Goldman Sachs High Yield Instl (GSHIX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

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

(Name and address of agents for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2013

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	September 30, 2013
	Municipal Fixed Income Funds
	High Yield Municipal
	Municipal Income
	Short Duration Tax-Free

Goldman Sachs Municipal Fixed Income Funds

n HIGH YIELD MUNICIPAL

n MUNICIPAL INCOME

n SHORT DURATION TAX-FREE

TABLE OF CONTENTS
Principal Investment Strategies and Risks	1
Investment Process	2
Market Review	3
Portfolio Management Discussions and Performance Summaries	5
Schedules of Investments	20
Financial Statements	80
Financial Highlights	84
Notes to the Financial Statements	90
Other Information	107

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Principal Investment Strategies and Risks

This is not a complete list of risks that may affect the Funds. For additional information concerning the risks applicable to the Funds, please see the Funds’ Prospectuses.

The Goldman Sachs High Yield Municipal Fund invests primarily in high yield municipal securities that, at the time of purchase, are medium quality or non-investment grade, the interest on which is exempt from regular federal income tax. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity, interest rate, call and extension risk. High yield, lower rated investments involve greater price volatility and present greater risks, including greater liquidity risk, than higher rated fixed income securities. The Fund is subject to the risk that the liquidity of particular issuers or industries, or of all securities within a particular investment category, will shrink or disappear as a result of adverse economic, market or political events or adverse investor perception. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in bonds of similar projects or in particular types of municipal securities. Because the Fund may invest heavily in investments in particular sectors (for example, specific types of municipal securities) or states, the Fund is subject to greater risk of loss as a result of adverse events affecting those sectors or states than if its investments were not so concentrated. The Fund may invest in securities whose income is subject to the federal alternative minimum tax and state income tax. The Fund may be adversely impacted by changes in tax law rates and policies, and is not suited for IRAs or other tax exempt or deferred accounts. Certain shareholders, including clients or affiliates of the investment adviser, may from time to time own or control a significant percentage of the Fund’s shares. Redemptions by these shareholders of their shares of the Fund may impact the Fund’s liquidity and NAV. The Fund is “non-diversified” and may invest more of its assets in fewer issuers than “diversified” funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

The Goldman Sachs Municipal Income Fund invests primarily in municipal securities, the interest on which is exempt from regular federal income tax. The Fund may invest up to 100% of its net assets in private activity bonds, whose income may be subject to the federal alternative minimum tax. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in bonds of similar projects or in particular types of municipal securities. Because the Fund may invest heavily in investments in particular states and sectors, the Fund is subject to greater risk of loss as a result of adverse events affecting those states and sectors than if its investments were not so concentrated. The Fund may be adversely impacted by changes in tax law rates and policies, and is not suited for IRAs or other tax-exempt or deferred accounts.

The Goldman Sachs Short Duration Tax-Free Fund invests primarily in municipal securities, the interest on which is exempt from regular federal income tax and is not a tax preference item under the federal alternative minimum tax. The Fund may invest up to 20% of its portfolio in private activity bonds whose income may be subject to the federal alternative minimum tax and taxable investments. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in bonds of similar projects or in particular types of municipal securities. Because the Fund may invest heavily in investments in particular states and sectors, the Fund is subject to greater risk of loss as a result of adverse events affecting those states and sectors than if its investments were not so concentrated. The Fund may be adversely impacted by changes in tax law rates and policies, and is not suited for IRAs or other tax-exempt or deferred accounts.

1

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

What Differentiates the Goldman Sachs Asset Management Fixed Income Investment Process?

At Goldman Sachs Asset Management, L.P. (“GSAM”), the goal of our fixed income investment process is to provide consistent, strong performance by actively managing our portfolios within a research-intensive, risk-managed framework.

A key element of our fixed income investment philosophy is to evaluate the broadest global opportunity set to capture relative value across sectors and instruments. Our globally integrated investment process involves managing dynamically along the risk/return spectrum, as we continue to develop value-added strategies through:

n Assess relative value among securities and sectors

n Leverage the vast resources of GSAM in selecting securities for each portfolio

n Team approach to decision making

n Manage risk by avoiding significant sector and interest rate bets

n Careful management of yield curve strategies — while closely managing portfolio duration

Fixed Income portfolios that:

n Include domestic investment options, tax-free income opportunities, and access to areas of specialization

n Capitalize on GSAM’s industry-renowned credit research capabilities

n Use a risk-managed framework to seek total return, recognizing the importance of investors’ capital accumulation goals as well as their need for income

2

MARKET REVIEW

Goldman Sachs Municipal Fixed Income Funds

Market Review

The municipal bond market declined during the six months ended September 30, 2013 (the “Reporting Period”), pressured by higher interest rates and significant investment outflows.

Commentary from the Federal Reserve (the “Fed”) about the potential tapering of its quantitative easing program led to a sharp increase in U.S. Treasury yields during the Reporting Period. Municipal yields followed, climbing even higher in the longest maturities than in comparable duration U.S. Treasuries. Over the course of the Reporting Period, the municipal yield curve steepened. The yield on a two-year AAA-rated municipal security increased five basis points to 0.36%; the yield on a 10-year AAA-rated municipal security rose 63 basis points to 2.54%; and the yield on a 30-year AAA-rated municipal security climbed 103 basis points to 4.12%. (A basis point is 1/100th of a percentage point). By comparison, the yield on a two-year U.S. Treasury security increased seven basis points to 0.32%; the yield on a 10-year U.S. Treasury security rose 76 basis points to 2.61%; and the yield on a 30-year U.S. Treasury security climbed 59 basis points to 3.69% (Source: GSAM, MMD, & Bloomberg).

Market technicals, or supply and demand factors, were weak during the Reporting Period. Investment outflows from municipal bond mutual funds overpowered demand from non-traditional buyers, who purchased municipal bonds largely because of their relatively higher yields. Overall supply declined as maturing bonds and refunding bonds (wherein issuers replace higher-yield bonds with debt issued at lower interest rates) outstripped new issuance. During June 2013, $6.6 billion of supply was withdrawn from the municipal bond market through refunding and maturities.

Negative headlines also weighed on the municipal bond market. On July 18, 2013, the City of Detroit filed for Chapter 9 bankruptcy protection, the largest U.S. city to ever to do so. Also in July, Moody’s Investors Service downgraded the City of Chicago’s municipal debt. Puerto Rico’s municipal debt was also downgraded during the Reporting Period.

On the positive side, Moody’s Investors Service upgraded its outlook for U.S. states to neutral, after having them on negative outlook for more than five years. The credit ratings agency cited economic stabilization, better than expected revenue results and increasing reserves. At the end of the Reporting Period, state tax collections had increased for 13 consecutive quarters, according to Thomson Reuters.

The high yield municipal bond market underperformed investment grade municipal bonds during the Reporting Period, especially in June 2013, as investors withdrew assets from municipal bond mutual funds. Investment outflows overall reduced liquidity and increased price volatility.

3

MARKET REVIEW

Looking Ahead

At the end of the Reporting Period, we believed the increase in intermediate-term and long-term municipal yields could attract new investments from individuals and institutions. The potential demand, coupled with lighter new issue supply, should, in our view, tip market technicals back to positive. In spite of some high profile credit events during the Reporting Period, we believe that fundamentals have stabilized overall and are improving at the state and local level in some areas. For this trend to continue, we think state and local governments need to look at both expense reduction and revenue growth, including tax increases, to help achieve balanced budgets in the years to come. At the end of the Reporting Period, as debate in Washington, D.C. focused on the federal budget and the raising of the debt ceiling, we continued to monitor developments, especially as they pertain to the municipal federal tax exemption.

4

PORTFOLIO RESULTS

Goldman Sachs High Yield Municipal Fund

Investment Objective

The Fund seeks a high level of current income that is exempt from regular federal income tax and may also consider the potential for capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Municipal Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, B, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of -7.17%, -7.62%, -7.52%, -7.13% and -7.05%, respectively. These returns compare to the -5.41% cumulative total return of the Fund’s benchmark, the High Yield Municipal Fund Composite Index (“High Yield Municipal Composite”), during the same time period.

The High Yield Municipal Fund Composite is comprised 40% of the Barclays Aggregate Municipal Bond Index (with dividends reinvested) and 60% of the Barclays High Yield Municipal Bond Index (with dividends reinvested), which generated cumulative total returns of -3.15% and -6.92%, respectively, during the Reporting Period.

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

A The Fund’s duration and yield curve strategy detracted from relative performance during the Reporting Period. Sector positioning also hurt results.

Q Which municipal bond market sectors most significantly affected Fund performance?

A During the Reporting Period, the Fund was hampered by its overweighted position in Puerto Rican bonds, as spreads (or yields between bonds of comparable maturities) widened after downgrades by credit ratings agencies.

Q How did duration and yield curve positioning decisions affect the Fund’s performance?

A The Fund’s longer duration position relative to the High Yield Municipal Composite detracted from performance as yields increased during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

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

A The Fund used municipal credit default swaps as we sought to capture the upside potential of select securities that were trading below what we considered their intrinsic value.

Also during the Reporting Period, the Fund used municipal inverse variable rate securities to take advantage of the steepness of the municipal yield curve, wherein yields on shorter-term maturity municipal bonds were lower than those on longer-term maturity municipal bonds. These securities have an inverse relationship to short-term interest rates — the interest rate they pay generally increases as short-term interest rates fall and vice versa — and they therefore have the potential to increase or decrease the Fund’s income. To hedge against potential changes in interest rates, the Fund employed interest rate swap contracts. It used Municipal Market Data (MMD) Rate Locks to hedge the Fund’s duration.

Q What changes did you make in the Fund’s weightings and investments during the Reporting Period?

A During the Reporting Period, we increased the Fund’s exposure to land-backed municipal bonds. We reduced its exposure to state general obligation bonds and to the multi-family housing sector. In addition, during the Reporting Period, we reduced the Fund’s exposure to municipal debt issued in Michigan. We also reduced the Fund’s duration position relative to the High Yield Municipal Composite as market conditions shifted.

5

PORTFOLIO RESULTS

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund had a shorter duration position compared to the High Yield Municipal Composite. It was overweight relative to the High Yield Municipal Composite in the land-backed sector and in bonds issued in Puerto Rico.

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

A The broad-based redemptions from municipal bond mutual funds, which had created negative market technicals during the Reporting Period, began to ease only near the end of the Reporting Period. Still, in our opinion, investment outflows from municipal bond mutual funds may continue over the near term and are likely to remain a headwind for the municipal bond market into the end of 2013. We intend to maintain our unconstrained approach in which we focus on seeking attractive risk/return opportunities across all maturities along the municipal bond yield curve and inclusive of all credit qualities. Based on shifts in interest rates, we intend to maintain a short duration target relative to the High Yield Municipal Composite.

6

FUND BASICS

High Yield Municipal Fund

as of September 30, 2013

PERFORMANCE REVIEW
April 1, 2013– September 30, 2013	Fund Total Return (based on NAV)1			High Yield Municipal Fund Composite Index2			Barclays High Yield Municipal Bond Index3			Barclays Aggregate Municipal Bond Index4			30-Day Standardized Subsidized Yield5			30-Day Standardized Unsubsidized Yield5			30-Day Taxable Equivalent Yield6
Class A		-7.17	%		-5.41	%		-6.92	%		-3.15	%		4.39	%		4.33	%		7.76	%
Class B		-7.62			-5.41			-6.92			-3.15			3.85			3.79			6.80
Class C		-7.52			-5.41			-6.92			-3.15			3.86			3.80			6.82
Institutional		-7.13			-5.41			-6.92			-3.15			4.89			4.88			8.64
Class IR		-7.05			-5.41			-6.92			-3.15			4.85			4.79			8.57

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

²  The High Yield Municipal Fund Composite Index is comprised of the Barclays Aggregate Municipal Bond Index (40%) (with dividends reinvested) and the Barclays High Yield Municipal Bond Index (60%) (with dividends reinvested).

³  The Barclays High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. The Index does not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The Barclays Aggregate Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate, and tax-exempt issues, with a remaining maturity of at least one year. The Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁵  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

⁶  The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Subsidized Yield by 1 minus the highest 2013 federal income tax rate of 43.4%. During a period when the 30-Day Standardized Subsidized Yield of a share class of the Fund is negative, the corresponding 30-Day Taxable Equivalent Yield will also be negative, and therefore the latter may not provide meaningful comparative information to investors.

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

7

FUND BASICS

STANDARDIZED TOTAL RETURNS7
For the period ended 9/30/13	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		-7.58	%	3.80%	2.52%	3.82%	4/3/00
Class B		-8.74		3.56	2.36	3.70	4/3/00
Class C		-4.90		3.98	2.22	3.40	4/3/00
Institutional		-2.94		5.09	3.34	4.55	4/3/00
Class IR		-2.98		N/A	N/A	5.47	7/30/10

⁷  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Because Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds). The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 60 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

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

EXPENSE RATIOS8
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.86	%		0.92	%
Class B		1.61			1.67
Class C		1.61			1.67
Institutional		0.57			0.58
Class IR		0.61			0.67

⁸  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

8

FUND BASICS

SECTOR ALLOCATION⁹

Percentage of Market Value

⁹  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

9

PORTFOLIO RESULTS

Goldman Sachs Municipal Income Fund

Investment Objective

The Fund seeks a high level of current income that is exempt from regular federal income tax, consistent with preservation of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Municipal Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of -4.93%, -5.28%, -5.22%, -4.76%, -4.99% and -4.82%, respectively. These returns compare to the -3.15% cumulative total return of the Fund’s benchmark, the Barclays Aggregate Municipal Bond Index (the “Index”), during the same time period.

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

A During the Reporting Period, the Fund’s duration and yield curve strategy dampened relative performance. Sector positioning and bottom-up issue selection also detracted from results.

Q Which municipal bond market sectors most significantly affected Fund performance?

A The Fund’s performance was hampered during the Reporting Period by an overweighted position in Puerto Rican bonds as spreads (or yields between bonds of comparable maturities) widened after downgrades by credit ratings agencies. Also, issue selection of longer-term floating rate notes detracted from returns amid poor liquidity conditions. A floating rate note is a note with a variable interest rate.

Q How did duration and yield curve positioning decisions affect the Fund’s performance?

A The Fund’s longer duration position relative to the Index detracted from performance as yields increased during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

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

A During the Reporting Period, the Fund used municipal inverse variable rate securities to take advantage of the steepness of the municipal yield curve, wherein yields on shorter-term maturity municipal bonds were lower than those on longer-term maturity municipal bonds. These securities have an inverse relationship to short-term interest rates — the interest rate they pay generally increases as short-term interest rates fall and vice versa — and they therefore have the potential to increase or decrease the Fund’s income. In addition, the Fund used municipal credit default swaps as we sought to capture the upside potential of select securities that were trading below what we considered their intrinsic value. Also, to hedge against potential changes in interest rates, the Fund employed interest rate swap contracts during the Reporting Period.

Q What changes did you make in the Fund’s weightings and investments during the Reporting Period?

A During the Reporting Period, we increased the Fund’s exposure to floating rate notes. As interest rates increased during the Reporting Period, we also rotated out of securities purchased at lower interest rates and reinvested the proceeds into higher yielding securities. In addition, we reduced the Fund’s exposure to tobacco bonds and to pre-refunded municipal bonds during the Reporting Period. Pre-refunding, also known as advance refunding, is a procedure in which a municipality issues a second bond at a lower interest rate, and uses the proceeds from the sale of the second bond to invest in “escrow collateral” for the first bond. The escrow collateral is typically in U.S. Treasury securities. Pre-refunded municipal bonds no longer represent the credit risk profile of the original borrower, and given the high credit quality of the escrow collateral, they often increase in value — sometimes significantly.

10

PORTFOLIO RESULTS

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund had a longer duration position relative to the Index. It was overweight compared to the Index in lower credit-quality investment grade municipal bonds. Also, it had overweighted allocations relative to the Index in bonds issued in California, Texas and Florida.

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

A We intend to continue managing the Fund to seek opportunities along the entire municipal bond yield curve and across the spectrum of investment grade credits. We will continue to monitor the changing dynamic between agencies and municipals, seeking to keep the Fund invested in the most tax-efficient manner. Based on shifts in interest rates, we intend to maintain a short duration target relative to the Index.

11

FUND BASICS

Municipal Income Fund

as of September 30, 2013

PERFORMANCE REVIEW
April 1, 2013– September 30, 2013	Fund Total Return (based on NAV)1			Barclays Aggregate Municipal Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3			30-Day Taxable Equivalent Yield4
Class A		-4.93	%		-3.15	%		3.18	%		2.94	%		5.62	%
Class B		-5.28			-3.15			2.55			2.31			4.51
Class C		-5.22			-3.15			2.56			2.32			4.52
Institutional		-4.76			-3.15			3.64			3.40			6.43
Service		-4.99			-3.15			3.16			2.91			5.58
Class IR		-4.82			-3.15			3.55			3.30			6.27

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

²  The Barclays Aggregate Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate, and tax-exempt issues, with a remaining maturity of at least one year. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

⁴  The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Subsidized Yield by 1 minus the highest 2013 federal income tax rate of 43.4%. During a period when the 30-Day Standardized Subsidized Yield of a share class of the Fund is negative, the corresponding 30-Day Taxable Equivalent Yield will also be negative, and therefore the latter may not provide meaningful comparative information to investors.

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

12

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 9/30/13	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		-7.06	%	5.27%	3.51%	4.57%	7/20/93
Class B		-8.95		4.90	3.27	4.45	5/1/96
Class C		-5.06		5.29	3.13	3.68	8/15/97
Institutional		-3.12		6.44	4.28	4.83	8/15/97
Service		-3.62		5.87	3.73	4.33	7/20/93
Class IR		-3.21		N/A	N/A	4.29	7/30/10

⁵  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares of the Fund was 4.5%, which is not reflected in the figures shown. Because Institutional Shares, Service Shares and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds).

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

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.78	%		0.98	%
Class B		1.53			1.73
Class C		1.53			1.73
Institutional		0.44			0.64
Service		0.94			1.15
Class IR		0.53			0.73

⁶  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

13

FUND BASICS

SECTOR ALLOCATION⁷

Percentage of Market Value

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

14

PORTFOLIO RESULTS

Goldman Sachs Short Duration Tax-Free Fund

Investment Objective

The Fund seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Tax-Free Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of -1.17%, -1.47%, -1.37%, -1.10%, -1.25% and -1.15%, respectively. These returns compare to the 0.22% cumulative total return of the Fund’s benchmark, the Barclays 1-3 Year Municipal Bond Index (with dividends reinvested) (the “Index”), during the same time period.

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

A During the Reporting Period, the Fund’s duration and yield curve strategy detracted from relative returns. Sector positioning and bottom-up issue selection also hampered performance.

Q Which municipal bond market sectors most significantly affected Fund performance?

A The Fund was hurt during the Reporting Period by its overweighted position in Puerto Rican bonds as spreads (or yields between bonds of comparable maturities) widened after downgrades by credit ratings agencies. In addition, exposure to tobacco bonds detracted from the Fund’s relative performance. Issue selection of longer-term floating rate notes dampened returns amid poor liquidity conditions. A floating rate note is a note with a variable interest rate.

Q How did duration and yield curve positioning decisions affect the Fund’s performance?

A The Fund’s longer duration position relative to the Index detracted from performance as yields increased during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

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

A During the Reporting Period, the Fund used municipal inverse variable rate securities to take advantage of the steepness of the municipal yield curve, wherein yields on shorter-term maturity municipal bonds were lower than those on longer-term maturity municipal bonds. These securities have an inverse relationship to short-term interest rates — the interest rate they pay generally increases as short-term interest rates fall and vice versa — and they therefore have the potential to increase or decrease the Fund’s income. In addition, the Fund used municipal credit default swaps as we sought to capture the upside potential of select securities that were trading below what we considered their intrinsic value.

Q What changes did you make in the Fund’s weightings and investments during the Reporting Period?

A We shifted the Fund from a longer duration position relative to the Index at the beginning of the Reporting Period to a shorter duration position by the end of the Reporting Period. We took advantage of the strong performance of California municipal bonds to trim the Fund’s exposure. By the end of the Reporting Period, California municipal securities appeared rich compared to the broader municipal bond market, in our view. In addition, we increased the Fund’s exposure to floating rate notes during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of Reporting Period?

A At the end of the Reporting Period, the Fund had a shorter duration position relative to the Index. It was overweight compared to the Index in lower credit-quality investment grade municipal bonds. It had an overweighted allocation in bonds issued in New York, and it had an underweighted allocation in bonds issued in California.

15

PORTFOLIO RESULTS

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

A We intend to continue managing the Fund to seek opportunities in the short-term end of the municipal bond yield curve, including investment grade credits. We will continue to monitor the changing dynamic between agencies and municipals, seeking to keep the Fund invested in the most tax-efficient manner. Based on shifts in interest rates, we intend to maintain a short duration target relative to the Index. We may adjust the Fund’s duration position if we see a broad change in interest rates.

16

FUND BASICS

Short Duration Tax-Free Fund

as of September 30, 2013

PERFORMANCE REVIEW
April 1, 2013– September 30, 2013	Fund Total Return (based on NAV)1			Barclays 1-3 Year Municipal Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3			30-Day Taxable Equivalent Yield4
Class A		-1.17	%		0.22	%		0.84	%		0.81	%		1.48	%
Class B		-1.47			0.22			0.28			0.12			0.49
Class C		-1.37			0.22			0.46			0.09			0.81
Institutional		-1.10			0.22			1.19			1.16			2.10
Service		-1.25			0.22			0.69			0.67			1.22
Class IR		-1.15			0.22			1.10			1.07			1.94

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

²  The Barclays 1-3 Year Municipal Bond Index (with dividends reinvested), an unmanaged index, represents investment grade municipal bonds with maturities greater than one year and less than 4 years, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

⁴  The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Subsidized Yield by 1 minus the highest 2013 federal income tax rate of 43.4%. During a period when the 30-Day Standardized Subsidized Yield of a share class of the Fund is negative, the corresponding 30-Day Taxable Equivalent Yield will also be negative, and therefore the latter may not provide meaningful comparative information to investors.

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

17

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 9/30/13	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		-2.05	%	2.18%	2.08%	2.92%	5/1/97
Class B		-3.24		1.83	1.73	2.71	5/1/97
Class C		-1.72		1.91	1.56	2.22	8/15/97
Institutional		-0.34		2.80	2.59	3.55	10/1/92
Service		-0.84		2.28	2.07	3.03	9/20/94
Class IR		-0.43		N/A	N/A	1.48	7/30/10

⁵  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (2% maximum declining to 0% after three years) and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares of the Fund was 2.0%, which is not reflected in the figures shown. Because Institutional, Service and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds).

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

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.73	%		0.76	%
Class B		1.33			1.49
Class C		1.13			1.50
Institutional		0.39			0.42
Service		0.89			0.92
Class IR		0.48			0.50

⁶  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

18

FUND BASICS

SECTOR ALLOCATION⁷

Percentage of Market Value

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

19

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – 97.9%
	Alabama – 2.2%
	Alabama Special Care Facilities Financing Authority RB for Birmingham Ascension Health Series 2009 C-1 (AA+/NR)(a)(b)(c)
$	6,875,000		14.488	%		11/03/16	$	9,377,706
	Alexander City Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BB+/NR)
	2,795,000		5.375			12/01/16		2,913,480
	4,425,000		5.500			12/01/21		4,484,738
	5,775,000		5.625			12/01/26		5,806,820
	16,515,000		5.750			12/01/36		16,162,074
	Courtland Industrial Development Board PCRB Refunding for International Paper Co. Projects Series 2005 A (BBB/Baa3)
	1,000,000		5.000			06/01/25		1,022,170
	Infirmary Health System Special Care Facilities Financing Authority of Mobile RB for Infirmary Health System, Inc. Series 2010 A (A-/NR)
	7,500,000		5.250			02/01/30		7,515,450
	Sylacauga Health Care Authority RB for Coosa Valley Medical Center Series 2005 A (GO OF AUTH) (NR/NR)
	7,600,000		6.000			08/01/25		7,313,100
	15,000,000		6.000			08/01/35		13,659,450
								68,254,988
	Arizona – 1.1%
	Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (BBB/Baa2)
	7,000,000		4.500			03/01/30		6,477,800
	City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,250,000		6.250			12/01/42		1,231,725
	1,325,000		6.250			12/01/46		1,295,863
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for El Paso Electric Co. Project Series 2009 A (BBB/Baa2)
	8,800,000		7.250			02/01/40		9,719,600
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Public Service Co. of New Mexico Palo Verde Project Series 2003 A (BBB/Baa3)
	5,000,000		6.250			01/01/38		5,381,900
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (BBB/Baa2)
	5,350,000		4.500			06/01/30		4,946,931
	University Medical Center Corp. RB Series 2009 (BBB+/Baa1)
	500,000		6.250			07/01/29		547,260
	1,360,000		6.500			07/01/39		1,485,447
	University Medical Center Corp. RB Series 2011 (GO OF CORP) (BBB+/Baa1)
	3,500,000		6.000			07/01/39		3,606,575
								34,693,101
	California – 12.2%
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE FGIC) (A+/Aa3)(d)
	1,600,000		0.000			08/01/26		854,496
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Alameda County Oakland Unified School District GO Bonds for Election of 2012 Series 2013 (NR/NR)
$	4,000,000		6.625	%		08/01/38	$	4,230,640
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA-/A1)(d)
	1,210,000		0.000			08/01/36		314,527
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA-/A2)(d)
	1,055,000		0.000			08/01/25		595,780
	California Municipal Finance Authority COPS for Community Hospitals of Central California Obligated Group Series 2009 (BBB/Baa2)
	19,500,000		5.500			02/01/39		18,827,055
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Series 2012 (AMT) (BBB-/Baa3)(b)
	3,180,000		5.000			11/21/45		2,658,480
	California Public Works Board Lease RB for various Judicial Council Projects Series 2011 D (A-/A2)
	3,000,000		5.000			12/01/31		3,103,410
	California Statewide Communities Development Authority RB for California Baptist University Series 2007 A (NR/NR)
	2,000,000		5.400			11/01/27		1,990,160
	11,850,000		5.500			11/01/38		10,899,393
	California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)
	1,875,000		5.875			11/01/43		1,675,819
	California Statewide Communities Development Authority RB for Methodist Hospital Project Series 2009 (FHA) (NR/Aa2)
	5,340,000		6.625			08/01/29		6,197,284
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (B/NR)(d)
	35,000,000		0.000			06/01/46		1,380,050
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE FGIC) (A/Baa1)(d)
	7,000,000		0.000			09/01/33		2,169,720
	City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (A+/NR)
	750,000		6.500			12/01/26		882,270
	2,830,000		7.000			12/01/36		3,298,054
	City of Goleta Redevelopment Agency Tax Allocation for Goleta Old Town Redevelopment Project Series 2011 (NR/NR)
	670,000		7.750			12/01/31		699,701
	5,000,000		8.000			06/01/44		5,230,850
	City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (BBB/NR)
	600,000		5.000			09/02/30		620,472
	Coronado Community Development Agency Tax Allocation for Coronado Community Development Project Series 2005 (AMBAC) (AA-/NR)
	175,000		5.000			09/01/20		181,813

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Encinitas Community Facilities District No. 1 Special Tax Refunding Bonds for Encinitas Ranch Public Improvements Series 2012 (A-/NR)
$	2,000,000		4.000	%		09/01/30	$	1,771,360
	Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (XLCA) (A+/WR)(d)
	4,180,000		0.000			04/01/29		1,721,073
	Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL-RE) (A+/A1)(d)
	3,360,000		0.000			10/01/32		1,100,165
	Fullerton Public Financing Authority Tax Allocation Series 2005 (AMBAC) (A/WR)
	200,000		5.000			09/01/27		205,754
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)(d)
	125,785,000		0.000			06/01/47		8,856,522
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)(d)
	307,000,000		0.000			06/01/47		4,626,490
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2007 A-1 (B-/B3)
	1,590,000		5.125			06/01/47		1,105,543
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (Radian-IBCC) (A-/A2)
	150,000		5.000			06/01/45		144,007
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-1 (B-/B3)
	22,650,000		5.750			06/01/47		17,340,387
	Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset-Backed Bonds Series 2005 A (A-/A2)
	220,000		5.000			06/01/45		211,211
	Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement RB Asset-Backed Bonds Series 2013 A (A-/A2)
	1,500,000		5.000			06/01/30		1,512,480
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (B/NR)(d)
	101,195,000		0.000			06/01/36		16,542,347
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (B/NR)(d)
	211,235,000		0.000			06/01/47		8,544,456
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (B/NR)(d)
	260,660,000		0.000			06/01/57		2,192,151
	Lake Elsinore Unified School District Community Facilities District Special Tax Series 2005-3 (NR/NR)
	690,000		5.050			09/01/35		667,768
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Lammersville Joint Unified School District Special Tax Bonds for Community Facilities District No. 2007-1 Series 2013 (NR/NR)(e)
$	2,750,000		6.000	%		09/01/43	$	2,746,012
	Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)
	665,000		6.625			08/01/24		714,875
	1,000,000		7.250			08/01/31		1,067,790
	9,315,000		7.375			08/01/40		9,959,132
	Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (AA-/Aa3)(d)
	49,925,000		0.000			08/01/50		5,363,942
	Los Angeles Regional Airports Improvement Corp. Lease RB Series 2002 C (AMT) (NR/WR)(f)
	17,425,000		7.500			12/01/24		17,700,315
	Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A-/NR)
	1,625,000		6.750			09/01/26		1,802,125
	1,500,000		7.000			09/01/31		1,658,865
	875,000		7.250			09/01/38		979,842
	Madera County Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2005 (NATL-RE FGIC) (A+/Baa1)(d)
	2,740,000		0.000			08/01/26		1,454,200
	2,590,000		0.000			08/01/27		1,285,624
	1,395,000		0.000			08/01/28		645,997
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (A/NR)(d)
	1,330,000		0.000			08/01/27		649,585
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)(d)
	3,750,000		0.000			08/01/35		1,128,000
	M-S-R Energy Authority Gas RB Series 2009 A (A-/NR)
	8,250,000		6.500			11/01/39		9,524,047
	M-S-R Energy Authority Gas RB Series 2009 B (A-/NR)
	2,000,000		6.500			11/01/39		2,308,860
	M-S-R Energy Authority Gas RB Series 2009 C (A-/NR)
	10,000,000		6.125			11/01/29		10,976,100
	13,500,000		6.500			11/01/39		15,584,805
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA-/Aa3)(g)
	7,000,000		0.000			08/01/30		4,562,880
	Murrieta Community Facilities District No. 3 Special Tax for Creekside Village Improvement Area 1 Series 2005 (NR/NR)
	1,615,000		5.200			09/01/35		1,508,862
	New Haven Unified School District GO Bonds Refunding for Capital Appreciation Series 2009 (ASSURED GTY) (AA-/Aa3)(d)
	860,000		0.000			08/01/25		509,817
	1,105,000		0.000			08/01/26		611,971
	5,550,000		0.000			08/01/30		2,362,635
	7,830,000		0.000			08/01/32		2,924,348
	7,000,000		0.000			08/01/34		2,307,410
	Palomar Pomerado Health COPS Series 2009 (BB+/Baa3)
	16,450,000		6.750			11/01/39		16,934,782

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Palomar Pomerado Health COPS Series 2010 (BB+/Baa3)
$	7,000,000		6.000	%		11/01/41	$	6,823,530
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA-/A1)(g)
	10,750,000		0.000			08/01/38		8,408,650
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE FGIC) (AA-/Aa3)(d)
	1,805,000		0.000			08/01/25		1,073,740
	Poway Unified School District Community Facilities District No. 6-4S Ranch Improvement Area C Special Tax Bonds Series 2012 (NR/NR)
	250,000		4.600			09/01/35		225,963
	1,485,000		5.000			09/01/42		1,374,011
	Poway Unified School District Public Financing Authority Special Tax Bonds Series 2013 B (BBB-/NR)
	1,900,000		5.000			09/01/32		1,888,429
	2,330,000		5.000			09/01/35		2,269,373
	4,750,000		5.000			09/01/42		4,547,603
	Poway Unified School District Public Financing Authority Special Tax RB Refunding Series 2013 (BBB/NR)
	1,485,000		4.125			09/15/36		1,210,557
	Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A-/NR)(d)
	2,220,000		0.000			10/01/33		641,047
	2,220,000		0.000			10/01/35		557,753
	1,840,000		0.000			10/01/37		399,280
	5,000,000		0.000			10/01/38		1,008,250
	8,425,000		0.000			10/01/39		1,573,537
	13,395,000		0.000			10/01/40		2,225,981
	7,275,000		0.000			10/01/41		1,115,985
	6,000,000		0.000			10/01/42		858,420
	Riverside County Redevelopment Agency Tax Allocation for Jurupa Valley Redevelopment Project Area Series 2011 B (A-/NR)
	1,225,000		6.500			10/01/25		1,307,455
	1,950,000		6.750			10/01/30		2,077,432
	Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (BBB-/NR)
	1,000,000		5.750			06/01/44		995,620
	2,000,000		5.750			06/01/48		1,970,260
	Romoland School District Special Tax RB Refunding for Community Facilities District No. 2004-1 Improvement Area No. 3 Series 2013 (NR/NR)
	2,635,000		5.000			09/01/43		2,340,539
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE FGIC) (A/A2)(d)
	1,420,000		0.000			08/01/25		816,869
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa3)(d)
	30,265,000		0.000			07/01/44		5,141,116
	San Diego Unified School District GO Bonds Refunding Series 2012 R-1 (AA-/Aa3)(d)
	10,000,000		0.000			07/01/30		4,205,800
	3,000,000		0.000			07/01/31		1,175,580
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	San Francisco City & County Redevelopment Agency Successor Agency Community Facilities District No. 6 Special Tax Refunding Bonds for Mission Bay South Public Improvement Series 2013 A (NR/NR)
$	675,000		5.000	%		08/01/30	$	662,904
	1,335,000		5.000			08/01/33		1,302,106
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay North Redevelopment Series 2011 C (A-/NR)
	500,000		6.750			08/01/33		579,325
	2,000,000		6.750			08/01/41		2,298,280
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay North Redevelopment Series 2011 D (BBB/NR)
	435,000		6.625			08/01/27		477,887
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2009 D (BBB/NR)
	750,000		6.250			08/01/28		807,810
	555,000		6.375			08/01/29		599,811
	305,000		6.500			08/01/31		328,494
	1,000,000		6.625			08/01/39		1,071,800
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2011 D (BBB/NR)
	1,000,000		7.000			08/01/33		1,103,300
	1,500,000		7.000			08/01/41		1,642,560
	San Jose Redevelopment Agency Tax Allocation Refunding for Merged Area Redevelopment Project Series 2006 C (NATL-RE) (A/Baa1)
	1,370,000		3.750			08/01/28		1,115,673
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE FGIC) (A+/Aa2)(d)
	1,580,000		0.000			08/01/24		1,018,136
	1,595,000		0.000			08/01/25		949,918
	San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2013 (NR/NR)
	2,000,000		5.000			09/01/42		1,826,360
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)
	2,000,000		5.000			07/01/42		2,030,640
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment RB Series 2011 (AA/NR)
	2,000,000		5.000			07/01/32		2,088,580
	Santee Community Development Commission Tax Allocation for Santee Community Redevelopment Project Series 2011 A (A/NR)
	1,000,000		7.000			08/01/31		1,170,840
	2,000,000		7.000			08/01/41		2,341,680

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Stockton Unified School District GO Bonds Capital Appreciation for Election of 2008 Series 2011 D (AGM) (AA-/A2)(d)
$	13,025,000		0.000	%		08/01/39	$	2,717,927
	17,470,000		0.000			08/01/44		2,651,771
	14,850,000		0.000			08/01/45		2,120,283
	17,405,000		0.000			08/01/46		2,330,181
	690,000		0.000			08/01/47		86,892
	14,015,000		0.000			08/01/48		1,643,259
	Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR)
	4,000,000		5.250			09/01/42		3,719,480
	Temecula Public Financing Authority Community Facilities District No. 03-03 Special Tax Refunding Bonds for Wolf Creek Series 2012 (NR/NR)
	3,515,000		5.000			09/01/34		3,421,501
	Temecula Redevelopment Agency Tax Allocation for Housing Redevelopment Project No. 1 Series 2011 A (A/NR)
	1,000,000		6.750			08/01/31		1,166,370
	2,100,000		7.000			08/01/39		2,453,556
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (B+/B3)
	4,845,000		4.750			06/01/23		4,329,928
	Tobacco Securitization Authority Southern California Tobacco Settlement RB Senior Asset-Backed Bonds for San Diego County Tobacco Asset Securitization Corp. Series 2006 A-1 (B+/B2)
	7,470,000		5.125			06/01/46		5,400,735
	Tobacco Securitization Authority Southern California Tobacco Settlement RB Senior Asset-Backed Bonds for San Diego County Tobacco Asset Securitization Corp. Series 2006 A-1 (BB+/B3)
	2,235,000		5.000			06/01/37		1,677,904
	Twin Rivers Unified School District COPS for School Facility Bridge Funding Program Series 2007 (AGM) (AA-/A2)(a)
	4,150,000		3.200			06/01/20		4,132,612
	Union City Community Redevelopment Agency Tax Allocation for Community Redevelopment Project Sub Lien Series 2011 (A/NR)
	1,500,000		6.875			12/01/33		1,781,550
	West Hollywood Community Development Commission Tax Allocation for East Side Redevelopment Project Series 2011 A (BBB/NR)
	1,000,000		7.250			09/01/31		1,158,210
	5,000,000		7.500			09/01/42		5,829,500
								375,895,052
	Colorado – 2.5%
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB-/NR)
	9,050,000		5.000			12/01/35		7,907,799
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (BBB-/NR)
	3,500,000		4.500			12/01/33		2,996,455
	3,500,000		5.000			12/01/33		3,212,230
	State-Specific Municipal Debt Obligations – (continued)
	Colorado – (continued)
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (BBB-/NR)
$	3,000,000		5.750	%		12/01/36	$	2,881,140
	Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2012 (A-/A3)
	16,110,000		5.000			12/01/42		14,879,357
	Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2013 (A-/A3)(e)
	3,000,000		5.625			06/01/43		3,009,720
	Colorado Regional Transportation District Tax-Exempt Private Activity RB for Denver Transit Partners Eagle P3 Project Series 2010 (BBB-/Baa3)
	12,860,000		6.000			01/15/41		12,951,049
	Cross Creek Metropolitan District No. 2 GO Bonds Refunding Limited Tax Series 2006 (NR/NR)(f)
	4,500,000		5.000			12/01/17		3,310,470
	Denver Colorado City & County Airport RB Refunding Subseries 2013 A (AMT) (ST AID WITHHLDG) (A/A2)
	3,000,000		5.250			11/15/43		3,006,810
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2007 A (AMT) (B/B2)
	9,000,000		5.750			10/01/32		8,522,730
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/Baa1)(d)
	15,000,000		0.000			09/01/28		6,836,250
	4,100,000		0.000			09/01/34		1,253,042
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A/Baa1)(d)
	1,715,000		0.000			09/01/28		762,386
	E-470 Public Highway Authority RB Series 2010 A (BBB/Baa2)(d)
	4,000,000		0.000			09/01/40		832,160
	Park Meadows Business Improvement District RB Series 2007 (NR/NR)
	475,000		5.300			12/01/27		495,282
	720,000		5.350			12/01/31		752,105
	Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)(b)
	1,000,000		5.000			12/01/40		921,920
	Vista Ridge Metropolitan District GO Bonds Refunding Limited Tax Subseries 2006 B (NR/NR)(g)
	1,725,000		0.000			12/01/17		1,126,943
								75,657,848
	Connecticut – 0.1%
	Town of Hamden Refunding GO Series 2013 (AGM) (AA-/A2)
	415,000		5.000			08/15/20		463,144
	750,000		5.000			08/15/21		832,740
	1,085,000		5.000			08/15/22		1,201,128
	500,000		5.000			08/15/23		551,125
								3,048,137

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Delaware – 0.3%
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A (NR/NR)
$	6,490,000		5.450	%		07/01/35	$	5,061,551
	Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2010 (BBB+/Baa2)
	3,000,000		5.400			02/01/31		3,167,850
								8,229,401
	District of Columbia – 1.7%
	Metropolitan Washington DC Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2009 (ASSURED GTY) (AA-/A3)(g)
	25,000,000		0.000			10/01/41		22,845,500
	Metropolitan Washington DC Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (BBB+/Baa1)(g)
	37,100,000		0.000			10/01/44		28,676,816
								51,522,316
	Florida – 17.1%
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
	4,175,000		6.300			05/01/35		3,643,063
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2006 A (NR/NR)
	1,595,000		5.375			05/01/37		1,148,623
	Arborwood Community Development District RB Capital Improvement for Centex Homes Project Series 2005 A-2 (NR/NR)
	20,330,000		5.350			05/01/36		18,335,017
	Arborwood Community Development District RB Capital Improvement for Centex Homes Project Series 2005 B-2 (NR/NR)
	1,250,000		5.100			05/01/14		1,254,100
	Arborwood Community Development District RB Capital Improvement for Centex Homes Project Series 2006 A-3 (NR/NR)
	8,745,000		5.500			05/01/36		8,545,701
	Arborwood Community Development District RB Capital Improvement for Master Infrastructure Project Series 2005 B (NR/NR)(h)
	485,000		5.100			05/01/14		291,000
	Arborwood Community Development District Special Assessment Capital Improvement for Centex Homes Project Series 2006 A-1 (NR/NR)(h)
	17,510,000		5.500			05/01/36		10,506,000
	Arborwood Community Development District Special Assessment Capital Improvement for Centex Homes Project Series 2006 A-2 (NR/NR)
	220,000		5.250			05/01/36		226,171
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Arborwood Community Development District Special Assessment for Master Infrastructure Projects Series 2005 A (NR/NR)(h)
$	5,395,000		5.350	%		05/01/36	$	3,237,000
	Arborwood Community Development District Special Assessment for School Site Acquisition Project Series 2005 (NR/NR)(h)
	1,210,000		5.500			05/01/14		726,000
	Arborwood Community Development District Special Assessment for School Site Acquisition Project Series 2005 (NR/NR)
	3,160,000		5.500			05/01/14		2,667,482
	Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)
	900,000		6.125			11/01/33		846,099
	1,000,000		6.500			11/01/43		959,250
	Bluewaters Community Development District Special Assessment Series 2004 (NR/NR)
	465,000		6.000			05/01/35		479,122
	Boggy Creek Improvement District Special Assessment RB Refunding Series 2013 (NR/NR)(b)
	10,000,000		5.125			05/01/43		8,491,000
	Brevard County Health Facilities Authority RB for Health First, Inc. Project Series 2009 (A-/A3)
	4,750,000		7.000			04/01/39		5,144,677
	Bridgewater Community Development District Special Assessment Series 2004 A (NR/NR)
	3,075,000		6.000			05/01/35		3,078,106
	Bridgewater Community Development District Special Assessment Series 2011 A (NR/NR)
	8,955,000		7.210			05/01/35		8,389,134
	Broward County Florida Airport Exempt Facility RB for Learjet, Inc. Project RMKT 07/19/04 Series 2000 (AMT) (NR/Ba2)
	2,000,000		7.500			11/01/20		2,135,560
	Broward County Florida Fuel System RB for Lauderdale Fuel Facilities LLC Project Series 2013 A (AMT) (AGM) (AA-/NR)
	1,480,000		5.000			04/01/33		1,478,165
	Capital Trust Agency Fixed Rate Air Cargo RB for Aero Miami FX, LLC Project Series 2010 A (NR/Baa3)
	8,310,000		5.350			07/01/29		8,497,972
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	200,000		3.500			11/01/20		198,386
	210,000		3.750			11/01/21		204,280
	215,000		3.875			11/01/22		208,657
	25,000		4.000			11/01/23		24,431
	1,705,000		4.500			11/01/31		1,641,591
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	2,250,000		5.000			05/01/26		2,410,762
	Concord Station Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	500,000		5.000			05/01/15		497,365
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)(h)
	3,305,000		5.850			05/01/35		33

