Goldman Sachs High Yield Instl NCSRS 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, 2014

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

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Semi-Annual Report				September 30, 2014

				Municipal Fixed Income Funds
				High Yield Municipal
				Municipal Income*
				Short Duration Tax-Free

*Effective after the close of business on December 18, 2014, the Goldman Sachs Municipal Income Fund will be renamed the Goldman Sachs Strategic Municipal Income Fund.

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Goldman Sachs Municipal Fixed Income Funds

HIGH YIELD MUNICIPAL

MUNICIPAL INCOME

SHORT DURATION TAX-FREE


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Investment Process			3

Market Review			4

Portfolio Management Discussions and Performance Summaries			6

Schedules of Investments			21

Financial Statements			74

Financial Highlights			78

Notes to the Financial Statements			84

Other Information			100



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.

Effective after the close of business on December 18, 2014, the Fund’s name will change to the “Goldman Sachs Strategic Municipal Income Fund.” In addition, effective as of that time, the Fund’s investment objective and principal strategy will change. The Fund’s current investment objective is to seek a high level of current income that is exempt from regular federal income tax, consistent with preservation of capital. The Fund’s new investment objective will be to seek a high level of current income that is exempt from regular federal income tax. The Fund will continue to invest in municipal securities that are exempt from regular federal income tax. However, the Fund’s new principal strategy will permit the Fund to invest up to 30% of its assets in high yield municipal securities that, at the time of purchase, are non-investment grade (commonly referred to as “junk bonds”). High yield, lower rated investments involve greater price volatility and present greater risks, including greater liquidity risk, than higher rated fixed income securities.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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.

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:

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Assess relative value among securities and sectors

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

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Team approach to decision making

Manage risk by avoiding significant sector and interest rate bets

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

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Fixed Income portfolios that:

Include domestic investment options, tax-free income opportunities, and access to areas of specialization such as high yield

Capitalize on GSAM’s industry-renowned credit research capabilities

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

MARKET REVIEW

Goldman Sachs Municipal Fixed Income Funds

Market Review

The municipal bond market recorded positive returns during the six months ended September 30, 2014 (the “Reporting Period”), benefiting from a drop in yields and supportive supply and demand conditions.

In the second quarter of 2014, when the Reporting Period began, the municipal bond market generated strong gains as yields fell. Geopolitical uncertainty and inconsistent economic data helped push municipal prices higher. In the third calendar quarter, municipal bonds generally continued their strong performance, despite an uptick in market volatility.

For the Reporting Period overall, municipal yields decreased, with longer-term yields falling more than shorter-term yields. As a result, the municipal yield curve flattened. (Yield curve indicates a spectrum of maturities.) The yield on a two-year AAA-rated municipal security decreased three basis points to 0.36%; the yield on a 10-year AAA-rated municipal security fell 32 basis points to 2.17%; and the yield on a 30-year AAA-rated municipal security dropped 56 basis points to 3.09%. (A basis point is 1/100th of a percentage point). By comparison, the yield on a two-year U.S. Treasury security rose 15 basis points to 0.57%; the yield on a 10-year U.S. Treasury dropped 23 basis points to 2.49%; and the yield on a 30-year U.S. Treasury security declined 36 basis points to 3.20%. (Source: GSAM, MMD and Bloomberg.)

Market technicals, or supply and demand factors, were supportive overall during the Reporting Period. In the second quarter of 2014, primary market issuance remained low, with $87 billion of new supply. Investment inflows into municipal bond mutual funds were steady, averaging more than $300 million per week over the course of the second calendar quarter — a sharp turnaround from the same period in 2013 when municipal bond mutual funds saw average investment outflows of $1 billion every week. In the third quarter of 2014, the municipal market saw approximately $72 billion in new primary issuance, though supply tapered off during September 2014 when just $21.9 billion came to market. Investment inflows remained positive, with $3.7 billion invested into municipal bond mutual funds during the third calendar quarter. (Source: Lipper.)

Overall, credit quality in the municipal bond market remained strong during the Reporting Period. However, pockets of weakness generated negative headlines. Puerto Rico garnered attention after announcing tax revenues would fall short of its 2014 budget and following the passage of the Puerto Rico Public Corporation Debt Enforcement and Recovery Act, an act that introduced the possibility of restructuring at several public entities. Credit rating agencies responded with multiple notch downgrades. Also during the Reporting Period, credit rating agencies downgraded New Jersey after another revenue shortfall led the state to make a reduced payment to its pension funds. Meanwhile, Illinois continued to grapple with its pension and budgetary issues. In more positive news, California remained on an upward trajectory and saw its credit rating upgraded. New York State also received a credit rating upgrade. In addition, during the Reporting Period, there was continued momentum towards resolution in the Detroit bankruptcy case.

MARKET REVIEW

High Yield Municipals

During the second quarter of 2014, the high yield municipal bond market underperformed the investment grade municipal bond market. The main driver of underperformance was Puerto Rico, which had been downgraded to non-investment grade during the first quarter of 2014. Before the downgrade, Puerto Rico debt made up approximately 5% of the Barclays Municipal High Yield Bond Index. Afterwards, it comprised more than 25% and therefore had a significant impact on index performance. As mentioned earlier in the Market Review, Puerto Rico was the subject of significant negative news, which led to substantial volatility for the credit. Though Puerto Rico posted strong results in the third quarter of 2014, it underperformed the Barclays Municipal High Yield Bond Index for the Reporting Period overall. Meanwhile, in the third calendar quarter, the broad high yield municipal market recorded strong gains, outpacing investment grade municipal bonds. For the Reporting Period as a whole, high yield municipal bonds outperformed investment grade municipal bonds.

Looking Ahead

At the end of the Reporting Period, municipal bond market technicals were positive, a trend we believe could continue. We expect issuance to remain light, as many issuers evaluate their capital needs. The low issuance should be supportive, in our view, for municipal bond prices in the near term. We believe demand for tax-exempt municipals will continue to be focused on the short-term end of the municipal yield curve, as investors seek defensive investments in the wake of the municipal bond market’s strong performance during the Reporting Period. Shorter maturity municipal bonds may also benefit from the perception that short-term interest rates could rise sooner rather than later.

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, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 7.36%, 7.08%, 6.96%, 7.63% and 7.61%, respectively. These returns compare to the 5.38% cumulative total return of the Fund’s benchmark, the Goldman Sachs 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 Municipal Bond Index (with dividends reinvested) and 60% of the Barclays Municipal High Yield Bond Index (with dividends reinvested), which generated cumulative total returns of 4.12% and 6.21%, respectively, during the Reporting Period.

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

The Fund’s duration and yield curve strategy added to relative performance during the Reporting Period. Sector positioning also contributed positively. In addition, individual issue selection enhanced relative returns.

Which municipal bond market sectors most significantly affected Fund performance?

The Fund’s overweight exposure to the hospital sector added to relative returns, as hospital bonds recorded strong gains during the Reporting Period. The Fund’s underweight position in Puerto Rico bonds also enhanced results. Although the commonwealth’s debt generated a positive absolute return in the High Yield Municipal Composite, it underperformed the debt of most U.S. states.

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

During the Reporting Period overall, the Fund’s duration positioning, as well as its exposure to longer-maturity issues, added to relative performance. As municipal yields fell at the beginning of the Reporting Period, the Fund benefited from its slightly longer duration position relative to the High Yield Municipal Composite. In August 2014, the Fund held a shorter duration position than the High Yield Municipal Composite, which hampered performance as municipal yields continued to fall. This same positioning, however, was advantageous during September 2014 when yields rose slightly across the municipal yield curve. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of maturities.

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

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. In addition, the Fund employed interest rate swaps, tied to LIBOR (London interbank offered rates, which are floating interest rates widely used as reference rates in bank, corporate and government lending agreements), to manage the Fund’s duration position during the Reporting Period. 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

PORTFOLIO RESULTS

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.

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

During the Reporting Period, we shifted the Fund from a longer duration position relative to the High Yield Municipal Composite to a comparatively shorter duration position. We reduced the Fund’s exposure to the hospital and special assessment sectors but maintained overweight positions in each overall. In addition, we increased the Fund’s allocations to the municipal debt of Illinois and Texas. From a maturity perspective, we increased exposure to five-year municipal bonds and decreased exposure to two-year and three-year municipal bonds.

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

At the end of the Reporting Period, the Fund had a shorter duration position relative to that of the High Yield Municipal Composite. It was overweight relative to the High Yield Municipal Composite in the hospital and special assessment sectors. Compared to the High Yield Municipal Composite, the Fund was underweight higher credit-quality AAA-rated and AA-rated issues and overweight lower credit-quality BBB-rated issues.

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

Despite global headwinds, we believe the underlying strength of the U.S. economy could push interest rates higher, and therefore, we plan to maintain a neutral to short duration bias relative to the High Yield Municipal Composite. In addition, we believe market technicals are likely to support the continued flattening of the municipal yield curve. Accordingly, we plan to employ strategies in the Fund that may potentially benefit from continued flattening. Meanwhile, we believe overall credit quality remains positive, and we also consider credit spreads attractive. As a result, we intend to seek investments that offer additional yield and can potentially benefit from credit spread tightening. We also plan 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.

FUND BASICS

High Yield Municipal Fund

as of September 30, 2014

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PERFORMANCE REVIEW
April 1, 2014– September 30, 2014	Fund Total Return (based on NAV)¹			Goldman Sachs High Yield Municipal Fund Composite Index²			Barclays Municipal High Yield Bond Index³			Barclays Municipal Bond Index⁴			30-Day Standardized Subsidized Yield⁵			30-Day Standardized Unsubsidized Yield⁵			30-Day Taxable Equivalent Yield⁶
Class A		7.36	%		5.38	%		6.21	%		4.12	%		3.36	%		3.29	%		5.94	%
Class B		7.08			5.38			6.21			4.12			2.78			2.71			4.91
Class C		6.96			5.38			6.21			4.12			2.77			2.70			4.89
Institutional		7.63			5.38			6.21			4.12			3.81			3.79			6.73
Class IR		7.61			5.38			6.21			4.12			3.77			3.70			6.66

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.

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

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

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

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

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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.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁷
For the period ended 9/30/14	One Year			Five Years			Ten Years			Since Inception	Inception Date
Class A		8.73	%		6.01	%		3.15	%	4.49%	4/3/00
Class B		7.98			5.83			2.99		4.38	4/3/00
Class C		12.01			6.19			2.86		4.04	4/3/00
Institutional		14.35			7.34			3.98		5.20	4/3/00
Class IR		14.30			N/A			N/A		7.52	7/30/10

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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.


EXPENSE RATIOS⁸
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.87	%		0.93	%
Class B		1.62			1.68
Class C		1.62			1.68
Institutional		0.58			0.59
Class IR		0.62			0.69

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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. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2015, 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.

FUND BASICS

SECTOR ALLOCATION⁹

Percentage of Market Value

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

PORTFOLIO RESULTS

Goldman Sachs Municipal Income Fund¹

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, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of 4.64%, 4.25%, 4.18%, 4.75%, 4.52% and 4.78%, respectively. These returns compare to the 4.12% cumulative total return of the Fund’s benchmark, the Barclays Municipal Bond Index (the “Index”), during the same time period.

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

The Fund’s exposure to longer maturity securities added to relative performance, as the municipal yield curve flattened during Reporting Period. Sector positioning and bottom-up issue selection also contributed positively. In addition, the Fund’s duration and yield curve strategy enhanced relative returns.

Which municipal bond market sectors most significantly affected Fund performance?

As municipal credit conditions improved during the Reporting Period, the Fund benefited from an overweight position in BBB-rated municipal bonds. From a sector perspective, exposure to the hospital, toll and airport sectors enhanced returns. The Fund’s holdings of Jefferson, Alabama sewer bonds also added value, as spreads (or yield differentials between bonds of comparable maturities) narrowed during the Reporting Period.

In addition, the Fund’s investments in floating rate notes contributed positively, as the yield differential between short-duration taxable and tax-exempt bonds narrowed. The Fund also benefited from its underweight position in pre-refunded municipal bonds. (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 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.)

Detracting from the Fund’s relative performance was an overweight position in Puerto Rico bonds. Although the commonwealth’s debt generated a positive return in the Index, it underperformed the debt of most U.S. states.

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

The Fund’s duration positioning contributed positively to relative results during the Reporting Period overall. Early in the Reporting Period, the Fund held a longer duration position relative to that of the Index, which added to performance as municipal yields fell and the municipal yield curve flattened. In August 2014, the Fund held a shorter duration position compared to the Index, which hampered returns as municipal yields continued to fall. However, this same positioning was advantageous during September 2014 as yields rose slightly across the municipal yield curve. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of maturities.

At a meeting held on October 15, 2014, the Board of Trustees of the Goldman Sachs Trust approved a change in the Goldman Sachs Municipal Income Fund’s name to the Goldman Sachs Strategic Municipal Income Fund, effective after the close of business on December 18, 2014. In addition, effective as of that time, the Fund’s investment objective and principal strategy will change.

PORTFOLIO RESULTS

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

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 manage against potential changes in interest rates, the Fund employed interest rate swap contracts during the Reporting Period.

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

During the Reporting Period, we shifted the Fund from a longer duration position relative to the Index to a comparatively shorter duration position. We reduced the Fund’s exposure to state and local general obligation bonds and to special assessment bonds. We added exposure to leasebacked bonds. In addition, we increased the Fund’s exposure to pre-refunded bonds.

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

At the end of the Reporting Period, the Fund held a shorter duration position compared to that of the Index. It was underweight relative to the Index in higher credit quality investment grade municipal bonds. The Fund was overweight BBB-rated and lower-rated credits. Compared to the Index, it was overweight in Puerto Rico, California and Texas municipal bonds. It was underweight relative to the Index in New York municipal bonds.

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

Despite global headwinds, we believe the underlying strength of the U.S. economy could push interest rates higher, and therefore, we plan to maintain a neutral to short duration bias relative to the Index. In addition, we believe market technicals are likely to support the continued flattening of the municipal yield curve. Accordingly, we plan to employ strategies in the Fund that could benefit from continued flattening. Meanwhile, we believe overall credit quality remains positive, and we also consider credit spreads attractive. As a result, we intend to seek investments that offer additional yield and can potentially benefit from credit spread tightening. We also 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/U.S. Treasury securities and municipal bonds, seeking to keep the Fund invested in the most tax-efficient manner.

FUND BASICS

Municipal Income Fund

as of September 30, 2014

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PERFORMANCE REVIEW
April 1, 2014– September 30, 2014	Fund Total Return (based on NAV)¹			Barclays Municipal Bond Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³			30-Day Taxable Equivalent Yield⁴
Class A		4.64	%		4.12	%		2.10	%		1.88	%		3.71	%
Class B		4.25			4.12			1.44			1.23			2.54
Class C		4.18			4.12			1.44			1.22			2.54
Institutional		4.75			4.12			2.52			2.30			4.45
Service		4.52			4.12			2.03			1.80			3.59
Class IR		4.78			4.12			2.43			2.21			4.29

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

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FUND BASICS


STANDARDIZED TOTAL RETURNS⁵
For the period ended 9/30/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		5.05	%		4.28	%		3.94	%		4.78	%	7/20/93
Class B		3.20			3.91			3.70			4.70		5/1/96
Class C		7.24			4.31			3.56			3.94		8/15/97
Institutional		9.46			5.44			4.70			5.10		8/15/97
Service		8.92			4.89			4.16			4.60		7/20/93
Class IR		9.43			N/A			N/A			5.50		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).


EXPENSE RATIOS⁶
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.79	%		1.00	%
Class B		1.54			1.75
Class C		1.54			1.75
Institutional		0.45			0.66
Service		0.94			1.16
Class IR		0.54			0.75

⁶

FUND BASICS

SECTOR ALLOCATION⁷

Percentage of Market Value

LOGO

⁷

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 Sachs Short Duration Tax-Free Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of 0.78%, 0.68%, 1.05%, 0.81% and 1.01%, respectively. These returns compare to the 0.75% cumulative total return of the Fund’s benchmark, the Barclays Municipal 1-3 Year Blend Index (with dividends reinvested) (the “Index”), during the same time period.

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

The Fund’s exposure to longer duration securities added to relative performance, as the municipal yield curve flattened during Reporting Period. Sector positioning and bottom-up issue selection also contributed positively. The Fund’s duration and yield curve strategy enhanced relative results.

Which municipal bond market sectors most significantly affected Fund performance?

The Fund benefited from its investments in tobacco bonds, as the tobacco sector outperformed the Index during the Reporting Period. In addition, the Fund’s exposure to Detroit’s water and sewer bonds added to results after the city reached an agreement with creditors that would remove the water and sewer authority from Detroit’s Chapter 9 bankruptcy filing. Investments in floating rate notes also enhanced Fund performance, as the yield differential between short-duration taxable and tax-exempt bonds narrowed.

Detracting from relative performance were the Fund’s holdings of Puerto Rico electric power authority bonds. Multiple credit rating downgrades and the commonwealth’s plan to potentially restructure its debt weighed on Puerto Rican municipal bonds during the Reporting Period. The Fund was also hindered by its focus on maturities of shorter than one year; these securities did not benefit from the decline in longer-term municipal yields during the Reporting Period.

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

The Fund’s duration positioning contributed positively to relative results during the Reporting Period. Early in the Reporting Period, the Fund held a longer duration position relative to the Index, which added to performance as municipal yields fell and the municipal yield curve flattened. In September 2014, the Fund held a shorter duration position compared to the Index, which was advantageous when yields rose slightly across the municipal yield curve. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of maturities.

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

During the Reporting Period, the Fund used municipal inverse variable rate securities to seek 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.

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

During the Reporting Period, we shifted the Fund from a longer duration position relative to the Index to a shorter

PORTFOLIO RESULTS

duration position. We decreased the Fund’s exposure to state and local general obligations. In addition, we reduced its exposure to special tax bonds and hospital bonds. We increased the Fund’s exposure to transportation bonds and to water and sewer bonds during the Reporting Period.

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

At the end of the Reporting Period, the Fund held a shorter duration position compared to that of the Index. It was overweight relative to the Index in AAA-rated, BBB-rated and other lower-rated municipal bonds. Compared to the Index, the Fund was overweight in California, Puerto Rico and New York municipal bonds.

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

Despite global headwinds, we believe the underlying strength of the U.S. economy could push interest rates higher, and therefore, we plan to maintain a neutral to short duration bias relative to the Index. In addition, we believe market technicals are likely to support the continued flattening of the municipal yield curve. Accordingly, we plan to employ strategies in the Fund that may potentially benefit from continued flattening. Meanwhile, we believe overall credit quality remains positive, and we also consider credit spreads attractive. As a result, we intend to seek investments that offer additional yield and can potentially benefit from credit spread tightening. We also intend to continue managing the Fund to seek opportunities in the short-term end of the municipal bond yield curve. We will continue to monitor the changing dynamic between agencies/U.S. Treasury securities and municipal bonds, seeking to keep the Fund invested in the most tax-efficient manner.

FUND BASICS

Short Duration Tax-Free Fund

as of September 30, 2014

LOGO


PERFORMANCE REVIEW
April 1, 2014– September 30, 2014	Fund Total Return (based on NAV)¹			Barclays Municipal 1–3 Year Blend Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³			30-Day Taxable Equivalent Yield⁴
Class A		0.78	%		0.75	%		0.48	%		0.45	%		0.85	%
Class C		0.68			0.75			0.10			-0.28			0.18
Institutional		1.05			0.75			0.82			0.79			1.45
Service		0.81			0.75			0.33			0.30			0.58
Class IR		1.01			0.75			0.74			0.70			1.31

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.

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

⁴

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵
For the period ended 9/30/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		0.22	%		1.35	%		2.18	%		2.85	%	5/1/97
Class C		0.68			1.16			1.71			2.17		8/15/97
Institutional		2.19			1.98			2.69			3.48		10/1/92
Service		1.68			1.48			2.18			2.96		9/20/94
Class IR		2.09			N/A			N/A			1.63		7/30/10

⁵


EXPENSE RATIOS⁶
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.73	%		0.76	%
Class C		1.13			1.51
Institutional		0.39			0.42
Service		0.89			0.92
Class IR		0.48			0.51

⁶

FUND BASICS

SECTOR ALLOCATION⁷

Percentage of Market Value

LOGO

⁷

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – 96.6%
	Alabama – 4.2%
	Alexander City Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BB+/NR)
$	2,150,000		5.375	%		12/01/16	$	2,228,260
	4,425,000		5.500			12/01/21		4,557,396
	5,775,000		5.625			12/01/26		5,924,630
	16,515,000		5.750			12/01/36		16,867,761
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)^(a)
	5,750,000		0.000			10/01/38		3,861,930
	5,000,000		0.000			10/01/42		3,337,650
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB-/NR)
	6,500,000		6.000			10/01/42		7,281,625
	19,850,000		7.000			10/01/51		23,771,765
	51,250,000		6.500			10/01/53		58,570,037
	Sylacauga Health Care Authority RB for Coosa Valley Medical Center Series 2005 A (GO OF AUTH) (NR/NR)^(b)
	7,600,000		6.000			08/01/15		7,962,444

								134,363,498

	Alaska – 0.1%
	Northern Tobacco Securitization Corp. RB Refunding Asset- Backed Bonds Series 2006 A (B/B2)
	5,285,000		5.000			06/01/46		3,924,324

	Arizona – 1.2%
	Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (BBB/Baa1)
	4,500,000		4.500			03/01/30		4,755,285
	City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,250,000		6.250			12/01/42		1,319,125
	1,325,000		6.250			12/01/46		1,395,053
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for El Paso Electric Co. Project Series 2009 A (BBB/Baa1)
	8,800,000		7.250			02/01/40		9,944,176
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Public Service Co. of New Mexico Palo Verde Project Series 2003 A (BBB/Baa2)
	5,000,000		6.250			01/01/38		5,527,750
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (BBB/Baa1)
	5,350,000		4.500			06/01/30		5,662,333
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (BBB/Baa1)
	3,390,000		4.000			09/01/29		3,492,547
	University Medical Center Corp. RB Series 2009 (BBB/Baa2)
	500,000		6.250			07/01/29		580,700
	1,360,000		6.500			07/01/39		1,585,325
	University Medical Center Corp. RB Series 2011 (GO OF CORP) (BBB/Baa2)
	3,500,000		6.000			07/01/39		3,989,825

								38,252,119


	State-Specific Municipal Debt Obligations – (continued)
	California – 13.0%
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE FGIC) (AA-/Aa3)^(c)
$	1,600,000		0.000	%		08/01/26	$	1,067,616
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A1)^(c)
	1,210,000		0.000			08/01/36		432,430
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA/A2)^(c)
	1,055,000		0.000			08/01/25		671,233
	California County Tobacco Securitization Agency RB Asset- Backed Bonds for Los Angeles County Securitization Corp. Series 2006 A (B/B2)
	15,885,000		5.450			06/01/28		14,645,017
	California Municipal Finance Authority COPS for Community Hospitals of Central California Obligated Group Series 2009 (BBB/Baa1)
	19,500,000		5.500			02/01/39		20,778,225
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Series 2012 (AMT) (BBB-/Baa3)^(d)
	14,680,000		5.000			11/21/45		15,428,827
	California Statewide Communities Development Authority RB for California Baptist University Series 2007 A (NR/NR)
	2,000,000		5.400			11/01/27		2,064,340
	11,850,000		5.500			11/01/38		11,974,780
	California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)
	1,875,000		5.875			11/01/43		1,901,887
	California Statewide Communities Development Authority RB for Methodist Hospital Project Series 2009 (FHA) (NR/Aa2)
	5,340,000		6.625			08/01/29		6,462,788
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (B-/NR)^(c)
	35,000,000		0.000			06/01/46		1,593,200
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE FGIC) (AA-/A3)^(c)
	7,000,000		0.000			09/01/33		2,865,100
	City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (A+/NR)
	750,000		6.500			12/01/26		897,690
	2,830,000		7.000			12/01/36		3,367,502
	City of Goleta Redevelopment Agency Tax Allocation for Goleta Old Town Redevelopment Project Series 2011 (NR/NR)
	670,000		7.750			12/01/31		715,875
	5,000,000		8.000			06/01/44		5,345,450
	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		657,384
	Coronado Community Development Agency Tax Allocation for Coronado Community Development Project Series 2005 (AMBAC) (AA-/NR)
	175,000		5.000			09/01/20		179,361


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL-RE FGIC) (A/A3)^(c)
$	4,400,000		0.000	%		08/01/32	$	1,962,664
	Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (XLCA) (A+/WR)^(c)
	4,180,000		0.000			04/01/29		2,146,932
	Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL-RE) (AA-/A1)^(c)
	3,360,000		0.000			10/01/32		1,535,352
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (BBB-/Ba1)
	13,535,000		6.000			01/15/53		15,559,430
	Fullerton Public Financing Authority Tax Allocation Series 2005 (AMBAC) (A/WR)
	200,000		5.000			09/01/27		203,872
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)^(c)
	125,785,000		0.000			06/01/47		10,597,386
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)^(c)
	307,000,000		0.000			06/01/47		10,751,140
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2007 A-1 (B/B3)
	19,565,000		4.500			06/01/27		18,048,321
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-1 (B-/B3)
	17,650,000		5.750			06/01/47		14,025,396
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (B-/NR)^(c)
	101,195,000		0.000			06/01/36		20,196,498
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (B-/NR)^(c)
	211,235,000		0.000			06/01/47		9,606,968
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (B-/NR)^(c)
	260,660,000		0.000			06/01/57		2,911,572
	Lammersville Joint Unified School District Special Tax Bonds for Community Facilities District No. 2007-1 Series 2013 (NR/NR)
	2,750,000		6.000			09/01/43		3,095,097
	Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)
	665,000		6.625			08/01/24		703,504
	1,000,000		7.250			08/01/31		1,056,480
	9,315,000		7.375			08/01/40		9,852,941
	Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (AA-/Aa3)^(c)
	49,925,000		0.000			08/01/50		8,332,483


	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A-/NR)
$	1,625,000		6.750	%		09/01/26	$	1,891,370
	1,500,000		7.000			09/01/31		1,768,320
	875,000		7.250			09/01/38		1,044,610
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)^(c)
	3,750,000		0.000			08/01/35		1,499,438
	M-S-R Energy Authority Gas RB Series 2009 A (A-/NR)
	8,250,000		6.500			11/01/39		11,142,945
	M-S-R Energy Authority Gas RB Series 2009 B (A-/NR)
	2,000,000		6.500			11/01/39		2,701,320
	M-S-R Energy Authority Gas RB Series 2009 C (A-/NR)
	10,000,000		6.125			11/01/29		12,782,800
	13,500,000		6.500			11/01/39		18,233,910
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)^(a)
	7,000,000		0.000			08/01/30		5,462,520
	New Haven Unified School District GO Bonds Refunding for Capital Appreciation Series 2009 (ASSURED GTY) (AA/Aa3)^(c)
	860,000		0.000			08/01/25		570,292
	1,105,000		0.000			08/01/26		693,310
	5,550,000		0.000			08/01/30		2,821,620
	7,830,000		0.000			08/01/32		3,591,464
	7,000,000		0.000			08/01/34		2,885,400
	Palomar Pomerado Health COPS Series 2009 (BB+/Ba1)
	16,450,000		6.750			11/01/39		17,513,822
	Palomar Pomerado Health COPS Series 2010 (BB+/Ba1)
	7,000,000		6.000			11/01/41		7,269,850
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)^(a)
	10,750,000		0.000			08/01/38		10,042,005
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE FGIC) (AA-/Aa3)^(c)
	1,805,000		0.000			08/01/25		1,254,295
	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		246,685
	Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A-/NR)^(c)
	2,220,000		0.000			10/01/33		846,641
	2,220,000		0.000			10/01/35		749,428
	1,840,000		0.000			10/01/37		550,160
	5,000,000		0.000			10/01/38		1,411,900
	8,425,000		0.000			10/01/39		2,245,937
	13,395,000		0.000			10/01/40		3,369,780
	7,275,000		0.000			10/01/41		1,726,430
	6,000,000		0.000			10/01/42		1,342,680


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)
	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	$	1,471,445
	1,950,000		6.750			10/01/30		2,352,266
	Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (BBB-/NR)
	2,000,000		5.750			06/01/48		2,249,280
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE FGIC) (AA-/A2)^(c)
	1,420,000		0.000			08/01/25		939,642
	San Diego Unified School District GO Bonds Refunding Series 2012 R-1 (AA-/Aa3)^(c)
	10,000,000		0.000			07/01/30		5,502,900
	3,000,000		0.000			07/01/31		1,566,090
	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		607,950
	2,000,000		6.750			08/01/41		2,425,380
	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		527,759
	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		861,300
	555,000		6.375			08/01/29		639,116
	305,000		6.500			08/01/31		351,445
	1,000,000		6.625			08/01/39		1,156,390
	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		1,214,140
	1,500,000		7.000			08/01/41		1,816,425
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE FGIC) (AA-/Aa2)^(c)
	1,580,000		0.000			08/01/24		1,152,073
	1,595,000		0.000			08/01/25		1,116,659
	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		2,098,440
	San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2014 (NR/NR)
	2,000,000		5.500			09/01/44		2,183,240
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)
	2,000,000		5.000			07/01/42		2,146,420
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment RB Series 2011 (AA/NR)
	2,000,000		5.000			07/01/32		2,200,180


	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Santee Community Development Commission Tax Allocation for Santee Community Redevelopment Project Series 2011 A (A/NR)
$	1,000,000		7.000	%		08/01/31	$	1,190,180
	2,000,000		7.000			08/01/41		2,380,360
	Stockton Public Financing Authority Water RB for Delta Water Supply Project Series 2010 A (A-/Ba1)
	2,000,000		6.250			10/01/40		2,342,080
	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		4,208,000
	Temecula Redevelopment Agency Tax Allocation for Housing Redevelopment Project No. 1 Series 2011 A (A/NR)
	1,000,000		6.750			08/01/31		1,190,450
	2,100,000		7.000			08/01/39		2,506,224
	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		5,842,810
	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+/B2)
	2,235,000		5.000			06/01/37		1,806,171
	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		1,859,970
	West Hollywood Community Development Commission Tax Allocation for East Side Redevelopment Project Series 2011 A (A-/NR)
	1,000,000		7.250			09/01/31		1,275,660
	5,000,000		7.500			09/01/42		6,438,100
	William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (AA/Aa2)^(c)
	8,360,000		0.000			08/01/34		3,547,733
	Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (AA-/Aa2)^(a)
	19,135,000		0.000			08/01/42		9,847,828

								416,307,779

	Colorado – 2.3%
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB-/NR)
	9,050,000		5.000			12/01/35		9,174,709
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (BBB-/NR)
	3,500,000		4.500			12/01/33		3,470,950
	3,500,000		5.000			12/01/33		3,676,785
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (BBB-/NR)
	3,000,000		5.750			12/01/36		3,232,080


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Colorado – (continued)
	Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2013 (A-/A3)
$	3,000,000		5.625	%		06/01/43	$	3,346,740
	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		14,329,769
	Cross Creek Metropolitan District No. 2 GO Bonds Refunding Limited Tax Series 2006 (NR/NR)^(e)
	4,500,000		5.000			12/01/17		3,671,370
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2007 A (AMT) (B/B2)
	4,000,000		5.750			10/01/32		4,149,960
	Denver Colorado Health and Hospital Authority Healthcare RB Series B (BBB/NR)^(e)
	6,000,000		1.257			12/01/33		5,280,360
	E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL-RE FGIC) (AA-/A3)^(c)
	3,000,000		0.000			09/01/39		902,820
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (AA-/A3)^(c)
	15,000,000		0.000			09/01/28		8,776,650
	4,100,000		0.000			09/01/34		1,771,241
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (AA-/A3)^(c)
	1,715,000		0.000			09/01/28		863,794
	E-470 Public Highway Authority RB Series 2010 A (BBB/Baa2)^(c)
	20,000,000		0.000			09/01/40		6,313,200
	Park Meadows Business Improvement District RB Series 2007 (NR/NR)
	475,000		5.300			12/01/27		501,809
	720,000		5.350			12/01/31		761,710
	Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)^(d)
	1,000,000		5.000			12/01/40		1,019,400
	Vista Ridge Metropolitan District GO Bonds Refunding Limited Tax Subseries 2006 B (NR/NR)^(a)
	1,725,000		0.000			12/01/17		1,086,060

