Goldman Sachs Mid Cap Value Fund 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, 2015

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

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Semi-Annual Report				September 30, 2015

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

*Effective after the close of business on December 18, 2014, the Goldman Sachs Municipal Income Fund’s name changed to the “Goldman Sachs Dynamic Municipal Income Fund.”

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Goldman Sachs Municipal Fixed Income Funds

DYNAMIC MUNICIPAL INCOME

HIGH YIELD MUNICIPAL

SHORT DURATION TAX-FREE


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Investment Process			2

Market Review			3

Portfolio Management Discussions and Performance Summaries			5

Schedules of Investments			20

Financial Statements			72

Financial Highlights			76

Notes to the Financial Statements			82

Other Information			98



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.

Effective after the close of business on December 18, 2014, the Fund’s name changed to the “Goldman Sachs Dynamic Municipal Income Fund.”

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

The Goldman Sachs 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 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 securities

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, 2015 (the “Reporting Period”) despite rising yields and modestly unfavorable supply and demand dynamics.

When the Reporting Period began in the second quarter of 2015, municipal bond prices retreated as yields rose across the yield curve. (Yield curve indicates a spectrum of maturities.) During the third calendar quarter and through the end of the Reporting Period, uncertainty about the Federal Reserve’s (the “Fed”) interest rate policy helped drive up municipal bond prices.

For the Reporting Period overall, shorter-term municipal yields edged up, while longer-term municipal yields rose more significantly. As a result, the municipal yield curve steepened. The yield on a two-year AAA-rated municipal security rose six basis points to 0.55%; the yield on a 10-year AAA-rated municipal security rose seven basis points to 2.03%; and the yield on a 30-year AAA-rated municipal security increased 24 basis points to 3.04%. (A basis point is 1/100th of a percentage point.) By comparison, the yield on a two-year U.S. Treasury security rose seven basis points to 0.63%; the yield on a 10-year U.S. Treasury rose 11 basis points to 2.04%; and the yield on a 30-year U.S. Treasury security increased 32 basis points to 2.85%. (Source: GSAM, MMD and Bloomberg.)

Market technicals, or supply and demand factors, were modestly unsupportive during the Reporting Period. Primary market issuance was strong, with approximately $200 billion of new supply for the Reporting Period overall. However, demand was weak. Municipal bond mutual funds saw average investment outflows of $200 million per week during the second quarter of 2015. Outflows persisted and even escalated during the third quarter of 2015. (Source: Lipper.)

Overall, credit quality in the municipal bond market remained strong during the Reporting Period. Nevertheless, pockets of weakness generated negative headlines. On June 28, 2015, Puerto Rico Governor Alejandro Garcia Padilla gave an interview to The New York Times in which he said the commonwealth “cannot pay its roughly $72 billion in debts.” These words shifted Puerto Rico’s course from a focused effort on finding liquidity and balancing the budget toward the possibility of a default. Credit ratings agencies responded to Padilla’s comments with multiple notch downgrades. As the Reporting Period progressed, Puerto Rico continued to implement significant measures to address its financial difficulties, including legislation that would allow for the issuance of tax anticipation notes and an increase in petroleum taxes as well as a tax reform proposal that could potentially provide additional revenues. Also during the Reporting Period, credit rating agencies downgraded New Jersey after a revenue shortfall led the state to make a reduced payment to its pension funds. Meanwhile, Illinois grappled with its pension and budgetary issues. In more positive news, state revenues overall expanded during the Reporting Period, with most states working toward solid budget plans that would potentially enhance financial reserves and provide tax breaks. One such example was New York state, which is one of the municipal bond market’s bellwether issuers. California also remained on an upward trajectory, as revenues came in ahead of budget for the state’s 2014-2015 fiscal year.

MARKET REVIEW

High Yield Municipals

During the Reporting Period, the high yield municipal bond market underperformed the investment grade municipal bond market. The main drivers of underperformance among high yield municipal bonds were the special tax and transportation sectors. Both sectors fell by more than 10% during the Reporting Period. As mentioned previously, Puerto Rico was the subject of significant negative news, which led to substantial volatility for the credit. Uncertainty around Puerto Rico’s restructuring plan caused it to underperform the Barclays High Yield Municipal Index for the Reporting Period as a whole.

Looking Ahead

At the end of the Reporting Period, municipal bond market technicals appeared to be moving in a more favorable direction, as primary market issuance slowed — though we believe this trend could possibly reverse toward the end of 2015. We also believe the tax environment should continue to be supportive for municipal bonds, even if interest rates remain low. That said, strong U.S. economic data, supported by recent Fed statements, suggest to us that rates may rise during the latter part of 2015. Higher rates, in our view, could make the tax exempt benefits of municipal bonds even more attractive and could boost the relative performance of the asset class. Meanwhile, we anticipate an increase in infrastructure investment by states and municipalities, and we expect their governments to take advantage of continued low interest rates to issue debt. We also expect to see more headlines around pension cost escalation, as this remains a serious challenge for some states and localities.

In the months ahead, we intend to maintain our approach in which we focus on seeking attractive risk/return opportunities across maturities along the municipal bond yield curve and inclusive of all credit qualities. We will continue seeking to keep the Funds invested in the most tax-efficient manner possible.

PORTFOLIO RESULTS

Goldman Sachs Dynamic Municipal Income Fund¹

Investment Objective

The Fund seeks a high level of current income that is exempt from regular federal income tax.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Dynamic Municipal Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2015 (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 -0.27%, -0.71%, -0.16%, -0.34% and -0.15%, respectively. These returns compare to the 0.80% cumulative total return of the Fund’s benchmark, the Barclays Municipal Bond 1-10 Year Blend Index (the “Index”), during the same time period. To compare, the Fund’s former benchmark, the Barclays Municipal Bond Index, generated a 0.75% cumulative total return during the same time period.

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

During the Reporting Period, the Fund’s exposure to longer maturity securities detracted from relative performance, as the municipal yield curved steepened, meaning the differential between longer-term and shorter-term yields widened. The Fund’s yield curve strategy detracted from relative returns. (Yield curve is a spectrum of maturities.)

the positive side, the Fund’s sector positioning and bottom-up issue selection added to relative results.

Which municipal bond market sectors most significantly affected Fund performance during the Reporting Period?

As municipal credit concerns increased in response to negative headlines about Puerto Rico, the Fund was hurt by its overweight position relative to the Index in lower credit quality B-rated municipal bonds. Conversely, the Fund benefited from its overweight position in hospital bonds, as this sector recorded strong gains during the Reporting Period.

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

During the Reporting Period, the Fund suffered due to its yield curve positioning relative to the Index. More specifically, the Fund was hurt by its exposure to the longer- maturity segment of the municipal yield curve as the yield curve steepened.

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

During the Reporting Period overall, 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. Derivatives did not have a material impact, on a net basis, on the Fund’s performance during the Reporting Period.

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

During the Reporting Period, we increased the Fund’s exposure to university and general obligation bonds. We decreased its allocation to hospital credits and lease-backed bonds. In addition, we reduced the Fund’s exposure to higher

PORTFOLIO RESULTS

credit quality A-rated issues and lower credit quality B-rated issues.

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 longer duration position compared to that of the Index. It was underweight relative to the Index in higher credit quality investment grade municipal bonds and overweight in BBB- rated and other lower credit quality issues. Compared to the Index, the Fund was overweight in Puerto Rico, California and Texas municipal bonds and underweight in New York municipal bonds.

FUND BASICS

Dynamic Municipal Income Fund

as of September 30, 2015

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PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	Fund Total Return (based on NAV)¹			Barclays Municipal Bond 1-10 Yr Blend Index²			Barclays Municipal Bond Index³			30-Day Standardized Subsidized Yield⁴			30-Day Standardized Unsubsidized Yield⁴			30-Day Taxable Equivalent Yield⁵
Class A		-0.27	%		0.80	%		0.75	%		2.36	%		2.17	%		4.17	%
Class C		-0.71			0.80			0.75			1.71			1.51			3.02
Institutional		-0.16			0.80			0.75			2.79			2.60			4.93
Service		-0.34			0.80			0.75			2.30			2.10			4.06
Class IR		-0.15			0.80			0.75			2.70			2.50			4.77

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 Fund’s performance benchmark was changed from the Barclays Municipal Bond Index to the Barclays Municipal Bond 1-10 Year Blend Index because Goldman Sachs Asset Management believes it is a more appropriate benchmark against which to measure the Fund’s performance, in light of changes to the Fund’s investment strategies.

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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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%.

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 RETURNS⁶
For the period ended 9/30/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.77	%		3.24	%		3.53	%		4.61	%	7/20/93
Class C		-0.74			3.26			3.15			3.73		8/15/97
Institutional		1.36			4.37			4.28			4.89		8/15/97
Service		0.87			3.85			3.74			4.39		8/15/97
Class IR		1.27			4.26			N/A			4.67		7/30/10

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The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) 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 and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). 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.


EXPENSE RATIOS⁷
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.78	%		1.01	%
Class C		1.53			1.76
Institutional		0.44			0.67
Service		0.94			1.16
Class IR		0.53			0.76

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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, 2016, 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 ALLOCATION⁸

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 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, 2015 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 0.17%, -0.21%, 0.31% and 0.29%, respectively. These returns compare to the -0.32% 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 composed 60% of the Barclays Municipal High Yield Bond Index and 40% of the Barclays Municipal Bond Index (with dividends reinvested), which generated cumulative total returns of -1.07% and 0.75%, respectively, during the Reporting Period.

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

The Fund benefited from its underweight position compared to the High Yield Municipal Composite in Puerto Rico municipal bonds. Individual issue selection within the tobacco sector also contributed positively.

Conversely, the Fund’s holdings of longer maturity securities detracted from relative performance, as the municipal yield curve steepened during the Reporting Period, meaning the differential between longer-term and shorter-term yields widened. (Yield curve is a spectrum of maturities.) In addition, the Fund’s tactical management of its duration positioning detracted from relative results. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.)

Which municipal bond market sectors most significantly affected Fund performance?

The Fund’s overweight position relative to the High Yield Municipal Composite in 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, as the commonwealth’s debt generated a negative absolute return in the High Yield Municipal Composite.

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

During the Reporting Period, the tactical management of the Fund’s duration positioning versus that of the High Yield Municipal Composite detracted from relative performance. Although the Fund benefited from a shorter duration position when municipal yields rose during May and June 2015, the same positioning hurt performance as municipal yields fell in the latter part of the Reporting Period.

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. Also during the Reporting Period, the Fund used municipal inverse variable rate securities to take advantage of the steepness of the municipal yield curve, wherein yields on shorter-term maturity municipal bonds were lower than those on longer-term maturity municipal bonds. These securities have an inverse relationship to short-term interest rates — the interest rate they pay generally increases as short-term interest rates fall and vice versa — and they therefore have the potential to increase or decrease the Fund’s income. 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. The use of interest rate swaps had a positive impact on the Fund’s performance during the Reporting Period.

PORTFOLIO RESULTS

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

During the Reporting Period, the Fund’s duration position fluctuated between approximately 8.00 years and 6.50 years and ended the Reporting Period at 7.63 years. We reduced the Fund’s exposure to hospital bonds but maintained an overweight position relative to the High Yield Municipal Composite. We also decreased the Fund’s exposure to toll road bonds. We increased the Fund’s allocation to the municipal debt of Illinois and decreased its exposure to the municipal debt of Florida.

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

At the end of the Reporting Period, the Fund was overweight relative to the High Yield Municipal Composite 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.