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)(h)
$	3,980,000		5.000	%		05/01/11	$	40
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	3,980,000		5.850			05/01/35		4,088,097
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	2,545,000		5.850			05/01/35		1,765,466
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)(d)
	6,860,000		0.000			05/01/17		5,265,873
	Cory Lakes Community Development District Special Assessment Series 2001 A (NR/NR)
	210,000		8.375			05/01/17		219,998
	Cory Lakes Community Development District Special Assessment Series 2001 B (NR/NR)
	250,000		8.375			05/01/17		261,902
	Crossings at Fleming Island Community Development District Special Assessment Refunding Series 2000 C (NR/NR)
	2,035,000		7.050			05/01/15		1,932,823
	Cutler Cay Community Development District Special Assessment Series 2004 (NR/NR)
	3,740,000		6.300			05/01/34		3,859,979
	Double Branch Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A-/NR)
	1,200,000		4.125			05/01/31		1,007,052
	1,000,000		4.250			05/01/34		828,780
	Durbin Crossing Community Development District Special Assessment Series 2005 A (NR/NR)
	41,055,000		5.500			05/01/37		36,314,379
	Durbin Crossing Community Development District Special Assessment Series 2005 B-2 (NR/NR)
	420,000		6.830			11/01/15		425,473
	Escambia County Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (BBB+/Baa1)
	28,000,000		6.000			08/15/36		29,277,640
	Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (A-/NR)
	1,500,000		4.375			05/01/34		1,344,720
	Florida Higher Educational Facilities Financing Authority RB for Flagler College, Inc. Project Series 2006 (XLCA) (NR/WR)
	11,180,000		5.250			11/01/36		11,248,869
	Florida Higher Educational Facilities Financing Authority RB Refunding for Nova Southeastern University Project Series 2012 A (BBB/Baa1)
	500,000		5.000			04/01/27		500,000
	1,035,000		5.000			04/01/32		980,000
	Florida Higher Educational Facilities Financing Authority RB Refunding for Nova Southeastern University Project Series 2012 A (BBB+/NR)
	600,000		5.000			04/01/32		575,532
	5,820,000		5.250			04/01/42		5,652,559
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Forest Creek Community Development District RB for Capital Improvement Series 2010 B (NR/NR)
$	255,000		7.000	%		11/01/13	$	254,806
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (AMT) (NR/NR)
	3,165,000		5.000			11/15/26		2,872,174
	5,000,000		5.000			11/15/36		4,093,350
	Greeneway Improvement District Special Assessment RB Series 2013 (NR/NR)(b)
	10,000,000		5.125			05/01/43		8,491,000
	Harbour Isles Community Development District Special Assessment Series 2004 (NR/NR)
	2,890,000		6.125			05/01/35		2,965,111
	Heritage Harbour Market Place Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	7,925,000		5.600			05/01/36		6,627,757
	Heritage Harbour South Community Development District RB for Capital Improvement Series 2003 A (NR/NR)
	1,010,000		6.200			05/01/35		1,036,684
	Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (A/NR)
	500,000		5.050			05/01/31		488,590
	500,000		5.150			05/01/34		484,560
	Heritage Isle At Viera Community Development District Special Assessment Series 2005 (NR/NR)
	6,530,000		5.550			05/01/37		5,827,503
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
	2,380,000		5.700			05/01/36		2,228,061
	Hillsborough County IDA RB for Health Facilities RMKT 8/06/09 Series 2008 B (NR/WR)(i)
	4,980,000		8.000			08/15/19		6,706,616
	Islands At Doral III Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	380,000		2.875			05/01/19		361,372
	390,000		3.000			05/01/20		365,691
	405,000		3.250			05/01/21		376,739
	415,000		3.375			05/01/22		382,908
	345,000		3.500			05/01/23		316,865
	445,000		3.625			05/01/24		401,666
	465,000		3.750			05/01/25		413,985
	465,000		3.875			05/01/26		408,228
	7,950,000		4.125			05/01/35		6,526,235
	Killarney Community Development District Special Assessment Series 2004 A (NR/NR)(h)
	2,395,000		6.000			05/01/35		1,077,750
	Killarney Community Development District Special Assessment Series 2004 B (NR/NR)(h)
	1,750,000		5.125			05/01/09		787,500
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2005 (NR/NR)
	3,360,000		7.210			11/01/20		3,481,834

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2006 B (NR/NR)
$	7,965,000		6.770	%		11/01/20	$	8,062,412
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)
	2,670,000		6.700			05/01/33		2,675,420
	4,830,000		7.000			05/01/43		4,839,612
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre & NW Sector Project Series 2011 (NR/NR)
	19,750,000		8.000			05/01/40		23,420,735
	Lee County IDA Health Care Facilities RB for Shell Point/ Alliance Obligation Group Series 2006 (BB+/NR)
	19,960,000		5.125			11/15/36		18,422,082
	Lee County IDA Health Care Facilities RB Refunding for Shell Point Project Series 2011 B (BB+/NR)
	2,600,000		6.500			11/15/31		2,746,510
	Lee County IDA Health Care Facilities RB Refunding for Shell Point/Alliance Community Project Series 2007 (BB+/NR)
	1,000,000		5.000			11/15/13		1,003,770
	2,245,000		5.000			11/15/15		2,324,653
	10,000,000		5.000			11/15/29		9,490,000
	Live Oak Community Development District No. 2 Special Assessment Series 2010 (NR/NR)
	1,235,000		7.360			11/01/20		1,317,436
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	5,040,000		5.400			05/01/30		4,114,958
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)(h)
	2,635,000		5.375			05/01/30		1,844,500
	Marsh Harbour Community Development District Special Assessment Series 2005 A (NR/NR)
	2,715,000		5.450			05/01/36		2,799,436
	Meadow Pointe IV Community Development District Capital Improvement Series 2012 B (NR/NR)(g)
	1,140,000		0.000			05/01/20		1,039,520
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)(h)
	1,910,000		5.250			05/01/15		744,900
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)(h)
	1,380,000		6.150			11/01/14		14
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-1 (NR/NR)(g)
	445,000		0.000			05/01/36		361,020
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-2 (NR/NR)(g)
	850,000		0.000			05/01/38		667,114
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)(h)
	1,075,000		5.250			05/01/15		11
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Mediterra South Community Development District RB Refunding for Capital Improvement Series 2012 (BBB+/NR)
$	295,000		4.000	%		05/01/19	$	294,699
	305,000		4.200			05/01/20		304,817
	1,245,000		5.100			05/01/31		1,187,942
	Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Florida Project Series 2004 (NR/NR)(i)
	1,849,000		6.750			11/15/14		1,982,498
	Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Florida Project Series 2012 (BBB/Baa2)
	4,135,000		5.000			11/15/29		3,958,229
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (BBB+/A3)(b)
	17,760,000		5.000			03/01/30		17,641,363
	Miami-Dade County Subordinate Special Obligation Capital Appreciation RB Bonds Series 2009 (A+/A2)(d)
	1,030,000		0.000			10/01/34		317,807
	3,050,000		0.000			10/01/41		586,027
	5,315,000		0.000			10/01/46		753,348
	Miami-Dade County Subordinate Special Obligation RB Series 2009 (A+/A2)(d)
	1,900,000		0.000			10/01/42		343,216
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 A-1 (NR/NR)
	2,085,000		5.750			05/01/38		1,646,921
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 A-2 (NR/NR)(g)
	5,340,000		0.000			05/01/38		2,349,600
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 B-1 (NR/NR)
	2,880,000		5.000			05/01/15		2,790,634
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 B-2 (NR/NR)(g)
	4,185,000		0.000			05/01/18		1,841,400
	New River Community Development District Special Assessment Series 2006 A (NR/NR)(h)
	545,000		5.350			05/01/38		5
	New River Community Development District Special Assessment Series 2006 B (NR/NR)(h)
	3,260,000		5.000			05/01/13		33
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR)
	1,680,000		5.000			04/01/24		1,827,739
	1,765,000		5.000			04/01/25		1,900,270
	1,005,000		5.000			04/01/26		1,070,074
	Overoaks Community Development District RB for Capital Improvement Series 2010 A-1 (NR/NR)
	1,055,000		6.125			05/01/35		1,085,321
	Overoaks Community Development District RB for Capital Improvement Series 2010 A-2 (NR/NR)
	1,445,000		6.125			05/01/35		1,440,622
	Overoaks Community Development District RB for Capital Improvement Series 2010 B (NR/NR)
	3,020,000		5.125			05/01/17		3,002,846

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)(h)
$	1,200,000		5.125	%		05/01/09	$	12,000
	210,000		6.125			05/01/35		2,100
	Paseo Community Development District Capital Improvement Revenue Bonds Capital Appreciation Series 2011 A-2 (NR/NR)(d)
	26,610,000		0.000			05/01/36		8,880,821
	Paseo Community Development District Capital Improvement Revenue Bonds Special Assessment Series 2011 A-1 (NR/NR)
	2,150,000		5.400			05/01/36		2,249,394
	Paseo Community Development District RB for Capital Improvement Series 2005 A (NR/NR)(h)
	6,355,000		5.400			05/01/36		64
	Paseo Community Development District RB for Capital Improvement Series 2005 B (NR/NR)(h)
	3,670,000		4.875			05/01/10		37
	Paseo Community Development District RB for Capital Improvement Series 2006 (NR/NR)(h)
	2,600,000		5.000			02/01/11		26
	Pine Island Community Development District Utility System Bonds Series 2004 (NR/NR)(h)
	1,355,000		5.300			11/01/10		704,600
	Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (BBB-/NR)
	235,000		3.250			05/01/20		228,335
	245,000		3.500			05/01/21		235,347
	255,000		3.750			05/01/22		243,609
	265,000		4.000			05/01/23		252,391
	275,000		4.250			05/01/24		261,025
	290,000		4.500			05/01/25		274,430
	2,805,000		4.750			05/01/33		2,554,598
	Reunion East Community Development District Special Assessment Series 2002 A-1 (NR/NR)
	9,160,000		7.200			05/01/22		9,182,900
	Reunion East Community Development District Special Assessment Series 2002 A-2 (NR/NR)(h)
	4,670,000		7.200			05/01/22		3,269,000
	River Hall Community Development District Special Assessment for Capital Improvement Series 2011 A (NR/NR)
	5,355,000		5.450			05/01/36		4,521,012
	Sandy Creek Community Development District Special Assessment Refunding Series 2007 B (NR/NR)
	1,795,000		5.500			05/01/15		1,790,907
	Sarasota County Public Hospital District RB for Sarasota Memorial Hospital Project Series 2009 A (AA-/A1)
	1,500,000		5.625			07/01/39		1,544,670
	Seven Oaks Community Development District II Special Assessment Series 2004 B (NR/NR)
	660,000		7.500			05/01/16		659,941
	South Kendall Community Development District Special Assessment Series 2010 A (NR/NR)
	1,890,000		6.200			11/01/40		2,102,039
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)
	2,015,000		5.250			05/01/34		1,938,893
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
$	4,470,000		5.800	%		05/01/35	$	3,958,453
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	3,350,000		5.800			05/01/35		2,353,777
	Southern Hills Plantation II Community Development District Special Assessment for Capital Improvement Series 2004 (NR/NR)(h)
	3,265,000		5.850			05/01/34		1,828,400
	St. Petersburg Health Facilities Authority RB Refunding for All Children’s Hospital Series 2009 A (AA/A1)
	5,835,000		6.500			11/15/39		6,482,218
	Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)(h)
	455,000		5.500			11/01/10		273,000
	Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)
	1,185,000		4.000			05/01/25		1,081,751
	2,160,000		5.000			05/01/34		1,904,234
	Stoneybrook South Community Development District Special Assessment RB Refunding for Assessment Area One Project Series 2013 (NR/NR)
	2,500,000		6.500			05/01/39		2,442,600
	Sumter Landing Community Development District Recreational RB Series 2005 A (NATL-RE) (A/Baa1)
	2,500,000		5.125			10/01/38		2,419,600
	Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)
	790,000		4.250			11/01/24		783,775
	1,370,000		5.250			11/01/34		1,351,039
	2,365,000		6.000			11/01/44		2,328,839
	Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	500,000		5.500			05/01/34		490,980
	750,000		6.125			05/01/42		753,675
	Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)
	2,500,000		5.500			05/01/34		2,442,700
	Village Center Community Development District Recreational RB Series 2003 A (NATL-RE) (A/Baa1)
	5,780,000		5.000			11/01/32		5,464,412
	Village Center Community Development District Recreational RB Series 2004 A (NATL-RE) (A/Baa1)
	5,875,000		5.125			11/01/36		5,508,459
	Village Center Community Development District Recreational RB Subseries 1998 B (NR/NR)
	900,000		8.250			01/01/17		903,672
	Village Center Community Development District Recreational RB Subseries 1998 C (NR/NR)
	1,500,000		7.375			01/01/19		1,504,905
	Village Center Community Development District Recreational RB Subseries 2003 B (NR/NR)
	4,005,000		6.350			01/01/18		4,038,001

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate				Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Village Center Community Development District Recreational RB Subseries 2004 B (NR/NR)
$	2,430,000		5.875	%			01/01/15	$	2,460,011
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	3,000,000		5.000				05/01/32		2,783,820
	6,750,000		5.125				05/01/43		6,170,985
	Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (A/NR)
	1,250,000		4.000				05/01/33		1,141,763
	Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (A/NR)
	2,500,000		4.000				05/01/34		2,276,875
	Village Community Development District No. 8 Special Assessment RB Series 2008 (NR/NR)
	8,870,000		6.375				05/01/38		9,975,646
	Village Community Development District No. 8 Special Assessment Refunding Phase II Series 2010 (NR/NR)
	8,860,000		6.125				05/01/39		9,509,881
	Village Community Development District No. 9 Special Assessment RB Series 2011 (NR/NR)
	5,635,000		7.000				05/01/41		6,342,136
	Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)
	2,235,000		5.500				05/01/42		2,263,854
	Villasol Community Development District RB Series 2003 A (NR/NR)(h)
	3,610,000		6.600				05/01/34		2,707,500
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	15,000		5.350				05/01/39		13,480
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)(g)
	1,090,000		0.000				05/01/39		599,315
									525,458,323
	Georgia – 2.6%
	Atlanta Tax Allocation for Beltline Project RMKT 12/15/09 Series 2009 A (NR/A2)
	8,060,000		7.500				01/01/31		9,549,407
	Atlanta Tax Allocation for Eastside Project Series 2005 B (A-/NR)
	1,085,000		5.400				01/01/20		1,143,677
	1,750,000		5.600				01/01/30		1,825,162
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (B/NR)
	11,700,000		8.750				06/01/29		13,576,095
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 B (AMT) (B/NR)
	8,750,000		9.000				06/01/35		9,441,163
	Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A (NR/NR)
	2,290,000		5.250				11/01/28		2,019,368
	Fulton County Residential Care Facilities RB for Canterbury Court Project Series 2004 A (NR/NR)
	1,750,000		6.125				02/15/34		1,718,903
	State-Specific Municipal Debt Obligations – (continued)
	Georgia – (continued)
	Marietta Development Authority University Facilities RB Refunding for Life University, Inc. Project Series 2008 (NR/Ba3)
$	2,500,000		7.000	%			06/15/39	$	2,550,600
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Series 2007 (AMBAC) (A+/WR)(f)
	49,820,000		0.834				10/01/33		38,852,625
									80,677,000
	Guam – 1.5%
	Guam Government Department of Education COPS for John F. Kennedy High School Project Series 2010 A (B/NR)
	2,500,000		6.625				12/01/30		2,527,350
	Guam Government Department of Education COPS for John F. Kennedy High School Project Series 2010 A (NR/NR)
	3,355,000		6.875				12/01/40		3,414,216
	Guam Government Limited Obligation GO Bonds Section 30 Series 2009 A (BBB+/NR)
	2,400,000		5.375				12/01/24		2,510,448
	3,000,000		5.625				12/01/29		3,094,950
	2,750,000		5.750				12/01/34		2,849,165
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (AGM) (AA-/A2)
	5,000,000		6.125				10/01/43		5,046,450
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (BBB/Baa2)
	2,000,000		6.375				10/01/43		2,046,700
	Guam Power Authority RB Refunding Series 2012 A (AGM) (AA-/A2)
	2,750,000		5.000				10/01/30		2,834,370
	Guam Power Authority RB Series 2010 A (BBB/Baa3)
	11,705,000		5.500		��		10/01/40		11,819,826
	Guam Waterworks Authority RB for Water & Wastewater System Series 2010 (BB/Ba2)
	9,785,000		5.625				07/01/40		9,644,291
									45,787,766
	Idaho – 0.5%
	Madison County Hospital Revenue COPS Series 2006 (BB+/NR)
	1,500,000		5.250				09/01/30		1,485,015
	15,285,000		5.250				09/01/37		14,700,654
									16,185,669
	Illinois – 5.3%
	Chicago Illinois Board of Education Dedicated Series 2012 A (AGM) (AA-/A2)
	6,680,000		5.000				12/01/42		6,270,716
	Chicago Illinois Board of Education GO Bonds Refunding Series 2005 A (AMBAC) (A+/A3)
	8,965,000		5.500				12/01/29		9,365,915
	Chicago Illinois O’Hare International Airport Special Facility RB Refunding for American Airlines, Inc. Project Series 2007 (NR/WR)(h)
	8,000,000		5.500				12/01/30		8,472,560

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
$	111,000		5.400	%		03/01/16	$	114,019
	1,450,000		5.625			03/01/36		1,402,092
	Illinois Finance Authority RB for Midwest Regional Medical Center Series 2006 A (NR/NR)
	34,300,000		6.750			10/01/46		28,496,440
	Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2007 A (BBB-/NR)
	4,500,000		5.750			05/15/31		4,587,795
	Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2010 (BBB-/NR)
	1,250,000		6.125			05/15/27		1,326,150
	Illinois Finance Authority RB Refunding for Franciscan Communities, Inc. Series 2013 A (BBB-/NR)
	4,500,000		5.250			05/15/47		3,831,885
	Illinois Finance Authority RB Refunding for OSF Healthcare System Series 2010 A (A/A3)
	17,875,000		6.000			05/15/39		19,150,739
	Illinois Finance Authority RB Refunding for Proctor Hospital Series 2006 A (BB-/B2)
	5,600,000		5.125			01/01/25		4,971,344
	Illinois Finance Authority Recovery Zone Facility RB for Navistar International Corp. Project Series 2010 (CCC/B3)
	14,000,000		6.500			10/15/40		14,204,260
	Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV Series 2004 B (NR/C)(h)
	15,000		4.500			06/01/14		3,750
	3,225,000		5.000			06/01/24		806,250
	8,000,000		5.375			06/01/35		2,000,000
	Illinois Finance Authority Water Facilities RB Capital Appreciation for American Water Capital Corp. Project Series 2009 (A-/Baa1)
	2,000,000		5.250			10/01/39		1,933,960
	Illinois Finance Authority Water Facilities RB for American Water Capital Corp. Project Series 2010 (NR/Baa1)
	10,500,000		5.250			05/01/40		10,149,300
	Illinois GO Bonds Refunding Series 2012 (A-/A3)
	2,000,000		5.000			08/01/25		2,069,120
	Illinois GO Bonds Series 2012 (A-/A3)
	750,000		5.000			03/01/37		696,698
	Illinois GO Bonds Series 2013 (A-/A3)
	3,050,000		5.500			07/01/38		3,017,182
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	2,377,000		6.250			03/01/34		2,407,663
	Metropolitan Pier & Exposition Authority RB for McCormick Place Expansion Project Residual Series 2010 A-3219 (AAA/NR)(b)(c)
	20,000,000		11.599			12/15/40		18,365,600
	Ottawa Illinois Health Care Facilities RB Refunding for Ottawa Community Hospital Series 2004 (Radian) (NR/NR)(i)
	1,900,000		5.125			08/15/14		1,979,800
	Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006 (NR/NR)
	4,567,000		6.000			03/01/36		3,625,650
	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
$	840,000		4.750	%		10/01/29	$	792,313
	1,010,000		4.750			10/01/32		933,735
	Southwestern Illinois Development Authority RB Capital Appreciation for United States Steel Corporation Project Series 2012 (AMT) (BB-/B1)
	10,000,000		5.750			08/01/42		7,848,000
	Volo Village Special Service Area No. 6 Special Tax for Lancaster Falls Project Series 2006 (NR/NR)
	4,039,000		5.750			03/01/36		3,592,529
								162,415,465
	Indiana – 1.4%
	Anderson Indiana Economic Development RB Refunding & Improvement for Anderson University Project Series 2007 (BB+/NR)
	1,355,000		5.000			10/01/24		1,216,763
	1,500,000		5.000			10/01/32		1,245,120
	Delaware County Hospital Authority RB for Cardinal Health System Obligated Group Series 2006 (NR/A3)
	3,250,000		5.250			08/01/36		3,276,065
	Indiana Finance Authority Environmental Improvement RB Refunding for United States Steel Corporation Project Series 2010 (BB-/B1)
	9,750,000		6.000			12/01/26		9,231,495
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2011 N (AA-/Aa3)
	2,000,000		5.125			03/01/38		2,006,640
	Indiana Finance Authority Midwestern Disaster Relief RB for Ohio Valley Electric Co. Project Series 2012 A (BBB-/Baa3)
	5,000,000		5.000			06/01/39		4,530,750
	Indiana Finance Authority RB for Private Activity for Ohio River Bridges East End Crossing Project Series 2013 A (AMT) (BBB/NR)
	6,250,000		5.000			07/01/48		5,333,312
	Indiana Health Facility Financing Authority RB for Ascension Health Subordinate Credit Group Residual I Series 2010-3224 (AA/NR)(b)(c)
	1,195,000		29.763			11/01/27		1,965,560
	Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (AMT) (NR/WR)(h)
	7,737,197		6.500			11/15/31		154,744
	Rockport Indiana RB Refunding for AK Steel Corp. Project Series 2012 A (AMT) (B-/Caa1)
	15,000,000		7.000			06/01/28		12,255,900
	Vigo County Hospital Authority RB for Vigo Union Hospital, Inc. Series 2007 (NR/NR)(b)
	2,000,000		5.500			09/01/27		2,009,660
								43,226,009
	Iowa – 1.3%
	Coralville Iowa COPS Series 2006 D (NR/Ba1)
	2,550,000		5.250			06/01/26		2,375,402

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Iowa – (continued)
	Iowa Finance Authority Midwestern Disaster Area RB for Alcoa, Inc. Projects Series 2012 (BBB-/Ba1)
$	26,345,000		4.750	%		08/01/42	$	22,104,772
	Iowa Finance Authority Midwestern Disaster Area RB for Fertilizer Company Project Series 2013 (BB-/NR)
	15,000,000		5.500			12/01/22		14,475,900
	Pottawattamie County RB Refunding for Christian Homes, Inc. Series 2007 E (BBB-/NR)
	1,355,000		5.750			05/15/31		1,381,436
								40,337,510
	Kentucky – 1.1%
	Kentucky Economic Development Finance Authority Health System RB for Norton Healthcare, Inc. Series 2000 B (NATL-RE) (A/Baa1)(d)
	1,720,000		0.000			10/01/22		1,166,934
	Kentucky Economic Development Finance Authority Hospital RB for Owensboro Medical Health System, Inc. Series 2010 A (BBB+/Baa2)
	8,000,000		6.375			06/01/40		8,362,640
	9,000,000		6.500			03/01/45		9,469,890
	Kentucky Economic Development Finance Authority RB Residuals Series 2009-3125 (AA-/NR)(b)(c)
	2,340,000		18.138			11/01/13		2,781,371
	Louisville & Jefferson County Metro Government Health System RB for Norton Healthcare, Inc. Series 2006 (A-/NR)
	6,815,000		5.000			10/01/30		6,818,748
	Louisville & Jefferson County Metro Government Health System RB for Norton Healthcare, Inc. Series 2013 A (A-/NR)
	5,000,000		5.750			10/01/42		5,141,550
								33,741,133
	Louisiana – 1.7%
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Westlake Chemical Corp. Projects Series 2010 A-2 (BBB/Baa3)
	5,000,000		6.500			11/01/35		5,337,850
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Women’s Hospital Foundation Project Series 2010 A (BBB+/A3)
	20,015,000		6.000			10/01/44		20,955,705
	Louisiana Public Facilities Authority RB for Cleco Power LLC Project Series 2008 B (BBB+/Baa2)
	12,500,000		4.250			12/01/38		11,067,375
	New Orleans Aviation Board Gulf Opportunity Zone RB for Consolidated Rental Car Project Series 2009 A (A-/Baa2)
	7,470,000		6.500			01/01/40		8,477,255
	St. Charles Parish Gulf Opportunity Zone RB for Valero Energy Corp. Project Series 2010 (BBB/Baa2)(a)
	6,000,000		4.000			06/01/22		5,972,820
								51,811,005
	Maryland – 1.6%
	Baltimore Maryland Convention Center Hotel RB Subseries 2006 B (BB-/Ba2)
	500,000		5.000			09/01/16		513,735
	State-Specific Municipal Debt Obligations – (continued)
	Maryland – (continued)
	Baltimore Maryland Special Obligation Tax Allocation for Clipper Mill Project Series 2004 (NR/NR)
$	4,367,000		6.250	%		09/01/33	$	4,449,493
	Baltimore Maryland Special Obligation Tax Allocation for Harborview Lot No. 2 Series 2003 (NR/NR)
	2,481,000		6.500			07/01/31		2,509,978
	Baltimore Maryland Special Obligation Tax Allocation for Strathdale Manor Project Series 2003 (NR/NR)
	3,609,000		7.000			07/01/33		3,654,690
	Frederick County Maryland Educational Facilities RB for Mount St. Mary’s University Series 2007 (BB+/Ba2)
	2,590,000		5.000			09/01/30		2,269,539
	Frederick County Maryland Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 A (NR/NR)
	3,000,000		7.250			07/01/43		2,856,090
	Frederick County Maryland Tax Incremental & Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 B (NR/NR)
	8,860,000		7.125			07/01/43		8,884,542
	Maryland State Economic Development Corp. Port Facilities RB Refunding for CNX Marine Terminals, Inc. Port of Baltimore Facility Series 2010 (BB/NR)
	5,000,000		5.750			09/01/25		5,228,500
	Maryland State Health & Higher Educational Facilities Authority RB for Doctors Community Hospital Series 2010 (BB+/Baa3)
	9,500,000		5.750			07/01/38		9,171,110
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2007 A (BBB/Baa2)
	7,530,000		5.500			07/01/42		7,534,368
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB/Baa2)
	2,100,000		5.000			07/01/31		2,013,963
								49,086,008
	Massachusetts – 0.9%
	Massachusetts Development Finance Agency RB Series 2013 A (NR/NR)
	2,250,000		6.500			11/15/43		2,120,017
	Massachusetts State Health & Educational Facilities Authority RB for Simmons College Series 2009 I (BBB+/Baa1)
	2,950,000		8.000			10/01/29		3,248,039
	5,110,000		8.000			10/01/39		5,574,039
	Massachusetts State Health & Educational Facilities Authority RB for Simmons College Series 2009 I (NR/NR)(i)
	5,600,000		8.000			10/01/15		6,448,288
	Massachusetts State Health & Educational Facilities Authority RB for Suffolk University Series 2009 A (BBB/Baa2)
	10,000,000		5.750			07/01/39		10,337,900
								27,728,283
	Michigan – 3.9%
	Allen Park City Brownfield Redevelopment Authority Series 2007 (AMBAC) (B-/NR)
	7,095,000		5.000			05/01/32		5,246,114

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Michigan – (continued)
	Detroit Michigan School District GO Bonds for School Building and Site Improvement Series 2002 A (FGIC-Q-SBLF) (AA-/Aa2)
$	3,500,000		6.000	%		05/01/20	$	4,010,020
	3,000,000		6.000			05/01/21		3,435,180
	Detroit Michigan Sewage Disposal System RB Second Lien Series 2001 B (NATL-RE FGIC) (A/Baa1)
	4,070,000		5.500			07/01/29		4,010,659
	Detroit Michigan Water Supply System Revenue Senior Lien Bonds Series 2011-A (BB-/B1)
	10,005,000		5.250			07/01/41		8,995,996
	Michigan Finance Authority RB for Rol Railroad II Series 2012 R-14017 (AAA/NR)(b)(c)
	13,885,000		14.020			01/01/18		21,128,249
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC+/NR)(d)
	196,775,000		0.000			06/01/52		2,262,912
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC/NR)(d)
	70,100,000		0.000			06/01/52		560,099
	Monroe County Hospital Finance Authority RB Refunding for Mercy Memorial Hospital Corp. Obligation Series 2006 (BBB/Baa2)
	4,000,000		5.375			06/01/26		4,034,680
	9,835,000		5.500			06/01/35		9,567,390
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2009 (A/A1)
	40,000,000		8.250			09/01/39		48,043,200
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2011 A (AMT) (A/A2)
	9,000,000		5.000			12/01/21		9,850,410
								121,144,909
	Minnesota – 0.2%
	Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2012 (NR/NR)
	2,500,000		5.750			06/15/32		2,419,150
	3,750,000		6.000			06/15/39		3,710,850
								6,130,000
	Mississippi – 0.1%
	Mississippi Hospital Equipment & Facilities Authority RB Refunding & Improvement for South Central Hospital Series 2006 (BBB/NR)
	1,825,000		5.250			12/01/26		1,831,716
	Missouri – 0.1%
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 A (NR/NR)(h)
	1,535,000		6.000			07/01/37		230,250	��
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 B (AMT) (NR/NR)(h)
	7,750,000		6.000			07/01/25		1,162,500
	Missouri State Development Finance Board Infrastructure Facilities RB for Branson Landing Project Series 2005 A (A/A2)
	1,000,000		5.000			06/01/35		998,620
	State-Specific Municipal Debt Obligations – (continued)
	Missouri – (continued)
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)(h)
$	1,250,000		5.750	%		04/01/27	$	650,000
	Strother Interchange Transportation Development District-Lees Summit RB Series 2006 (NR/NR)
	675,000		5.000			05/01/24		630,187
								3,671,557
	Nevada – 0.8%
	City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)
	450,000		2.000			06/01/14		451,174
	500,000		2.000			06/01/15		496,270
	500,000		3.000			06/01/16		499,860
	780,000		3.000			06/01/17		770,648
	770,000		4.000			06/01/18		775,182
	850,000		4.000			06/01/19		838,108
	720,000		4.000			06/01/20		702,274
	925,000		4.000			06/01/21		879,693
	500,000		5.000			06/01/22		504,515
	450,000		5.000			06/01/23		450,995
	200,000		4.250			06/01/24		185,518
	325,000		5.000			06/01/24		321,279
	Clark County Improvement District No. 142 Local Improvement Special Assessment Series 2012 (BBB-/NR)
	2,300,000		4.000			08/01/22		2,128,006
	1,730,000		4.000			08/01/23		1,564,283
	Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,730,000		4.800			03/01/15		1,699,708
	1,985,000		4.900			03/01/17		1,906,632
	2,455,000		5.000			03/01/20		2,276,423
	2,470,000		5.100			03/01/21		2,270,375
	1,275,000		5.100			03/01/22		1,149,922
	3,485,000		5.125			03/01/25		3,004,140
	Henderson Local Improvement District No. T-17 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,320,000		5.000			09/01/25		1,239,744
	North Las Vegas Local Improvement District No. 60 Special Assessment Refunding for Special Improvement Subseries 2006 B (NR/NR)
	55,000		5.100			12/01/22		53,545
								24,168,294
	New Hampshire – 0.2%
	New Hampshire Health & Education Facilities Authority RB for Speare Memorial Hospital Series 2004 (NR/NR)(i)
	1,000,000		5.500			07/01/15		1,088,190
	1,400,000		5.875			07/01/15		1,532,580

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	New Hampshire – (continued)
	New Hampshire Health & Education Facilities Authority RB for The Memorial Hospital Series 2006 (BBB/Baa3)
$	1,050,000		5.250	%		06/01/26	$	1,023,403
	4,185,000		5.250			06/01/36		3,832,414
								7,476,587
	New Jersey – 4.0%
	New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB+/Baa1)
	2,500,000		5.000			06/15/26		2,560,050
	1,000,000		5.000			06/15/28		1,002,730
	1,000,000		5.000			06/15/29		994,550
	New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (NR/Baa3)
	1,000,000		4.750			06/15/32		931,800
	1,000,000		5.000			06/15/37		939,170
	1,000,000		5.125			06/15/43		937,030
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (A+/A1)
	1,640,000		5.000			09/01/34		1,672,702
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1998 (AMT) (B/B2)
	7,500,000		5.500			04/01/28		6,635,325
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (AMT) (B/B2)
	5,500,000		5.125			09/15/23		5,258,165
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (AMT) (B/B2)
	8,500,000		5.250			09/15/29		7,769,510
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2012 (AMT) (B/B2)
	8,800,000		5.750			09/15/27		8,497,104
	New Jersey Health Care Facilities Financing Authority RB for St. Joseph’s Healthcare System Series 2008 (BBB-/Ba1)
	32,380,000		6.625			07/01/38		32,395,219
	New Jersey Health Care Facilities Financing Authority RB for Trinitas Hospital Obligated Group Series 2007 A (BBB-/Baa3)
	8,980,000		5.250			07/01/30		8,979,282
	New Jersey Health Care Facilities Financing Authority RB for Trinitas Hospital Obligated Group Series 2007 B (BBB-/Baa3)
	13,070,000		5.250			07/01/23		13,673,703
	Newark New Jersey Housing Authority RB for South Ward Police Facility Series 2009 A (ASSURED GTY) (GO OF CITY) (NR/A3)
	2,000,000		6.750			12/01/38		2,303,460
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Series 2007 1-C (CCC/NR)(d)
	164,600,000		0.000			06/01/41		6,941,182
	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
	Tobacco Settlement Financing Corp. RB Senior Asset-Backed Bonds for Capital Appreciation Series 2007 1-A (B-/B2)
$	7,000,000		4.750	%		06/01/34	$	5,110,000
	Tobacco Settlement Financing Corp. Tobacco Settlement Asset- Backed Bonds Series 2007 1A (B-/B2)
	21,350,000		5.000			06/01/41		15,236,000
								121,836,982
	New Mexico – 0.8%
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan and Four Corners Projects RMKT 04/01/06 Series 2003 A (BBB/Baa3)
	3,620,000		4.875			04/01/33		3,400,918
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan and Four Corners Projects RMKT 04/01/06 Series 2003 B (BBB/Baa3)
	6,925,000		4.875			04/01/33		6,505,899
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB/Baa3)
	14,000,000		5.900			06/01/40		14,705,320
	New Mexico State Hospital Equipment Loan Council First Mortgage RB Refunding for Haverland Charter Lifestyle Group Series 2013 (BBB-/NR)
	2,000,000		5.000			07/01/42		1,691,400
								26,303,537
	New York – 0.6%
	Chautauqua County Industrial Development Agency Exempt Facility RB for Dunkirk NRG Power Project Series 2009 (BB+/Baa3)
	1,500,000		5.875			04/01/42		1,505,745
	Nassau County Tobacco Settlement Corp. RB Refunding for Asset-Backed Bonds Series 2006 A-3 (B-/NR)
	1,890,000		5.125			06/01/46		1,384,482
	New York City Industrial Development Agency PILOT RB for Queens Baseball Stadium Project Series 2009 (ASSURED GTY) (AA-/A3)
	1,000,000		6.125			01/01/29		1,097,580
	3,000,000		6.375			01/01/39		3,251,190
	5,000,000		6.500			01/01/46		5,411,150
	Newburgh New York GO Serial Bonds Series 2012 A (NR/Ba1)
	1,565,000		5.750			06/15/35		1,519,552
	Troy City Capital Resource Corp. RB for Rensselaer Polytechnic Institute Project Series 2010 A (A-/A3)
	5,000,000		5.125			09/01/40		5,082,650
								19,252,349
	North Carolina – 0.8%
	Charlotte Special Facilities RB Refunding for Charlotte/Douglas International Airport US Airways Series 1998 (AMT) (NR/NR)
	15,860,000		5.600			07/01/27		15,298,873
	Columbus County Industrial Facilities and Pollution Control Financing Authority Recovery Zone Facility RB Series 2010 A (BBB/Baa3)
	1,000,000		5.700			05/01/34		1,020,810

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	North Carolina Medical Care Commission Health Care Facilities RB Refunding First Mortgage for Lutheran Services for the Aging Series 2012 A (NR/NR)
$	3,800,000		4.750	%		03/01/32	$	3,375,616
	1,000,000		5.000			03/01/37		898,190
	1,000,000		5.000			03/01/42		884,140
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Methodist Church Project Series 2005 A (NR/NR)
	500,000		5.250			09/01/21		506,040
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Methodist Church Project Series 2005 C (NR/NR)
	1,500,000		5.250			10/01/24		1,509,285
								23,492,954
	Ohio – 6.1%
	Bowling Green City Student Housing RB for CFP I LLC-Bowling Green State University Project Series 2010 (BBB-/NR)
	7,000,000		6.000			06/01/45		7,200,270
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	16,500,000		5.125			06/01/24		14,035,065
	39,985,000		5.875			06/01/30		31,736,894
	2,515,000		5.875			06/01/47		1,880,591
	43,805,000		6.500			06/01/47		35,532,864
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-3 (B-/B3)
	10,000,000		6.250			06/01/37		7,923,700
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (AMT) (B/B2)
	30,450,000		5.375			09/15/27		28,045,668
	Cleveland Airport System RB Refunding Series 2012 A (AGM) (AA-/A2)
	6,900,000		5.000			01/01/30		7,011,366
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2006 A (BBB/NR)
	15,540,000		5.000			01/01/27		15,719,643
	15,000,000		5.000			01/01/37		14,382,000
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB/NR)
	2,000,000		5.000			01/01/42		1,881,820
	1,610,000		5.000			01/01/46		1,453,170
	Lorain County Port Authority Recovery Zone Facility RB for United States Steel Corp. Project Series 2010 (BB-/B1)
	8,730,000		6.750			12/01/40		8,632,573
	Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (BB+/Ba1)
	8,000,000		5.000			02/15/48		6,197,680
	Ohio State Solid Waste Disposal RB for USG Corp. Project Series 1998 (AMT) (B-/Caa2)
	7,250,000		5.650			03/01/33		6,960,870
								188,594,174
	State-Specific Municipal Debt Obligations – (continued)
	Oklahoma – 0.8%
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BB+/NR)
$	4,725,000		5.000	%		12/01/27	$	4,419,245
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2000 B (AMT) (NR/NR)
	10,000,000		5.500			06/01/35		8,952,100
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)
	10,000,000		5.500			12/01/35		8,940,900
	Weatherford Hospital Authority RB Series 2006 (NR/NR)
	2,200,000		6.000			05/01/25		2,128,676
	865,000		6.000			05/01/31		802,106
								25,243,027
	Oregon – 0.2%
	Forest Grove Oregon Student Housing RB for Oak Tree Foundation Project Series 2007 (NR/NR)
	4,750,000		5.500			03/01/37		4,430,515
	Oregon Facilities Authority Student Housing RB for CHF- Ashland, L.L.C.-Southern Oregon University Project Series 2012 (AGM) (AA-/A2)
	1,500,000		5.000			07/01/44		1,490,550
								5,921,065
	Pennsylvania – 3.7%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB/NR)
	1,500,000		5.000			09/01/30		1,478,055
	1,000,000		5.000			09/01/35		951,390
	Allegheny County IDA Environmental Improvement RB Refunding for United States Steel Corp. Project Series 2009 (BB-/B1)
	1,200,000		6.750			11/01/24		1,220,184
	Allentown Neighborhood Improvement Zone Development Authority Tax RB Series 2012 A (NR/Baa2)
	12,000,000		5.000			05/01/42		10,591,440
	Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (NR/Baa3)
	500,000		5.000			08/01/35		445,685
	1,000,000		5.000			08/01/45		864,960
	Chester Economic Development Authority RB Series 2004 (MUN GOVT GTD) (NR/NR)
	8,640,000		7.000			03/01/19		8,802,346
	City of Philadelphia GO Bonds Series 2011 (A-/A2)
	4,000,000		6.000			08/01/36		4,339,280
	Clairton Municipal Authority Sewer RB Series 2012 B (BBB/NR)
	1,000,000		5.000			12/01/37		920,990
	1,000,000		5.000			12/01/42		906,220
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa2)(f)
	48,250,000		0.947			05/01/37		35,925,502