								72,329,407

	Connecticut – 0.0%
	Town of Hamden Refunding GO Series 2013 (AGM) (AA/A2)
	500,000		5.000			08/15/23		584,115

	Delaware – 0.4%
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A (NR/NR)
	6,230,000		5.450			07/01/35		6,130,631
	Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2010 (BBB+/Baa1)
	3,000,000		5.400			02/01/31		3,368,580


	State-Specific Municipal Debt Obligations – (continued)
	Delaware – (continued)
	Delaware Economic Development Authority RB for Indian River Power LLC Project Series 2010 (NR/Baa3)
$	2,050,000		5.375	%		10/01/45	$	2,230,790

								11,730,001

	District of Columbia – 2.1%
	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)^(a)
	25,000,000		0.000			10/01/41		28,470,000
	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)^(a)
	37,100,000		0.000			10/01/44		38,321,332

								66,791,332

	Florida – 16.0%
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
	4,055,000		6.300			05/01/35		4,082,979
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2006 A (NR/NR)
	1,595,000		5.375			05/01/37		1,275,474
	Arborwood Community Development District RB Capital Improvement for Master Infrastructure Project Series 2005 B (NR/NR)^(f)
	485,000		5.100			05/01/14		291,000
	Arborwood Community Development District RB Capital Improvement for Master Infrastructure Projects Series 2005 A-2 (NR/NR)
	15,150,000		5.350			05/01/36		15,151,363
	Arborwood Community Development District Special Assessment Capital Improvement for Centex Homes Project Series 2006 A-1 (NR/NR)^(f)
	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)
	205,000		5.250			05/01/36		206,064
	Arborwood Community Development District Special Assessment Capital Improvement for Centex Homes Project Series 2006 A-3 (NR/NR)
	3,265,000		5.500			05/01/36		3,266,045
	Arborwood Community Development District Special Assessment for Master Infrastructure Projects Series 2005 A (NR/NR)^(f)
	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)^(f)
	1,210,000		5.500			05/01/14		726,000


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)
	Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/NR)
$	900,000		6.000	%		11/01/27	$	961,479
	3,000,000		6.500			11/01/43		3,278,820
	Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)
	775,000		6.125			11/01/33		812,967
	1,000,000		6.500			11/01/43		1,052,790
	Boggy Creek Improvement District Special Assessment RB Refunding Series 2013 (NR/NR)^(d)
	12,635,000		5.125			05/01/43		12,858,260
	Brevard County Health Facilities Authority RB for Health First, Inc. Project Series 2009 (A-/A3)
	4,750,000		7.000			04/01/39		5,435,852
	Bridgewater Community Development District Special Assessment Series 2004 A (NR/NR)
	3,000,000		6.000			05/01/35		3,003,810
	Bridgewater Community Development District Special Assessment Series 2011 A (NR/NR)
	8,745,000		7.210			05/01/35		8,759,692
	Broward County Florida Airport Exempt Facility RB for Learjet, Inc. Project RMKT 07/19/04 Series 2000 (AMT) (NR/Ba3)
	2,000,000		7.500			11/01/20		2,029,260
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	200,000		3.500			11/01/20		203,730
	210,000		3.750			11/01/21		210,124
	215,000		3.875			11/01/22		216,331
	25,000		4.000			11/01/23		25,326
	1,705,000		4.500			11/01/31		1,731,206
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	2,250,000		5.000			05/01/26		2,518,852
	Concord Station Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	255,000		5.000			05/01/15		255,377
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)^(f)
	3,305,000		5.850			05/01/35		33
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)^(f)
	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)
	3,890,000		5.850			05/01/35		3,939,831
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	2,485,000		5.850			05/01/35		2,178,127
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)^(c)
	5,775,000		0.000			05/01/17		4,781,815
	Cory Lakes Community Development District Special Assessment Series 2001 A (NR/NR)
	165,000		8.375			05/01/17		172,146


	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Cory Lakes Community Development District Special Assessment Series 2001 B (NR/NR)
$	230,000		8.375	%		05/01/17	$	239,961
	Durbin Crossing Community Development District Special Assessment Series 2005 A (NR/NR)
	39,730,000		5.500			05/01/37		39,072,468
	Durbin Crossing Community Development District Special Assessment Series 2005 B-2 (NR/NR)
	105,000		6.830			11/01/15		105,541
	Escambia County Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (BBB+/A3)
	28,000,000		6.000			08/15/36		32,356,520
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,270,000		6.375			11/01/26		1,406,144
	3,250,000		7.000			11/01/45		3,613,090
	Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (A-/NR)
	1,480,000		4.375			05/01/34		1,508,061
	Florida Higher Educational Facilities Financing Authority RB for Flagler College, Inc. Project Series 2006 (XLCA) (NR/WR)
	11,410,000		5.250			11/01/36		11,666,154
	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		640,122
	5,820,000		5.250			04/01/42		6,224,839
	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		3,193,517
	5,000,000		5.000			11/15/36		4,940,400
	Greeneway Improvement District Special Assessment RB Series 2013 (NR/NR)^(d)
	11,950,000		5.125			05/01/43		12,161,156
	Harbour Isles Community Development District Special Assessment Series 2004 (NR/NR)
	2,810,000		6.125			05/01/35		2,845,350
	Heritage Harbour Market Place Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	7,740,000		5.600			05/01/36		7,165,150
	Heritage Harbour South Community Development District RB for Capital Improvement Series 2003 A (NR/NR)
	990,000		6.200			05/01/35		1,002,504
	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		512,220
	500,000		5.150			05/01/34		510,755
	Heritage Isle At Viera Community Development District Special Assessment Series 2005 (NR/NR)
	6,375,000		5.550			05/01/37		6,374,936


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
$	2,325,000		5.700	%		05/01/36	$	2,325,139
	Killarney Community Development District Special Assessment Series 2004 A (NR/NR)^(f)
	2,395,000		6.000			05/01/35		1,556,750
	Killarney Community Development District Special Assessment Series 2004 B (NR/NR)^(f)
	1,750,000		5.125			05/01/09		787,500
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2005 (NR/NR)
	3,050,000		7.210			11/01/20		3,277,133
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2006 B (NR/NR)
	7,220,000		6.770			11/01/20		7,600,350
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)
	2,580,000		6.700			05/01/33		2,843,057
	4,830,000		7.000			05/01/43		5,421,675
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre & NW Sector Project Series 2011 (NR/NR)
	19,745,000		8.000			05/01/40		25,044,163
	Lee County IDA Health Care Facilities RB for Shell Point/ Alliance Obligation Group Series 2006 (BB+/NR)
	17,960,000		5.125			11/15/36		18,107,452
	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		2,867,904
	Lee County IDA Health Care Facilities RB Refunding for Shell Point/Alliance Community Project Series 2007 (BB+/NR)
	9,750,000		5.000			11/15/29		9,892,642
	Live Oak Community Development District No. 2 Special Assessment Series 2010 (NR/NR)
	215,000		7.360			11/01/20		228,339
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	4,855,000		5.400			05/01/30		4,237,395
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)^(f)
	2,635,000		5.375			05/01/30		1,791,800
	Marsh Harbour Community Development District Special Assessment Series 2005 A (NR/NR)
	2,630,000		5.450			05/01/36		2,668,740
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)^(f)
	880,000		5.250			05/01/15		9
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)^(f)
	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)
	445,000		6.000			05/01/36		424,801
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-2 (NR/NR)
	850,000		6.250			05/01/38		786,973


	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 B (NR/NR)
$	970,000		6.810	%		05/01/20	$	968,594
	Meadow Pointe IV Community Development District RB for Capital Improvement Series A (NR/NR)^(a)
	645,000		0.000			05/01/35		561,460
	Meadow Pointe IV Community Development District RB for Capital Improvement Series B (NR/NR)^(a)
	575,000		0.000			05/01/22		499,784
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)^(f)
	1,075,000		5.250			05/01/15		11
	Mediterra South Community Development District RB Refunding for Capital Improvement Series 2012 (BBB+/NR)
	1,245,000		5.100			05/01/31		1,268,145
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (BBB+/A3)^(d)
	17,760,000		5.000			03/01/30		19,442,050
	Miami-Dade County Subordinate Special Obligation Capital Appreciation RB Bonds Series 2009 (A+/A2)^(c)
	1,030,000		0.000			10/01/34		402,895
	3,050,000		0.000			10/01/41		787,388
	5,315,000		0.000			10/01/46		1,038,126
	Miami-Dade County Subordinate Special Obligation RB Series 2009 (A+/A2)^(c)
	1,900,000		0.000			10/01/42		462,688
	Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR)
	3,465,000		5.000			05/01/29		3,667,945
	3,500,000		5.000			05/01/37		3,603,180
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	750,000		5.250			11/01/35		743,460
	1,250,000		5.625			11/01/45		1,230,988
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 A-1 (NR/NR)
	2,045,000		5.750			05/01/38		2,046,513
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 B-1 (NR/NR)
	2,545,000		5.000			05/01/15		2,532,275
	New River Community Development District Special Assessment Series 2006 B (NR/NR)^(f)
	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		1,870,613
	1,765,000		5.000			04/01/25		1,945,542
	1,005,000		5.000			04/01/26		1,100,153
	Overoaks Community Development District RB for Capital Improvement Series 2010 A-1 (NR/NR)
	1,035,000		6.125			05/01/35		1,048,403
	Overoaks Community Development District RB for Capital Improvement Series 2010 A-2 (NR/NR)
	1,415,000		6.125			05/01/35		1,419,160


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 RB for Capital Improvement Series 2010 B (NR/NR)
$	2,080,000		5.125	%		05/01/17	$	2,087,634
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)^(f)
	1,200,000		5.125			05/01/09		600,000
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)^(f)
	210,000		6.125			05/01/35		105,000
	Paseo Community Development District Capital Improvement Revenue Bonds Capital Appreciation Series 2011 A-2 (NR/NR)^(a)
	23,375,000		0.000			05/01/36		9,819,604
	Paseo Community Development District Capital Improvement Revenue Bonds Special Assessment Series 2011 A-1 (NR/NR)
	2,095,000		5.400			05/01/36		2,150,853
	Paseo Community Development District RB for Capital Improvement Series 2005 A (NR/NR)^(f)
	6,355,000		5.400			05/01/36		64
	Paseo Community Development District RB for Capital Improvement Series 2005 B (NR/NR)^(f)
	3,670,000		4.875			05/01/10		37
	Paseo Community Development District RB for Capital Improvement Series 2006 (NR/NR)^(f)
	2,600,000		5.000			02/01/11		26
	Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (BBB-/NR)
	2,805,000		4.750			05/01/33		2,852,348
	Reunion East Community Development District Special Assessment Series 2002 A-1 (NR/NR)
	8,410,000		7.200			05/01/22		8,434,305
	Reunion East Community Development District Special Assessment Series 2002 A-2 (NR/NR)^(f)
	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)
	5,235,000		5.450			05/01/36		5,142,288
	Sandy Creek Community Development District Special Assessment Refunding Series 2007 B (NR/NR)
	1,670,000		5.500			05/01/15		1,669,549
	Sarasota County Public Hospital District RB for Sarasota Memorial Hospital Project Series 2009 A (AA-/A1)
	1,500,000		5.625			07/01/39		1,604,955
	Seven Oaks Community Development District II Special Assessment Series 2004 B (NR/NR)
	435,000		7.500			05/01/16		436,235
	South Kendall Community Development District Special Assessment Series 2010 A (NR/NR)
	1,890,000		6.200			11/01/40		2,088,185
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)
	2,015,000		5.250			05/01/34		2,055,905
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	4,355,000		5.800			05/01/35		4,349,556


	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
$	3,265,000		5.800	%		05/01/35	$	2,847,341
	Southern Hills Plantation II Community Development District Special Assessment for Capital Improvement Series 2004 (NR/NR)^(f)
	3,265,000		5.850			05/01/34		1,469,250
	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		6,943,125
	Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)^(f)
	455,000		5.500			11/01/10		286,650
	Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)
	2,160,000		5.000			05/01/34		2,196,698
	Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR)
	1,500,000		5.125			11/01/34		1,505,415
	3,500,000		5.500			11/01/44		3,560,970
	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		2,720,675
	Sumter Landing Community Development District Recreational RB Series 2005 A (NATL-RE) (AA-/A3)
	2,500,000		5.125			10/01/38		2,508,750
	Sumter Landing Community Development District Recreational RB Subseries 2005 B (NR/NR)
	7,500,000		5.700			10/01/38		7,501,125
	Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,370,000		5.250			11/01/34		1,442,706
	2,365,000		6.000			11/01/44		2,486,443
	Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)^(g)
	500,000		5.750			11/01/27		499,975
	2,000,000		6.250			11/01/44		1,999,880
	Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	500,000		5.500			05/01/34		510,215
	750,000		6.125			05/01/42		778,223
	Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)
	680,000		6.000			11/01/27		739,894
	2,050,000		6.500			11/01/43		2,240,527
	Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)
	925,000		6.375			11/01/27		987,669
	2,300,000		7.125			11/01/44		2,486,185
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	3,000,000		5.000			05/01/32		3,068,220
	6,685,000		5.125			05/01/43		6,846,978


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)
$	5,000,000		6.000	%		05/01/44	$	5,287,900
	Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (A/NR)
	1,230,000		4.000			05/01/33		1,237,970
	Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (A/NR)
	2,450,000		4.000			05/01/34		2,457,007
	Village Community Development District No. 8 Special Assessment RB Series 2008 (NR/NR)
	8,490,000		6.375			05/01/38		9,624,604
	Village Community Development District No. 8 Special Assessment Refunding Phase II Series 2010 (NR/NR)
	8,485,000		6.125			05/01/39		9,743,410
	Village Community Development District No. 9 Special Assessment RB Series 2011 (NR/NR)
	5,350,000		7.000			05/01/41		6,547,116
	Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)
	2,130,000		5.500			05/01/42		2,259,781
	Villasol Community Development District RB Series 2003 A (NR/NR)^(f)
	2,320,000		6.600			05/01/34		2,321,183
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	14,000		5.350			05/01/39		13,663
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)^(a)
	925,000		0.000			05/01/39		666,953
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	1,240,000		5.125			11/01/35		1,214,134
	2,000,000		5.500			11/01/45		1,967,700
	Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)
	500,000		5.375			05/01/35		499,670
	3,060,000		5.625			05/01/45		3,061,040

								514,402,512

	Georgia – 2.5%
	Atlanta Tax Allocation for Beltline Project RMKT 12/15/09 Series 2009 A (NR/A2)
	7,885,000		7.500			01/01/31		9,349,245
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (B+/B1)
	11,700,000		8.750			06/01/29		14,590,251
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 B (AMT) (B+/B1)
	8,610,000		9.000			06/01/35		8,940,968
	Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A (NR/NR)
	2,200,000		5.250			11/01/28		2,127,664


	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	$	2,617,775
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Series 2007 (AMBAC) (A+/WR)^(e)
	49,820,000		0.807			10/01/33		41,514,010

								79,139,913

	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		2,775,800
	3,355,000		6.875			12/01/40		3,725,996
	Guam Government Limited Obligation GO Bonds Section 30 Series 2009 A (BBB+/NR)
	3,000,000		5.625			12/01/29		3,297,000
	2,750,000		5.750			12/01/34		3,000,360
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (AGM) (AA/A2)
	7,300,000		6.125			10/01/43		8,510,194
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (BBB/Baa2)
	2,000,000		6.375			10/01/43		2,237,200
	Guam Power Authority RB 2014 Series A (AGM) (AA/A2)
	2,175,000		5.000			10/01/39		2,420,971
	1,500,000		5.000			10/01/44		1,659,045
	Guam Power Authority RB Series 2010 A (BBB/Baa3)
	10,000,000		5.500			10/01/40		11,164,600
	Guam Waterworks Authority RB for Water & Wastewater System Series 2010 (A-/Ba1)
	9,785,000		5.625			07/01/40		10,815,067

								49,606,233

	Idaho – 0.5%
	Madison County Hospital Revenue COPS Series 2006 (BB+/NR)
	1,500,000		5.250			09/01/30		1,508,310
	15,285,000		5.250			09/01/37		15,297,992

								16,806,302

	Illinois – 6.0%
	Chicago Illinois Board of Education GO Bonds Refunding for School Reform Series 1999 A (NATL-RE FGIC) (AA-/A3)
	5,000,000		5.500			12/01/26		5,735,200
	Chicago Illinois Board of Education GO Bonds Refunding Series 2005 A (AMBAC) (A+/Baa1)
	8,965,000		5.500			12/01/29		10,143,001
	Chicago Illinois Board of Education GO Bonds Series 2011 A (A+/Baa1)
	3,130,000		5.000			12/01/41		3,176,825
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
	81,000		5.400			03/01/16		82,997
	1,450,000		5.625			03/01/36		1,456,800


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)
	Illinois Finance Authority RB for Midwest Regional Medical Center Series 2006 A (NR/NR)
$	34,300,000		6.750	%		10/01/46	$	34,121,640
	Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2007 A (BBB-/NR)
	4,500,000		5.750			05/15/31		4,638,690
	Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2010 (BBB-/NR)
	1,250,000		6.125			05/15/27		1,404,425
	Illinois Finance Authority RB Refunding for Franciscan Communities, Inc. Series 2013 A (BBB-/NR)
	4,500,000		5.250			05/15/47		4,615,740
	Illinois Finance Authority RB Refunding for OSF Healthcare System Series 2010 A (A/A3)
	17,875,000		6.000			05/15/39		19,941,886
	Illinois Finance Authority Recovery Zone Facility RB for Navistar International Corp. Project Series 2010 (CCC-/B3)
	14,000,000		6.500			10/15/40		14,939,260
	Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV Series 2004 B (NR/C)^(f)
	15,000		4.500			06/01/14		5,250
	3,225,000		5.000			06/01/24		1,128,750
	8,000,000		5.375			06/01/35		2,800,000
	Illinois GO Bonds Series 2012 (A-/A3)
	750,000		5.000			03/01/37		773,377
	Illinois GO Bonds Series 2013 (A-/A3)
	3,050,000		5.500			07/01/38		3,265,971
	Illinois GO Bonds Series 2014 (AGM) (AA/A3)
	24,800,000		5.000			02/01/39		26,004,288
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	2,313,000		6.250			03/01/34		2,363,516
	Metropolitan Pier & Exposition Authority RB for McCormick Place Expansion Project Residual Series 2010 A-3219 (AAA/NR)^(h)
	20,000,000		11.674			12/15/40		22,143,200
	Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006 (NR/NR)^(f)
	4,567,000		6.000			03/01/36		2,968,550
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000		4.750			10/01/29		886,276
	1,010,000		4.750			10/01/32		1,034,977
	Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (BB+/NR)
	5,000,000		7.125			11/01/43		5,484,350
	5,000,000		7.625			11/01/48		5,602,900
	Southwestern Illinois Development Authority RB Capital Appreciation for United States Steel Corporation Project Series 2012 (AMT) (BB-/B1)
	12,090,000		5.750			08/01/42		12,248,379
	Volo Village Special Service Area No. 6 Special Tax for Lancaster Falls Project Series 2006 (NR/NR)
	3,988,000		5.750			03/01/36		4,101,937

								191,068,185


	State-Specific Municipal Debt Obligations – (continued)
	Indiana – 1.2%
	Anderson Indiana Economic Development RB Refunding & Improvement for Anderson University Project Series 2007 (BB+/NR)
$	1,355,000		5.000	%		10/01/24	$	1,370,176
	1,500,000		5.000			10/01/32		1,458,375
	Delaware County Hospital Authority RB for Cardinal Health System Obligated Group Series 2006 (NR/A3)
	3,250,000		5.250			08/01/36		3,390,790
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2011 N (AA-/Aa3)
	2,000,000		5.125			03/01/38		2,175,560
	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		5,209,550
	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		6,523,938
	Indiana Health Facility Financing Authority RB for Ascension Health Subordinate Credit Group Residual I Series 2010-3224 (AA/NR)^(d)(h)
	1,195,000		30.046			11/01/27		1,783,824
	Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (AMT) (NR/WR)^(f)
	7,520,823		6.500			11/15/31		75,208
	Rockport Indiana RB Refunding for AK Steel Corp. Project Series 2012 A (AMT) (B-/Caa1)
	15,000,000		7.000			06/01/28		15,289,950
	Vigo County Hospital Authority RB for Vigo Union Hospital, Inc. Series 2007 (NR/NR)^(d)
	2,000,000		5.500			09/01/27		2,077,700

								39,355,071

	Iowa – 0.1%
	Coralville Iowa COPS Series 2006 D (NR/Ba1)
	2,550,000		5.250			06/01/26		2,543,217
	Pottawattamie County RB Refunding for Christian Homes, Inc. Series 2007 E (BBB-/NR)
	1,355,000		5.750			05/15/31		1,396,761

								3,939,978

	Kentucky – 1.0%
	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		9,202,480
	9,000,000		6.500			03/01/45		10,335,330
	Louisville & Jefferson County Metro Government Health System RB for Norton Healthcare, Inc. Series 2006 (A-/NR)
	6,815,000		5.000			10/01/30		7,099,799
	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		5,663,600

								32,301,209


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Louisiana – 1.5%
	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	$	5,841,500
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Women’s Hospital Foundation Project Series 2010 A (A-/A3)
	20,015,000		6.000			10/01/44		22,991,030
	Louisiana Public Facilities Authority RB for Cleco Power LLC Project Series 2008 B (BBB+/A3)
	10,240,000		4.250			12/01/38		10,423,296
	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		8,587,811

								47,843,637

	Maryland – 1.6%
	Baltimore Maryland Convention Center Hotel RB Subseries 2006 B (BB-/Ba2)
	400,000		5.000			09/01/16		418,692
	Baltimore Maryland Special Obligation Tax Allocation for Clipper Mill Project Series 2004 (NR/NR)
	4,364,000		6.250			09/01/33		4,413,313
	Baltimore Maryland Special Obligation Tax Allocation for Harborview Lot No. 2 Series 2003 (NR/NR)
	2,409,000		6.500			07/01/31		2,414,589
	Baltimore Maryland Special Obligation Tax Allocation for Strathdale Manor Project Series 2003 (NR/NR)
	3,542,000		7.000			07/01/33		3,553,724
	Frederick County Maryland Educational Facilities RB for Mount St. Mary’s University Series 2007 (BB+/Ba2)
	2,590,000		5.000			09/01/30		2,512,455
	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		3,234,960
	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		9,738,115
	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		5,489,500
	Maryland State Health & Higher Educational Facilities Authority RB for Doctors Community Hospital Series 2010 (BB+/Baa3)
	9,500,000		5.750			07/01/38		9,889,595
	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		7,985,264
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB/Baa2)
	2,100,000		5.000			07/01/31		2,228,499

								51,878,706


	State-Specific Municipal Debt Obligations – (continued)
	Massachusetts – 0.8%
	Massachusetts Development Finance Agency RB Series 2013 A (NR/NR)
$	2,250,000		6.500	%		11/15/43	$	2,441,362
	Massachusetts State Health & Educational Facilities Authority RB for Simmons College Series 2009 I (BBB+/Baa1)
	2,950,000		8.000			10/01/29		3,167,651
	5,110,000		8.000			10/01/39		5,487,578
	Massachusetts State Health & Educational Facilities Authority RB for Suffolk University Series 2009 A (BBB/Baa2)
	12,500,000		5.750			07/01/39		13,747,625

								24,844,216

	Michigan – 3.8%
	Allen Park City Brownfield Redevelopment Authority Series 2007 (AMBAC) (B-/WR)
	7,095,000		5.000			05/01/32		6,837,451
	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		4,218,970
	3,000,000		6.000			05/01/21		3,645,330
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A2)^(e)
	4,500,000		0.757			07/01/32		3,839,850
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System RB Refunding Local Project Bonds Senior Lien Series 2014 C-3 (AGM) (AA/A2)
	2,175,000		5.000			07/01/32		2,396,959
	1,750,000		5.000			07/01/33		1,921,080
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (AGM) (AA/A2)
	2,600,000		5.000			07/01/35		2,825,472
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (NATL-RE FGIC) (AA-/A3)
	4,350,000		5.000			07/01/36		4,625,659
	Michigan Finance Authority RB for Rol Railroad II Series 2012 R-14017 (AAA/NR)^(d)(h)
	13,885,000		14.080			01/01/18		21,204,617
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC+/NR)^(c)
	196,775,000		0.000			06/01/52		3,055,916
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC/NR)^(c)
	70,100,000		0.000			06/01/52		763,389
	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		4,161,920
	9,835,000		5.500			06/01/35		10,136,344


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)
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2009 (A/Aaa)^(b)
$	40,000,000		8.250	%		09/01/18	$	51,326,800

								120,959,757

	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		2,686,125
	3,750,000		6.000			06/15/39		4,026,525

								6,712,650

	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		1,869,786

	Missouri – 0.1%
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 A (NR/NR)^(f)
	1,535,000		6.000			07/01/37		191,875
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 B (AMT) (NR/NR)^(f)
	7,750,000		6.000			07/01/25		968,750
	Missouri State Development Finance Board Infrastructure Facilities RB for Branson Landing Project Series 2005 A (A/A3)
	1,000,000		5.000			06/01/35		1,019,770
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)^(f)
	1,250,000		5.750			04/01/27		600,000
	Strother Interchange Transportation Development District-Lees Summit RB Series 2006 (NR/NR)
	675,000		5.000			05/01/24		670,916

								3,451,311

	Nevada – 0.6%
	City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)
	485,000		2.000			06/01/15		486,649
	485,000		3.000			06/01/16		492,556
	755,000		3.000			06/01/17		766,989
	750,000		4.000			06/01/18		779,235
	825,000		4.000			06/01/19		849,371
	700,000		4.000			06/01/20		719,257
	900,000		4.000			06/01/21		910,467
	485,000		5.000			06/01/22		520,012
	435,000		5.000			06/01/23		466,555
	200,000		4.250			06/01/24		202,938
	310,000		5.000			06/01/24		332,974
	Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,720,000		4.800			03/01/15		1,716,801
	1,970,000		4.900			03/01/17		1,949,276


	State-Specific Municipal Debt Obligations – (continued)
	Nevada – (continued)
$	2,435,000		5.000	%		03/01/20	$	2,375,221
	2,455,000		5.100			03/01/21		2,385,646
	1,270,000		5.100			03/01/22		1,222,172
	3,460,000		5.125			03/01/25		3,207,662
	Henderson Local Improvement District No. T-17 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,305,000		5.000			09/01/25		1,341,553
	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		56,229

								20,781,563

	New Hampshire – 0.2%
	New Hampshire Health & Education Facilities Authority RB for The Memorial Hospital Series 2006 (BBB/Baa3)
	1,050,000		5.250			06/01/26		1,069,813
	4,185,000		5.250			06/01/36		4,213,793

								5,283,606

	New Jersey – 2.7%
	New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB+/Baa1)
	2,500,000		5.000			06/15/26		2,792,200
	1,000,000		5.000			06/15/28		1,105,400
	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		1,012,810
	1,000,000		5.000			06/15/37		1,024,970
	1,000,000		5.125			06/15/43		1,029,730
	New Jersey Economic Development Authority Private Activity RB for Goethals Bridge Replacement Project Series 2013 (AMT) (BBB-/NR)
	1,000,000		5.375			01/01/43		1,094,000
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (A-/A2)
	1,640,000		5.000			09/01/34		1,775,448
	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		7,503,675
	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		8,978,465
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (B/B2)
	5,000,000		5.625			11/15/30		5,428,650
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (B/B2)
	5,000,000		5.625			11/15/30		5,420,350


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
	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	$	35,259,230
	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		9,306,243
	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		2,364,420
	Tobacco Settlement Financing Corp. RB Senior Asset-Backed Bonds for Capital Appreciation Series 2007 1-A (B-/B2)
	3,000,000		4.750			06/01/34		2,217,750

								86,313,341

	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 B (BBB/Baa2)
	6,925,000		4.875			04/01/33		7,077,419
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB/Baa2)
	14,000,000		5.900			06/01/40		15,514,100
	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		1,987,960

								24,579,479

	New York – 0.7%
	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		1,674,030
	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		1,476,298
	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		1,146,380
	3,000,000		6.375			01/01/39		3,474,420
	5,000,000		6.500			01/01/46		5,804,800
	Newburgh New York GO Serial Bonds Series 2012 A (NR/Baa3)
	1,565,000		5.750			06/15/35		1,667,930
	Onondaga Civic Development Corp. RB for St. Joseph’s Hospital Health Center Project Series 2014 A (BB/Ba2)
	1,750,000		5.125			07/01/31		1,808,222
	Troy City Capital Resource Corp. RB for Rensselaer Polytechnic Institute Project Series 2010 A (A-/A3)
	5,000,000		5.125			09/01/40		5,447,000

								22,499,080


	State-Specific Municipal Debt Obligations – (continued)
	North Carolina – 0.3%
	Columbus County Industrial Facilities and Pollution Control Financing Authority Recovery Zone Facility RB Series 2010 A (BBB/Baa2)
$	1,000,000		5.700	%		05/01/34	$	1,138,800
	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		3,844,840
	1,000,000		5.000			03/01/37		1,014,170
	1,000,000		5.000			03/01/42		1,012,310
	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		506,595
	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		1,518,390

								9,035,105

	Ohio – 6.2%
	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		7,447,230
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	10,500,000		5.125			06/01/24		8,780,940
	42,985,000		5.875			06/01/30		34,838,483
	44,050,000		6.500			06/01/47		36,947,818
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-3 (B-/B3)
	16,600,000		6.250			06/01/37		13,790,118
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (AMT) (B/B2)
	32,320,000		5.375			09/15/27		32,326,141
	Cleveland Airport System RB Refunding Series 2012 A (AGM) (AA/A2)
	6,900,000		5.000			01/01/30		7,570,749
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2006 A (BBB/NR)
	10,540,000		5.000			01/01/27		11,003,128
	15,000,000		5.000			01/01/37		15,340,650
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB/NR)
	2,000,000		5.000			01/01/42		2,059,780
	1,610,000		5.000			01/01/46		1,650,330
	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		9,632,857
	Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (BB+/Ba2)
	8,000,000		5.000			02/15/48		7,922,560


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)
	Ohio – (continued)
	Ohio State Air Quality Development Authority RB Refunding for AK Steel Holding Corp. Project Series 2012 A (AMT) (B-/Caa1)
$	2,020,000		6.750	%		06/01/24	$	2,047,613
	Ohio State Solid Waste Disposal RB for USG Corp. Project Series 1998 (AMT) (B-/Caa1)
	7,250,000		5.650			03/01/33		7,251,885

								198,610,282

	Oklahoma – 1.4%
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BB/NR)
	4,725,000		5.000			12/01/27		4,531,039
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2000 B (AMT) (NR/NR)
	10,000,000		5.500			06/01/35		10,440,200
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)
	2,680,000		5.500			12/01/35		2,815,367
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)
	24,300,000		5.500			12/01/35		25,527,393
	Weatherford Hospital Authority RB Series 2006 (NR/NR)
	2,200,000		6.000			05/01/25		2,248,334
	865,000		6.000			05/01/31		874,584

								46,436,917

	Oregon – 0.1%
	Forest Grove Oregon Student Housing RB for Oak Tree Foundation Project Series 2007 (NR/NR)
	4,750,000		5.500			03/01/37		4,780,590

	Pennsylvania – 3.4%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB/NR)
	1,500,000		5.000			09/01/30		1,616,640
	1,000,000		5.000			09/01/35		1,047,170
	Allentown Neighborhood Improvement Zone Development Authority Tax RB Series 2012 A (NR/Baa2)
	12,000,000		5.000			05/01/42		12,389,040
	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		526,205
	1,000,000		5.000			08/01/45		1,039,730
	City of Philadelphia GO Bonds Series 2011 (A+/A2)
	4,000,000		6.000			08/01/36		4,595,560
	Clairton Municipal Authority Sewer RB Series 2012 B (BBB/NR)
	1,000,000		5.000			12/01/42		1,066,840
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa2)^(e)
	49,750,000		0.931			05/01/37		42,786,990
	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		1,428,042
	1,500,000		5.000			04/01/33		1,507,440