FUND BASICS

High Yield Municipal Fund

as of September 30, 2015

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PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	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		0.17	%		-0.32	%		-1.07	%		0.75	%		3.18	%		3.12	%		5.62	%
Class C		-0.21			-0.32			-1.07			0.75			2.58			2.52			4.56
Institutional		0.31			-0.32			-1.07			0.75			3.62			3.61			6.40
Class IR		0.29			-0.32			-1.07			0.75			3.57			3.51			6.31

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

FUND BASICS


STANDARDIZED TOTAL RETURNS⁷
For the period ended 9/30/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.45	%		4.67	%		2.54	%		4.33	%	4/3/00
Class C		0.36			4.86			2.25			3.86		4/3/00
Institutional		2.32			5.96			3.34			5.01		4/3/00
Class IR		2.39			5.94			N/A			6.51		7/30/10

⁷The

Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) 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 and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). 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 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		0.86	%		0.93	%
Class C		1.61			1.68
Institutional		0.57			0.59
Class IR		0.61			0.68

⁸The

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, 2016, 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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⁹

PORTFOLIO RESULTS

Goldman Sachs Short Duration Tax-Free Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Tax-Free Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2015 (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 -0.14%, -0.34%, 0.03%, -0.22% and -0.01%, respectively. These returns compare to the 0.66% cumulative total return of the Fund’s benchmark, the Barclays Municipal Bond 1-3 Year Blend Index (the “Index”), during the same time period.

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

The Fund suffered due to its holdings of longer-term securities, as the municipal yield curve steepened during the Reporting Period, meaning the differential between longer-term and shorter-term yields widened. The Fund’s duration and yield curve strategy also detracted from relative results. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of maturities.)

On	the positive side, the Fund’s sector positioning and bottom-up issue selection added to relative returns.

Which municipal bond market sectors most significantly affected Fund performance?

Although sector positioning added to relative performance overall, the Fund was hurt by its holdings of Puerto Rico bonds. These investments detracted from Fund returns as Puerto Rico’s debt experienced significant volatility amidst persistent headline news.

The

Fund benefited from its exposure to local general obligation bonds. Positioning in the toll road sector also added to returns. Additionally, individual issue selection among pre-refunded bonds bolstered results. (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.)

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

During the Reporting Period, the Fund’s duration positioning detracted from relative performance. The Fund held a longer duration position relative to the Index at the beginning of the Reporting Period, which hurt performance as shorter-maturity municipal yields — especially those in the two-year portion of the municipal yield curve — rose, particularly during May 2015.

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. Derivatives did not have a material impact, on a net basis, on the Fund’s performance during the Reporting Period.

PORTFOLIO RESULTS

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

During the Reporting Period, we shifted the Fund from a longer duration position relative to that of the Index to a comparatively short duration position. We reduced the Fund’s exposure to water and sewer credits. We increased the Fund’s exposure to general obligation 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 had a short duration position compared to that of the Index. It was slightly underweight relative to the Index in higher credit quality AAA-rated issues, and it was overweight BBB-rated issues and other lower credit quality rated municipal bonds. In addition, the Fund was overweight in Illinois, Texas and Puerto Rico municipal bonds at the end of the Reporting Period.

FUND BASICS

Short Duration Tax-Free Fund

as of September 30, 2015

LOGO


PERFORMANCE REVIEW
April 1, 2015– September 30, 2015	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		-0.14	%		0.66	%		0.76	%		0.73	%		1.34	%
Class C		-0.34			0.66			0.38			0.00			0.67
Institutional		0.03			0.66			1.11			1.08			1.96
Service		-0.22			0.66			0.61			0.58			1.08
Class IR		-0.01			0.66			1.02			0.99			1.80

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

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%.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵
For the period ended 9/30/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-1.40	%		0.80	%		2.10	%		2.70	%	5/1/97
Class C		-0.96			0.69			1.67			2.03		8/15/97
Institutional		0.43			1.43			2.62			3.35		10/1/92
Service		-0.07			0.95			2.11			2.82		9/20/94
Class IR		0.34			1.34			N/A			1.38		7/30/10

⁵

The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 1.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (0.65% if redeemed within 12 months of purchase). Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares of the Fund was 2.0%, which is not reflected in the figures shown. Because Institutional, Service and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.


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			0.41
Service		0.89			0.92
Class IR		0.48			0.51

⁶

FUND BASICS

SECTOR ALLOCATION⁷

Percentage of Market Value

LOGO

⁷

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – 97.5%
	Alabama – 2.4%
	Alabama State Port Authority RB for Docks Facilities Series 2010 (A-/NR)
$	2,500,000		5.750	%		10/01/30	$	2,930,050
	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		1,800,666
	Auburn University General Fee RB Refunding Series 2015 A (AA-/Aa2)
	1,205,000		4.000			06/01/19		1,329,862
	Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3)
	575,000		5.000			11/15/17		577,743
	100,000		5.000			11/15/21		100,485
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	350,000		5.000			10/01/44		373,240
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB-/NR)
	1,000,000		5.000			10/01/21		1,094,540
	3,000,000		6.000			10/01/42		3,349,950
	3,000,000		6.500			10/01/53		3,429,060

								14,985,596

	Arizona – 1.9%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(a)
	5,150,000		1.000			01/01/37		4,473,341
	Arizona State University System RB Refunding Series 2015 B (AA/Aa3)
	3,000,000		5.000			07/01/19		3,421,440
	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		2,500,894
	Yavapai County IDA Solid Waste Disposal RB for Waste Management, Inc. Project Series 2003 A-2 (AMT) (A-/NR)^(b)
	1,410,000		1.600			03/01/18		1,393,207

								11,788,882

	Arkansas – 0.7%
	Arkansas State Development Finance Authority Hospital RB Refunding for Washington Regional Medical Center Series 2015 B (NR/Baa1)
	770,000		3.000			02/01/18		791,090
	1,845,000		3.000			02/01/19		1,898,579
	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		530,321
	City of Little Rock Sewer RB Refunding Series 2015 (NR/Aa3)
	1,000,000		4.000			04/01/21		1,118,930

								4,338,920

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – 17.8%
	Alameda County Oakland Unified School District GO Refunding Bonds Series 2015 (NR/NR)
$	1,500,000		5.000	%		08/01/19	$	1,677,075
	California Educational Facilities Authority RB for California Institute of Technology Series 2009 (AA-/Aa2)
	5,000,000		5.000			11/01/39		5,640,150
	California Health Facilities Financing Authority RB for Providence Health & Services Series 2008 C (AA-/Aa3)^(c)
	1,000,000		6.500			10/01/18		1,170,280
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	400,000		5.000			06/01/35		433,424
	California State Various Purpose GO Bonds Series 2009 (AA-/Aa3)
	5,000,000		5.250			10/01/25		5,784,300
	5,000,000		6.500			04/01/33		5,950,050
	2,750,000		6.000			04/01/38		3,205,867
	California State Various Purpose GO Bonds Series 2010 (AA-/Aa3)
	1,250,000		6.000			03/01/33		1,501,337
	1,500,000		5.500			03/01/40		1,735,410
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	345,000		5.000			09/01/30		365,155
	375,000		5.000			09/01/37		387,716
	California Statewide Communities Development Authority RB for Enloe Medical Center Series 2008 (CAL MTG INS) (AA-/NR)
	1,435,000		5.750			08/15/38		1,603,010
	California Statewide Communities Development Authority RB for Sutter Health Series 2011 A (AA-/Aa3)
	2,000,000		6.000			08/15/42		2,336,440
	California Statewide Community Development Authority Water & Wastewater RB Balance Series 2004 (AGM) (AA/A2)
	15,000		5.250			10/01/19		15,049
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA-/Aa2)^(d)
	3,500,000		0.000			06/01/34		1,617,700
	Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (A-/NR)
	500,000		5.000			09/01/32		552,090
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)^(d)
	18,000,000		0.000			06/01/47		1,609,200
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)^(d)
	19,500,000		0.000			06/01/47		734,955
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2007 A-1 (B/B3)
	2,500,000		4.500			06/01/27		2,396,850
	Los Angeles Community College District GO Bonds for 2008 Election Series 2010 C (AA+/Aa1)
	5,000,000		5.250			08/01/39		5,770,700


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Los Angeles County Metropolitan Transportation Authority RB Refunding for Union Station Project Series 2004 D (AMBAC) (A+/A1)^(a)
$	2,100,000		0.436	%		07/01/27	$	2,004,338
	Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AA/Aa3)^(d)
	2,000,000		0.000			08/01/37		775,320
	4,500,000		0.000			08/01/38		1,655,460
	4,500,000		0.000			08/01/39		1,573,470
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (AA-/NR)^(d)
	1,205,000		0.000			08/01/26		850,091
	M-S-R Energy Authority Gas RB Series 2009 A (A-/NR)
	1,750,000		6.500			11/01/39		2,304,750
��	M-S-R Energy Authority Gas RB Series 2009 C (A-/NR)
	3,500,000		6.125			11/01/29		4,406,815
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)^(e)
	5,000,000		0.000			08/01/35		4,064,100
	Ontario Redevelopment Financing Authority Lease RB for Capital Projects Series 2007 (AMBAC) (AA-/WR)
	1,110,000		5.250			08/01/22		1,199,377
	Palomar Pomerado Health COPS Series 2009 (BB+/Ba1)
	2,500,000		6.750			11/01/39		2,768,275
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)^(d)
	2,150,000		0.000			08/01/31		1,101,832
	4,150,000		0.000			08/01/32		2,018,768
	3,500,000		0.000			08/01/33		1,617,000
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)^(e)
	6,450,000		0.000			08/01/38		6,750,119
	Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A2)
	4,000,000		5.000			05/01/31		4,428,600
	River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	5,000,000		5.000			09/01/27		5,122,450
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)^(a)
	5,000,000		0.747			12/01/35		4,463,550
	San Diego County Water Authority COPS Series 2008 A (AGM) (AA/Aa2)^(c)
	830,000		5.000			05/01/18		921,267
	San Diego County Water Authority COPS Series 2008 A (AGM) (AA+/Aa2)
	4,170,000		5.000			05/01/33		4,529,162
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa3)^(d)
	5,000,000		0.000			07/01/39		1,795,950

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	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	$	2,351,200
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (AA-/A3)^(d)
	1,605,000		0.000			01/15/26		1,064,003
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (BBB-/NR)
	1,000,000		5.000			01/15/29		1,101,250
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)^(a)
	5,000,000		0.955			05/15/43		4,394,850
	Vernon California Redevelopment Agency Tax Allocation for Industrial Redevelopment Project Series 2005 (NATL-RE) (AA-/A3)
	725,000		5.250			09/01/19		725,682
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE FGIC) (AA-/A3)^(d)
	1,175,000		0.000			08/01/25		834,849

								109,309,286

	Colorado – 2.2%
	Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (BBB+/NR)
	550,000		2.000			12/01/16		555,159
	625,000		4.000			12/01/19		665,844
	Denver City & County Airport RB Series 2013 A (AMT) (A/A2)
	5,000,000		5.500			11/15/29		5,769,350
	Denver Colorado Health and Hospital Authority Healthcare RB Series B (BBB/NR)^(a)
	5,000,000		1.317			12/01/33		4,632,300
	E-470 Public Highway Authority RB Series 2010 A (BBB+/Baa1)^(d)
	6,000,000		0.000			09/01/40		2,034,480

								13,657,133

	Delaware – 1.4%
	New Castle County Delaware GO Bonds Series 2015 (AAA/Aaa)
	5,000,000		5.000			10/01/26		6,239,150
	University of Delaware RB Series 2015 (AA+/Aa1)
	1,805,000		5.000			11/01/33		2,100,136

								8,339,286

	District of Columbia – 1.2%
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A/A1)
	95,000		6.250			05/15/24		95,679
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (BBB/Baa1)
	1,000,000		6.500			05/15/33		1,220,720
	District of Columbia Water & Sewer Authority RB Public Utility Senior Lien Series 2009 A (AA+/Aa2)^(c)
	5,000,000		6.000			10/01/18		5,761,550