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	Lancaster County Hospital Authority Health Facilities RB for St. Anne’s Retirement Community, Inc. Project Series 2012 (BB+/NR)
$	1,400,000		5.000	%		04/01/27	$	1,312,360
	1,500,000		5.000			04/01/33		1,341,645
	Montgomery County IDA RB for Whitemarsh Continuing Care Series 2005 (NR/NR)
	2,000,000		6.125			02/01/28		1,978,220
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB Refunding for Amtrak Project Series 2012 A (AMT) (A-/A1)
	2,750,000		5.000			11/01/41		2,685,018
	Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal RB for Philadelphia Biosolids Facility Project Series 2009 (BBB/Baa3)
	7,400,000		6.250			01/01/32		7,296,252
	Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 A (B-/NR)
	1,000,000		7.500			05/01/20		1,066,500
	Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 B (B-/NR)
	2,460,000		8.000			05/01/29		2,755,151
	Pennsylvania State Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (XLCA) (BBB+/WR)(f)
	13,095,000		0.784			07/01/27		10,874,219
	10,750,000		0.834			07/01/39		7,213,572
	Pennsylvania State Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB/NR)
	4,000,000		5.000			05/01/42		3,665,000
	Philadelphia Authority Industrial Development RB for Please Touch Museum Project Series 2006 (CC/NR)(h)
	3,000,000		5.250			09/01/26		1,800,480
	3,000,000		5.250			09/01/31		1,800,690
	Philadelphia Hospitals & Higher Education Facilities Authority RB Refunding for Temple University Health System Obligated Group Series 2012 B (BB+/Ba2)
	3,940,000		5.625			07/01/42		3,327,960
								113,563,119
	Puerto Rico – 7.5%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BB+/Ba1)
	66,390,000		6.000			07/01/38		49,668,351
	38,845,000		6.000			07/01/44		28,790,748
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (Radian-IBCC) (NR/Ba1)
	1,710,000		6.000			07/01/44		1,274,771
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (BB+/Ba1)
	5,000,000		5.125			07/01/37		3,445,600
	50,985,000		5.250			07/01/42		35,206,162
	3,000,000		6.000			07/01/47		2,200,890
	State-Specific Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 C (BBB-/Baa3)
$	8,780,000		6.000	%		07/01/39	$	6,330,380
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A (BBB-/Baa3)
	2,080,000		5.000			07/01/41		1,361,818
	Puerto Rico Commonwealth Refunding for Public Improvement Series 2007 A (BBB-/Baa3)
	1,000,000		5.500			07/01/17		932,230
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA-/A2)(f)
	30,000,000		0.704			07/01/29		18,960,900
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (BBB/Baa3)
	990,000		5.000			07/01/17		916,146
	9,700,000		5.250			07/01/26		7,663,679
	Puerto Rico Electric Power Authority RB Series 2010 XX (BBB/Baa3)
	8,500,000		5.250			07/01/40		5,907,500
	Puerto Rico Electric Power Authority RB Series 2012 A (AGM) (BBB/Baa3)
	20,555,000		5.000			07/01/42		14,131,357
	Puerto Rico Electric Power Authority RB Series 2013 A (BBB/Baa3)
	10,000,000		6.750			07/01/36		8,172,500
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (BBB+/Baa3)(d)
	4,750,000		0.000			07/01/34		969,332
	3,750,000		0.000			07/01/35		708,825
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (FGIC) (BBB+/Baa3)(d)
	10,720,000		0.000			07/01/31		2,752,896
	10,085,000		0.000			07/01/45		883,345
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 P (COMWLTH GTD) (BBB-/Baa3)
	1,000,000		6.125			07/01/23		838,740
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (A+/A3)
	21,550,000		6.000			08/01/42		17,602,687
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (A+/A3)(d)
	25,000,000		0.000			08/01/39		3,578,500
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (A+/A3)(g)
	14,080,000		0.000			08/01/32		10,450,317
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Series 2010 A (A+/A3)(d)
	10,000,000		0.000			08/01/33		2,296,200
	10,000,000		0.000			08/01/33		5,898,100
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Series 2011 A-1 (A+/A3)
	500,000		5.250			08/01/43		379,480

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Series 2011 C (AA-/Aa3)
$	500,000		5.000	%		08/01/40	$	422,565
								231,744,019
	Rhode Island – 0.0%
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC/NR)(d)
	85,300,000		0.000			06/01/52		1,177,993
	South Carolina – 0.3%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	3,891,000		6.875			11/01/35		3,510,655
	South Carolina Jobs-Economic Development Authority Hospital RB Refunding for Palmetto Health Series 2011 A (AGM) (AA-/A2)
	4,000,000		6.500			08/01/39		4,441,800
								7,952,455
	South Dakota – 0.2%
	South Dakota State Health & Educational Facilities Authority RB for Sanford Health Series 2007 (A+/A1)
	5,000,000		5.000			11/01/40		4,955,850
	Tennessee – 0.9%
	Blount County Health & Educational Facilities Board RB Refunding for Asbury, Inc. Series 2007 A (NR/NR)
	1,560,000		5.125			04/01/23		1,559,407
	Chattanooga Health Educational & Housing Facility Board RB Refunding for CDFI Phase I LLC Project Series 2005 A (BBB-/NR)
	240,000		5.000			10/01/15		248,988
	7,500,000		5.125			10/01/35		7,143,675
	Johnson City Health & Educational Board Retirement Facilities RB for Appalachian Christian Village Project Series 2004 A (NR/NR)(i)
	1,000,000		6.250			02/15/14		1,021,970
	Johnson City Health & Educational Board Retirement Facilities RB for Mountain States Health Alliance Series 2012 A (BBB+/Baa1)
	1,500,000		5.000			08/15/42		1,408,485
	Johnson City Health & Educational Facilities Board RB for Mountain States Health Alliance Series 2010 A (BBB+/Baa1)
	5,500,000		6.500			07/01/38		5,914,755
	Knox County Tennessee Health, Educational & Housing Facilities Board RB for University Health System, Inc. Series 2007 (BBB+/NR)
	2,000,000		5.250			04/01/36		1,956,100
	Memphis Health Educational & Housing Facility Board RB for Memphis Multi-Family Housing Apartment Projects Series 2007 A (AMT) (NR/NR)(a)(h)
	8,680,000		5.750			04/01/25		5,093,424
	Shelby County Health Educational & Housing Facilities Board RB for Trezevant Manor Project Series 2006 A (NR/NR)
	2,000,000		5.625			09/01/26		2,012,400
	State-Specific Municipal Debt Obligations – (continued)
	Tennessee – (continued)
	Shelby County Health Educational & Housing Facilities Board RB Refunding for The Village at Germantown Residential Care Facility Mortgage Series 2012 (NR/NR)
$	1,500,000		5.250	%		12/01/42	$	1,306,965
	2,000,000		5.375			12/01/47		1,741,460
								29,407,629
	Texas – 6.4%
	Alliance Airport Authority RB Refunding for American Airlines, Inc. Project Series 2007 (AMT) (NR/NR)(h)
	12,000,000		5.750			12/01/29		12,719,640
	Austin Texas Convention Center Enterprises, Inc. RB Third Tier Series 2001 C-1 (NR/NR)
	180,000		9.750			01/01/26		182,516
	Austin Texas Convention Center Enterprises, Inc. RB Third Tier Series 2001 C-2 (NR/NR)
	8,650,000		9.750			01/01/26		8,770,062
	Bexar County Texas Health Facilities Development Corp. RB for Army Retirement Residence Foundation Project Series 2010 (BBB/NR)
	3,250,000		6.200			07/01/45		3,478,312
	Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2006 (AMT) (CC/C)(h)
	4,740,000		5.000			03/01/41		165,900
	Brazos River Authority PCRB Refunding for TXU Energy Co. LLC Project Series 2003 C (AMT) (CC/C)(h)
	9,275,000		6.750			10/01/38		324,625
	Central Texas Regional Mobility Authority Senior Lien RB Refunding Series 2013 A (BBB-/Baa2)
	3,000,000		5.000			01/01/33		2,812,860
	2,750,000		5.000			01/01/43		2,413,758
	Dallas County Flood Control District No.1 GO Bonds Refunding Series 2002 (NR/NR)
	6,000,000		7.250			04/01/32		6,008,400
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB for American Airlines, Inc. Series 1995 (NR/WR)(h)
	9,230,000		6.000			11/01/14		9,395,402
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (NR/Baa3)
	6,000,000		4.750			05/01/38		5,082,900
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (NR/Baa3)
	5,000,000		4.750			11/01/42		4,235,400
	Grand Parkway Transportation Corp. System Toll RB First Tier Series 2013 A (BBB/NR)
	11,815,000		5.500			04/01/53		11,795,978
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Series 1998 B (AMT) (B/B2)
	1,000,000		5.700			07/15/29		911,540
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (B/B2)
	9,000,000		6.625			07/15/38		8,853,660

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (BBB/Baa2)
$	5,200,000		6.300	%		11/01/29	$	5,735,340
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-/NR)
	5,165,000		5.625			02/15/35		5,142,377
	North Texas Tollway Authority RB First Tier Series 2009 A (A-/A2)
	25,585,000		6.250			01/01/39		28,307,756
	North Texas Tollway Authority RB Refunding Toll Second Tier Series 2008 F (BBB+/A3)
	53,205,000		5.750			01/01/38		55,431,629
	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project RMKT 11/29/05 Series 2001 C (C/C)(h)
	5,950,000		5.200			05/01/28		208,250
	Tarrant County Cultural Education Facilities Finance Corp. RB for Air Force Village Obligated Group Series 2007 (BBB-/NR)
	4,180,000		5.125			05/15/37		3,716,229
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/Baa2)(f)
	7,825,000		0.870			12/15/26		6,626,601
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	7,500,000		6.875			12/31/39		8,145,075
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (BBB-/Baa3)
	5,000,000		6.750			06/30/43		5,182,250
	Tomball Hospital Authority RB Refunding Series 2005 (ETM) (Aaa/WR)(i)
	250,000		5.000			07/01/15		270,108
								195,916,568
	U.S. Virgin Islands – 0.1%
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Notes Refunding for Cruzan Project Series 2009 A (NR/Baa3)
	2,000,000		6.000			10/01/39		2,070,060
	Utah – 0.9%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (AMT) (NR/NR)
	24,692,000		7.100			08/15/23		26,443,157
	Vermont – 0.1%
	Vermont Economic Development Authority Mortgage RB for Wake Robin Corp. Project Series 2006 A (NR/NR)
	1,300,000		5.250			05/01/26		1,213,602
	Vermont Educational & Health Buildings Financing Agency RB for St. Michael’s College Project Series 2012 (A-/Baa1)
	2,250,000		5.000			10/01/42		2,229,570
								3,443,172
	State-Specific Municipal Debt Obligations – (continued)
	Virginia – 0.9%
	Albemarle County IDA RB Refunding Westminster-Canterbury Series 2007 (NR/NR)
$	1,000,000		5.000	%		01/01/31	$	936,210
	Mosaic District Community Development Authority RB Series 2011 A (NR/NR)
	3,580,000		6.250			03/01/21		3,928,406
	2,000,000		6.625			03/01/26		2,182,300
	7,000,000		6.875			03/01/36		7,713,090
	Norfolk Redevelopment & Housing Authority First Mortgage for Retirement Community Series 2004 A (NR/NR)
	500,000		6.000			01/01/25		491,535
	1,100,000		6.125			01/01/35		1,061,291
	Suffolk IDA Retirement Facilities RB Refunding First Mortgage for Lake Prince Center Series 2006 (NR/NR)
	725,000		5.150			09/01/24		729,828
	1,000,000		5.300			09/01/31		955,420
	Virginia Beach Development Authority Residential Care Facilities Mortgage RB Refunding for Westminster-Canterbury Series 2005 (NR/NR)
	500,000		5.000			11/01/22		504,690
	Virginia Small Business Financing Authority Senior Lien RB for Elizabeth River Crossings Opco, LLC Project Series 2012 (AMT) (BBB-/NR)
	4,250,000		5.500			01/01/42		3,962,105
	Washington County IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
	4,000,000		7.750			07/01/38		4,529,080
								26,993,955
	Washington – 0.9%
	Port of Seattle Industrial Development Corporation Special Facilities RB Refunding for Delta Air Lines, Inc. Project Series 2012 (AMT) (B/NR)
	4,000,000		5.000			04/01/30		3,504,840
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 A (NR/NR)(b)(c)
	3,955,000		16.463			12/14/17		5,924,036
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 B (NR/NR)(b)(c)
	4,150,000		16.471			12/14/17		6,161,298
	Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2010 (NR/Baa2)
	3,000,000		5.250			12/01/25		3,064,380
	4,000,000		5.750			12/01/35		3,979,800
	Washington Health Care Facilities Authority RB for Kadlec Regional Medical Center Series 2012 (NR/Baa3)
	3,000,000		5.000			12/01/42		2,559,780
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 A (ASSURED GTY) (AA-/A1)
	750,000		6.000			08/15/39		798,645
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 B (ASSURED GTY) (AA-/A1)
	1,750,000		6.000			08/15/39		1,863,505
								27,856,284

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate				Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	West Virginia – 0.1%
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. – Amos Project Series 2010 A (BBB/Baa2)
$	4,000,000		5.375	%			12/01/38	$	4,091,480
	Wisconsin – 2.2%
	Kaukauna Wisconsin Environmental Improvement RB for International Paper Co. Project Series 2005 A (AMT) (BBB/Baa3)
	6,510,000		5.250				06/01/29		6,502,644
	Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Improvements Obligated Group Series 2012 B (AMT) (BBB-/NR)
	3,000,000		5.000				07/01/42		2,484,750
	Wisconsin State Health & Educational Facilities Authority RB for Fort Healthcare, Inc. Project Series 2004 (BBB+/NR)
	1,500,000		6.100				05/01/34		1,530,480
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 A (BBB/NR)
	5,825,000		5.125				05/15/29		5,865,018
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB/NR)
	3,180,000		5.000				05/15/36		3,022,812
	Wisconsin State Health & Educational Facilities Authority RB for Vernon Memorial Healthcare, Inc. Project Series 2005 (BBB/NR)
	3,000,000		5.100				03/01/25		3,016,890
	3,800,000		5.250				03/01/35		3,699,756
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (A-/Baa1)
	2,000,000		5.250				08/15/31		1,979,300
	27,365,000		5.250				08/15/34		26,752,571
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Illinois Senior Housing, Inc. Series 2006 (NR/NR)
	1,275,000		5.650				08/01/21		1,278,876
	2,385,000		5.800				08/01/29		2,280,179
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Wheaton Healthcare Series 2006 B (A-/Baa1)
	10,620,000		5.125				08/15/30		10,402,184
									68,815,460
	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,154,866,516)							$	3,013,253,366
	Other Municipal Debt Obligations(a)(b) – 0.6%
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 (AMT) (NR/Ba2)
$	8,000,000		5.300	%			09/30/15	$	7,877,440
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2013 (AMT) (NR/Ba1)
	9,875,000		5.000		��		01/31/18		9,871,939
									17,749,379
	TOTAL OTHER MUNICIPAL DEBT OBLIGATIONS
	(Cost $17,925,371)							$	17,749,379

Shares	Description	Value
Common Stock – 0.0%
280	Delta Air Lines, Inc.	$	6,605
(Cost $0)
TOTAL INVESTMENTS – 98.5%
(Cost $3,172,791,887)		$	3,031,009,350
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%			45,635,756
NET ASSETS – 100.0%		$	3,076,645,106

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2013.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be 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 $123,666,622, which represents approximately 4.0% of net assets as of September 30, 2013.
(c)	Inverse floating rate security. Interest rate disclosed is that which is in effect at September 30, 2013.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	When-issued security.
(f)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2013.
(g)	Zero coupon bond until next reset date.
(h)	Security is currently in default and/or non-income producing.
(i)	Pre-refunded security. Maturity date disclosed is pre-refunding date.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
ASSURED GTY	—Insured by Assured Guaranty
COMWLTH GTD	—Commonwealth Guaranteed
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
FHA	—Federal Housing Administration
GO	—General Obligation
GO OF AUTH	—General Obligation of Authority
GO OF CITY	—General Obligation of City
GO OF CORP	—General Obligation of Corporation
IDA	—Industrial Development Authority
LIBOR	—London Interbank Offered Rate
MUN GOVT GTD	—Municipal Government Guaranteed
NATL-RE	—Insured by National Public Finance Guarantee Corp.
NATL-RE FGIC	—Insured by National Public Finance Guarantee Corp., which reinsures Financial Guaranty Insurance Co.
NR	—Not Rated
PCRB	—Pollution Control Revenue Bond
PILOT	—Payment in Lieu of Taxes
Q-SBLF	—Qualified School Board Loan Fund
Radian	—Insured by Radian Asset Assurance
Radian IBCC	—Insured by Radian Asset Insurance Bond Custodial Certificate
RB	—Revenue Bond
RITES	—Residual Interest Tax Exempt Securities
RMKT	—Remarketed
WR	—Withdrawn Rating
XLCA	—Insured by XL Capital Assurance, Inc.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

												Market Value
Counterparty	Referenced Obligation	Notional Amount (000’s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013(a)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Sold:
Bank of America, N.A.	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18	$	4,000		1.000	%		03/20/23		1.430	%	$	(187,972	)	$	62,849
JPMorgan Chase Bank, N.A.	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18		10,000		1.700			06/20/21		1.270			—			249,113
	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18		9,000		1.000			03/20/23		1.430			(422,938	)		141,410
	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18		25,000		1.000			09/20/23		1.460			(1,234,270	)		377,917
	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18		15,000		1.000			09/20/23		1.460			(696,470	)		182,658
	Illinois State GO Bonds Series A, 5.000%, 06/01/29		10,000		1.830			06/20/21		1.880			—			(81,513	)
Morgan Stanley & Co. International PLC	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18		8,000		1.000			03/20/23		1.430			(317,874	)		67,628
	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18		10,000		1.000			09/20/23		1.460			(493,708	)		151,167
TOTAL												$	(3,353,232	)	$	1,151,229

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

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

			Rates Exchanged				Market Value
Counterparty	Notional Amount (000’s)	Termination Date	Payments Received	Payments Made			Upfront Payments Made (Received)	Unrealized Gain (Loss)
Morgan Stanley Capital Services, Inc.	$85,000	03/26/43	3 Month LIBOR		3.023	%	$—	$	10,512,101

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – 98.7%
	Alabama – 1.3%
	Alabama Special Care Facilities Financing Authority RB for Birmingham Ascension Health Series 2009 C-1 (AA+/NR)(a)(b)(c)
$	1,000,000		14.488	%		11/03/16	$	1,364,030
	Alabama State Port Authority RB for Docks Facilities Series 2010 (A-/NR)
	2,500,000		5.750			10/01/30		2,876,400
	Alexander City Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BB+/NR)
	1,780,000		5.750			12/01/36		1,741,962
	Health Care Authority RB for Baptist Health Series 2006 D (GO OF AUTH) (BBB+/A3)
	575,000		5.000			11/15/17		608,229
	100,000		5.000			11/15/21		103,031
								6,693,652
	Arizona – 1.6%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(d)
	5,150,000		0.994			01/01/37		3,992,589
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for El Paso Electric Co. Project Series 2009 A (BBB/Baa2)
	2,200,000		7.250			02/01/40		2,429,900
	Navajo County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Project Series 2009 B (BBB+/Baa1)(a)
	2,000,000		5.500			06/01/14		2,063,740
								8,486,229
	Arkansas – 0.1%
	Arkansas State Development Finance Authority RB for Single Family Mortgage-Backed Securities Series 2008 B (AMT) (GNMA) (FNMA) (AA+/NR)
	505,000		5.500			07/01/23		528,048
	California – 19.6%
	Bay Area Toll Authority California Toll Building Authority RB for San Francisco Bay Area Series 2008 F-1 (AA/Aa3)
	4,000,000		5.500			04/01/43		4,205,960
	California Educational Facilities Authority RB for California Institute of Technology Series 2009 (GO OF INSTN) (AA+/Aa1)
	5,000,000		5.000			11/01/39		5,177,150
	California Health Facilities Financing Authority RB for Providence Health & Services Series 2008 C (AA/Aa2)
	1,000,000		6.500			10/01/33		1,129,530
	California Infrastructure & Economic Development Bank RB for Los Angeles County Department of Public Social Services Series 2003 (AMBAC) (AA-/WR)
	1,000,000		5.750			09/01/23		1,011,770
	California State Various Purpose GO Bonds Series 2009 (A/A1)
	5,000,000		5.250			10/01/25		5,526,350
	5,000,000		6.500			04/01/33		5,936,100
	2,750,000		6.000			04/01/38		3,130,682
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	California State Various Purpose GO Bonds Series 2010 (A/A1)
$	1,250,000		6.000	%		03/01/33	$	1,469,587
	1,500,000		5.500			03/01/40		1,598,130
	California Statewide Communities Development Authority RB for Enloe Medical Center Series 2008 (CAL MTG INS) (A/NR)
	1,435,000		5.750			08/15/38		1,530,600
	California Statewide Communities Development Authority RB for Sutter Health Series 2011 A (AA-/Aa3)
	2,000,000		6.000			08/15/42		2,196,440
	California Statewide Community Development Authority Water & Wastewater RB Unrefunded Balance Series 2004 (AGM) (AA-/A2)
	15,000		5.250			10/01/19		15,199
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA-/Aa2)(e)
	6,500,000		0.000			06/01/34		2,097,485
	Clovis Unified School District GO Bonds for Election of 2012 Series 2012 A (AA/Aa2)
	2,575,000		5.000			08/01/29		2,778,708
	Eastern California Municipal Water District Community Facilities Special Tax District No. 2005-40 Mahogany Promontory Pointe Series 2006 (NR/NR)
	355,000		5.000			09/01/36		356,129
	Foothill-De Anza California Community College District GO Bonds for Santa Clara County Election of 2006 Series 2007 A (AMBAC) (AA/Aaa)
	6,000,000		5.000			08/01/27		6,541,800
	Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (A-/NR)
	500,000		5.000			09/01/32		504,630
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)(e)
	18,000,000		0.000			06/01/47		1,267,380
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)(e)
	19,500,000		0.000			06/01/47		293,865
	Lake Elsinore California Unified School District Community Facilities Special Tax Series 2005-3 (NR/NR)
	595,000		5.000			09/01/25		591,811
	Los Angeles Community College District GO Bonds for 2008 Election Series 2010 C (AA/Aa1)
	5,000,000		5.250			08/01/39		5,348,350
	Los Angeles County Metropolitan Transportation Authority RB Refunding for Union Station Project Series 2004 D (AMBAC) (A/A1)(d)
	2,100,000		0.403			07/01/27		1,897,259
	Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AA-/Aa3)(e)
	2,000,000		0.000			08/01/37		527,780
	4,500,000		0.000			08/01/38		1,112,130
	4,500,000		0.000			08/01/39		1,045,980

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (A/NR)(e)
$	1,205,000		0.000	%		08/01/26	$	627,636
	M-S-R Energy Authority Gas RB Series 2009 A (A-/NR)
	1,750,000		6.500			11/01/39		2,020,252
	M-S-R Energy Authority Gas RB Series 2009 C (A-/NR)
	3,500,000		6.125			11/01/29		3,841,635
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA-/Aa3)(f)
	5,000,000		0.000			08/01/35		3,193,250
	Ontario Redevelopment Financing Authority Lease RB for Capital Projects Series 2007 (AMBAC) (AA-/WR)
	1,110,000		5.250			08/01/22		1,168,397
	Palomar Pomerado Health COPS Series 2009 (BB+/Baa3)
	2,500,000		6.750			11/01/39		2,573,675
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA-/A1)(f)
	6,450,000		0.000			08/01/38		5,045,190
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA-/A1)(e)
	2,150,000		0.000			08/01/31		804,573
	4,150,000		0.000			08/01/32		1,448,350
	3,500,000		0.000			08/01/33		1,148,420
	Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A2)
	4,000,000		5.000			05/01/31		4,058,360
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)(d)
	3,000,000		0.705			12/01/35		2,423,760
	San Diego County Water Authority COPS Series 2008 A (AGM) (AA+/Aa2)
	5,000,000		5.000			05/01/33		5,299,350
	San Diego Public Facilities Financing Authority Water RB Refunding Subseries 2012 A (AA-/Aa3)
	2,500,000		5.000			08/01/31		2,672,750
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa3)(e)
	5,000,000		0.000			07/01/39		1,150,300
	San Francisco City & County Airport Commission San Francisco International Airport RB Refunding Second Series 2013 A (AMT) (A+/A1)
	2,000,000		5.500			05/01/28		2,172,000
	San Francisco City & County GO Bonds for Earthquake Safety & Emergency Response Series 2012 A (AA/Aa1)
	3,930,000		3.000			06/15/22		4,033,320
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (A/Baa1)(e)
	1,605,000		0.000			01/15/26		768,153
	Torrance California COPS for Refunding & Public Improvement Project Series 2005 B (AMBAC) (AA/A1)
	310,000		5.250			06/01/34		310,636
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Vernon California Redevelopment Agency Tax Allocation for Industrial Redevelopment Project Series 2005 (NATL-RE) (A/Baa1)
$	725,000		5.250	%		09/01/19	$	734,556
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE FGIC) (A+/Baa1)(e)
	1,175,000		0.000			08/01/25		673,592
								103,458,960
	Colorado – 2.1%
	Colorado Health Facilities Authority Hospital RB for Poudre Valley Health Care, Inc. Series 2005 F (A+/A1)
	800,000		5.000			03/01/25		817,688
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB-/NR)
	1,150,000		5.000			12/01/35		1,004,858
	Denver City & County Airport RB Series 2013 A (AMT) (A/A2)
	5,000,000		5.500			11/15/29		5,323,000
	E-470 Public Highway Authority RB Series 2010 A (BBB/Baa2)(e)
	6,000,000		0.000			09/01/40		1,248,240
	West Metro Fire Protection District GO Bonds Series 2006 A (NATL-RE) (NR/Aa2)(g)
	2,200,000		5.250			12/01/16		2,504,964
								10,898,750
	District of Columbia – 1.3%
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (BBB/A1)
	300,000		6.250			05/15/24		301,863
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (BBB/Baa1)
	1,000,000		6.500			05/15/33		1,036,120
	District of Columbia Water & Sewer Authority RB Public Utility Senior Lien Series 2009 A (AA+/Aa2)
	5,000,000		6.000			10/01/35		5,522,450
								6,860,433
	Florida – 12.2%
	Arbor Greene Community Development District Special Assessment Refunding Series 2006 (A-/NR)
	1,300,000		5.000			05/01/19		1,375,036
	Bluewaters Community Development District Special Assessment Series 2004 (NR/NR)
	2,265,000		6.000			05/01/35		2,333,788
	Bridgewater Wesley Chapel Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	2,135,000		5.750			05/01/35		2,119,756
	Citizens Property Insurance Corp. RB Senior Secured for High Risk Account Series 2009 A-1 (A+/A2)
	3,650,000		5.500			06/01/17		4,151,364
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	885,000		5.375			05/01/36		912,470

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Covington Park Florida Community Development District Special Assessment Refunding for Capital Improvement Series 2005 (A-/NR)
$	445,000		5.000	%		05/01/21	$	449,446
	Crossings At Fleming Island Community Development District RB Refunding Series 2007 (NATL-RE) (A/Baa1)
	125,000		4.750			10/01/36		106,060
	Crossings At Fleming Island Community Development District Special Assignment Refunding Series 2000 B (NATL-RE) (A/Baa1)
	955,000		5.800			05/01/16		955,076
	Double Branch Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A-/NR)
	1,750,000		4.125			05/01/31		1,468,617
	1,250,000		4.250			05/01/34		1,035,975
	Florida State Municipal Power Agency RB Series 2009 A (A+/A2)
	1,000,000		6.250			10/01/31		1,111,000
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (AMT) (A+/Aa3)
	2,000,000		5.000			10/01/21		2,262,700
	Hamal Florida Community Development District Special Assessment for Refunding and Improvement Series 2006 A (NATL-RE) (A/Baa1)
	2,755,000		5.375			05/01/22		2,857,954
	High Ridge Quantum Community Development District Special Assessment for Boyton Beach Series 2005 A (NR/NR)
	1,710,000		5.750			05/01/35		1,711,060
	Hollywood Community Redevelopment Agency RB for Beach CRA Series 2004 (A-/A3)
	300,000		5.625			03/01/24		302,031
	Keys Cove Community Development District Special Assessment Series 2004 (NR/NR)
	2,215,000		5.875			05/01/35		2,321,697
	Lee County IDA Health Care Facilities RB Refunding for Shell Point/Alliance Community Project Series 2007 (BB+/NR)
	2,500,000		5.000			11/15/13		2,509,425
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)(h)
	1,185,000		5.375			05/01/30		829,500
	Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 A (NR/NR)
	875,000		6.000			05/01/35		854,280
	Miami Special Obligation Non-Ad Valorem RB Refunding Series 2011 A (AGM) (AA-/A2)
	1,200,000		6.000			02/01/30		1,306,524
	1,500,000		6.000			02/01/31		1,627,335
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (BBB+/A3)(b)
	5,000,000		5.000			03/01/30		4,966,600
	Miami-Dade County Florida Aviation RB RMKT 03/17/08 Series 2003 E (AMT) (NATL-RE) (A/NR)
	575,000		5.250			10/01/16		637,370
	North Sumter County Utility Dependent District RB Series 2010 (AGM) (AA-/A2)
	1,250,000		5.375			10/01/40		1,262,688
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Parklands Lee Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A-/NR)
$	145,000		3.125	%		05/01/20	$	136,980
	145,000		3.250			05/01/21		135,392
	155,000		3.375			05/01/22		143,839
	155,000		3.500			05/01/23		143,192
	160,000		3.625			05/01/24		146,445
	170,000		3.750			05/01/25		153,821
	175,000		3.875			05/01/26		157,292
	1,970,000		4.125			05/01/35		1,648,082
	Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)
	1,330,000		4.500			11/01/33		1,297,322
	Port Everglades Authority RB for Port Facilities Series 1986 (ETM) (AA+/Aaa)(g)
	1,335,000		7.125			11/01/16		1,470,516
	Sail Harbour Community Development District Special Assessment Series 2005 A (NR/NR)
	890,000		5.500			05/01/36		897,850
	Sausalito Bay Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	90,000		1.375			05/01/14		89,945
	85,000		1.625			05/01/15		84,664
	90,000		1.875			05/01/16		89,136
	90,000		2.125			05/01/17		88,791
	95,000		2.500			05/01/18		93,340
	90,000		2.750			05/01/19		87,809
	100,000		3.000			05/01/20		96,969
	660,000		3.750			05/01/26		618,275
	1,235,000		4.000			05/01/35		1,106,153
	Sonoma Bay Community Development District Special Assessment Series 2005 A (NR/NR)
	585,000		5.450			05/01/36		603,831
	Spicewood Community Development District Special Assessment Refunding Series 2013 (BBB/NR)
	120,000		3.000			05/01/20		115,815
	120,000		3.125			05/01/21		114,554
	125,000		3.500			05/01/22		118,403
	130,000		3.625			05/01/23		122,873
	135,000		3.750			05/01/24		126,766
	140,000		3.875			05/01/25		131,202
	150,000		4.000			05/01/26		139,569
	1,405,000		4.250			05/01/34		1,205,687
	St. Petersburg Health Facilities Authority RB Refunding for All Children’s Hospital Series 2009 A (AA/A1)
	2,000,000		6.500			11/15/39		2,221,840
	Sumter Landing Florida Community Development District Recreational RB Series 2005 A (NATL-RE) (A/Baa1)
	250,000		4.625			10/01/30		237,700
	Tampa Palms Open Space & Transportation Community Development District Special Assessment Refunding for Capital Improvement Area 7 Project Series 2004 (NATL-RE) (A/Baa1)
	1,395,000		4.500			05/01/18		1,484,461

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Thousand Oaks Community Development District Special Assessment Series 2005 A-1 (NR/NR)
$	870,000		5.350	%		05/01/35	$	872,427
	Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (A-/NR)
	1,210,000		4.500			05/01/33		1,153,868
	Venetian Isles Community Development District Special Assessment Refunding Series 2013 (A+/NR)
	250,000		3.250			05/01/21		234,690
	255,000		3.375			05/01/22		238,137
	265,000		3.500			05/01/23		246,092
	275,000		3.500			05/01/24		251,257
	285,000		3.625			05/01/25		258,495
	295,000		3.625			05/01/26		263,217
	305,000		3.750			05/01/27		269,952
	320,000		3.875			05/01/28		281,264
	Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (A/NR)
	500,000		4.250			05/01/30		448,665
	500,000		4.375			05/01/35		431,695
	Village Community Development District No. 6 Special Assessment Series 2007 (NR/NR)
	1,775,000		5.250			05/01/37		1,800,951
	Villagewalk of Bonita Springs Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	985,000		5.600			05/01/36		989,206
	Wyndam Park Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	100,000		3.125			05/01/20		96,839
	100,000		3.250			05/01/21		95,642
	105,000		3.375			05/01/22		99,904
	105,000		3.500			05/01/23		99,410
	110,000		3.625			05/01/24		103,740
	115,000		3.750			05/01/25		107,974
	120,000		3.875			05/01/26		112,194
	1,160,000		4.125			05/01/34		1,040,079
								64,271,964
	Georgia – 1.1%
	Atlanta Airport RB Refunding Series 2012 C (AMT) (A+/A1)
	1,250,000		5.000			01/01/27		1,308,350
	Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Series 2009 A (AA+/A1)
	4,075,000		5.250			07/01/36		4,261,472
								5,569,822
	Guam – 0.4%
	Guam Government Limited Obligation GO Bonds Section 30 Series 2009 A (BBB+/NR)
	600,000		5.375			12/01/24		627,612
	850,000		5.625			12/01/29		876,903
	750,000		5.750			12/01/34		777,045
								2,281,560
	State-Specific Municipal Debt Obligations – (continued)
	Idaho – 0.2%
	Idaho Health Facilities Authority RB for St. Luke’s Health System Project Series 2008 (A/A2)
$	1,000,000		6.750	%		11/01/37	$	1,102,990
	Illinois – 5.2%
	Chicago Illinois O’Hare International Airport RB Refunding Third Lien Series 2003 A-1 (XLCA) (A-/A2)
	490,000		5.250			01/01/34		492,930
	Chicago Illinois Sales Tax RB Series 2011 A (AAA/A3)
	2,000,000		5.000			01/01/41		2,040,480
	Chicago Illinois Tax Allocation Junior Lien for Near South Redevelopment Project Series 2001 A (ACA) (NR/NR)
	705,000		6.250			11/15/13		707,235
	Illinois Finance Authority RB for Edward Hospital RMKT 04/09/08 Series 2008 A (AMBAC) (A+/A2)
	350,000		6.250			02/01/33		377,811
	Illinois Finance Authority RB Refunding for Proctor Hospital Series 2006 A (BB-/B2)
	400,000		5.125			01/01/25		355,096
	Illinois Finance Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2005 A (AMT) (BBB/NR)
	400,000		5.050			08/01/29		396,960
	Illinois GO Bonds Series 2003 (NATL-RE) (A/A2)
	975,000		5.000			06/01/19		977,857
	Illinois GO Bonds Series 2012 A (A-/A3)
	2,500,000		4.000			01/01/26		2,253,575
	Illinois GO Bonds Series 2013 (A-/A3)
	5,120,000		5.500			07/01/38		5,064,909
	Illinois Municipal Electric Agency RB Power Supply System Series 2007 A (NATL-RE FGIC) (A+/A1)
	4,020,000		5.250			02/01/22		4,353,338
	Lake County Illinois Community Consolidated School District No. 41 GO Bonds Series 1999 A (AGM) (AA-/Aa2)
	2,725,000		9.000			11/01/16		3,293,380
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (A-/NR)
	1,125,000		6.000			06/01/28		1,197,990
	Round Lake Illinois Lakewood Grove Special Service Area No. 1 Special Tax Refunding Series 2007 (ASSURED GTY) (AA-/NR)
	2,320,000		5.500			03/01/32		2,239,821
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (AA-/NR)(e)
	6,450,000		0.000			12/01/25		3,881,481
								27,632,863
	Indiana – 1.2%
	Delaware County Hospital Authority RB for Cardinal Health System Obligated Group Series 2006 (NR/A3)
	2,000,000		5.250			08/01/36		2,016,040
	Indiana Finance Authority RB for Private Activity for Ohio River Bridges East End Crossing Project Series 2013 A (AMT) (BBB/NR)
	1,000,000		5.000			07/01/48		853,330

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Indiana – (continued)
	Indiana Health Facility Financing Authority RB for Ascension Health Subordinate Credit Group Residual I Series 2010-3224 (AA/NR)(b)(c)
$	205,000		29.763	%		11/01/27	$	337,188
	Indianapolis Indiana Airport Authority RB Refunding Special Facilities for Federal Express Corp. Project Series 2004 (AMT) (BBB/Baa1)
	640,000		5.100			01/15/17		700,378
	Jasper County PCRB Refunding for Northern RMKT 08/25/08 Series 1994 C (NATL-RE) (A/Baa1)
	650,000		5.850			04/01/19		720,271
	Vanderburgh County Indiana Redevelopment Commission Tax Increment Tax Allocation Series 2006 (A/NR)
	1,400,000		5.250			02/01/31		1,461,124
								6,088,331
	Iowa – 0.2%
	Coralville Iowa COPS Series 2006 D (NR/Ba1)
	1,325,000		5.250			06/01/22		1,298,739
	Kentucky – 1.9%
	Kentucky Economic Development Finance Authority RB for Ashland Hospital Corp. King’s Daughters Medical Center Series 2010 (A/A2)
	3,000,000		5.000			02/01/40		2,889,300
	Kentucky Economic Development Finance Authority RB Residuals Series 2009-3125 (AA-/NR)(b)(c)
	470,000		18.138			11/01/13		558,651
	Kentucky Economic Development Finance Authority System RB for Norton Healthcare, Inc. Series 2000 C (NATL-RE) (A/Baa1)
	2,165,000		6.000			10/28/13		2,192,192
	Louisville & Jefferson County Metropolitan Government RB for Jewish Hospital St. Mary’s Healthcare Series 2008 (NR/Aaa)(g)
	3,750,000		6.125			02/01/18		4,531,838
								10,171,981
	Louisiana – 1.3%
	De Soto Parish Louisiana Environmental Improvement RB Refunding for International Paper Co. Project Series 2004 A (AMT) (BBB/Baa3)
	675,000		5.000			11/01/18		693,400
	De Soto Parish Louisiana Environmental Improvement RB Refunding for International Paper Co. Project Series 2005 A (AMT) (BBB/Baa3)
	2,560,000		4.750			03/01/19		2,634,291
	East Baton Rouge Parish Louisiana Sales Tax RB for Road and Street Improvement Series 2009 A (ASSURED GTY) (AA-/A2)
	1,230,000		5.250			08/01/28		1,358,904
	New Orleans Louisiana Aviation Board RB Refunding for Restructuring GARBs Series 2009 A-1 (ASSURED GTY) (AA-/A3)
	1,350,000		6.000			01/01/23		1,517,225
	State-Specific Municipal Debt Obligations – (continued)
	Louisiana – (continued)
	Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (AMT) (BBB+/Baa1)
$	500,000		5.000	%		04/01/30	$	495,015
								6,698,835
	Maryland – 1.2%
	Baltimore Maryland Special Obligation Tax Allocation for Harborview Lot No. 2 Series 2003 (NR/NR)
	1,031,000		6.500			07/01/31		1,043,042
	Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (Radian) (NR/NR)
	235,000		5.600			07/01/20		235,047
	555,000		5.700			07/01/29		548,701
	Maryland State Health & Higher Educational Facilities Authority RB Refunding for MedStar Health Series 2004 (A-/A2)
	500,000		5.375			08/15/24		514,675
	750,000		5.500			08/15/33		767,647
	Maryland State Industrial Development Financing Authority RB Refunding for Synagro-Baltimore Series 2008 A (AMT) (BBB+/NR)
	1,025,000		5.375			12/01/14		1,049,580
	500,000		5.625			12/01/16		523,570
	Maryland State Transportation Authority RB Refunding Series 2007 (AAA/Aa1)
	1,500,000		5.000			03/01/19		1,671,270
								6,353,532
	Massachusetts – 1.9%
	Massachusetts Development Finance Agency RB for Harvard University Series 2010 B-2 (AAA/Aaa)
	5,000,000		5.250			02/01/34		5,520,200
	Massachusetts Educational Financing Authority RB Series 2008 H (AMT) (ASSURED GTY) (AA/A1)
	1,630,000		6.350			01/01/30		1,707,996
	Massachusetts State Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 (BBB+/Baa1)
	3,000,000		5.750			07/01/31		3,065,790
								10,293,986
	Michigan – 0.8%
	Michigan Finance Authority RB for Rol Railroad II Series 2012 R-14017 (AAA/NR)(b)(c)
	2,780,000		14.020			01/01/18		4,230,215
	Minnesota – 0.9%
	Minneapolis Minnesota Health Care System RB for Fairview Health Services Series 2008 A (A/A3)
	1,500,000		6.750			11/15/32		1,683,915
	St. Paul Minnesota Housing & Redevelopment Authority RB for HealthPartners Obligated Group Project Series 2006 (A-/A2)
	2,900,000		5.250			05/15/36		2,952,316
								4,636,231