	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	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	$	8,085,018
	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		2,909,688
	Pennsylvania State Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (XLCA) (BBB+/WR)^(e)
	13,095,000		0.757			07/01/27		11,995,937
	10,750,000		0.807			07/01/39		8,847,035
	Pennsylvania State Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB/NR)
	4,000,000		5.000			05/01/42		4,222,760
	Philadelphia Authority Industrial Development RB for Please Touch Museum Project Series 2006 (D/NR)^(f)
	3,000,000		5.250			09/01/26		645,000
	3,000,000		5.250			09/01/31		645,000
	Philadelphia Hospitals & Higher Education Facilities Authority RB Refunding for Temple University Health System Obligated Group Series 2012 B (BB+/Ba2)
	5,000,000		6.250			07/01/23		5,428,900

								110,782,995

	Puerto Rico – 7.8%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (ASSURED GTY) (AA/A3)
	6,235,000		5.125			07/01/47		6,151,638
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BB-/Caa1)
	56,440,000		6.000			07/01/38		42,498,756
	38,845,000		6.000			07/01/44		28,648,576
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (Radian IBCC) (NR/Ba1)
	1,710,000		6.000			07/01/44		1,344,334
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (BB-/Caa1)
	115,000		4.500			07/01/27		79,741
	370,000		5.000			07/01/30		270,229
	5,115,000		5.125			07/01/37		3,631,906
	51,335,000		5.250			07/01/42		36,443,743
	3,470,000		6.000			07/01/47		2,559,160
	Puerto Rico Commonwealth GO Bonds Series 2014 A (BB/B2)
	19,135,000		8.000			07/01/35		16,839,183
	Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (BB/B2)
	4,000,000		5.250			07/01/32		3,031,520
	4,000,000		5.250			07/01/37		3,010,120
	Puerto Rico Convention Center District Authority Hotel Occupancy Tax RB Series A (BB/Caa1)
	12,880,000		4.500			07/01/36		10,115,694
	Puerto Rico Electric Power Authority Power RB Series 2013 A (CCC/Caa3)
	5,440,000		7.000			07/01/40		3,235,821


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(e)
$	30,590,000		0.677	%		07/01/29	$	22,951,983
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (CCC/Caa3)
	9,700,000		5.250			07/01/26		5,775,477
	Puerto Rico Electric Power Authority RB Series 2008 WW (CCC/Caa3)
	2,000,000		5.500			07/01/20		1,197,660
	Puerto Rico Electric Power Authority RB Series 2010 XX (CCC/Caa3)
	7,590,000		5.250			07/01/40		4,502,464
	Puerto Rico Electric Power Authority RB Series 2012 A (CCC/Caa3)
	20,985,000		5.000			07/01/42		12,433,822
	Puerto Rico Electric Power Authority RB Series 2013 A (CCC/Caa3)
	5,000,000		7.000			07/01/33		2,975,050
	4,560,000		6.750			07/01/36		2,712,607
	Puerto Rico Electric Power Authority RB Series WW (CCC/Caa3)
	3,000,000		5.000			07/01/28		1,785,450
	690,000		5.250			07/01/33		410,391
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (BB/B3)^(c)
	4,750,000		0.000			07/01/34		1,196,478
	3,750,000		0.000			07/01/35		864,525
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2009 P (COMWLTH GTD) (BB/B2)
	1,000,000		6.125			07/01/23		810,030
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (BBB-/B1)
	6,800,000		6.000			08/01/42		5,455,164
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (BBB-/B1)^(c)
	25,000,000		0.000			08/01/39		3,165,000
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (BBB-/B1)^(a)
	20,910,000		0.000			08/01/32		16,452,824
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Series 2010 A (BBB-/B1)^(c)
	10,000,000		0.000			08/01/33		2,074,800
	10,000,000		0.000			08/01/33		5,849,100
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Series 2011 A-1 (BBB-/B1)
	500,000		5.250			08/01/43		366,070
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Series 2011 C (BBB/Ba3)
	500,000		5.000			08/01/40		415,910

								249,255,226

	Rhode Island – 0.1%
	Rhode Island Health and Educational Building Corp. RB Refunding for Care New England Series 2013 A (BBB-/NR)
	2,500,000		6.000			09/01/33		2,681,600


	State-Specific Municipal Debt Obligations – (continued)
	Rhode Island – (continued)
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC/NR)^(c)
$	85,300,000		0.000	%		06/01/52	$	1,595,110

								4,276,710

	South Carolina – 0.3%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	3,810,000		6.875			11/01/35		3,691,852
	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		4,651,720

								8,343,572

	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		5,144,600

	Tennessee – 0.9%
	Blount County Health & Educational Facilities Board RB Refunding for Asbury, Inc. Series 2007 A (NR/NR)
	1,445,000		5.125			04/01/23		1,475,316
	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		246,072
	7,500,000		5.125			10/01/35		7,523,400
	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		1,599,270
	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		6,354,645
	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		2,077,560
	Memphis Health Educational & Housing Facility Board RB for Memphis Multi-Family Housing Apartment Projects Series 2007 A (NR/NR)^(e)(f)
	8,680,000		5.750			04/01/25		3,558,800
	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		2,029,320
	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		1,526,790
	2,000,000		5.375			12/01/47		2,045,580

								28,436,753


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)
	Texas – 6.3%
	Austin Texas Convention Center Enterprises, Inc. RB Third Tier Series 2001 C-1 (NR/NR)
$	60,000		9.750	%		01/01/26	$	60,970
	Austin Texas Convention Center Enterprises, Inc. RB Third Tier Series 2001 C-2 (NR/NR)
	8,295,000		9.750			01/01/26		8,428,301
	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		3,562,812
	Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2006 (AMT) (C/WR)^(f)
	4,740,000		5.000			03/01/41		426,600
	Brazos River Authority PCRB Refunding for TXU Energy Co. LLC Project Series 2003 C (AMT) (CC/WR)^(f)
	9,275,000		6.750			10/01/38		834,750
	Dallas County Flood Control District No.1 GO Bonds Refunding Series 2002 (NR/NR)^(d)
	6,000,000		7.250			04/01/32		6,012,120
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (NR/Baa3)
	1,145,000		4.750			05/01/38		1,204,551
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (NR/Baa3)
	5,250,000		4.750			11/01/42		5,571,457
	Grand Parkway Transportation Corp. System Toll RB First Tier Series 2013 A (BBB/NR)
	11,815,000		5.500			04/01/53		12,937,189
	Harris County Cultural Education Facilities Finance Corp. RB First Mortgage for Brazos Presbyterian Homes, Inc. Project Series 2013 B (BB+/NR)
	3,030,000		7.000			01/01/48		3,483,621
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Series 1998 B (AMT) (B/B2)
	1,000,000		5.700			07/15/29		1,000,790
	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		10,089,810
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (B/B2)
	7,250,000		5.000			07/01/29		7,463,730
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (BBB/Baa1)
	5,200,000		6.300			11/01/29		5,968,664
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-/NR)
	5,165,000		5.625			02/15/35		5,229,924
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for CHF Collegiate Housing College Station I, LLC Project Series 2014 A (AGM) (AA/A2)
	1,250,000		5.000			04/01/46		1,345,888


	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for CHF Collegiate Housing College Station I, LLC Project Series 2014 A (BBB-/Baa3)
$	2,500,000		5.000	%		04/01/46	$	2,671,425
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for CHF Collegiate Housing Galveston I, LLC Project Series 2014 A (NR/Baa3)
	11,885,000		4.750			04/01/46		11,921,012
	North Texas Tollway Authority RB First Tier Series 2009 A (A-/A2)
	25,585,000		6.250			01/01/39		29,625,895
	North Texas Tollway Authority RB Refunding Toll Second Tier Series 2008 F (BBB+/A3)
	53,205,000		5.750			01/01/38		58,962,845
	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project RMKT 11/29/05 Series 2001 C (C/WR)^(f)
	5,950,000		5.200			05/01/28		535,500
	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		4,194,463
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/Baa2)^(e)
	7,825,000		0.845			12/15/26		6,980,761
	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		8,836,350
	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		5,997,050
	Tomball Hospital Authority RB Refunding Series 2005 (ETM) (NR/Aaa)^(b)
	250,000		5.000			07/01/15		258,865

								203,605,343

	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		2,220,520

	Utah – 0.8%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (AMT) (NR/NR)
	22,632,000		7.100			08/15/23		25,499,474

	Vermont – 0.1%
	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		2,380,545

	Virginia – 0.8%
	Albemarle County IDA RB Refunding Westminster-Canterbury Series 2007 (NR/NR)
	1,000,000		5.000			01/01/31		1,010,920


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Virginia – (continued)
	Mosaic District Community Development Authority RB Series 2011 A (NR/NR)
$	3,580,000		6.250	%		03/01/21	$	4,050,842
	2,000,000		6.625			03/01/26		2,250,900
	7,000,000		6.875			03/01/36		7,945,770
	Norfolk Redevelopment & Housing Authority First Mortgage for Retirement Community Series 2004 A (NR/NR)
	500,000		6.000			01/01/25		500,225
	1,100,000		6.125			01/01/35		1,103,531
	Suffolk IDA Retirement Facilities RB Refunding First Mortgage for Lake Prince Center Series 2006 (NR/NR)
	725,000		5.150			09/01/24		740,703
	1,000,000		5.300			09/01/31		1,010,800
	Tobacco Settlement Financing Corp. Senior Asset-Backed Bonds Series 2007 B-1 (B-/B3)
	1,355,000		5.000			06/01/47		902,701
	Virginia Beach Development Authority Residential Care Facilities Mortgage RB Refunding for Westminster-Canterbury Series 2005 (NR/NR)
	500,000		5.000			11/01/22		507,055
	Washington County IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
	4,000,000		7.750			07/01/38		4,697,560

								24,721,007

	Washington – 0.7%
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 A (NR/NR)^(d)(h)
	3,955,000		16.514			01/01/23		6,264,364
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 B (NR/NR)^(d)(h)
	4,150,000		16.522			01/01/24		6,462,505
	Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2010 (NR/Baa2)
	4,000,000		5.750			12/01/35		4,331,000
	Washington Health Care Facilities Authority RB for Kadlec Regional Medical Center Series 2012 (NR/Baa3)
	3,000,000		5.000			12/01/42		3,508,140
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 A (ASSURED GTY) (AA/Aa3)
	750,000		6.000			08/15/39		879,690
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 B (ASSURED GTY) (AA/Aa3)
	1,750,000		6.000			08/15/39		2,052,610

								23,498,309

	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/Baa1)
	4,000,000		5.375			12/01/38		4,377,440

	Wisconsin – 1.8%
	Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Improvements Obligated Group Series 2012 B (AMT) (BBB-/NR)
	11,830,000		5.000			07/01/42		12,235,887


	State-Specific Municipal Debt Obligations – (continued)
	Wisconsin – (continued)
	Wisconsin State Health & Educational Facilities Authority RB for Fort Healthcare, Inc. Project Series 2004 (BBB/NR)
$	1,500,000		6.100	%		05/01/34	$	1,502,055
	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		3,210,306
	Wisconsin State Health & Educational Facilities Authority RB for Vernon Memorial Healthcare, Inc. Project Series 2005 (BBB/NR)
	4,235,000		5.250			03/01/35		4,267,017
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (A-/Baa1)
	2,000,000		5.250			08/15/31		2,069,600
	23,380,000		5.250			08/15/34		24,120,678
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Wheaton Healthcare Series 2006 B (A-/Baa1)
	10,620,000		5.125			08/15/30		10,969,610

								58,375,153

	TOTAL INVESTMENTS – 96.6%
	(Cost $2,965,179,242)						$	3,097,699,651

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.4%							107,811,198

	NET ASSETS – 100.0%						$	3,205,510,849


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Zero coupon bond until next reset date.
(b)		Pre-refunded security. Maturity date disclosed is pre-refunding date.
(c)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)		Exempt from registration under Rule 144A of the Securities Act of 1933. 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 $104,714,823, which represents approximately 3.3% of net assets as of September 30, 2014.
(e)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.
(f)		Security is currently in default.
(g)		When-issued security.
(h)		Inverse floating rate security. Interest rate disclosed is that which is in effect at September 30, 2014.


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


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
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 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.


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2014, 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, 2014^(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%, 02/01/2018	$	4,000		1.000	%		03/20/23		0.780	%	$	(168,126	)	$	229,065
JPMorgan Chase Bank, N.A.	California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		10,000		1.700			06/20/21		0.580			—			690,743
	California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		9,000		1.000			03/20/23		0.780			(378,284	)		515,396
	California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		15,000		1.000			09/20/23		0.840			(626,653	)		794,235
	Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		10,000		1.830			06/20/21		1.770			—			18,113
Morgan Stanley Co., Inc.	California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		10,000		1.000			12/20/23		0.860			(261,393	)		353,998
	Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		10,000		1.000			12/20/23		2.000			(707,553	)		33,062
TOTAL												$	(2,142,009	)	$	2,634,612

(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)
$316,900^(a)	12/17/44	3 Month LIBOR	3.500%	$(9,440,538)	$(7,501,094)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.


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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – 97.7%
	Alabama – 1.9%
	Alabama Special Care Facilities Financing Authority RB for Birmingham Ascension Health Series 2009 C-1 (AA+/NR)^(a)(b)(c)
$	1,000,000		14.638	%		11/03/16	$	1,277,230
	Alabama State Port Authority RB for Docks Facilities Series 2010 (A-/NR)
	2,500,000		5.750			10/01/30		2,920,900
	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		1,818,021
	Health Care Authority RB for Baptist Health Series 2006 D (GO OF AUTH) (BBB+/A3)
	575,000		5.000			11/15/17		599,616
	100,000		5.000			11/15/21		102,756
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	350,000		5.000			10/01/44		370,342
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB-/NR)
	1,000,000		6.000			10/01/42		1,120,250
	1,000,000		6.500			10/01/53		1,142,830

								9,351,945

	Arizona – 1.4%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(d)
	5,150,000		0.967			01/01/37		4,583,757
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for El Paso Electric Co. Project Series 2009 A (BBB/Baa1)
	2,200,000		7.250			02/01/40		2,486,044

								7,069,801

	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		540,017

	California – 21.9%
	Bay Area Toll Authority California Toll Building Authority RB for San Francisco Bay Area Series 2008 F-1 (AA/Aa3)^(e)
	4,000,000		5.500			04/01/18		4,661,640
	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		5,791,450
	California Health Facilities Financing Authority RB for Providence Health & Services Series 2008 C (AA-/Aa3)^(e)
	1,000,000		6.500			04/01/18		1,222,760
	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		1,002,110

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	California State Various Purpose GO Bonds Series 2009 (A/Aa3)
$	5,000,000		5.250	%		10/01/25	$	5,875,300
	5,000,000		6.500			04/01/33		6,136,400
	2,750,000		6.000			04/01/38		3,268,760
	California State Various Purpose GO Bonds Series 2010 (A/Aa3)
	1,250,000		6.000			03/01/33		1,540,550
	1,500,000		5.500			03/01/40		1,713,330
	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		1,601,891
	California Statewide Communities Development Authority RB for Sutter Health Series 2011 A (AA-/Aa3)
	2,000,000		6.000			08/15/42		2,390,540
	California Statewide Community Development Authority Water & Wastewater RB Balance Series 2004 (AGM) (AA/A2)
	15,000		5.250			10/01/19		15,052
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA-/Aa2)^(f)
	6,500,000		0.000			06/01/34		2,865,265
	Clovis Unified School District GO Bonds for Election of 2012 Series 2012 A (AA/Aa2)
	2,575,000		5.000			08/01/29		2,955,044
	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		359,565
	Foothill-De Anza California Community College District GO Bonds for Santa Clara County Election of 2006 Series 2007 A (AMBAC) (AA/Aaa)^(e)
	6,000,000		5.000			08/01/17		6,748,080
	Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (A-/NR)
	500,000		5.000			09/01/32		530,820
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)^(f)
	18,000,000		0.000			06/01/47		1,516,500
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)^(f)
	19,500,000		0.000			06/01/47		682,890
	Los Angeles Community College District GO Bonds for 2008 Election Series 2010 C (AA/Aa1)
	5,000,000		5.250			08/01/39		5,738,300
	Los Angeles County Metropolitan Transportation Authority RB Refunding for Union Station Project Series 2004 D (AMBAC) (A/A1)^(d)
	2,100,000		0.345			07/01/27		1,903,023
	Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AA/Aa3)^(f)
	2,000,000		0.000			08/01/37		700,340
	4,500,000		0.000			08/01/38		1,497,960
	4,500,000		0.000			08/01/39		1,423,485


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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (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) (AA-/NR)^(f)
$	1,205,000		0.000	%		08/01/26	$	772,007
	M-S-R Energy Authority Gas RB Series 2009 A (A-/NR)
	1,750,000		6.500			11/01/39		2,363,655
	M-S-R Energy Authority Gas RB Series 2009 C (A-/NR)
	3,500,000		6.125			11/01/29		4,473,980
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)^(g)
	5,000,000		0.000			08/01/35		3,779,350
	Ontario Redevelopment Financing Authority Lease RB for Capital Projects Series 2007 (AMBAC) (AA-/WR)
	1,110,000		5.250			08/01/22		1,221,555
	Palomar Pomerado Health COPS Series 2009 (BB+/Ba1)
	2,500,000		6.750			11/01/39		2,661,675
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)^(g)
	6,450,000		0.000			08/01/38		6,025,203
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)^(f)
	2,150,000		0.000			08/01/31		1,038,751
	4,150,000		0.000			08/01/32		1,887,005
	3,500,000		0.000			08/01/33		1,492,085
	Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A2)
	4,000,000		5.000			05/01/31		4,382,280
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)^(d)
	3,000,000		0.687			12/01/35		2,739,000
	San Diego County Water Authority COPS Series 2008 A (AGM) (AA+/Aa2)
	5,000,000		5.000			05/01/33		5,540,900
	San Diego Public Facilities Financing Authority Water RB Refunding Subseries 2012 A (AA-/Aa3)
	2,500,000		5.000			08/01/31		2,859,550
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa3)^(f)
	5,000,000		0.000			07/01/39		1,736,500
	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		2,360,700
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (AA-/A3)^(f)
	1,605,000		0.000			01/15/26		938,781
	Vernon California Redevelopment Agency Tax Allocation for Industrial Redevelopment Project Series 2005 (NATL-RE) (AA-/A3)
	725,000		5.250			09/01/19		732,098

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE FGIC) (AA-/A3)^(f)
$	1,175,000		0.000	%		08/01/25	$	784,994

								109,931,124

	Colorado – 1.9%
	Colorado Health Facilities Authority Hospital RB for Poudre Valley Health Care, Inc. Series 2005 F (A+/A1)
	800,000		5.000			03/01/25		812,416
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB-/NR)
	1,150,000		5.000			12/01/35		1,165,847
	Denver City & County Airport RB Series 2013 A (AMT) (A/A2)
	5,000,000		5.500			11/15/29		5,791,500
	E-470 Public Highway Authority RB Series 2010 A (BBB/Baa2)^(f)
	6,000,000		0.000			09/01/40		1,893,960

								9,663,723

	District of Columbia – 1.6%
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (BBB/A1)
	230,000		6.250			05/15/24		231,746
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (BBB/Baa1)
	1,000,000		6.500			05/15/33		1,105,610
	District of Columbia Water & Sewer Authority RB Public Utility Senior Lien Series 2009 A (AA+/Aa2)
	5,000,000		6.000			10/01/35		5,797,500
	Metropolitan Washington Airports Authority RB Refunding Series 2014 A (AMT) (AA-/A1)
	1,000,000		5.000			10/01/44		1,090,320

								8,225,176

	Florida – 8.6%
	Arbor Greene Community Development District Special Assessment Refunding Series 2006 (A-/NR)
	1,095,000		5.000			05/01/19		1,171,059
	Bridgewater Wesley Chapel Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	2,085,000		5.750			05/01/35		2,085,605
	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		4,093,548
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	865,000		5.375			05/01/36		877,724
	Covington Park Florida Community Development District Special Assessment Refunding for Capital Improvement Series 2005 (BBB+/NR)
	395,000		5.000			05/01/21		397,386
	Crossings At Fleming Island Community Development District RB Refunding Series 2007 (NATL-RE) (AA-/A3)
	125,000		4.750			10/01/36		126,880


40		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)
	Florida State Municipal Power Agency RB Series 2009 A (A+/A2)
$	1,000,000		6.250	%		10/01/31	$	1,175,040
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (AMT) (A+/Aa3)
	2,000,000		5.000			10/01/21		2,356,940
	Hamal Florida Community Development District Special Assessment for Refunding and Improvement Series 2006 A (NATL-RE) (AA-/A3)
	2,755,000		5.375			05/01/22		2,850,571
	High Ridge Quantum Community Development District Special Assessment for Boyton Beach Series 2005 A (NR/NR)
	1,670,000		5.750			05/01/35		1,671,787
	Hollywood Community Redevelopment Agency RB for Beach CRA Series 2004 (A-/A3)
	300,000		5.625			03/01/24		300,492
	Keys Cove Community Development District Special Assessment Series 2004 (NR/NR)
	2,165,000		5.875			05/01/35		2,224,451
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)^(h)
	1,185,000		5.375			05/01/30		805,800
	Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 A (NR/NR)
	855,000		6.000			05/01/35		856,676
	Miami Special Obligation Non-Ad Valorem RB Refunding Series 2011 A (AGM) (AA/A2)
	1,200,000		6.000			02/01/30		1,374,024
	1,500,000		6.000			02/01/31		1,711,125
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (BBB+/A3)^(b)
	5,000,000		5.000			03/01/30		5,473,550
	Miami-Dade County Florida Aviation RB RMKT 03/17/08 Series 2003 E (AMT) (NATL-RE) (AA-/NR)
	575,000		5.250			10/01/16		628,532
	North Sumter County Utility Dependent District RB Series 2010 (AGM) (AA/A2)
	1,250,000		5.375			10/01/40		1,342,175
	Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)
	1,330,000		4.500			11/01/33		1,361,694
	Port Everglades Authority RB for Port Facilities Series 1986 (ETM) (AA+/Aaa)^(e)
	1,035,000		7.125			11/01/16		1,108,464
	Sail Harbour Community Development District Special Assessment Series 2005 A (NR/NR)
	870,000		5.500			05/01/36		871,374
	Sonoma Bay Community Development District Special Assessment Series 2005 A (NR/NR)
	585,000		5.450			05/01/36		593,851
	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		2,379,820

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Tampa Palms Open Space & Transportation Community Development District Special Assessment Refunding for Capital Improvement Area 7 Project Series 2004 (NATL-RE) (AA-/A3)
$	1,140,000		4.500	%		05/01/18	$	1,207,511
	Thousand Oaks Community Development District Special Assessment Series 2005 A-1 (NR/NR)
	850,000		5.350			05/01/35		850,637
	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		503,565
	Village Community Development District No. 6 Special Assessment Series 2007 (NR/NR)
	1,685,000		5.250			05/01/37		1,727,327
	Villagewalk of Bonita Springs Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	985,000		5.600			05/01/36		985,946

								43,113,554

	Georgia – 1.2%
	Atlanta Airport RB Refunding Series 2012 C (AMT) (A+/Aa3)
	1,250,000		5.000			01/01/27		1,449,562
	Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Series 2009 A (AA+/Aa3)
	4,075,000		5.250			07/01/36		4,669,502

								6,119,064

	Guam – 0.5%
	Guam Government Limited Obligation GO Bonds Section 30 Series 2009 A (BBB+/NR)
	850,000		5.625			12/01/29		934,150
	750,000		5.750			12/01/34		818,280
	Guam Power Authority RB 2014 Series A (AGM) (AA/A2)
	325,000		5.000			10/01/39		361,754
	250,000		5.000			10/01/44		276,508

								2,390,692

	Idaho – 0.2%
	Idaho Health Facilities Authority RB for St. Luke’s Health System Project Series 2008 (A-/A3)
	1,000,000		6.750			11/01/37		1,155,780

	Illinois – 6.7%
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A-/A3)
	2,000,000		5.500			01/01/29		2,293,460
	Chicago Illinois O’Hare International Airport RB Refunding Third Lien Series 2003 A-1 (XLCA) (A-/A2)
	490,000		5.250			01/01/34		491,641
	Chicago Illinois Sales Tax RB Series 2011 A (AAA/Baa1)
	2,000,000		5.000			01/01/41		2,118,140
	Illinois Finance Authority RB for Edward Hospital RMKT 04/09/08 Series 2008 A (AMBAC) (A/A2)
	350,000		6.250			02/01/33		382,847


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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Illinois Finance Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2005 A (AMT) (A-/NR)
$	400,000		5.050	%		08/01/29	$	414,668
	Illinois GO Bonds Series 2003 (NATL-RE) (AA-/A2)
	975,000		5.000			06/01/19		978,344
	Illinois GO Bonds Series 2013 (A-/A3)
	5,500,000		5.250			07/01/28		5,990,050
	5,120,000		5.500			07/01/38		5,482,547
	Illinois Municipal Electric Agency RB Power Supply System Series 2007 A (NATL-RE FGIC) (AA-/A1)
	4,020,000		5.250			02/01/22		4,391,609
	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		3,122,687
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (A-/NR)
	1,125,000		6.000			06/01/28		1,311,098
	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		2,463,933
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (AA/NR)^(f)
	6,450,000		0.000			12/01/25		4,082,592

								33,523,616

	Indiana – 1.3%
	Delaware County Hospital Authority RB for Cardinal Health System Obligated Group Series 2006 (NR/A3)
	2,000,000		5.250			08/01/36		2,086,640
	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		1,043,830
	Indiana Health Facility Financing Authority RB for Ascension Health Subordinate Credit Group Residual I Series 2010-3224 (AA/NR)^(b)(c)
	205,000		30.046			11/01/27		306,012
	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		701,363
	Jasper County PCRB Refunding for Northern RMKT 08/25/08 Series 1994 C (NATL-RE) (AA-/A3)
	650,000		5.850			04/01/19		741,429
	Vanderburgh County Indiana Redevelopment Commission Tax Increment Tax Allocation Series 2006 (A/NR)^(e)
	1,400,000		5.250			08/01/16		1,524,054

								6,403,328

	Iowa – 0.3%
	Coralville Iowa COPS Series 2006 D (NR/Ba1)
	1,325,000		5.250			06/01/22		1,332,645

	State-Specific Municipal Debt Obligations – (continued)
	Kentucky – 0.9%
	Louisville & Jefferson County Metropolitan Government RB for Jewish Hospital St. Mary’s Healthcare Series 2008 (NR/Aaa)^(e)
$	3,750,000		6.125	%		02/01/18	$	4,411,200

	Louisiana – 1.3%
	De Soto Parish Louisiana Environmental Improvement RB Refunding for International Paper Co. Project Series 2004 A (AMT) (BBB/Baa2)
	675,000		5.000			11/01/18		677,133
	De Soto Parish Louisiana Environmental Improvement RB Refunding for International Paper Co. Project Series 2005 A (AMT) (BBB/Baa2)
	2,560,000		4.750			03/01/19		2,602,138
	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		1,387,071
	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		1,535,017
	Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (AMT) (BBB+/Baa1)
	500,000		5.000			04/01/30		544,725

								6,746,084

	Maryland – 1.2%
	Baltimore Maryland Special Obligation Tax Allocation for Harborview Lot No. 2 Series 2003 (NR/NR)
	1,001,000		6.500			07/01/31		1,003,322
	Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (Radian) (NR/NR)
	210,000		5.600			07/01/20		210,170
	555,000		5.700			07/01/29		555,233
	Maryland State Health & Higher Educational Facilities Authority RB Refunding for MedStar Health Series 2004 (A-/A2)
	500,000		5.375			08/15/24		501,520
	750,000		5.500			08/15/33		752,153
	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		1,028,834
	500,000		5.625			12/01/16		520,525
	Maryland State Transportation Authority RB Refunding Series 2007 (AAA/Aa1)
	1,500,000		5.000			03/01/19		1,647,855

								6,219,612

	Massachusetts – 2.1%
	Massachusetts Development Finance Agency RB for Harvard University Series 2010 B-2 (AAA/Aaa)
	5,000,000		5.250			02/01/34		5,899,300
	Massachusetts Educational Financing Authority RB Series 2008 H (AMT) (ASSURED GTY) (AA/A1)
	1,405,000		6.350			01/01/30		1,503,322


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)
	Massachusetts – (continued)
	Massachusetts State Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 (BBB+/Baa1)
$	3,000,000		5.750	%		07/01/31	$	3,235,890

								10,638,512

	Michigan – 1.2%
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (AGM) (AA/A2)
	400,000		5.000			07/01/35		434,688
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL-RE) (AA-/A3)
	650,000		5.000			07/01/36		691,191
	Michigan Finance Authority RB for Rol Railroad II Series 2012 R-14017 (AAA/NR)^(b)(c)
	2,780,000		14.080			01/01/18		4,245,505
	Michigan Finance Authority RB Refunding for Detroit Water and Sewer Senior Lien Series 2014 C-3 (AGM) (AA/A2)
	325,000		5.000			07/01/32		358,166
	250,000		5.000			07/01/33		274,440

								6,003,990

	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		1,758,765
	St. Paul Minnesota Housing & Redevelopment Authority RB for HealthPartners Obligated Group Project Series 2006 (A/A2)
	2,900,000		5.250			05/15/36		3,045,551

								4,804,316

	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		1,220,169

	Missouri – 0.3%
	Missouri State Development Finance Board Infrastructure Facilities RB for Branson Landing Project Series 2005 A (A/A3)
	270,000		4.750			06/01/25		275,627
	Missouri State Health & Educational Facilities Authority RB for St. Louis University Series 1998 (AA-/A1)
	1,000,000		5.500			10/01/15		1,041,670

								1,317,297

	Nevada – 0.4%
	North Las Vegas Local Improvement District No. 60 Special Assessment Refunding for Special Improvement Subseries 2006 B (NR/NR)
	570,000		4.850			12/01/15		583,839
	1,285,000		5.100			12/01/22		1,313,707

								1,897,546

	State-Specific Municipal Debt Obligations – (continued)
	New Hampshire – 0.3%
	New Hampshire State Business Finance Authority RB for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)
$	1,250,000		5.200	%		05/01/27	$	1,317,487

	New Jersey – 6.9%
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 (ASSURED GTY) (AA/A2)
	15,000		6.000			12/15/34		17,438
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 (ASSURED GTY) (AA+/A2)^(e)
	985,000		6.000			12/15/18		1,190,215
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (A-/A2)
	360,000		5.000			09/01/34		389,732
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2009 AA (A-/A2)
	4,000,000		5.500			12/15/29		4,455,560
	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		614,526
	175,000		5.500			07/01/30		179,683
	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		2,722,300
	New Jersey State Higher Education Assistance Authority RB for Student Loan Series 2008 A (AMT) (ASSURED GTY) (AA/A2)
	2,840,000		6.125			06/01/30		3,045,247
	New Jersey State Housing and Mortgage Finance Agency RB for Single Family Housing Series 2008 AA (AA/Aa3)
	365,000		6.150			10/01/23		377,713
	New Jersey State Turnpike Authority RB Refunding Series 2000 B (NATL-RE) (AA-/A3)^(d)
	6,300,000		0.091			01/01/30		5,632,201
	New Jersey State Turnpike Authority RB Series 2009 G (A+/A3)
	1,650,000		5.000			01/01/18		1,864,120
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (A-/A2)
	5,260,000		5.500			06/15/41		5,833,445
	Rutgers State University RB Refunding Series 2013 J (AA-/Aa3)
	5,000,000		5.000			05/01/32		5,739,000
	Rutgers State University RB Refunding Series 2013 L (AA-/Aa3)
	2,500,000		5.000			05/01/43		2,807,250

								34,868,430

	New Mexico – 0.8%
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB/Baa2)
	2,500,000		5.900			06/01/40		2,770,375
	Santa Fe County New Mexico RB for Gross Receipts Series 2008 (AGM) (AA+/Aa3)
	1,000,000		5.250			06/01/31		1,114,160