								7,077,949


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – 8.8%
	Arbor Greene Community Development District Special Assessment Refunding Series 2006 (A/NR)
$	895,000		5.000	%		05/01/19	$	936,626
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (BBB/NR)
	500,000		4.250			05/01/29		496,420
	500,000		4.500			05/01/35		500,015
	Citizens Property Insurance Corp. Senior Secured RB for High Risk Account Series 2009 A-1 (A+/A1)
	3,650,000		5.500			06/01/17		3,929,006
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A/A1)
	1,000,000		4.000			10/01/34		1,024,020
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	840,000		5.375			05/01/36		842,352
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	215,000		2.875			05/01/21		213,955
	220,000		3.000			05/01/22		217,662
	225,000		3.250			05/01/23		222,464
	235,000		3.375			05/01/24		232,321
	245,000		3.500			05/01/25		241,854
	Covington Park Florida Community Development District Special Assessment Refunding for Capital Improvement Series 2005 (BBB/NR)
	340,000		5.000			05/01/21		341,187
	Crossings At Fleming Island Community Development District RB Refunding Series 2007 (NATL-RE) (AA-/A3)
	125,000		4.750			10/01/36		128,461
	Florida State Municipal Power Agency RB Series 2009 A (A+/A2)
	1,000,000		6.250			10/01/31		1,184,100
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (AMT) (NR/NR)
	920,000		5.000			11/15/36		938,032
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (AMT) (AA-/Aa3)
	2,000,000		5.000			10/01/21		2,339,520
	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		2,823,572
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	585,000		3.375			05/01/23		577,401
	605,000		3.500			05/01/24		596,566
	630,000		3.625			05/01/25		620,260
	650,000		3.750			05/01/26		639,178
	High Ridge Quantum Community Development District Special Assessment for Boyton Beach Series 2005 A (NR/NR)
	1,630,000		5.750			05/01/35		1,631,614

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Hollywood Community Redevelopment Agency RB for Beach CRA Series 2004 (A-/A3)
$	275,000		5.625	%		03/01/24	$	275,423
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)
	1,000,000		4.250			05/01/25		985,060
	1,735,000		4.875			05/01/35		1,752,801
	985,000		4.875			05/01/45		987,266
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)^(f)
	1,185,000		5.375			05/01/30		805,800
	Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (A-/NR)
	750,000		4.450			05/01/30		775,920
	Miami Special Obligation Non-Ad Valorem RB Refunding Series 2011 A (AGM) (AA/A2)
	1,200,000		6.000			02/01/30		1,425,144
	1,500,000		6.000			02/01/31		1,780,605
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (A/A2)^(g)
	5,000,000		5.000			03/01/30		5,659,500
	Miami-Dade County Florida Aviation RB Refunding RMKT 03/17/08 Series 2003 E (AMT) (NATL-RE) (AA-/NR)
	575,000		5.250			10/01/16		601,381
	Miromar Lakes Community Development District Capital Impovement RB Refunding Series 2015 (NR/NR)
	1,000,000		3.500			05/01/20		984,610
	North Sumter County Utility Dependent District RB Series 2010 (AGM) (AA/A2)
	1,250,000		5.375			10/01/40		1,407,575
	Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)
	1,330,000		4.500			11/01/33		1,370,392
	Port Everglades Authority RB for Port Facilities Series 1986 (ETM) (AA+/Aaa)^(c)
	710,000		7.125			11/01/16		736,881
	Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR)
	875,000		4.250			11/01/25		853,265
	St. Petersburg Health Facilities Authority RB Refunding for All Children’s Hospital Series 2009 A (AA-/Aa3)^(c)
	2,000,000		6.500			11/15/19		2,441,040
	Tampa Palms Open Space & Transportation Community Development District Special Assessment Refunding for Capital Improvement Area 7 Project Series 2004 (NATL-RE) (AA-/A3)
	875,000		4.500			05/01/18		916,265
	Thousand Oaks Community Development District Special Assessment Series 2005 A-1 (NR/NR)
	815,000		5.350			05/01/35		815,562
	TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR)
	435,000		3.625			11/01/20		435,435
	530,000		4.375			11/01/25		528,060


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (BBB/NR)
$	1,000,000		4.250	%		05/01/31	$	987,630
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	750,000		4.750			11/01/25		744,053
	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		503,205
	Village Community Development District No. 6 Special Assessment Series 2007 (NR/NR)
	1,680,000		5.250			05/01/37		1,751,551
	Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	2,150,000		4.000			05/01/31		2,101,152
	Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (A-/NR)
	1,470,000		4.500			05/01/36		1,500,370

								53,802,532

	Georgia – 1.7%
	Atlanta Airport RB Refunding Series 2012 C (AMT) (A+/Aa3)
	1,250,000		5.000			01/01/27		1,418,612
	Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Series 2009 A (AA+/Aa3)
	4,075,000		5.250			07/01/36		4,607,847
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)^(a)
	5,000,000		0.840			10/01/33		4,469,650

								10,496,109

	Guam – 0.4%
	Guam Government Limited Obligation GO Bonds Section 30 Series 2009 A (BBB+/NR)
	850,000		5.625			12/01/29		954,388
	750,000		5.750			12/01/34		839,640
	Guam Power Authority RB 2014 Series A (AGM) (AA/A2)
	325,000		5.000			10/01/39		367,130
	250,000		5.000			10/01/44		280,235

								2,441,393

	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		1,140,510

	Illinois – 9.0%
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE FGIC) (AA-/A3)^(d)
	1,775,000		0.000			12/01/26		974,298
	Chicago Illinois Board of Education GO Bonds Refunding Series 2015 A (BB/NR)^(b)
	5,000,000		4.020			03/01/17		4,919,550

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Chicago Illinois Board of Education GO Bonds Series 2015 C (BB/NR)
$	2,500,000		6.000	%		12/01/35	$	2,365,775
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/NR)
	300,000		5.500			01/01/37		295,905
	2,720,000		5.500			01/01/40		2,659,208
	Chicago Illinois GO Bonds Project and Refunding Series 2014 A (BBB+/Ba1)
	1,500,000		5.250			01/01/33		1,466,610
	630,000		5.000			01/01/34		602,349
	450,000		5.000			01/01/36		424,796
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	640,000		5.000			01/01/40		594,957
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	150,000		5.000			01/01/34		143,416
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	1,320,000		5.500			01/01/39		1,294,432
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A-/A3)
	2,000,000		5.500			01/01/29		2,277,020
	Chicago Illinois O’Hare International Airport RB Refunding Third Lien Series 2003 A-1 (XLCA) (A/A2)
	490,000		5.250			01/01/34		491,700
	Chicago Illinois GO Bonds Project and Refunding Series C (BBB+/Ba1)
	675,000		5.000			01/01/40		627,493
	Chicago Illinois Sales Tax Refunding Series 2002 (AAA/NR)
	1,000,000		5.000			01/01/25		1,074,150
	Chicago Illinois Tax Increment Allocation RB Refunding for Pilsen Redevelopment Project Series 2014 A (A/NR)
	1,135,000		5.000			06/01/20		1,257,886
	Illinois Finance Authority RB for Edward Hospital Obligated Group RMKT 04/09/08 Series 2008 A (AMBAC) (A/A2)
	350,000		6.250			02/01/33		384,752
	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		405,172
	Illinois GO Bonds Series 2003 (NATL-RE) (AA-/A2)
	975,000		5.000			06/01/19		976,550
	Illinois GO Bonds Series 2012 (A-/A3)
	2,445,000		5.000			03/01/19		2,626,737
	Illinois GO Bonds Series 2013 (A-/A3)
	5,500,000		5.250			07/01/28		5,836,765
	5,120,000		5.500			07/01/38		5,403,136
	Illinois Municipal Electric Agency RB Power Supply System Series 2007 A (NATL-RE FGIC) (AA-/A1)^(c)
	1,520,000		5.250			02/01/17		1,615,654
	Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (AA/NR)
	4,160,000		5.000			06/15/27		4,627,376
	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		2,971,749
	Metropolitan Pier & Exposition Authority Refunding Bonds for McCormick Place Expansion Project Series 2012 B (ST APPROP) (BBB+/NR)
	1,000,000		5.000			12/15/28		1,090,650


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (A-/NR)
$	1,125,000		6.000	%		06/01/28	$	1,307,565
	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		2,433,262
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (AA/NR)^(d)
	6,000,000		0.000			12/01/25		4,122,420

								55,271,333

	Indiana – 0.2%
	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		671,514
	Jasper County PCRB Refunding for Northern Indiana Public Service Co. Project RMKT 08/25/08 Series 1994 C (NATL-RE) (AA-/A3)
	650,000		5.850			04/01/19		734,630

								1,406,144

	Iowa – 0.2%
	Coralville Iowa COPS Series 2006 D (NR/Ba1)
	1,325,000		5.250			06/01/22		1,329,995

	Kentucky – 1.3%
	Louisville & Jefferson County Metropolitan Government RB for Jewish Hospital St. Mary’s Healthcare Series 2008 (NR/Aaa)^(c)
	3,750,000		6.125			02/01/18		4,219,613
	University of Kentucky General Receipts Refunding Bonds Series 2015 A (AA/Aa2)
	3,260,000		4.000			04/01/26		3,635,780

								7,855,393

	Louisiana – 1.3%
	East Baton Rouge Parish Louisiana Sales Tax RB for Road and Street Improvement Series 2009 A (ASSURED GTY) (AA/A2)^(c)
	1,230,000		5.250			08/01/19		1,425,041
	New Orleans Aviation Board GARBs Series 2015 B (AMT) (A-/A3)
	3,750,000		5.000			01/01/34		4,134,525
	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		1,542,240
	Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (AMT) (BBB+/A3)
	500,000		5.000			04/01/30		540,815

								7,642,621

	Maine – 0.3%
	Maine Turnpike Authority RB Refunding Series 2015 (AA-/Aa3)
	1,565,000		5.000			07/01/26		1,899,769

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Maryland – 1.4%
	City of Annapolis GO Bonds Refunding for Public Improvements Series 2015 B (AA+/Aa2)
$	1,725,000		4.000	%		08/01/27	$	1,980,749
	Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (ASSURED GTY) (AA/NR)
	185,000		5.600			07/01/20		185,470
	555,000		5.700			07/01/29		555,893
	Maryland State Department of Transportation Consolidated Transportation RB Series 2015 (AAA/Aa1)
	3,000,000		5.000			02/01/22		3,598,950
	Maryland State Industrial Development Financing Authority RB Refunding for Synagro-Baltimore Series 2008 A (AMT) (BBB+/NR)
	500,000		5.625			12/01/16		511,845
	Maryland State Transportation Authority RB Refunding Series 2007 (AAA/Aa1)
	1,500,000		5.000			03/01/19		1,592,670

								8,425,577

	Massachusetts – 1.7%
	Massachusetts Development Finance Agency RB for Harvard University Series 2010 B-2 (AAA/Aaa)
	5,000,000		5.250			02/01/34		5,863,300
	Massachusetts Educational Financing Authority RB Series 2008 H (AMT) (ASSURED GTY) (AA/A1)
	1,180,000		6.350			01/01/30		1,241,360
	Massachusetts State Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 B (BBB/Baa2)
	2,685,000		5.750			07/01/31		2,915,239
	Massachusetts State Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 B (NR/NR)^(c)
	315,000		5.750			07/01/18		356,879

								10,376,778

	Michigan – 1.0%
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (A/NR)
	1,000,000		3.875			10/01/23		1,030,860
	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		433,528
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL-RE FGIC) (AA-/A3)
	650,000		5.000			07/01/36		697,502
	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		358,582
	250,000		5.000			07/01/33		274,848
	Michigan Finance Authority State Aid RB for Detroit School District Junior Subordinate Lien Series 2015 E (ST AID WITHHLDG) (SP-3/NR)^(g)
	2,300,000		5.750			08/22/16		2,299,816


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Michigan – (continued)
	Roseville Community School District GO Bonds Refunding (Q-SBLF) (AA-/NR)
$	1,000,000		5.000	%		05/01/20	$	1,147,890

								6,243,026

	Minnesota – 0.3%
	Minneapolis Minnesota Health Care System RB for Fairview Health Services Series 2008 A (A+/A2)^(c)
	1,500,000		6.750			11/15/18		1,762,020

	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		1,247,293

	Nevada – 1.1%
	Clark County School District Limited Tax GO Bonds Refunding Series 2015 B (AA-/A1)
	4,250,000		5.000			06/15/18		4,694,762
	North Las Vegas Local Improvement District No. 60 Special Assessment Refunding for Special Improvement Subseries 2006 B (NR/NR)
	555,000		4.850			12/01/15		557,442
	1,245,500		5.100			12/01/22		1,258,329