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Mississippi – 0.2%
	Mississippi Development Bank Special Obligation RB for Hinds Community College District Capital Improvement Project Series 2009 (ASSURED GTY) (NR/Aa2)
$	1,095,000		5.375	%		10/01/33	$	1,173,939
	Missouri – 1.0%
	Missouri State Development Finance Board Infrastructure Facilities RB for Branson Landing Project Series 2005 A (A/A2)
	270,000		4.750			06/01/25		273,383
	4,125,000		5.000			06/01/35		4,119,308
	Missouri State Health & Educational Facilities Authority RB for St. Louis University Series 1998 (AA-/A1)
	1,000,000		5.500			10/01/15		1,078,100
								5,470,791
	Nevada – 0.4%
	North Las Vegas Local Improvement District No. 60 Special Assessment Refunding for Special Improvement Subseries 2006 B (NR/NR)
	600,000		4.850			12/01/15		607,944
	1,335,000		5.100			12/01/22		1,299,676
								1,907,620
	New Hampshire – 0.2%
	New Hampshire State Business Finance Authority RB for Waste Management, Inc. Project Series 2002 (AMT) (BBB/NR)
	1,250,000		5.200			05/01/27		1,281,825
	New Jersey – 6.8%
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 (ASSURED GTY) (AA-/A1)(g)
	325,000		6.000			12/15/18		398,801
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 (ASSURED GTY) (AA-/A1)
	675,000		6.000			12/15/34		747,448
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (A+/A1)
	360,000		5.000			09/01/34		367,178
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2009 AA (A+/A1)
	4,000,000		5.500			12/15/29		4,364,600
	New Jersey Economic Development Authority Water Facilities RB Refunding for American Water Co., Inc. Project Series 2010 B (AMT) (A/A1)
	2,000,000		5.600			11/01/34		2,118,140
	New Jersey Health Care Facilities Financing Authority RB for Children’s Specialized Hospital Series 2005 A (BBB/Baa3)
	600,000		5.000			07/01/24		604,434
	175,000		5.500			07/01/30		176,372
	New Jersey Health Care Facilities Financing Authority RB for St. Joseph’s Healthcare System Series 2008 (BBB-/Ba1)
	2,500,000		6.625			07/01/38		2,501,175
	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
	New Jersey State Higher Education Assistance Authority RB for Student Loan Series 2008 A (AMT) (ASSURED GTY) (AA-/A2)
$	3,000,000		6.125	%		06/01/30	$	3,142,350
	New Jersey State Housing and Mortgage Finance Agency RB for Single Family Housing Series 2008 AA (AA/Aa2)
	425,000		6.150			10/01/23		452,769
	New Jersey State Turnpike Authority RB Refunding Series 2000 B (NATL-RE) (A+/A3)(d)
	6,275,000		0.123			01/01/30		5,413,203
	New Jersey State Turnpike Authority RB Series 2009 G (A+/A3)
	1,650,000		5.000			01/01/18		1,887,320
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (A+/A1)
	5,260,000		5.500			06/15/41		5,542,725
	Rutgers State University RB Refunding Series 2013 J (AA-/Aa3)
	5,000,000		5.000			05/01/32		5,252,200
	Rutgers State University RB Refunding Series 2013 L (AA-/Aa3)
	2,500,000		5.000			05/01/43		2,563,025
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Series 2007 1-C (CCC/NR)(e)
	11,250,000		0.000			06/01/41		474,413
								36,006,153
	New Mexico – 0.7%
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB/Baa3)
	2,500,000		5.900			06/01/40		2,625,950
	Santa Fe County New Mexico RB for Gross Receipts Series 2008 (AGM) (AA+/Aa3)
	1,000,000		5.250			06/01/31		1,062,230
								3,688,180
	New York – 3.8%
	Erie County New York Industrial Development Agency RB for the City of Buffalo School District Series 2008 A (AGM) (ST AID WITHHLDG) (AA-/Aa3)
	6,500,000		5.750			05/01/26		7,366,125
	4,500,000		5.750			05/01/29		4,976,820
	New York City GO Bonds Series 2006 A (AA/Aa2)
	400,000		5.000			08/01/18		443,548
	New York State Dormitory Authority RB for North Shore University Hospital Series 1998 (NATL-RE) (A/A3)
	1,500,000		5.500			11/01/14		1,580,505
	New York State Energy Research & Development Authority RB for Consolidated Edison Company Subseries 2004 B1-1 (XLCA) (A-/A3)(d)
	5,000,000		0.105			05/01/32		4,363,942
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2003 A-1 (AA-/Aa3)
	1,285,000		5.500			06/01/19		1,289,690
								20,020,630

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	North Carolina – 1.5%
	Charlotte North Carolina Water and Sewer System RB Series 2009 B (AAA/Aaa)
$	2,000,000		5.000	%		07/01/38	$	2,115,880
	North Carolina Eastern Municipal Power Agency Power System RB Series 2008 C (ASSURED GTY) (AA-/A3)
	500,000		6.000			01/01/19		550,780
	Wake County Industrial Facilities and Pollution Control Financing Authority PCRB for Carolina Power and Light Co. Project. Series 2000 G (AMBAC) (A/Aa3)(d)
	6,025,000		0.105			10/01/22		5,451,607
								8,118,267
	Ohio – 0.1%
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	440,000		5.125			06/01/24		374,268
	Oklahoma – 0.1%
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BB+/NR)
	240,000		5.000			12/01/27		224,469
	140,000		5.125			12/01/36		125,408
								349,877
	Oregon – 0.8%
	Deschutes County Oregon Hospital Facilities Authority RB Refunding for Cascade Healthcare Series 2008 (NR/A2)
	1,500,000		8.250			01/01/38		1,796,415
	Portland Oregon Community College District GO Bonds Refunding Series 2013 (AA/Aa1)
	2,000,000		5.000			06/15/26		2,299,880
								4,096,295
	Pennsylvania – 1.3%
	Mifflin County Pennsylvania School District GO Bonds Series 2007 (NATL-RE-IBC) (XLCA) (ST AID WITHHLDG) (A/Baa1)
	2,000,000		7.500			09/01/26		2,331,340
	Pennsylvania Economic Development Financing Authority PCRB Refunding for PPL Electric Utilities Corp. Project Series 2008 (A-/A3)
	2,500,000		4.000			10/01/23		2,530,450
	Pennsylvania Turnpike Commission RB Series 2013 C (A+/A1)
	1,720,000		5.500			12/01/29		1,906,293
								6,768,083
	Puerto Rico – 5.8%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BB+/Ba1)
	3,635,000		6.125			07/01/24		3,135,151
	2,000,000		6.000			07/01/38		1,496,260
	2,500,000		6.000			07/01/44		1,852,925
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (BB+/Ba1)
	1,050,000		5.750			07/01/37		774,889
	State-Specific Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B (BBB-/Baa3)
$	3,000,000		6.500	%		07/01/37	$	2,319,270
	Puerto Rico Commonwealth GO Bonds Refunding Subseries 2003 C-7 (NATL-RE) (A/Baa1)
	2,000,000		6.000			07/01/27		1,763,860
	Puerto Rico Commonwealth Highway & Transportation Authority RB Subseries 2003 (FGIC) (BBB-/Ba1)
	900,000		5.250			07/01/18		804,402
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA-/A2)(d)
	2,700,000		0.704			07/01/29		1,706,481
	Puerto Rico Electric Power Authority RB Series 2013 A (BBB/Baa3)
	3,000,000		6.750			07/01/36		2,451,750
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (A+/A3)
	2,500,000		6.000			08/01/39		2,157,900
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (A+/A3)(f)
	13,000,000		0.000			08/01/32		9,648,730
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB First Subseries 2009 A (A+/A3)
	2,750,000		6.500			08/01/44		2,411,998
								30,523,616
	South Carolina – 0.9%
	City of Columbia Waterworks and Sewer System RB Series 2011 A (AA/Aa1)
	2,500,000		5.000			02/01/41		2,599,300
	Georgetown County South Carolina Environmental RB for International Paper Co. Project Series 2006 A (AMT) (BBB/Baa3)
	2,500,000		5.000			08/01/30		2,427,825
								5,027,125
	South Dakota – 0.2%
	South Dakota Health & Educational Facilities Authority RB for Avera Health Series 2008 B (AA-/A1)
	500,000		5.500			07/01/35		517,655
	300,000		5.250			07/01/38		305,898
								823,553
	Tennessee – 1.4%
	Johnson City Tennessee Health & Educational Facilities Board Hospital RB for First Mortgage Mountain States Health Series 2006 A (BBB+/Baa1)
	1,775,000		5.500			07/01/36		1,781,106
	Knox County Tennessee Health, Educational & Housing Facilities Board RB for University Health System, Inc. Series 2007 (BBB+/NR)
	2,700,000		5.250			04/01/36		2,640,735
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Charter Village Apartments Series 2007 (AMT) (FNMA) (NR/NR)(a)
	1,000,000		4.850			06/01/25		1,004,600

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Tennessee – (continued)
	Sullivan County Tennessee Health, Educational & Housing Facilities Board Hospital RB for Wellmont Health System Project Series 2006 C (BBB+/NR)
$	2,100,000		5.250	%		09/01/36	$	1,990,107
								7,416,548
	Texas – 13.5%
	Dallas County Utility & Reclamation District GO Bonds Refunding RMKT 06/25/08 Series 2005 B (AMBAC) (BBB+/A3)
	2,675,000		5.375			02/15/29		2,860,966
	Hidalgo County Health Services RB for Mission Hospital, Inc. Project Series 2005 (BBB/Baa2)
	700,000		5.000			08/15/19		702,695
	Houston Airport System RB Refunding Senior Lien Series 2009 A (AA-/Aa3)
	10,000,000		5.500			07/01/34		10,798,600
	Houston Airport System RB Subordinate Lien Series 2002 D-2 (AMT) (XLCA) (A/A2)(d)
	4,300,000		0.359			07/01/32		3,792,352
	Houston Utilities System RB Refunding First Lien Series 2004 A (NATL-RE) (AA/Aa2)
	1,000,000		5.250			05/15/25		1,029,460
	Houston Utilities System RB Refunding First Lien Series 2007 A (BHAC-CR) (FSA) (AA+/Aa1)
	5,000,000		5.000			11/15/36		5,182,050
	Lower Colorado River Authority RB Series 2008 (NR/A1)(g)
	4,460,000		5.750			05/15/15		4,853,238
	Lower Colorado River Authority RB Series 2008 (NR/A1)
	440,000		5.750			05/15/37		454,216
	Lower Colorado River Authority RB Series 2008 (NR/NR)(g)
	100,000		5.750			05/15/15		108,731
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (BBB/Baa2)
	1,300,000		6.300			11/01/29		1,433,835
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (NATL-RE) (A/Baa1)(d)
	2,500,000		5.200			05/01/30		2,598,625
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-/NR)
	150,000		5.500			02/15/25		151,378
	235,000		5.625			02/15/35		233,971
	North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (AA+/NR)(f)
	1,000,000		0.000			09/01/43		645,240
	North Texas Tollway Authority RB First Tier Series 2009 A (A-/A2)
	2,500,000		6.250			01/01/24		2,952,600
	1,100,000		6.250			01/01/39		1,217,062
	North Texas Tollway Authority RB Special Project System Series 2011 A (AA+/NR)
	1,000,000		5.500			09/01/41		1,078,320
	1,000,000		6.000			09/01/41		1,103,770
	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A-/A2)(f)
$	6,000,000		0.000	%		01/01/43	$	6,340,500
	North Texas Tollway Authority System RB Refunding for First Tier Series 2008 A (A-/A2)
	5,000,000		5.750			01/01/40		5,254,400
	Pharr-San Juan-Alamo Independent School District Unlimited Tax GO Bonds for Hidalgo School Building Series 2007 (PSF-GTD) (AAA/Aaa)
	1,420,000		5.500			02/01/27		1,545,202
	1,000,000		5.500			02/01/29		1,081,210
	1,670,000		5.500			02/01/31		1,799,024
	Port of Houston Authority Harris County Unlimited Tax GO Bonds Refunding Series 2008 A (AMT) (AAA/Aaa)
	3,000,000		6.125			10/01/33		3,281,760
	Round Rock Texas Independent School District Unlimited Tax GO Bonds for School Building Series 2009 (AA/Aaa)
	2,730,000		5.250			08/01/34		2,961,859
	Schertz Texas GO Bonds Series 2006 (NATL-RE) (AA/Baa1)
	1,715,000		5.250			02/01/25		1,832,598
	1,900,000		5.250			02/01/27		2,021,809
	Tarrant County Cultural Education Facilities Finance Corp. RB for Air Force Village Obligated Group Series 2007 (BBB-/NR)
	425,000		5.125			05/15/37		377,846
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/Baa2)
	3,000,000		6.250			12/15/26		3,482,220
								71,175,537
	U.S. Virgin Islands – 0.3%
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Note Series 2004 A (BBB/Baa2)(g)
	1,750,000		5.250			10/01/14		1,820,735
	Utah – 0.3%
	Utah Housing Corp. Single Family Mortgage RB Series 2008 B-1 Class II (AMT) (AA/Aa2)
	1,570,000		5.900			07/01/36		1,609,533
	Virginia – 0.8%
	Virginia Small Business Financing Authority Senior Lien RB for Elizabeth River Crossings Opco, LLC Project Series 2012 (AMT) (BBB-/NR)
	750,000		5.500			01/01/42		699,195
	Virginia State Housing Development Authority RB Series 2008 E (GO OF AUTH) (AAA/Aaa)
	2,385,000		6.250			07/01/31		2,534,110
	Washington County IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
	1,000,000		7.750			07/01/38		1,132,270
								4,365,575
	Washington – 3.1%
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 A (NR/NR)(b)(c)
	700,000		16.463			12/14/17		1,048,502

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Washington – (continued)
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 B (NR/NR)(b)(c)
$	730,000		16.471	%		12/14/17	$	1,083,794
	Skagit County Washington Public Hospital District No. 2 GO Bonds Refunding and Improvement Series 2005 (NATL-RE) (A-/Baa1)
	2,000,000		5.000			12/01/30		2,030,540
	Tacoma Washington GO Bonds Series 2004 (NATL-RE) (AA/A1)(g)
	2,000,000		5.000			12/01/14		2,109,580
	Tobacco Settlement Authority of Washington RB Asset-Backed Bonds Series 2002 (BBB/Baa1)
	3,165,000		6.625			06/01/32		3,167,849
	University of Washington RB Refunding Series 2012 A (AA+/Aaa)
	2,500,000		5.000			07/01/29		2,723,225
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 A (ASSURED GTY) (AA-/A1)
	250,000		6.000			08/15/39		266,215
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 B (ASSURED GTY) (AA-/A1)
	250,000		6.000			08/15/39		266,215
	Washington State GO Bonds Series 1992 B & AT-7 (AA+/Aa1)
	500,000		6.400			06/01/17		558,555
	Washington State Health Care Facilities Authority RB for Virginia Mason Medical Center Series 2007 B (ACA) (BBB/Baa2)
	3,000,000		6.000			08/15/37		3,051,390
								16,305,865
	West Virginia – 0.6%
	Monongalia County Building Commission RB for Monongalia General Hospital Series 2005 A (A-/NR)
	2,000,000		5.250			07/01/25		2,064,800
	West Virginia Hospital Finance Authority Hospital RB Refunding and Improvement for West Virginia United Health System Obligated Group Series 2009 C (A/A2)
	1,000,000		5.500			06/01/39		1,033,770
								3,098,570
	Wisconsin – 0.4%
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 A (BBB/NR)
	375,000		5.125			05/15/29		377,576
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB/NR)
	100,000		5.000			05/15/36		95,057
	State-Specific Municipal Debt Obligations – (continued)
	Wisconsin – (continued)
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (A-/Baa1)
$	1,750,000		5.250	%		08/15/31	$	1,731,888
								2,204,521
	TOTAL INVESTMENTS – 98.7%
	(Cost $506,598,522)						$	521,184,227
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%							7,079,829
	NET ASSETS – 100.0%						$	528,264,056

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2013.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be 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 $13,588,980, which represents approximately 2.6% of net assets as of September 30, 2013.
(c)	Inverse floating rate security. Interest rate disclosed is that which is in effect at September 30, 2013.
(d)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2013.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Zero coupon bond until next reset date.
(g)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(h)	Security is currently in default and/or non-income producing.

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
ACA	—Insured by American Capital Access
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
ASSURED GTY	—Insured by Assured Guaranty
BHAC-CR	—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
CAL MTG INS	—Insured by California Mortgage Insurance
COPS	—Certificates of Participation
CRA	—Community Reinvestment Act
ETM	—Escrowed to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
FNMA	—Federal National Mortgage Association
FSA	—Insured by Financial Security Assurance Co.
GARB	—General Airport Revenue Bond
GNMA	—Government National Mortgage Association
GO	—General Obligation
GO OF AUTH	—General Obligation of Authority
GO OF INSTN	—General Obligation of Institution
IDA	—Industrial Development Authority
LIBOR	—London Interbank Offered Rate
NATL-RE	—Insured by National Public Finance Guarantee Corp.
NATL-RE FGIC	—Insured by National Public Finance Guarantee Corp., which reinsures Financial Guaranty Insurance Co.
NATL-RE-IBC	—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR	—Not Rated
PCRB	—Pollution Control Revenue Bond
PSF-GTD	—Guaranteed by Permanent School Fund
Radian	—Insured by Radian Asset Assurance
RB	—Revenue Bond
RITES	—Residual Interest Tax Exempt Securities
RMKT	—Remarketed
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
WR	—Withdrawn Rating
XLCA	—Insured by XL Capital Assurance, Inc.

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

												Market Value
Counterparty	Referenced Obligation	Notional Amount (000’s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013(a)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Sold:
Bank of America, N.A.	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18	$	1,000		1.000	%		03/20/23		1.430	%	$	(46,993	)	$	15,712
JPMorgan Chase Bank, N.A.	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18		1,000		1.000			03/20/23		1.430			(46,993	)		15,713
Morgan Stanley & Co. International PLC	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18		1,000		1.000			03/20/23		1.430			(39,734	)		8,453
TOTAL												$	(133,720	)	$	39,878

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

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

					Rates Exchanged			Market Value
Counterparty	Notional Amount (000’s)		Termination Date		Payments Received		Payments Made	Upfront Payments Made (Received)	Unrealized Gain (Loss)
Morgan Stanley Capital Services, Inc.	$	15,000		03/26/43		3 Month LIBOR	3.023%	$—	$	1,855,077

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – 97.1%
	Alabama – 0.8%
	Alabama 21st Century Authority Tobacco Settlement RB Series 2012 A (A/NR)
$	2,435,000		5.000	%		06/01/17	$	2,669,003
	1,500,000		5.000			06/01/18		1,652,175
	Alabama Federal Aid Highway Finance Authority Refunding for Grant Anticipation Bonds Series 2011 (AA/Aa3)
	11,400,000		4.000			03/01/17		12,419,616
	Alabama State GO Bonds Series 2007 A (AGM) (AA/Aa1)
	5,000,000		5.000			08/01/17		5,743,100
	Courtland Industrial Development Board RB Refunding for International Paper Co. Project Series 2003 A (BBB/Baa3)
	1,415,000		5.000			11/01/13		1,419,924
	Tuscaloosa Alabama Public Educational Building Authority RB Refunding Series 2009 B (AA-/NR)
	2,795,000		3.500			08/15/14		2,839,273
	3,300,000		4.000			08/15/15		3,429,525
	3,850,000		3.000			08/15/16		3,944,787
								34,117,403
	Alaska – 0.2%
	North Slope Borough Alaska GO Bonds Series 2012 A (AA-/Aa3)
	825,000		3.000			06/30/15		861,894
	1,465,000		3.000			06/30/16		1,549,750
	340,000		4.000			06/30/17		375,251
	Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (BB/Ba1)
	6,140,000		4.625			06/01/23		5,807,151
								8,594,046
	Arizona – 2.7%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(a)
	30,300,000		0.994			01/01/37		23,490,378
	Arizona Health Facilities Authority Hospital RB Refunding for Phoenix Children’s Hospital Series 2012 A (BBB+/NR)
	1,000,000		2.000			02/01/15		1,006,150
	Arizona Health Facilities Authority Hospital RB Refunding for Phoenix Children’s Hospital Series 2013 A (BBB+/NR)(b)
	5,000,000		1.920			02/05/20		4,902,950
	Arizona Sports & Tourism Authority RB Refunding for Professional Baseball Training Facilities Project Series 2013 (BBB+/A3)
	1,000,000		5.000			07/01/15		1,066,650
	1,000,000		5.000			07/01/16		1,090,910
	Arizona Transportation Board Refunding for Grant Anticipation Notes Series 2012 (AA/Aa2)
	8,195,000		4.000			07/01/15		8,713,252
	7,235,000		4.000			07/01/16		7,868,352
	Glendale City Senior Lien Water & Sewer RB Refunding Obligations Series 2012 (AA/A1)
	1,000,000		4.000			07/01/15		1,058,910
	1,000,000		4.000			07/01/16		1,082,140
	1,500,000		5.000			07/01/17		1,701,585
	State-Specific Municipal Debt Obligations – (continued)
	Arizona – (continued)
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. of New Mexico Palo Verde Project Series 2010 A (BBB/Baa3)(b)
$	5,000,000		4.000	%		06/01/15	$	5,131,850
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Palo Verde Project RMKT 05/30/13 Series 2009 C (BBB+/Baa1)(b)
	6,500,000		1.750			05/30/18		6,500,000
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Palo Verde Project Series 2009 A (BBB+/Baa1)(b)
	4,500,000		6.000			05/01/14		4,638,330
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Palo Verde Project Series 2009 E (BBB+/Baa1)(b)
	1,000,000		6.000			05/01/14		1,030,740
	Maricopa County Community College District GO Bonds Series 2009 C (AAA/Aaa)
	1,000,000		4.000			07/01/16		1,086,400
	Maricopa County Community College District GO Bonds Series 2013 (AAA/Aaa)
	9,920,000		2.000			07/01/17		10,224,444
	10,010,000		3.000			07/01/19		10,634,424
	Maricopa County Phoenix High School District No. 210 School Improvement GO Bonds Series 2006 C (NATL-RE) (AA/Aa2)
	3,800,000		5.000			07/01/17		4,171,298
	Navajo County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Project Series 2009 A (NR/Baa1)(b)
	2,000,000		1.250			05/30/14		2,007,740
	Navajo County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Project Series 2009 B (BBB+/Baa1)(b)
	3,000,000		5.500			06/01/14		3,095,610
	Pima County GO Bonds Series 2013 A (AA-/NR)
	2,280,000		1.750			07/01/16		2,331,779
	1,405,000		1.750			07/01/17		1,427,508
	Scottsdale Arizona GO Bonds for Projects of 1999 and 2000 Series 2004 (AAA/Aaa)
	3,900,000		5.000			07/01/14		4,040,088
	Yavapai County Industrial Development Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2002 (BBB/NR)(b)
	5,000,000		2.125			06/01/18		4,676,600
								112,978,088
	Arkansas – 0.5%
	Arkansas Development Finance Authority State Park Facilities RB Refunding for Mt. Magazine Project Series 2012 (AGM) (AA-/NR)
	1,550,000		2.000			01/01/14		1,555,053
	1,985,000		2.000			01/01/15		2,012,452
	1,720,000		2.000			01/01/16		1,745,766
	2,065,000		2.000			01/01/17		2,089,677
	1,885,000		3.000			01/01/18		1,959,740

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Arkansas – (continued)
	Jefferson County Pollution Control RB Refunding for Entergy Arkansas, Inc. Project Series 2013 (A-/A3)
$	3,000,000		1.550	%		10/01/17	$	2,979,240
	North Little Rock School District No. 1 Construction GO Bonds Series 2013 B (ST AID WITHHLDG) (NR/Aa2)
	1,440,000		5.000			02/01/17		1,609,949
	Springdale Arkansas Sales and Use Tax RB Series 2012 (AA-/NR)
	660,000		2.000			11/01/14		671,345
	760,000		2.000			11/01/15		780,345
	845,000		2.000			11/01/16		868,212
	1,915,000		2.000			11/01/17		1,958,088
	1,465,000		2.000			11/01/18		1,474,171
	720,000		2.000			11/01/19		711,036
								20,415,074
	California – 10.4%
	Abag Finance Authority RB for Sharp Health Care Series 2011 A (A+/A1)
	3,000,000		5.000			08/01/16		3,316,860
	Anaheim Redevelopment Agency Tax Allocation Refunding for Merged Redevelopment Project Area Series 2007 A (AGM) (AA-/A2)
	50,000		5.000			02/01/24		51,705
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (AA/Aa3)(b)
	10,000,000		0.970			05/01/23		9,780,200
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (AA/Aa1)(b)
	7,000,000		0.970			05/01/23		6,846,140
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (AA/NR)(b)
	15,000,000		1.320			04/01/27		14,736,750
	Bay Area Toll Authority Toll Bridge RB for San Francisco Bay Area Series 2006 C-2 (AA/Aa3)(b)
	26,050,000		1.450			08/01/17		25,991,908
	Benicia Unified School District GO Bonds Refunding Series 1997 A (NATL-RE FGIC) (A+/Aa3)(c)
	1,735,000		0.000			08/01/17		1,613,845
	1,510,000		0.000			08/01/18		1,350,876
	Bonita Canyon Public Facilities Financing Authority Special Tax for Community Facilities District No. 98-1 Series 2012 (NR/NR)
	500,000		2.250			09/01/14		502,745
	465,000		3.000			09/01/15		472,008
	650,000		3.000			09/01/16		657,416
	735,000		3.000			09/01/17		741,211
	1,000,000		3.250			09/01/18		1,007,680
	Buena Park Community Redevelopment Agency Tax Allocation for Consolidated Redevelopment Project Series 2008 A (A/Baa3)
	25,000		4.300			09/01/16		25,709
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Burbank Public Financing Authority RB for Golden State Series 2003 A (AMBAC) (A/WR)
$	985,000		5.250	%		12/01/18	$	989,295
	230,000		5.250			12/01/19		230,938
	California Health Facilities Financing Authority RB for Catholic Healthcare West Series 1996 G (AMBAC) (A/A3)(a)
	7,500,000		0.105			07/01/23		6,930,546
	California Health Facilities Financing Authority RB for Catholic Healthcare West Series 2009 F (A/A3)(b)
	2,500,000		5.000			07/01/14		2,583,475
	California Health Facilities Financing Authority RB for Children’s Hospital Los Angeles Series 2012 B (BBB+/Baa2)(b)
	8,000,000		1.870			07/01/17		8,068,240
	California Health Facilities Financing Authority RB Refunding for Lucile Salter Packard Children’s Hospital at Stanford Series 2008 B (AA/Aa3)(b)
	5,000,000		1.450			03/15/17		4,998,300
	California Health Facilities Financing Authority RB Refunding for St. Joseph Health System Series 2009 C (AA-/A1)(b)
	5,000,000		5.000			10/16/14		5,198,200
	California Infrastructure & Economic Development Bank RB Refunding for The J. Paul Getty Trust Series 2012 B-2 (AAA/Aaa)(b)
	14,250,000		0.370			04/01/15		14,239,455
	California Municipal Finance Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2009 A (BBB/NR)(b)
	3,500,000		0.700			02/03/14		3,501,505
	California State Department of Water Resources Power Supply RB Series 2010 M (AA-/Aa3)
	8,000,000		5.000			05/01/14		8,222,560
	15,585,000		4.000			05/01/16		16,942,609
	California State Economic Recovery GO Bonds Series 2004 A (A+/Aa2)
	1,040,000		5.250			07/01/14		1,079,042
	California State Economic Recovery GO Bonds Series 2004 A (ETM) (AA+/Aaa)(d)
	255,000		5.250			07/01/14		264,593
	California State Economic Recovery GO Bonds Series 2004 A (NATL-RE FGIC) (A+/Aa2)(d)
	2,650,000		5.250			07/01/14		2,749,481
	California State GO Bonds Refunding Series 2005 (A/A1)
	3,000,000		5.000			05/01/14		3,083,820
	California State Public Works Board Lease RB for Department of Mental Health Series 2004 A (A-/A2)
	4,185,000		5.250			06/01/14		4,318,585
	California State Public Works Board Lease RB for Various Judicial Council Projects Series 2011 D (A-/A2)
	11,685,000		2.000			12/01/14		11,912,273
	California State Various Purpose GO Bonds Refunding Series 2012 (A/A1)
	1,150,000		2.000			09/01/16		1,192,665
	2,055,000		5.000			09/01/19		2,419,619
	California State Various Purpose GO Bonds Series 2006 (A/A1)
	2,500,000		5.000			03/01/14		2,549,800

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	California Statewide Communities Development Authority RB for Kaiser Permanente Series 2009 A (A+/NR)
$	5,000,000		5.000	%		04/01/14	$	5,119,050
	Carlsbad Improvement Bonds Refunding Reassessment District No. 2012-1 Series 2013 (NR/NR)
	400,000		2.000			09/02/14		397,236
	250,000		2.000			09/02/15		245,290
	400,000		3.000			09/02/17		393,312
	Carson Redevelopment Agency Project Area No. 1 Tax Allocation Refunding Series 2001 (NATL-RE) (A/Baa1)
	275,000		5.500			10/01/15		288,431
	Cerritos Public Financing Authority Tax Allocation Redevelopment Projects Series 2002 A (AMBAC) (A-/WR)
	1,275,000		5.000			11/01/14		1,307,563
	Charter Oak Unified School District GO BANS Series 2012 (SP-1+/NR)
	4,625,000		5.000			10/01/15		4,981,772
	Colton Public Financing Authority Tax Allocation Series 1998 A (NATL-RE) (A/Baa1)
	235,000		5.000			08/01/18		235,007
	Contra Costa Transportation Authority Sales Tax RB Series 2012 A (AA+/NR)(b)
	11,000,000		0.492			03/01/34		11,028,930
	Corona Redevelopment Agency Tax Allocation Refunding for Merged Downtown Series 2004 A (NATL-RE FGIC) (A/Baa1)
	500,000		5.000			09/01/16		516,050
	Corona-Norco Unified School District Public Financing Authority Special Tax Refunding Senior Lien Series 2013 A (BBB+/NR)
	500,000		2.000			09/01/14		499,500
	500,000		3.000			09/01/16		501,515
	275,000		4.000			09/01/18		283,654
	El Monte City School District GO Bonds BANS for Capital Appreciation Series 2010 (SP-1/A2)(c)
	13,300,000		0.000			09/01/15		12,837,692
	Emeryville Public Financing Authority Redevelopment Series 2001 A (NATL-RE) (A/Baa1)
	150,000		4.800			09/01/15		150,171
	Fairfield-Suisun Unified School District Public Financing Authority Special Tax Refunding Series 2006 A (AMBAC) (A-/Baa2)
	250,000		5.000			08/15/14		255,535
	Fontana Redevelopment Agency Tax Allocation Refunding for Jurupa Hills Redevelopment Project Series 1999 A (A-/NR)
	880,000		5.500			10/01/17		880,678
	Fullerton City Public Financing Authority Tax Allocation RB Series 2005 (AMBAC) (A/WR)
	325,000		4.500			09/01/14		333,697
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 A-1 (BBB/Baa1)
	4,900,000		5.000			06/01/17		5,354,622
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2007 A-1 (B/B3)
	16,365,000		4.500			06/01/27		14,041,988
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (AMBAC) (A-/A2)
$	550,000		5.000	%		06/01/14	$	563,860
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2013 A (A-/A2)
	4,225,000		3.000			06/01/17		4,439,081
	Irvine City Limited Obligation Improvement Bond Reassessment District No. 12-1 Series 2012 Act 1915 (BBB+/NR)
	1,215,000		4.000			09/02/17		1,313,646
	1,250,000		4.000			09/02/18		1,356,050
	1,900,000		4.000			09/02/19		2,036,287
	Irvine City Limited Obligation Improvement Bond Reassessment District No. 13-1 Series 2013 (BBB-/NR)
	700,000		2.000			09/02/14		707,056
	480,000		2.000			09/02/15		485,054
	625,000		2.000			09/02/17		618,244
	Irvine City Limited Obligation Improvement Bond Series 2011 (BBB+/NR)
	300,000		3.000			09/02/14		305,277
	300,000		3.000			09/02/15		309,261
	500,000		3.000			09/02/16		517,750
	400,000		3.250			09/02/17		414,216
	750,000		3.625			09/02/18		776,752
	Irvine Public Facilities & Infrastructure Authority Assessment RB Series 2012 A (BBB+/NR)
	635,000		3.000			09/02/15		638,404
	1,285,000		3.000			09/02/16		1,284,268
	1,325,000		3.000			09/02/17		1,312,889
	600,000		3.000			09/02/18		584,964
	Lake Elsinore School Financing Authority RB Refunding Series 2012 (NR/NR)
	3,180,000		2.000			09/01/14		3,187,410
	1,370,000		2.000			09/01/15		1,358,793
	Lammersville Joint Unified School District Special Tax for Community Facilities District No. 2002 Series 2013 (NR/NR)
	680,000		2.000			09/01/14		683,373
	750,000		2.000			09/01/15		750,277
	Los Alamitos Unified School District GO Bonds for School Facilities Improvement District No.1 Series 2011 (ETM) (SP-1+/Aa2)(c)(d)
	1,750,000		0.000			09/01/16		1,714,755
	Los Angeles California Department of Water and Power System RB Series 2012 C (AA-/Aa3)
	1,300,000		3.000			01/01/16		1,366,807
	Los Angeles Community Redevelopment Agency Tax Allocation for Hollywood Redevelopment Project Series 1998 C (NATL-RE) (A/Baa1)
	540,000		5.500			07/01/17		567,297
	Los Angeles County Metropolitan Transportation Authority Sales Tax RB Refunding First Tier Senior Series 2011 A (AAA/Aa2)
	10,000,000		5.000			07/01/17		11,502,200
	Los Angeles County Public Works Financing Authority Lease RB for Multiple Capital Projects II Series 2012 (AA-/A1)
	1,500,000		5.000			08/01/18		1,711,260

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Los Angeles Unified School District GO Bonds Refunding Series 2009 A (AA-/Aa2)
$	3,735,000		3.000	%		07/01/14	$	3,812,763
	Los Angeles Unified School District GO Bonds Series 2006 F (FGIC) (AA-/Aa2)
	1,805,000		5.000			07/01/17		2,007,756
	Lynwood Unified School District GO BANS Series 2013 (SP-1/MIG1)(c)
	3,000,000		0.000			08/01/14		2,974,830
	Manteca Unified School District Special Tax Community Facilities District No. 1989-2 Series 2013 B (AGM) (AA-/A2)
	335,000		3.000			09/01/14		342,199
	365,000		3.000			09/01/15		378,501
	410,000		3.000			09/01/16		426,855
	275,000		4.000			09/01/17		296,343
	Metropolitan Water District of Southern California Water RB Refunding Series 2012 B-1 (AAA/Aa1)(b)
	24,640,000		0.420			05/01/15		24,672,032
	Metropolitan Water District of Southern California Water RB Refunding Series 2012 B-2 (AAA/Aa1)(b)
	3,940,000		0.420			05/01/15		3,945,122
	Milpitas California Redevelopment Agency Tax Allocation for Redevelopment Project Area No. 1 Series 2003 (NATL-RE) (A/Baa1)
	1,300,000		5.250			09/01/17		1,303,263
	Miramar Ranch North California Special Tax Refunding for Community Facilities District No. 1 Series 2012 (A/NR)
	1,230,000		3.000			09/01/14		1,255,080
	1,000,000		3.000			09/01/16		1,037,630
	1,895,000		4.000			09/01/17		2,030,227
	3,080,000		4.000			09/01/19		3,254,174
	Modesto Irrigation District RB for Electric System Series 2011 A (A+/A2)
	1,000,000		5.000			07/01/17		1,142,670
	Monterey Peninsula Unified School District GO BANS Series 2012 (NR/MIG1)
	4,250,000		2.500			11/01/15		4,383,408
	Mountain View California Shoreline Regional Park Community Tax Allocation Series 2011 A (A/NR)
	125,000		4.000			08/01/14		127,894
	570,000		4.000			08/01/15		595,587
	300,000		4.000			08/01/16		317,343
	225,000		4.000			08/01/17		239,699
	350,000		5.000			08/01/18		388,371
	Murrieta Public Financing Authority Special Tax RB Refunding Series 2012 (BBB-/NR)
	1,965,000		5.000			09/01/18		2,111,569
	1,000,000		5.000			09/01/19		1,076,120
	Natomas Unified School District GO Bonds Refunding Series 2012 (AGM) (AA-/A2)
	590,000		3.000			09/01/14		600,508
	620,000		3.000			09/01/15		644,732
	890,000		3.000			09/01/16		935,425
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Natomas Unified School District GO Bonds Refunding Series 2013 (AA/A2)
$	410,000		3.000	%		09/01/18	$	427,130
	730,000		4.000			09/01/20		786,590
	650,000		4.000			09/01/21		693,101
	Northern California Power Agency Capital Facilities RB Refunding Series 2010 A (A-/A3)
	1,235,000		4.000			08/01/14		1,263,899
	1,705,000		3.000			08/01/15		1,751,853
	Oakland Redevelopment Agency Senior Tax Allocation Refunding for Central District Redevelopment Series 1992 (AMBAC) (NR/WR)
	115,000		5.500			02/01/14		116,710
	Oakland Redevelopment Agency Subordinated Tax Allocation for Central District Redevelopment Series 2003 (NATL-RE FGIC) (A/Baa1)
	300,000		5.500			10/17/13		300,633
	Ontario Redevelopment Financing Authority RB for Center City and Cimarron Redevelopment Project No. 1 Series 2002 (NATL-RE) (A/Baa1)
	500,000		5.250			08/01/14		501,270
	Oxnard Community Development Commission Tax Allocation for HERO Project Area Series 2008 (AGM) (AA-/A2)
	120,000		5.000			09/01/16		131,092
	Palm Desert Financing Authority RB Tax Allocation for Project Area No. 1 As Amended Series 2006 A (NATL-RE) (A/Baa1)
	700,000		5.250			04/01/20		727,146
	Palm Desert Financing Authority RB Tax Allocation for Project Area No. 1 As Amended Series 2007 A (NATL-RE) (A/Baa1)
	100,000		5.000			04/01/16		106,109
	Palm Desert Financing Authority Tax Allocation RB Refunding for Housing Set-Aside Series 2007 (NATL-RE) (NR/Baa1)
	100,000		5.000			10/01/20		103,957
	Palo Alto Limited Obligation Refunding & Improvement for University Avenue Area Off-Street Parking Assessment District Series 2012 (BBB/NR)
	385,000		3.000			09/02/18		388,330
	Pinole Redevelopment Agency Tax Allocation for Vista Redevelopment Project 3rd Subordinated Series 2004 A (AMBAC) (A-/WR)
	100,000		4.500			08/01/18		100,088
	Pittsburgh Redevelopment Agency Tax Allocation for Los Medanos Community Development Project Series 1999 (AMBAC) (BBB+/WR)
	240,000		5.600			08/01/14		243,422
	Pittsburgh Redevelopment Agency Tax Allocation for Los Medanos Community Development Project Series 2003 A (NATL-RE) (A/Baa1)
	500,000		5.000			08/01/16		502,990
	Port of Oakland RB Refunding Intermediate Lien Series 2007 B (NATL-RE) (A/A3)
	400,000		5.000			11/01/15		438,032
	Poway Redevelopment Agency Tax Allocation for Paguay Redevelopment Project Series 2003 A (NATL-RE) (A/Baa1)
	1,845,000		5.250			06/15/18		1,848,358

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Rancho Cucamonga Redevelopment Agency Set Aside Allocation for Rancho Redevelopment Housing Series 2007 A (NATL-RE) (A+/Baa1)
$	150,000		5.500	%		09/01/17	$	159,968
	Richmond California Wastewater RB Refunding Series 2006 A (AMBAC) (AA-/A2)
	255,000		5.000			08/01/14		263,191
	Roseville Finance Authority Special Tax Revenue Refunding Bonds Series 2012 (A/NR)
	1,855,000		3.000			09/01/17		1,906,792
	Sacramento County Regional Transit District Farebox RB Series 2012 (A-/A2)
	500,000		3.000			03/01/14		505,335
	1,000,000		3.000			03/01/15		1,029,380
	500,000		4.000			03/01/16		530,345
	530,000		4.000			03/01/17		571,324
	250,000		5.000			03/01/18		280,725
	730,000		5.000			03/01/19		821,024
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)(a)
	32,720,000		0.705			12/01/35		26,435,142
	Salida Area Public Facilities Financing Agency Community Facilities District No. 1988-1 Special Tax Bonds Series 2011 (AGM) (AA-/NR)
	465,000		3.000			09/01/14		470,733
	715,000		3.000			09/01/15		734,577
	1,470,000		3.000			09/01/16		1,515,570
	1,515,000		3.000			09/01/17		1,556,723
	1,310,000		3.000			09/01/18		1,329,152
	San Bernardino City Unified School District GO Bonds Refunding Series 2013 A (A/A2)
	300,000		3.000			08/01/15		312,285
	800,000		5.000			08/01/18		914,656
	San Bernardino City Unified School District GO Bonds Refunding Series 2013 A (AGM) (AA-/A2)
	150,000		5.000			08/01/19		172,407
	San Diego Redevelopment Agency Tax Allocation for Centre City Redevelopment Series 2006 A (AMBAC) (AA-/Baa3)
	1,450,000		5.250			09/01/21		1,519,194
	665,000		5.250			09/01/23		692,059
	San Diego Redevelopment Agency Tax Allocation for Centre City Series 2004 A (XLCA) (A/Baa3)
	115,000		5.250			09/01/15		118,716
	150,000		5.250			09/01/16		154,501
	300,000		5.000			09/01/17		308,109
	San Francisco City & County Airport Commission San Francisco International Airport RB Refunding Second Series 2010 D (AGM) (AA-/A1)
	4,455,000		5.000			05/01/17		5,067,919
	San Francisco City & County GO Bonds for Clean & Safe Neighborhood Parks Series 2012 B (AA/Aa1)
	2,750,000		4.000			06/15/19		3,106,538
	San Francisco City & County Public Utilities Commission RB Refunding Series 2013 A (AA-/Aa3)
	4,650,000		3.000			10/01/16		4,972,106
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	San Francisco City & County Redevelopment Agency Tax Allocation for Mission Bay South Redevelopment Series 2009 D (BBB/NR)
$	200,000		5.000	%		08/01/14	$	203,882
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for San Francisco Redevelopment Project Series 2003 B (NATL-RE FGIC) (A/Baa1)
	250,000		5.250			08/01/17		250,558
	San Francisco City & County Redevelopment Financing Authority Tax Allocation RB Refunding for Redevelopment Project Series 2007 B (NATL-RE) (A/Baa1)
	1,150,000		5.000			08/01/14		1,177,957
	San Jacinto Redevelopment Agency Tax Allocation for Redevelopment Project Area Series 2005 (XLCA) (A-/WR)
	160,000		3.900			08/01/17		162,366
	San Luis & Delta-Mendota Water Authority RB for DHCCP Development Projects Series 2009 A (A+/NR)(d)
	620,000		4.500			03/01/14		630,559
	San Luis & Delta-Mendota Water Authority RB for DHCCP Development Projects Series 2009 A (ETM) (NR/NR)(d)
	2,380,000		4.500			03/01/14		2,422,840
	San Marcos Public Financing Authority Special Tax RB Refunding Series 2012 (A-/NR)
	1,050,000		1.500			09/01/14		1,052,656
	930,000		1.750			09/01/15		929,991
	620,000		2.000			09/01/16		614,786
	1,260,000		2.250			09/01/17		1,231,171
	1,000,000		4.000			09/01/19		1,025,390
	San Mateo Union High School District GO BANS Series 2012 (SP-1+/NR)(c)
	5,000,000		0.000			02/15/15		4,963,300
	San Mateo Union High School District GO Bonds Anticipation Notes Series 2011 (SP-1+/NR)(c)
	4,500,000		0.000			02/15/15		4,473,045
	San Ramon Valley Unified School District GO Bonds Series 1998 A (NATL-RE FGIC) (AA/Aa1)(c)
	2,000,000		0.000			07/01/18		1,813,840
	Simi Valley Community Development Agency Tax Allocation Refunding for Tapo Canyon and West End Project Series 2003 (NATL-RE FGIC) (A/Baa1)
	600,000		5.250			09/01/18		601,458
	Stockton Public Financing Authority Special Assessment Refunding for Districts Subordinated Lien Series 2005 B (NR/NR)
	65,000		4.375			09/02/14		65,180
	Stockton Unified School District GO Bonds Refunding Series 2012 (A/A2)
	1,000,000		3.000			07/01/15		1,029,920
	Stockton Unified School District GO Bonds Refunding Series 2012 (AGM) (AA-/A2)
	400,000		4.000			07/01/17		431,868
	1,090,000		5.000			07/01/19		1,234,937