								3,884,535


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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	New York – 3.5%
	Erie County New York Industrial Development Agency RB for the City of Buffalo School District Series 2008 A (AGM) (ST AID WITHHLDG) (AA/Aa2)
$	6,500,000		5.750	%		05/01/26	$	7,483,255
	4,500,000		5.750			05/01/29		5,134,995
	New York City GO Bonds Series 2006 A (AA/Aa2)
	395,000		5.000			08/01/18		427,374
	New York City GO Bonds Series 2006 A (NR/NR)^(e)
	5,000		5.000			08/01/16		5,419
	New York State Energy Research & Development Authority RB for Consolidated Edison Company Subseries 2004 B1-1 (XLCA) (A-/A2)^(d)
	5,000,000		0.091			05/01/32		4,437,730

								17,488,773

	North Carolina – 1.6%
	Charlotte North Carolina Water and Sewer System RB Series 2009 B (AAA/Aaa)
	2,000,000		5.000			07/01/38		2,276,260
	North Carolina Eastern Municipal Power Agency Power System RB Series 2008 C (ASSURED GTY) (AA/A3)
	430,000		6.000			01/01/19		461,347
	Wake County Industrial Facilities and Pollution Control Financing Authority PCRB for Carolina Power and Light Co. Project. Series 2000 G (AMBAC) (A/Aa2)^(d)
	6,025,000		0.088			10/01/22		5,259,521

								7,997,128

	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		367,963

	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		230,148
	140,000		5.125			12/01/36		130,430

								360,578

	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		1,812,870
	Portland Oregon Community College District GO Bonds Refunding Series 2013 (AA/Aa1)
	2,000,000		5.000			06/15/26		2,385,260

								4,198,130

	Pennsylvania – 1.4%
	Mifflin County Pennsylvania School District GO Bonds Series 2007 (NATL-RE-IBC) (XLCA) (ST AID WITHHLDG) (AA-/A3)
	2,000,000		7.500			09/01/26		2,324,960

	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	Pennsylvania Economic Development Financing Authority PCRB Refunding for PPL Electric Utilities Corp. Project Series 2008 (A-/A2)
$	2,500,000		4.000	%		10/01/23	$	2,681,625
	Pennsylvania Turnpike Commission RB Series 2013 C (A+/A1)
	1,720,000		5.500			12/01/29		2,062,125

								7,068,710

	Puerto Rico – 6.5%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BB-/Caa1)
	3,635,000		6.125			07/01/24		2,949,439
	2,000,000		6.000			07/01/38		1,505,980
	2,500,000		6.000			07/01/44		1,843,775
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (BB-/Caa1)
	1,050,000		5.750			07/01/37		774,606
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B (BB/B2)
	3,000,000		6.500			07/01/37		2,381,880
	Puerto Rico Commonwealth GO Bonds Refunding Subseries 2003 C-7 (NATL-RE) (AA-/A3)
	2,000,000		6.000			07/01/27		1,987,480
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(d)
	2,700,000		0.677			07/01/29		2,025,837
	Puerto Rico Electric Power Authority RB Series 2013 A (CCC/Caa3)
	3,000,000		6.750			07/01/36		1,784,610
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (BBB-/B1)^(g)
	13,000,000		0.000			08/01/32		10,228,920
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB First Subseries 2009 A (BBB-/B1)
	5,805,000		5.000			08/01/24		4,886,707
	2,750,000		6.500			08/01/44		2,326,995

								32,696,229

	South Carolina – 1.0%
	City of Columbia Waterworks and Sewer System RB Series 2011 A (AA/Aa1)
	2,500,000		5.000			02/01/41		2,783,225
	Georgetown County South Carolina Environmental RB for International Paper Co. Project Series 2006 A (AMT) (BBB/Baa2)
	2,500,000		5.000			08/01/30		2,501,500

								5,284,725

	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		540,620
	300,000		5.250			07/01/38		320,433

								861,053


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)
	Tennessee – 1.6%
	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	$	1,853,171
	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		2,804,706
	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		1,011,130
	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		2,189,103

								7,858,110

	Texas – 12.8%
	Dallas County Utility & Reclamation District GO Bonds Refunding RMKT 06/25/08 Series 2005 B (AMBAC) (A-/A3)
	2,675,000		5.375			02/15/29		2,881,323
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (A+/NR)
	2,500,000		5.250			11/01/30		2,862,775
	Hidalgo County Health Services RB for Mission Hospital, Inc. Project Series 2005 (BBB/Baa2)
	700,000		5.000			08/15/19		701,015
	Houston Airport System RB Refunding Senior Lien Series 2009 A (AA-/Aa3)
	10,000,000		5.500			07/01/34		11,392,100
	Houston Airport System RB Subordinate Lien Series 2002 D-2 (AMT) (XLCA) (A/A2)^(d)
	4,150,000		0.308			07/01/32		3,902,678
	Lower Colorado River Authority RB Refunding Series 2008 (A/A1)
	380,000		5.750			05/15/37		389,679
	Lower Colorado River Authority RB Refunding Series 2008 (NR/NR)^(e)
	160,000		5.750			05/15/15		165,482
	1,300,000		6.300			11/01/29		1,492,166
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (NATL-RE) (AA-/A3)^(d)
	2,500,000		5.200			05/01/30		2,660,025
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-/NR)
	150,000		5.500			02/15/25		152,655
	235,000		5.625			02/15/35		237,954
	North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (AA+/NR)^(g)
	1,000,000		0.000			09/01/43		866,350

	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	North Texas Tollway Authority RB First Tier Series 2009 A (A-/A2)
$	2,500,000		6.250	%		01/01/24	$	2,959,300
	1,100,000		6.250			01/01/39		1,273,734
	North Texas Tollway Authority RB Special Project System Series 2011 A (AA+/NR)
	1,000,000		5.500			09/01/41		1,162,420
	1,000,000		6.000			09/01/41		1,210,260
	North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A-/A2)^(g)
	6,000,000		0.000			01/01/43		7,275,540
	North Texas Tollway Authority System RB Refunding for First Tier Series 2008 A (A-/A2)
	5,000,000		5.750			01/01/40		5,551,050
	Pharr-San Juan-Alamo Independent School District Unlimited Tax GO Bonds for Hidalgo School Building Series 2007 (PSF-GTD) (AAA/Aaa)
	1,000,000		5.500			02/01/29		1,101,080
	1,670,000		5.500			02/01/31		1,831,489
	Port of Houston Authority Harris County Unlimited Tax GO Bonds Refunding Series 2008 A (AMT) (MUN GOVT GTD) (AAA/Aaa)
	3,000,000		6.125			10/01/33		3,446,670
	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		3,086,538
	Schertz Texas GO Bonds Series 2006 (NATL-RE) (AA+/A3)^(e)
	3,615,000		5.250			02/01/16		3,852,433
	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		426,470
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/Baa2)
	3,000,000		6.250			12/15/26		3,679,050

								64,560,236

	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		1,589,248

	Virginia – 0.4%
	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		804,615
	Washington County IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
	1,000,000		7.750			07/01/38		1,174,390

								1,979,005

	Washington – 2.3%
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 A (NR/NR)^(b)(c)
	700,000		16.514			01/01/23		1,108,737


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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


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		16.522	%		01/01/24	$	1,136,778
	Skagit County Washington Public Hospital District No. 2 GO Bonds Refunding and Improvement Series 2005 (NATL-RE) (A-/A3)
	2,000,000		5.000			12/01/30		2,036,960
	University of Washington RB Refunding Series 2012 A (AA+/Aaa)
	2,500,000		5.000			07/01/29		2,906,900
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 A (ASSURED GTY) (AA/Aa3)
	250,000		6.000			08/15/39		293,230
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 B (ASSURED GTY) (AA/Aa3)
	250,000		6.000			08/15/39		293,230
	Washington State GO Bonds Series 1992 B & AT-7 (AA+/Aa1)
	390,000		6.400			06/01/17		426,367
	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		3,263,430

								11,465,632

	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		2,036,660
	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		1,087,520

								3,124,180

	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		384,484
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB/NR)
	100,000		5.000			05/15/36		100,953
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (A-/Baa1)
	1,750,000		5.250			08/15/31		1,810,900

								2,296,337

	TOTAL INVESTMENTS – 97.7%
	(Cost $449,784,214)						$	491,345,680

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.3%							11,431,491

	NET ASSETS – 100.0%						$	502,777,171


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, 2014.
(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 $13,547,812, which represents approximately 2.7% of net assets as of September 30, 2014.
(c)		Inverse floating rate security. Interest rate disclosed is that which is in effect at September 30, 2014.
(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 or distribution rate disclosed is that which is in effect at September 30, 2014.
(e)		Pre-refunded security. Maturity date disclosed is pre-refunding date.
(f)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)		Zero coupon bond until next reset date.
(h)		Security is currently in default.


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

GOLDMAN SACHS MUNICIPAL INCOME FUND


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
CAL MTG INS		—Insured by California Mortgage Insurance
COPS		—Certificates of Participation
CRA		—Community Reinvestment Act
ETM		—Escrowed to Maturity
FNMA		—Federal National Mortgage Association
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
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
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.


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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2014, 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, 2014^(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		0.780	%	$	(42,031	)	$	57,266
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		0.780			(42,032	)		57,266
TOTAL												$	(84,063	)	$	114,532

(a)

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)
$	16,000	^(a)	12/17/44		3 Month LIBOR		3.500	%	$	(525,219	)	$	(330,149	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate				Maturity Date		Value

	State-Specific Municipal Debt Obligations – 100.0%
	Alabama – 1.1%
	Alabama 21st Century Authority Tobacco Settlement RB Series 2012 A (A/NR)
$	2,435,000		5.000	%			06/01/17	$	2,703,045
	1,500,000		5.000				06/01/18		1,706,430
	Alabama Federal Aid Highway Finance Authority Refunding for Grant Anticipation Bonds Series 2011 (AA/A1)
	11,400,000		4.000				03/01/17		12,303,564
	Alabama Special Care Facilities Financing Authority RB for Birmingham Ascension Health Series 2009 C-1 (AA+/NR)^(a)(b)(c)
	6,875,000		14.638				11/03/16		8,780,956
	Alabama State GO Bonds Series 2007 A (AGM) (AA/Aa1)
	5,020,000		5.000				08/01/17		5,638,364
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB-/NR)
	1,000,000		5.000				10/01/16		1,063,830
	1,750,000		5.000				10/01/17		1,905,592
	1,875,000		5.000				10/01/18		2,079,263
	1,300,000		5.000				10/01/21		1,476,111
	1,745,000		5.000				10/01/22		1,988,776
	Tuscaloosa Alabama Public Educational Building Authority RB Refunding Series 2009 B (AA-/NR)
	3,300,000		4.000				08/15/15		3,410,286
	3,850,000		3.000				08/15/16		4,032,259

									47,088,476

	Alaska – 0.2%
	North Slope Borough Alaska GO Bonds Series 2012 A (AA-/Aa3)
	825,000		3.000				06/30/15		842,300
	1,465,000		3.000				06/30/16		1,531,555
	340,000		4.000				06/30/17		370,025
	Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (BB/Ba1)
	5,345,000		4.625				06/01/23		5,305,180

					��				8,049,060

	Arizona – 2.6%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(d)
	30,300,000		0.967				01/01/37		26,968,515
	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		1,005,200
	Arizona Health Facilities Authority Hospital RB Refunding for Phoenix Children’s Hospital Series 2013 A (BBB+/NR)^(a)
	5,000,000		1.890				02/05/20		5,002,200
	Arizona Transportation Board Refunding for Grant Anticipation Notes Series 2012 (AA/Aa2)
	8,195,000		4.000				07/01/15		8,430,278
	7,235,000		4.000				07/01/16		7,685,958
	Glendale City Senior Lien Water & Sewer RB Refunding Obligations Series 2012 (AA/A1)
	1,000,000		4.000				07/01/15		1,027,720
	1,000,000		4.000				07/01/16		1,059,990
	1,500,000		5.000				07/01/17		1,658,985


	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/Baa2)^(a)
$	5,000,000		4.000	%			06/01/15	$	5,064,900
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Palo Verde Project RMKT 05/30/13 Series 2009 C (A-/A3)^(a)
	6,500,000		1.750				05/30/18		6,546,020
	Maricopa County Community College District GO Bonds Series 2009 C (AAA/Aaa)
	1,000,000		4.000				07/01/16		1,062,690
	Maricopa County Community College District GO Bonds Series 2013 (AAA/Aaa)
	9,920,000		2.000				07/01/17		10,286,445
	10,010,000		3.000				07/01/19		10,843,232
	Maricopa County Phoenix High School District No. 210 School Improvement GO Bonds Series 2006 C (NATL-RE) (AA/Aa2)^(e)
	3,800,000		5.000				07/01/16		4,104,912
	Maricopa County Phoenix High School District No. 210 School Improvement GO Refunding Bonds Series 2014 (AA/Aa2)
	8,140,000		3.000				07/01/17		8,648,018
	1,000,000		4.000				07/01/18		1,112,710
	1,000,000		3.000				07/01/19		1,082,280
	Pima County GO Bonds Series 2013 A (AA-/NR)
	2,280,000		1.750				07/01/16		2,331,847
	1,405,000		1.750				07/01/17		1,436,528
	Yavapai County Industrial Development Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)^(a)
	5,000,000		2.125				06/01/18		5,147,000

									110,505,428

	Arkansas – 0.4%
	Arkansas Development Finance Authority State Park Facilities RB Refunding for Mt. Magazine Project Series 2012 (AGM) (AA/NR)
	1,985,000		2.000				01/01/15		1,991,034
	1,720,000		2.000				01/01/16		1,739,281
	1,885,000		3.000				01/01/18		1,964,434
	Arkansas Development Finance Authority State Park Facilities RB Refunding for Mt. Magazine Project Series 2012 (AGM) (AA/NR)
	2,065,000		2.000				01/01/17		2,094,096
	Jefferson County Pollution Control RB Refunding for Entergy Arkansas, Inc. Project Series 2013 (A-/A3)
	3,000,000		1.550				10/01/17		3,020,190
	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		1,567,310


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Arkansas – (continued)
	Springdale Arkansas Sales and Use Tax RB Series 2012 (AA-/NR)
$	660,000		2.000	%		11/01/14	$	660,898
	760,000		2.000			11/01/15		773,148
	845,000		2.000			11/01/16		865,145
	1,915,000		2.000			11/01/17		1,967,011
	1,465,000		2.000			11/01/18		1,502,065
	720,000		2.000			11/01/19		728,006

								18,872,618

	California – 10.6%
	Abag Finance Authority RB for Sharp Health Care Series 2011 A (AA-/A1)
	3,000,000		5.000			08/01/16		3,246,450
	Alameda Corridor Transportation Authority RB Refunding for Capital Appreciation Subordinate Lien Series A (AMBAC) (BBB+/Baa2)^(f)
	12,555,000		0.000			10/01/20		10,798,555
	Anaheim Redevelopment Agency Tax Allocation Refunding for Merged Redevelopment Project Area Series 2007 A (AGM) (AA/A2)
	50,000		5.000			02/01/24		53,519
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (AA/Aa3)^(a)
	10,000,000		0.940			05/01/23		10,007,800
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (AA/Aa1)^(a)
	7,000,000		0.940			05/01/23		7,005,460
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (AA/NR)^(a)
	15,000,000		1.290			04/01/27		15,112,800
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2006 C-2 (AA/Aa3)^(a)
	26,050,000		1.450			08/01/17		26,270,904
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2014 (AA/Aa3)^(a)
	2,000,000		1.500			04/02/18		2,022,900
	Benicia Unified School District GO Bonds Refunding Series 1997 A (NATL-RE FGIC) (AA-/Aa3)^(f)
	1,735,000		0.000			08/01/17		1,661,349
	1,510,000		0.000			08/01/18		1,407,230
	Bonita Canyon Public Facilities Financing Authority Special Tax for Community Facilities District No. 98-1 Series 2012 (NR/NR)
	465,000		3.000			09/01/15		473,960
	650,000		3.000			09/01/16		667,797
	735,000		3.000			09/01/17		757,572
	1,000,000		3.250			09/01/18		1,030,790
	Buena Park Community Redevelopment Agency Tax Allocation for Consolidated Redevelopment Project Series 2008 A (A/Baa3)
	25,000		4.300			09/01/16		25,552


	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	$	987,256
	230,000		5.250			12/01/19		230,522
	California Health Facilities Financing Authority RB for Catholic Healthcare West Series 1996 G (AMBAC) (A/A3)^(d)
	7,500,000		0.091			07/01/23		6,992,272
	California Health Facilities Financing Authority RB for Children’s Hospital Los Angeles Series 2012 B (BBB+/Baa2)^(a)
	8,000,000		1.840			07/01/17		8,058,800
	California Health Facilities Financing Authority RB Refunding for Lucile Salter Packard Children’s Hospital at Stanford Series 2008 B (AA-/Aa3)^(a)
	5,000,000		1.450			03/15/17		5,092,150
	California Health Facilities Financing Authority RB Refunding for St. Joseph Health System Series 2009 C (AA-/A1)^(a)
	5,000,000		5.000			10/16/14		5,007,750
	California Infrastructure & Economic Development Bank RB Refunding for The J. Paul Getty Trust Series 2012 B-2 (AAA/Aaa)^(a)
	14,250,000		0.340			04/01/15		14,250,427
	California Municipal Finance Authority RB for NorthBay Healthcare Group Series 2013 A (BBB-/NR)^(a)
	5,000,000		2.140			11/01/16		5,002,050
	California Municipal Finance Authority RB Refunding for NorthBay Healthcare Group Series 2013 B (BBB-/NR)
	1,700,000		5.000			11/01/16		1,820,530
	3,480,000		5.000			11/01/17		3,800,960
	California Pollution Control Financing Authority PCRB Refunding for U.S.A. Waste Services, Inc. Series 1998 A (AMT) (A-/NR)^(b)
	1,900,000		1.500			06/01/18		1,893,255
	California State Department of Water Resources Power Supply RB Series 2010 M (AA-/Aa2)
	15,585,000		4.000			05/01/16		16,469,137
	California State Public Works Board Lease RB for Various Judicial Council Projects Series 2011 D (A-/A1)
	11,685,000		2.000			12/01/14		11,720,990
	California State Various Purpose GO Bonds Refunding Series 2012 (A/Aa3)
	1,150,000		2.000			09/01/16		1,185,891
	2,055,000		5.000			09/01/19		2,422,023
	Carlsbad Improvement Bonds Refunding Reassessment District No. 2012-1 Series 2013 (NR/NR)
	250,000		2.000			09/02/15		251,652
	400,000		3.000			09/02/17		412,528
	Carson Redevelopment Agency Project Area No. 1 Tax Allocation Refunding Series 2001 (NATL-RE) (AA-/A3)
	275,000		5.500			10/01/15		287,664
	Cerritos Public Financing Authority Tax Allocation Redevelopment Projects Series 2002 A (AMBAC) (A-/WR)
	1,275,000		5.000			11/01/14		1,279,246
	Charter Oak Unified School District GO BANS Series 2012 (SP-1+/NR)
	4,625,000		5.000			10/01/15		4,841,172


50		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)
	Colton Public Financing Authority Tax Allocation Series 1998 A (NATL-RE) (AA-/A3)
$	195,000		5.000	%		08/01/18	$	195,049
	Contra Costa Transportation Authority Sales Tax RB Series 2012 A (AA+/NR)^(a)
	11,000,000		0.474			12/15/15		11,006,490
	Corona Redevelopment Agency Tax Allocation Refunding for Merged Downtown Series 2004 A (NATL-RE FGIC) (AA-/A3)
	500,000		5.000			09/01/16		501,555
	Corona-Norco Unified School District Public Financing Authority Special Tax Refunding Senior Lien Series 2013 A (BBB+/NR)
	500,000		3.000			09/01/16		521,695
	275,000		4.000			09/01/18		302,228
	El Monte City School District GO Bonds BANS for Capital Appreciation Series 2010 (SP-1/A2)^(f)
	13,300,000		0.000			09/01/15		13,247,997
	Fontana Redevelopment Agency Tax Allocation Refunding for Jurupa Hills Redevelopment Project Series 1999 A (A-/NR)
	880,000		5.500			10/01/17		880,845
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 A-1 (BBB/Aa1)
	4,900,000		5.000			06/01/17		5,345,655
	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		15,096,385
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2013 A (A-/A1)
	4,225,000		3.000			06/01/17		4,499,203
	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		1,311,398
	1,250,000		4.000			09/02/18		1,362,863
	1,900,000		4.000			09/02/19		2,079,778
	Irvine City Limited Obligation Improvement Bond Reassessment District No. 13-1 Series 2013 (BBB-/NR)
	480,000		2.000			09/02/15		484,224
	625,000		2.000			09/02/17		639,275
	Irvine City Limited Obligation Improvement Bond Series 2011 (BBB+/NR)
	300,000		3.000			09/02/15		306,300
	500,000		3.000			09/02/16		514,765
	400,000		3.250			09/02/17		412,472
	750,000		3.625			09/02/18		776,918
	Irvine Public Facilities & Infrastructure Authority Assessment RB Series 2012 A (BBB+/NR)
	635,000		3.000			09/02/15		636,702
	1,285,000		3.000			09/02/16		1,286,876
	1,325,000		3.000			09/02/17		1,324,616
	600,000		3.000			09/02/18		600,870
	Lake Elsinore School Financing Authority RB Refunding Series 2012 (NR/NR)
	1,370,000		2.000			09/01/15		1,374,192


	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Lammersville Joint Unified School District Special Tax for Community Facilities District No. 2002 Series 2013 (NR/NR)
$	750,000		2.000	%		09/01/15	$	750,195
	Long Beach California Harbor Revenue Short-Term Notes Series 2014 C (AA/NR)
	20,000,000		5.000			11/15/18		23,332,800
	Los Alamitos Unified School District GO Bonds for School Facilities Improvement District No. 1 Series 2011 (ETM) (SP-1+/Aa2)^(e)(f)
	1,750,000		0.000			09/01/16		1,735,685
	Los Angeles California Department of Water and Power System RB Series 2012 C (AA-/Aa3)
	1,300,000		3.000			01/01/16		1,336,933
	Los Angeles Community Redevelopment Agency Tax Allocation for Hollywood Redevelopment Project Series 1998 C (NATL-RE) (AA-/A3)
	540,000		5.500			07/01/17		563,819
	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		11,219,100
	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		1,718,055
	Los Angeles Unified School District Series 2004 F (FGIC) (AA-/Aa2)
	455,000		5.000			07/01/17		491,678
	Los Angeles Unified School District Series 2004 F (FGIC) (NR/NR)^(e)
	1,350,000		5.000			07/01/16		1,459,566
	Manteca Unified School District Special Tax Community Facilities District No. 1989-2 Series 2013 B (AGM) (AA/A2)
	365,000		3.000			09/01/15		373,859
	410,000		3.000			09/01/16		428,987
	275,000		4.000			09/01/17		294,508
	Metropolitan Water District of Southern California Water RB Refunding Series 2012 B-1 (AAA/Aa1)^(a)
	24,640,000		0.390			05/01/15		24,644,189
	Metropolitan Water District of Southern California Water RB Refunding Series 2012 B-2 (AAA/Aa1)^(a)
	3,940,000		0.390			05/01/15		3,940,670
	Milpitas California Redevelopment Agency Tax Allocation for Redevelopment Project Area No. 1 Series 2003 (NATL-RE) (AA-/A3)
	1,300,000		5.250			09/01/17		1,303,510
	Miramar Ranch North California Special Tax Refunding for Community Facilities District No. 1 Series 2012 (A/NR)
	1,000,000		3.000			09/01/16		1,028,720
	1,895,000		4.000			09/01/17		2,006,597
	3,080,000		4.000			09/01/19		3,265,847
	Modesto Irrigation District RB for Electric System Series 2011 A (A+/A2)
	1,000,000		5.000			07/01/17		1,119,870
	Monterey Peninsula Unified School District GO BANS Series 2012 (NR/MIG1)
	4,250,000		2.500			11/01/15		4,354,720


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Mountain View California Shoreline Regional Park Community Tax Allocation Series 2011 A (A/NR)
$	570,000		4.000	%		08/01/15	$	582,620
	300,000		4.000			08/01/16		316,146
	225,000		4.000			08/01/17		241,614
	350,000		5.000			08/01/18		393,729
	Murrieta Public Financing Authority Special Tax RB Refunding Series 2012 (BBB-/NR)
	1,965,000		5.000			09/01/18		2,183,331
	1,000,000		5.000			09/01/19		1,121,720
	Natomas Unified School District GO Bonds Refunding Series 2012 (AGM) (AA/A2)
	620,000		3.000			09/01/15		635,047
	890,000		3.000			09/01/16		931,216
	Natomas Unified School District GO Bonds Refunding Series 2013 (BAM) (AA/A2)
	410,000		3.000			09/01/18		435,846
	730,000		4.000			09/01/20		811,008
	650,000		4.000			09/01/21		723,301
	Northern California Power Agency Capital Facilities RB Refunding Series 2010 A (A-/A2)
	1,705,000		3.000			08/01/15		1,743,601
	Oxnard Community Development Commission Tax Allocation for HERO Project Area Series 2008 (AGM) (AA/A2)
	120,000		5.000			09/01/16		128,849
	Palm Desert Financing Authority RB Tax Allocation for Project Area No. 1 As Amended Series 2006 A (NATL-RE) (AA-/A3)
	700,000		5.250			04/01/20		736,834
	Palm Desert Financing Authority RB Tax Allocation for Project Area No. 1 As Amended Series 2007 A (NATL-RE) (AA-/A3)
	100,000		5.000			04/01/16		103,854
	Palm Desert Financing Authority Tax Allocation RB Refunding for Housing Set-Aside Series 2007 (NATL-RE) (NR/A3)
	100,000		5.000			10/01/20		104,229
	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		396,338
	Pinole Redevelopment Agency Tax Allocation for Vista Redevelopment Project 3rd Subordinated Series 2004 A (AMBAC) (A-/WR)
	100,000		4.500			08/01/18		100,107
	Port of Oakland RB Refunding Intermediate Lien Series 2007 B (NATL-RE) (AA-/A3)
	400,000		5.000			11/01/15		420,436
	Poway Redevelopment Agency Tax Allocation for Paguay Redevelopment Project Series 2003 A (NATL-RE) (AA-/A3)
	1,845,000		5.250			06/15/18		1,848,708
	Rancho Cucamonga Redevelopment Agency Set Aside Allocation for Rancho Redevelopment Housing Series 2007 A (NATL-RE) (AA-/A3)
	150,000		5.500			09/01/17		162,732
	Roseville Finance Authority Special Tax Revenue Refunding Bonds Series 2012 (A/NR)
	1,855,000		3.000			09/01/17		1,965,577


	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Sacramento City Schools Joint Powers Financing Authority Lease RB Refunding Series 2014 A (BAM) (AA/NR)
$	1,065,000		4.000	%		03/01/17	$	1,136,962
	1,000,000		4.000			03/01/18		1,084,560
	Sacramento County Regional Transit District Farebox RB Series 2012 (A/A2)
	1,000,000		3.000			03/01/15		1,011,080
	500,000		4.000			03/01/16		523,200
	530,000		4.000			03/01/17		570,418
	250,000		5.000			03/01/18		282,822
	730,000		5.000			03/01/19		842,369
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)^(d)
	40,220,000		0.687			12/01/35		36,720,860
	Salida Area Public Facilities Financing Agency Community Facilities District No. 1988-1 Special Tax Bonds Series 2011 (AGM) (AA/NR)
	715,000		3.000			09/01/15		725,775
	1,470,000		3.000			09/01/16		1,505,765
	1,515,000		3.000			09/01/17		1,554,163
	1,310,000		3.000			09/01/18		1,336,213
	San Bernardino City Unified School District GO Bonds Refunding Series 2013 A (A/A2)
	300,000		3.000			08/01/15		306,615
	800,000		5.000			08/01/18		916,296
	San Bernardino City Unified School District GO Bonds Refunding Series 2013 A (AGM) (AA/A2)
	150,000		5.000			08/01/19		174,968
	San Diego Redevelopment Agency Tax Allocation for Centre City Redevelopment Series 2006 A (AMBAC) (AA-/Baa3)
	1,450,000		5.250			09/01/21		1,532,577
	665,000		5.250			09/01/23		697,000
	San Diego Redevelopment Agency Tax Allocation for Centre City Series 2004 A (XLCA) (A/Baa3)
	115,000		5.250			09/01/15		115,319
	150,000		5.250			09/01/16		150,396
	300,000		5.000			09/01/17		300,750
	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		4,956,856
	San Francisco City & County GO Bonds for Clean & Safe Neighborhood Parks Series 2012 B (AA+/Aa1)
	2,750,000		4.000			06/15/19		3,118,335
	San Francisco City & County Public Utilities Commission RB Refunding Series 2013 A (AA-/Aa3)
	4,650,000		3.000			10/01/16		4,899,473
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for San Francisco Redevelopment Project Series 2003 B (NATL-RE FGIC) (AA-/A3)
	250,000		5.250			08/01/17		250,280
	San Jacinto Redevelopment Agency Tax Allocation for Redevelopment Project Area Series 2005 (XLCA) (A-/WR)
	160,000		3.900			08/01/17		161,398


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)
	California – (continued)
	San Juan Unified School District Election of 2012 GO Bonds Series 2014 B (NR/Aa2)
$	4,405,000		1.000	%		08/01/16	$	4,455,481
	11,105,000		2.000			08/01/17		11,502,115
	2,000,000		3.000			08/01/19		2,159,560
	San Marcos Public Financing Authority Special Tax RB Refunding Series 2012 (A-/NR)
	930,000		1.750			09/01/15		939,532
	620,000		2.000			09/01/16		635,395
	1,260,000		2.250			09/01/17		1,305,070
	1,000,000		4.000			09/01/19		1,110,410
	San Mateo Union High School District GO BANS Series 2012 (ETM) (SP-1+/NR)^(e)(f)
	5,000,000		0.000			02/15/15		4,996,900
	San Mateo Union High School District GO Bonds Anticipation Notes Series 2011 (ETM) (SP-1+/NR)^(e)(f)
	4,500,000		0.000			02/15/15		4,497,210
	San Ramon Valley Unified School District GO Bonds Series 1998 A (NATL-RE FGIC) (AA/Aa1)^(f)
	2,000,000		0.000			07/01/18		1,898,200
	Simi Valley Community Development Agency Tax Allocation Refunding for Tapo Canyon and West End Project Series 2003 (NATL-RE FGIC) (AA-/A3)
	600,000		5.250			09/01/18		601,572
	Stockton Unified School District GO Bonds Refunding Series 2012 (A+/A2)
	1,000,000		3.000			07/01/15		1,019,910
	Stockton Unified School District GO Bonds Refunding Series 2012 (AGM) (AA/A2)
	400,000		4.000			07/01/17		432,400
	1,090,000		5.000			07/01/19		1,258,645
	Temecula Public Financing Authority for Wolf Creek Community Facilities District 03-03 Series 2012 Special Tax Refunding Bonds (NR/NR)
	830,000		2.000			09/01/15		832,391
	825,000		3.000			09/01/16		843,818
	600,000		3.000			09/01/17		618,942
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (B+/B3)
	1,220,000		4.750			06/01/23		1,206,287
	Ukiah Unified School District GO Bonds Series 1997 (NATL-RE FGIC) (AA-/A1)^(f)
	2,000,000		0.000			08/01/16		1,963,500
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C (NATL-RE) (AA-/Aa3)^(d)
	3,500,000		0.767			05/15/30		3,163,300
	Upland Community Redevelopment Agency Tax Allocation Refunding Series 2013 (AGM) (AA/A2)
	1,805,000		2.000			09/01/15		1,832,400
	Western Riverside Water and Wastewater Financing Authority Local Agency RB Refunding Series 2013 A-1 (BBB+/NR)
	265,000		4.000			09/01/16		281,361
	525,000		4.000			09/01/17		568,496

								451,710,760


	State-Specific Municipal Debt Obligations – (continued)
	Colorado – 0.5%
	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	$	2,338,941
	4,030,000		4.000			12/01/16		4,324,633
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series B (BBB/NR)^(d)
	9,000,000		1.257			12/01/33		7,920,540
	Jefferson County School District No. R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (AA-/Aa2)
	1,750,000		3.000			12/15/16		1,843,625
	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		1,037,190
	Plaza Metropolitan District No. 1 Tax Allocation Refunding Series 2013 (NR/NR)^(b)
	2,000,000		2.000			12/01/14		2,004,320
	1,935,000		4.000			12/01/15		1,982,756
	1,000,000		4.000			12/01/16		1,039,270