								6,510,533

	New Hampshire – 0.2%
	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		1,289,213

	New Jersey – 4.1%
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 (ASSURED GTY) (AA/A3)
	15,000		6.000			12/15/34		16,778
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 (ASSURED GTY) (AA+/A2)^(c)
	985,000		6.000			12/15/18		1,142,827
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (A-/A3)^(c)
	360,000		5.000			09/01/19		412,632
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2009 AA (A-/A3)
	4,000,000		5.500			12/15/29		4,338,320
	New Jersey Health Care Facilities Financing Authority RB for St. Joseph’s Healthcare System Series 2008 (BBB-/Baa3)
	2,500,000		6.625			07/01/38		2,767,725
	New Jersey State Higher Education Assistance Authority RB for Student Loan Series 2008 A (AMT) (ASSURED GTY) (AA/A2)
	2,455,000		6.125			06/01/30		2,648,650
	New Jersey State Housing and Mortgage Finance Agency RB for Single Family Housing Series 2008 AA (AA/Aa3)
	250,000		6.150			10/01/23		257,620

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
	New Jersey State Turnpike Authority RB Refunding Series 2000 B (NATL-RE) (AA-/A3)^(a)
$	6,300,000		0.161	%		01/01/30	$	5,777,266
	New Jersey State Turnpike Authority RB Series 2009 G (A+/A3)
	1,900,000		5.000			01/01/18		2,074,021
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (A-/A3)
	5,260,000		5.500			06/15/41		5,580,913

								25,016,752

	New Mexico – 0.6%
	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		2,740,950
	Santa Fe County New Mexico RB for Gross Receipts Series 2008 (AGM) (AA+/Aa3)
	1,000,000		5.250			06/01/31		1,102,210

								3,843,160

	New York – 4.6%
	City of New Rochelle Corp. for Local Development RB for Iona College Project Series 2015 A (BBB/Baa2)
	325,000		5.000			07/01/25		384,043
	335,000		5.000			07/01/26		391,514
	425,000		5.000			07/01/27		492,800
	Erie County New York Industrial Development Agency RB for the City of Buffalo School District Series 2008 A (AGM) (ST AID WITHHLDG) (AA/Aa2)^(c)
	11,000,000		5.750			05/01/18		12,413,610
	New York City GO Bonds Series 2006 A (AA/Aa2)
	395,000		5.000			08/01/18		410,938
	New York City GO Bonds Series 2006 A (NR/NR)^(c)
	5,000		5.000			08/01/16		5,194
	New York City Industrial Development Agency Special Facility RB for American Airlines, Inc. John F. Kennedy International Airport Project RMKT 08/03/15 Series 2002 B (AMT) (NR/NR)^(b)
	1,000,000		2.000			08/01/16		1,001,450
	New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (BBB-/NR)
	1,000,000		3.500			02/15/48		986,790
	New York State Thruway Authority Junior Indebtedness RB Series 2013 A (A-/A3)
	1,000,000		5.000			05/01/19		1,128,360
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (AAA/Aa1)
	5,000,000		5.000			03/15/31		5,773,250
	TSASC, Inc. RB Series 2006 1 (BB-/NR)
	5,000,000		5.000			06/01/26		5,070,450

								28,058,399

	North Carolina – 1.3%
	Charlotte North Carolina Water and Sewer System RB Series 2009 B (AAA/Aaa)
	2,000,000		5.000			07/01/38		2,281,600


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	North Carolina Eastern Municipal Power Agency Power System RB Series 2008 C (ETM) (ASSURED GTY) (AA/A3)
$	355,000		6.000	%		01/01/19	$	386,080
	North Carolina Medical Care Commission Health Care Facilities RB Refunding First Mortgage for Pennybyrn at Maryfield Series 2015 (NR/NR)
	675,000		2.000			10/01/15		675,000
	1,225,000		3.000			10/01/16		1,240,190
	1,500,000		4.000			10/01/17		1,551,375
	885,000		5.000			10/01/18		948,340
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)
	620,000		4.000			09/01/25		602,181

								7,684,766

	Ohio – 1.1%
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Caa1)
	7,940,000		5.125			06/01/24		6,795,052

	Oklahoma – 0.3%
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BB/NR)
	240,000		5.000			12/01/27		244,569
	140,000		5.125			12/01/36		138,830
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)^(b)
	1,500,000		5.000			06/01/25		1,625,340

								2,008,739

	Oregon – 1.3%
	Deschutes County Oregon Hospital Facilities Authority RB Refunding for Cascade Healthcare Series 2008 (NR/A2)^(c)
	1,500,000		8.250			01/01/19		1,847,865
	Oregon State Department of Transportation Highway User Tax RB Refunding Series 2015 A (AAA/Aa1)
	3,140,000		5.000			11/15/25		3,879,753
	Portland Oregon Community College District GO Bonds Refunding Series 2013 (AA/Aa1)
	2,000,000		5.000			06/15/26		2,383,420

								8,111,038

	Pennsylvania – 2.0%
	Luzerne County Pennsylvania GO Bonds Refunding Series 2015 A (AGM) (AA/NR)
	750,000		5.000			11/15/29		835,612
	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		2,229,780
	Montgomery County IDA RB for Whitemarsh Continuing Care Retirement Community Project Series 2015 (NR/NR)
	500,000		3.000			01/01/16		501,505
	650,000		3.000			01/01/17		655,753
	800,000		3.000			01/01/18		806,376

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	Pennsylvania Economic Development Financing Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 10/01/10 Series 2008 (A/A1)
$	2,500,000		4.000	%		10/01/23	$	2,682,150
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2004 A (A-/NR)^(b)
	1,000,000		1.500			05/01/18		995,980
	Pennsylvania State Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (XLCA) (BBB+/WR)^(a)
	1,685,000		0.790			07/01/27		1,549,661
	Pennsylvania Turnpike Commission RB Series 2013 C (A+/A1)
	1,720,000		5.500			12/01/29		2,053,680

								12,310,497

	Puerto Rico – 5.0%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (CCC-/Caa3)
	3,635,000		6.125			07/01/24		2,591,064
	2,000,000		6.000			07/01/38		1,392,520
	2,500,000		6.000			07/01/44		1,731,275
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CCC-/Caa3)
	1,060,000		5.750			07/01/37		727,436
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B (CC/Caa3)
	3,000,000		6.500			07/01/37		1,987,500
	Puerto Rico Commonwealth GO Bonds Refunding Subseries 2003 C-7 (NATL-RE) (AA-/A3)
	2,000,000		6.000			07/01/27		2,009,780
	Puerto Rico Commonwealth GO Bonds Series 2014 A (CC/Caa3)
	4,175,000		8.000			07/01/35		3,131,250
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (AA-/A3)
	1,600,000		5.250			07/01/33		1,461,008
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(a)
	2,700,000		0.710			07/01/29		1,954,125
	Puerto Rico Electric Power Authority RB Series 2013 A (CC/Caa3)^(f)
	3,000,000		6.750			07/01/36		1,935,000
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (COMWLTH GTD) (CC/Caa3)^(b)
	2,840,000		5.500			07/01/17		2,829,520
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (CC/Ca)^(e)
	13,000,000		0.000			08/01/32		5,282,290
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB First Subseries 2009 A (CC/Ca)
	5,805,000		5.000			08/01/24		2,554,258
	2,750,000		6.500			08/01/44		1,175,625

								30,762,651


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	South Carolina – 1.0%
	Clemson University Athletic Facilities RB Series 2015 (NR/Aa3)
$	1,385,000		4.000	%		05/01/25	$	1,568,429
	1,570,000		4.000			05/01/26		1,746,735
	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		2,504,975

								5,820,139

	South Dakota – 0.1%
	South Dakota Health & Educational Facilities Authority RB for Avera Health Series 2008 B (AA-/A1)
	500,000		5.500			07/01/35		547,660
	300,000		5.250			07/01/38		323,019

								870,679

	Tennessee – 1.3%
	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		1,832,013
	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		2,788,614
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Charter Village Apartments Series 2007 (AMT) (FNMA) (NR/NR)^(b)
	1,000,000		4.850			06/01/25		1,007,530
	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		2,166,087

								7,794,244

	Texas – 12.5%
	City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (AA/NR)
	1,415,000		4.000			09/01/25		1,508,772
	Dallas Area Rapid Transit Sales Tax RB Refunding Senior Lien Series 2014 A (AA+/Aa2)
	5,000,000		5.000			12/01/26		6,044,400
	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		2,827,528
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (A+/NR)
	2,500,000		5.250			11/01/30		2,856,250
	Hidalgo County Health Services RB for Mission Hospital, Inc. Project Series 2005 (BBB-/Baa3)
	700,000		5.000			08/15/19		700,994
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2015 B-2 (AMT) (BB-/NR)
	2,500,000		5.000			07/15/20		2,673,750

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Houston Airport System RB Refunding Senior Lien Series 2009 A (AA-/Aa3)
$	10,000,000		5.500	%		07/01/34	$	11,003,900
	Houston Airport System RB Subordinate Lien Series 2002 D-2 (AMT) (XLCA) (A/A1)^(a)
	4,000,000		0.389			10/05/15		3,703,423
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (BBB/Baa1)
	1,300,000		6.300			11/01/29		1,461,993
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (NATL-RE) (AA-/A3)^(a)
	2,500,000		5.200			05/01/30		2,625,675
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-/NR)
	150,000		5.500			02/15/25		150,709
	235,000		5.625			02/15/35		235,783
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (BBB-/Baa3)
	250,000		5.000			04/01/30		265,317
	North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (AA+/NR)^(e)
	1,000,000		0.000			09/01/43		905,210
	North Texas Tollway Authority RB First Tier Series 2009 A (A/A1)
	2,500,000		6.250			01/01/24		2,898,975
	1,100,000		6.250			01/01/39		1,263,801
	North Texas Tollway Authority RB Special Project System Series 2011 A (AA+/NR)
	1,000,000		5.500			09/01/41		1,170,920
	1,000,000		6.000			09/01/41		1,212,430
	North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A/A1)
	6,000,000		6.500			01/01/43		7,356,840
	North Texas Tollway Authority System RB Refunding for First Tier Series 2008 A (A/A1)
	5,000,000		5.750			01/01/40		5,439,400
	Pharr-San Juan-Alamo Independent School District Unlimited Tax GO Bonds for Hidalgo School Building Series 2007 (PSF- GTD) (AAA/Aaa)^(c)
	2,670,000		5.500			02/01/17		2,850,492
	Port of Houston Authority Harris County Unlimited Tax GO Bonds Refunding Series 2008 A (AMT) (AAA/Aaa)
	3,000,000		6.125			10/01/33		3,446,820
	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		3,036,661
	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		434,235
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/Baa1)
	3,000,000		6.250			12/15/26		3,613,140


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
$	3,255,000		6.875	%		12/31/39	$	3,807,081
	Texas State Water Financial Assistance GO Refunding Bonds Series 2015 A-2 (AAA/Aaa)^(b)
	3,325,000		2.000			02/01/18		3,335,208

								76,829,707

	U.S. Virgin Islands – 0.9%
	Virgin Islands Public Finance Authority RB Series 2014 A (AGM) (AA/A2)
	5,000,000		5.000			10/01/34		5,508,850

	Utah – 0.1%
	Utah Housing Corp. Single Family Mortgage RB Series 2008 B-1 Class II (AMT) (AA/Aa2)
	290,000		5.900			07/01/36		293,866

	Virginia – 1.7%
	Amelia County IDA Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)^(b)
	2,500,000		2.125			04/01/20		2,475,650
	Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (A+/Aa3)
	2,750,000		5.000			07/01/30		3,141,462
	Virginia Public School Authority School Financing RB Refunding Series 2015 A (ST AID WITHHLDG) (AA+/Aa1)
	2,750,000		4.000			08/01/20		3,078,158
	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		811,687
	Washington County IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
	1,000,000		7.750			07/01/38		1,146,500