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Temecula Public Financing Authority for Wolf Creek Community Facilities District 03-03 Series 2012 Special Tax Refunding Bonds (NR/NR)
$	585,000		2.000	%		09/01/14	$	587,106
	830,000		2.000			09/01/15		828,448
	825,000		3.000			09/01/16		835,923
	600,000		3.000			09/01/17		603,744
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (B+/B3)
	1,265,000		4.750			06/01/23		1,130,518
	Ukiah Unified School District GO Bonds Series 1997 (NATL-RE FGIC) (A/A1)(c)
	2,000,000		0.000			08/01/16		1,930,220
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C (NATL-RE) (AA-/Aa2)(a)
	3,500,000		0.787			05/15/30		2,869,405
	Upland Community Redevelopment Agency Tax Allocation Refunding Series 2013 (AGM) (AA-/A2)
	1,805,000		2.000			09/01/15		1,840,450
	Western Riverside Water and Wastewater Financing Authority Local Agency RB Refunding Series 2013 A-1 (BBB+/NR)
	265,000		4.000			09/01/16		283,094
	525,000		4.000			09/01/17		565,745
								430,696,617
	Colorado – 0.4%
	Denver Colorado City & County School District No. 1 Tax Exempt GO Bonds Series 2012 B (ST AID WITHHLDG) (AA-/Aa2)
	2,240,000		4.000			12/01/15		2,404,775
	4,030,000		4.000			12/01/16		4,423,771
	Jefferson County Alabama School District No. R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (AA-/Aa2)
	1,405,000		2.000			12/15/14		1,434,435
	1,750,000		3.000			12/15/16		1,865,080
	Larimer County School District No. R-1 GO Refunding and Improvement Bonds Series 2012 (ST AID WITHHLDG) (NR/Aa2)
	1,000,000		2.000			12/15/17		1,032,250
	Plaza Metropolitan District No. 1 Tax Allocation Refunding Series 2013 (NR/NR)(e)
	2,000,000		2.000			12/01/13		2,002,680
	2,000,000		2.000			12/01/14		2,012,140
	1,935,000		4.000			12/01/15		1,990,689
	1,000,000		4.000			12/01/16		1,032,970
								18,198,790
	Connecticut – 1.8%
	Connecticut State GO Bonds Refunding Series 2004 B (NATL-RE) (AA/Aa3)
	4,325,000		5.000			12/01/13		4,360,249
	Connecticut State GO Bonds Refunding Series 2006 E (AA/Aa3)
	5,250,000		5.000			12/15/17		5,936,280
	State-Specific Municipal Debt Obligations – (continued)
	Connecticut – (continued)
	Connecticut State GO Bonds Series 2013 A (AA/Aa3)(a)
$	4,500,000		0.210	%		03/01/15	$	4,489,875
	2,000,000		0.300			03/01/16		1,981,520
	3,000,000		0.410			03/01/17		2,963,280
	2,000,000		0.490			03/01/18		1,954,780
	Connecticut State Health & Educational Facilities Authority RB for Sacred Heart University Series 2012 H (AGM) (AA-/A2)
	1,000,000		4.000			07/01/14		1,022,480
	1,695,000		4.000			07/01/15		1,771,563
	1,830,000		4.000			07/01/16		1,938,812
	1,000,000		2.000			07/01/17		997,480
	1,260,000		4.000			07/01/18		1,344,609
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2010 A-4 (AAA/Aaa)(b)
	19,345,000		5.000			02/12/15		20,576,503
	New Haven GO Bonds Refunding Series 2012 A (BBB+/A2)
	4,090,000		5.000			11/01/16		4,512,456
	Town of Hamden GO Refunding Bonds Series 2013 (A/A3)
	1,685,000		5.000			08/15/18		1,873,585
	2,000,000		5.000			08/15/19		2,223,880
	Trumbull GO Bonds Series 2012 (AA/Aa2)
	1,070,000		2.000			09/01/14		1,088,019
	820,000		2.000			09/01/15		844,797
	1,070,000		2.000			09/01/16		1,104,678
	University of Connecticut GO Bonds Refunding Series 2011 A (GO OF UNIV) (AA/Aa3)
	2,415,000		5.000			02/15/15		2,569,005
	4,730,000		4.000			02/15/16		5,081,817
	West Haven GO Refunding Bonds Series 2012 (AGM) (AA-/A2)
	555,000		3.000			08/01/15		568,631
	2,000,000		4.000			08/01/17		2,122,340
	2,100,000		4.000			08/01/18		2,218,839
	West Haven GO Refunding Bonds Series 2012 (BBB/Baa1)
	500,000		4.000			08/01/14		507,990
								74,053,468
	Delaware – 0.4%
	Delaware Municipal Electric Corp. RB Series 2011 (A/A2)
	1,215,000		4.000			07/01/15		1,272,032
	Sussex County Delaware GO Bonds Refunding Series 2012 A (AA+/Aa1)
	865,000		3.000			09/15/17		924,201
	Sussex County Delaware GO Bonds Refunding Series 2012 B (AA+/Aa1)
	1,435,000		4.000			09/15/17		1,591,314
	University of Delaware RB Series 2013 A (AA+/Aa1)
	2,945,000		3.000			11/01/15		3,093,840
	3,025,000		3.000			11/01/16		3,220,234
	4,265,000		3.000			11/01/17		4,574,895
								14,676,516
	District of Columbia – 0.1%
	District of Columbia GO Bonds Series 2004 A (AGM) (AA-/Aa2)(d)
	3,000,000		5.000			06/01/15		3,229,800

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – 6.0%
	Atlantic Beach Health Care Facilities RB Refunding for Fleet Landing Project Series 2013 A (BBB/NR)
$	250,000		2.000	%		11/15/14	$	250,272
	350,000		3.000			11/15/15		353,220
	300,000		3.000			11/15/16		302,220
	970,000		4.000			11/15/18		998,470
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	170,000		1.500			11/01/13		170,043
	175,000		2.125			11/01/14		175,642
	175,000		2.250			11/01/15		175,423
	180,000		2.500			11/01/16		179,946
	185,000		2.750			11/01/17		185,281
	190,000		3.000			11/01/18		189,643
	195,000		3.250			11/01/19		194,571
	Citizens Property Insurance Corp. Senior Secured RB for High Risk Account Series 2007 A (NATL-RE) (A+/A2)
	6,160,000		5.000			03/01/17		6,852,507
	Citizens Property Insurance Corp. Senior Secured RB for High Risk Account Series 2011 A-1 (A+/A2)
	27,000,000		5.000			06/01/16		29,671,380
	Citizens Property Insurance Corp. Senior Secured RB for High- Risk Account Series 2010 A-1 (A+/A2)
	7,500,000		5.000			06/01/14		7,727,550
	2,800,000		5.000			06/01/15		2,990,736
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	885,000		5.000			05/01/15		931,746
	615,000		5.000			05/01/17		672,195
	1,375,000		5.000			05/01/18		1,517,216
	1,890,000		5.000			05/01/19		2,090,038
	Double Branch Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A-/NR)
	250,000		1.875			05/01/16		244,895
	500,000		2.125			05/01/17		486,585
	250,000		2.400			05/01/18		239,480
	250,000		2.700			05/01/19		238,595
	250,000		3.000			05/01/20		235,107
	Escambia County Florida Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (BBB+/Baa1)
	2,240,000		5.000			08/15/14		2,307,021
	2,365,000		5.000			08/15/15		2,500,112
	Fishhawk Community Development District II Special Assessment Refunding Series 2013 A (A-/NR)
	355,000		1.800			05/01/16		351,105
	360,000		2.100			05/01/17		354,611
	Florida Higher Educational Facilities Financing Authority RB for Nova Southeastern University Project Series 2012 A (BBB/Baa1)
	100,000		3.000			04/01/14		100,549
	150,000		4.000			04/01/15		152,970
	825,000		3.000			04/01/17		816,354
	500,000		5.000			04/01/18		527,535
	500,000		5.000			04/01/19		525,955
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Florida Hurricane Catastrophe Fund Finance Corp. RB Series 2010 A (AA-/Aa3)
$	20,550,000		5.000	%		07/01/15	$	22,097,826
	Florida State Board of Education GO Bonds for Public Education Capital Outlay Series 2012 A (AAA/Aa1)
	29,420,000		5.000			06/01/15		31,693,872
	Florida State Municipal Power Agency RB for St. Lucie Project Series 2009 A (A/A2)
	2,985,000		5.000			10/01/14		3,121,444
	Florida State Municipal Power Agency RB for Stanton II Project Series 2009 A (A+/A1)
	250,000		4.000			10/01/14		259,075
	Florida State Municipal Power Agency RB for Stanton Project Series 2009 A (A+/A1)
	890,000		5.000			10/01/14		931,136
	Florida State Municipal Power Agency RB for Tri-City Project Series 2009 A (A+/A2)
	290,000		3.000			10/01/14		297,505
	Halifax Hospital Medical Center RB Refunding & Improvement Series 2006 A (A-/NR)
	855,000		5.000			06/01/14		872,938
	Highlands County Florida Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2009 E (AA-/Aa3)
	2,000,000		5.000			11/15/13		2,011,400
	1,000,000		5.000			11/15/15		1,090,400
	Island at Doral Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	350,000		1.125			05/01/14		346,818
	345,000		1.750			05/01/15		338,818
	Jacksonville Florida Special RB Series 2010 B-1 (ETM) (AA-/Aa2)(d)
	4,415,000		5.000			10/01/14		4,626,788
	JEA Florida Electric System RB Refunding Subseries 2009 C (ASSURED GTY) (AA-/Aa3)(d)
	2,000,000		5.000			04/01/14		2,047,420
	Lake County School Board COPS for Master Lease Program Series 2012 A (A/NR)
	955,000		5.000			06/01/14		982,284
	Lakeland Hospital RB for Lakeland Regional Health System Series 2011 (NR/A2)
	5,020,000		5.000			11/15/16		5,582,190
	6,315,000		5.000			11/15/17		7,140,055
	6,250,000		5.000			11/15/18		7,015,062
	Manatee County Florida Public Utilities RB Refunding Series 2011 (AA+/Aa2)
	1,180,000		4.000			10/01/16		1,286,365
	Mediterra South Community Development District Capital Improvement RB Refunding Series 2012 (BBB+/NR)
	250,000		2.900			05/01/14		250,583
	255,000		3.100			05/01/15		256,017
	265,000		3.400			05/01/16		265,840
	275,000		3.600			05/01/17		276,004
	285,000		3.800			05/01/18		285,946

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center Series 2012 (BBB/Baa2)
$	5,525,000		3.000	%		11/15/13	$	5,535,276
	1,750,000		4.000			11/15/17		1,861,930
	2,220,000		4.000			11/15/18		2,339,614
	Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (BBB+/A3)(e)
	2,150,000		3.000			03/01/16		2,196,247
	2,210,000		4.000			03/01/17		2,322,135
	2,300,000		4.000			03/01/18		2,406,927
	2,390,000		5.000			03/01/19		2,592,242
	2,510,000		5.000			03/01/20		2,725,960
	2,635,000		5.000			03/01/21		2,844,535
	2,770,000		5.000			03/01/22		2,970,188
	Miami Special Obligation Refunding Series 2011 A (AGM) (AA- /A2)
	830,000		5.000			02/01/17		895,836
	Miami-Dade County School Board COPS Series 2011 B (A/A1)(b)
	3,000,000		5.000			05/01/16		3,297,330
	Miami-Dade County School Board COPS Series 2012 A (A/A1)(b)
	7,595,000		5.000			08/01/16		8,274,677
	Miami-Dade County Special Obligation RB Refunding Series 2012 A (A+/A2)
	1,675,000		3.000			10/01/14		1,717,495
	500,000		4.000			10/01/15		531,905
	Miami-Dade School Board COPS Series 2011 A (A/A1)(b)
	1,110,000		5.000			05/01/14		1,138,449
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR)
	300,000		3.000			04/01/14		302,937
	580,000		5.000			04/01/15		609,360
	1,130,000		4.000			04/01/16		1,188,387
	1,180,000		5.000			04/01/17		1,295,557
	1,245,000		5.000			04/01/18		1,379,896
	Osceola County School Board COPS for Harter Educational Facilities Lease Purchase Agreement Series 2009 A (ASSURED GTY) (AA-/Aa3)
	2,495,000		5.000			06/01/14		2,570,698
	Osceola County School Board COPS Series 2013 A (A/Aa3)
	1,000,000		4.000			06/01/16		1,074,200
	500,000		4.000			06/01/17		543,985
	Palm Beach County Health Facilities Authority Hospital RB Refunding for Jupiter Medical Center, Inc. Project Series 2013 A (BBB+/Baa2)
	265,000		2.000			11/01/13		265,252
	350,000		4.000			11/01/14		360,231
	400,000		4.000			11/01/15		416,780
	370,000		4.000			11/01/16		389,484
	720,000		4.000			11/01/17		761,897
	630,000		4.000			11/01/18		661,884
	Palm Beach County School Board COPS Refunding Series 2005 A (AGM) (AA-/Aa3)
	2,085,000		5.000			08/01/17		2,242,772
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Palm Beach County School Board COPS Refunding Series 2011 A (AA-/Aa3)(b)
$	3,650,000		5.000	%		08/01/16	$	4,044,127
	Parklands Lee Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A-/NR)
	125,000		1.250			05/01/14		125,043
	125,000		1.750			05/01/15		124,961
	135,000		2.000			05/01/16		134,326
	130,000		2.125			05/01/17		127,739
	135,000		2.250			05/01/18		130,527
	140,000		2.875			05/01/19		133,321
	Polk County Florida RB Refunding for Capital Improvement Series 2010 (AA/A1)
	1,000,000		3.000			12/01/15		1,027,030
	Portofino Isles Community Development District Special Assessment Refunding Series 2013 (BBB-/NR)
	205,000		1.375			05/01/14		204,912
	210,000		1.750			05/01/15		209,252
	215,000		2.000			05/01/16		213,074
	220,000		2.250			05/01/17		217,235
	225,000		2.625			05/01/18		221,413
	230,000		3.000			05/01/19		224,786
	Sarasota County School Board COPS for Master Lease Program Series 2010 B (AA-/Aa2)
	1,400,000		3.000			07/01/14		1,427,342
	1,400,000		3.000			07/01/15		1,458,464
	South Florida Water Management District Leasing Corp. COPS Series 2006 (AMBAC) (AA/Aa3)
	12,375,000		5.000			10/01/17		13,650,120
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB-/NR)
	290,000		3.000			05/01/14		291,041
	295,000		3.250			05/01/15		296,944
	305,000		3.500			05/01/16		307,248
	320,000		3.750			05/01/17		324,166
	330,000		4.000			05/01/18		336,636
	345,000		4.125			05/01/19		350,755
	375,000		4.375			05/01/21		375,589
	390,000		4.500			05/01/22		389,438
	Spicewood Community Development District Special Assessment Refunding Series 2013 (BBB/NR)
	100,000		1.500			05/01/14		99,851
	105,000		1.875			05/01/15		104,347
	105,000		2.125			05/01/16		103,841
	110,000		2.250			05/01/17		108,210
	110,000		2.500			05/01/18		107,709
	115,000		2.875			05/01/19		111,328
	Tampa Tax Allocation RB Refunding Cigarette - H. Lee Moffitt Cancer Center Series 2012 A (A+/A1)
	400,000		3.000			09/01/15		413,944
	560,000		3.000			09/01/16		584,814
	425,000		4.000			09/01/17		460,823

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)
$	95,000		2.125	%		05/01/14	$	95,123
	100,000		2.250			05/01/15		100,001
	105,000		2.500			05/01/16		104,661
	105,000		2.750			05/01/17		104,714
	110,000		3.000			05/01/18		109,347
	110,000		3.250			05/01/19		109,111
	115,000		3.500			05/01/20		113,335
	115,000		3.750			05/01/21		112,105
	125,000		3.875			05/01/22		121,306
	125,000		4.000			05/01/23		121,409
	135,000		4.125			05/01/24		131,214
	140,000		4.150			05/01/25		135,734
	145,000		4.250			05/01/26		140,865
	Venetian Isles Community Development District Special Assessment RB Refunding Series 2013 (A+/NR)
	210,000		1.250			05/01/14		210,036
	215,000		1.750			05/01/15		214,867
	220,000		2.000			05/01/16		218,902
	225,000		2.125			05/01/17		221,254
	230,000		2.500			05/01/18		222,599
	235,000		2.875			05/01/19		224,669
	240,000		3.000			05/01/20		227,738
	Village Community Development District No. 5 Special Assessment Refunding Phase I Series 2013 (A/NR)
	535,000		3.000			05/01/14		540,093
	550,000		3.000			05/01/15		560,478
	570,000		3.000			05/01/16		583,087
	Wyndam Park Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	85,000		1.250			05/01/14		85,022
	85,000		1.750			05/01/15		84,658
	90,000		2.000			05/01/16		89,061
	90,000		2.125			05/01/17		88,700
	95,000		2.250			05/01/18		93,210
	95,000		2.875			05/01/19		92,625
								249,195,105
	Georgia – 2.6%
	Burke County Development Authority Pollution Control RB for Georgia Transmission Corporation Vogtle Project Series 2012 (AA-/A1)(b)
	6,000,000		1.250			05/01/15		6,046,980
	Carroll City-County Hospital Authority Revenue Anticipation Certificates for Tanner Medical Center, Inc. Project Series 2010 (CNTY GTD) (AA-/Aa2)
	1,530,000		4.000			07/01/16		1,649,172
	Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (NR/WR)(d)
	1,400,000		5.500			01/01/14		1,417,948
	State-Specific Municipal Debt Obligations – (continued)
	Georgia – (continued)
	Cobb County Kennestone Hospital Authority RB Refunding Anticipation Certificates Series 2012 (AA-/Aa3)
$	825,000		3.000	%		04/01/15	$	852,283
	1,045,000		4.000			04/01/16		1,119,101
	790,000		4.000			04/01/17		858,967
	Cobb County Water and Sewer Improvement RB Series 2009 (AAA/Aaa)
	1,000,000		4.500			07/01/14		1,032,200
	Cobb County-Marietta Water Authority RB Series 2009 (AAA/Aaa)
	1,500,000		5.000			11/01/13		1,505,970
	2,850,000		5.000			11/01/14		2,997,202
	Colquitt County School District Sales Tax GO Bonds Series 2013 (ST AID WITHHLDG) (NR/Aa1)
	1,650,000		4.000			01/01/17		1,808,169
	DeKalb County Water and Sewerage RB Second Resolution Series 2011 A (A+/Aa3)
	200,000		2.000			10/01/14		202,712
	1,500,000		5.000			10/01/16		1,684,140
	Douglas County School District GO Bonds Refunding Series 2012 (ST AID WITHHLDG) (AA+/Aa2)
	2,985,000		4.000			04/01/17		3,274,485
	Fulton County Development Authority RB Refunding for Spelman College Series 2012 (NR/A1)
	1,010,000		4.000			06/01/18		1,096,163
	Gainesville Georgia School District GO Bonds Series 2011 (ST AID WITHHLDG) (AA+/NR)
	2,595,000		3.000			12/01/14		2,660,524
	2,500,000		4.000			12/01/15		2,644,450
	Georgia State GO Bonds Refunding Series 2005 B (AAA/Aaa)
	7,950,000		5.000			07/01/17		8,545,932
	Georgia State GO Bonds Refunding Series 2011 E-2 (AAA/Aaa)
	9,325,000		4.000			09/01/16		10,221,505
	11,495,000		4.000			09/01/17		12,833,133
	Gwinnett County School District Sales Tax GO Bonds Series 2012 A (AAA/Aaa)
	15,765,000		4.500			10/01/17		17,927,012
	Henry County School District GO Bonds Series 2012 (ST AID WITHHLDG) (AA+/Aa2)
	4,000,000		2.000			12/01/15		4,126,160
	Jackson County School District GO Bonds Refunding Series 2012 (ST AID WITHHLDG) (AA+/Aa2)
	3,030,000		5.000			03/01/17		3,415,840
	4,215,000		5.000			03/01/18		4,832,666
	Marietta Georgia GO Bonds Refunding Series 2009 A (AA+/Aa2)
	1,000,000		5.000			02/01/14		1,015,820
	Municipal Electric Authority RB Subseries 2010 B (A/A2)
	1,685,000		3.000			01/01/14		1,695,818
	Public Gas Partners, Inc. RB Series 2009 A (A+/A3)
	6,130,000		5.000			10/01/15		6,558,794
	Richmond County Board of Education GO Bonds for Sales Tax Series 2012 (ST AID WITHHLDG) (AA+/Aa1)
	2,500,000		5.000			10/01/16		2,814,825
	2,000,000		3.000			10/01/17		2,154,620

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Georgia – (continued)
	Thomas County School District Sales Tax GO Bonds Series 2012 (ST AID WITHHLDG) (AA+/NR)
$	2,655,000		4.000	%		03/01/17	$	2,895,251
								109,887,842
	Guam – 0.0%
	Guam Government Limited Obligation RB for Section 30 Series 2009 A (BBB+/NR)
	1,000,000		5.000			12/01/13		1,005,200
	Hawaii – 0.3%
	Hawaii State GO Bonds Refunding Series 2003 DT (AA/Aa2)
	4,000,000		4.000			11/01/14		4,162,240
	Hawaii State Highway RB Series 2011 A (AA+/Aa2)
	750,000		3.000			01/01/14		755,205
	Honolulu City and County GO Bonds Series 2004 B (NATL-RE) (NR/Aa1)(d)
	3,600,000		5.000			07/01/14		3,727,908
	Honolulu City and County Wastewater System RB Senior First Bond Resolution Series 2012 A (AA/Aa2)
	2,400,000		2.000			07/01/17		2,486,184
								11,131,537
	Idaho – 0.1%
	Boise City Independent School District GO Bonds Refunding Series 2012 B (AA/Aa1)
	1,000,000		3.000			08/01/17		1,068,690
	2,085,000		4.000			08/01/18		2,323,753
	Kootenai County School District No. 271 GO Bonds Series 2012 A (SCH BD GTY) (NR/Aa1)
	1,960,000		2.000			09/15/16		2,024,935
								5,417,378
	Illinois – 7.5%
	Chicago Illinois Board of Education GO Bonds Refunding Capital Appreciation for School Reform Series 1999 A (NATL-RE FGIC) (A+/A3)(c)
	2,500,000		0.000			12/01/15		2,372,350
	8,435,000		0.000			12/01/16		7,710,771
	Chicago Illinois GO Bonds for City Colleges of Chicago Capital Improvement Project Series 1999 (NATL-RE FGIC) (A+/A3)(c)
	2,000,000		0.000			01/01/14		1,995,600
	Chicago Illinois GO Bonds Refunding Series 2005 A (AGM) (AA-/A2)
	5,000,000		5.000			01/01/15		5,251,150
	Chicago Illinois Midway Airport Second Lien RB Series 2010 B (A-/A3)(b)
	4,120,000		5.000			01/01/15		4,328,925
	Chicago Illinois O’Hare International Airport RB Series 2008 A (AGM) (AA-/A2)
	6,275,000		5.000			01/01/15		6,620,752
	Chicago Illinois Public Building Commission RB Refunding Series 2006 (AMBAC) (A/A1)
	1,000,000		5.000			03/01/15		1,051,700
	Chicago Illinois Tax Allocation Junior Lien for Near South Redevelopment Project Series 2001 A (ACA) (NR/NR)
	1,525,000		6.250			11/15/13		1,529,834
	State-Specific Municipal Debt Obligations – (continued)
	Illinios – (continued)
	Chicago Illinois Transit Authority RB Series 2008 (ASSURED GTY) (AA-/A2)
$	2,845,000		5.000	%		06/01/14	$	2,925,912
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (AA-/A2)
	500,000		4.000			11/01/16		541,225
	Cook County Illinois GO Refunding Bonds Series 2012 C (AA/A1)
	1,500,000		5.000			11/15/19		1,688,775
	1,000,000		4.000			11/15/20		1,053,790
	Glenview GO Refunding Bonds Series 2012 B (NR/Aaa)
	1,245,000		4.000			12/01/16		1,363,375
	1,295,000		4.000			12/01/17		1,436,168
	1,365,000		4.000			12/01/18		1,526,643
	Glenview GO Refunding Bonds Series 2012 C (NR/Aaa)
	1,365,000		2.000			12/01/14		1,390,757
	1,440,000		2.000			12/01/15		1,480,709
	1,650,000		3.000			12/01/17		1,759,791
	Illinois Educational Facilities Authority RB for University of Chicago RMKT 07/01/09 Series 1998 (AA/Aa1)(b)
	3,100,000		3.375			02/03/14		3,132,550
	Illinois Educational Facilities Authority RB for University of Chicago Series 2001 B-2 (AA/Aa1)(b)
	2,000,000		1.875			02/12/15		2,034,720
	Illinois Finance Authority Gas Supply RB Refunding for The Peoples Gas Light and Coke Co. Project Series 2010 (A/A1)(b)
	2,250,000		2.125			07/01/14		2,274,930
	Illinois Finance Authority RB Refunding for Resurrection Health Care Corp. Series 2009 (BBB+/Baa1)
	5,000,000		5.000			05/15/14		5,106,300
	4,400,000		5.250			05/15/15		4,630,604
	Illinois Finance Authority RB Revolving Fund Master Trust Series 2004 (AAA/Aaa)
	4,665,000		5.250			09/01/15		4,962,627
	Illinois GO Bonds Series 2005 (AGM) (AA-/A2)
	1,095,000		4.250			09/01/18		1,131,978
	Illinois Health Facilities Authority RB for Advocate Health Care Network Series 2003 A (AA/Aa2)(b)
	1,480,000		4.375			07/01/14		1,519,620
	Illinois State Build Illinois Sales Tax RB Junior Obligation Series 2010 (AAA/NR)
	5,050,000		5.000			06/15/14		5,220,943
	Illinois State Build Illinois Sales Tax RB Series 2011 (AAA/NR)
	2,375,000		4.000			06/15/17		2,609,484
	Illinois State GO Bonds First Series 2001 (AGM) (AA-/A2)
	1,900,000		5.500			05/01/15		2,031,936
	Illinois State GO Bonds Refunding Series 2006 (A-/A3)
	7,750,000		5.000			01/01/15		8,129,363
	Illinois State GO Bonds Refunding Series 2009 A (A-/A3)
	16,000,000		4.000			09/01/20		16,430,400
	Illinois State GO Bonds Refunding Series 2010 (A-/A3)
	2,000,000		5.000			01/01/15		2,097,900
	7,305,000		5.000			01/01/17		7,994,738
	12,240,000		5.000			01/01/18		13,474,894
	15,890,000		5.000			01/01/20		17,402,410

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Illinois State GO Bonds Refunding Series 2010 (AGM) (AA-/A2)
$	6,725,000		5.000	%		01/01/15	$	7,058,493
	3,450,000		5.000			01/01/16		3,721,032
	Illinois State GO Bonds Refunding Series 2012 (A-/A3)
	5,400,000		5.000			08/01/15		5,774,868
	6,250,000		5.000			08/01/16		6,829,625
	7,265,000		5.000			08/01/19		8,024,047
	Illinois State GO Bonds Series 2002 (NATL-RE) (A/A3)
	2,710,000		5.500			08/01/15		2,922,572
	Illinois State GO Bonds Series 2003 A (A-/A3)
	7,525,000		5.000			10/01/16		7,551,563
	Illinois State GO Bonds Series 2007 B (A-/A3)
	4,000,000		4.250			01/01/14		4,035,160
	Illinois State GO Bonds Series 2012 (A-/A3)
	10,000,000		4.000			03/01/15		10,409,200
	Illinois State GO Bonds Series 2012 A (A-/A3)
	2,000,000		4.000			01/01/14		2,016,360
	Illinois Unemployment Insurance Fund Building Receipts RB Series 2012 A (AA/NR)
	6,500,000		5.000			06/15/16		7,152,340
	Illinois Unemployment Insurance Fund Building Receipts RB Series 2012 B (AA/NR)
	7,500,000		5.000			12/15/17		8,376,900
	11,980,000		5.000			06/15/18		13,352,668
	McHenry and Lake County Community Highschool No. 156 GO Bonds Refunding Series 2013 (NR/Aa2)
	2,245,000		3.000			02/01/17		2,351,638
	2,690,000		3.000			02/01/18		2,826,087
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 1994 (NATL-RE) (AAA/Baa1)(c)
	3,000,000		0.000			06/15/15		2,949,060
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000		3.000			10/01/17		832,499
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (A/NR)
	5,030,000		5.000			06/01/15		5,364,897
	11,350,000		4.125			06/01/16		12,032,476
	4,000,000		5.000			06/01/16		4,335,400
	10,000,000		5.000			06/01/17		11,091,100
	Regional Transportation Authority Illinois Refunding Series 2011 A (AGM) (GO OF AUTH) (AA/Aa3)
	13,420,000		5.000			06/01/16		14,755,156
	13,545,000		5.000			06/01/17		15,175,953
	Springfield Electric RB Senior Lien Series 2007 (NATL-RE) (A/A3)
	7,500,000		5.000			03/01/19		7,990,275
								313,142,993
	Indiana – 0.8%
	Delaware County Indiana Hospital Authority RB Refunding for Ball Memorial Hospital, Inc. Obligated Group Series 2009 A (NR/A3)
	1,085,000		5.500			08/01/17		1,216,144
	4,535,000		5.625			08/01/18		5,140,241
	State-Specific Municipal Debt Obligations – (continued)
	Indiana – (continued)
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2012 A (A/A2)
$	520,000		5.000	%		05/01/17	$	580,658
	855,000		5.000			05/01/20		961,259
	Indiana Finance Authority Hospital RB for University Health Obligated Group Series 2011 N (AA-/Aa3)
	2,365,000		3.000			03/01/14		2,390,518
	2,000,000		4.000			03/01/15		2,092,800
	Indiana Health Facility Financing Authority RB for Ascension Health Credit Group Series 2001 A-2 (AA+/Aa2)(b)
	4,575,000		1.600			02/01/17		4,583,830
	Indiana Health Facility Financing Authority RB for Ascension Health RB Series 2005 A-3 (AA/Aa3)(b)
	2,500,000		1.700			09/01/14		2,531,350
	Indiana Health Facility Financing Authority RB for Ascension Health Subordinate Credit Group Residual I Series 2010-3224 (AA/NR)(e)(f)
	850,000		29.763			11/01/27		1,398,097
	Indiana Health Facility Financing Authority RB for Ascension Health Subordinate Credit Group Series 2011 (AA+/Aa2)(b)
	2,950,000		1.500			08/01/14		2,981,211
	Indiana State Finance Authority RB for Community Foundation of Northwest Indiana Obligated Group Series 2012 (A-/NR)
	800,000		5.000			03/01/18		897,600
	500,000		5.000			03/01/19		555,660
	650,000		5.000			03/01/20		721,689
	Indianapolis Thermal Energy System First Lien RB Refunding Series 2010 B (AGM) (AA-/A2)
	3,905,000		5.000			10/01/15		4,204,631
	Rockport Indiana PCRB Refunding for Michigan Power Co. Project Series 2009 B (BBB/Baa2)(b)
	2,500,000		6.250			06/02/14		2,586,750
								32,842,438
	Iowa – 0.2%
	Iowa Finance Authority Health Facilities RB for Mercy Medical Center Projects Series 2012 (A+/A2)
	435,000		4.000			08/15/14		448,263
	400,000		4.000			08/15/15		422,288
	440,000		4.000			08/15/16		473,317
	1,400,000		4.000			08/15/17		1,519,980
	Iowa Finance Authority State Revolving Fund RB Series 2013 (AAA/Aaa)
	1,000,000		1.500			08/01/16		1,017,840
	1,000,000		5.000			08/01/18		1,160,870
	Iowa State University of Science and Technology RB Refunding for Memorial Union Series 2013 (AA/Aa2)
	1,040,000		1.500			07/01/16		1,055,173
	1,055,000		1.500			07/01/17		1,063,841
	State University of Iowa Athletic Facilities RB Series 2010 S.U.I. (AA-/Aa2)
	450,000		2.500			07/01/15		465,773
	State University of Iowa RB Refunding for University’s Utility System Series 2009 S.U.I. (NR/Aa1)
	1,185,000		3.000			11/01/13		1,187,678
								8,815,023

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Kansas – 1.2%
	Kansas Department of Transportation Highway RB Refunding Series 2012 A-2 (AAA/Aa1)(a)
$	10,000,000		0.300	%		09/01/14	$	10,017,800
	Kansas Department of Transportation Highway RB Refunding Series 2012 A-3 (AAA/Aa1)(a)
	9,000,000		0.370			09/01/15		8,984,430
	Kansas Development Finance Authority Hospital RB for Adventist Health System Series 2009 (AA-/Aa3)
	2,390,000		4.000			11/15/13		2,400,588
	Kansas Development Finance Authority Hospital RB for Adventist Health System/Sunbelt Obligated Group Series 2009 D (AA-/Aa3)
	200,000		5.000			11/15/13		201,126
	225,000		5.000			11/15/14		236,493
	Kansas Development Finance Authority RB for University of Kansas Housing System Project Series 2010 A (AA/Aa1)
	1,000,000		3.000			11/01/14		1,029,800
	Olathe Health Facilities RB for Medical Center Series 2012 B (A+/NR)(b)
	3,000,000		2.000			03/01/17		3,019,020
	Wichita GO Refunding Bonds Series 2012 A (AA+/Aa1)
	2,465,000		3.000			09/01/16		2,622,933
	2,550,000		4.000			09/01/17		2,838,532
	2,640,000		3.000			09/01/18		2,831,981
	2,585,000		4.000			09/01/19		2,900,965
	Wichita GO Sales Tax Bonds Series 2012 D (AA+/Aa1)
	1,015,000		3.000			10/01/15		1,066,542
	1,035,000		3.000			10/01/16		1,102,875
	1,075,000		3.000			10/01/17		1,156,786
	1,130,000		3.000			10/01/19		1,204,738
	Wyandotte County/Kansas City Unified Government RB for Utility System Improvement Series 2011 A (A+/NR)
	2,340,000		3.500			09/01/16		2,502,536
	Wyandotte County/Kansas City Unified Government RB Refunding Sales Tax Special Obligation for Redevelopment Project Area B Sub Lien Series 2012 (AA-/NR)
	1,300,000		3.000			12/01/14		1,339,884
	2,000,000		4.000			12/01/15		2,139,060
	1,400,000		5.000			12/01/16		1,569,624
								49,165,713
	Kentucky – 0.8%
	Kentucky Economic Development Finance Authority RB Residuals Series 2009-3125 (AA-/NR)(e)(f)
	940,000		18.138			05/01/39		1,117,303
	Kentucky State Property and Buildings Refunding Series 2011 A (A+/Aa3)
	1,325,000		5.000			08/01/16		1,480,277
	5,000,000		4.000			08/01/17		5,514,250
	Louisville/Jefferson County Metro Government Environmental Facilities RB Refunding for Louisville Gas and Electric Company Project Series 2003 A (A-/A2)(b)
	10,000,000		1.150			06/01/17		9,886,300
	Louisville/Jefferson County Metro Government GO Bonds Refunding Series 2010 D (AA+/Aa1)
	2,875,000		3.000			10/01/14		2,952,021
	State-Specific Municipal Debt Obligations – (continued)
	Kentucky – (continued)
	Louisville/Jefferson County PCRB for Louisville Gas & Electric Company Project Series 2003 A (A-/A2)(b)
$	10,500,000		1.650	%		04/03/17	$	10,564,260
								31,514,411
	Louisiana – 1.6%
	Baton Rouge Louisiana Public Improvement Sales Tax RB Refunding Series 2010 B (AA+/Aa2)
	450,000		3.000			08/01/14		457,812
	500,000		3.000			08/01/15		517,140
	East Baton Rouge Parish Louisiana RB Refunding for Public Improvement Series 2004 ST (AMBAC) (NR/WR)(d)
	4,405,000		5.000			02/01/14		4,517,504
	Ernest N. Morial New Orleans Exhibition Hall Authority Special Tax Refunding Bonds Series 2012 (A+/A2)
	400,000		2.000			07/15/14		404,872
	270,000		3.000			07/15/14		275,397
	400,000		2.000			07/15/15		408,408
	585,000		3.000			07/15/15		607,634
	350,000		2.000			07/15/16		357,444
	1,830,000		3.000			07/15/16		1,918,847
	375,000		2.000			07/15/17		380,621
	1,200,000		4.000			07/15/17		1,305,756
	680,000		2.000			07/15/18		679,374
	1,040,000		4.000			07/15/18		1,133,413
	1,000,000		5.000			07/15/19		1,140,740
	Greater New Orleans Expressway Commission RB Refunding Series 2009 (ASSURED GTY) (AA-/A3)
	100,000		2.750			11/01/13		100,160
	205,000		2.750			11/01/14		209,727
	Jefferson Parish Sales Tax RB Refunding School Series 2012 (AA/NR)
	1,570,000		3.000			02/01/16		1,646,883
	1,015,000		3.000			02/01/17		1,073,048
	1,565,000		3.000			02/01/18		1,650,183
	Louisiana Citizens Property Insurance Corp. RB Series 2006 B (AMBAC) (A-/A3)
	2,955,000		5.000			06/01/16		3,230,258
	Louisiana Local Government Environmental Facilities & Community Development Authority RB for BRCC Facilities Corp. Project Series 2011 (AGM) (AA-/A1)
	1,250,000		3.000			12/01/16		1,309,637
	Louisiana Local Government Environmental Facilities & Community Development Authority RB for LCTCS Facilities Corp. Project Series 2011 (AA-/A1)(c)
	1,500,000		0.000			10/01/15		1,466,370
	Louisiana Local Government Environmental Facilities & Community Development Authority RB for Parish of East Baton Rouge Road Improvements Project Series 2012 (AA/Aa3)
	1,315,000		3.000			08/01/15		1,366,890
	Louisiana Public Facilities Authority RB for Hurricane Recovery Program Series 2007 (AGC-ICC) (AA-/Aa3)
	8,250,000		5.000			06/01/20		8,761,747

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Louisiana – (continued)
	Louisiana State Offshore Terminal Authority Deepwater Port RB for LOOP LLC Project Series 2007 B-1A1 (A-/A3)(b)
$	3,000,000		1.375	%		10/01/16	$	2,924,400
	Louisiana State Offshore Terminal Authority Deepwater Port RB for LOOP LLC Project Series 2010 B-2 (A-/NR)(b)
	4,845,000		2.100			10/01/14		4,900,718
	Morehouse Parish Louisiana PCRB Refunding for International Paper Co. Project Series 2001 A (BBB/Baa3)
	3,520,000		5.250			11/15/13		3,537,987
	New Orleans Audubon Commission for Aquarium Tax Bonds Series 2011 (A/NR)
	500,000		5.000			10/01/16		541,870
	2,825,000		5.000			10/01/17		3,103,178
	New Orleans GO Bonds Refunding Series 2012 (BBB/A3)
	1,295,000		3.000			12/01/14		1,326,481
	1,805,000		4.000			12/01/15		1,913,679
	4,145,000		4.000			12/01/16		4,441,119
	4,030,000		4.000			12/01/17		4,343,494
	New Orleans Regional Transit Authority Sales Tax RB Series 2010 (AGM) (AA-/Aa3)
	500,000		4.000			12/01/15		531,430
	610,000		4.000			12/01/16		660,051
	St. Tammany Parish Hospital Service District No. 1 RB Refunding Project Series 2011 (A-/NR)
	1,390,000		2.000			07/01/14		1,399,244
	1,800,000		2.300			07/01/15		1,822,500
	Terrebonne Parish Louisiana Hospital Service District No. 1 RB Refunding for Terrebonne General Medical Center Project Series 2010 (A+/A2)
	420,000		4.000			04/01/16		449,030
								66,815,046
	Maine – 0.2%
	Finance Authority of Maine Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 11/10/04 Series 2004 (BBB/NR)
	3,125,000		3.800			11/01/15		3,260,344
	Maine State Housing Authority Mortgage Purchase Bonds Series 2011 E (AA+/Aa1)
	2,700,000		1.350			11/15/14		2,709,261
	2,455,000		1.700			11/15/15		2,470,810
								8,440,415
	Maryland – 2.9%
	Baltimore County Maryland GO Bonds 71st Issue for Metropolitan District Public Improvement Series 2008 (AAA/Aaa)
	1,420,000		5.000			02/01/14		1,442,606
	Baltimore County Maryland GO Bonds 74th Issue for Metropolitan District Public Improvement Series 2011 (AAA/Aaa)
	6,650,000		4.000			02/01/14		6,734,056
	2,500,000		4.000			02/01/16		2,702,850
	9,000,000		5.000			02/01/17		10,245,150
	State-Specific Municipal Debt Obligations – (continued)
	Maryland – (continued)
	Baltimore RB Refunding for Projects Series 2002 B (NATL-RE FGIC) (AA/Aa2)(a)
$	600,000		0.045	%		07/01/32	$	523,017
	16,175,000		0.075			07/01/37		13,883,376
	Baltimore RB Refunding for Wastewater Projects Subseries 2002 C (NATL-RE FGIC) (AA-/Aa3)(a)
	35,600,000		0.060			07/01/37		29,910,379
	Calvert County Maryland GO Bonds Refunding Series 2011 (AAA/Aa1)
	1,455,000		2.000			07/15/14		1,475,719
	Carroll County Maryland Consolidated Public Improvement and Refunding Bonds Series 2011 (AA+/Aa1)
	2,075,000		5.000			11/01/17		2,395,027
	3,055,000		4.000			11/01/18		3,431,804
	Charles County Maryland GO Bonds Refunding Series 2011 (AA+/Aa1)
	2,365,000		4.000			11/01/15		2,540,980
	1,115,000		4.000			11/01/16		1,222,899
	5,405,000		4.000			11/01/17		6,026,034
	Harford County Maryland GO Bonds for Consolidated Public Improvement Series 2009 (AA+/Aaa)
	1,170,000		2.250			07/01/16		1,220,181
	Maryland State Health & Higher Educational Facilities Authority RB for MedStar Health Issue Series 2011 (A-/A2)
	2,325,000		4.000			08/15/15		2,467,476
	3,445,000		4.000			08/15/16		3,738,342
	Maryland State Transportation Authority Grant and Revenue Anticipation Bonds Series 2008 (AAA/Aa1)
	4,500,000		5.250			03/01/15		4,808,115
	Montgomery County Maryland GO Bonds Refunding for Consolidated Public Improvement Series 2009 A (AAA/Aaa)
	5,000,000		5.000			11/01/13		5,019,900
	Montgomery County Maryland GO Bonds Refunding for Consolidated Public Improvement Series 2012 B (AAA/Aaa)
	5,350,000		5.000			11/01/16		6,050,957
	University of Maryland RB Refunding Revolving Loan Series 2003 A (AA+/Aa1)(b)
	3,010,000		1.250			06/01/18		2,921,777
	Washington Suburban Sanitary District Consolidated Public Improvement GO Bonds Series 2012 (AAA/Aaa)
	12,500,000		5.000			06/01/16		13,946,250
								122,706,895
	Massachusetts – 1.8%
	Massachusetts Development Finance Agency RB for Boston University Series 2008 U-1 (A/A1)(b)
	7,000,000		0.650			03/30/17		6,990,480
	Massachusetts State Department of Transportation Senior RB for Metropolitan Highway System Series 2010 B (A+/A3)
	4,000,000		5.000			01/01/15		4,224,040
	Massachusetts State Development Finance Agency RB for Boston University Series 2009 V-2 (A/A1)
	4,000,000		2.875			10/01/14		4,107,480