								22,491,275

	Connecticut – 1.7%
	Connecticut State GO Bonds Refunding Series 2006 E (AA/Aa3)
	5,250,000		5.000			12/15/17		5,783,295
	Connecticut State GO Bonds Series 2013 A (AA/Aa3)^(d)
	4,500,000		0.180			03/01/15		4,501,800
	2,000,000		0.270			03/01/16		2,000,760
	3,000,000		0.380			03/01/17		3,007,140
	2,000,000		0.460			03/01/18		2,010,980
	Connecticut State GO Bonds Series 2013 C (AA/Aa3)
	7,555,000		5.000			07/15/19		8,854,838
	Connecticut State Health & Educational Facilities Authority RB for Sacred Heart University Series 2012 H (AGM) (AA/A2)
	1,695,000		4.000			07/01/15		1,730,036
	1,830,000		4.000			07/01/16		1,923,696
	1,000,000		2.000			07/01/17		1,004,790
	1,260,000		4.000			07/01/18		1,340,589
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2010 A-4 (AAA/Aaa)^(a)
	19,345,000		5.000			02/12/15		19,688,761
	New Haven GO Bonds Refunding Series 2012 A (BBB+/A3)
	4,090,000		5.000			11/01/16		4,419,368
	Town of Hamden GO Refunding Bonds Series 2013 (A/A3)
	1,685,000		5.000			08/15/18		1,881,488
	2,000,000		5.000			08/15/19		2,262,000
	Trumbull GO Bonds Series 2012 (AA+/Aa2)
	820,000		2.000			09/01/15		833,809
	1,070,000		2.000			09/01/16		1,102,977
	University of Connecticut GO Bonds Refunding Series 2011 A (GO OF UNIV) (AA/Aa3)
	2,415,000		5.000			02/15/15		2,458,373
	4,730,000		4.000			02/15/16		4,967,162


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, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

	State-Specific Municipal Debt Obligations – (continued)
	Connecticut – (continued)
	West Haven GO Refunding Bonds Series 2012 (AGM) (AA/A2)
$	555,000		3.000	%		08/01/15		$	565,284
	2,000,000		4.000			08/01/17	��		2,151,160
	2,100,000		4.000			08/01/18			2,285,556

									74,773,862

	Delaware – 0.4%
	Delaware Municipal Electric Corp. RB Series 2011 (A/A2)
	1,215,000		4.000			07/01/15			1,241,037
	Delaware Transportation Authority Transportation System Senior RB Refunding Series 2010 A (AA+/Aa2)
	1,900,000		5.000			07/01/19			2,231,987
	Sussex County Delaware GO Bonds Refunding Series 2012 A (AA+/Aa1)
	865,000		3.000			09/15/17			913,354
	Sussex County Delaware GO Bonds Refunding Series 2012 B (AA+/Aa1)
	1,435,000		4.000			09/15/17			1,558,955
	University of Delaware RB Series 2013 A (AA+/Aa1)
	2,945,000		3.000			11/01/15			3,034,705
	3,025,000		3.000			11/01/16			3,177,248
	4,265,000		3.000			11/01/17			4,540,263

									16,697,549

	District of Columbia – 0.1%
	District of Columbia GO Bonds Series 2004 A (AGM) (AA/Aa2)^(e)
	3,000,000		5.000			06/01/15			3,095,490

	Florida – 5.2%
	Atlantic Beach Health Care Facilities RB Refunding for Fleet Landing Project Series 2013 A (BBB/NR)
	250,000		2.000			11/15/14			250,040
	350,000		3.000			11/15/15			352,296
	300,000		3.000			11/15/16			301,650
	970,000		4.000			11/15/18			1,015,328
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	175,000		2.125			11/01/14			175,058
	175,000		2.250			11/01/15			175,425
	180,000		2.500			11/01/16			180,688
	185,000		2.750			11/01/17			187,018
	190,000		3.000			11/01/18			192,331
	195,000		3.250			11/01/19			199,124
	Citizens Property Insurance Corp. Senior Secured RB for High Risk Account Series 2007 A (NATL-RE) (AA-/A2)
	6,235,000		5.000			03/01/17			6,873,277
	Citizens Property Insurance Corp. Senior Secured RB for High Risk Account Series 2010 A-1 (A+/A2)
	2,800,000		5.000			06/01/15			2,887,780
	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			28,993,140


	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
$	885,000		5.000	%		05/01/15		$	902,815
	615,000		5.000			05/01/17			661,955
	1,375,000		5.000			05/01/18			1,505,309
	1,890,000		5.000			05/01/19			2,098,410
	Double Branch Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A-/NR)
	250,000		1.875			05/01/16			247,595
	500,000		2.125			05/01/17			494,235
	250,000		2.400			05/01/18			244,613
	250,000		2.700			05/01/19			245,550
	250,000		3.000			05/01/20			242,845
	Escambia County Florida Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (BBB+/A3)
	2,365,000		5.000			08/15/15			2,441,390
	Fishhawk Community Development District II Special Assessment Refunding Series 2013 A (A-/NR)
	355,000		1.800			05/01/16			353,683
	360,000		2.100			05/01/17			359,010
	Florida Higher Educational Facilities Financing Authority RB for Nova Southeastern University Project Series 2012 A (BBB/Baa1)
	150,000		4.000			04/01/15			152,454
	825,000		3.000			04/01/17			860,145
	500,000		5.000			04/01/18			557,010
	500,000		5.000			04/01/19			563,940
	Florida Hurricane Catastrophe Fund Finance Corp. RB Series 2010 A (ETM) (AA-/Aa3)^(e)
	20,550,000		5.000			07/01/15			21,286,512
	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			30,366,441
	Florida State Municipal Power Agency RB for St. Lucie Project Series 2009 A (A/A2)
	2,985,000		5.000			10/01/14			2,985,000
	Florida State Municipal Power Agency RB for Stanton II Project Series 2009 A (A+/A1)
	250,000		4.000			10/01/14			250,000
	Florida State Municipal Power Agency RB for Stanton Project Series 2009 A (A+/A1)
	890,000		5.000			10/01/14			890,000
	Florida State Municipal Power Agency RB for Tri-City Project Series 2009 A (A+/A2)
	290,000		3.000			10/01/14			290,000
	Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-1 (AMBAC) (A/A2)^(d)
	675,000		0.091			10/01/21			626,792
	Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-2 (AMBAC) (A/A2)^(d)
	5,325,000		0.138			10/01/21			4,944,714
	Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-3 (AMBAC) (A/A2)^(d)
	100,000		0.091			10/01/21			92,858


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)
	Florida – (continued)
	Highlands County Florida Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2009 E (AA-/Aa2)
$	1,000,000		5.000	%		11/15/15	$	1,053,740
	Island at Doral Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	345,000		1.750			05/01/15		343,465
	Jacksonville Florida Special RB Series 2010 B-1 (ETM) (AA-/Aa3)^(e)
	4,415,000		5.000			10/01/14		4,415,000
	Lakeland Hospital RB for Lakeland Regional Health System Series 2011 (NR/A2)
	5,020,000		5.000			11/15/16		5,424,060
	6,315,000		5.000			11/15/17		6,989,505
	6,250,000		5.000			11/15/18		6,937,625
	Leon County School District Sales Tax RB Series 2014 (AA/Aa3)
	2,000,000		3.000			09/01/15		2,051,320
	Manatee County Florida Public Utilities RB Refunding Series 2011 (AA+/Aa2)
	1,180,000		4.000			10/01/16		1,260,641
	Mediterra South Community Development District Capital Improvement RB Refunding Series 2012 (BBB+/NR)
	255,000		3.100			05/01/15		255,535
	265,000		3.400			05/01/16		266,333
	275,000		3.600			05/01/17		277,967
	285,000		3.800			05/01/18		289,190
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center Series 2012 (BBB/Baa1)
	1,750,000		4.000			11/15/17		1,909,005
	2,220,000		4.000			11/15/18		2,448,216
	Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (BBB+/A3)^(b)
	2,150,000		3.000			03/01/16		2,197,279
	2,210,000		4.000			03/01/17		2,350,622
	2,300,000		4.000			03/01/18		2,495,293
	2,390,000		5.000			03/01/19		2,710,714
	2,510,000		5.000			03/01/20		2,868,001
	2,635,000		5.000			03/01/21		3,067,035
	2,770,000		5.000			03/01/22		3,177,245
	Miami Special Obligation Refunding Series 2011 A (AGM) (AA/A2)
	830,000		5.000			02/01/17		912,461
	Miami-Dade County School Board COPS Series 2011 B (A/A1)^(a)
	3,000,000		5.000			05/01/16		3,213,870
	Miami-Dade County School Board COPS Series 2012 A (A/A1)^(a)
	7,595,000		5.000			08/01/16		8,109,030
	Miami-Dade County Special Obligation RB Refunding Series 2012 A (A+/A2)
	1,675,000		3.000			10/01/14		1,675,000
	500,000		4.000			10/01/15		518,100


	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR)
$	580,000		5.000	%		04/01/15	$	590,109
	1,130,000		4.000			04/01/16		1,168,703
	1,180,000		5.000			04/01/17		1,273,208
	1,245,000		5.000			04/01/18		1,366,923
	Osceola County School Board COPS Series 2013 A (A/Aa3)
	1,000,000		4.000			06/01/16		1,059,020
	500,000		4.000			06/01/17		539,425
	Palm Beach County Health Facilities Authority Hospital RB Refunding for Jupiter Medical Center, Inc. Project Series 2013 A (BBB+/Baa2)
	350,000		4.000			11/01/14		350,777
	400,000		4.000			11/01/15		410,780
	370,000		4.000			11/01/16		387,915
	720,000		4.000			11/01/17		770,119
	630,000		4.000			11/01/18		682,700
	Palm Beach County School Board COPS Refunding Series 2005 A (AGM) (AA/Aa3)
	2,085,000		5.000			08/01/17		2,162,916
	Palm Beach County School Board COPS Refunding Series 2011 A (AA-/Aa3)^(a)
	3,650,000		5.000			08/01/16		3,945,650
	Parklands Lee Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A-/NR)
	125,000		1.750			05/01/15		125,114
	135,000		2.000			05/01/16		135,020
	130,000		2.125			05/01/17		130,048
	135,000		2.250			05/01/18		134,355
	140,000		2.875			05/01/19		136,616
	Polk County Florida RB Refunding for Capital Improvement Series 2010 (AA/A1)
	1,000,000		3.000			12/01/15		1,031,030
	Portofino Isles Community Development District Special Assessment Refunding Series 2013 (BBB-/NR)
	210,000		1.750			05/01/15		209,855
	215,000		2.000			05/01/16		214,467
	220,000		2.250			05/01/17		219,780
	225,000		2.625			05/01/18		224,883
	230,000		3.000			05/01/19		231,764
	Sarasota County School Board COPS for Master Lease Program Series 2010 B (AA-/Aa3)
	1,400,000		3.000			07/01/15		1,428,938
	Sausalito Bay Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	85,000		1.625			05/01/15		84,929
	90,000		1.875			05/01/16		89,743
	90,000		2.125			05/01/17		89,853
	95,000		2.500			05/01/18		94,838
	90,000		2.750			05/01/19		90,038
	100,000		3.000			05/01/20		99,744
	South Florida Water Management District Leasing Corp. COPS Series 2006 (AMBAC) (AA/Aa3)
	12,375,000		5.000			10/01/17		13,504,714


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, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB-/NR)
$	295,000		3.250	%		05/01/15	$	295,905
	305,000		3.500			05/01/16		307,333
	320,000		3.750			05/01/17		325,667
	330,000		4.000			05/01/18		339,303
	345,000		4.125			05/01/19		356,996
	375,000		4.375			05/01/21		384,360
	390,000		4.500			05/01/22		401,856
	Spicewood Community Development District Special Assessment Refunding Series 2013 (BBB/NR)
	105,000		1.875			05/01/15		104,856
	105,000		2.125			05/01/16		104,603
	110,000		2.250			05/01/17		109,589
	110,000		2.500			05/01/18		109,514
	115,000		2.875			05/01/19		115,662
	Tampa Tax Allocation RB Refunding Cigarette – H. Lee Moffitt Cancer Center Series 2012 A (A+/A1)
	400,000		3.000			09/01/15		409,892
	560,000		3.000			09/01/16		586,482
	425,000		4.000			09/01/17		462,256
	Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	100,000		2.250			05/01/15		100,063
	105,000		2.500			05/01/16		105,834
	105,000		2.750			05/01/17		105,650
	110,000		3.000			05/01/18		110,817
	110,000		3.250			05/01/19		111,543
	115,000		3.500			05/01/20		116,278
	115,000		3.750			05/01/21		115,130
	125,000		3.875			05/01/22		125,609
	125,000		4.000			05/01/23		125,991
	135,000		4.125			05/01/24		136,442
	140,000		4.150			05/01/25		141,358
	145,000		4.250			05/01/26		147,250
	Venetian Isles Community Development District Special Assessment RB Refunding Series 2013 (A+/NR)
	215,000		1.750			05/01/15		215,159
	220,000		2.000			05/01/16		220,066
	225,000		2.125			05/01/17		224,298
	230,000		2.500			05/01/18		226,730
	235,000		2.875			05/01/19		229,710
	240,000		3.000			05/01/20		232,896
	Village Community Development District No. 5 Special Assessment Refunding Phase I Series 2013 (A/NR)
	535,000		3.000			05/01/15		538,852
	555,000		3.000			05/01/16		563,658
	Wyndam Park Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	85,000		1.750			05/01/15		84,927
	90,000		2.000			05/01/16		89,694
	90,000		2.125			05/01/17		89,786
	95,000		2.250			05/01/18		94,739
	95,000		2.875			05/01/19		95,019

								224,408,430


	State-Specific Municipal Debt Obligations – (continued)
	Georgia – 2.6%
	Burke County Development Authority Pollution Control RB for Georgia Transmission Corporation Vogtle Project Series 2012 (AA-/A1)^(a)
$	6,000,000		1.250	%		05/01/15	$	6,020,700
	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		1,611,350
	Cobb County Kennestone Hospital Authority RB Refunding Anticipation Certificates Series 2012 (AA-/Aa3)
	825,000		3.000			04/01/15		836,575
	1,045,000		4.000			04/01/16		1,101,806
	790,000		4.000			04/01/17		849,463
	Cobb County-Marietta Water Authority RB Series 2009 (AAA/Aaa)
	2,850,000		5.000			11/01/14		2,861,571
	Colquitt County School District Sales Tax GO Bonds Series 2013 (ST AID WITHHLDG) (NR/Aa1)
	1,650,000		4.000			01/01/17		1,767,579
	DeKalb County Water and Sewerage RB Second Resolution Series 2011 A (A+/Aa3)
	200,000		2.000			10/01/14		200,000
	1,500,000		5.000			10/01/16		1,633,470
	Dougherty County School District Sales Tax GO Bonds for Georgia State Aid Intercept Program Series 2013 (ST AID WITHHLDG) (NR/Aa1)
	2,055,000		5.000			12/01/17		2,328,007
	Douglas County School District GO Bonds Refunding Series 2012 (ST AID WITHHLDG) (AA+/Aa2)
	2,985,000		4.000			04/01/17		3,228,158
	Fulton County Development Authority RB Refunding for Spelman College Series 2012 (NR/A1)
	1,010,000		4.000			06/01/18		1,087,255
	Gainesville Georgia School District GO Bonds Series 2011 (ST AID WITHHLDG) (AA+/NR)
	2,595,000		3.000			12/01/14		2,607,430
	2,500,000		4.000			12/01/15		2,610,725
	Georgia State GO Bonds Refunding Series 2005 B (AAA/Aaa)
	7,950,000		5.000			07/01/17		8,234,928
	Georgia State GO Bonds Refunding Series 2011 E-2 (AAA/Aaa)
	9,325,000		4.000			09/01/16		9,970,850
	11,495,000		4.000			09/01/17		12,621,165
	Gwinnett County School District Sales Tax GO Bonds Series 2012 A (AAA/Aaa)
	15,765,000		4.500			10/01/17		17,581,916
	Henry County School District GO Bonds Series 2012 (ST AID WITHHLDG) (AA+/Aa1)
	4,000,000		2.000			12/01/15		4,083,440
	Jackson County School District GO Bonds Refunding Series 2012 (ST AID WITHHLDG) (AA+/Aa2)
	3,030,000		5.000			03/01/17		3,344,029
	4,215,000		5.000			03/01/18		4,785,079
	Metropolitan Atlanta Rapid Transit Authority RB Series 2000 A (AAA/Aa2)^(a)
	7,700,000		0.340			07/01/17		7,700,000


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)
	Georgia – (continued)
	Public Gas Partners, Inc. RB Series 2009 A (A+/A3)
$	6,130,000		5.000	%		10/01/15	$	6,396,410
	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		2,721,925
	2,000,000		3.000			10/01/17		2,127,480
	Thomas County School District Sales Tax GO Bonds Series 2012 (ST AID WITHHLDG) (AA+/NR)
	2,655,000		4.000			03/01/17		2,865,435

								111,176,746

	Hawaii – 0.1%
	Hawaii State GO Bonds Refunding Series 2003 DT (AA/Aa2)
	4,000,000		4.000			11/01/14		4,012,880
	Honolulu City and County Wastewater System RB Senior First Bond Resolution Series 2012 A (AA/Aa2)
	2,400,000		2.000			07/01/17		2,483,328

								6,496,208

	Idaho – 0.1%
	Boise City Independent School District GO Bonds Refunding Series 2012 B (AA/Aa1)
	1,000,000		3.000			08/01/17		1,065,730
	2,095,000		4.000			08/01/18		2,337,957
	Kootenai County School District No. 271 GO Bonds Series 2012 A (SCH BD GTY) (NR/Aa1)
	1,960,000		2.000			09/15/16		2,020,074

								5,423,761

	Illinois – 7.6%
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE FGIC) (AA-/A3)^(f)
	8,990,000		0.000			12/01/16		8,721,109
	Chicago Illinois Board of Education GO Bonds Refunding Capital Appreciation for School Reform Series 1999 A (NATL-RE FGIC) (AA-/A3)^(f)
	2,500,000		0.000			12/01/15		2,473,200
	8,435,000		0.000			12/01/16		8,182,709
	Chicago Illinois GO Bonds Refunding Series 2005 A (ETM) (AGM) (AA/A2)^(e)
	5,000,000		5.000			01/01/15		5,059,000
	Chicago Illinois GO Bonds Refunding Series 2012 C (A+/Baa1)
	4,610,000		5.000			01/01/22		5,024,255
	Chicago Illinois GO Bonds Series 2010 A (A+/Baa1)
	2,500,000		5.000			12/01/16		2,677,575
	Chicago Illinois Midway Airport Second Lien RB Refunding Series 2014 B (A-/A3)
	400,000		5.000			01/01/19		459,132
	Chicago Illinois Midway Airport Second Lien RB Series 2010 B (A-/A3)^(e)
	4,120,000		5.000			01/01/15		4,168,616
	Chicago Illinois O’Hare International Airport RB Series 2008 A (AGM) (AA/A2)
	6,275,000		5.000			01/01/15		6,346,660


	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Chicago Illinois Public Building Commission RB Refunding Series 2006 (AMBAC) (A+/A2)
$	1,000,000		5.000	%		03/01/15	$	1,017,240
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (AA-/A3)
	550,000		4.000			11/01/16		587,961
	Cook County Illinois GO Refunding Bonds Series 2012 C (AA/A1)
	1,500,000		5.000			11/15/19		1,717,005
	1,000,000		4.000			11/15/20		1,081,030
	Glenview GO Refunding Bonds Series 2012 B (NR/Aaa)
	1,245,000		4.000			12/01/16		1,331,017
	1,295,000		4.000			12/01/17		1,411,770
	1,365,000		4.000			12/01/18		1,510,291
	Glenview GO Refunding Bonds Series 2012 C (NR/Aaa)
	1,365,000		2.000			12/01/14		1,369,204
	1,440,000		2.000			12/01/15		1,468,008
	1,650,000		3.000			12/01/17		1,745,007
	Illinois Educational Facilities Authority RB for University of Chicago Series 2001 B-2 (AA/Aa2)^(a)
	2,000,000		1.875			02/12/15		2,011,840
	Illinois Finance Authority RB Refunding for Resurrection Health Care Corp. Series 2009 (BBB+/Baa2)
	4,400,000		5.250			05/15/15		4,496,976
	Illinois GO Bonds Series 2005 (AGM) (AA/A2)
	1,095,000		4.250			09/01/18		1,124,258
	Illinois State Build Illinois Sales Tax RB Series 2011 (AAA/NR)
	2,385,000		4.000			06/15/17		2,599,817
	Illinois State GO Bonds First Series 2001 (AGM) (AA/A2)
	1,900,000		5.500			05/01/15		1,955,062
	Illinois State GO Bonds Refunding Series 2006 (A-/A3)
	7,750,000		5.000			01/01/15		7,835,018
	Illinois State GO Bonds Refunding Series 2007 B (A-/A3)
	1,000,000		5.000			01/01/16		1,048,560
	Illinois State GO Bonds Refunding Series 2009 A (A-/A3)
	16,000,000		4.000			09/01/20		16,760,800
	Illinois State GO Bonds Refunding Series 2010 (A-/A3)
	7,305,000		5.000			01/01/17		7,907,589
	12,340,000		5.000			01/01/18		13,595,101
	15,990,000		5.000			01/01/20		17,784,878
	Illinois State GO Bonds Refunding Series 2010 (AGM) (AA/A2)
	3,550,000		5.000			01/01/16		3,724,660
	Illinois State GO Bonds Refunding Series 2010 (AGM) (AA/A2)
	6,725,000		5.000			01/01/15		6,799,648
	Illinois State GO Bonds Refunding Series 2012 (A-/A3)
	5,400,000		5.000			08/01/15		5,598,612
	6,250,000		5.000			08/01/16		6,682,687
	7,295,000		5.000			08/01/19		8,136,916
	Illinois State GO Bonds Series 2002 (NATL-RE) (AA-/A3)
	2,710,000		5.500			08/01/15		2,820,839
	Illinois State GO Bonds Series 2003 A (A-/A3)
	7,525,000		5.000			10/01/16		7,551,789
	Illinois State GO Bonds Series 2012 (A-/A3)
	14,360,000		4.000			01/01/19		15,287,512
	Illinois State GO Bonds Series 2012 A (A-/A3)
	10,085,000		3.000			01/01/18		10,477,508


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, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Illinois State GO Bonds Series 2013 (A-/A3)
$	9,070,000		5.000	%		07/01/17	$	9,953,690
	Illinois State GO Bonds Series 2013 A (A-/A3)
	1,750,000		5.000			04/01/17		1,907,518
	Illinois State GO Bonds Series 2014 (A-/A3)
	4,490,000		5.000			04/01/17		4,894,145
	Illinois Unemployment Insurance Fund Building Receipts RB Series 2012 A (AA/NR)
	6,500,000		5.000			06/15/16		7,011,810
	Illinois Unemployment Insurance Fund Building Receipts RB Series 2012 B (AA/NR)
	7,500,000		5.000			12/15/17		8,227,050
	11,980,000		5.000			06/15/18		13,135,711
	McHenry and Lake County Community Highschool No. 156 GO Bonds Refunding Series 2013 (NR/Aa2)
	2,245,000		3.000			02/01/17		2,331,163
	2,690,000		3.000			02/01/18		2,816,887
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 1994 (NATL-RE) (AAA/A3)^(f)
	3,000,000		0.000			06/15/15		2,978,700
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000		3.000			10/01/17		858,388
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (A/NR)
	5,030,000		5.000			06/01/15		5,178,133
	11,350,000		4.125			06/01/16		11,942,357
	4,000,000		5.000			06/01/16		4,266,320
	10,000,000		5.000			06/01/17		11,025,400
	Regional Transportation Authority Illinois Refunding Series 2011 A (AGM) (GO OF AUTH) (AA/Aa3)
	13,420,000		5.000			06/01/16		14,387,448
	13,545,000		5.000			06/01/17		15,062,582
	Springfield Electric RB Senior Lien Series 2007 (NATL-RE) (AA-/A3)
	7,500,000		5.000			03/01/19		8,154,675

								324,682,836

	Indiana – 0.9%
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2008 (A/A2)^(a)
	15,000,000		1.850			10/01/19		15,000,000
	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		1,209,178
	4,535,000		5.625			08/01/18		5,208,176
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2012 A (A/A2)
	520,000		5.000			05/01/17		570,284
	855,000		5.000			05/01/20		988,748
	Indiana Finance Authority Hospital RB for University Health Obligated Group Series 2011 N (AA-/Aa3)
	2,000,000		4.000			03/01/15		2,031,640


	State-Specific Municipal Debt Obligations – (continued)
	Indiana – (continued)
	Indiana Health Facility Financing Authority RB for Ascension Health Credit Group Series 2001 A-2 (AA+/Aa2)^(a)
$	4,590,000		1.600	%		02/01/17	$	4,673,446
	Indiana Health Facility Financing Authority RB for Ascension Health Subordinate Credit Group Residual I Series 2010-3224 (AA/NR)^(b)(c)
	850,000		30.046			11/01/27		1,268,829
	Indiana State Finance Authority RB for Community Foundation of Northwest Indiana Obligated Group Series 2012 (A-/NR)
	800,000		5.000			03/01/18		892,760
	500,000		5.000			03/01/19		565,505
	650,000		5.000			03/01/20		739,154
	Indianapolis Thermal Energy System First Lien RB Refunding Series 2010 B (AGM) (AA/A2)
	3,905,000		5.000			10/01/15		4,086,309

								37,234,029

	Iowa – 0.2%
	Iowa Finance Authority Health Facilities RB for Mercy Medical Center Projects Series 2012 (A+/A2)
	400,000		4.000			08/15/15		410,888
	440,000		4.000			08/15/16		463,421
	1,400,000		4.000			08/15/17		1,509,298
	Iowa Finance Authority State Revolving Fund RB Series 2013 (AAA/Aaa)
	1,000,000		1.500			08/01/16		1,020,560
	1,000,000		5.000			08/01/18		1,152,280
	Iowa State University of Science and Technology RB Refunding for Memorial Union Series 2013 (AA/Aa2)
	1,040,000		1.500			07/01/16		1,060,228
	1,055,000		1.500			07/01/17		1,080,510
	State University of Iowa Athletic Facilities RB Series 2010 S.U.I. (AA-/Aa2)
	450,000		2.500			07/01/15		457,830

								7,155,015

	Kansas – 1.0%
	Kansas Department of Transportation Highway RB Refunding Series 2012 A-3 (AAA/Aa2)^(d)
	9,000,000		0.340			09/01/15		9,019,620
	Kansas Development Finance Authority Hospital RB for Adventist Health System/Sunbelt Obligated Group Series 2009 D (AA-/Aa2)
	225,000		5.000			11/15/14		226,341
	Kansas Development Finance Authority RB for University of Kansas Housing System Project Series 2010 A (AA/Aa2)
	1,000,000		3.000			11/01/14		1,002,400
	Olathe Health Facilities RB for Medical Center Series 2012 B (A+/NR)^(a)
	3,000,000		2.000			03/01/17		3,051,270
	Wichita GO Bonds Series 811 (AA+/Aa1)^(g)
	5,405,000		5.000			06/01/18		6,205,480


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)
	Kansas – (continued)
	Wichita GO Refunding Bonds Series 2012 A (AA+/Aa1)
$	2,465,000		3.000	%		09/01/16	$	2,588,349
	2,550,000		4.000			09/01/17		2,799,033
	2,640,000		3.000			09/01/18		2,849,405
	2,585,000		4.000			09/01/19		2,922,575
	Wichita GO Sales Tax Bonds Series 2012 D (AA+/Aa1)
	1,015,000		3.000			10/01/15		1,043,735
	1,035,000		3.000			10/01/16		1,088,830
	1,075,000		3.000			10/01/17		1,150,787
	1,130,000		3.000			10/01/19		1,224,310
	Wyandotte County/Kansas City Unified Government RB for Utility System Improvement Series 2011 A (A+/NR)
	2,340,000		3.500			09/01/16		2,472,889
	Wyandotte County/Kansas City Unified Government RB Refunding Sales Tax Special Obligation for Redevelopment Project Area B Sub Lien Series 2012 (AA-/NR)
	2,000,000		4.000			12/01/15		2,080,700
	1,400,000		5.000			12/01/16		1,523,816

								41,249,540

	Kentucky – 1.5%
	Kentucky Economic Development Finance Authority RB for Catholic Health Initiatives Series 2009 B (A+/A1)^(a)
	10,000,000		5.000			11/11/14		10,051,600
	Kentucky Public Transportation Infrastructure Authority Subordinate Toll Revenue BANS for Downtown Crossing Project Series 2013 A (BBB-/Baa3)
	15,000,000		5.000			07/01/17		16,602,750
	Kentucky State Property and Buildings Commission for Project 100 RB Refunding Series 2011 A (A+/Aa3)
	1,350,000		5.000			08/01/16		1,462,455
	5,040,000		4.000			08/01/17		5,501,866
	Kentucky State Property and Buildings Commission for Project 99 RB Refunding Series 2010 A (A+/Aa3)
	4,480,000		5.000			11/01/18		5,207,910
	Louisville Regional Airport Authority Airport System RB Refunding Series 2014 A (AMT) (A+/NR)
	250,000		3.000			07/01/16		260,617
	Louisville/Jefferson County Metro Government Environmental Facilities RB Refunding for Louisville Gas and Electric Company Project Series 2003 A (A-/A1)^(a)
	10,000,000		1.150			06/01/17		10,005,200
	Louisville/Jefferson County Metro Government GO Bonds Refunding Series 2010 D (AA+/Aa1)
	2,875,000		3.000			10/01/14		2,875,000
	Louisville/Jefferson County PCRB for Louisville Gas & Electric Company Project Series 2003 A (A-/A1)^(a)
	10,500,000		1.650			04/03/17		10,665,480

								62,632,878

	Louisiana – 1.7%
	Baton Rouge Louisiana Public Improvement Sales Tax RB Refunding Series 2010 B (AAA/Aa2)
	500,000		3.000			08/01/15		511,785


	State-Specific Municipal Debt Obligations – (continued)
	Louisiana – (continued)
	East Baton Rouge Sewerage Commission RB LIBOR Series 2011 A (AA-/Aa3)^(a)
$	15,000,000		0.610	%		08/01/18	$	15,053,400
	Ernest N. Morial New Orleans Exhibition Hall Authority Special Tax Refunding Bonds Series 2012 (A+/A2)
	400,000		2.000			07/15/15		405,252
	585,000		3.000			07/15/15		597,256
	350,000		2.000			07/15/16		356,419
	1,830,000		3.000			07/15/16		1,895,843
	375,000		2.000			07/15/17		384,847
	1,740,000		4.000			07/15/17		1,880,923
	680,000		2.000			07/15/18		693,716
	1,040,000		4.000			07/15/18		1,137,271
	1,000,000		5.000			07/15/19		1,141,570
	Greater New Orleans Expressway Commission RB Refunding Series 2009 (ASSURED GTY) (AA/A3)
	205,000		2.750			11/01/14		205,379
	Jefferson Parish Sales Tax RB Refunding School Series 2012 (AA/NR)
	1,570,000		3.000			02/01/16		1,625,060
	1,015,000		3.000			02/01/17		1,066,877
	1,565,000		3.000			02/01/18		1,662,421
	Louisiana Citizens Property Insurance Corp. RB Series 2006 B (AMBAC) (A-/A3)
	2,955,000		5.000			06/01/16		3,175,709
	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		1,310,175
	Louisiana Local Government Environmental Facilities & Community Development Authority RB for LCTCS Facilities Corp. Project Series 2011 (AA-/A1)^(f)
	1,500,000		0.000			10/01/15		1,487,850
	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		1,340,800
	Louisiana Public Facilities Authority RB for Hurricane Recovery Program Series 2007 (AGC-ICC) (AA/Aa3)^(e)
	8,250,000		5.000			06/01/17		9,218,468
	Louisiana State Offshore Terminal Authority Deepwater Port RB for LOOP LLC Project Series 2007 B-1A1 (BBB/A3)^(a)
	3,000,000		1.375			10/01/16		3,037,620
	Louisiana State Offshore Terminal Authority Deepwater Port RB for LOOP LLC Project Series 2010 B-2 (BBB/NR)^(a)
	4,845,000		2.100			10/01/14		4,845,000
	New Orleans Audubon Commission for Aquarium Tax Bonds Series 2011 (A/NR)
	500,000		5.000			10/01/16		530,295
	2,825,000		5.000			10/01/17		3,057,272
	New Orleans GO Bonds Refunding Series 2012 (BBB+/A3)
	1,295,000		3.000			12/01/14		1,299,727
	1,805,000		4.000			12/01/15		1,868,825
	4,145,000		4.000			12/01/16		4,361,742
	4,030,000		4.000			12/01/17		4,290,942