								10,653,457

	Washington – 1.5%
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 A (NR/NR)^(g)(h)
	700,000		16.565			01/01/23		1,057,658
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 B (NR/NR)^(g)(h)
	730,000		16.573			01/01/24		1,101,687
	University of Washington RB Refunding Series 2012 A (AA+/Aaa)
	2,500,000		5.000			07/01/29		2,910,575
	Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 A (ASSURED GTY) (AA/Aa3)^(c)
	250,000		6.000			08/15/19		295,555
	Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 B (ASSURED GTY) (AA/Aa3)^(c)
	250,000		6.000			08/15/19		295,555
	Washington State GO Bonds Series 1992 B & AT-7 (AA+/Aa1)
	265,000		6.400			06/01/17		282,082

Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Washington – (continued)
	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	$	3,198,150

								9,141,262

	West Virginia – 0.2%
	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		1,111,550

	Wisconsin – 1.0%
	Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (BBB/NR)
	2,000,000		5.250			07/01/28		2,163,460
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 A (BBB/NR)
	375,000		5.125			05/15/29		382,189
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB/NR)
	100,000		5.000			05/15/36		101,400
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (A-/Baa1)
	1,750,000		5.250			08/15/31		1,795,237
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Fort Healthcare, Inc. Series 2014 (BBB/NR)
	200,000		4.000			05/01/16		203,576
	350,000		4.000			05/01/17		364,378
	375,000		4.000			05/01/18		395,351
	285,000		4.000			05/01/19		301,721
	410,000		5.000			05/01/20		451,410

								6,158,722

	Total State-Specific Municipal Debt Obligations
	(Cost $576,903,337)						$	597,410,821


Shares	Distribution Rate			Value
Investment Company⁽ⁱ⁾ – 0.7%
Goldman Sachs Financial Square Tax-Free Money Market Fund – FST Shares
4,544,566		0.006	%	$	4,544,566
(Cost $4,544,566)

TOTAL INVESTMENTS – 98.2%
(Cost $581,447,903)				$	601,955,387

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%					11,332,321

NET ASSETS – 100.0%				$	613,287,708


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.
(b)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2015.
(c)		Pre-refunded security. Maturity date disclosed is pre-refunding date.
(d)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)		Zero coupon bond until next reset date.
(f)		Security is currently in default.
(g)		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 $10,118,661, which represents approximately 1.6% of net assets as of September 30, 2015.
(h)		Inverse floating rate security. Interest rate disclosed is that which is in effect on September 30, 2015.
(i)		Represents an affiliated issuer.

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
COMWLTH GTD		—Commonwealth Guaranteed
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
IDA		—Industrial Development Authority
LIBOR		—London Interbank Offered Rate
NATL-RE		—Insured by National Public Finance Guarantee Corp.
NATL-RE FGIC		—Insured by National Public Finance Guarantee Corp., which reinsures Financial Guaranty Insurance Co.
NATL-RE-IBC		—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR		—Not Rated
PCRB		—Pollution Control Revenue Bond
PSF-GTD		—Guaranteed by Permanent School Fund
Q-SBLF		—Qualified School Board Loan Fund
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.		29

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2015, 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 on September 30, 2015^(a)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Sold:
Bank of America, N.A.	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18	$	1,000		1.000	%		03/20/23		1.021	%	$	(37,070	)	$	36,325
JPMorgan Chase Bank, N.A.	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18		1,000		1.000			03/20/23		1.021			(37,070	)		36,326
TOTAL												$	(74,140	)	$	72,651

(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)^(a)		Termination Date	Payments Received		Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	5,800	12/16/45		3 Month LIBOR	2.750%	$	(15,220	)	$	(236,957	)
	12,500	12/16/25		3 Month LIBOR	2.500		(234,605	)		(268,909	)
	11,100	12/16/30		3 Month LIBOR	2.500		74,055			(319,353	)
	TOTAL					$	(175,770	)	$	(825,219	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – 97.7%
	Alabama – 4.3%
	Alexander City Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BB-/NR)
$	1,470,000		5.375	%		12/01/16	$	1,490,139
	4,425,000		5.500			12/01/21		4,481,109
	5,775,000		5.625			12/01/26		5,845,570
	16,695,000		5.750			12/01/36		16,888,829
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)^(a)
	5,750,000		0.000			10/01/38		4,123,555
	5,000,000		0.000			10/01/42		3,557,850
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB-/NR)
	6,500,000		6.000			10/01/42		7,258,225
	19,850,000		7.000			10/01/51		23,650,283
	66,520,000		6.500			10/01/53		76,033,690

								143,329,250

	Alaska – 0.4%
	Northern Tobacco Securitization Corp. RB Refunding Asset-Backed Bonds Series 2006 A (B/B3)
	16,240,000		5.000			06/01/46		12,804,103

	Arizona – 1.8%
	Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (BBB+/A3)
	4,500,000		4.500			03/01/30		4,812,075
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(b)
	25,000,000		1.000			01/01/37		21,715,250
	City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,250,000		6.250			12/01/42		1,335,913
	1,325,000		6.250			12/01/46		1,413,894
	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		10,003,576
	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		5,454,050
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (BBB+/A3)
	5,350,000		4.500			06/01/30		5,733,916
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (BBB+/A3)
	3,390,000		4.000			09/01/29		3,488,480
	University Medical Center Corp. RB Series 2009 (NR/WR)^(c)
	500,000		6.250			07/01/19		593,855
	1,360,000		6.500			07/01/19		1,627,702
	University Medical Center Corp. RB Series 2011 (GO OF CORP) (NR/WR)^(c)
	3,500,000		6.000			07/01/21		4,362,855

								60,541,566

	State-Specific Municipal Debt Obligations – (continued)
	California – 14.1%
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE) (AA-/Aa3)^(d)
$	1,600,000		0.000	%		08/01/26	$	1,138,400
	Alameda County Oakland Unified School District GO Bonds Election of 2012 Series 2015 A (NR/NR)
	3,000,000		5.000			08/01/40		3,287,490
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A1)^(d)
	1,210,000		0.000			08/01/36		457,150
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA/A2)^(d)
	1,055,000		0.000			08/01/25		767,164
	California County Tobacco Securitization Agency RB Asset-Backed Bonds for Los Angeles County Securitization Corp. Series 2006 A (B/B3)
	15,885,000		5.450			06/01/28		15,712,171
	California Municipal Finance Authority COPS for Community Hospitals of Central California Obligated Group Series 2009 (A-/Baa1)
	19,500,000		5.500			02/01/39		21,425,040
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Series 2012 (AMT) (BBB-/Baa3)^(e)
	15,355,000		5.000			11/21/45		16,169,890
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	2,000,000		5.000			09/01/30		2,116,840
	2,125,000		5.000			09/01/37		2,197,059
	California Statewide Communities Development Authority RB for California Baptist University Series 2007 A (NR/NR)
	2,000,000		5.400			11/01/27		2,112,080
	11,850,000		5.500			11/01/38		11,930,936
	California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)
	1,875,000		5.875			11/01/43		1,938,750
	California Statewide Communities Development Authority RB for Methodist Hospital Project Series 2009 (FHA) (NR/Aa2)
	5,340,000		6.625			08/01/29		6,322,186
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (B-/NR)^(d)
	35,000,000		0.000			06/01/46		1,890,700
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE) (AA-/A3)^(d)
	7,000,000		0.000			09/01/33		3,349,080
	City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (A+/NR)
	750,000		6.500			12/01/26		882,668
	2,830,000		7.000			12/01/36		3,528,472
	City of Fremont Community Facilities District No. 1 Special Tax for Pacific Commons Series 2015 (NR/NR)
	3,000,000		5.000			09/01/45		3,243,270
	City of Goleta Redevelopment Agency Tax Allocation for Goleta Old Town Redevelopment Project Series 2011 (NR/NR)
	670,000		7.750			12/01/31		695,654
	5,000,000		8.000			06/01/44		5,247,600


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	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	$	650,952
	Coronado Community Development Agency Tax Allocation for Coronado Community Development Project Series 2005 (AMBAC) (AA-/NR)
	175,000		5.000			09/01/20		175,586
	Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL-RE) (AA-/A3)^(d)
	1,305,000		0.000			08/01/27		794,680
	El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL-RE) (A/A3)^(d)
	5,400,000		0.000			08/01/32		2,635,470
	Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (XLCA) (A+/WR)^(d)
	4,180,000		0.000			04/01/29		2,339,253
	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)^(d)
	3,360,000		0.000			10/01/32		1,669,382
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (AA/A2)^(d)
	12,000,000		0.000			01/15/35		5,324,400
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (BBB-/Ba1)
	13,535,000		6.000			01/15/53		15,611,269
	Fullerton Public Financing Authority Tax Allocation Series 2005 (AMBAC) (A/WR)
	200,000		5.000			09/01/27		203,698
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)^(d)
	125,785,000		0.000			06/01/47		11,245,179
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)^(d)
	307,000,000		0.000			06/01/47		11,570,830
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-1 (B-/B3)
	25,855,000		5.750			06/01/47		22,979,924
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	5,000,000		5.300			06/01/37		4,323,100
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (B-/NR)^(d)
	101,195,000		0.000			06/01/36		21,082,966
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-2 (B-/NR)^(d)
	211,235,000		0.000			06/01/47		9,592,181

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 D (B-/NR)^(d)
$	260,660,000		0.000	%		06/01/57	$	2,968,917
	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		3,135,495
	Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)
	665,000		6.625			08/01/24		686,991
	1,000,000		7.250			08/01/31		1,037,780
	9,315,000		7.375			08/01/40		9,675,584
	Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (AA-/Aa3)^(d)
	49,925,000		0.000			08/01/50		9,864,182
	Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A-/NR)
	1,625,000		6.750			09/01/26		1,959,328
	1,500,000		7.000			09/01/31		1,806,240
	875,000		7.250			09/01/38		1,065,330
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)^(d)
	3,750,000		0.000			08/01/35		1,610,400
	M-S-R Energy Authority Gas RB Series 2009 A (A-/NR)
	8,250,000		6.500			11/01/39		10,865,250
	M-S-R Energy Authority Gas RB Series 2009 B (A-/NR)
	2,000,000		6.500			11/01/39		2,634,000
	M-S-R Energy Authority Gas RB Series 2009 C (A-/NR)
	10,000,000		6.125			11/01/29		12,590,900
	13,500,000		6.500			11/01/39		17,779,500
	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		5,847,660
	New Haven Unified School District GO Bonds Refunding for Capital Appreciation Series 2009 (ASSURED GTY) (AA/Aa3)^(d)
	860,000		0.000			08/01/25		627,792
	1,105,000		0.000			08/01/26		768,826
	5,550,000		0.000			08/01/30		3,162,834
	7,830,000		0.000			08/01/32		4,008,490
	7,000,000		0.000			08/01/34		3,236,940
	Palomar Pomerado Health COPS Series 2009 (BB+/Ba1)
	16,000,000		6.750			11/01/39		17,716,960
	Palomar Pomerado Health COPS Series 2010 (BB+/Ba1)
	6,500,000		6.000			11/01/41		6,865,170
	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		11,250,198
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE) (AA-/Aa2)^(d)
	1,805,000		0.000			08/01/25		1,340,772
	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		246,780


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)
	California – (continued)
	River Islands Public Financing Authority Special Tax for Community Facilities District No. 2003-1 Series 2015 B (NR/NR)
$	22,500,000		5.500	%		09/01/45	$	23,299,425
	River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	325,000		5.500			09/01/45		336,547
	Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)^(d)
	2,220,000		0.000			10/01/33		971,028
	2,220,000		0.000			10/01/35		868,597
	1,840,000		0.000			10/01/37		644,239
	5,000,000		0.000			10/01/38		1,654,150
	8,425,000		0.000			10/01/39		2,643,934
	13,395,000		0.000			10/01/40		3,985,816
	7,275,000		0.000			10/01/41		2,051,841
	6,000,000		0.000			10/01/42		1,603,320
	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		1,459,171
	1,950,000		6.750			10/01/30		2,343,393
	Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (BBB-/NR)
	2,000,000		5.750			06/01/48		2,220,380
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE) (AA-/A2)^(d)
	1,420,000		0.000			08/01/25		991,558
	San Diego Unified School District GO Bonds Refunding Series 2012 R-1 (AA-/Aa3)^(d)
	10,000,000		0.000			07/01/30		5,741,700
	3,000,000		0.000			07/01/31		1,635,990
	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		597,550
	2,000,000		6.750			08/01/41		2,388,000
	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		516,010
	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		841,688
	555,000		6.375			08/01/29		624,275
	305,000		6.500			08/01/31		343,262
	1,000,000		6.625			08/01/39		1,128,390
	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		1,193,730
	1,500,000		7.000			08/01/41		1,788,960