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Massachusetts – (continued)
	Massachusetts State Development Finance Agency RB for Partners Healthcare System Issue Series 2012 L (AA/Aa2)
$	400,000		5.000	%		07/01/15	$	430,784
	300,000		5.000			07/01/16		332,661
	Massachusetts State GO Bonds Consolidated Loan Series 2004 A (AA+/Aa1)(d)
	5,000,000		5.000			08/01/14		5,193,250
	Massachusetts State GO Bonds Consolidated Loan Series 2004 D (AGM) (AA+/Aa1)(d)
	3,475,000		5.000			12/01/14		3,667,515
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(a)
	26,250,000		0.747			05/01/37		22,560,825
	Massachusetts State GO Bonds Consolidated Loan Series 2012 D (AA+/Aa1)(a)
	7,000,000		0.500			01/01/18		6,968,430
	Massachusetts State GO Bonds Refunding Series 2010 A (AA+/Aa1)(a)
	2,500,000		0.600			02/01/14		2,500,700
	Massachusetts State GO Bonds Refunding Series 2013 A (AA+/Aa1)(a)
	6,000,000		0.430			02/01/17		5,907,660
	Massachusetts State GO Refunding Bonds Series 2007 A (AA+/Aa1)(a)
	8,000,000		0.727			11/01/25		7,413,200
	Massachusetts State Health & Educational Facilities Authority RB for Amherst College Series 2009 K-2 (AA+/Aaa)(b)
	2,915,000		1.700			11/01/16		2,957,122
								73,254,147
	Michigan – 2.5%
	Detroit Michigan Water Supply System RB Refunding Senior Lien Series 2003 C (A/Baa1)(a)
	310,000		0.000			07/01/14		310,239
	Detroit Michigan Water Supply System RB Senior Lien Series 2005 C (NATL-RE FGIC) (A/Baa1)
	3,000,000		5.000			07/01/16		3,011,700
	Detroit Michigan Water Supply System RB Senior Lien Series 2011 A (BB-/B1)
	1,700,000		5.000			07/01/14		1,703,689
	700,000		5.000			07/01/15		702,611
	500,000		5.000			07/01/16		503,015
	1,295,000		5.000			07/01/17		1,303,689
	Detroit Wayne County Stadium Authority RB Refunding Series 2012 (BBB/Baa3)
	500,000		5.000			10/01/14		515,045
	1,100,000		5.000			10/01/18		1,187,032
	Kent Hospital Finance Authority RB Refunding for Spectrum Health System Series 2008 A (AA/Aa3)(b)
	6,850,000		4.250			01/15/14		6,928,501
	Michigan Finance Authority RB for Detroit School District Series 2011 (A+/NR)
	7,500,000		5.250			06/01/17		8,272,350
	Michigan Finance Authority RB for Unemployment Obligation Assessment Series 2012 A (AAA/Aaa)
	11,135,000		5.000			07/01/15		12,028,472
	State-Specific Municipal Debt Obligations – (continued)
	Michigan – (continued)
	Michigan Finance Authority RB Refunding for Detroit School District Series 2012 (A+/NR)
$	750,000		4.000	%		06/01/14	$	766,088
	1,375,000		4.000			06/01/17		1,445,221
	Michigan Finance Authority RB Refunding for Unemployment Obligation Assessment Series 2012 A (AAA/Aaa)
	9,000,000		5.000			01/01/18		10,294,470
	Michigan Finance Authority RB Refunding for Unemployment Obligation Assessment Series 2012 B (AAA/Aaa)
	4,000,000		5.000			07/01/23		4,143,960
	Michigan State Building Authority RB Refunding for Facilities Program Series 2003 I (AGM) (AA-/Aa3)(d)
	7,580,000		5.250			10/15/13		7,592,810
	Michigan State Environmental RB Refunding for Facilities Program Series 2005 B (NATL-RE) (A/Aa2)(d)
	7,845,000		5.000			11/01/15		8,596,080
	Michigan State Environmental RB Refunding for Facilities Program Series 2005 B (NATL-RE) (AA-/Aa2)
	2,180,000		5.000			11/01/19		2,341,538
	Michigan State Hospital Finance Authority RB for Ascension Health Credit Group RMKT 08/16/10 Series 1999 B-3 (AA+/Aa2)(b)
	3,875,000		2.000			08/01/14		3,932,350
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Credit Group Series 2010 F-1 (AA+/Aa2)(b)
	3,000,000		2.000			05/30/18		3,019,980
	Michigan State Strategic Fund Limited Obligation RB Refunding for The Detroit Edison Co. Exempt Facilities Project RMKT 06/01/09 Series 2008 ET-1 (A/A1)(b)
	2,500,000		5.250			08/01/14		2,590,100
	Michigan State Trunk Line Fund Bonds Series 2011 (AA+/Aa2)
	550,000		3.000			11/15/14		566,665
	Rochester Community School District GO Refunding Bonds Series 2012 (Q-SBLF) (AA-/NR)
	875,000		4.000			05/01/18		947,984
	700,000		4.000			05/01/19		760,039
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2009 (A/A1)
	2,000,000		6.250			09/01/14		2,101,560
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2010 C (A/A2)
	5,000,000		5.000			12/01/14		5,261,950
	10,000,000		5.000			12/01/15		10,852,900
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2012 A (A/A2)
	1,270,000		5.000			12/01/18		1,437,259
	1,385,000		5.000			12/01/19		1,557,114
	Western Township Utilities Authority Sewage Disposal System Limited Tax RB for Series 2012 (MUN GOVT GTD) (AA/NR)
	1,000,000		4.000			01/01/19		1,080,940
								105,755,351

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Minnesota – 3.1%
	Circle Pines Minnesota Independent School District No. 012 GO Refunding Bonds for Minnesota School District Credit Enhancement Program Series 2012 A (SD CRED PROG) (AA+/NR)
$	3,630,000		3.000	%		02/01/15	$	3,759,264
	3,445,000		4.000			02/01/16		3,702,032
	3,575,000		4.000			02/01/17		3,920,202
	Farmington Minnesota Independent School District No. 192 GO School Building Refunding Bonds Series 2012 D (SD CRED PROG) (NR/Aa2)
	3,110,000		2.000			06/01/16		3,195,587
	2,595,000		1.500			06/01/17		2,618,122
	3,190,000		1.500			06/01/18		3,189,968
	Metropolitan Council Minneapolis St. Paul Metropolitan Area GO Bonds for Grant Anticipation Notes Series 2012 G (SP-1+/Aaa)
	23,000,000		2.000			03/01/15		23,560,050
	47,100,000		1.000			03/01/16		47,271,444
	Minneapolis Minnesota Convention Center GO Bonds Refunding Series 2011 A (AAA/Aa1)
	7,980,000		2.000			12/01/17		8,202,243
	Minneapolis Minnesota Special School District Refunding Series 2011 A (SD CRED PROG) (AA+/Aa1)
	3,520,000		2.000			02/01/14		3,540,733
	Minnesota Higher Education Facilities Authority RB for University of St. Thomas Series 2013 7-U (NR/A2)
	600,000		5.000			04/01/14		613,770
	500,000		5.000			04/01/18		568,085
	Minnesota State COPS for Technology System Lease Purchase Agreement Series 2009 (AA/NR)
	6,855,000		4.000			06/01/14		7,011,705
	Minnesota State COPS for Technology System Lease Purchase Agreement Series 2009 (ETM) (NR/NR)(d)
	1,720,000		4.000			06/01/14		1,762,346
	Minnesota State Higher Education Facilities Authority RB for University of St. Thomas Series 2009 Seven-A (GO OF UNIV) (NR/A2)
	950,000		3.000			10/01/14		974,586
	Minnesota State Trunk Highway GO Bonds Series 2012 B (AA+/Aa1)
	11,700,000		5.000			08/01/17		13,457,808
	Watertown Independent School District No. 111 GO Refunding Bonds for School Building Series 2012 B (SD CRED PROG) (AA+/NR)
	1,620,000		3.000			02/01/16		1,689,773
	1,000,000		3.000			02/01/17		1,053,840
								130,091,558
	Mississippi – 0.2%
	DeSoto County Mississippi GO Bonds Refunding Series 2009 (AA/Aa2)
	700,000		3.000			11/01/13		701,435
	Mississippi Development Bank Special Obligation RB for Marshall County IDA Mississippi Highway Construction Project Series 2012 (AA-/Aa3)
	3,845,000		1.000			01/01/17		3,728,035
	State-Specific Municipal Debt Obligations – (continued)
	Mississippi – (continued)
	Mississippi State GO Bonds for Capital Improvement Series 2006 D (NATL-RE) (AA/Aa2)(d)
$	3,855,000		5.000	%		11/01/17	$	4,479,664
								8,909,134
	Missouri – 1.1%
	City of Columbia Electric Utility Special Obligation RB for Annual Appropriation Series 2012 E (AA/NR)
	1,995,000		4.000			09/01/18		2,215,268
	2,075,000		4.000			09/01/19		2,304,038
	Curators University of Missouri System Facilities RB for System Facilities Series 2006 A (AA+/Aa1)
	5,070,000		5.000			11/01/17		5,502,370
	Kansas City GO Bonds Refunding & Improvement Series 2012 A (AA/Aa2)
	5,000,000		2.000			02/01/15		5,110,550
	7,600,000		2.000			02/01/16		7,829,444
	Missouri State Board of Public Buildings RB Series 2003 A (NR/Aa1)(d)
	3,425,000		5.000			10/15/13		3,430,514
	Missouri State Board of Public Buildings Special Obligation Series 2003 A (AA+/Aa1)
	400,000		5.000			10/15/14		400,648
	Missouri State Development Finance Board Infrastructure Facilities Leasehold Improvement and RB Refunding for City of Independence Electric System Projects Series 2012 F (A/NR)
	375,000		4.000			06/01/15		392,846
	500,000		4.000			06/01/16		533,660
	1,180,000		4.000			06/01/18		1,267,072
	960,000		4.000			06/01/19		1,027,690
	1,000,000		4.000			06/01/20		1,064,920
	Platte County Park Hill School District GO Bonds Refunding for Direct Deposit Program Series 2013 (ST AID DIR DEP) (AA+/Aa1)
	2,250,000		2.000			03/01/16		2,326,388
	St. Louis Airport RB Refunding for Lambert St. Louis International Airport Series 2013 (A-/A3)
	765,000		5.000			07/01/18		874,326
	St. Louis Board of Education GO Bonds Refunding for Missouri Direct Deposit Program Series 2004 (NATL-RE) (ST AID DIR DEP) (AA+/Baa1)(d)
	5,980,000		5.000			04/01/15		6,400,633
	2,595,000		5.250			04/01/15		2,787,212
	St. Louis Missouri Airport Revenue Refunding for Lambert- St. Louis International Airport Series 2011 (A-/A3)
	2,000,000		5.000			07/01/14		2,068,000
	1,000,000		5.000			07/01/15		1,074,600
								46,610,179

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Montana – 0.2%
	Montana State Department of Transportation Refunding Grant Anticipation Notes for Highway 93 Advance Construction Project-Garvees Series 2012 (AA/Aa3)
$	1,600,000		2.000	%		06/01/17	$	1,648,032
	2,000,000		3.000			06/01/17		2,131,520
	1,750,000		3.000			06/01/18		1,857,170
	800,000		4.000			06/01/18		884,752
								6,521,474
	Nebraska – 0.2%
	Lincoln County Hospital Authority No. 1 RB Refunding for Great Plains Regional Medical Center Project Series 2012 (A-/NR)
	775,000		4.000			11/01/16		828,948
	435,000		4.000			11/01/17		468,721
	750,000		4.000			11/01/19		799,965
	690,000		4.000			11/01/20		729,627
	Omaha Nebraska Special Tax RB Refunding for Performing Arts Project Series 2012 (AA+/Aa2)
	530,000		2.000			10/15/15		545,407
	1,215,000		2.000			10/15/16		1,253,795
	1,765,000		3.000			10/15/17		1,884,685
	1,785,000		3.000			10/15/18		1,900,918
	640,000		4.000			10/15/20		712,473
								9,124,539
	Nevada – 1.2%
	Clark County Airport RB Refunding Junior Lien Series 2013 C-1 (AMT) (A/A2)
	12,000,000		2.500			07/01/15		12,339,960
	Clark County GO Refunding Bonds Series 2006 (AGM) (AA+/Aa1)
	5,115,000		4.625			06/01/19		5,530,338
	Clark County Improvement District Refunding for Special Improvement District No. 142 Mountain Edge Local Improvement Series 2012 (BBB-/NR)
	2,895,000		3.000			08/01/14		2,917,176
	3,090,000		3.000			08/01/15		3,072,511
	3,635,000		3.000			08/01/16		3,577,712
	3,970,000		4.000			08/01/17		3,996,480
	Clark County McCarran International Airport RB Refunding for Passenger Facility Charge Series 2010 F-1 (A+/A1)
	3,000,000		5.000			07/01/16		3,314,550
	Clark County School District GO Bonds Refunding Series 2004 A (AGM) (AA-/A1)
	3,000,000		5.000			06/15/16		3,091,830
	Clark County School District Limited Tax GO Bonds Refunding Series 2003 D (NATL-RE) (AA-/A1)(d)
	3,450,000		5.000			12/15/13		3,483,154
	Las Vegas City Limited Tax GO Bonds Medium-Term Various Purpose Series 2011 A (AA/Aa2)
	1,000,000		2.000			12/01/15		1,023,050
	2,700,000		4.000			12/01/16		2,928,528
	2,810,000		4.000			12/01/17		3,020,638
	State-Specific Municipal Debt Obligations – (continued)
	Nevada – (continued)
	North Las Vegas Nevada Local Improvement Special Assessment Refunding for Sub-Special Improvement District No. 60-B Series 2006 (NR/NR)
$	505,000		4.800	%		12/01/14	$	510,944
								48,806,871
	New Hampshire – 1.4%
	Manchester New Hampshire General Airport RB Refunding Series 2009 B (BBB+/A3)
	5,240,000		5.000			01/01/14		5,289,361
	New Hampshire Business Finance Authority RB for Pollution Control Project Series 2001 A (AMT) (NATL-RE) (A/A3)(a)
	50,475,000		0.070			05/01/21		45,969,754
	New Hampshire Health & Education Facilities Authority RB Refunding for Catholic Medical Center Series 2012 (BBB+/Baa1)
	500,000		4.000			07/01/14		510,150
	400,000		4.000			07/01/15		417,500
	New Hampshire State Business Finance Authority RB for Waste Management, Inc. Series 2003 (AMT) (BBB/NR)(b)
	1,200,000		2.125			06/01/18		1,150,068
	New Hampshire State Capital Improvement GO Bonds Series 2012 B (AA/Aa1)
	5,400,000		5.000			11/01/16		6,096,924
								59,433,757
	New Jersey – 4.2%
	Atlantic County College GO Bonds Series 2013 (ST AID WITHHLDG) (AA/Aa2)
	1,845,000		1.000			03/01/16		1,847,196
	2,025,000		1.000			03/01/17		2,000,983
	Bergen County New Jersey GO Refunding Bonds for General Improvement Series 2011 A (ST AID WITHHLDG) (NR/Aaa)
	1,730,000		2.000			12/01/13		1,735,294
	1,275,000		2.000			12/01/14		1,301,303
	1,320,000		2.000			12/01/15		1,362,794
	1,725,000		2.000			12/01/16		1,788,929
	2,355,000		2.000			12/01/17		2,439,992
	Brick Township GO Bonds for General Improvements Series 2012 (NR/Aa2)
	2,140,000		2.000			08/15/16		2,204,007
	East Brunswick Township Board of Education Refunding Bonds Series 2012 (SCH BD RES FD) (NR/Aa2)
	1,130,000		4.000			11/01/18		1,260,572
	1,300,000		5.000			11/01/19		1,527,006
	Garden State Preservation Trust Open Space and Farmland RB Series 2005 A (AGM) (AAA/Aa3)(d)
	12,000,000		5.800			11/01/15		13,334,160
	Gloucester County Improvement Authority RB Refunding for Solid Waste Management, Inc. Project Series 1999 A (BBB/NR)(b)
	2,250,000		2.125			12/01/17		2,216,813

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
	Gloucester County New Jersey GO Bonds Refunding Series 2011 (AA+/NR)
$	325,000		2.000	%		10/01/14	$	330,090
	660,000		2.000			10/01/15		674,579
	1,245,000		3.000			10/01/17		1,315,654
	Middlesex County New Jersey GO Bonds for General Improvements Series 2013 (AAA/NR)
	2,845,000		2.000			01/15/17		2,928,273
	Monmouth County GO Bonds Refunding Series 2010 C (AAA/Aaa)
	5,425,000		4.000			03/01/16		5,829,271
	Montgomery Township GO Bonds Refunding Series 2012 (NR/Aa1)
	2,320,000		3.000			08/01/16		2,442,380
	New Jersey Economic Development Authority RB for School Facilities Construction RMKT 04/30/08 Series 2008 (AGM) (AA-/A1)(d)
	2,000,000		5.000			09/01/14		2,086,960
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2005 K (A+/A1)(d)
	3,905,000		5.000			03/01/15		4,164,370
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2005 K (NATL-RE FGIC) (A+/A1)
	3,685,000		5.250			12/15/14		3,898,730
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2007 (AGM) (AA-/A1)(d)
	5,000,000		5.000			09/01/15		5,440,450
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2010 DD-1 (A+/A1)
	7,500,000		5.000			12/15/16		8,457,600
	New Jersey Educational Facilities Authority RB for Rider University Series 2012 A (BBB+/Baa1)
	1,240,000		5.000			07/01/17		1,359,412
	1,265,000		4.000			07/01/18		1,340,040
	New Jersey Health Care Facilities Financing Authority RB for Meridian Health System Obligated Group Issue Series 2011 (A/NR)
	1,000,000		5.000			07/01/14		1,032,240
	1,275,000		5.000			07/01/15		1,365,716
	2,000,000		5.000			07/01/16		2,208,540
	New Jersey Health Care Facilities Financing Authority RB Refunding for Barnabas Health Series 2012 A (BBB+/Baa1)
	350,000		5.000			07/01/17		384,500
	400,000		5.000			07/01/18		438,268
	New Jersey Health Care Facilities Financing Authority RB Refunding for Hackensack University Medical Center Issue Series 2010 B (A-/A3)
	4,680,000		3.500			01/01/16		4,857,278
	New Jersey State GO Bonds Refunding Series 2010 Q (AA-/Aa3)
	10,000,000		5.000			08/15/15		10,848,700
	5,000,000		5.000			08/15/16		5,603,000
	New Jersey State Turnpike Authority RB Series 2000 C (NATL-RE) (A+/A3)(a)
	21,625,000		0.123			01/01/30		18,655,067
	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
	New Jersey State Turnpike Authority RB Series 2000 D (NATL-RE) (A+/A3)(a)
$	21,500,000		0.123	%		01/01/30	$	18,547,347
	New Jersey State Turnpike Authority RB Series 2012 B (A+/A3)
	10,000,000		5.000			01/01/19		11,524,000
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2004 B (NATL-RE) (A+/A1)
	6,800,000		5.500			12/15/16		7,761,248
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (A+/A1)
	1,500,000		5.000			06/15/15		1,611,720
	1,000,000		5.000			06/15/16		1,109,110
	Newark Housing Authority RB for South Ward Police Facility Series 2009 (ASSURED GTY) (GO OF CITY) (NR/A3)
	1,235,000		3.500			12/01/13		1,239,224
	Sussex County New Jersey GO Bonds for General Improvement Series 2010 (NR/Aa2)
	2,665,000		2.000			08/15/14		2,704,176
	Toms River Township Board of Education School District GO Refunding Bonds Series 2012 (SCH BD RES FD) (AA-/NR)
	820,000		3.000			07/15/16		863,509
	855,000		3.000			07/15/17		906,531
	Toms River Township General Improvement Bonds Series 2010 (AA/NR)
	3,260,000		3.000			06/15/18		3,406,993
	Union County New Jersey GO Bonds Refunding for General Improvement Series 2009 (AA+/Aa1)
	4,195,000		4.000			03/01/14		4,259,603
	Union County New Jersey GO Bonds Refunding for General Improvement Series 2012 B (SCH BD RES FD) (AA+/Aa1)
	1,265,000		3.000			03/01/19		1,342,924
	Wayne Township School District GO Refunding Bonds Series 2012 (SCH BD RES FD) (AA-/NR)
	1,000,000		3.000			07/15/14		1,020,070
	700,000		4.000			07/15/15		740,474
	1,000,000		4.000			07/15/16		1,080,990
								176,798,086
	New Mexico – 1.3%
	Farmington New Mexico PCRB Refunding for Southern California Edison Co. Four Corners Project RMKT 04/01/10 Series 2010 B (NR/A1)(b)
	10,000,000		2.875			04/01/15		10,295,500
	New Mexico Finance Authority State Transportation RB Refunding Senior Lien Series 2012 (AAA/Aa1)
	21,485,000		2.000			06/15/16		22,242,346
	New Mexico State Capital Projects GO Bonds Series 2013 (AA+/Aaa)
	6,030,000		2.000			03/01/17		6,266,798
	New Mexico State Severance Tax RB Refunding Series 2011 A-2 (AA/Aa1)
	5,000,000		5.000			07/01/16		5,583,350
	New Mexico State Severance Tax RB Series 2010 A (AA/Aa1)
	2,000,000		5.000			07/01/17		2,289,300

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	New Mexico – (continued)
	New Mexico State Severance Tax RB Series 2011 A-1 (AA/Aa1)
$	5,475,000		5.000	%		07/01/17	$	6,266,959
								52,944,253
	New York – 12.4%
	Albany County Airport Authority RB Refunding Series 2010 A (AGM) (AA-/A2)
	1,625,000		5.000			12/15/15		1,769,040
	Albany County GO Serial Bonds Series 2010 (AA/Aa3)
	1,920,000		2.000			06/01/14		1,941,542
	1,640,000		3.000			06/01/15		1,708,290
	1,385,000		3.000			06/01/16		1,463,183
	Brookhaven Public Improvement GO Bonds Series 2013 A (AA+/Aa2)
	3,955,000		2.000			09/15/14		4,022,512
	4,045,000		2.000			09/15/15		4,169,788
	4,135,000		2.000			09/15/16		4,279,353
	Marlboro Central School District GO Serial Bonds Series 2010 (AGM) (ST AID WITHHLDG) (AA-/NR)
	870,000		3.000			10/15/13		870,757
	950,000		4.000			10/15/14		978,623
	990,000		4.000			10/15/15		1,041,827
	Metropolitan Transportation Authority New York RB Refunding for Transportation Series 2012 C (A/A2)
	1,000,000		5.000			11/15/15		1,092,400
	730,000		4.000			11/15/16		796,795
	Metropolitan Transportation Authority RB Series 2011 D (A/A2)
	725,000		3.000			11/15/13		727,458
	1,000,000		4.000			11/15/15		1,071,400
	Monroe County GO Bonds Refunding Series 2012 (A/Baa1)
	1,000,000		5.000			03/01/15		1,057,940
	3,000,000		5.000			03/01/16		3,246,960
	Nassau Health Care Corp. RANS Series 2013 A (AGM) (AA-/A2)
	7,500,000		2.250			12/15/13		7,528,875
	New York City GO Bonds Refunding RMKT 03/19/13 Subseries 2008 J-4 (AA/Aa2)(a)
	6,250,000		0.620			08/01/25		6,217,375
	New York City GO Bonds Series 2010 A (AA/Aa2)
	1,200,000		3.000			08/01/16		1,275,744
	New York City GO Bonds Series 2010 B (AA/Aa2)
	6,770,000		5.000			08/01/15		7,340,440
	New York City Tax Exempt GO Bonds Subseries 2009 H-1 (ASSURED GTY) (AA/Aa2)
	5,000,000		5.000			03/01/15		5,331,400
	New York City Transitional Finance Authority RB for Future Tax Fiscal 2013 Series 2012 D (AAA/Aa1)
	12,130,000		5.000			11/01/17		14,011,242
	New York City Transitional Finance Authority RB Future Tax Subordinate Refunding Series 2012 B (AAA/Aa1)
	4,885,000		5.000			11/01/15		5,347,365
	10,650,000		5.000			11/01/17		12,301,709
	New York City Transitional Finance Authority RB Refunding for Future Tax Fiscal 2013 Series 2012 E (AAA/Aa1)
	13,310,000		5.000			11/01/17		15,374,248
	State-Specific Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Bridge Authority General RB Refunding Series 2011 (GO OF AUTH) (AA-/Aa3)
$	3,145,000		3.000	%		01/01/14	$	3,166,669
	2,000,000		4.000			01/01/15		2,091,840
	New York State Dormitory Authority Lease RB for Municipal Health Facilities Improvement Program Series 2010-1 (CITY APPROP) (AA-/Aa3)
	4,825,000		5.000			01/15/14		4,890,427
	New York State Dormitory Authority North Shore-Long Island Jewish Obligated Group RB Series 2011 A (A-/A3)
	2,215,000		4.000			05/01/17		2,396,696
	New York State Dormitory Authority Personal Income Tax RB Series 2010 E (AAA/NR)
	21,935,000		3.000			02/15/14		22,161,589
	7,095,000		5.000			02/15/15		7,547,448
	New York State Dormitory Authority RB Refunding for Long Island University Series 2012 A (BBB-/Baa3)
	1,280,000		3.000			09/01/14		1,302,093
	1,335,000		4.000			09/01/15		1,373,127
	3,325,000		4.000			09/01/16		3,442,339
	3,000,000		4.000			09/01/17		3,112,110
	3,665,000		5.000			09/01/18		3,936,650
	New York State Dormitory Authority Tax Exempt General Purpose Personal Income Tax RB Series 2011 E (AAA/NR)
	8,375,000		5.000			08/15/17		9,645,822
	New York State Energy Research & Development Authority Facilities RB Refunding for Consolidated Edison Co. Subseries 1999 A-2 (AMT) (AMBAC) (A-/A3)(a)
	70,025,000		0.088			05/01/34		60,613,964
	New York State Energy Research & Development Authority PCRB for New York State Electric & Gas Corporation Project Series 2011 B (BBB+/Baa1)
	5,000,000		2.250			10/15/15		5,043,700
	New York State Energy Research & Development Authority PCRB for New York State Electric & Gas Corporation Project Series 2011 C (BBB+/Baa1)
	8,000,000		2.250			12/01/15		8,074,160
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A/A3)(a)
	27,750,000		0.105			07/01/34		23,363,398
	New York State GO Bonds Refunding Series 2009 C (AA/Aa2)
	23,075,000		3.000			02/01/15		23,899,931
	New York State Tax Exempt GO Bonds RMKT 10/23/12 Subseries 1996 J-2 (AA/Aa2)
	8,250,000		5.000			02/15/16		9,097,605
	New York State Tax Exempt GO Bonds Series 2011 E (AA/Aa2)
	6,950,000		5.000			12/15/17		8,087,437
	New York State Tax Exempt GO Bonds Subseries 2012 A-1 (AA/Aa2)
	3,000,000		5.000			10/01/17		3,447,120
	New York State Tax Exempt GO Refunding Bonds Series 2012 C (AA/Aa2)
	7,555,000		4.000			08/01/16		8,242,883

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Thruway Authority RB for General Highway and Bridge Trust Series 2011 A-1 (AA/NR)
$	6,440,000		5.000	%		04/01/17	$	7,308,176
	New York State Thruway Authority RB for Local Highway and Bridge Service Contract Series 2009 (AA-/NR)
	2,730,000		5.000			04/01/14		2,794,592
	New York State Urban Development Corp. RB for State Personal Income Tax Series 2010 A (AAA/NR)
	8,000,000		5.000			03/15/16		8,861,040
	New York State Urban Development Corp. RB for State Personal Income Tax Series 2010 B (AA-/NR)
	21,775,000		5.000			01/01/14		22,033,034
	Suffolk County New York GO Bonds for Public Improvement Series 2012 B (AGM) (AA-/A2)
	2,590,000		2.000			10/15/16		2,659,360
	Suffolk County New York Public Improvement Series 2011 A (A+/A2)
	4,520,000		3.000			05/15/15		4,680,867
	Suffolk County New York Refunding Serial Bonds Series 2012 A (A+/A2)
	3,275,000		4.000			04/01/14		3,330,544
	2,000,000		4.000			04/01/15		2,096,100
	Suffolk County New York Refunding Serial Bonds Series 2012 B (A+/A2)
	2,310,000		4.000			10/01/14		2,387,755
	2,000,000		4.000			10/01/16		2,170,380
	1,000,000		4.000			10/01/17		1,096,580
	Suffolk County Water Authority BANS Series 2013 A (AA/NR)
	35,000,000		4.000			01/15/16		37,653,000
	Suffolk County Water Authority BANS Series 2013 B (AA/NR)
	8,000,000		3.000			01/15/15		8,272,240
	Suffolk Tobacco Asset Securitization Corp. RB Tobacco Settlement Asset-Backed Bonds Series 2012 B (A/NR)
	370,000		4.000			06/01/17		385,207
	490,000		4.000			06/01/18		509,634
	575,000		5.000			06/01/19		626,313
	620,000		5.000			06/01/20		674,033
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds for State Contingency Contract Secured Series 2011 B (AA-/NR)
	30,000,000		5.000			06/01/17		34,059,300
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2003 B-1C (AA-/Aa3)
	9,745,000		5.500			06/01/19		9,780,569
	Triborough Bridge & Tunnel Authority RB General RMKT 06/28/12 Subseries 2005 B-4 (AA-/Aa3)(b)
	37,500,000		0.212			01/01/14		37,496,250
	Utica City School District GO Bonds Refunding Series 2013 (ST AID WITHHLDG) (NR/Baa1)
	850,000		2.000			07/01/14		857,489
	1,000,000		2.000			07/01/15		1,013,240
	Yonkers New York GO Bonds Series 2011 A (BBB+/Baa1)
	2,020,000		5.000			10/01/14		2,107,163
	2,000,000		5.000			10/01/15		2,153,460
	2,000,000		5.000			10/01/16		2,191,280
								517,100,880
	State-Specific Municipal Debt Obligations – (continued)
	North Carolina – 3.7%
	Charlotte North Carolina Douglas International Airport RB Series 2010 A (A+/Aa3)
$	1,220,000		2.250	%		07/01/14	$	1,238,410
	Durham North Carolina Utility System Revenue Refunding Series 2011 (AAA/Aa1)
	500,000		3.000			06/01/14		509,345
	300,000		4.000			06/01/16		326,385
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2008 A (A-/Baa1)
	1,000,000		5.000			01/01/14		1,011,400
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2010 A (A-/Baa1)
	5,500,000		5.000			01/01/16		6,019,200
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2012 B (A-/Baa1)
	6,000,000		5.000			01/01/15		6,339,900
	1,500,000		5.000			01/01/16		1,641,600
	4,535,000		5.000			01/01/17		5,066,321
	3,000,000		5.000			01/01/19		3,434,610
	North Carolina Eastern Municipal Power Agency Power System RB Series 2009 B (A-/Baa1)
	3,000,000		3.000			01/01/14		3,019,560
	North Carolina Eastern Municipal Power Agency Power System RB Series 2012 A (A-/Baa1)
	5,235,000		2.000			01/01/15		5,336,873
	1,815,000		3.000			01/01/16		1,905,714
	2,000,000		3.000			01/01/18		2,090,940
	1,275,000		5.000			01/01/18		1,442,089
	2,000,000		3.000			01/01/19		2,071,760
	1,000,000		5.000			01/01/19		1,144,870
	North Carolina GO Bonds Refunding Series 2005 B (AAA/Aaa)
	16,925,000		5.000			04/01/17		19,363,554
	North Carolina GO Bonds Refunding Series 2013 D (AAA/Aaa)
	27,685,000		3.000			06/01/17		29,774,110
	North Carolina Grant and Revenue Anticipation Vehicle Bonds Series 2011 (AA/Aa3)(b)
	6,000,000		4.000			03/01/18		6,453,900
	North Carolina Infrastructure Finance Corp. COPS Capital Improvement Series 2006 A (AGM) (AA+/Aa1)
	6,490,000		5.000			02/01/14		6,593,126
	North Carolina Medical Care Commission Health Care Facilities RB Refunding for Wake Forest Baptist Obligated Group Series 2012 B (AA-/A1)
	3,470,000		3.000			12/01/14		3,573,163
	1,065,000		4.000			12/01/16		1,161,723
	1,375,000		5.000			12/01/18		1,590,160
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 1998 A (NATL-RE) (A/A2)
	1,000,000		5.500			01/01/14		1,013,020
	North Carolina Turnpike Authority Monroe Connector System State APPROP RB Series 2011 (AA/Aa2)
	3,000,000		4.000			07/01/14		3,084,750
	Wake County Industrial Facilities and Pollution Control Financing Authority PCRB for Carolina Power and Light Co. Project. Series 2000 B (AMBAC) (A/Aa3)(a)
	8,825,000		0.123			10/01/22		7,986,567

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	Wake County Industrial Facilities and Pollution Control Financing Authority PCRB for Carolina Power and Light Co. Project. Series 2000 F (AMBAC) (A/Aa3)(a)
$	12,125,000		0.088	%		10/01/22	$	10,970,868
	Wake County Industrial Facilities and Pollution Control Financing Authority PCRB for Carolina Power and Light Co. Project. Series 2000 G (AMBAC) (A/Aa3)(a)
	22,075,000		0.105			10/01/22		19,974,146
	Winston-Salem North Carolina Water and Sewer System RB Refunding Series 2010 D (AAA/Aa1)
	985,000		3.000			06/01/15		1,028,527
								155,166,591
	Ohio – 1.2%
	Akron City Ohio Jedd RB Refunding Series 2011 (AA-/NR)
	470,000		4.000			12/01/14		487,287
	1,000,000		4.000			12/01/15		1,058,000
	1,425,000		5.000			12/01/16		1,572,801
	1,740,000		5.000			12/01/17		1,952,558
	Bowling Green Ohio City Student Housing RB for CFP I LLC Bowling Green State University Project Series 2010 (BBB-/NR)
	2,115,000		4.000			06/01/16		2,180,692
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	13,740,000		5.125			06/01/24		11,687,382
	3,415,000		5.375			06/01/24		2,979,314
	Cincinnati Ohio City School District GO Bonds for Classroom Facilities Construction and Improvement Series 2003 (AGM) (AA-/Aa2)(d)
	5,150,000		5.000			12/01/13		5,189,861
	Dublin City School District GO Refunding Bonds Unlimited Tax Series 2012 (AAA/Aa1)
	500,000		4.000			12/01/16		548,360
	1,180,000		4.000			12/01/17		1,314,213
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB/NR)
	200,000		2.000			01/01/14		200,128
	200,000		2.000			01/01/15		198,754
	250,000		2.000			01/01/16		246,477
	315,000		2.250			01/01/17		308,791
	400,000		4.000			01/01/18		412,268
	415,000		4.000			01/01/19		426,247
	435,000		4.000			01/01/20		438,811
	New Albany Community Authority RB Refunding Series 2012 C (NR/A1)
	1,100,000		4.000			10/01/17		1,187,131
	800,000		4.000			10/01/18		863,824
	Ohio Housing Finance Agency Single Family Prerefunded Series 1985 (FGIC-FHA/VA/PRIV MTGS) (AA+/NR)(c)(d)
	1,500,000		0.000			01/15/14		1,355,955
	Ohio State Air Quality Development Authority PCRB Refunding for FirstEnergy Series 2009 D (BBB-/Baa3)(b)
	3,000,000		2.250			09/15/16		2,934,420
	State-Specific Municipal Debt Obligations – (continued)
	Ohio – (continued)
	Ohio State GO Bonds for Highway Capital Improvement Series 2010 N (AAA/Aa1)
$	7,620,000		3.000	%		05/01/14	$	7,744,511
	Ohio State Higher Educational Facility Commission RB for Cleveland Clinic Health System Obligations Series 2013 A-2 (AA-/Aa2)(a)
	2,250,000		0.540			11/01/28		2,239,785
	Ohio State RB for Mental Health Capital Facilities Series II—2009 A (ST APPROP) (AA/Aa2)
	1,320,000		4.000			12/01/13		1,327,682
								48,855,252
	Oklahoma – 1.7%
	Norman Oklahoma GO Bonds Series 2012 B (NR/Aa2)
	3,750,000		0.050			03/01/15		3,721,575
	Oklahoma County Independent School District No. 12 Combined Purpose GO Bonds for Edmond School District Series 2010 (AA/NR)
	4,745,000		2.250			03/01/14		4,785,143
	Oklahoma County Independent School District No. 12 Combined Purpose GO Bonds for Edmond School District Series 2012 (AA/NR)
	4,845,000		2.100			03/01/14		4,842,190
	3,765,000		2.000			03/01/16		3,866,278
	5,470,000		2.000			03/01/17		5,612,111
	Oklahoma County Independent School District No. 52 GO Bonds for Midwest City-Del City School District Series 2012 (NR/Aa2)
	2,160,000		2.000			01/01/14		2,169,699
	1,860,000		2.000			01/01/15		1,899,004
	2,160,000		2.000			01/01/17		2,191,298
	Oklahoma County Independent School District No. 52 GO Bonds for Series 2013 (NR/Aa2)
	2,795,000		2.000			01/01/16		2,861,884
	2,445,000		2.000			01/01/17		2,500,746
	Oklahoma County Independent School District No. 89 GO Bonds Series 2013 (AA/Aa2)
	6,750,000		1.000			07/01/15		6,782,670
	8,750,000		1.000			07/01/16		8,761,813
	Oklahoma Development Finance Authority Solid Waste Disposal RB for Waste Management of Oklahoma, Inc. Project Series 2004 A (BBB/NR)(b)
	3,000,000		2.250			06/02/14		3,028,920
	Tulsa County Industrial Authority RB for Capital Improvement RMKT 08/17/09 Series 2003 A (AA-/NR)
	10,965,000		4.000			05/15/16		11,868,735
	Tulsa Oklahoma GO Bonds Series 2009 (AA/Aa1)
	1,000,000		5.000			10/01/14		1,047,660
	Tulsa Oklahoma GO Bonds Series 2013 (AA/Aa1)
	3,400,000		4.000			03/01/16		3,676,284
								69,616,010
	Oregon – 0.5%
	Clackamas County Hospital Facility Authority RB Legacy Health System Series 2009 C (A+/A2)(b)
	2,000,000		5.000			07/15/14		2,057,760

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Oregon – (continued)
	Gilliam County Oregon Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 03/01/10 Series 2007 (BBB/NR)(b)
$	5,000,000		2.000	%		09/02/14	$	5,061,400
	Lake Oswego Oregon GO Bonds Series 2009 A (AAA/Aa1)
	1,575,000		3.000			12/01/13		1,582,355
	Oregon Coast Community College District GO Bonds Refunding Series 2012 (SCH BD GTY) (NR/Aa1)
	1,050,000		2.000			06/15/15		1,075,903
	1,120,000		2.000			06/15/16		1,149,456
	790,000		2.000			06/15/17		809,616
	1,165,000		2.000			06/15/18		1,179,131
	1,445,000		3.000			06/15/19		1,518,464
	Oregon State Facilities Authority RB Refunding for Legacy Health System Series 2010 A (A+/A2)
	500,000		5.000			03/15/14		510,100
	Oregon State Facilities Authority RB Refunding for Legacy Health System Series 2011 A (A+/A2)
	500,000		5.000			05/01/15		530,250
	2,000,000		5.000			05/01/16		2,178,980
	Oregon State GO Bonds Refunding for Oregon University System Series 2012 B (AA+/Aa1)
	1,175,000		3.000			08/01/17		1,265,781
	1,120,000		3.000			08/01/18		1,202,275
								20,121,471
	Pennsylvania – 1.9%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB/NR)
	750,000		5.000			09/01/18		809,467
	Allegheny County Redevelopment Authority Tax Increment Refunding for Waterfront Project Series 2007 A (A/NR)
	1,345,000		4.250			12/15/13		1,351,967
	1,050,000		4.250			12/15/15		1,101,271
	645,000		4.250			12/15/17		687,596
	Carbon County Hospital Authority RB Refunding for Gnaden Huetten Memorial Hospital Series 2000 (AMBAC) (CNTY GTD) (NR/WR)
	540,000		5.400			11/15/14		547,312
	Chester County Health & Education Facilities Authority RB for Jefferson Health System Series 2010 A (AA/Aa3)
	1,775,000		4.000			05/15/14		1,813,979
	Chester County IDA RB for University Student Housing, LLC Project at West Chester University Series 2013 A (NR/Baa3)
	295,000		3.000			08/01/16		293,882
	515,000		3.000			08/01/17		508,743
	530,000		3.000			08/01/18		511,667
	Pennsylvania Economic Development Financing Authority RB Refunding for Unemployment Compensation Series 2012 A (AA+/Aaa)
	10,000,000		3.000			01/01/16		10,566,500
	Pennsylvania Economic Development Financing Authority RB Refunding for Unemployment Compensation Series 2012 B (AA+/Aaa)
	9,500,000		5.000			07/01/22		10,420,170
	7,000,000		5.000			01/01/23		7,616,560
	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2009 (BBB/NR)(b)
$	5,250,000		1.750	%		12/01/15	$	5,258,820
	Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB/NR)
	285,000		3.000			05/01/15		286,967
	390,000		3.000			05/01/16		391,244
	440,000		3.000			05/01/17		437,628
	1,165,000		5.000			05/01/18		1,238,803
	1,000,000		5.000			05/01/19		1,062,360
	Pennsylvania State Commonwealth GO Bonds for City of Pittsburgh Series 2006 B (AGM) (AA-/A1)
	6,455,000		5.000			09/01/14		6,714,491
	Pennsylvania State Commonwealth GO Bonds for City of Pittsburgh Series 2012 A (A/A1)
	625,000		4.000			09/01/15		663,344
	600,000		4.000			09/01/16		643,986
	500,000		3.000			09/01/17		521,015
	550,000		4.000			09/01/17		594,841
	Pennsylvania State Commonwealth RB for Harrisburg Area Community College Project Series 2011 (AGM) (AA-/NR)
	1,305,000		4.000			10/01/15		1,379,450
	Pennsylvania State University Bonds Refunding Series 2002 (AA/Aa2)
	1,000,000		5.250			08/15/15		1,090,490
	Pennsylvania Turnpike Commission RB Series 2013 A (A+/A1)(a)
	7,500,000		0.670			12/01/17		7,430,775
	Philadelphia GO Bonds Series 2011 (AGM) (AA-/A2)
	1,460,000		5.000			08/01/16		1,615,067
	Philadelphia Hospitals & Higher Education Facilities Authority Hospital RB Refunding for Temple University Health System Series 2012 B (BB+/Ba2)
	1,500,000		5.000			07/01/15		1,530,780
	1,500,000		5.000			07/01/16		1,537,740
	2,000,000		5.000			07/01/17		2,057,580
	5,995,000		1.400			09/01/15		5,996,079
	Southeastern Pennsylvania Transportation Authority RB Refunding Series 2010 (AA-/A1)
	3,000,000		3.000			03/01/14		3,029,250
								79,709,824
	Puerto Rico – 2.9%
	Government Development Bank for Puerto Rico RB Refunding RMKT 12/30/09 Series 1985 (NATL-RE) (COMWLTH GTD) (A/Baa1)
	14,620,000		4.750			12/01/15		14,407,133
	Government Development Bank for Puerto Rico Senior Notes RB Series 2006 B (BBB-/Baa3)
	5,530,000		5.000			12/01/14		5,499,530
	2,645,000		5.000			12/01/15		2,585,646