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, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Louisiana – (continued)
	New Orleans Regional Transit Authority Sales Tax RB Series 2010 (AGM) (AA/Aa3)
$	500,000		4.000	%		12/01/15	$	518,390
	610,000		4.000			12/01/16		647,533
	St. Tammany Parish Hospital Service District No. 1 RB Refunding Project Series 2011 (A-/NR)
	1,800,000		2.300			07/01/15		1,811,268
	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		438,900

								71,858,535

	Maine – 0.2%
	Finance Authority of Maine Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 11/10/04 Series 2004 (A-/NR)
	3,125,000		3.800			11/01/15		3,243,969
	Maine State Housing Authority Mortgage Purchase Bonds Series 2011 E (AA+/Aa1)
	2,700,000		1.350			11/15/14		2,701,863
	2,455,000		1.700			11/15/15		2,475,941

								8,421,773

	Maryland – 2.0%
	Baltimore County Maryland GO Bonds 74th Issue for Metropolitan District Public Improvement Series 2011 (AAA/Aaa)
	2,500,000		4.000			02/01/16		2,623,500
	9,000,000		5.000			02/01/17		9,940,500
	Baltimore RB Refunding for Projects Series 2002 B (NATL-RE FGIC) (AA/Aa2)^(d)
	225,000		0.075			07/01/32		201,814
	16,250,000		0.060			07/01/37		14,540,346
	Baltimore RB Refunding for Wastewater Projects Subseries 2002 C (NATL-RE FGIC) (AA-/Aa3)^(d)
	11,150,000		0.090			07/01/37		9,957,380
	Carroll County Maryland Consolidated Public Improvement and Refunding Bonds Series 2011 (AAA/Aa1)
	2,075,000		5.000			11/01/17		2,348,236
	3,055,000		4.000			11/01/18		3,426,794
	Charles County Maryland GO Bonds Refunding Series 2011 (AAA/Aa1)
	2,365,000		4.000			11/01/15		2,462,485
	1,115,000		4.000			11/01/16		1,197,488
	5,405,000		4.000			11/01/17		5,952,364
	Harford County Maryland GO Bonds for Consolidated Public Improvement Series 2009 (AAA/Aaa)
	1,170,000		2.250			07/01/16		1,208,832
	Maryland State Health & Higher Educational Facilities Authority RB for MedStar Health Issue Series 2011 (A-/A2)
	2,325,000		4.000			08/15/15		2,398,168
	3,445,000		4.000			08/15/16		3,660,071
	Maryland State Transportation Authority Grant and Revenue Anticipation Bonds Series 2008 (AAA/Aa1)
	4,500,000		5.250			03/01/15		4,595,040


	State-Specific Municipal Debt Obligations – (continued)
	Maryland – (continued)
	Montgomery County Maryland GO Bonds Refunding for Consolidated Public Improvement Series 2012 B (AAA/Aaa)
$	5,350,000		5.000	%		11/01/16	$	5,857,501
	University of Maryland RB Refunding Revolving Loan Series 2003 A (AA+/Aa1)^(a)
	2,010,000		1.250			06/01/18		2,019,347
	Washington Suburban Sanitary District Consolidated Public Improvement GO Bonds Series 2012 (AAA/Aaa)
	12,500,000		5.000			06/01/16		13,466,125

								85,855,991

	Massachusetts – 2.6%
	Massachusetts Development Finance Agency RB for Boston University Series 2008 U-1 (A/A1)^(a)
	7,000,000		0.620			03/30/17		7,002,730
	Massachusetts Development Finance Agency RB for Partners HealthCare System Series 2014 M-5 (AA/Aa2)^(a)
	19,860,000		0.590			01/30/18		19,892,967
	Massachusetts State Department of Transportation Senior RB for Metropolitan Highway System Series 2010 B (A+/A3)
	4,000,000		5.000			01/01/15		4,046,600
	Massachusetts State Development Finance Agency RB for Boston University Series 2009 V-2 (A/A1)
	4,000,000		2.875			10/01/14		4,000,000
	Massachusetts State Development Finance Agency RB for Partners HealthCare System Issue Series 2012 L (AA/Aa2)
	400,000		5.000			07/01/15		414,460
	300,000		5.000			07/01/16		324,183
	Massachusetts State Development Finance Agency RB Refunding for Boston University Issue Series Z-1 (A/A1)
	10,000,000		1.500			08/01/19		10,023,200
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE FGIC) (AA+/Aa1)^(d)
	15,000,000		0.731			05/01/37		14,401,800
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)^(d)
	26,250,000		0.731			05/01/37		25,463,550
	Massachusetts State GO Bonds Consolidated Loan Series 2012 D (AA+/Aa1)^(d)
	7,000,000		0.470			01/01/18		7,027,020
	Massachusetts State GO Bonds Refunding Series 2013 A (AA+/Aa1)^(d)
	6,000,000		0.400			02/01/17		6,012,000
	Massachusetts State GO Refunding Bonds Series 2007 A (AA+/Aa1)^(d)
	8,000,000		0.711			11/01/25		7,914,080
	Massachusetts State Health & Educational Facilities Authority RB for Amherst College Series 2009 K-2 (AA+/Aaa)^(a)
	2,825,000		1.700			11/01/16		2,869,070

								109,391,660

	Michigan – 3.9%
	Detroit Michigan Sewage Disposal System RB Refunding Senior Lien Series 2004 A (AGM) (AA/A2)
	2,990,000		5.250			07/01/20		3,465,500


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)
	Michigan – (continued)
	Detroit Michigan Water Supply System RB Senior Lien Series 2005 C (NATL-RE FGIC) (AA-/A3)
$	3,000,000		5.000	%		07/01/16	$	3,091,020
	Detroit Michigan Water Supply System RB Senior Lien Series 2011 A (BBB+/Ba2)
	700,000		5.000			07/01/15		722,141
	500,000		5.000			07/01/16		532,785
	1,295,000		5.000			07/01/17		1,424,111
	Detroit Wayne County Stadium Authority RB Refunding Series 2012 (BBB-/Baa3)
	500,000		5.000			10/01/14		500,000
	1,100,000		5.000			10/01/18		1,199,110
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System RB Refunding Local Project Bonds Senior Lien Series 2014 C-3 (AGM) (AA/A2)
	5,125,000		5.000			07/01/21		5,853,980
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System RB Refunding Local Project Bonds Senior Lien Series 2014 C-5 (NATL-RE FGIC) (AA-/A3)
	5,570,000		5.000			07/01/17		6,125,329
	1,500,000		5.000			07/01/18		1,680,540
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (AGM) (AA/A2)
	3,165,000		5.000			07/01/20		3,625,951
	10,000,000		5.000			07/01/21		11,422,400
	9,225,000		5.000			07/01/22		10,539,101
	5,000,000		5.000			07/01/23		5,722,550
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-3 (NATL-RE FGIC) (AA-/A3)
	7,410,000		5.000			07/01/18		8,301,868
	5,000,000		5.000			07/01/19		5,661,050
	1,390,000		5.000			07/01/20		1,581,194
	Michigan Finance Authority Local Government Loan Program RB for Public Lighting Authority Local Project Bonds Series 2014 B (A-/NR)
	1,530,000		3.000			07/01/16		1,587,635
	1,400,000		4.000			07/01/18		1,524,278
	1,125,000		5.000			07/01/19		1,280,284
	1,200,000		5.000			07/01/20		1,376,856
	Michigan Finance Authority RB for Detroit School District Series 2011 (A+/NR)
	7,500,000		5.250			06/01/17		8,148,750
	Michigan Finance Authority RB for Unemployment Obligation Assessment Series 2012 A (AAA/Aaa)
	11,135,000		5.000			07/01/15		11,539,200
	Michigan Finance Authority RB Refunding for Detroit School District Series 2012 (A+/NR)
	1,375,000		4.000			06/01/17		1,442,237


	State-Specific Municipal Debt Obligations – (continued)
	Michigan – (continued)
	Michigan Finance Authority RB Refunding for Unemployment Obligation Assessment Series 2012 A (AAA/Aaa)
$	9,000,000		5.000	%		01/01/18	$	10,189,530
	Michigan Finance Authority RB Refunding for Unemployment Obligation Assessment Series 2012 B (AAA/Aaa)
	3,300,000		5.000			07/01/23		3,349,302
	Michigan Finance Authority State Aid RB for Detroit School District Series 2014 E (ST AID WITHHLDG) (SP-1/NR)
	1,500,000		2.850			08/20/15		1,510,635
	Michigan State Environmental RB Refunding for Facilities Program Series 2005 B (NATL-RE) (AA-/Aa2)
	2,180,000		5.000			11/01/19		2,290,657
	Michigan State Environmental RB Refunding for Facilities Program Series 2005 B (NATL-RE) (AA-/Aa2)^(e)
	7,845,000		5.000			11/01/15		8,251,920
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Credit Group Series 2010 F-1 (AA+/Aa2)^(a)
	3,050,000		2.000			05/30/18		3,154,829
	Michigan State Strategic Fund Tax-Exempt Adjustable Mode Facilities RB for Waste Management, Inc. Project Series 2001 (AMT) (A-/NR)^(a)
	10,800,000		1.500			08/01/17		10,874,736
	Michigan State Trunk Line Fund Bonds Series 2011 (AA+/Aa2)
	550,000		3.000			11/15/14		551,931
	Pinckney Community Schools Livingston and Washtenaw County GO Refunding Bonds Series 2014 (Q-SBLF) (AA-/NR)
	475,000		4.000			05/01/16		499,244
	645,000		4.000			05/01/17		693,433
	1,000,000		5.000			05/01/18		1,125,940
	2,475,000		5.000			05/01/20		2,857,932
	Rochester Community School District GO Refunding Bonds Series 2012 (Q-SBLF) (AA-/NR)
	875,000		4.000			05/01/18		963,130
	700,000		4.000			05/01/19		780,094
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2014 D (A/A1)
	1,500,000		5.000			09/01/19		1,726,155
	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		5,036,200
	10,000,000		5.000			12/01/15		10,491,500
	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		1,452,499
	1,385,000		5.000			12/01/19		1,598,775
	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		1,089,490

								166,835,802


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, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Minnesota – 3.0%
	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	$	3,664,376
	3,445,000		4.000			02/01/16		3,612,358
	3,575,000		4.000			02/01/17		3,834,831
	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		3,192,290
	2,595,000		1.500			06/01/17		2,647,549
	3,190,000		1.500			06/01/18		3,237,946
	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		23,179,630
	47,100,000		1.000			03/01/16		47,258,727
	Minneapolis Minnesota Convention Center GO Bonds Refunding Series 2011 A (AAA/Aa1)
	7,980,000		2.000			12/01/17		8,296,088
	Minnesota Higher Education Facilities Authority RB for University of St. Thomas Series 2013 7-U (NR/A2)
	500,000		5.000			04/01/18		557,730
	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		950,000
	Minnesota State Trunk Highway GO Bonds Refunding Series 2014 E (AA+/Aa1)
	12,220,000		2.000			08/01/18		12,724,564
	Minnesota State Trunk Highway GO Bonds Series 2012 B (AA+/Aa1)
	11,700,000		5.000			08/01/17		13,134,186
	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		1,677,251
	1,000,000		3.000			02/01/17		1,052,060

								129,019,586

	Mississippi – 0.2%
	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		3,868,916
	Mississippi State GO Bonds for Capital Improvement Series 2006 D (NATL-RE) (AA/Aa2)^(e)
	3,855,000		5.000			11/01/17		4,371,493

								8,240,409

	Missouri – 2.5%
	City of Columbia Electric Utility Special Obligation RB for Annual Appropriation Series 2012 E (AA/NR)
	1,995,000		4.000			09/01/18		2,219,118
	2,075,000		4.000			09/01/19		2,330,163


	State-Specific Municipal Debt Obligations – (continued)
	Missouri – (continued)
	Curators University of Missouri System Facilities RB for System Facilities Series 2006 A (AA+/Aa1)
$	5,070,000		5.000	%		11/01/17	$	5,326,796
	Kansas City GO Bonds Refunding & Improvement Series 2012 A (AA/Aa2)
	5,000,000		2.000			02/01/15		5,030,800
	7,600,000		2.000			02/01/16		7,766,972
	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		382,590
	500,000		4.000			06/01/16		523,625
	1,180,000		4.000			06/01/18		1,274,612
	960,000		4.000			06/01/19		1,045,920
	1,000,000		4.000			06/01/20		1,091,950
	Missouri State Highways and Transportation Commission Second Lien GO Refunding State Road Bonds Series 2014 B (AAA/Aa1)
	34,540,000		5.000			05/01/18		39,554,172
	24,275,000		5.000			05/01/19		28,418,985
	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		2,300,288
	St. Louis Airport RB Refunding for Lambert St. Louis International Airport Series 2013 (A-/A3)
	765,000		5.000			07/01/18		861,229
	St. Louis Board of Education GO Bonds Refunding for Missouri Direct Deposit Program Series 2004 (NATL-RE) (ST AID DIR DEP) (AA+/A3)^(e)
	5,980,000		5.000			04/01/15		6,122,683
	2,595,000		5.250			04/01/15		2,660,134
	St. Louis Missouri Airport Revenue Refunding for Lambert-St. Louis International Airport Series 2011 (A-/A3)
	1,000,000		5.000			07/01/15		1,034,770

								107,944,807

	Montana – 0.1%
	Montana State Department of Transportation Refunding Grant Anticipation Notes for Highway 93 Advance Construction Project-Garvees Series 2012 (AA/A2)
	1,600,000		2.000			06/01/17		1,653,456
	2,000,000		3.000			06/01/17		2,119,420
	1,750,000		3.000			06/01/18		1,876,157
	800,000		4.000			06/01/18		886,360

								6,535,393

	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		820,709
	435,000		4.000			11/01/17		468,952
	750,000		4.000			11/01/19		822,833
	690,000		4.000			11/01/20		756,578


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)
	Nebraska – (continued)
	Omaha Nebraska Special Tax RB Refunding for Performing Arts Project Series 2012 (AA+/Aa2)
$	530,000		2.000	%		10/15/15	$	540,065
	1,215,000		2.000			10/15/16		1,246,578
	1,765,000		3.000			10/15/17		1,871,288
	1,785,000		3.000			10/15/18		1,905,309
	640,000		4.000			10/15/20		718,208

								9,150,520

	Nevada – 0.9%
	Clark County Airport RB Refunding Junior Lien Series 2013 C-1 (AMT) (A/A2)
	12,000,000		2.500			07/01/15		12,205,200
	Clark County GO Refunding Bonds Series 2006 (AGM) (AA/Aa1)
	5,115,000		4.625			06/01/19		5,443,281
	Clark County Improvement District Refunding for Special Improvement District No. 142 Mountain Edge Local Improvement Series 2012 (BBB-/NR)
	2,925,000		3.000			08/01/15		2,943,544
	3,440,000		3.000			08/01/16		3,469,240
	3,760,000		4.000			08/01/17		3,890,021
	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		3,240,180
	Las Vegas City Limited Tax GO Bonds Medium-Term Various Purpose Series 2011 A (AA/Aa2)
	1,000,000		2.000			12/01/15		1,020,980
	2,700,000		4.000			12/01/16		2,893,779
	2,810,000		4.000			12/01/17		2,996,612
	North Las Vegas Nevada Local Improvement Special Assessment Refunding for Sub-Special Improvement District No. 60-B Series 2006 (NR/NR)
	490,000		4.800			12/01/14		492,533

								38,595,370

	New Hampshire – 1.3%
	New Hampshire Business Finance Authority RB for Pollution Control Project Series 2001 A (AMT) (NATL-RE) (AA-/A2)^(d)
	50,475,000		0.123			05/01/21		46,229,736
	New Hampshire Health & Education Facilities Authority RB Refunding for Catholic Medical Center Series 2012 (BBB+/Baa1)
	400,000		4.000			07/01/15		408,332
	New Hampshire State Business Finance Authority RB for Waste Management, Inc. Series 2003 (AMT) (A-/NR)^(a)
	1,200,000		2.125			06/01/18		1,235,280
	New Hampshire State Capital Improvement GO Bonds Series 2012 B (AA/Aa1)
	5,400,000		5.000			11/01/16		5,913,432

								53,786,780


	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – 5.2%
	Atlantic County College GO Bonds Series 2013 (ST AID WITHHLDG) (AA/Aa2)
$	1,845,000		1.000	%		03/01/16	$	1,861,863
	2,025,000		1.000			03/01/17		2,025,000
	Bergen County New Jersey GO Refunding Bonds for General Improvement Series 2011 A (ST AID WITHHLDG) (NR/Aaa)
	1,275,000		2.000			12/01/14		1,279,029
	1,320,000		2.000			12/01/15		1,347,232
	1,725,000		2.000			12/01/16		1,777,147
	2,355,000		2.000			12/01/17		2,437,778
	Brick Township GO Bonds for General Improvements Series 2012 (NR/Aa2)
	2,140,000		2.000			08/15/16		2,202,809
	East Brunswick Township Board of Education Refunding Bonds Series 2012 (SCH BD RES FD) (NR/Aa2)
	1,130,000		4.000			11/01/18		1,259,837
	1,300,000		5.000			11/01/19		1,529,996
	Garden State Preservation Trust Open Space and Farmland RB Series 2005 A (AGM) (AAA/A1)^(e)
	12,000,000		5.800			11/01/15		12,725,760
	Gloucester County Improvement Authority RB Refunding for Solid Waste Management, Inc. Project Series 1999 A (A-/NR)^(a)
	2,950,000		2.125			12/01/17		3,039,031
	Gloucester County New Jersey GO Bonds Refunding Series 2011 (AA/NR)
	325,000		2.000			10/01/14		325,000
	660,000		2.000			10/01/15		671,662
	1,245,000		3.000			10/01/17		1,307,337
	Middlesex County New Jersey GO Bonds for General Improvements Series 2013 (AAA/NR)
	2,845,000		2.000			01/15/17		2,933,223
	Monmouth County GO Bonds Refunding Series 2010 C (AAA/Aaa)
	5,425,000		4.000			03/01/16		5,705,039
	Montgomery Township GO Bonds Refunding Series 2012 (NR/Aa1)
	2,320,000		3.000			08/01/16		2,409,390
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2005 K (A-/A2)^(e)
	3,905,000		5.000			03/01/15		3,982,475
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2007 (AGM) (AA/A2)^(e)
	5,000,000		5.000			09/01/15		5,219,300
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2010 DD-1 (A-/A2)
	7,500,000		5.000			12/15/16		8,194,125
	New Jersey Educational Facilities Authority RB for Rider University Series 2012 A (BBB+/Baa1)
	1,240,000		5.000			07/01/17		1,367,881
	1,265,000		4.000			07/01/18		1,364,834
	New Jersey Health Care Facilities Financing Authority RB for Meridian Health System Obligated Group Issue Series 2011 (A/NR)
	1,275,000		5.000			07/01/15		1,316,106
	2,000,000		5.000			07/01/16		2,147,380


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, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
	New Jersey Health Care Facilities Financing Authority RB Refunding for Barnabas Health Series 2012 A (BBB+/Baa1)
$	350,000		5.000	%		07/01/17	$	386,897
	400,000		5.000			07/01/18		453,928
	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		4,850,960
	New Jersey State GO Bonds Refunding Series 2010 Q (A/A1)
	10,000,000		5.000			08/15/15		10,407,400
	5,000,000		5.000			08/15/16		5,407,750
	New Jersey State Transit Corp. Refunding Grant Anticipation Notes Series 2014 A (A/A3)
	7,500,000		5.000			09/15/18		8,463,075
	New Jersey State Turnpike Authority RB Refunding Series 2014 C (A+/A3)^(g)
	22,000,000		5.000			01/01/20		25,735,820
	New Jersey State Turnpike Authority RB Series 2000 C (NATL-RE) (AA-/A3)^(d)
	21,625,000		0.091			01/01/30		19,332,670
	New Jersey State Turnpike Authority RB Series 2000 D (NATL-RE) (AA-/A3)^(d)
	21,500,000		0.091			01/01/30		19,220,968
	New Jersey State Turnpike Authority RB Series 2012 B (A+/A3)
	10,000,000		5.000			01/01/19		11,549,800
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2004 B (NATL-RE) (AA-/A2)
	6,800,000		5.500			12/15/16		7,478,232
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (A-/A2)
	1,500,000		5.000			06/15/15		1,547,640
	1,075,000		5.000			06/15/16		1,153,346
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2013 A (A-/A2)
	22,280,000		5.000			12/15/19		25,434,625
	New Jersey Turnpike Authority Turnpike RB Series 2014 B-3 (A+/A3)^(a)
	2,750,000		0.675			01/01/18		2,760,313
	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		856,793
	855,000		3.000			07/15/17		908,130
	Toms River Township General Improvement Bonds Series 2010 (AA/NR)
	3,260,000		3.000			06/15/18		3,454,687
	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		1,359,141
	Wayne Township School District GO Refunding Bonds Series 2012 (SCH BD RES FD) (AA-/NR)
	700,000		4.000			07/15/15		720,524
	1,000,000		4.000			07/15/16		1,062,610

								220,974,543


	State-Specific Municipal Debt Obligations – (continued)
	New Mexico – 1.2%
	Farmington New Mexico PCRB Refunding for Southern California Edison Co. Four Corners Project RMKT 04/01/10 Series 2010 B (NR/Aa3)^(a)
$	10,000,000		2.875	%		04/01/15	$	10,124,100
	New Mexico Finance Authority State Transportation RB Refunding Senior Lien Series 2012 (AAA/Aa1)
	21,485,000		2.000			06/15/16		22,088,943
	New Mexico State Capital Projects GO Bonds Series 2013 (AA+/Aaa)
	6,030,000		2.000			03/01/17		6,256,849
	New Mexico State Severance Tax RB Refunding Series 2011 A-2 (AA/Aa1)
	5,000,000		5.000			07/01/16		5,403,950
	New Mexico State Severance Tax RB Series 2010 A (AA/Aa1)
	2,000,000		5.000			07/01/17		2,242,660
	New Mexico State Severance Tax RB Series 2011 A-1 (AA/Aa1)
	5,475,000		5.000			07/01/17		6,126,525

								52,243,027

	New York – 13.4%
	Albany County Airport Authority RB Refunding Series 2010 A (AGM) (AA/A2)
	1,625,000		5.000			12/15/15		1,708,330
	Albany County GO Serial Bonds Series 2010 (AA/Aa3)
	1,640,000		3.000			06/01/15		1,670,652
	1,385,000		3.000			06/01/16		1,445,026
	Brookhaven Public Improvement GO Bonds Series 2013 A (AA+/Aa2)
	4,045,000		2.000			09/15/15		4,116,030
	4,135,000		2.000			09/15/16		4,265,005
	Marlboro Central School District GO Serial Bonds Series 2010 (AGM) (ST AID WITHHLDG) (AA/NR)
	950,000		4.000			10/15/14		951,320
	990,000		4.000			10/15/15		1,027,343
	Metropolitan Transportation Authority New York RB Refunding for Transportation Series 2012 C (AA-/A2)
	1,000,000		5.000			11/15/15		1,053,630
	730,000		4.000			11/15/16		784,531
	Metropolitan Transportation Authority RB Series 2011 B (AA-/A2)^(a)
	50,000,000		0.350			11/01/17		50,006,500
	Metropolitan Transportation Authority RB Series 2011 D (AA-/A2)
	1,100,000		4.000			11/15/15		1,146,728
	Monroe County GO Bonds Refunding Series 2012 (A/Baa1)
	1,000,000		5.000			03/01/15		1,018,240
	3,000,000		5.000			03/01/16		3,180,810
	New York City GO Bonds Refunding RMKT 03/19/13 Subseries 2008 J-4 (AA/Aa2)^(d)
	6,250,000		0.590			08/01/25		6,252,750
	New York City GO Bonds Series 2010 A (AA/Aa2)
	1,200,000		3.000			08/01/16		1,256,304
	New York City GO Bonds Series 2010 B (AA/Aa2)
	6,770,000		5.000			08/01/15		7,041,545
	New York City GO Bonds Series 2014 J (AA/Aa2)
	52,045,000		5.000			08/01/18		59,800,746


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)
	New York – (continued)
	New York City Tax Exempt GO Bonds Subseries 2009 H-1 (ASSURED GTY) (AA/Aa2)
$	5,000,000		5.000	%		03/01/15	$	5,100,450
	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		13,731,281
	New York City Transitional Finance Authority RB Future Tax Subordinate Refunding Series 2012 B (AAA/Aa1)
	4,885,000		5.000			11/01/15		5,138,971
	10,650,000		5.000			11/01/17		12,055,907
	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		15,067,053
	New York State Bridge Authority General RB Refunding Series 2011 (GO OF AUTH) (AA-/Aa3)
	2,000,000		4.000			01/01/15		2,018,860
	New York State Dormitory Authority North Shore-Long Island Jewish Obligated Group RB Series 2011 A (A-/A3)
	1,725,000		4.000			05/01/16		1,813,872
	2,215,000		4.000			05/01/17		2,379,552
	New York State Dormitory Authority RB Refunding for Long Island University Series 2012 A (BBB-/Baa3)
	1,335,000		4.000			09/01/15		1,364,223
	3,325,000		4.000			09/01/16		3,466,878
	3,000,000		4.000			09/01/17		3,168,810
	3,665,000		5.000			09/01/18		4,037,364
	New York State Dormitory Authority Tax Exempt General Purpose Personal Income Tax RB Series 2010 E (AAA/Aa1)
	7,095,000		5.000			02/15/15		7,222,142
	New York State Dormitory Authority Tax Exempt General Purpose Personal Income Tax RB Series 2011 E (AAA/Aa1)
	8,475,000		5.000			08/15/17		9,517,679
	New York State Energy Research & Development Authority Facilities RB Refunding for Consolidated Edison Co. Subseries 1999 A-2 (AMT) (AMBAC) (A-/A2)^(d)
	70,150,000		0.091			05/01/34		61,158,125
	New York State Energy Research & Development Authority PCRB for New York State Electric & Gas Corporation Project Series 2011 B (BBB+/A3)
	5,000,000		2.250			10/15/15		5,069,800
	New York State Energy Research & Development Authority PCRB for New York State Electric & Gas Corporation Project Series 2011 C (BBB+/A3)
	8,000,000		2.250			12/01/15		8,125,360
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A/A2)^(d)
	27,750,000		0.091			07/01/34		23,357,525
	New York State GO Bonds Refunding Series 2009 C (AA+/Aa1)
	23,075,000		3.000			02/01/15		23,293,520
	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		8,776,103
	New York State Tax Exempt GO Bonds Series 2011 E (AA+/Aa1)
	6,950,000		5.000			12/15/17		7,905,834


	State-Specific Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Tax Exempt GO Bonds Subseries 2012 A-1 (AA/Aa2)
$	3,000,000		5.000	%		10/01/17	$	3,379,680
	New York State Tax Exempt GO Refunding Bonds Series 2012 C (AA/Aa2)
	7,555,000		4.000			08/01/16		8,046,906
	New York State Thruway Authority Junior Indebtedness RB Series 2013 A (A-/A3)
	25,350,000		5.000			05/01/19		29,407,014
	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		7,138,804
	New York State Urban Development Corp. RB for State Personal Income Tax Series 2010 A (AAA/Aa1)
	8,000,000		5.000			03/15/16		8,542,400
	New York State Urban Development Corp. RB for State Personal Income Tax Series 2013 E (AAA/Aa1)
	26,365,000		5.000			03/15/18		30,086,683
	Niagara Frontier Transportation Authority RB Refunding for Buffalo International Airport Series 2014 B (BBB+/Baa1)
	750,000		4.000			04/01/16		787,763
	700,000		5.000			04/01/17		772,464
	670,000		4.000			04/01/18		736,189
	300,000		5.000			04/01/19		346,320
	Rockland County GO Bonds Series 2014 A (AGM) (AA/A2)
	1,825,000		5.000			03/01/18		2,040,478
	2,250,000		5.000			03/01/19		2,566,282
	3,000,000		5.000			03/01/20		3,441,090
	Rockland County GO Bonds Series 2014 A (NR/NR)
	5,100,000		2.000			03/17/15		5,133,405
	Suffolk County New York GO Bonds for Public Improvement Series 2012 B (AGM) (AA/A2)
	2,590,000		2.000			10/15/16		2,663,168
	Suffolk County New York Public Improvement Series 2011 A (A+/A3)
	4,520,000		3.000			05/15/15		4,593,405
	Suffolk County New York Refunding Serial Bonds Series 2012 A (A+/A3)
	2,000,000		4.000			04/01/15		2,035,940
	Suffolk County New York Refunding Serial Bonds Series 2012 B (A+/A3)
	2,310,000		4.000			10/01/14		2,310,000
	2,000,000		4.000			10/01/16		2,136,680
	1,000,000		4.000			10/01/17		1,091,070
	Suffolk County Water Authority BANS Series 2013 A (AA/NR)
	35,400,000		4.000			01/15/16		37,085,748
	Suffolk Tobacco Asset Securitization Corp. RB Tobacco Settlement Asset-Backed Bonds Series 2012 B (A/NR)
	370,000		4.000			06/01/17		400,499
	490,000		4.000			06/01/18		538,436
	575,000		5.000			06/01/19		662,463
	620,000		5.000			06/01/20		718,351
	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		33,428,700


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, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	New York – (continued)
	Triborough Bridge & Tunnel Authority RB General RMKT 06/28/12 Subseries 2005 B-4 (AA-/Aa3)^(a)
$	7,500,000		0.624	%		01/03/17	$	7,551,825
	Utica City School District GO Bonds Refunding Series 2013 (ST AID WITHHLDG) (NR/Baa1)
	1,000,000		2.000			07/01/15		1,006,950
	Yonkers New York GO Bonds Series 2011 A (A/A3)
	2,020,000		5.000			10/01/14		2,020,000
	2,000,000		5.000			10/01/15		2,094,300
	2,000,000		5.000			10/01/16		2,155,520

								575,413,332

	North Carolina – 2.9%
	Durham North Carolina Utility System RB Refunding Series 2011 (AAA/Aa1)
	300,000		4.000			06/01/16		318,171
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2010 A (A-/Baa1)
	5,500,000		5.000			01/01/16		5,811,575
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2012 B (A-/Baa1)
	6,000,000		5.000			01/01/15		6,070,800
	1,500,000		5.000			01/01/16		1,584,975
	4,535,000		5.000			01/01/17		4,948,229
	3,000,000		5.000			01/01/19		3,427,500
	North Carolina Eastern Municipal Power Agency Power System RB Series 2012 A (A-/Baa1)
	5,235,000		2.000			01/01/15		5,258,400
	1,815,000		3.000			01/01/16		1,872,826
	2,000,000		3.000			01/01/18		2,112,240
	1,275,000		5.000			01/01/18		1,429,135
	2,000,000		3.000			01/01/19		2,118,660
	1,000,000		5.000			01/01/19		1,142,500
	North Carolina GO Bonds Refunding Series 2005 B (AAA/Aaa)
	16,925,000		5.000			04/01/17		18,810,614
	North Carolina GO Bonds Refunding Series 2013 D (AAA/Aaa)
	27,685,000		3.000			06/01/17		29,459,055
	North Carolina Grant and Revenue Anticipation Vehicle Bonds Series 2011 (AA/A2)^(a)
	6,010,000		4.000			03/01/18		6,526,019
	North Carolina Medical Care Commission Health Care Facilities RB Refunding for Wake Forest Baptist Obligated Group Series 2012 B (A+/A2)
	1,065,000		4.000			12/01/16		1,135,727
	1,375,000		5.000			12/01/18		1,577,991
	Wake County Industrial Facilities and Pollution Control Financing Authority PCRB for Carolina Power and Light Co. Project. Series 2000 F (AMBAC) (A/Aa2)^(d)
	12,125,000		0.088			10/01/22		10,584,265
	Wake County Industrial Facilities and Pollution Control Financing Authority PCRB for Carolina Power and Light Co. Project. Series 2000 G (AMBAC) (A/Aa2)^(d)
	22,075,000		0.088			10/01/22		19,270,360