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (BBB-/NR)
$	3,000,000		5.000	%		01/15/29	$	3,303,750
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE) (AA-/Aa2)^(d)
	1,580,000		0.000			08/01/24		1,226,649
	1,595,000		0.000			08/01/25		1,179,056
	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		2,118,320
	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		2,193,280
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)
	2,000,000		5.000			07/01/42		2,199,380
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment RB Series 2011 (AA/NR)
	2,000,000		5.000			07/01/32		2,291,020
	Santee Community Development Commission Tax Allocation for Santee Community Redevelopment Project Series 2011 A (A/NR)
	1,000,000		7.000			08/01/31		1,166,960
	2,000,000		7.000			08/01/41		2,333,920
	Stockton Public Financing Authority Water RB for Delta Water Supply Project Series 2010 A (A/A3)
	2,000,000		6.250			10/01/40		2,397,380
	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		4,187,000
	Temecula Redevelopment Agency Tax Allocation for Housing Redevelopment Project No. 1 Series 2011 A (A/NR)
	1,000,000		6.750			08/01/31		1,228,900
	2,100,000		7.000			08/01/39		2,676,954
	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		1,953,636
	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		1,820,640
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)^(b)
	10,000,000		0.955			05/15/43		8,789,700
	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		1,243,720
	5,000,000		7.500			09/01/42		6,270,750
	William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (AA/Aa2)^(d)
	8,360,000		0.000			08/01/34		3,887,233


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (AA-/Aa2)^(a)
$	19,135,000		0.000	%		08/01/42	$	10,971,052

								472,676,043

	Colorado – 2.2%
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (BBB+/NR)
	3,500,000		4.500			12/01/33		3,518,270
	3,500,000		5.000			12/01/33		3,680,145
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (BBB+/NR)
	3,000,000		5.750			12/01/36		3,279,120
	Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2013 (BBB+/Baa1)
	3,000,000		5.625			06/01/43		3,308,190
	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		14,406,544
	Cross Creek Metropolitan District No. 2 GO Bonds Refunding Limited Tax Series 2006 (NR/NR)^(b)
	4,500,000		3.500			12/01/17		3,719,880
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2007 A (AMT) (BB-/B1)
	925,000		5.250			10/01/32		953,860
	7,000,000		5.750			10/01/32		7,316,470
	Denver Colorado Health and Hospital Authority Healthcare RB Series B (BBB/NR)^(b)
	11,750,000		1.317			12/01/33		10,885,905
	E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL-RE) (AA-/A3)^(d)
	3,000,000		0.000			09/01/39		976,380
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (AA-/A3)^(d)
	15,000,000		0.000			09/01/28		9,476,850
	4,100,000		0.000			09/01/34		1,949,919
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (AA-/A3)^(d)
	1,715,000		0.000			09/01/28		912,757
	E-470 Public Highway Authority RB Series 2010 A (BBB+/Baa1)^(d)
	20,000,000		0.000			09/01/40		6,781,600
	Park Meadows Business Improvement District RB Series 2007 (NR/NR)
	475,000		5.300			12/01/27		495,397
	720,000		5.350			12/01/31		751,658
	Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)^(e)
	1,000,000		5.000			12/01/40		1,002,920
	Vista Ridge Metropolitan District GO Bonds Refunding Limited Tax Subseries 2006 B (NR/NR)^(a)
	1,725,000		0.000			12/01/40		1,039,243

								74,455,108

	State-Specific Municipal Debt Obligations – (continued)
	Connecticut – 0.0%
	Town of Hamden Refunding GO Series 2013 (AGM) (AA/A2)
$	500,000		5.000	%		08/15/23	$	585,580

	Delaware – 0.3%
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A (NR/NR)
	5,806,000		5.450			07/01/35		5,805,826
	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		3,323,730
	Delaware Economic Development Authority RB for Indian River Power LLC Project Series 2010 (NR/Baa3)
	2,050,000		5.375			10/01/45		2,121,012

								11,250,568

	District of Columbia – 2.0%
	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		29,761,000
	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		38,786,566

								68,547,566

	Florida – 15.3%
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
	3,960,000		6.300			05/01/35		3,963,128
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2006 A (NR/NR)
	1,495,000		5.375			05/01/37		1,201,143
	Arborwood Community Development District RB Capital Improvement for Master Infrastructure Projects Series 2005 A-2 (NR/NR)
	14,765,000		5.350			05/01/36		14,766,772
	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		205,123
	Arborwood Community Development District Special Assessment Capital Improvement for Centex Homes Project Series 2006 A-3 (NR/NR)
	3,085,000		5.500			05/01/36		3,085,679
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B (NR/NR)^(a)
	9,040,000		0.000			05/01/25		9,495,887
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR)^(a)
	4,065,000		0.000			05/01/36		4,461,500


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)
	Florida – (continued)
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR)^(a)
$	1,035,000		0.000	%		05/01/36	$	1,135,954
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Senior Lien Series 2015 A-1 (BBB/NR)
	2,000,000		4.250			05/01/29		1,985,680
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (BBB/NR)
	1,000,000		5.000			05/01/35		995,020
	Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/NR)
	855,000		6.000			11/01/27		905,701
	3,000,000		6.500			11/01/43		3,597,870
	Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)
	775,000		6.125			11/01/33		806,527
	1,000,000		6.500			11/01/43		1,051,250
	Brevard County Health Facilities Authority RB for Health First, Inc. Project Series 2009 (A-/A3)^(c)
	4,750,000		7.000			04/01/19		5,722,990
	Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR)
	8,295,000		5.750			05/01/35		8,246,391
	Broward County Florida Airport Exempt Facility RB for Learjet, Inc. Project RMKT 07/19/04 Series 2000 (AMT) (NR/B2)
	2,000,000		7.500			11/01/20		2,024,560
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	200,000		3.500			11/01/20		202,972
	210,000		3.750			11/01/21		209,769
	215,000		3.875			11/01/22		215,677
	25,000		4.000			11/01/23		25,259
	1,705,000		4.500			11/01/31		1,728,188
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A/A1)
	1,750,000		4.000			10/01/34		1,792,035
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	2,250,000		5.000			05/01/26		2,521,012
	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)
	3,795,000		5.850			05/01/35		3,805,284
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	2,425,000		5.850			05/01/35		2,161,985

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)^(d)
$	5,775,000		0.000	%		05/01/17	$	5,160,020
	Cory Lakes Community Development District Special Assessment Series 2001 A (NR/NR)
	115,000		8.375			05/01/17		116,810
	Cory Lakes Community Development District Special Assessment Series 2001 B (NR/NR)
	215,000		8.375			05/01/17		220,564
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	1,060,000		3.750			05/01/29		1,042,245
	1,910,000		4.125			05/01/35		1,870,979
	Durbin Crossing Community Development District Special Assessment Series 2005 A (NR/NR)
	38,420,000		5.500			05/01/37		38,394,259
	Escambia County Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (A-/A3)
	27,000,000		6.000			08/15/36		31,205,790
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,270,000		6.375			11/01/26		1,397,737
	3,250,000		7.000			11/01/45		3,722,322
	Estancia at Wiregrass Community Development District Capital Improvements RB Series 2015 (NR/NR)
	1,000,000		5.250			11/01/35		993,820
	1,500,000		5.375			11/01/46		1,494,315
	Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (A-/NR)
	1,480,000		4.375			05/01/34		1,505,264
	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		647,862
	5,820,000		5.250			04/01/42		6,301,256
	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		3,351,608
	5,000,000		5.000			11/15/36		5,098,000
	Greeneway Improvement District Special Assessment RB Series 2013 (NR/NR)
	11,755,000		5.125			05/01/43		11,942,492
	Heritage Harbour Market Place Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	7,555,000		5.600			05/01/36		4,534,964
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	1,200,000		5.000			05/01/34		1,192,776
	2,170,000		5.125			05/01/45		2,148,712
	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		525,650
	500,000		5.150			05/01/34		519,665


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Heritage Isle At Viera Community Development District Special Assessment Series 2005 (NR/NR)
$	5,770,000		5.550	%		05/01/37	$	5,771,096
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
	2,265,000		5.700			05/01/36		2,264,796
	Heritage Landing Community Development District Special Assessment Refunding Series 2015 (BBB/NR)
	2,205,000		4.200			05/01/31		2,143,481
	2,000,000		4.350			05/01/36		1,989,980
	Islands At Doral III Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	2,500,000		4.125			05/01/35		2,500,050
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2005 (NR/NR)
	2,895,000		7.210			11/01/20		3,110,041
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2006 B (NR/NR)
	6,855,000		6.770			11/01/20		7,232,299
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)
	2,485,000		6.700			05/01/33		2,834,143
	4,830,000		7.000			05/01/43		5,600,771
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR)
	4,140,000		5.350			05/01/34		4,125,344
	6,340,000		5.600			05/01/44		6,312,802
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre & NW Sector Project Series 2011 (NR/NR)
	19,735,000		8.000			05/01/40		24,295,956
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)
	3,000,000		4.875			05/01/45		3,006,900
	Lee County IDA Health Care Facilities RB for Shell Point/ Alliance Obligation Group Series 2006 (BBB-/NR)
	17,960,000		5.125			11/15/36		18,502,931
	Lee County IDA Health Care Facilities RB Refunding for Shell Point Project Series 2011 B (BBB-/NR)
	2,600,000		6.500			11/15/31		3,014,830
	Lee County IDA Health Care Facilities RB Refunding for Shell Point/Alliance Community Project Series 2007 (BBB-/NR)
	9,000,000		5.000			11/15/29		9,319,590
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	4,660,000		5.400			05/01/30		4,139,385
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)^(f)
	2,635,000		5.375			05/01/30		1,791,800
	Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	1,940,000		5.000			05/01/32		1,939,864
	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

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-1 (NR/NR)
$	435,000		6.000	%		05/01/36	$	422,481
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-2 (NR/NR)
	835,000		6.250			05/01/38		810,409
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 B (NR/NR)
	815,000		6.810			05/01/20		824,152
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR)^(a)
	645,000		0.000			05/01/35		607,551
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 B (NR/NR)^(a)
	575,000		0.000			05/01/22		540,264
	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
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center of Florida Series 2014 (BBB+/Baa1)
	1,500,000		5.000			11/15/39		1,588,845
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (A/A2)^(e)
	11,760,000		5.000			03/01/30		13,311,144
	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		3,645,388
	3,275,000		5.000			05/01/37		3,413,139
	Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR)
	3,265,000		5.000			05/01/28		3,340,617
	2,000,000		5.000			05/01/35		1,925,020
	Monterra Community Development District Special Assessment Refunding Bonds Series 2015 (AGM) (AA/NR)
	1,820,000		3.500			05/01/36		1,722,557
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	750,000		5.250			11/01/35		769,567
	1,250,000		5.625			11/01/45		1,289,813
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 A-1 (NR/NR)
	2,000,000		5.750			05/01/38		2,010,060
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 B-1 (NR/NR)
	1,105,000		5.000			05/01/19		1,106,392
	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		1,893,662
	1,765,000		5.000			04/01/25		1,978,371
	1,005,000		5.000			04/01/26		1,117,078