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (BB+/Ba1)
$	2,025,000		5.000	%		07/01/15	$	1,978,061
	14,595,000		5.000			07/01/17		13,506,213
	7,285,000		5.000			07/01/19		6,188,170
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2001 A (NATL-RE-IBC) (A/Baa1)
	3,935,000		5.500			07/01/15		3,936,574
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A (ASSURED GTY) (AA-/A3)
	825,000		5.000			07/01/14		833,118
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding for Transportation Series 2004 I (FGIC) (BBB/Baa3)
	2,100,000		5.000			07/01/24		1,664,166
	Puerto Rico Commonwealth Public Improvement GO Bonds Refunding Series 2002 A (FGIC) (BBB-/Baa3)
	1,030,000		5.500			07/01/17		960,197
	Puerto Rico Electric Power Authority Power RB Refunding Series 2007 UU (NATL-RE) (A/Baa1)
	835,000		4.000			07/01/14		826,283
	Puerto Rico Electric Power Authority Power RB Refunding Series 2012 B (BBB/Baa3)
	2,000,000		5.000			07/01/16		1,929,860
	Puerto Rico Electric Power Authority RB Refunding LIBOR Series 2007 UU (BBB/Baa3)(a)
	25,850,000		0.884			07/01/31		14,468,245
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA-/A2)
	27,300,000		0.704			07/01/29		17,254,419
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (BBB/Baa3)
	3,250,000		4.000			07/01/16		3,074,955
	Puerto Rico Electric Power Authority RB Series 2008 WW (BBB/Baa3)
	4,500,000		5.250			07/01/15		4,413,915
	8,175,000		5.500			07/01/16		7,929,832
	Puerto Rico Municipal Finance Agency GO Bonds Series 2002 A (AGM) (AA-/A2)
	1,125,000		5.250			08/01/16		1,125,562
	Puerto Rico Public Buildings Authority RB for Government Facilities Series 2007 N (COMWLTH GTD) (BBB-/Baa3)
	3,940,000		5.000			07/01/14		3,906,037
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 C (COMWLTH GTD) (BBB-/Baa3)
	2,250,000		5.500			07/01/16		2,179,800
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2013 M-2 (AMBAC) (COMWLTH GTD) (BBB-/Baa3)(b)
	1,000,000		5.500			07/01/17		930,690
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2013 M-2 (BBB-/Baa3)(b)
	10,850,000		5.750			07/01/17		10,002,723
								119,601,129
	State-Specific Municipal Debt Obligations – (continued)
	Rhode Island – 0.2%
	Providence GO Bonds Series 2013 A (BBB/Baa1)
$	665,000		3.000	%		01/15/16	$	688,362
	315,000		4.000			01/15/18		333,676
	1,545,000		5.000			01/15/19		1,698,032
	Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for University of Rhode Island Auxiliary Enterprise Series 2013 C (A+/A1)
	400,000		4.000			09/15/14		413,252
	600,000		5.000			09/15/17		678,516
	500,000		4.000			09/15/18		547,150
	Rhode Island Health and Educational Building Corp. RB for Newport Public School Financing Program Series 2013 C (AA/NR)
	390,000		2.000			05/15/15		398,705
	515,000		3.000			05/15/16		541,945
	385,000		3.000			05/15/17		407,765
	280,000		4.000			05/15/18		307,949
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2002 A (BBB/Baa1)
	590,000		6.000			06/01/23		592,048
								6,607,400
	South Carolina – 1.2%
	Beaufort-Jasper South Carolina Water & Sewer Authority Waterworks and Sewer System RB Series 2010 B (AA/Aa1)
	2,400,000		5.000			03/01/14		2,444,496
	Clemson University RB Refunding Series 2012 (AA/Aa2)
	5,770,000		2.000			05/01/16		5,929,887
	4,440,000		2.000			05/01/17		4,557,704
	5,000,000		2.000			05/01/18		5,085,700
	Columbia City South Carolina Waterworks and Sewer System RB Refunding Series 2011 B (AA/Aa1)
	1,205,000		4.000			02/01/15		1,264,696
	Columbia City South Carolina Waterworks and Sewer System RB Series 2011 A (AA/Aa1)
	1,020,000		3.000			02/01/15		1,057,016
	1,025,000		3.000			02/01/16		1,078,843
	Florence County South Carolina Hospital RB for McLeod Regional Medical Center Project Series 2010 A (AA-/NR)
	1,905,000		4.000			11/01/16		2,044,141
	Georgetown County South Carolina School District GO Bonds Refunding Series 2011 B (SCSDE) (AA/Aa1)
	4,330,000		5.000			03/01/16		4,750,270
	5,895,000		5.000			03/01/17		6,639,302
	Oconee County PCRB Refunding for Duke Power Co. Project Series 2009 (A/Aa3)
	6,000,000		3.600			02/01/17		6,425,640
	Richland County South Carolina GO Bonds Series 2012 A (ST AID WITHHLDG) (AA+/Aa1)
	2,000,000		4.000			03/01/17		2,202,120
	Richland County South Carolina School District No. 2 GO Bonds Refunding Series 2009 C (SCSDE) (AA/Aa1)
	1,595,000		3.000			03/01/14		1,613,614

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	South Carolina – (continued)
	South Carolina Jobs-Economic Development Authority Hospital RB Refunding and Improvement for Palmetto Health Series 2009 (BBB+/Baa1)
$	1,000,000		5.000	%		08/01/14	$	1,030,850
	Western Carolina Regional Sewer Authority RB Refunding for Sewer System Series 2005 B (AGM) (AA/Aa2)
	2,200,000		5.000			03/01/15		2,341,284
								48,465,563
	South Dakota – 0.0%
	South Dakota State Health & Educational Facilities Authority RB for Sanford Health Series 2009 (A+/A1)
	1,250,000		4.250			11/01/14		1,301,563
	Tennessee – 0.5%
	Johnson City Health & Educational Facilities Board Hospital RB for Mountain States Health Alliance Series 2010 A (BBB+/Baa1)
	890,000		5.000			07/01/15		946,755
	Maury County Tennessee GO Bonds Series 2006 (XLCA) (NR/Aa2)(d)
	2,180,000		3.600			04/01/14		2,216,602
	Memphis Tennessee Electric System RB Subseries 2003 A (NATL-RE) (AA+/Aa2)(d)
	6,000,000		5.000			12/01/13		6,046,440
	Sevier County Public Building Authority RB for Local Government Public Improvement Series VII-D-1 (MUN GOVT GTD) (AA/NR)
	5,000,000		5.000			06/01/14		5,149,300
	Tennessee State GO Refunding Bonds Series 2012 B (AA+/Aaa)
	6,600,000		5.000			10/01/16		7,450,014
								21,809,111
	Texas – 8.1%
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2013 B (BBB-/Baa2)(b)
	4,000,000		3.000			01/04/16		4,003,280
	City of Carrollton Texas GO Refunding Bonds Series 2012 (AAA/Aa1)
	2,005,000		4.000			08/15/19		2,240,026
	City of El Paso Water and Sewer RB Refunding for Improvement Series 2012 A (AA/NR)
	1,750,000		2.000			03/01/18		1,793,242
	845,000		4.000			03/01/19		939,505
	Collin & Denton County Texas GO Bonds Refunding Series 2011 (AA/Aa1)
	3,335,000		5.000			02/15/16		3,675,970
	Collin County Texas GO Bonds Refunding Limited Tax Series 2009 A (AAA/Aaa)
	1,135,000		3.000			02/15/14		1,146,770
	Collin County Texas GO Bonds Refunding Series 2009 A (AAA/Aaa)
	550,000		3.000			02/15/14		555,703
	Dallas County Limited Tax GO Notes Series 2011 (AAA/Aaa)
	3,855,000		5.000			02/15/18		4,458,539
	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2009 A (A+/A2)
$	2,500,000		4.000	%		11/01/13	$	2,507,700
	2,000,000		4.000			11/01/14		2,079,120
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2011 D (A+/A2)
	750,000		4.000			11/01/16		817,785
	250,000		4.000			11/01/17		276,092
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A2)
	8,045,000		3.000			11/01/13		8,063,262
	1,750,000		5.000			11/01/18		2,008,650
	Del Mar College District Limited Tax Refunding Bonds Series 2011 (AA/Aa2)
	510,000		3.000			08/15/14		522,225
	1,145,000		4.000			08/15/15		1,221,360
	Fort Bend County Texas GO Bonds Unlimited Tax Road Refunding Series 2009 (AA+/Aa1)
	500,000		4.000			03/01/14		507,825
	Fort Worth Texas GO Bonds Refunding and Improvement Series 2012 (AA+/Aa1)
	2,000,000		4.000			03/01/19		2,224,780
	Garland Independent School District Unlimited Tax Refunding Bonds Series 2011 A (PSF-GTD) (AAA/Aaa)(c)
	1,930,000		0.000			02/15/17		1,854,421
	Harris County Texas Spring Independent School District Unlimited Tax Refunding Bonds Series 2011 (PSF-GTD) (AAA/Aaa)
	3,040,000		3.000			08/15/16		3,235,411
	2,250,000		4.000			08/15/17		2,500,853
	Harrison County Texas Health Facilities Development Corp. Hospital RB for Good Shepherd Health System Series 2010 (BBB+/Baa2)
	855,000		4.000			07/01/14		869,723
	930,000		4.000			07/01/15		957,500
	2,005,000		4.500			07/01/16		2,115,035
	Houston Airport System RB Subordinate Lien Series 2002 C (AMT) (XLCA) (A/A2)(a)
	17,725,000		0.358			07/01/32		15,617,483
	Houston Airport System RB Subordinate Lien Series 2002 D-2 (AMT) (XLCA) (A/A2)(a)
	21,950,000		0.359			07/01/32		19,358,636
	Houston Higher Education Finance Corp. RB for Rice University Project Series 2013 A (AAA/Aaa)(b)
	52,505,000		0.470			11/16/16		52,343,810
	Houston Independent School District GO Bonds Refunding Series 2012 (PSF-GTD) (AAA/Aaa)(b)
	16,000,000		0.875			06/01/16		16,010,400
	Houston Utilities System RB Refunding First Lien Series 2012 C (AA/NR)(b)
	8,000,000		0.670			08/01/16		7,997,760
	Houston Utilities System RB Refunding Series 2012 (AA/NR)(b)
	4,500,000		0.620			06/01/15		4,506,840
	Klein Texas Independent School District GO Bonds Refunding Series 2003 A (PSF-GTD) (AAA/Aaa)
	2,050,000		4.250			08/15/14		2,121,853

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Leander Independent School District Unlimited Tax GO Bonds Refunding Series 2010 A (PSF-GTD) (AAA/NR)(c)
$	2,000,000		0.000	%		08/15/14	$	1,992,740
	1,000,000		0.000			08/15/15		991,090
	Lower Colorado River Authority RB Refunding Series 2008 (ETM) (NR/NR)(d)
	5,000		5.500			05/15/14		5,162
	Lower Colorado River Authority RB Series 2008 (ETM) (NR/NR)(d)
	205,000		5.500			05/15/14		211,628
	Lower Colorado River Authority RB Series 2012 (A/A1)
	2,240,000		5.500	%		05/15/14		2,313,114
	Lubbock Health Facilities Development Corp. RB for St. Joseph Health System Series 2008 B (AA-/A1)
	3,300,000		5.000			07/01/17		3,729,264
	Mansfield Independent School District GO Bonds Series 2012 (PSF-GTD) (AAA/Aaa)(b)
	7,315,000		1.750			08/01/17		7,429,260
	Midland Texas COPS GO Bonds Series 2007 (NATL-RE) (AA+/Aa1)
	1,255,000		4.000			03/01/14		1,274,641
	Mission Economic Development Corp. Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 12/01/09 Series 2006 (BBB/NR)(b)
	4,000,000		3.750			06/01/15		4,135,680
	North East Independent School District GO Bonds Series 2004 (PSF-GTD) (AAA/Aaa)
	5,570,000		5.000			08/01/15		5,787,174
	North East Independent School District GO Bonds Series 2004 (PSF-GTD) (NR/Aaa)(d)
	7,890,000		5.000			08/01/14		8,198,341
	North Texas Tollway Authority RB Refunding for First Tier Series 2008 A (NATL-RE-IBC) (A/A2)
	4,250,000		6.000			01/01/19		4,902,715
	North Texas Tollway Authority RB Refunding for First Tier Series 2012 C (A-/A2)(b)
	16,000,000		1.950			01/01/19		15,532,800
	North Texas Tollway Authority System RB Refunding First Tier Series 2008 E-3 (A-/A2)(b)
	5,405,000		5.750			01/01/16		5,960,580
	North Texas Tollway Authority System RB Refunding First Tier Series 2011 B (A-/A2)
	3,000,000		5.000			01/01/19		3,407,460
	Northside Texas Independent School District GO Bonds for School Building Series 2010 (PSF-GTD) (AAA/Aaa)(b)
	6,000,000		1.200			08/01/17		5,966,520
	Northside Texas Independent School District GO Bonds for School Building Series 2012 (PSF-GTD) (AAA/Aaa)(b)
	8,000,000		1.000			05/31/16		7,970,720
	Northside Texas Independent School District Unlimited Tax Refunding Series 2011 A (PSF-GTD) (AAA/Aaa)(b)
	6,760,000		1.350			06/01/14		6,801,912
	Plano Texas Independent School District Unlimited Tax GO Bonds Refunding Series 2010 (PSF-GTD) (AAA/Aaa)
	4,000,000		5.000			02/15/15		4,260,200
	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Sam Rayburn Municipal Power Agency RB Refunding Series 2012 (BBB+/NR)
$	1,755,000		5.000	%		10/01/15	$	1,886,765
	2,315,000		5.000			10/01/19		2,586,133
	San Antonio Electric and Gas Systems Junior Lien RB Refunding Series 2012 C (AA-/Aa2)(b)
	7,000,000		2.000			12/01/16		7,135,940
	Spring Branch Independent School District Unlimited Tax GO Bonds for Schoolhouse Series 2004 (PSF-GTD) (AAA/Aaa)
	1,000,000		4.750			02/01/14		1,003,600
	Sugar Land Texas GO Bonds Refunding for Fort Bend County Series 2012 (AAA/NR)
	1,815,000		3.000			02/15/14		1,833,821
	1,240,000		3.000			02/15/15		1,285,967
	Texas Municipal Gas Acquisition & Supply Corp. III RB Series 2012 D (BBB/A3)
	3,445,000		5.000			12/15/14		3,581,491
	2,200,000		5.000			12/15/15		2,335,916
	3,000,000		5.000			12/15/16		3,238,770
	5,000,000		5.000			12/15/17		5,449,400
	4,500,000		5.000			12/15/18		4,900,725
	Texas Municipal Gas Acquisition & Supply Corp. RB for Senior Lien Series 2008 D (A-/Baa2)
	13,550,000		5.625			12/15/17		15,227,761
	Texas State Public Finance Authority Unemployment Compensation Obligation Assessment RB Series 2010 A (AAA/Aaa)
	16,725,000		4.000			07/01/15		17,782,689
	7,355,000		5.000			07/01/16		8,049,312
	Texas Transportation Commission Central Texas Turnpike System First Tier RB Refunding Series 2012 B (A-/Baa1)(b)
	2,500,000		1.250			02/15/15		2,506,425
								338,207,275
	U.S. Virgin Islands – 0.4%
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (BBB+/NR)
	16,145,000		2.250			10/01/17		15,992,430
	Virgin Islands Water & Power Authority Electric System RB Refunding Series 2010 A (BBB-/Baa3)
	480,000		4.000			07/01/14		490,142
	680,000		4.750			07/01/15		715,843
								17,198,415
	Utah – 0.5%
	Centerville Utah Sales Tax RB Series 2009 (ASSURED GTY) (AA/NR)
	1,340,000		4.000			05/01/14		1,367,725

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Utah – (continued)
	Utah Associated Municipal Power Systems RB for Horse Butte Wind Project Series 2012 A (A-/NR)
$	500,000		5.000	%		09/01/14	$	520,660
	610,000		5.000			09/01/15		656,311
	750,000		5.000			09/01/16		827,655
	500,000		5.000			09/01/17		562,980
	500,000		5.000			09/01/18		567,820
	500,000		5.000			09/01/19		569,755
	Utah State GO Bonds Series 2009 A (AAA/Aaa)
	5,850,000		5.000			07/01/14		6,060,132
	Utah State GO Bonds Series 2009 B (AAA/Aaa)
	7,450,000		4.000			07/01/14		7,662,176
	Utah State University RB Refunding for Student Fee and Housing System Series 2009 (ASSURED GTY) (AA/A3)
	1,575,000		3.000			12/01/14		1,623,872
								20,419,086
	Vermont – 0.1%
	Vermont Educational & Health Buildings Financing Agency RB Refunding for St. Michael’s College Project Series 2012 (A-/Baa1)
	1,250,000		3.000			10/01/15		1,276,787
	1,420,000		4.000			10/01/16		1,492,832
	1,680,000		4.000			10/01/17		1,777,205
								4,546,824
	Virginia – 1.2%
	Amelia County IDA RB Refunding for Waste Management, Inc. Project Series 2002 (AMT) (BBB/NR)(b)
	8,500,000		0.850			04/01/14		8,502,890
	King George County Industrial Development Authority Solid Waste Disposal RB for King George Landfill, Inc. Project RMKT 05/01/13 Series 2003 A (BBB/NR)(b)
	4,000,000		3.500			05/01/14		4,001,160
	Louisa IDA Pollution Control RB Refunding for Electric and Power Co. Project Series 2008 C (A-/WR)(b)
	6,250,000		1.500			12/01/14		6,284,500
	Smyth County Virginia IDA Hospital RB for Mountain States Health Alliance Series 2010 B (BBB+/Baa1)
	3,330,000		5.000			07/01/14		3,423,706
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2005 (AA+/Aaa)(d)
	8,765,000		5.625			06/01/15		9,534,655
	Virginia State Housing Development Authority Homeownership Mortgage RB Series 2010 A (AA+/Aa1)
	3,015,000		2.500			03/01/15		3,064,989
	Virginia State Housing Development Authority Homeownership Mortgage RB Series 2011 B (GO OF AUTH) (AA+/Aa1)
	1,900,000		2.200			03/01/17		1,948,526
	Virginia State Public School Authority School Financing 1997 Resolution Series 2004 A (ST AID WITHHLDG) (AA+/Aa1)(d)
	6,185,000		5.000			08/01/14		6,429,369
	State-Specific Municipal Debt Obligations – (continued)
	Virginia – (continued)
	Wise County Virginia IDA Solid Waste and Sewage Disposal RB for Virginia Electric and Power Company Project Series 2010 A (A-/A3)(b)
$	5,000,000		2.375	%		11/01/15	$	5,115,000
	York County Economic Development Authority Electricity and Power RB Refunding Series 2009 A (A-/A3)(b)
	2,000,000		4.050			05/01/14		2,038,200
								50,342,995
	Washington – 1.1%
	Snohomish County School District No. 015 GO Bonds Unlimited Tax Series 2006 (NATL-RE FGIC) (SCH BD GTY) (AA+/Aa1)(d)
	2,550,000		5.000			06/01/16		2,842,154
	Tobacco Settlement Authority of Washington RB Asset-Backed Bonds Series 2002 (BBB/A3)
	2,485,000		6.500			06/01/26		2,486,690
	Washington State GO Bonds Series 2005 D (AGM) (AA+/Aa1)(d)
	10,000,000		5.000			01/01/15		10,585,900
	Washington State Various Purpose GO Bonds Refunding Series 2013 R-C (AA+/Aa1)
	27,125,000		3.000			07/01/16		28,825,466
								44,740,210
	West Virginia – 0.5%
	Kanawha Putnam County Huntington Compound RB for Single Family Mortgage Series 1984 A (ETM) (NR/Aaa)(c)(d)
	10,125,000		0.000			12/01/16		9,841,601
	Mason County Pollution Control RB for Appalachian Power Co. Project Series 2003 L (NR/Baa2)(b)
	5,300,000		2.000			10/01/14		5,355,650
	Princeton West Virginia Hospitals RB Refunding Princeton Community Hospital Project Series 2012 A (BBB+/NR)
	500,000		5.000			05/01/17		544,485
	1,445,000		5.000			05/01/18		1,574,819
	1,565,000		5.000			05/01/19		1,704,488
								19,021,043
	Wisconsin – 0.3%
	Kenosha City Promissory Notes GO Bonds for Capital Appreciation Series 2005 D (AMBAC) (AA/Aa2)(c)
	1,500,000		0.000			09/01/15		1,479,255
	Madison City Promissory Notes GO Bonds Series 2011 A (NR/Aaa)
	5,500,000		5.000			10/01/16		6,183,870
	Milwaukee Wisconsin GO Bonds Series 2010 N-1 (AA/Aa2)
	4,050,000		5.000			02/01/16		4,445,442
								12,108,567
	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $4,053,419,164)						$	4,040,228,356

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
	Short-Term Investments – 0.7%
	Florida – 0.4%
	Florida State Municipal Power Agency RB for St. Lucie Project Series 2009 A (A/WR)
$	2,845,000		5.000	%		10/01/13	$	2,845,000
	Florida State Municipal Power Agency RB for Stanton Project Series 2009 A (A+/WR)
	415,000		5.000			10/01/13		415,000
	Florida State Municipal Power Agency RB for Tri-City Project Series 2009 A (A+/WR)
	290,000		3.000			10/01/13		290,000
	Hillsborough County Aviation Authority RB for Tampa International Airport Series 2009 A (A+/WR)
	3,050,000		5.000			10/01/13		3,050,000
	JEA Florida Electric System RB Refunding Series 2009-3A (AA-/WR)
	2,275,000		5.000			10/01/13		2,275,000
	Miami-Dade County Water and Sewer System RB Refunding Series 2008 B (AGM) (AA-/WR)
	1,500,000		5.000			10/01/13		1,500,000
	Tampa Bay Water Utility System RB Refunding for Regulation of Water Supply Authority Series 2004 (NATL-RE FGIC) (AA+/WR)
	5,145,000		5.000			10/01/13		5,145,000
								15,520,000
	Illinois – 0.1%
	Illinois State GO Bonds Series 2003 A (NR/NR)(d)
	4,235,000		5.000			10/01/13		4,235,000
	Minnesota – 0.0%
	Minnesota State Higher Education Facilities Authority RB for University of St. Thomas Series 2009 7-A (GO OF UNIV) (NR/WR)
	1,000,000		2.500			10/01/13		1,000,000
	Mississippi – 0.0%
	University Mississippi Educational Building Corp. RB Refunding Series 2009 B (AA/WR)
	1,790,000		3.000			10/01/13		1,790,000
	New York – 0.1%
	Suffolk County New York GO Refunding Bonds Series 2012 B (A+/WR)
	680,000		3.000			10/01/13		680,000
	Yonkers New York GO Bonds Series 2011 A (BBB+/WR)
	2,000,000		5.000			10/01/13		2,000,000
								2,680,000
	Texas – 0.1%
	Harris County Texas Cultural Education Facilities Finance Corp. RB for Texas Children’s Hospitals Project Series 2009 (AA/WR)
	1,680,000		3.500			10/01/13		1,680,000
	Harris County Texas GO Bonds Refunding for Permanent Improvement Series 2009 B (AAA/NR)
	1,000,000		4.000			10/01/13		1,000,000
								2,680,000
	Short-Term Investments – (continued)
	U.S. Virgin Islands – 0.0%
	Virgin Islands Public Finance Authority Senior Lien RB Refunding for Matching Fund Loan Notes Series 2009 B (ETM) (BBB/WR)(d)
$	2,500,000		5.000	%		10/01/13	$	2,500,000
	Virginia – 0.0%
	Fairfax County Economic Development Authority Residential Care Facilities RB for Goodwin House, Inc. Series 2007 (BBB/NR)
	500,000		4.150			10/01/13		500,000
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $30,905,000)						$	30,905,000
	TOTAL INVESTMENTS – 97.8%
	(Cost $4,084,324,164)						$	4,071,133,356
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.2%							90,121,412
	NET ASSETS – 100.0%						$	4,161,254,768

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2013.
(b)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2013.
(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be 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 $27,612,113, which represents approximately 0.7% of net assets as of September 30, 2013.
(f)	Inverse floating rate security. Interest rate disclosed is that which is in effect at September 30, 2013.

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

Investment Abbreviations:
ACA	—Insured by American Capital Access
AGC-ICC	—Agency Insured Custody Certificate
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
ASSURED GTY	—Insured by Assured Guaranty
BANS	—Bond Anticipation Notes
BHAC-CR	—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
CITY APPROP	—City Appropriation
CNTY GTD	—County Guaranteed
COMWLTH GTD	—Commonwealth Guaranteed
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
FHA	—Federal Housing Administration
GO	—General Obligation
GO OF AUTH	—General Obligation of Authority
GO OF CITY	—General Obligation of City
GO OF UNIV	—General Obligation of University
IDA	—Industrial Development Authority
LIBOR	—London Interbank Offered Rate
MUN GOVT GTD	—Municipal Government Guaranteed
NATL-RE	—Insured by National Public Finance Guarantee Corp.
NATL-RE FGIC	—Insured by National Public Finance Guarantee Corp., which reinsures Financial Guaranty Insurance Co.
NATL-RE-IBC	—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR	—Not Rated
PCRB	—Pollution Control Revenue Bond
PRIV MTGS	—Private Mortgages
PSF-GTD	—Guaranteed by Permanent School Fund
Q-SBLF	—Qualified School Board Loan Fund
RANS	—Revenue Anticipation Notes
RB	—Revenue Bond
RMKT	—Remarketed
SCH BD GTY	—School Bond Guaranty
SCH BD RES FD	—School Bond Reserve Fund
SCSDE	—South Carolina State Department of Education
SD CRED PROG	—School District Credit Program
ST AID DIR DEP	—State Aid Direct Deposit
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
VA	—Veterans Administration
WR	—Withdrawn Rating
XLCA	—Insured by XL Capital Assurance, Inc.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

												Market Value
Counterparty	Referenced Obligation	Notional Amount (000’s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013(a)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Sold:
Bank of America, N.A.	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18	$	5,000		1.000	%		03/20/23		1.430	%	$	(5	)	$	(156,399	)
JPMorgan Chase Bank, N.A.	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18		10,000		1.000			03/20/23		1.430			(469,931	)		157,123
Morgan Stanley & Co. International PLC	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18		11,000		1.000			03/20/23		1.430			(437,196	)		93,107
TOTAL												$	(907,132	)	$	93,831

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

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

				Rates Exchanged					Market Value
Notional Amount (000’s)		Termination Date		Payments Received		Payments Made			Upfront Payments Made (Received)		Unrealized Gain (Loss)
$	150,000		07/31/20		3 Month LIBOR		2.183	%	$	1,936	$	(1,078,153	)

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2013 (Unaudited)

		High Yield Municipal Fund			Municipal Income Fund			Short Duration Tax-Free Fund
	Assets:
	Investments, at value (cost $3,172,791,887, $506,598,522 and $4,084,324,164)	$	3,031,009,350		$	521,184,227		$	4,071,133,356
	Cash		10,850,670			1,964,148			36,548,391
	Receivables:
	Interest and dividends, net of allowances		47,141,056			7,309,133			35,943,206
	Unrealized gain on swap contracts		11,744,843			1,894,955			250,230
	Investments sold		8,947,160			900,000			4,750,000
	Fund shares sold		7,643,424			513,370			40,820,074
	Investments sold on an extended-settlement basis		540,000			201,400			3,355,000
	Reimbursement from investment adviser		25,693			44,125			42,249
	Collateral on certain derivative contracts		—			—			4,756,209
	Other assets		49,607			16,820			46,500
	Total assets		3,117,951,803			534,028,178			4,197,645,215
	Liabilities:
	Payables:
	Fund shares redeemed		21,476,593			1,686,496			32,344,156
	Collateral on certain derivative contracts		8,330,000			1,850,000			—
	Investments purchased on an extended-settlement basis		5,656,725			—			—
	Upfront payments received on swap contracts		3,353,232			133,720			907,132
	Amounts owed to affiliates		1,572,404			262,321			1,427,008
	Income distribution		610,734			226,736			546,822
	Unrealized loss on swap contracts		81,513			—			156,399
	Investments purchased		—			1,483,125			725,504
	Variation margin on certain derivative contracts		—			—			70,765
	Accrued expenses		225,496			121,724			212,661
	Total liabilities		41,306,697			5,764,122			36,390,447
	Net Assets:
	Paid-in capital		4,540,330,441			548,568,717			4,170,015,074
	Undistributed net investment income		55,868,262			1,891,680			4,337,025
	Accumulated net realized gain (loss)		(1,389,434,390	)		(38,677,001	)		1,077,799
	Net unrealized gain (loss)		(130,119,207	)		16,480,660			(14,175,130	)
	NET ASSETS	$	3,076,645,106		$	528,264,056		$	4,161,254,768
	Net Assets:
	Class A	$	278,880,561		$	173,385,981		$	263,383,375
	Class B		6,569,350			3,103,113			11,782
	Class C		83,504,320			21,430,680			50,998,561
	Institutional		2,704,416,082			327,951,650			3,831,181,334
	Service		—			39,704			216,903
	Class IR		3,274,793			2,352,928			15,462,813
	Total Net Assets	$	3,076,645,106		$	528,264,056		$	4,161,254,768
	Shares outstanding $0.001 par value (unlimited shares authorized):
	Class A		32,325,705			11,489,392			25,041,169
	Class B		761,325			205,583			1,122
	Class C		9,679,511			1,419,624			4,853,567
	Institutional		313,435,023			21,736,040			364,734,984
	Service		—			2,618			20,652
	Class IR		379,436			156,089			1,471,967
	Net asset value, offering and redemption price per share:(a)
��	Class A		$8.63			$15.09			$10.52
	Class B		8.63			15.09			10.50
	Class C		8.63			15.10			10.51
	Institutional		8.63			15.09			10.50
	Service		—			15.17			10.50
	Class IR		8.63			15.07			10.50

(a) Maximum public offering price per share for Class A shares of the High Yield Municipal, Municipal Income and Short Duration Tax-Free Funds is $9.04, $15.68 and $10.68, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2013 (Unaudited)

	High Yield Municipal Fund			Municipal Income Fund			Short Duration Tax-Free Fund
Investment income:
Interest, net of allowances	$	97,734,555		$	13,445,442		$	36,535,003
Expenses:
Management fees		9,294,145			1,605,514			7,874,771
Distribution and Service fees(a)		924,472			381,862			642,679
Transfer Agent fees(a)		895,584			216,900			1,044,700
Custody, accounting and administrative services		109,366			29,991			137,872
Professional fees		77,028			54,736			62,738
Registration fees		54,677			60,222			64,864
Printing and mailing costs		52,011			39,563			60,695
Trustee fees		10,777			7,587			11,920
Service share fees — Service Plan		—			51			744
Service share fees — Shareholder Administration Plan		—			51			744
Other		46,982			13,038			44,035
Total expenses		11,465,042			2,409,515			9,945,762
Less — expense reductions		(395,483	)		(632,128	)		(709,843	)
Net expenses		11,069,559			1,777,387			9,235,919
NET INVESTMENT INCOME		86,664,996			11,668,055			27,299,084
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(12,112,994	)		(2,243,135	)		(1,441,199	)
Swap contracts		(642,078	)		(182,813	)		182,398
Forward contracts		432,000			—			—
Net change in unrealized gain (loss) on:
Investments		(344,133,030	)		(40,364,925	)		(72,912,579	)
Swap contracts		10,840,347			1,853,460			(1,383,260	)
Forward contracts		(46,290	)		—			—
Net realized and unrealized loss		(345,662,045	)		(40,937,413	)		(75,554,640	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(258,997,049	)	$	(29,269,358	)	$	(48,255,556	)

(a) Class specific Distribution and Service, and Transfer Agent fees were as follows:

	Distribution and Service Fees						Transfer Agent Fees
Fund	Class A		Class B		Class C		Class A		Class B		Class C		Institutional		Service		Class IR
High Yield Municipal	$	396,050	$	38,839	$	489,583	$	205,944	$	5,049	$	63,645	$	618,024	$	—	$	2,922
Municipal Income		238,356		19,441		124,065		123,944		2,527		16,128		72,252		8		2,041
Short Duration Tax-Free		368,129		60		274,490		191,425		8		35,683		805,613		119		11,852

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets

	High Yield Municipal Fund
	For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013
From operations:
Net investment income	$	86,664,996		$	180,172,646
Net realized gain (loss)		(12,323,072	)		9,210,311
Net change in unrealized gain (loss)		(333,338,973	)		223,469,822
Net increase (decrease) in net assets resulting from operations		(258,997,049	)		412,852,779
Distributions to shareholders:
From net investment income
Class A Shares		(7,092,242	)		(15,755,744	)
Class B Shares		(144,608	)		(387,271	)
Class C Shares		(1,823,151	)		(3,897,197	)
Institutional Shares		(73,582,747	)		(152,462,489	)
Service Shares		—			—
Class IR Shares		(106,107	)		(223,798	)
Total distributions to shareholders		(82,748,855	)		(172,726,499	)
From share transactions:
Proceeds from sales of shares		326,707,601			854,547,502
Reinvestment of distributions		78,959,262			163,425,870
Cost of shares redeemed		(884,978,355	)(a)		(781,216,967	)(b)
Net increase (decrease) in net assets resulting from share transactions		(479,311,492	)		236,756,405
TOTAL INCREASE (DECREASE)		(821,057,396	)		476,882,685
Net assets:
Beginning of period		3,897,702,502			3,420,819,817
End of period	$	3,076,645,106		$	3,897,702,502
Undistributed net investment income	$	55,868,262		$	51,952,121

(a) Net of $592,041 of redemption fees.

(b) Net of $82,048 of redemption fees.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Municipal Income Fund						Short Duration Tax-Free Fund
For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013			For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013
$	11,668,055		$	24,105,500		$	27,299,084		$	56,163,151
	(2,425,948	)		1,403,251			(1,258,801	)		10,898,225
	(38,511,465	)		14,195,200			(74,295,839	)		9,156,726
	(29,269,358	)		39,703,951			(48,255,556	)		76,218,102
	(3,398,833	)		(12,553,452	)		(1,243,639	)		(9,324,650	)
	(54,779	)		(151,520	)		(15	)		(137	)
	(349,290	)		(796,458	)		(121,569	)		(432,204	)
	(7,051,570	)		(9,562,348	)		(23,825,831	)		(45,531,383	)
	(698	)		(1,589	)		(2,149	)		(35,857	)
	(59,876	)		(113,583	)		(99,809	)		(229,000	)
	(10,915,046	)		(23,178,950	)		(25,293,012	)		(55,553,231	)
	49,564,656			306,009,915			1,285,595,750			4,486,194,573
	9,451,895			19,873,017			21,639,877			45,731,019
	(116,153,959	)		(321,032,301	)		(1,744,112,151	)		(3,088,442,516	)
	(57,137,408	)		4,850,631			(436,876,524	)		1,443,483,076
	(97,321,812	)		21,375,632			(510,425,092	)		1,464,147,947
	625,585,868			604,210,236			4,671,679,860			3,207,531,913
$	528,264,056		$	625,585,868		$	4,161,254,768		$	4,671,679,860
$	1,891,680		$	1,138,671		$	4,337,025		$	2,330,953

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2013 - A	$	9.51	$	0.21	$	(0.89	)	$	(0.68	)	$	(0.20	)
2013 - B		9.52		0.18		(0.90	)		(0.72	)		(0.17	)
2013 - C		9.51		0.18		(0.89	)		(0.71	)		(0.17	)
2013 - Institutional		9.52		0.23		(0.90	)		(0.67	)		(0.22	)
2013 - IR		9.51		0.23		(0.89	)		(0.66	)		(0.22	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		8.90		0.43		0.59			1.02			(0.41	)
2013 - B		8.91		0.36		0.59			0.95			(0.34	)
2013 - C		8.90		0.36		0.59			0.95			(0.34	)
2013 - Institutional		8.91		0.46		0.59			1.05			(0.44	)
2013 - IR		8.91		0.45		0.58			1.03			(0.43	)
2012 - A		8.00		0.46		0.88			1.34			(0.44	)
2012 - B		8.00		0.40		0.88			1.28			(0.37	)
2012 - C		8.00		0.40		0.88			1.28			(0.38	)
2012 - Institutional		8.00		0.49		0.88			1.37			(0.46	)
2012 - IR		8.00		0.47		0.90			1.37			(0.46	)
2011 - A		8.45		0.46		(0.47	)		(0.01	)		(0.44	)
2011 - B		8.45		0.40		(0.47	)		(0.07	)		(0.38	)
2011 - C		8.45		0.40		(0.47	)		(0.07	)		(0.38	)
2011 - Institutional		8.45		0.49		(0.47	)		0.02			(0.47	)
2011 - IR (Commenced July 30, 2010)		8.57		0.33		(0.58	)		(0.25	)		(0.32	)
2010 - A		7.00		0.48		1.43			1.91			(0.46	)
2010 - B		7.00		0.42		1.43			1.85			(0.40	)
2010 - C		7.00		0.42		1.43			1.85			(0.40	)
2010 - Institutional		7.00		0.50		1.44			1.94			(0.49	)
2009 - A		9.77		0.50		(2.78	)		(2.28	)		(0.49	)
2009 - B		9.77		0.43		(2.78	)		(2.35	)		(0.42	)
2009 - C		9.77		0.43		(2.78	)		(2.35	)		(0.42	)
2009 - Institutional		9.77		0.53		(2.78	)		(2.25	)		(0.52	)

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

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

(d) Annualized.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	8.63		(7.17	)%	$	278,881		0.86	%(d)		0.93	%(d)		4.70	%(d)		14	%
	8.63		(7.62	)		6,569		1.61	(d)		1.68	(d)		3.95	(d)		14
	8.63		(7.52	)		83,504		1.61	(d)		1.68	(d)		3.95	(d)		14
	8.63		(7.13	)		2,704,416		0.57	(d)		0.59	(d)		4.99	(d)		14
	8.63		(7.05	)		3,275		0.62	(d)		0.68	(d)		4.95	(d)		14
	9.51		11.64			347,693		0.86			0.92			4.62			19
	9.52		10.81			8,995		1.61			1.67			3.88			19
	9.51		10.82			108,291		1.61			1.67			3.87			19
	9.52		11.95			3,425,590		0.57			0.58			4.90			19
	9.51		11.79			7,134		0.61			0.67			4.82			19
	8.90		17.08			348,577		0.88			0.94			5.42			27
	8.91		16.33			11,505		1.63			1.69			4.70			27
	8.90		16.21			99,817		1.63			1.69			4.67			27
	8.91		17.55			2,957,868		0.58			0.60			5.72			27
	8.91		17.50			3,054		0.63			0.69			5.49			27
	8.00		(0.24	)		326,886		0.91			0.93			5.46			28
	8.00		(0.99	)		14,113		1.66			1.68			4.70			28
	8.00		(0.87	)		96,011		1.66			1.68			4.71			28
	8.00		0.09			2,650,808		0.57			0.59			5.80			28
	8.00		(3.06	)		451		0.66	(d)		0.68	(d)		6.08	(d)		28
	8.45		27.93			438,134		0.91			0.94			6.15			31
	8.45		26.99			21,083		1.66			1.69			5.33			31
	8.45		26.84			118,070		1.66			1.69			5.28			31
	8.45		28.37			3,108,202		0.57			0.60			6.18			31
	7.00		(23.97	)		1,049,054		0.91			0.93			5.76			57
	7.00		(24.55	)		22,705		1.66			1.68			5.08			57
	7.00		(24.55	)		94,113		1.66			1.68			5.09			57
	7.00		(23.71	)		868,537		0.57			0.59			6.08			57

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2013 - A	$	16.16	$	0.30	$	(1.09	)	$	(0.79	)	$	(0.28	)
2013 - B		16.16		0.24		(1.09	)		(0.85	)		(0.22	)
2013 - C		16.16		0.24		(1.08	)		(0.84	)		(0.22	)
2013 - Institutional		16.16		0.33		(1.09	)		(0.76	)		(0.31	)
2013 - Service		16.24		0.29		(1.09	)		(0.80	)		(0.27	)
2013 - IR		16.14		0.32		(1.09	)		(0.77	)		(0.30	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		15.73		0.61		0.41			1.02			(0.59	)
2013 - B		15.73		0.49		0.40			0.89			(0.46	)
2013 - C		15.73		0.49		0.40			0.89			(0.46	)
2013 - Institutional		15.72		0.66		0.42			1.08			(0.64	)
2013 - Service		15.80		0.59		0.41			1.00			(0.56	)
2013 - IR		15.71		0.64		0.41			1.05			(0.62	)
2012 - A		14.25		0.65		1.47			2.12			(0.64	)
2012 - B		14.25		0.54		1.46			2.00			(0.52	)
2012 - C		14.25		0.54		1.46			2.00			(0.52	)
2012 - Institutional		14.25		0.70		1.46			2.16			(0.69	)
2012 - Service		14.32		0.63		1.47			2.10			(0.62	)
2012 - IR		14.26		0.68		1.44			2.12			(0.67	)
2011 - A		14.83		0.63		(0.59	)		0.04			(0.62	)
2011 - B		14.83		0.52		(0.59	)		(0.07	)		(0.51	)
2011 - C		14.84		0.52		(0.60	)		(0.08	)		(0.51	)
2011 - Institutional		14.83		0.68		(0.59	)		0.09			(0.67	)
2011 - Service		14.91		0.61		(0.60	)		0.01			(0.60	)
2011 - IR (Commenced July 30, 2010)		15.06		0.45		(0.80	)		(0.35	)		(0.45	)
2010 - A		13.39		0.64		1.43			2.07			(0.63	)
2010 - B		13.40		0.53		1.43			1.96			(0.53	)
2010 - C		13.40		0.53		1.44			1.97			(0.53	)
2010 - Institutional		13.39		0.69		1.43			2.12			(0.68	)
2010 - Service		13.47		0.61		1.44			2.05			(0.61	)
2009 - A		14.64		0.63		(1.25	)		(0.62	)		(0.63	)
2009 - B		14.64		0.53		(1.24	)		(0.71	)		(0.53	)
2009 - C		14.64		0.53		(1.24	)		(0.71	)		(0.53	)
2009 - Institutional		14.64		0.68		(1.25	)		(0.57	)		(0.68	)
2009 - Service		14.72		0.62		(1.26	)		(0.64	)		(0.61	)

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

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

(d) Annualized.

