			2,464,407			—
Securities Lending Reinvestment Vehicle		764,701			—			—
Total	$	3,822,050		$	149,411,994		$	—

U.S. EQUITY INSIGHTS

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(b)
Asia	$	137,852		$	—		$	—
North America		383,736,688			—			—
Investment Company		4,051,908			—			—
Total	$	387,926,448		$	—		$	—

Derivative Type
Liabilities^(a)
Futures Contract	$	(19,328	)	$	—		$	—


(Registrant) Goldman Sachs Variable Insurance Trust

By (Signature and Title)*		/s/ JAMES A. McNAMARA, PRESIDENT/CHIEF EXECUTIVE OFFICER

Date: May 26, 2017