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Overoaks Community Development District RB for Capital Improvement Series 2010 A-1 (NR/NR)
$	1,000,000		6.125	%		05/01/35	$	1,000,960
	Overoaks Community Development District RB for Capital Improvement Series 2010 A-2 (NR/NR)
	1,380,000		6.125			05/01/35		1,381,063
	Overoaks Community Development District RB for Capital Improvement Series 2010 B (NR/NR)
	1,760,000		5.125			05/01/17		1,770,912
	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
	210,000		6.125			05/01/35		105,000
	Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (AA/NR)
	530,000		4.125			05/01/35		526,115
	Paseo Community Development District Capital Improvement Revenue Bonds Capital Appreciation Series 2011 A-2 (NR/NR)^(a)
	20,900,000		0.000			05/01/36		9,556,943
	Paseo Community Development District Capital Improvement Revenue Bonds Special Assessment Series 2011 A-1 (NR/NR)
	2,045,000		5.400			05/01/36		2,069,683
	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		2,847,692
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 1 (NR/NR)
	2,500,000		6.600			05/01/33		2,377,825
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
	3,070,000		5.000			05/01/25		3,180,551
	6,750,000		5.000			05/01/33		6,718,477
	Reunion East Community Development District Special Assessment Series 2002 A-2 (NR/NR)^(f)
	2,170,000		7.200			05/01/22		22
	River Hall Community Development District Special Assessment for Capital Improvement Series 2011 A (NR/NR)
	5,110,000		5.450			05/01/36		5,110,204
	Sandy Creek Community Development District Special Assessment Refunding Series 2007 B (NR/NR)
	1,670,000		5.500			05/01/20		1,663,270
	Sarasota County Public Hospital District RB for Sarasota Memorial Hospital Project Series 2009 A (AA-/A1)
	1,500,000		5.625			07/01/39		1,686,240
	Seven Oaks Community Development District II Special Assessment Series 2004 B (NR/NR)
	225,000		7.500			05/01/16		226,818

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	South Kendall Community Development District Special Assessment Series 2010 A (NR/NR)
$	1,890,000		6.200	%		11/01/40	$	2,025,173
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)
	2,015,000		5.250			05/01/34		2,197,156
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	4,230,000		5.800			05/01/35		4,109,403
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	3,180,000		5.800			05/01/35		2,821,232
	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		1,371,300
	Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR)
	1,375,000		4.800			05/01/35		1,364,715
	St. Petersburg Health Facilities Authority RB Refunding for All Children’s Hospital Series 2009 A (AA-/Aa3)^(c)
	5,835,000		6.500			11/15/19		7,121,734
	Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)^(f)
	455,000		5.500			11/01/10		323,050
	Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)
	2,160,000		5.000			05/01/34		2,301,307
	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		1,505,175
	3,500,000		5.500			11/01/44		3,558,240
	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		2,866,075
	Sumter Landing Community Development District Recreational RB Series 2005 A (NATL-RE) (AA-/A3)
	2,500,000		5.125			10/01/38		2,502,775
	Sumter Landing Community Development District Recreational RB Subseries 2005 B (NR/NR)
	7,355,000		5.700			10/01/38		7,354,706
	Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,370,000		5.250			11/01/34		1,412,648
	2,365,000		6.000			11/01/44		2,601,122
	Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)
	500,000		5.750			11/01/27		499,975
	2,000,000		6.250			11/01/44		1,991,900
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (BBB/NR)
	2,000,000		4.375			05/01/35		1,952,360


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
$	500,000		5.500	%		05/01/34	$	509,075
	750,000		6.125			05/01/42		780,975
	Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)
	650,000		6.000			11/01/27		714,142
	2,050,000		6.500			11/01/43		2,348,808
	Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)
	925,000		6.375			11/01/27		1,000,295
	2,300,000		7.125			11/01/44		2,526,113
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	750,000		5.125			11/01/35		744,863
	2,000,000		5.250			11/01/46		1,987,780
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	2,800,000		5.000			05/01/32		3,091,284
	6,475,000		5.125			05/01/43		7,184,077
	Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)
	5,000,000		6.000			05/01/44		5,731,950
	Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (A/NR)
	1,685,000		4.000			05/01/33		1,661,916
	Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (A/NR)
	2,365,000		4.000			05/01/34		2,316,328
	Village Community Development District No. 8 Special Assessment RB Series 2008 (NR/NR)
	8,095,000		6.375			05/01/38		8,766,237
	Village Community Development District No. 8 Special Assessment Refunding Phase II Series 2010 (NR/NR)
	8,170,000		6.125			05/01/39		9,396,154
	Village Community Development District No. 9 Special Assessment RB Series 2011 (NR/NR)
	5,090,000		7.000			05/01/41		6,209,240
	Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)
	2,035,000		5.500			05/01/42		2,316,848
	Villasol Community Development District RB Series 2003 A (NR/NR)
	2,260,000		6.600			05/01/34		2,261,266
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	14,000		5.350			05/01/39		13,652
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)^(a)
	775,000		0.000			05/01/39		629,424
	Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	3,240,000		4.200			05/01/36		3,152,779

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
$	1,240,000		5.125	%		11/01/35	$	1,214,828
	2,000,000		5.500			11/01/45		1,968,120
	Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)
	500,000		5.375			05/01/35		499,680
	3,060,000		5.625			05/01/45		3,060,979

								512,701,936

	Georgia – 2.4%
	Altlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A+/Aa3)
	1,500,000		5.250			07/01/40		1,714,965
	5,500,000		5.250			07/01/44		6,263,895
	Altlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A/A1)
	1,000,000		4.000			07/01/40		1,001,550
	Atlanta Tax Allocation for Beltline Project RMKT 12/15/09 Series 2009 A (NR/A2)
	7,685,000		7.500			01/01/31		8,835,444
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (BB/Ba3)
	11,700,000		8.750			06/01/29		14,288,742
	Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A (NR/NR)
	2,100,000		5.250			11/01/28		2,049,516
	Marietta Development Authority University Facilities RB Refunding for Life University, Inc. Project Series 2008 (NR/Ba3)
	2,500,000		7.000			06/15/39		2,622,400
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)^(b)
	49,820,000		0.840			10/01/33		44,535,593

								81,312,105

	Guam – 1.9%
	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		2,753,925
	3,355,000		6.875			12/01/40		3,685,333
	Guam Government Limited Obligation GO Bonds Section 30 Series 2009 A (BBB+/NR)
	3,000,000		5.625			12/01/29		3,368,430
	2,750,000		5.750			12/01/34		3,078,680
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (AGM) (AA/A2)
	7,300,000		6.125			10/01/43		8,444,494
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (BBB/Baa2)
	2,000,000		6.375			10/01/43		2,343,540
	Guam Power Authority RB 2014 Series A (AGM) (AA/A2)
	2,760,000		5.000			10/01/39		3,117,779
	Guam Power Authority RB Series 2010 A (BBB/Baa2)
	10,000,000		5.500			10/01/40		10,967,300


38		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)
	Guam – (continued)
	Guam Waterworks Authority RB for Water & Wastewater System Series 2010 (A-/Baa2)
$	9,785,000		5.625	%		07/01/40	$	10,820,644
	Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)
	13,705,000		5.500			07/01/43		15,277,649

								63,857,774

	Idaho – 0.5%
	Madison County Hospital Revenue COPS Series 2006 (BB+/NR)
	15,285,000		5.250			09/01/37		15,455,428

	Illinois – 8.7%
	Chicago Illinois Board of Education GO Bonds Capital Appreciation Refunding for School Reform Series 1999 A (NATL-RE) (AA-/A3)^(d)
	15,000,000		0.000			12/01/31		5,872,200
	Chicago Illinois Board of Education GO Bonds Refunding for School Reform Series 1999 A (NATL-RE) (AA-/A3)
	9,535,000		5.500			12/01/26		10,194,250
	Chicago Illinois Board of Education GO Bonds Refunding Series 2005 A (AMBAC) (BB/Ba3)
	8,965,000		5.500			12/01/29		8,598,421
	Chicago Illinois Board of Education GO Bonds Series 2011 A (BB/Ba3)
	2,380,000		5.000			12/01/41		1,985,658
	Chicago Illinois Board of Education GO Bonds Series 2012 A (BB/Ba3)
	10,000,000		5.000			12/01/42		8,318,600
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB/NR)
	15,805,000		5.250			12/01/35		13,956,763
	12,500,000		5.250			12/01/39		10,839,500
	Chicago Illinois Board of Education Unlimited Tax GO Bonds Refunding for Dedicated Revenues Series 2005 A (AMBAC) (BB/Ba3)
	2,000,000		5.500			12/01/30		1,905,020
	Chicago Illinois GO Bonds Refunding RMKT 06/08/15 Series 2005 D (BBB+/NR)
	1,700,000		5.500			01/01/37		1,676,795
	Chicago Illinois GO Bonds Refunding Series 2014 A (BBB+/Ba1)
	8,375,000		5.250			01/01/33		8,188,573
	3,465,000		5.000			01/01/34		3,312,921
	2,500,000		5.000			01/01/36		2,359,975
	Chicago Illinois GO Bonds Series 2011 A (BBB+/Ba1)
	1,500,000		5.250			01/01/35		1,450,515
	3,000,000		5.000			01/01/40		2,788,860
	Chicago Illinois GO Bonds Series 2012 A (BBB+/Ba1)
	15,000,000		5.000			01/01/33		14,412,450
	850,000		5.000			01/01/34		812,693
	Chicago Illinois GO Bonds Refunding RMKT 06/08/15 Series 2007 F (BBB+/NR)
	2,500,000		5.500			01/01/42		2,425,500
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	4,180,000		5.500			01/01/39		4,099,033

	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Chicago Illinois GO Bonds Refunding Series C (BBB+/Ba1)
$	3,825,000		5.000	%		01/01/40	$	3,555,796
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
	30,000		5.400			03/01/16		30,230
	1,450,000		5.625			03/01/36		1,452,596
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2007 A (BBB-/NR)
	2,780,000		5.750			05/15/31		2,918,110
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2007 A (NR/NR)^(c)
	1,720,000		5.750			05/15/17		1,865,581
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (BBB-/NR)
	805,000		6.125			05/15/27		875,985
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (NR/NR)^(c)
	445,000		6.125			05/15/20		543,243
	Illinois Finance Authority RB for Midwest Regional Medical Center Series 2006 A (NR/NR)
	33,995,000		6.750			10/01/46		34,017,097
	Illinois Finance Authority RB Refunding for Franciscan Communities, Inc. Series 2013 A (BBB-/NR)
	4,500,000		5.250			05/15/47		4,558,860
	Illinois Finance Authority RB Refunding for OSF Healthcare System Series 2010 A (A/A2)
	17,000,000		6.000			05/15/39		19,559,690
	Illinois Finance Authority Recovery Zone Facility RB for Navistar International Corp. Project Series 2010 (CCC-/Caa1)
	14,000,000		6.500			10/15/40		14,483,280
	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		758,153
	Illinois GO Bonds Series 2013 (A-/A3)
	5,050,000		5.500			07/01/38		5,329,265
	Illinois GO Bonds Series 2014 (AGM) (AA/A3)
	20,000,000		5.000			02/01/39		20,339,000
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	2,245,000		6.250			03/01/34		2,271,558
	Metropolitan Pier & Exposition Authority RB for McCormick Place Expansion Project Residual Series 2010 A-3219 (AAA/NR)^(e)(g)
	20,000,000		10.924			06/15/50		20,376,200
	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		2,740,200
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000		4.750			10/01/29		877,036
	1,010,000		4.750			10/01/32		1,042,108


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (BB+/NR)
$	19,200,000		7.125	%		11/01/43	$	23,904,000
	5,000,000		7.625			11/01/48		6,386,650
	Southwestern Illinois Development Authority RB Capital Appreciation for United States Steel Corporation Project Series 2012 (AMT) (BB-/B1)
	12,505,000		5.750			08/01/42		11,349,663
	Volo Village Special Service Area No. 6 Special Tax for Lancaster Falls Project Series 2006 (NR/NR)
	3,928,000		5.750			03/01/36		4,031,267