	State-Specific Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	Winston-Salem North Carolina Water and Sewer System RB Refunding Series 2010 D (AAA/Aa1)
$	985,000		3.000	%		06/01/15	$	1,003,676

								124,462,718

	Ohio – 0.8%
	Akron City Ohio Jedd RB Refunding Series 2011 (AA-/NR)
	470,000		4.000			12/01/14		472,538
	1,000,000		4.000			12/01/15		1,039,280
	1,425,000		5.000			12/01/16		1,551,355
	1,740,000		5.000			12/01/17		1,951,393
	Bowling Green Ohio City Student Housing RB for CFP I LLC Bowling Green State University Project Series 2010 (BBB-/NR)
	1,530,000		4.000			06/01/16		1,576,160
	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		11,490,487
	3,415,000		5.375			06/01/24		2,901,179
	Dublin City School District GO Refunding Bonds Unlimited Tax Series 2012 (AAA/Aa1)
	500,000		4.000			12/01/16		537,565
	1,180,000		4.000			12/01/17		1,299,959
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB/NR)
	200,000		2.000			01/01/15		200,378
	250,000		2.000			01/01/16		251,750
	315,000		2.250			01/01/17		317,060
	400,000		4.000			01/01/18		421,644
	415,000		4.000			01/01/19		439,564
	435,000		4.000			01/01/20		458,977
	New Albany Community Authority RB Refunding Series 2012 C (NR/A1)
	1,100,000		4.000			10/01/17		1,194,391
	800,000		4.000			10/01/18		881,184
	Ohio State Air Quality Development Authority PCRB Refunding for FirstEnergy Series 2009 D (BBB-/Baa3)^(a)
	3,000,000		2.250			09/15/16		3,047,130
	Ohio State Higher Educational Facility Commission RB for Cleveland Clinic Health System Obligations Series 2013 A-2 (AA-/Aa2)^(d)
	2,250,000		0.510			01/01/18		2,249,910

								32,281,904

	Oklahoma – 1.3%
	Cleveland Educational Facilities Authority RB for Norman Public Schools Project Series 2014 (A+/NR)
	1,520,000		5.000			07/01/17		1,691,183
	Norman Oklahoma GO Bonds Series 2012 B (NR/Aa2)
	3,750,000		0.050			03/01/15		3,744,150
	Oklahoma County Independent School District No. 12 Combined Purpose GO Bonds for Edmond School District Series 2012 (AA/NR)
	3,765,000		2.000			03/01/16		3,849,148
	5,470,000		2.000			03/01/17		5,603,905


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)
	Oklahoma – (continued)
	Oklahoma County Independent School District No. 52 GO Bonds for Midwest City-Del City School District Series 2012 (NR/Aa3)
$	1,860,000		2.000	%		01/01/15	$	1,868,444
	2,160,000		2.000			01/01/17		2,192,357
	Oklahoma County Independent School District No. 52 GO Bonds for Series 2013 (NR/Aa3)
	2,795,000		2.000			01/01/16		2,850,453
	2,445,000		2.000			01/01/17		2,495,831
	Oklahoma County Independent School District No. 89 GO Bonds Series 2013 (AA/Aa2)
	6,750,000		1.000			07/01/15		6,792,660
	8,750,000		1.000			07/01/16		8,830,500
	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		11,598,558
	Tulsa Oklahoma GO Bonds Series 2009 (AA/Aa1)
	1,000,000		5.000			10/01/14		1,000,000
	Tulsa Oklahoma GO Bonds Series 2013 (AA/Aa1)
	3,400,000		4.000			03/01/16		3,575,032

								56,092,221

	Oregon – 0.2%
	Oregon Coast Community College District GO Bonds Refunding Series 2012 (SCH BD GTY) (NR/Aa1)
	1,050,000		2.000			06/15/15		1,062,023
	1,120,000		2.000			06/15/16		1,143,408
	790,000		2.000			06/15/17		809,497
	1,165,000		2.000			06/15/18		1,187,566
	1,445,000		3.000			06/15/19		1,523,449
	Oregon State Facilities Authority RB Refunding for Legacy Health System Series 2011 A (A+/A1)
	500,000		5.000			05/01/15		513,675
	2,000,000		5.000			05/01/16		2,142,580
	Oregon State GO Bonds Refunding for Oregon University System Series 2012 B (AA+/Aa1)
	1,175,000		3.000			08/01/17		1,254,630
	1,120,000		3.000			08/01/18		1,209,174

								10,846,002

	Pennsylvania – 2.2%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB/NR)
	750,000		5.000			09/01/18		827,085
	Allegheny County Redevelopment Authority Tax Increment Refunding for Waterfront Project Series 2007 A (A/NR)
	1,050,000		4.250			12/15/15		1,081,017
	645,000		4.250			12/15/17		691,201
	Carbon County Hospital Authority RB Refunding for Gnaden Huetten Memorial Hospital Series 2000 (AMBAC) (CNTY GTD) (NR/WR)
	280,000		5.400			11/15/14		280,445


	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	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	$	300,369
	515,000		3.000			08/01/17		525,233
	530,000		3.000			08/01/18		538,634
	Pennsylvania Economic Development Financing Authority RB Refunding for Unemployment Compensation Series 2012 A (AA+/Aaa)
	10,055,000		3.000			01/01/16		10,398,378
	Pennsylvania Economic Development Financing Authority RB Refunding for Unemployment Compensation Series 2012 B (AA+/Aaa)
	9,545,000		5.000			07/01/22		10,295,237
	7,000,000		5.000			01/01/23		7,402,920
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2004 A (A-/NR)^(a)
	1,400,000		1.250			05/01/17		1,401,106
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2009 (A-/NR)^(a)
	5,250,000		1.750			12/01/15		5,323,395
	Pennsylvania Economic Development Financing Authority Unemployment Compensation RB Series 2012 B (AA+/Aaa)
	16,335,000		5.000			07/01/20		19,115,054
	Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB/NR)
	285,000		3.000			05/01/15		287,300
	390,000		3.000			05/01/16		396,938
	440,000		3.000			05/01/17		450,217
	1,165,000		5.000			05/01/18		1,275,780
	1,000,000		5.000			05/01/19		1,110,690
	Pennsylvania State Commonwealth GO Bonds for City of Pittsburgh Series 2012 A (A+/A1)
	625,000		4.000			09/01/15		646,431
	600,000		4.000			09/01/16		640,482
	500,000		3.000			09/01/17		527,435
	550,000		4.000			09/01/17		596,723
	Pennsylvania State Commonwealth RB for Harrisburg Area Community College Project Series 2011 (AGM) (AA/NR)
	1,305,000		4.000			10/01/15		1,354,773
	Pennsylvania State University Bonds Refunding Series 2002 (AA/Aa2)
	1,000,000		5.250			08/15/15		1,044,240
	Pennsylvania Turnpike Commission RB Series 2013 A (A+/A1)^(d)
	7,500,000		0.640			12/01/17		7,530,525
	Pennsylvania Turnpike Commission RB Series 2014 B-1 (A+/A1)^(d)
	7,000,000		0.920			12/01/20		7,054,460
	Philadelphia GO Bonds Series 2011 (AGM) (AA/A2)
	1,460,000		5.000			08/01/16		1,577,150


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, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	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	$	1,527,435
	1,500,000		5.000			07/01/16		1,559,385
	2,000,000		5.000			07/01/17		2,116,460
	Pittsburgh Water & Sewer Authority RB Refunding Subordinate Series 2012 C-1D (AGM) (AA/NR)^(a)
	5,995,000		1.400			09/01/15		6,053,331

								93,929,829

	Puerto Rico – 3.1%
	Government Development Bank for Puerto Rico Senior Notes RB Series 2006 B (BB-/B3)
	5,530,000		5.000			12/01/14		5,467,069
	2,645,000		5.000			12/01/15		2,527,271
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (BB-/Caa1)
	2,025,000		5.000			07/01/15		1,875,980
	14,595,000		5.000			07/01/17		11,857,562
	7,285,000		5.000			07/01/19		5,832,444
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2001 A (NATL-RE-IBC) (AA-/A3)
	3,935,000		5.500			07/01/15		4,021,058
	Puerto Rico Commonwealth Public Improvement GO Bonds Refunding Series 2002 A (FGIC) (BB/B2)
	1,030,000		5.500			07/01/17		978,860
	Puerto Rico Electric Power Authority Power RB Refunding Series 2012 B (CCC/Caa3)
	1,500,000		5.000			07/01/16		908,055
	Puerto Rico Electric Power Authority RB Refunding LIBOR Series 2007 UU (CCC/Caa3)^(d)
	25,850,000		0.857			07/01/31		14,048,958
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(d)
	36,100,000		0.677			07/01/29		27,086,191
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (CCC/Caa3)
	3,250,000		4.000			07/01/16		1,933,360
	Puerto Rico Electric Power Authority RB Series 2008 WW (CCC/Caa3)
	8,175,000		5.500			07/01/16		4,948,491
	Puerto Rico Municipal Finance Agency GO Bonds Series 2002 A (AGM) (AA/A2)
	1,125,000		5.250			08/01/16		1,127,340
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 C (COMWLTH GTD) (BB/B2)
	2,250,000		5.500			07/01/16		2,032,763
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2013 M-2 (AMBAC) (COMWLTH GTD) (BB/B2)^(a)
	1,000,000		5.500			07/01/17		1,012,590


	State-Specific Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2013 M-2 (COMWLTH GTD) (BB/B2)^(a)
$	10,850,000		5.750	%		07/01/17	$	9,403,152
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB First Subseries 2009 A (BBB-/B1)
	8,000,000		5.500			08/01/21		7,263,520
	10,000,000		5.500			08/01/22		8,978,400
	19,315,000		5.500			08/01/23		17,102,274
	5,000,000		5.500			08/01/28		4,224,000

								132,629,338

	Rhode Island – 0.2%								��
	Providence GO Bonds Series 2013 A (BBB/Baa1)
	665,000		3.000			01/15/16		683,640
	315,000		4.000			01/15/18		342,670
	1,545,000		5.000			01/15/19		1,758,148
	Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for University of Rhode Island Auxiliary Enterprise Series 2013 C (A+/A1)
	600,000		5.000			09/15/17		665,514
	500,000		4.000			09/15/18		545,550
	Rhode Island Health and Educational Building Corp. Hospital Financing RB for Care New England Series 2013 A (BBB-/NR)
	1,010,000		4.000			09/01/15		1,032,008
	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		393,740
	515,000		3.000			05/15/16		533,411
	385,000		3.000			05/15/17		406,683
	280,000		4.000			05/15/18		308,605
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2002 A (BBB/A2)
	165,000		6.000			06/01/23		166,038

								6,836,007

	South Carolina – 1.1%
	Berkeley County School District GO Bonds Series 2014 A (SCSDE) (AA/Aa1)
	1,380,000		5.000			03/01/19		1,607,962
	Clemson University RB Refunding Series 2012 (AA/Aa2)
	5,770,000		2.000			05/01/16		5,921,520
	4,440,000		2.000			05/01/17		4,596,421
	5,000,000		2.000			05/01/18		5,193,200
	Columbia City South Carolina Waterworks and Sewer System RB Refunding Series 2011 B (AA/Aa1)
	1,205,000		4.000			02/01/15		1,220,352
	Columbia City South Carolina Waterworks and Sewer System RB Series 2011 A (AA/Aa1)
	1,020,000		3.000			02/01/15		1,029,659
	1,025,000		3.000			02/01/16		1,061,921
	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		2,043,875


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)
	South Carolina – (continued)
	Georgetown County South Carolina School District GO Bonds Refunding Series 2011 B (SCSDE) (AA/Aa1)
$	4,330,000		5.000	%		03/01/16	$	4,614,438
	5,895,000		5.000			03/01/17		6,502,951
	Oconee County PCRB Refunding for Duke Power Co. Project Series 2009 (A/Aa2)
	6,000,000		3.600			02/01/17		6,398,160
	Richland County South Carolina GO Bonds Series 2012 A (ST AID WITHHLDG) (AAA/Aa1)
	2,000,000		4.000			03/01/17		2,165,040
	South Carolina Jobs-Economic Development Authority RB for Waste Management of South Carolina, Inc. Project Series 2001 (AMT) (A-/NR)
	2,500,000		1.875			11/01/16		2,545,375
	Western Carolina Regional Sewer Authority RB Refunding for Sewer System Series 2005 B (AGM) (AA/Aa2)
	2,200,000		5.000			03/01/15		2,244,110

								47,144,984

	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		1,254,150

	Tennessee – 0.2%
	Harpeth Valley Utilities District of Davidson and Williamson Counties RB Utilities Improvement Series 1998 (NATL-RE) (AA-/Aa3)
	2,500,000		5.250			09/01/17		2,690,150
	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		916,460
	Tennessee State GO Refunding Bonds Series 2012 B (AA+/Aaa)
	6,600,000		5.000			10/01/16		7,202,514

								10,809,124

	Texas – 7.7%
	Austin Texas Water and Wastewater System RB Refunding Series 2014 (AA/Aa2)
	1,675,000		5.000			11/15/19		1,980,805
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2013 B (BBB-/Baa2)^(a)
	4,000,000		3.000			01/04/16		4,008,400
	City of Carrollton Texas GO Refunding Bonds Series 2012 (AAA/Aa1)
	2,005,000		4.000			08/15/19		2,252,417
	City of El Paso Water and Sewer RB Refunding for Improvement Series 2012 A (AA+/NR)
	1,750,000		2.000			03/01/18		1,818,110
	845,000		4.000			03/01/19		949,062
	Collin & Denton County Texas GO Bonds Refunding Series 2011 (AA+/Aa1)
	3,335,000		5.000			02/15/16		3,549,574
	Dallas County Limited Tax GO Notes Series 2011 (AAA/Aaa)
	3,855,000		5.000			02/15/18		4,379,318


	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2009 A (A+/A2)
$	2,000,000		4.000	%		11/01/14	$	2,006,300
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2011 D (A+/A2)
	750,000		4.000			11/01/16		805,320
	250,000		4.000			11/01/17		274,592
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A2)
	1,750,000		5.000			11/01/18		2,032,047
	Del Mar College District Limited Tax Refunding Bonds Series 2011 (AA/Aa2)
	1,145,000		4.000			08/15/15		1,183,163
	Fort Worth Texas GO Bonds Refunding and Improvement Series 2012 (AA+/Aa1)
	2,000,000		4.000			03/01/19		2,235,320
	Garland Independent School District Unlimited Tax Refunding Bonds Series 2011 A (PSF-GTD) (AAA/Aaa)^(f)
	1,930,000		0.000			02/15/17		1,885,861
	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		3,187,410
	2,250,000		4.000			08/15/17		2,468,430
	Harrison County Texas Health Facilities Development Corp. Hospital RB for Good Shepherd Health System Series 2010 (BB+/Ba3)
	930,000		4.000			07/01/15		944,275
	Houston Airport System RB Subordinate Lien Series 2002 C (AMT) (XLCA) (A/A2)^(d)
	17,225,000		0.307			07/01/32		16,194,597
	Houston Airport System RB Subordinate Lien Series 2002 D-2 (AMT) (XLCA) (A/A2)^(d)
	21,125,000		0.308			07/01/32		19,866,042
	Houston Higher Education Finance Corp. RB for Rice University Project Series 2013 A (AAA/Aaa)^(a)
	52,505,000		0.440			11/16/16		52,521,802
	Houston Independent School District GO Bonds Refunding Series 2012 (PSF-GTD) (AAA/Aaa)^(a)
	16,000,000		0.875			06/01/16		16,075,200
	Houston Utilities System RB Refunding First Lien Series 2012 C (AA/NR)^(a)
	8,000,000		0.640			08/01/16		8,004,160
	Houston Utilities System RB Refunding Series 2012 (AA/NR)^(a)
	4,500,000		0.590			06/01/15		4,501,350
	Leander Independent School District Unlimited Tax GO Bonds Refunding Series 2010 A (PSF-GTD) (AAA/NR)^(f)
	1,000,000		0.000			08/15/15		998,960
	Lubbock Health Facilities Development Corp. RB for St. Joseph Health System Series 2008 B (AA-/A1)
	3,300,000		5.000			07/01/17		3,669,732
	Mansfield Independent School District GO Bonds Series 2012 (PSF-GTD) (AAA/Aaa)^(a)
	7,315,000		1.750			08/01/17		7,467,518


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, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Mission Economic Development Corp. Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 12/01/09 Series 2006 (A-/NR)^(a)
$	4,000,000		3.750	%		06/01/15	$	4,090,520
	New Hope Cultural Education Facilities Finance Corporation Student Housing RB for CHF – Collegiate Housing College Station I, LLC – Texas A&M University Project Series 2014 A (AGM) (AA/A2)
	200,000		4.000			04/01/17		213,874
	170,000		4.000			04/01/20		184,744
	400,000		4.000			04/01/21		431,776
	North Texas Tollway Authority RB Refunding for First Tier Series 2008 A (NATL-RE-IBC) (AA-/A2)
	4,250,000		6.000			01/01/19		4,895,702
	North Texas Tollway Authority RB Refunding for First Tier Series 2012 C (A-/A2)^(a)
	16,000,000		1.950			01/01/19		16,235,360
	North Texas Tollway Authority System RB Refunding First Tier Series 2008 E-3 (A-/A2)^(a)
	5,445,000		5.750			01/01/16		5,784,278
	North Texas Tollway Authority System RB Refunding First Tier Series 2011 B (A-/A2)
	3,000,000		5.000			01/01/19		3,463,590
	Northside Texas Independent School District GO Bonds for School Building Series 2010 (PSF-GTD) (AAA/Aaa)^(a)
	5,880,000		1.200			08/01/17		5,924,218
	Northside Texas Independent School District GO Bonds for School Building Series 2012 (PSF-GTD) (AAA/Aaa)^(a)
	8,000,000		1.000			05/31/16		8,072,720
	Plano Texas Independent School District Unlimited Tax GO Bonds Refunding Series 2010 (PSF-GTD) (AAA/Aaa)
	4,000,000		5.000			02/15/15		4,071,240
	Sam Rayburn Municipal Power Agency RB Refunding Series 2012 (BBB+/NR)
	1,755,000		5.000			10/01/15		1,833,238
	2,315,000		5.000			10/01/19		2,697,415
	San Antonio Electric and Gas Systems Junior Lien RB Refunding Series 2012 C (AA-/Aa2)^(a)
	7,000,000		2.000			12/01/16		7,199,360
	San Antonio Independent School District Unlimited Tax Refunding Bonds Series 2014 A (PSF-GTD) (AAA/Aaa)^(a)
	9,000,000		2.000			08/01/17		9,286,020
	San Antonio Independent School District Unlimited Tax Refunding Bonds Series 2014 B (PSF-GTD) (AAA/Aaa)^(a)
	10,000,000		2.000			08/01/18		10,290,800
	Sugar Land Texas GO Bonds Refunding for Fort Bend County Series 2012 (AAA/NR)
	1,240,000		3.000			02/15/15		1,253,181
	Texas Municipal Gas Acquisition & Supply Corp. III RB Series 2012 D (BBB/A3)
	3,445,000		5.000			12/15/14		3,474,627
	2,200,000		5.000			12/15/15		2,308,746
	3,000,000		5.000			12/15/16		3,257,010
	5,000,000		5.000			12/15/17		5,574,600
	4,500,000		5.000			12/15/18		5,113,080


	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Texas Municipal Gas Acquisition & Supply Corp. RB for Senior Lien Series 2008 D (A-/Baa2)
$	11,305,000		5.625	%		12/15/17	$	12,417,412
	Texas State Public Finance Authority Unemployment Compensation Obligation Assessment RB Series 2010 A (AAA/Aaa)^(e)
	7,355,000		5.000			01/01/16		7,789,754
	Texas State Public Finance Authority Unemployment Compensation Obligation Assessment RB Series 2010 A (AAA/Aaa)
	16,725,000		4.000			07/01/15		17,207,684
	Texas Transportation Commission Central Texas Turnpike System First Tier RB Refunding Series 2012 B (A-/Baa1)^(a)
	2,500,000		1.250			02/15/15		2,507,225
	Texas Transportation Commission State Highway Fund First Tier RB Refunding Series 2014 A (AAA/Aaa)
	14,625,000		5.000			04/01/18		16,732,170

								327,570,109

	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)
	16,255,000		2.250			10/01/17		16,514,918
	Virgin Islands Water & Power Authority Electric System RB Refunding Series 2010 A (BBB-/Baa3)
	680,000		4.750			07/01/15		679,510

								17,194,428

	Utah – 0.1%
	Utah Associated Municipal Power Systems RB for Horse Butte Wind Project Series 2012 A (A-/NR)
	610,000		5.000			09/01/15		635,894
	750,000		5.000			09/01/16		807,833
	500,000		5.000			09/01/17		554,495
	500,000		5.000			09/01/18		566,430
	500,000		5.000			09/01/19		575,890
	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		1,582,229

								4,722,771

	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		1,267,688
	1,420,000		4.000			10/01/16		1,480,364
	1,680,000		4.000			10/01/17		1,777,188

								4,525,240

	Virginia – 2.8%
	Louisa IDA Pollution Control RB Refunding for Electric and Power Co. Project Series 2008 C (A-/WR)^(a)
	6,250,000		1.500			12/01/14		6,256,875


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)
	Virginia – (continued)
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2005 (AA+/Aaa)^(e)
$	8,765,000		5.625	%		06/01/15	$	9,083,169
	Virginia College Building Authority Educational Facilities RB for 21st Century College and Equipment Programs Series 2013 A (AA+/Aa1)
	13,465,000		5.000			02/01/19		15,659,660
	Virginia Commonwealth Transportation Board RB Refunding for Northern Virginia Transportation District Program Series 2014 A (AA+/Aa1)
	8,375,000		5.000			05/15/19		9,787,695
	8,580,000		5.000			05/15/20		10,186,605
	Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2014 B (AA+/Aa1)
	20,650,000		5.000			05/15/19		24,133,242
	21,680,000		5.000			05/15/20		25,739,580
	Virginia State Housing Development Authority Homeownership Mortgage RB Series 2010 A (AA+/Aa1)
	3,015,000		2.500			03/01/15		3,032,879
	Virginia State Housing Development Authority Homeownership Mortgage RB Series 2011 B (GO OF AUTH) (AA+/Aa1)
	1,900,000		2.200			03/01/17		1,961,085
	Virginia State Public Building Authority RB Refunding for Public Facilities Series 2014 C (AA+/Aa1)
	5,325,000		5.000			08/01/18		6,131,578
	Wise County Virginia IDA Solid Waste and Sewage Disposal RB for Virginia Electric and Power Company Project Series 2010 A (A-/A2)^(a)
	5,000,000		2.375			11/01/15		5,100,650
	York County Economic Development Authority Electricity and Power RB Refunding Series 2009 A (A-/A2)^(a)
	2,000,000		1.875			05/01/19		2,045,040

								119,118,058

	Washington – 0.8%
	Snohomish County School District No. 015 GO Bonds Unlimited Tax Series 2006 (NATL-RE FGIC) (SCH BD GTY) (AA+/Aa1)^(e)
	2,550,000		5.000			06/01/16		2,744,871
	Washington State COPS for State and Local Agency Real and Personal Property Series 2014 B (NR/Aa2)
	3,020,000		5.000			07/01/19		3,520,323
	Washington State Various Purpose GO Bonds Refunding Series 2013 R-C (AA+/Aa1)
	27,125,000		3.000			07/01/16		28,373,835

								34,639,029

	West Virginia – 0.6%
	Kanawha Putnam County Huntington Compound RB for Single Family Mortgage Series 1984 A (ETM) (NR/Aaa)^(e)(f)
	10,125,000		0.000			12/01/16		10,007,651
	Mason County Pollution Control RB for Appalachian Power Co. Project Series 2003 L (BBB/Baa1)^(a)
	3,000,000		1.625			10/01/18		3,004,740


	State-Specific Municipal Debt Obligations – (continued)
	West Virginia – (continued)
	Mason County Pollution Control RB for Appalachian Power Co. Project Series 2003 L (NR/Baa1)^(a)
$	6,300,000		2.000	%		10/01/14	$	6,300,000
	Monongalia County Board of Education Public School RB Refunding Bonds Series 2012 (AA/NR)
	1,520,000		5.000			05/01/18		1,723,954
	Princeton West Virginia Hospitals RB Refunding Princeton Community Hospital Project Series 2012 A (BBB+/NR)
	500,000		5.000			05/01/17		540,515
	1,445,000		5.000			05/01/18		1,585,540
	1,565,000		5.000			05/01/19		1,738,950

								24,901,350

	Wisconsin – 0.3%
	Kenosha City Promissory Notes GO Bonds for Capital Appreciation Series 2005 D (AMBAC) (AA/Aa2)^(f)
	1,500,000		0.000			09/01/15		1,491,435
	Madison City Promissory Notes GO Bonds Series 2011 A (NR/Aaa)
	5,500,000		5.000			10/01/16		5,976,740
	Milwaukee Wisconsin GO Bonds Series 2010 N-1 (AA/Aa3)
	4,050,000		5.000			02/01/16		4,298,670

								11,766,845

	TOTAL INVESTMENTS – 100.0%
	(Cost $4,257,316,132)						$	4,278,735,596

	LIABILITIES IN EXCESS OF OTHER ASSETS – 0.0%							(443,764	)

	NET ASSETS – 100.0%						$	4,278,291,832


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, 2014.
(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 $35,835,575, which represents approximately 0.8% of net assets as of September 30, 2014.
(c)		Inverse floating rate security. Interest rate disclosed is that which is in effect at September 30, 2014.
(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 or distribution rate disclosed is that which is in effect at September 30, 2014.
(e)		Pre-refunded security. Maturity date disclosed is pre-refunding date.
(f)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)		When-issued security.


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, 2014 (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:
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
CNTY GTD		—County Guaranteed
COMWLTH GTD		—Commonwealth Guaranteed
COPS		—Certificates of Participation
ETM		—Escrowed to Maturity
FGIC		—Insured by Financial Guaranty Insurance Co.
GO		—General Obligation
GO OF AUTH		—General Obligation of Authority
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
PSF-GTD		—Guaranteed by Permanent School Fund
Q-SBLF		—Qualified School Board Loan Fund
RB		—Revenue Bond
RMKT		—Remarketed
SCH BD GTY		—School Bond Guaranty
SCH BD RES FD		—School Bond Reserve Fund
SCSDE		—South Carolina State Department of Education
SD CRED PROG		—School District Credit Program
ST AID DIR DEP		—State Aid Direct Deposit
ST AID WITHHLDG		—State Aid Withholding
WR		—Withdrawn Rating
XLCA		—Insured by XL Capital Assurance, Inc.


72		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, 2014, 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, 2014^(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		0.780	%	$	(5	)	$	76,179
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		0.780			(420,315	)		572,662
TOTAL												$	(420,320	)	$	648,841

(a)


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2014 (Unaudited)


	High Yield Municipal Fund			Municipal Income Fund			Short Duration Tax-Free Fund
Assets:
Investments, at value (cost $2,965,179,242, $449,784,214 and $4,257,316,132)	$	3,097,699,651		$	491,345,680		$	4,278,735,596
Cash		39,244,805			4,862,880			45,331,143
Receivables:
Interest and dividends, net of allowances		46,772,316			6,369,362			35,181,806
Collateral on certain derivative contracts		25,812,771			1,328,144			—
Fund shares sold		6,061,718			304,478			10,114,154
Unrealized gain on swap contracts		2,634,612			114,532			648,841
Variation margin on certain derivative contracts		1,963,822			99,157			—
Investments sold		815,090			—			—
Reimbursement from investment adviser		52,473			31,649			67,847
Other assets		19,559			3,518			28,542
Total assets		3,221,076,817			504,459,400			4,370,107,929

Liabilities:
Payables:
Fund shares redeemed		7,277,705			1,061,478			6,805,704
Investments purchased on an extended-settlement basis		2,500,000			—			31,760,440
Upfront payments received on swap contracts		2,142,009			84,063			420,320
Management fees		1,387,284			164,603			1,203,911
Investments purchased		1,267,500			—			51,014,959
Income distribution		621,041			206,824			239,603
Distribution and Service fees and Transfer Agent fees		238,337			80,544			222,717
Collateral on certain derivative contracts		—			—			20,000
Accrued expenses		132,092			84,717			128,443
Total liabilities		15,565,968			1,682,229			91,816,097

Net Assets:
Paid-in capital		4,425,675,124			498,206,104			4,249,998,611
Undistributed net investment income		73,520,630			2,184,185			7,418,240
Accumulated net realized loss		(1,421,338,832	)		(38,958,967	)		(1,193,324	)
Net unrealized gain		127,653,927			41,345,849			22,068,305
NET ASSETS	$	3,205,510,849		$	502,777,171		$	4,278,291,832
Net Assets:
Class A	$	258,101,692		$	157,601,430		$	207,306,709
Class B		3,324,130			1,970,235			—
Class C		81,117,320			20,374,745			37,661,070
Institutional		2,847,302,282			319,370,179			4,025,181,978
Service		—			38,810			60,111
Class IR		15,665,425			3,421,772			8,081,964
Total Net Assets	$	3,205,510,849		$	502,777,171		$	4,278,291,832
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		27,532,799			9,926,559			19,530,343
Class B		354,552			124,073			—
Class C		8,653,653			1,282,889			3,551,706
Institutional		303,704,733			20,119,515			379,727,431
Service		—			2,432			5,672
Class IR		1,669,996			215,761			762,266
Net asset value, offering and redemption price per share:^(a)
Class A		$9.37			$15.88			$10.61
Class B		9.38			15.88			—
Class C		9.37			15.88			10.60
Institutional		9.38			15.87			10.60
Service		—			15.96			10.60
Class IR		9.38			15.86			10.60

(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 $9.81, $16.50 and $10.77, 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.