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	15.09		(4.93	)%	$	173,386		0.78	%(d)		1.00	%(d)		3.82	%(d)		12	%
	15.09		(5.28	)		3,103		1.54	(d)		1.75	(d)		3.08	(d)		12
	15.10		(5.22	)		21,431		1.53	(d)		1.75	(d)		3.07	(d)		12
	15.09		(4.76	)		327,952		0.44	(d)		0.66	(d)		4.16	(d)		12
	15.17		(4.99	)		40		0.94	(d)		1.16	(d)		3.66	(d)		12
	15.07		(4.82	)		2,353		0.53	(d)		0.75	(d)		4.07	(d)		12
	16.16		6.51			204,892		0.78			0.98			3.78			16
	16.16		5.72			4,581		1.53			1.73			3.04			16
	16.16		5.72			27,047		1.53			1.73			3.03			16
	16.16		6.93			385,480		0.44			0.64			4.10			16
	16.24		6.31			42		0.94			1.15			3.63			16
	16.14		6.77			3,544		0.53			0.73			3.97			16
	15.73		15.09			348,890		0.81			0.99			4.32			9
	15.73		14.24			5,644		1.56			1.74			3.58			9
	15.73		14.24			26,448		1.56			1.74			3.56			9
	15.72		15.41			221,617		0.47			0.65			4.66			9
	15.80		14.86			84		0.97			1.15			4.15			9
	15.71		15.15			1,527		0.56			0.74			4.43			9
	14.25		0.20			326,083		0.88			0.98			4.26			14
	14.25		(0.55	)		6,264		1.63			1.73			3.51			14
	14.25		(0.61	)		23,443		1.63			1.73			3.52			14
	14.25		0.55			222,650		0.54			0.64			4.62			14
	14.32		(0.03	)		75		1.04			1.14			4.05			14
	14.26		(2.40	)		123		0.63	(d)		0.73	(d)		4.74	(d)		14
	14.83		15.73			398,646		0.88			0.98			4.42			20
	14.83		14.77			9,480		1.63			1.73			3.69			20
	14.84		14.86			26,645		1.63			1.73			3.67			20
	14.83		16.12			200,596		0.54			0.64			4.77			20
	14.91		15.44			207		1.04			1.14			4.25			20
	13.39		(4.28	)		333,034		0.88			0.98			4.55			49
	13.40		(4.92	)		10,305		1.63			1.73			3.80			49
	13.40		(4.92	)		19,978		1.63			1.73			3.82			49
	13.39		(3.95	)		187,838		0.54			0.64			4.89			49
	13.47		(4.39	)		231		1.04			1.14			4.39			49

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2013 - A	$	10.69	$	0.05	$	(0.18	)	$	(0.13	)	$	(0.04	)
2013 - B		10.67		0.02		(0.18	)		(0.16	)		(0.01	)
2013 - C		10.68		0.03		(0.18	)		(0.15	)		(0.02	)
2013 - Institutional		10.68		0.07		(0.19	)		(0.12	)		(0.06	)
2013 - Service		10.67		0.04		(0.17	)		(0.13	)		(0.04	)
2013 - IR		10.68		0.06		(0.18	)		(0.12	)		(0.06	)
FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		10.62		0.13		0.07			0.20			(0.13	)
2013 - B		10.61		0.07		0.05			0.12			(0.06	)
2013 - C		10.62		0.08		0.06			0.14			(0.08	)
2013 - Institutional		10.61		0.16		0.07			0.23			(0.16	)
2013 - Service		10.61		0.12		0.05			0.17			(0.11	)
2013 - IR		10.61		0.15		0.07			0.22			(0.15	)
2012 - A		10.44		0.18		0.18			0.36			(0.18	)
2012 - B		10.43		0.12		0.18			0.30			(0.12	)
2012 - C		10.44		0.14		0.18			0.32			(0.14	)
2012 - Institutional		10.44		0.22		0.17			0.39			(0.22	)
2012 - Service		10.43		0.17		0.17			0.34			(0.16	)
2012 - IR		10.44		0.19		0.19			0.38			(0.21	)
2011 - A		10.46		0.18		(0.02	)		0.16			(0.18	)
2011 - B		10.45		0.12		(0.03	)		0.09			(0.11	)
2011 - C		10.46		0.12		(0.02	)		0.10			(0.12	)
2011 - Institutional		10.46		0.22		(0.03	)		0.19			(0.21	)
2011 - Service		10.46		0.17		(0.04	)		0.13			(0.16	)
2011 - IR (Commenced July 30, 2010)		10.56		0.14		(0.12	)		0.02			(0.14	)
2010 - A		10.25		0.19		0.23			0.42			(0.21	)
2010 - B		10.24		0.15		0.20			0.35			(0.14	)
2010 - C		10.25		0.12		0.22			0.34			(0.13	)
2010 - Institutional		10.25		0.22		0.23			0.45			(0.24	)
2010 - Service		10.24		0.15		0.26			0.41			(0.19	)
2009 - A		10.25		0.30		—	(e)		0.30			(0.30	)
2009 - B		10.24		0.25		(0.01	)		0.24			(0.24	)
2009 - C		10.25		0.22		0.01			0.23			(0.23	)
2009 - Institutional		10.25		0.34		—	(e)		0.34			(0.34	)
2009 - Service		10.24		0.29		—	(e)		0.29			(0.29	)

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

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

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

(d) Annualized.

(e) Amount is less than $0.005 per share.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	10.52		(1.17	)%	$	263,383		0.73	%(d)		0.76	%(d)		0.94	%(d)		8	%
	10.50		(1.47	)		12		1.31	(d)		1.49	(d)		0.35	(d)		8
	10.51		(1.37	)		50,999		1.13	(d)		1.51	(d)		0.53	(d)		8
	10.50		(1.10	)		3,831,181		0.39	(d)		0.42	(d)		1.27	(d)		8
	10.50		(1.25	)		217		0.89	(d)		0.92	(d)		0.80	(d)		8
	10.50		(1.15	)		15,463		0.48	(d)		0.51	(d)		1.18	(d)		8
	10.69		1.85			327,845		0.73			0.76			1.26			28
	10.67		1.15			12		1.33			1.49			0.67			28
	10.68		1.35			57,257		1.13			1.50			0.79			28
	10.68		2.20			4,266,884		0.39			0.42			1.48			28
	10.67		1.60			1,320		0.89			0.92			1.15			28
	10.68		2.11			18,362		0.48			0.50			1.41			28
	10.62		3.46			945,940		0.73			0.77			1.72			24
	10.61		2.84			31		1.33			1.52			1.16			24
	10.62		3.05			48,865		1.13			1.52			1.32			24
	10.61		3.72			2,195,766		0.39			0.43			2.05			24
	10.61		3.31			6,362		0.89			0.93			1.63			24
	10.61		3.62			10,568		0.48			0.52			1.83			24
	10.44		1.52			775,171		0.73			0.77			1.71			34
	10.43		0.91			91		1.33			1.52			1.10			34
	10.44		0.94			41,115		1.31			1.53			1.14			34
	10.44		1.86			1,576,602		0.39			0.43			2.05			34
	10.43		1.26			17,730		0.89			0.93			1.57			34
	10.44		0.17			77		0.48	(d)		0.52	(d)		1.97	(d)		34
	10.46		4.09			982,297		0.73			0.79			1.84			11
	10.45		3.47			314		1.33			1.54			1.42			11
	10.46		3.31			41,959		1.48			1.54			1.14			11
	10.46		4.44			1,291,972		0.39			0.45			2.16			11
	10.46		4.01			43,518		0.89			0.95			1.39			11
	10.25		3.02			303,446		0.73			0.85			2.96			33
	10.24		2.41			450		1.33			1.60			2.41			33
	10.25		2.25			17,373		1.48			1.60			2.18			33
	10.25		3.37			260,054		0.39			0.51			3.31			33
	10.24		2.85			54		0.89			1.01			2.82			33

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2013 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered*	Diversified/ Non-diversified
High Yield Municipal	A, B, C, Institutional and IR	Non-diversified
Municipal Income and Short Duration Tax-Free	A, B, C, Institutional, Service and IR	Diversified

* Class B Shares are generally no longer available for purchase by current or prospective investors.

Class A Shares of the High Yield Municipal, Municipal Income and Short Duration Tax-Free Funds are sold with a front-end sales charge of up to 4.50%, 3.75% and 1.50%, respectively. Class B Shares of High Yield Municipal, Municipal Income and Short Duration Tax-Free Funds were sold with a contingent deferred sales charge (“CDSC”) that declines from 5.00% to zero, 5.00% to zero, and 2.00% to zero, respectively, depending upon the period of time that shares are held. Class C Shares of High Yield Municipal, Municipal Income and Short Duration Tax-Free Funds are sold with a CDSC of 1.00%, 1.00% and 0.65%, respectively, which is imposed on redemptions made within 12 months of purchase. Institutional, Service and Class IR Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

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

B.  Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments are made or received upon entering into a swap agreement and are reflected as such in the Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting interest rate swaps whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities and excess or shortfall amounts are recorded as gains or losses. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent and Service and Shareholder

90

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Administration fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D.  Redemption Fees — A 2% redemption fee is imposed on the redemption of shares (including by exchange) of the High Yield Municipal Fund held for 60 calendar days or less. For this purpose, the High Yield Municipal Fund uses a first-in first-out method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last. Redemption fees are reimbursed to the Fund and are reflected as a reduction in share redemptions. Redemption fees are credited to Paid-in Capital and are allocated to each share class of the Fund on a pro-rata basis.

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

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Trustees have adopted Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day

91

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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 and investment companies 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 no sale occurs, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy.

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.

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 at amortized cost, which approximates fair value. With the exception of treasury securities, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  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.

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

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors.

Exchange-traded derivatives, including futures contracts, typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) 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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

are used, the selection of a particular model to value an OTC derivative 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 derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  Forward Contracts — A Rate Lock is a type of forward contract between a Fund and a rate lock provider pursuant to which the parties agree to make payments to each other based on a notional amount, contingent upon whether the referenced obligation is above or below a specified level on the termination date of the contract. Forward contracts are marked-to-market daily using counterparty prices, and the change in value, if any, is recorded as an unrealized gain or loss.

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

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. A Fund’s investment in credit default swaps may involve greater risks than if a 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 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 may be less than the premium payments received. 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 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.

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

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Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

B.  Level 3 Fair Value Investments — To the extent that the aforementioned significant inputs are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. 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’ investments and derivatives classified in the fair value hierarchy as of September 30, 2013:

HIGH YIELD MUNICIPAL
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	6,605	$	—		$	—
Municipal Debt Obligations		—		3,031,002,745			—
Total	$	6,605	$	3,031,002,745		$	—
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—	$	1,232,742		$	—
Interest Rate Swap Contracts		—		10,512,101			—
Total	$	—	$	11,744,843		$	—
Liabilities(a)
Credit Default Swap Contracts	$	—	$	(81,513	)	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

MUNICIPAL INCOME
Investment Type	Level 1		Level 2			Level 3
Assets
Municipal Debt Obligations	$	—	$	521,184,227		$	—
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—	$	39,878		$	—
Interest Rate Swap Contracts		—		1,855,077			—
Total	$	—	$	1,894,955		$	—
SHORT DURATION TAX-FREE
Investment Type	Level 1		Level 2			Level 3
Assets
Municipal Debt Obligations	$	—	$	4,040,228,356		$	—
Short-term Investments		—		30,905,000			—
Total	$	—	$	4,071,133,356		$	—
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—	$	250,230		$	—
Liabilities(a)
Credit Default Swap Contracts	$	—	$	(156,399	)	$	—
Interest Rate Swap Contracts		—		(1,078,153	)		—
Total	$	—	$	(1,234,552	)	$	—

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

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

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Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of September 30, 2013. These instruments were used to meet the Funds’ investment objectives and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

HIGH YIELD MUNICIPAL
Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities(a)
Credit	Receivable for unrealized gain on swap contracts	$	1,232,742	Payable for unrealized loss on swap contracts	$	(81,513)
Interest Rate	Receivable for unrealized gain on swap contracts		10,512,101	—		—
Total		$	11,744,843		$	(81,513)
MUNICIPAL INCOME
Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	39,878	—	$	—
Interest Rate	Receivable for unrealized gain on swap contracts		1,855,077	—		—
Total		$	1,894,955		$	—
SHORT DURATION TAX-FREE
Risk	Statements of Assets and Liabilities	Assets(a)		Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	250,230	Payable for unrealized loss on swap contracts	$	(156,399)	(a)
Interest Rate	—		—	Payable for unrealized loss on swap contracts		(1,078,153)	(b)
Total		$	250,230		$	(1,234,552)

(a) Amount represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

(b) Includes unrealized gain (loss) on centrally cleared swap contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

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4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended September 30, 2013. These gains (losses) should be considered in the context that these derivative contracts may have been executed to economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

HIGH YIELD MUNICIPAL
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	521,069		$	129,206			7
Interest Rate	Net realized gain (loss) from swap and forward contracts/Net change in unrealized gain (loss) on swap and forward contracts		(731,147	)		10,664,851			2
Total		$	(210,078	)	$	10,794,057			9
MUNICIPAL INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	22,411		$	(36,742	)		3
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(205,224	)		1,890,202			1
Total		$	(182,813	)	$	1,853,460			4
SHORT DURATION TAX-FREE
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	182,887		$	(305,107	)		3
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(489	)		(1,078,153	)		1
Total		$	182,398		$	(1,383,260	)		4

(a) Average number of contracts is based on the average of month end balances for the six months ended September 30, 2013.

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Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

In December 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) No. 2011-11: Disclosures about Offsetting Assets and Liabilities (“netting”) on the Statements of Assets and Liabilities that are subject to master netting arrangements or similar agreements. ASU 2011-11 was amended by ASU No. 2013-01, clarifying which investments and transactions are subject to the netting disclosure. The scope of the disclosure requirements is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. This information is intended to enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The ASU is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. The Funds adopted the disclosure requirement of netting for the current reporting period. Since these amended principles only require additional disclosures concerning offsetting and related arrangements, adoption did not affect the Funds’ financial condition or result of operations.

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

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

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

For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due the restrictions or prohibitions against the right of setoff that may be imposed due to a particular jurisdiction’s bankruptcy or insolvency laws.

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4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of September 30, 2013:

HIGH YIELD MUNICIPAL
	Derivative Assets(1)		Derivative Liabilities(1)			Net Derivative Assets (Liabilities)		Collateral (Received) Pledged(1)			Net Amount(2)
Counterparty	Swaps		Swaps
Bank of America, N.A.	$	62,849	$	—		$	62,849	$	(62,849	)	$	—
JPMorgan Chase Bank, N.A.		951,098		(81,513	)		869,585		(869,585	)		—
Morgan Stanley & Co. International PLC		218,795		—			218,795		(218,795	)		—
Morgan Stanley Capital Services, Inc.		10,512,101		—			10,512,101		(7,178,771	)		3,333,330
Total	$	11,744,843	$	(81,513	)	$	11,663,330	$	(8,330,000	)	$	3,333,330

MUNICIPAL INCOME
	Derivative Assets(1)		Net Derivative Assets (Liabilities)		Collateral (Received) Pledged(1)			Net Amount(2)
Counterparty	Swaps
Bank of America, N.A.	$	15,712	$	15,712	$	(15,712	)	$	—
JPMorgan Chase Bank, N.A.		15,713		15,713		(15,713	)		—
Morgan Stanley & Co. International PLC		8,453		8,453		(8,453	)		—
Morgan Stanley Capital Services, Inc.		1,855,077		1,855,077		(1,810,122	)		44,955
Total	$	1,894,955	$	1,894,955	$	(1,850,000	)	$	44,955

SHORT DURATION TAX-FREE
	Derivative Assets(1)		Derivative Liabilities(1)			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Swaps		Swaps
Centrally Cleared	$	—	$	(70,765	)	$	(70,765	)	$	—	$	(70,765	)
Bank of America, N.A.		—		(156,399	)		(156,399	)		156,399		—
JPMorgan Chase Bank, N.A.		157,123					157,123			—		157,123
Morgan Stanley & Co. International PLC		93,107		—			93,107			—		93,107
Total	$	250,230	$	(227,164	)	$	23,066		$	156,399	$	179,465

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

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

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

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

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Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2013, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Fee Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Fee Rate
High Yield Municipal		0.55	%		0.55	%		0.50	%		0.48	%		0.47	%		0.53	%		0.53	%
Municipal Income		0.55			0.50			0.48			0.47			0.46			0.55			0.40	*
Short Duration Tax-Free		0.40			0.36			0.34			0.33			0.32			0.36			0.34	*

* GSAM has agreed to waive a portion of its management fee in order to achieve net management rates, as defined in the Funds’ most recent prospectuses. These waivers will be effective through at least July 29, 2014, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. The Effective Net Management Rates above are calculated based on management rates before and after the waivers had been adjusted, if applicable.

B.  Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:

	Distribution and Service Plan Rates
	Class A*			Class B			Class C
Distribution Plan		0.25	%		0.75	%		0.75	%
Service Plan		—			0.25			0.25

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

For the six months ended September 30, 2013, Goldman Sachs agreed to waive a portion of the distribution and service fees equal to 0.15% and 0.35% as an annual percentage rate of the average daily net assets attributable to Class B Shares and Class C Shares, respectively, of the Short Duration Tax-Free Fund. These arrangements will remain in place through at least July 29, 2014. Prior to such date, Goldman Sachs may not terminate these arrangements without the approval of the Trustees.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C Shares’ CDSC. During the six months ended September 30, 2013, Goldman Sachs advised that it retained front end sales charges of $18,753, $9,436 and $3,120 for the High Yield Municipal, Municipal Income and Short Duration Tax-Free Funds, respectively. Goldman Sachs retained no contingent deferred sales charges.

D.  Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations which is accrued daily and paid monthly at an annual rate of 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.

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

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

net assets of Institutional and Service Shares. Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class B, Class C and Class IR Shares of the High Yield Municipal Fund. This arrangement will remain in effect through at least July 29, 2014. Prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Funds (excluding transfer agent fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, litigation, indemnification, shareholder meetings and other extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for each Fund is 0.004%. These Other Expense limitations will remain in place through at least July 29, 2014 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended September 30, 2013 these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

	Fee Waivers
Fund	Management Fee		Class B Distribution and Service Fee		Class C Distribution and Service Fee		Transfer Agent Fee(a)		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
High Yield Municipal	$	—	$	—	$	—	$	106,758	$	277,884	$	10,841	$	395,483
Municipal Income		437,869		—		—		—		192,202		2,057		632,128
Short Duration Tax-Free		300,834		9		96,071		—		292,153		20,776		709,843

(a) Applicable to Class A, B, C and IR Shares.

As of September 30, 2013, the amounts owed to affiliates of the Funds were as follows:

Fund	Management Fees		Distribution and Service Fees		Transfer Agent Fees		Total
High Yield Municipal	$	1,329,527	$	130,905	$	111,972	$	1,572,404
Municipal Income		173,977		56,127		32,217		262,321
Short Duration Tax-Free		1,181,505		83,667		161,836		1,427,008

G.  Line of Credit Facility — As of September 30, 2013, the Funds participated in a $780,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Funds and Other Borrowers could increase the credit amount by an additional $220,000,000, for a total of up to $1,000,000,000. This facility is to be used solely for temporary or emergency purposes, which may include the funding of repurchases. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended September 30, 2013, the Funds did not have any borrowings under the facility. Prior to May 8, 2013, the committed amount available through the facility was $630,000,000.

H.  Other Transactions with Affiliates — As of September 30, 2013, the Goldman Sachs Group, Inc. was the beneficial owner of approximately 7% of the Service Class Shares of the Municipal Income Fund.

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Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2013, were as follows:

Fund	Purchases		Sales and Maturities
High Yield Municipal	$	478,830,574	$	910,455,970
Municipal Income		65,962,090		110,800,454
Short Duration Tax-Free		342,895,468		657,852,756

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2013, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	High Yield Municipal			Municipal Income			Short Duration Tax-Free
Capital loss carryforwards:(1)
Expiring 2015	$	(2,478,411	)	$	(3,036,076	)	$	—
Expiring 2016		(220,731,177	)		(5,753,929	)		—
Expiring 2017		(553,071,659	)		(13,220,467	)		—
Expiring 2018		(431,124,617	)		(11,494,807	)		—
Expiring 2019		(11,174,752	)		(704,599	)		—
Perpetual Short-term		—			(1,786,963	)		—
Perpetual Long-term		(139,702,520	)		(228,384	)		—
Total capital loss carryforwards	$	(1,358,283,136	)	$	(36,225,225	)	$	—
Timing differences (Qualified Late Year Loss Deferral/income distribution payable/defaulted bond income)	$	(7,685,393	)	$	(25,809	)	$	(359	)

(1) With the exception of perpetual capital loss carryforwards, expiration occurs on March 31 of the year indicated.

As of September 30, 2013, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	High Yield Municipal			Municipal Income			Short Duration Tax-Free
Tax cost	$	3,171,115,550		$	506,356,912		$	4,081,483,994
Gross unrealized gain		225,389,754			31,758,323			39,684,402
Gross unrealized loss		(365,495,954	)		(16,931,008	)		(50,035,040	)
Net unrealized security gain (loss)	$	(140,106,200	)	$	14,827,315		$	(10,350,638	)

The difference between GAAP-basis and tax-basis unrealized gains (losses), as of the most recent fiscal year end, is attributable primarily to wash sales, differences in the tax treatment of partnership investments, swap transactions, premium amortization and the accretion of market discount.

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

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GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

8. OTHER RISKS

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

Shareholder Concentration Risk — Certain funds, accounts, individuals or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Funds’ shares. Redemptions by these entities of their holdings in the Funds may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.

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

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

Non-Diversification Risk — High Yield Municipal 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.

Portfolio Concentration Risk — As a result of certain of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if their investments were not so concentrated.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

On August 15, 2013, a definitive proxy statement (“proxy”) was filed with the SEC to, among other things, elect certain Trustees to the Trust. The Funds will amortize their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.

11. SUBSEQUENT EVENTS

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

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GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	High Yield Municipal Fund
	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,450,972		$	31,617,187			7,263,228		$	67,685,917
Shares converted from Class B(a)		4			38			17,163			159,421
Reinvestment of distributions		724,037			6,522,104			1,525,114			14,247,181
Shares redeemed		(8,394,047	)		(76,230,867	)		(11,404,991	)		(106,472,493	)
		(4,219,034	)		(38,091,538	)		(2,599,486	)		(24,379,974	)
Class B Shares
Shares sold		1,008			9,107			26,615			248,566
Shares converted to Class A(a)		(4	)		(38	)		(17,156	)		(159,421	)
Reinvestment of distributions		14,219			128,119			36,563			341,077
Shares redeemed		(199,205	)		(1,826,920	)		(392,464	)		(3,659,710	)
		(183,982	)		(1,689,732	)		(346,442	)		(3,229,488	)
Class C Shares
Shares sold		393,530			3,622,508			2,132,796			19,884,677
Reinvestment of distributions		158,063			1,423,594			322,695			3,015,665
Shares redeemed		(2,254,618	)		(20,230,153	)		(2,282,793	)		(21,349,101	)
		(1,703,025	)		(15,184,051	)		172,698			1,551,241
Institutional Shares
Shares sold		32,376,305			291,215,155			81,505,809			761,045,271
Reinvestment of distributions		7,848,768			70,779,326			15,569,692			145,595,952
Shares redeemed		(86,800,795	)		(782,854,291	)		(69,190,359	)		(647,653,773	)
		(46,575,722	)		(420,859,810	)		27,885,142			258,987,450
Class IR Shares
Shares sold		25,583			243,644			604,820			5,683,071
Reinvestment of distributions		11,665			106,119			24,070			225,995
Shares redeemed		(407,768	)		(3,836,124	)		(221,765	)		(2,081,890	)
		(370,520	)		(3,486,361	)		407,125			3,827,176
NET INCREASE (DECREASE)		(53,052,283	)	$	(479,311,492	)		25,519,037		$	236,756,405

(a) Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Municipal Income Fund
	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		965,464		$	15,200,230			4,242,615		$	68,405,907
Shares converted from Class B(a)		2,523			38,212			5,984			96,203
Reinvestment of distributions		207,781			3,223,314			750,815			12,131,887
Shares redeemed		(2,366,396	)		(36,814,808	)		(14,502,986	)		(234,292,475	)
		(1,190,628	)		(18,353,052	)		(9,503,572	)		(153,658,478	)
Class B Shares
Shares sold		3,715			57,240			18,498			298,381
Shares converted to Class A(a)		(2,523	)		(38,212	)		(5,984	)		(96,203	)
Reinvestment of distributions		3,021			46,911			7,687			124,127
Shares redeemed		(82,072	)		(1,277,583	)		(95,651	)		(1,542,474	)
		(77,859	)		(1,211,644	)		(75,450	)		(1,216,169	)
Class C Shares
Shares sold		98,126			1,559,200			455,027			7,352,293
Reinvestment of distributions		18,219			282,809			38,318			619,297
Shares redeemed		(369,956	)		(5,727,068	)		(501,461	)		(8,107,442	)
		(253,611	)		(3,885,059	)		(8,116	)		(135,852	)
Institutional Shares
Shares sold		2,066,343			32,469,016			14,013,681			226,561,301
Reinvestment of distributions		376,366			5,838,630			425,956			6,883,413
Shares redeemed		(4,567,420	)		(71,036,269	)		(4,674,799	)		(75,519,169	)
		(2,124,711	)		(32,728,623	)		9,764,838			157,925,545
Service Shares
Reinvestment of distributions		22			354			44			723
Shares redeemed		(1	)		(23	)		(2,767	)		(44,232	)
		21			331			(2,723	)		(43,509	)
Class IR Shares
Shares sold		17,416			278,970			209,658			3,392,033
Reinvestment of distributions		3,859			59,877			7,022			113,570
Shares redeemed		(84,790	)		(1,298,208	)		(94,279	)		(1,526,509	)
		(63,515	)		(959,361	)		122,401			1,979,094
NET INCREASE (DECREASE)		(3,710,303	)	$	(57,137,408	)		297,378		$	4,850,631

(a) Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

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GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Short Duration Tax-Free Fund
	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		5,441,217		$	57,839,435			49,419,906		$	527,062,785
Reinvestment of distributions		98,455			1,043,154			776,155			8,276,621
Shares redeemed		(11,165,800	)		(118,574,300	)		(108,627,085	)		(1,160,275,084	)
		(5,626,128	)		(59,691,711	)		(58,431,024	)		(624,935,678	)
Class B Shares
Shares sold		—			—			1			14
Reinvestment of distributions		1			15			13			138
Shares redeemed		(1	)		(10	)		(1,806	)		(19,240	)
		—			5			(1,792	)		(19,088	)
Class C Shares
Shares sold		640,633			6,800,455			2,279,154			24,301,407
Reinvestment of distributions		7,884			83,431			27,624			294,570
Shares redeemed		(1,156,379	)		(12,240,957	)		(1,548,409	)		(16,517,243	)
		(507,862	)		(5,357,071	)		758,369			8,078,734
Institutional Shares
Shares sold		114,801,026			1,217,854,748			366,826,588			3,913,902,776
Reinvestment of distributions		1,929,868			20,411,469			3,459,941			36,895,127
Shares redeemed		(151,648,193	)		(1,606,407,731	)		(177,531,560	)		(1,893,085,632	)
		(34,917,299	)		(368,141,514	)		192,754,969			2,057,712,271
Service Shares
Shares sold		—			162			—			—
Reinvestment of distributions		193			2,046			3,363			35,820
Shares redeemed		(103,202	)		(1,100,190	)		(479,500	)		(5,103,753	)
		(103,009	)		(1,097,982	)		(476,137	)		(5,067,933	)
Class IR Shares
Shares sold		290,711			3,100,950			1,962,432			20,927,591
Reinvestment of distributions		9,430			99,762			21,452			228,743
Shares redeemed		(547,892	)		(5,788,963	)		(1,260,068	)		(13,441,564	)
		(247,751	)		(2,588,251	)		723,816			7,714,770
NET INCREASE (DECREASE)		(41,402,049	)	$	(436,876,524	)		135,328,201		$	1,443,483,076

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Fund Expenses — Six Month Period Ended September 30, 2013 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2013 through September 30, 2013.

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

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

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

	High Yield Municipal Fund							Municipal Income Fund							Short Duration Tax-Free Fund
Share Class	Beginning Account Value 4/01/13		Ending Account Value 9/30/13			Expenses Paid for the 6 Months Ended 9/30/13*		Beginning Account Value 4/01/13		Ending Account Value 9/30/13			Expenses Paid for the 6 Months Ended 9/30/13*		Beginning Account Value 4/01/13		Ending Account Value 9/30/13			Expenses Paid for the 6 Months Ended 9/30/13*
Class A
Actual	$	1,000	$	928.30		$	4.16	$	1,000	$	950.70		$	3.81	$	1,000	$	988.30		$	3.64
Hypothetical 5% return		1,000		1,020.76	+		4.36		1,000		1,021.16	+		3.95		1,000		1,021.41	+		3.70
Class B
Actual		1,000		923.80			7.76		1,000		947.20			7.52		1,000		985.30			6.52
Hypothetical 5% return		1,000		1,017.00	+		8.14		1,000		1,017.35	+		7.79		1,000		1,018.50	+		6.63
Class C
Actual		1,000		924.80			7.77		1,000		947.80			7.47		1,000		986.30			5.63
Hypothetical 5% return		1,000		1,017.00	+		8.14		1,000		1,017.40	+		7.74		1,000		1,019.40	+		5.72
Institutional
Actual		1,000		928.70			2.76		1,000		952.40			2.15		1,000		989.00			1.94
Hypothetical 5% return		1,000		1,022.21	+		2.89		1,000		1,022.86	+		2.23		1,000		1,023.11	+		1.98
Service
Actual		N/A		N/A			N/A		1,000		950.10			4.60		1,000		987.50			4.43
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,020.36	+		4.76		1,000		1,020.61	+		4.51
Class IR
Actual		1,000		929.50			3.00		1,000		951.80			2.59		1,000		988.50			2.39
Hypothetical 5% return		1,000		1,021.96	+		3.14		1,000		1,022.41	+		2.69		1,000		1,022.66	+		2.43

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended September 30, 2013. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class B			Class C			Institutional			Service			Class IR
High Yield Municipal		0.86	%		1.61	%		1.61	%		0.57	%		N/A			0.62	%
Municipal Income		0.78			1.54			1.53			0.44			0.94	%		0.53
Short Duration Tax-Free		0.73			1.31			1.13			0.39			0.89			0.48

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

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GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs High Yield Municipal, Goldman Sachs Municipal Income and Goldman Sachs Short Duration Tax-Free Funds (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held during the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreements (the “Management Agreements”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreements were most recently approved for continuation until June 30, 2014 by the Board of Trustees, including those Trustees who are not parties to the Management Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 12-13, 2013 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreements were last approved. At those Committee meetings, regularly scheduled Board or other committee meetings and/or the Annual Meeting, the Board, or the Independent Trustees, as applicable, considered matters relating to the Management Agreements, including:

(a) the nature and quality of the advisory, administrative and other services provided to the Funds by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services and operations), controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance and strategy and central funding), sales and distribution support groups and others (e.g., information technology and training);

(iii) trends in headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Funds, including comparisons to the performance of similar mutual funds, as provided by a third party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices, and (for the Municipal Income Fund) a comparable institutional composite managed by the Investment Adviser, and general investment outlooks in the markets in which the Funds invest;

(c) the terms of the Management Agreements and agreements with affiliated service providers entered into by the Trust on behalf of the Funds;

(d) expense information for the Funds, including:

(i) the relative management fee and expense levels of the Funds as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) each Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(e) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Funds;

(f) the undertakings of the Investment Adviser to waive certain management fees of the Municipal Income and Short Duration Tax-Free Funds and to limit certain expenses of each of the Funds that exceed specified levels; the undertakings of Goldman, Sachs & Co. (“Goldman Sachs”), the Funds’ affiliated distributor and transfer agent, to waive a portion of the distribution and service fees paid by the Short Duration Tax-Free Fund’s Class B and Class C Shares and a portion of the transfer agency fees paid by the High Yield Municipal Fund’s Class A, Class B, Class C and Class IR Shares; and a summary of contractual fee reductions made by the Investment Adviser and/or its affiliates over the past several years with respect to the Funds;

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GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

(g) information relating to the profitability of the Management Agreements and the transfer agency and distribution and service arrangements of each of the Funds and the Trust as a whole to the Investment Adviser and its affiliates;

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

(i) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds, including the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, portfolio trading, distribution and other services;

(j) a summary of potential benefits derived by the Funds as a result of their relationship with the Investment Adviser;

(k) information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

(l) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(m) the nature and quality of the services provided to the Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreements; and

(n) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Funds’ compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity and the payment of Rule 12b-1 distribution and service fees by the Funds and the payment of non-Rule 12b-1 shareholder service and/or administration fees by the Municipal Income and Short Duration Tax-Free Funds’ Service Shares. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. In evaluating the Management Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, its affiliates, their services and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

Nature, Extent and Quality of the Services Provided Under the Management Agreements

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided to the Funds by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2012, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2013. The information on each Fund’s investment performance was provided for the one-, three-, five- and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance over time (including on a year-by-year basis) relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment

109

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

objective and policies and market conditions. The Trustees also received information comparing the Municipal Income Fund’s performance to that of a comparable institutional composite managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees noted that the High Yield Municipal Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods and in the fourth quartile for the five- and ten-year periods, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended March 31, 2013. They noted that the Municipal Income Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods, and underperformed for the ten-year period ended March 31, 2013. They noted that the Short Duration Tax-Free Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one- and three-year periods, and underperformed for the five- and ten-year periods ended March 31, 2013. The Trustees also noted the addition of a key hire to the Investment Adviser’s staff in 2012.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreements and the fee rates payable by each Fund under its respective Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees and breakpoints to those of relevant peer groups and category universes; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and a five-year history comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s transfer agency, custody, and distribution fees, other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to waive a portion of its management fees for the Municipal Income and Short Duration Tax-Free Funds and to limit certain expenses of each of the Funds that exceed specified levels, as well as Goldman Sachs’ undertakings to waive a portion of the distribution and service fees paid by the Short Duration Tax-Free Fund’s Class B and Class C Shares and to waive a portion of the transfer agency fees paid by the High Yield Municipal Fund’s Class A, Class B, Class C and Class IR Shares. They also considered, to the extent that the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which generally operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, were less time-intensive and paid lower fees.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if they believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service) and the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also reviewed the report of the internal audit group within the Goldman Sachs organization, which included an assessment of the reasonableness and consistency of the Investment Adviser’s expense allocation methodology and an evaluation of the accuracy of the Investment Adviser’s profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2012 and 2011, and the Trustees considered this information in relation to the Investment Adviser’s overall

110

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreements for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

Average Daily Net Assets	High Yield Municipal Fund			Municipal Income Fund			Short Duration Tax-Free Fund
First $1 billion		0.55	%		0.55	%		0.40	%
Next $1 billion		0.55	%		0.50	%		0.36	%
Next $3 billion		0.50	%		0.48	%		0.34	%
Next $3 billion		0.48	%		0.47	%		0.33	%
Over $8 billion		0.47	%		0.46	%		0.32	%

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fees for the Municipal Income and Short Duration Tax-Free Funds and to limit certain expenses of each of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the High Yield Municipal and Short Duration Tax-Free Funds, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationship with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be open to doing business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) improved servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) improved servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. The Trustees noted the competitive nature of the mutual fund marketplace, and noted further that many of the Funds’ shareholders invested in the Funds in part

111

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreements, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreements should be approved and continued with respect to each applicable Fund until June 30, 2014.

112

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $767.4 billion in assets under management as of September 30, 2013, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. GSAM’s assets under management includes assets managed by Goldman Sachs Asset Management, L.P. and its Investment Advisory Affiliates.

OVERVIEW OF GOLDMAN SACHS FUNDS

Money Market¹

Financial Square Funds^SM

n Financial Square Tax-Exempt Funds

n Financial Square Federal Fund

n Financial Square Government Fund

n Financial Square Money Market Fund

n Financial Square Prime Obligations Fund

n Financial Square Treasury Instruments Fund

n Financial Square Treasury Obligations Fund

Fixed Income

Short Duration and Government

n Enhanced Income Fund

n High Quality Floating Rate Fund

n Short Duration Government Fund

n Short Duration Income Fund

n Government Income Fund

n Inflation Protected Securities Fund

Multi-Sector

n Core Fixed Income Fund

n Core Plus Fixed Income Fund

n Global Income Fund

n Strategic Income Fund

n World Bond Fund

Municipal and Tax-Free

n High Yield Municipal Fund

n Municipal Income Fund

n Short Duration Tax-Free Fund

Single Sector

n Investment Grade Credit Fund

n U.S. Mortgages Fund

n High Yield Fund

n High Yield Floating Rate Fund

n Emerging Markets Debt Fund

n Local Emerging Markets Debt Fund

n Dynamic Emerging Markets Debt Fund

Corporate Credit

n Credit Strategies Fund

Fundamental Equity

n Growth and Income Fund

n Small Cap Value Fund

n Mid Cap Value Fund

n Large Cap Value Fund

n Capital Growth Fund

n Strategic Growth Fund

n Focused Growth Fund

n Small/Mid Cap Growth Fund

n Flexible Cap Growth Fund

n Concentrated Growth Fund

n Technology Tollkeeper Fund

n Growth Opportunities Fund

n Rising Dividend Growth Fund

n U.S. Equity Fund

n Income Builder Fund

Structured Equity

n Structured Tax Managed Equity Fund

n Structured International Tax-Managed Equity Fund

n U.S. Equity Dividend and Premium Fund

n International Equity Dividend and Premium Fund

Equity Insights²

n Small Cap Equity Insights Fund

n U.S. Equity Insights Fund

n Small Cap Growth Insights Fund

n Large Cap Growth Insights Fund

n Large Cap Value Insights Fund

n Small Cap Value Insights Fund

n International Small Cap Insights Fund

n International Equity Insights Fund

n Emerging Markets Equity Insights Fund

Fundamental Equity International

n Strategic International Equity Fund

n Concentrated International Equity Fund

n International Small Cap Fund

n Asia Equity Fund

n Emerging Markets Equity Fund

n BRIC Fund (Brazil, Russia, India, China)

n N-11 Equity Fund

n China Equity Fund

Select Satellite³

n Real Estate Securities Fund

n International Real Estate Securities Fund

n Commodity Strategy Fund

n Dynamic Allocation Fund

n Absolute Return Tracker Fund

n Managed Futures Strategy Fund

n MLP Energy Infrastructure Fund

n Multi-Manager Alternatives Fund

n Multi-Asset Real Return Fund

n Retirement Portfolio Completion Fund

n Income Strategies Portfolio

Total Portfolio Solutions³

n Balanced Strategy Portfolio

n Growth and Income Strategy Portfolio

n Growth Strategy Portfolio

n Equity Growth Strategy Portfolio

n Satellite Strategies Portfolio

n Enhanced Dividend Global Equity Portfolio

n Tax Advantaged Global Equity Portfolio

¹  An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

²  Effective at the close of business May 3, 2013, the Goldman Sachs Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value, Structured U.S. Equity, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds were renamed the Goldman Sachs Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, U.S. Equity Insights, Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

³  Individual Funds within the Total Portfolio Solutions and Select Satellite categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Total Portfolio Solutions or Select Satellite category.

Financial Square Funds^SM is a registered service mark of Goldman, Sachs & Co.

TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso Herbert J. Markley* James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel Roy W. Templin* *Effective as of October 15, 2013. **Effective as of November 14, 2013, Mr. McHugh was appointed Principal Financial Officer.	OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer** and Treasurer Caroline L. Kraus, Secretary
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of September 30, 2013 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

IRS Circular 230 Disclosure: Goldman Sachs does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties imposed on the relevant taxpayer. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

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

© 2013 Goldman Sachs. All rights reserved. 115324.MF.MED.TMPL / 11 / 2013 / TFFISAR13 / 20k

ITEM 2. CODE OF ETHICS.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended August 31, 2013 and August 31, 2012 were approximately $819,198 and $661,025 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2012 and December 31, 2011 were approximately $10.0 million and $11.6 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2012 and 2011 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)	The information required by this Item is only required in connection with an annual report on this Form N-CSR.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	December 3, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	December 3, 2013
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	December 3, 2013