74		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, 2014 (Unaudited)


	High Yield Municipal Fund			Municipal Income Fund			Short Duration Tax-Free Fund
Investment income:
Interest, net of allowances	$	87,602,375		$	11,345,734		$	33,239,252

Expenses:
Management fees		8,228,807			1,367,276			7,440,463
Transfer Agent fees^(a)		781,338			183,284			949,291
Distribution and Service fees^(a)		748,988			315,294			476,336
Custody, accounting and administrative services		99,992			25,070			139,924
Professional fees		68,337			59,034			63,403
Registration fees		56,202			63,662			68,688
Printing and mailing costs		17,224			13,308			21,169
Trustee fees		14,496			10,821			15,757
Service share fees — Service Plan		—			48			221
Service share fees — Shareholder Administration Plan		—			48			221
Other		24,795			8,000			23,058
Total expenses		10,040,179			2,045,845			9,198,531
Less — expense reductions		(323,216	)		(541,060	)		(657,744	)
Net expenses		9,716,963			1,504,785			8,540,787
NET INVESTMENT INCOME		77,885,412			9,840,949			24,698,465

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		2,152,573			(448,589	)		(1,928,864	)
Swap contracts		(18,924,459	)		(1,378,962	)		541,842
Net change in unrealized gain (loss) on:
Investments		169,310,909			14,802,581			19,311,031
Swap contracts		(6,883,744	)		70,704			(190,473	)
Net realized and unrealized gain		145,655,279			13,045,734			17,733,536
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	223,540,691		$	22,886,683		$	42,432,001

(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	$	329,533	$	22,317	$	397,138	$	171,356	$	2,901	$	51,627	$	545,693	$	—	$	9,761
Municipal Income		200,443		12,133		102,718		104.229		1,577		13,353		62,166		7		1,952
Short Duration Tax-Free		275,574		—		200,762		143,297		—		26,099		774,297		36		5,562


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets


	High Yield Municipal Fund
	For the Six Months Ended September 30, 2014 (Unaudited)			For the Fiscal Year Ended March 31, 2014
From operations:
Net investment income	$	77,885,412		$	166,180,280
Net realized loss		(16,771,886	)		(15,796,767	)
Net change in unrealized gain (loss)		162,427,165			(237,993,004	)
Net increase (decrease) in net assets resulting from operations		223,540,691			(87,609,491	)

Distributions to shareholders:
From net investment income
Class A Shares		(6,069,592	)		(13,590,023	)
Class B Shares		(86,479	)		(269,572	)
Class C Shares		(1,530,507	)		(3,467,667	)
Institutional Shares		(66,739,958	)		(141,635,689	)
Service Shares		—			—
Class IR Shares		(363,093	)		(403,464	)
From net realized gains
Class A Shares		—			—
Class B Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Total distributions to shareholders		(74,789,629	)		(159,366,415	)

From share transactions:
Proceeds from sales of shares		354,107,311			770,181,383
Reinvestment of distributions		70,943,245			151,735,065
Cost of shares redeemed		(301,161,951	)^(b)		(1,639,771,862	)^(c)
Net increase (decrease) in net assets resulting from share transactions		123,888,605			(717,855,414	)
TOTAL INCREASE (DECREASE)		272,639,667			(964,831,320	)

Net assets:
Beginning of period		2,932,871,182			3,897,702,502
End of period	$	3,205,510,849		$	2,932,871,182
Undistributed net investment income	$	73,520,630		$	70,424,847

(a)

Effective March 17, 2014, Class B Shares converted into Class A Shares.

(b)

Net of $43,218 of redemption fees.

(c)

Net of $906,242 of redemption fees.


76		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, 2014 (Unaudited)			For the Fiscal Year Ended March 31, 2014			For the Six Months Ended September 30, 2014 (Unaudited)			For the Fiscal Year Ended March 31, 2014

$	9,840,949		$	22,503,995		$	24,698,465		$	52,320,075
	(1,827,551	)		(2,093,508	)		(1,387,022	)		(182,617	)
	14,873,285			(28,519,561	)		19,120,558			(57,172,962	)
	22,886,683			(8,109,074	)		42,432,001			(5,035,504	)



	(2,881,917	)		(6,464,608	)		(889,061	)		(2,240,239	)
	(34,600	)		(97,862	)		—			(28	)^(a)
	(292,156	)		(655,357	)		(81,926	)		(223,661	)
	(6,111,212	)		(13,382,836	)		(22,115,135	)		(45,784,071	)
	(657	)		(1,402	)		(601	)		(2,975	)
	(57,428	)		(106,250	)		(45,249	)		(160,225	)

	—			—			—			(136,723	)
	—			—			—			(7	)
	—			—			—			(28,454	)
	—			—			—			(2,177,146	)
	—			—			—			(126	)
	—			—			—			(5,911	)
	(9,377,970	)		(20,708,315	)		(23,131,972	)		(50,759,566	)


	40,994,778			88,544,988			1,022,995,943			2,222,666,006
	8,078,344			17,920,021			21,379,606			43,450,368
	(50,896,410	)		(212,141,742	)		(815,677,809	)		(2,851,707,101	)
	(1,823,288	)		(105,676,733	)		228,697,740			(585,590,727	)
	11,685,425			(134,494,122	)		247,997,769			(641,385,797	)


	491,091,746			625,585,868			4,030,294,063			4,671,679,860
$	502,777,171		$	491,091,746		$	4,278,291,832		$	4,030,294,063
$	2,184,185		$	1,721,206		$	7,418,240		$	5,851,747


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

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)
	2014 - A	$	8.93	$	0.22	$	0.43		$	0.65		$	(0.21	)
	2014 - B		8.93		0.19		0.44			0.63			(0.18	)
	2014 - C		8.93		0.19		0.43			0.62			(0.18	)
	2014 - Institutional		8.93		0.24		0.44			0.68			(0.23	)
	2014 - IR		8.93		0.23		0.44			0.67			(0.22	)

FOR THE FISCAL YEARS ENDED MARCH 31,
	2014 - A		9.51		0.44		(0.60	)		(0.16	)		(0.42	)
	2014 - B		9.52		0.37		(0.60	)		(0.23	)		(0.36	)
	2014 - C		9.51		0.37		(0.59	)		(0.22	)		(0.36	)
	2014 - Institutional		9.52		0.47		(0.61	)		(0.14	)		(0.45	)
	2014 - IR		9.51		0.47		(0.61	)		(0.14	)		(0.44	)
	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	)

(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.


78		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)

$	9.37		7.36	%	$	258,102		0.87	%^(d)		0.93	%^(d)		4.80	%^(d)		7	%
	9.38		7.08			3,324		1.62	^(d)		1.68	^(d)		4.07	^(d)		7
	9.37		6.96			81,117		1.62	^(d)		1.68	^(d)		4.05	^(d)		7
	9.38		7.63			2,847,302		0.58	^(d)		0.59	^(d)		5.09	^(d)		7
	9.38		7.61			15,665		0.61	^(d)		0.68	^(d)		5.04	^(d)		7


	8.93		(1.52	)		255,002		0.87			0.93			4.94			25
	8.93		(2.35	)		5,043		1.62			1.68			4.18			25
	8.93		(2.25	)		75,433		1.62			1.68			4.19			25
	8.93		(1.34	)		2,584,691		0.58			0.59			5.23			25
	8.93		(1.28	)		12,703		0.62			0.69			5.31			25
	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


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

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)
2014 - A	$	15.45	$	0.30	$	0.41		$	0.71		$	(0.28	)
2014 - B		15.45		0.24		0.41			0.65			(0.22	)
2014 - C		15.46		0.24		0.40			0.64			(0.22	)
2014 - Institutional		15.45		0.32		0.41			0.73			(0.31	)
2014 - Service		15.53		0.29		0.41			0.70			(0.27	)
2014 - IR		15.43		0.32		0.41			0.73			(0.30	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2014 - A		16.16		0.61		(0.76	)		(0.15	)		(0.56	)
2014 - B		16.16		0.50		(0.76	)		(0.26	)		(0.45	)
2014 - C		16.16		0.50		(0.75	)		(0.25	)		(0.45	)
2014 - Institutional		16.16		0.67		(0.76	)		(0.09	)		(0.62	)
2014 - Service		16.24		0.59		(0.76	)		(0.17	)		(0.54	)
2014 - IR		16.14		0.65		(0.76	)		(0.11	)		(0.60	)
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	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.


80		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)

$	15.88		4.64	%	$	157,601		0.78	%^(d)		1.00	%^(d⁾		3.78	%^(d)		2	%
	15.88		4.25			1,970		1.54	^(d)		1.75	^(d)		3.04	^(d)		2
	15.88		4.18			20,375		1.53	^(d)		1.75	^(d)		3.03	^(d)		2
	15.87		4.75			319,370		0.44	^(d)		0.66	^(d)		4.12	^(d)		2
	15.96		4.52			39		0.94	^(d)		1.15	^(d)		3.62	^(d)		2
	15.86		4.78			3,422		0.53	^(d)		0.75	^(d)		4.01	^(d)		2


	15.45		(0.83	)		160,259		0.79			1.00			3.99			15
	15.45		(1.56	)		2,601		1.54			1.75			3.24			15
	15.46		(1.50	)		20,131		1.54			1.75			3.24			15
	15.45		(0.49	)		305,706		0.45			0.66			4.33			15
	15.53		(0.98	)		37		0.94			1.16			3.83			15
	15.43		(0.58	)		2,357		0.54			0.75			4.23			15
	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


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2014 - A	$	10.57	$	0.05	$	0.03		$	0.08		$	(0.04	)	$	—		$	(0.04	)
2014 - C		10.55		0.03		0.04			0.07			(0.02	)		—			(0.02	)
2014 - Institutional		10.55		0.06		0.05			0.11			(0.06	)		—			(0.06	)
2014 - Service		10.55		0.04		0.05			0.09			(0.04	)		—			(0.04	)
2014 - IR		10.55		0.06		0.05			0.11			(0.06	)		—			(0.06	)
2014 - A		10.69		0.10		(0.12	)		(0.02	)		(0.09	)		(0.01	)		(0.10	)
2014 - C		10.68		0.06		(0.13	)		(0.07	)		(0.05	)		(0.01	)		(0.06	)
2014 - Institutional		10.68		0.13		(0.13	)		—	^(e)		(0.12	)		(0.01	)		(0.13	)
2014 - Service		10.67		0.08		(0.12	)		(0.04	)		(0.07	)		(0.01	)		(0.08	)
2014 - IR		10.68		0.13		(0.14	)		(0.01	)		(0.11	)		(0.01	)		(0.12	)
2013 - A		10.62		0.13		0.07			0.20			(0.13	)		—			(0.13	)
2013 - C		10.62		0.08		0.06			0.14			(0.08	)		—			(0.08	)
2013 - Institutional		10.61		0.16		0.07			0.23			(0.16	)		—			(0.16	)
2013 - Service		10.61		0.12		0.05			0.17			(0.11	)		—			(0.11	)
2013 - IR		10.61		0.15		0.07			0.22			(0.15	)		—			(0.15	)
2012 - A		10.44		0.18		0.18			0.36			(0.18	)		—			(0.18	)
2012 - C		10.44		0.14		0.18			0.32			(0.14	)		—			(0.14	)
2012 - Institutional		10.44		0.22		0.17			0.39			(0.22	)		—			(0.22	)
2012 - Service		10.43		0.17		0.17			0.34			(0.16	)		—			(0.16	)
2012 - IR		10.44		0.19		0.19			0.38			(0.21	)		—			(0.21	)
2011 - A		10.46		0.18		(0.02	)		0.16			(0.18	)		—			(0.18	)
2011 - C		10.46		0.12		(0.02	)		0.10			(0.12	)		—			(0.12	)
2011 - Institutional		10.46		0.22		(0.03	)		0.19			(0.21	)		—			(0.21	)
2011 - Service		10.46		0.17		(0.04	)		0.13			(0.16	)		—			(0.16	)
2011 - IR (Commenced July 30, 2010)		10.56		0.14		(0.12	)		0.02			(0.14	)		—			(0.14	)
2010 - A		10.25		0.19		0.23			0.42			(0.21	)		—			(0.21	)
2010 - C		10.25		0.12		0.22			0.34			(0.13	)		—			(0.13	)
2010 - Institutional		10.25		0.22		0.23			0.45			(0.24	)		—			(0.24	)
2010 - Service		10.24		0.15		0.26			0.41			(0.19	)		—			(0.19	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.


82		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)

$	10.61		0.78	%	$	207,307		0.73	%^(d)		0.76	%^(d)		0.88	%^(d)		8	%
	10.60		0.68			37,661		1.13	^(d)		1.51	^(d)		0.48	^(d)		8
	10.60		1.05			4,025,182		0.39	^(d)		0.42	^(d)		1.22	^(d)		8
	10.60		0.81			60		0.89	^(d)		0.92	^(d)		0.75	^(d)		8
	10.60		1.01			8,082		0.48	^(d)		0.51	^(d)		1.13	^(d)		8
	10.57		(0.24	)		231,329		0.73			0.76			0.93			17
	10.55		(0.73	)		43,189		1.13			1.51			0.53			17
	10.55		0.01			3,745,916		0.39			0.42			1.27			17
	10.55		(0.40	)		306		0.89			0.92			0.79			17
	10.55		(0.08	)		9,554		0.48			0.51			1.19			17
	10.69		1.85			327,845		0.73			0.76			1.26			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
	10.62		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
	10.44		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
	10.46		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


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2014 (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	A, B, C, Institutional, Service and IR	Diversified
Short Duration Tax-Free	A, 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 and Municipal Income Funds were sold with a contingent deferred sales charge (“CDSC”) that declines from 5.00% to zero and 5.00% 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 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 income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), 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

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (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:

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 of G8 countries (not held in money market funds), 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.

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

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

i. Swap Contracts — Bilateral swap contracts are agreements in which 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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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, 2014:



HIGH YIELD MUNICIPAL

Investment Type	Level 1		Level 2			Level 3
Assets
Municipal Debt Obligations	$	—	$	3,097,699,651		$	—

Derivative Type
Assets^(a)
Credit Default Swap Contracts	$	—	$	2,634,612		$	—
Liabilities^(a)
Interest Rate Swap Contracts	$	—	$	(7,501,094	)	$	—

MUNICIPAL INCOME

Investment Type	Level 1		Level 2			Level 3
Assets
Municipal Debt Obligations	$	—	$	491,345,680		$	—

Derivative Type
Assets^(a)
Credit Default Swap Contracts	$	—	$	114,532		$	—
Liabilities^(a)
Interest Rate Swap Contracts	$	—	$	(330,149	)	$	—

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



SHORT DURATION TAX-FREE

Investment Type	Level 1		Level 2		Level 3
Assets
Municipal Debt Obligations	$	—	$	4,278,735,596	$	—

Derivative Type
Assets^(a)
Credit Default Swap Contracts	$	—	$	648,841	$	—

(a)

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of September 30, 2014. 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
Credit	Receivable for unrealized gain on swap contracts	$	2,634,612	—	$	—
Interest Rate	—		—	Variation margin on certain derivative contracts		(7,501,094)	^(a)(b)
Total		$	2,634,612		$	(7,501,094)

MUNICIPAL INCOME
Risk	Statements of Assets and Liabilities	Assets^(a)		Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	114,532	—	$	—
Interest Rate	—		—	Variation margin on certain derivative contracts		(330,149)	^(a)(b)
Total		$	114,532		$	(330,149)

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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

648,841

—

(a)

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.

(b)

Aggregate of amounts 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. The 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 Funds are entitled to a full return.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended September 30, 2014. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:



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	$	2,351,745		$	(1,257,381	)		7
Interest Rate	Net realized gain (loss) from swap/Net change in unrealized gain (loss) on swap		(21,276,204	)		(5,626,363	)		1
Total		$	(18,924,459	)	$	(6,883,744	)		8

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	$	14,902		$	24,087			2
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(1,393,864	)		46,617			1
Total		$	(1,378,962	)	$	70,704			3

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	$	541,842		$	(190,473	)		2

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2014.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

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, and certain options and 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 initial margin to the counterparty, 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 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.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2014, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Fee Rate																		Effective Net 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, 2015, 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, 2014, Goldman Sachs agreed to waive a portion of the distribution and service fees equal to 0.35% as an annual percentage rate of the average daily net assets attributable to Class C Shares of the Short Duration Tax-Free Fund. This arrangement will remain in place through at least July 29, 2015. Prior to such date, Goldman Sachs may not terminate this arrangement without the approval of the Trustees.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C Shares’ CDSC. During the six months ended September 30, 2014, Goldman Sachs advised that it retained front end sales charges of $17,985, $6,600 and $2,134 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 the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.13% of the average daily net assets of Class A, Class B, Class C and Class IR Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.05% 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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

High Yield Municipal Fund. This arrangement will remain in effect through at least July 29, 2015. 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 Expenses” of the Funds (excluding transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meetings, litigation, indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for each Fund is 0.004%. These Other Expense limitations will remain in place through at least July 29, 2015 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. The Funds bear their respective share of costs related to proxy and shareholder meetings, and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets. 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, 2014, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


	Fee Waivers
Fund	Management Fee		Class C Distribution and Service Fee		Transfer Agent Fee^(a)		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
High Yield Municipal	$	—	$	—	$	90,636	$	210,362	$	22,218	$	323,216
Municipal Income		372,894		—		—		166,296		1,870		541,060
Short Duration Tax-Free		300,834		70,266		—		242,474		44,170		657,744

(a)

Applicable to Class A, B, C and IR Shares.

G. Line of Credit Facility — As of September 30, 2014, the Funds participated in a $1,080,000,000 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 $120,000,000, for a total of up to $1,200,000,000. This facility is to be used solely for temporary or emergency purposes, which may include the funding of redemptions. 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, 2014, the Funds did not have any borrowings under the facility.

H. Other Transactions with Affiliates — As of September 30, 2014, the Goldman Sachs Group, Inc. was the beneficial owner of approximately 8% of the Service Class Shares of the Municipal Income Fund.

For the six months ended September 30, 2014, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Funds. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the six months ended September 30, 2014, there were no purchase and sale transactions for the Funds with an affiliated fund in compliance with Rule 17a-7 under the Act.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (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, 2014, were as follows:


Fund	Purchases		Sales and Maturities
High Yield Municipal	$	257,325,842	$	201,096,498
Municipal Income		9,327,564		14,134,970
Short Duration Tax-Free		654,088,833		339,504,661

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, March 31, 2014, the Fund’s capital loss carryforwards and certain timing differences, on a tax-basis were a 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		(18,871,847	)		(2,091,847	)		—
Perpetual Long-term		(142,445,698	)		—			—
Total capital loss carryforwards	$	(1,379,898,161	)	$	(36,301,725	)	$	—
Timing differences (Qualified Late Year Loss Deferral/income distribution payable/defaulted bond income)	$	(18,831,787	)	$	(1,076,623	)	$	(807,673	)

(1)

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

As of September 30, 2014, 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	$	2,958,803,075		$	449,255,551		$	4,251,696,904
Gross unrealized gain		377,910,322			51,350,215			60,775,405
Gross unrealized loss		(239,013,746	)		(9,260,086	)		(33,736,713	)
Net unrealized security gain	$	138,896,576		$	42,090,129		$	27,038,692

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 swap transactions, and market discount, accretion and premium amortization.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

8. OTHER RISKS

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

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

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. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

10. OTHER MATTERS

Class B Shares Conversion — At a meeting held on August 13-14, 2014, the Board of Trustees of the Goldman Sachs Trust approved the early conversion of the Goldman Sachs High Yield Municipal and the Goldman Sachs Municipal Income Funds’ Class B Shares into Class A Shares.

Accordingly, effective at the close of business on November 14, 2014 (the “Conversion Date”), Class B Shares of each Fund will convert to Class A Shares of the Fund, including Class B Shares that are scheduled to convert on a later date. No CDSCs will be assessed in connection with this early conversion. In addition, effective October 15, 2014, redemptions of a Fund’s Class B Shares before the Conversion Date will not be subject to a CDSC.

11. SUBSEQUENT EVENTS

Other than what was noted above, 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.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	High Yield Municipal

	For the Six Months Ended September 30, 2014 (Unaudited)						For the Fiscal Year Ended March 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,912,894		$	36,117,316			5,950,695		$	53,303,333
Shares converted to Class A^(a)		9			87			196			1,750
Reinvestment of distributions		592,310			5,474,098			1,398,144			12,391,836
Shares redeemed		(5,539,540	)		(51,059,781	)		(15,326,648	)		(135,881,316	)
		(1,034,327	)		(9,468,280	)		(7,977,613	)		(70,184,397	)
Class B Shares
Shares sold		1,038			9,568			3,206			30,233
Shares converted to Class A^(a)		(9	)		(87	)		(196	)		(1,750	)
Reinvestment of distributions		8,383			77,421			27,103			240,260
Shares redeemed		(219,660	)		(2,040,844	)		(410,620	)		(3,662,054	)
		(210,248	)		(1,953,942	)		(380,507	)		(3,393,311	)
Class C Shares
Shares sold		672,109			6,162,223			819,033			7,358,969
Reinvestment of distributions		129,065			1,192,992			306,108			2,712,454
Shares redeemed		(598,458	)		(5,504,005	)		(4,056,740	)		(35,762,836	)
		202,716			1,851,210			(2,931,599	)		(25,691,413	)
Institutional Shares
Shares sold		33,568,093			308,843,942			79,465,853			698,704,946
Reinvestment of distributions		6,904,134			63,836,395			15,334,732			135,987,061
Shares redeemed		(26,290,154	)		(241,469,311	)		(165,288,670	)		(1,458,716,122	)
		14,182,073			131,211,026			(70,488,085	)		(624,024,115	)
Class IR Shares
Shares sold		327,056			2,974,262			1,256,753			10,783,902
Reinvestment of distributions		39,164			362,339			45,767			403,454
Shares redeemed		(118,311	)		(1,088,010	)		(630,389	)		(5,749,534	)
		247,909			2,248,591			672,131			5,437,822
NET INCREASE (DECREASE)		13,388,123		$	123,888,605			(81,105,673	)	$	(717,855,414	)

(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. At a meeting held on August 13-14, 2014, the Board of Trustees of the Goldman Sachs Trust approved the early conversion of Class B Shares into Class A Shares. Accordingly, effective at the close of business on November 14, 2014, Class B Shares will convert to Class A Shares of the Fund, and no contingent deferred sales charges (“CDSCs”) will be assessed in connection with redemptions of the Fund’s Class B Shares prior to this date.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Municipal Income

	For the Six Months Ended September 30, 2014 (Unaudited)						For the Fiscal Year Ended March 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		531,650		$	8,346,034			1,427,014		$	22,190,668
Shares converted from Class B^(a)		524			8,254			3,063			46,484
Reinvestment of distributions		175,158			2,758,226			400,225			6,150,521
Shares redeemed		(1,153,239	)		(18,081,160	)		(4,137,856	)		(63,599,452	)
		(445,907	)		(6,968,646	)		(2,307,554	)		(35,211,779	)
Class B Shares
Shares sold		186			2,915			6,983			106,836
Shares converted to Class A^(a)		(524	)		(8,254	)		(3,063	)		(46,484	)
Reinvestment of distributions		1,891			29,777			5,480			84,316
Shares redeemed		(45,789	)		(721,804	)		(124,533	)		(1,921,200	)
		(44,236	)		(697,366	)		(115,133	)		(1,776,532	)
Class C Shares
Shares sold		91,264			1,427,863			200,038			3,107,743
Reinvestment of distributions		14,773			232,676			34,580			531,704
Shares redeemed		(125,650	)		(1,971,534	)		(605,351	)		(9,290,473	)
		(19,613	)		(310,995	)		(370,733	)		(5,651,026	)
Institutional Shares
Shares sold		1,906,897			29,895,162			4,042,145			62,455,306
Reinvestment of distributions		317,516			4,999,927			718,823			11,046,524
Shares redeemed		(1,895,146	)		(29,735,309	)		(8,831,471	)		(135,529,121	)
		329,267			5,159,780			(4,070,503	)		(62,027,291	)
Service Shares
Reinvestment of distributions		19			308			46			706
Shares redeemed		—			—			(230	)		(3,523	)
		19			308			(184	)		(2,817	)
Class IR Shares
Shares sold		84,086			1,322,804			44,200			684,435
Reinvestment of distributions		3,649			57,430			6,911			106,250
Shares redeemed		(24,677	)		(386,603	)		(118,012	)		(1,797,973	)
		63,058			993,631			(66,901	)		(1,007,288	)
NET DECREASE		(117,412	)	$	(1,823,288	)		(6,931,008	)	$	(105,676,733	)

(a)

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Short Duration Tax-Free

	For the Six Months Ended September 30, 2014 (Unaudited)						For the Fiscal Year Ended March 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,159,499		$	22,866,958			9,928,501		$	105,165,214
Shares converted from Class B^(a)		—			—			2			17
Reinvestment of distributions		69,887			740,186			187,872			1,986,710
Shares redeemed		(4,594,431	)		(48,623,121	)		(18,888,284	)		(199,978,994	)
		(2,365,045	)		(25,015,977	)		(8,771,909	)		(92,827,053	)
Class B Shares^(b)
Shares converted to Class A^(a)		—			—			(2	)		(17	)
Reinvestment of distributions		—			—			4			33
Shares redeemed		—			—			(1,124	)		(11,861	)
		—			—			(1,122	)		(11,845	)
Class C Shares
Shares sold		175,386			1,855,467			938,308			9,935,947
Reinvestment of distributions		5,224			55,284			16,306			172,193
Shares redeemed		(720,956	)		(7,627,473	)		(2,223,991	)		(23,488,947	)
		(540,346	)		(5,716,722	)		(1,269,377	)		(13,380,807	)
Institutional Shares
Shares sold		94,306,698			997,432,968			198,783,946			2,102,662,346
Reinvestment of distributions		1,941,194			20,538,287			3,895,089			41,122,346
Shares redeemed		(71,553,900	)		(756,779,174	)		(247,297,879	)		(2,613,591,690	)
		24,693,992			261,192,081			(44,618,844	)		(469,806,998	)
Service Shares
Shares sold		1			—			11,313			119,362
Reinvestment of distributions		56			601			283			2,997
Shares redeemed		(23,365	)		(246,761	)		(106,277	)		(1,132,641	)
		(23,308	)		(246,160	)		(94,681	)		(1,010,282	)
Class IR Shares
Shares sold		79,526			840,550			450,279			4,783,137
Reinvestment of distributions		4,276			45,248			15,725			166,089
Shares redeemed		(226,935	)		(2,401,280	)		(1,280,323	)		(13,502,968	)
		(143,133	)		(1,515,482	)		(814,319	)		(8,553,742	)
NET INCREASE (DECREASE)		21,622,160		$	228,697,740			(55,570,252	)	$	(585,590,727	)

(a)

(b)

Effective March 17, 2014, Class B Shares were converted to Class A Shares.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2014 (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, 2014 through September 30, 2014.

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 4/01/14		Ending Account Value 9/30/14			Expenses Paid for the 6 Months Ended 9/30/14*		Beginning Account Value 4/01/14		Ending Account Value 9/30/14			Expenses Paid for the 6 Months Ended 9/30/14*		Beginning Account Value 4/01/14		Ending Account Value 9/30/14			Expenses Paid for the 6 Months Ended 9/30/14*
Class A
Actual	$	1,000	$	1,073.60		$	4.52	$	1,000	$	1,046.40		$	4.00	$	1,000	$	1,007.80		$	3.67
Hypothetical 5% return		1,000		1,020.71	+		4.41		1,000		1,021.16	+		3.95		1,000		1,021.41	+		3.70
Class B
Actual		1,000		1,070.80			8.41		1,000		1,042.50			7.89		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,016.95	+		8.19		1,000		1,017.35	+		7.79		N/A		N/A			N/A
Class C
Actual		1,000		1,069.60			8.40		1,000		1,041.80			7.83		1,000		1,006.80			5.68
Hypothetical 5% return		1,000		1,016.95	+		8.19		1,000		1,017.40	+		7.74		1,000		1,019.40	+		5.72
Institutional
Actual		1,000		1,076.30			3.02		1,000		1,047.50			2.26		1,000		1,010.50			1.97
Hypothetical 5% return		1,000		1,022.16	+		2.94		1,000		1,022.86	+		2.23		1,000		1,023.11	+		1.98
Service
Actual		N/A		N/A			N/A		1,000		1,045.20			4.82		1,000		1,008.10			4.48
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		1,076.10			3.17		1,000		1,047.80			2.72		1,000		1,010.10			2.42
Hypothetical 5% return		1,000		1,022.01	+		3.09		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, 2014. 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		0.87	%		1.62	%		1.62	%		0.58	%		N/A			0.61	%
Municipal Income		0.78			1.54			1.53			0.44			0.94	%		0.53
Short Duration Tax-Free		0.73			N/A			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.

100

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs High Yield Municipal Fund, Goldman Sachs Municipal Income Fund, and Goldman Sachs Short Duration Tax-Free Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held 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, 2015 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 11-12, 2014 (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 each Fund, including comparisons to the performance of similar mutual funds, as provided by a third party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices, and a comparable institutional composite managed by the Investment Adviser (in the case of the Municipal Income Fund), and general investment outlooks in the markets in which the Funds invest;

101

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

(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 each Fund 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 and its affiliates to waive certain fees and to limit certain expenses of each Fund that exceed specified levels, 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;

(g)

information relating to the profitability of the Management Agreements and the transfer agency and distribution and service arrangements of each Fund 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.

102

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

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. They also noted the Investment Adviser’s commitment to maintaining high quality systems. 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.

103

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

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, 2013, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2014. 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 objective and policies and market conditions. The Trustees also received information comparing the Municipal Income Fund’s performance to that of a composite of institutional accounts managed by the Investment Adviser having comparable investment characteristics.

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

The Trustees observed that the High Yield Municipal Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods and in the fourth quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2014. They noted that the Municipal Income Fund’s Class A Shares had placed in the second quartile of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2014. They noted that the Short Duration Tax-Free Fund’s Class A Shares had placed in the second quartile of the Fund’s peer group for the ten-year period, in the third quartile for the three- and five-year periods, and in the fourth quartile for the one-year period, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2014.

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.

104

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

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 (with respect to the Municipal Income and Short Duration Tax-Free Funds) and to limit certain expenses of each Fund that exceed specified levels, as well as the undertakings of Goldman, Sachs & Co. (“Goldman Sachs”), the Funds’ distributor and transfer agent, to waive a portion of the distribution and service fees paid by the Short Duration Tax-Free Fund’s Class C Shares and a portion of the transfer agency fees paid by the High Yield Municipal Fund’s 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 shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed 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 information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense

105

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

allocation methodology and profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2013 and 2012, and the Trustees considered this information in relation to the Investment Adviser’s overall 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 (with respect to the Municipal Income and Short Duration Tax-Free Funds) and to limit certain expenses of each Fund 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 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. 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.

106

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be more likely to do business with other areas of Goldman 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) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced 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 on behalf of the Funds 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. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

107

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

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, 2015.

108

FUNDS PROFILE

Goldman Sachs Funds

LOGO

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 $999.2 billion in assets under supervision as of September 30, 2014, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Federal Fund

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Core Fixed Income Fund

Bond Fund²

Global Income Fund

Strategic Income Fund

World Bond Fund

Municipal and Tax-Free

High Yield Municipal Fund

Municipal Income Fund

Short Duration Tax-Free Fund

Single Sector

Investment Grade Credit Fund

U.S. Mortgages Fund

High Yield Fund

High Yield Floating Rate Fund

Emerging Markets Debt Fund

Local Emerging Markets Debt Fund

Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

Long Short Credit Strategies Fund³

Fixed Income Macro Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Small/Mid Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Tollkeeper Fund

Growth Opportunities Fund

Rising Dividend Growth Fund

U.S. Equity Fund

Income Builder Fund

Tax-Advantaged Equity

U.S. Tax-Managed Equity Fund⁴

International Tax-Managed Equity Fund⁴

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights

Small Cap Equity Insights Fund

U.S. Equity Insights Fund

Small Cap Growth Insights Fund

Large Cap Growth Insights Fund

Large Cap Value Insights Fund

Small Cap Value Insights Fund

International Small Cap Insights Fund

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

Strategic International Equity Fund

Focused International Equity Fund⁵

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund

BRIC Fund (Brazil, Russia, India, China)

N-11 Equity Fund

Select Satellite⁶

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Long Short Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Retirement Portfolio Completion Fund

Tactical Tilt Implementation Fund

Total Portfolio Solutions⁶

Balanced Strategy Portfolio

Growth and Income Strategy Portfolio

Growth Strategy Portfolio

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

Enhanced Dividend Global Equity Portfolio

Tax Advantaged Global Equity Portfolio

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.

Effective on October 1, 2014, the Goldman Sachs Core Plus Fixed Income Fund was renamed the Goldman Sachs Bond Fund.

Effective at the close of business on March 21, 2014, the Goldman Sachs Credit Strategies Fund was reorganized with and into the Goldman Sachs Long Short Credit Strategies Fund.

⁴

Effective on April 30, 2014, the Goldman Sachs Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds were renamed the Goldman Sachs U.S. Tax-Managed Equity and International Tax-Managed Equity Funds, respectively.

⁵

Effective at the close of business on February 28, 2014, the Goldman Sachs Concentrated International Equity Fund was renamed the Goldman Sachs Focused International Equity Fund.

⁶

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.

*This

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


TRUSTEES Ashok N. Bakhru, Chairman 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		OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer and Treasurer Caroline Kraus, Secretary

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

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

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

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

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

The Funds file their complete schedule of portfolio holdings with the 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. Form 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).

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

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

Fund holdings and allocations shown are as of September 30, 2014 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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 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, 2014

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, 2014

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs Trust

Date:		December 3, 2014

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