								290,397,295

	Indiana – 0.8%
	Anderson Indiana Economic Development RB Refunding & Improvement for Anderson University Project Series 2007 (BB+/NR)
	1,355,000		5.000			10/01/24		1,362,710
	1,500,000		5.000			10/01/32		1,413,135
	Delaware County Hospital Authority RB for Cardinal Health System Obligated Group Series 2006 (NR/WR)^(c)
	2,000,000		5.250			08/01/16		2,082,080
	Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (BBB+/NR)
	1,300,000		5.000			02/01/29		1,363,024
	1,250,000		5.250			02/01/34		1,313,512
	1,500,000		5.000			02/01/39		1,522,335
	Indiana Finance Authority Environmental Improvement RB for United States Steel Corp. Project Series 2012 (AMT) (BB-/B1)
	795,000		5.750			08/01/42		721,550
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2011 N (AA-/Aa3)
	2,000,000		5.125			03/01/38		2,220,040
	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		5,188,700
	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		6,439,500
	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		45,125
	Vigo County Hospital Authority RB for Vigo Union Hospital, Inc. Series 2007 (NR/NR)^(e)
	2,000,000		5.500			09/01/27		2,084,700

								25,756,411

	Iowa – 0.1%
	Coralville Iowa COPS Series 2006 D (NR/Ba1)
	2,550,000		5.250			06/01/26		2,554,871
	Pottawattamie County RB Refunding for Christian Homes, Inc. Series 2007 E (BBB-/NR)
	1,355,000		5.750			05/15/31		1,422,316

								3,977,187

	State-Specific Municipal Debt Obligations – (continued)
	Kentucky – 0.9%
	Kentucky Economic Development Finance Authority Hospital RB for Owensboro Medical Health System, Inc. Series 2010 A (BBB+/Baa3)
$	8,000,000		6.375	%		06/01/40	$	9,001,680
	8,250,000		6.500			03/01/45		9,304,267
	Louisville & Jefferson County Metro Government Health System RB for Norton Healthcare, Inc. Series 2006 (A-/NR)
	6,815,000		5.000			10/01/30		7,063,339
	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		5,740,600

								31,109,886

	Louisiana – 1.8%
	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		5,892,300
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Women’s Hospital Foundation Project Series 2010 A (A/A3)
	19,265,000		6.000			10/01/44		22,438,523
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A-/A3)
	12,000,000		5.000			01/01/40		13,015,080
	10,000,000		5.000			01/01/45		10,789,500
	New Orleans Aviation Board Gulf Opportunity Zone RB for Consolidated Rental Car Project Series 2009 A (A-/Baa1)
	7,470,000		6.500			01/01/40		8,371,405

								60,506,808

	Maryland – 1.1%
	Baltimore Maryland Convention Center Hotel RB Subseries 2006 B (BB-/Ba2)
	200,000		5.000			09/01/16		205,628
	Frederick County Maryland Educational Facilities RB for Mount St. Mary’s University Series 2007 (BB+/Ba2)
	2,590,000		5.000			09/01/30		2,523,515
	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		3,219,480
	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		9,886,519
	Maryland State Health & Higher Educational Facilities Authority RB for Doctors Community Hospital Series 2010 (BB+/Baa3)
	9,500,000		5.750			07/01/38		10,063,350
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2007 A (BBB/Baa2)
	7,000,000		5.500			07/01/42		7,332,920
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB/Baa2)
	2,100,000		5.000			07/01/31		2,227,953

								35,459,365


40		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)
	Massachusetts – 0.5%
	Massachusetts Development Finance Agency RB Series 2013 A (NR/NR)^(e)
$	2,250,000		6.500	%		11/15/43	$	2,422,913
	Massachusetts Development Finance Agency RB Simmons College Issue Series 2015 K (BBB+/Baa1)
	1,950,000		5.000			10/01/36		2,087,709
	Massachusetts State Health & Educational Facilities Authority RB for Suffolk University Series 2009 A (BBB/Baa2)
	12,500,000		5.750			07/01/39		13,912,625

								18,423,247

	Michigan – 2.5%
	Allen Park City Brownfield Redevelopment Authority Series 2007 (AMBAC) (CCC+/WR)
	7,095,000		5.000			05/01/32		6,685,690
	Detroit Michigan School District GO Bonds for School Building and Site Improvement Series 2002 A (FGIC-Q-SBLF) (AA-/Aa1)
	3,500,000		6.000			05/01/20		4,128,880
	3,000,000		6.000			05/01/21		3,613,920
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A2)^(b)
	4,675,000		0.790			07/01/32		4,126,903
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Financial Recovery Income Tax Local Project Series 2014 F (A/NR)
	2,000,000		4.500			10/01/29		2,068,760
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (AGM) (AA/A2)
	2,600,000		5.000			07/01/35		2,817,932
	Michigan Finance Authority RB Refunding for Detroit Water and Sewer Senior Lien Series 2014 C-3 (AGM) (AA/A2)
	2,175,000		5.000			07/01/32		2,399,743
	1,750,000		5.000			07/01/33		1,923,932
	Michigan Finance Authority State Aid RB for Detroit School District Junior Subordinate Lien Series 2015 E (ST AID WITHHLDG) (SP-3/NR)^(e)
	7,600,000		5.750			08/22/16		7,599,392
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC+/NR)^(d)
	196,775,000		0.000			06/01/52		3,154,303
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC/NR)^(d)
	70,100,000		0.000			06/01/52		1,048,696
	Monroe County Hospital Finance Authority RB Refunding for Mercy Memorial Hospital Corp. Obligation Series 2006 (AA-/Baa2)
	4,000,000		5.375			06/01/26		4,114,280
	9,835,000		5.500			06/01/35		10,089,825
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2009 (NR/Aaa)^(c)
	25,000,000		8.250			09/01/18		30,273,750

								84,046,006

	State-Specific Municipal Debt Obligations – (continued)
	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	$	2,745,325
	3,750,000		6.000			06/15/39		4,117,162

								6,862,487

	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		1,871,227

	Missouri – 0.0%
	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		107,450
	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		542,500
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)^(f)
	1,250,000		5.750			04/01/27		275,000
	Strother Interchange Transportation Development District-Lees Summit RB Series 2006 (NR/NR)
	675,000		5.000			05/01/24		675,351

								1,600,301

	Nevada – 0.5%
	City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)
	470,000		3.000			06/01/16		473,008
	730,000		3.000			06/01/17		738,359
	720,000		4.000			06/01/18		741,571
	790,000		4.000			06/01/19		809,418
	670,000		4.000			06/01/20		686,857
	865,000		4.000			06/01/21		878,987
	465,000		5.000			06/01/22		495,267
	415,000		5.000			06/01/23		442,677
	200,000		4.250			06/01/24		203,120
	295,000		5.000			06/01/24		315,629
	Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,960,000		4.900			03/01/17		1,948,005
	2,420,000		5.000			03/01/20		2,367,099
	2,440,000		5.100			03/01/21		2,379,756
	1,265,000		5.100			03/01/22		1,221,712
	3,440,000		5.125			03/01/25		3,167,689
	Henderson Local Improvement District No. T-17 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,275,000		5.000			09/01/25		1,310,394
	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		55,566

								18,235,114


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	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	$	1,073,688
	4,185,000		5.250			06/01/36		4,260,581

								5,334,269

	New Jersey – 3.3%
	New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB+/Baa1)
	2,500,000		5.000			06/15/26		2,642,400
	1,000,000		5.000			06/15/28		1,037,340
	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		1,036,480
	1,000,000		5.000			06/15/37		1,039,100
	1,000,000		5.125			06/15/43		1,042,760
	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		1,073,850
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (A-/A3)^(c)
	1,640,000		5.000			09/01/19		1,879,768
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 N-1 (NATL-RE) (AA-/A3)
	7,705,000		5.500			09/01/27		8,627,905
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1998 (AMT) (BB-/B1)
	7,500,000		5.500			04/01/28		7,522,650
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (AMT) (BB-/B1)
	8,500,000		5.250			09/15/29		9,165,550
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (BB-/B1)
	5,000,000		5.625			11/15/30		5,600,000
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (BB-/B1)
	5,000,000		5.625			11/15/30		5,600,000
	New Jersey Health Care Facilities Financing Authority RB for St. Joseph’s Healthcare System Series 2008 (BBB-/Baa3)
	31,880,000		6.625			07/01/38		35,294,029
	New Jersey Health Care Facilities Financing Authority RB for Trinitas Hospital Obligated Group Series 2007 A (BBB/Baa2)
	8,980,000		5.250			07/01/30		9,359,854
	New Jersey Transportation Trust Fund Authority for Transportation System Bonds Series 2011 B (A-/A3)
	14,250,000		5.000			06/15/42		14,354,168
	Newark New Jersey Housing Authority RB for South Ward Police Facility Series 2009 A (ASSURED GTY) (NR/A3)
	2,000,000		6.750			12/01/38		2,310,340

	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
��	Tobacco Settlement Financing Corp. RB Senior Asset-Backed Bonds for Capital Appreciation Series 2007 1-A (B-/B3)
$	3,000,000		4.750	%		06/01/34	$	2,318,190

								109,904,384

	New Mexico – 0.7%
	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		7,038,778
	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		15,349,320

								22,388,098

	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		1,580,685
	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		1,605,725
	New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR)
	2,000,000		4.500			02/15/48		2,052,640
	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		1,126,030
	3,000,000		6.375			01/01/39		3,420,690
	5,000,000		6.500			01/01/46		5,710,500
	Newburgh New York GO Serial Bonds Series 2012 A (NR/Baa3)
	1,565,000		5.750			06/15/35		1,695,677
	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		1,837,483
	Troy City Capital Resource Corp. RB for Rensselaer Polytechnic Institute Project Series 2010 A (A-/A3)
	5,000,000		5.125			09/01/40		5,551,050

								24,580,480

	North Carolina – 0.4%
	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		1,105,530
	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		3,886,184
	1,000,000		5.000			03/01/37		1,027,520
	1,000,000		5.000			03/01/42		1,020,260
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)
	1,000,000		4.500			09/01/30		962,090
	2,000,000		5.000			09/01/37		1,994,620


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Methodist Church Project Series 2005 A (NR/NR)
$	430,000		5.250	%		09/01/21	$	430,430
	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		1,501,305

								11,927,939

	Ohio – 6.1%
	Bowling Green City Student Housing RB for CFP I LLC – Bowling Green State University Project Series 2010 (BBB-/NR)
	7,000,000		6.000			06/01/45		7,451,220
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	45,250,000		6.500			06/01/47		40,392,865
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Caa1)
	29,050,000		5.125			06/01/24		24,860,990
	48,070,000		5.875			06/01/30		41,075,334
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-3 (B-/Caa1)
	16,600,000		6.250			06/01/37		14,393,030
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (AMT) (BB-/B1)
	22,320,000		5.375			09/15/27		22,415,976
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2006 A (BBB/NR)
	10,540,000		5.000			01/01/27		10,864,316
	14,250,000		5.000			01/01/37		14,433,540
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB/NR)
	2,000,000		5.000			01/01/42		2,054,840
	1,610,000		5.000			01/01/46		1,647,159
	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		9,086,271
	Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (BB+/Ba2)
	8,000,000		5.000			02/15/48		8,147,440
	Ohio State Solid Waste Disposal RB for USG Corp. Project Series 1998 (AMT) (B-/B3)
	7,250,000		5.650			03/01/33		7,256,960

								204,079,941

	Oklahoma – 1.6%
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BB/NR)
	4,725,000		5.000			12/01/27		4,814,964
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2000 B (AMT) (NR/NR)
	12,500,000		5.500			06/01/35		13,284,500
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)
	2,680,000		5.500			12/01/35		2,848,197

	State-Specific Municipal Debt Obligations – (continued)
	Oklahoma – (continued)
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)
$	24,300,000		5.500	%		12/01/35	$	25,825,068
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)^(h)
	3,500,000		5.000			06/01/25		3,792,460
	Weatherford Hospital Authority RB Series 2006 (NR/NR)
	2,200,000		6.000			05/01/25		2,245,122
	865,000		6.000			05/01/31		875,743

								53,686,054

	Oregon – 0.1%
	Forest Grove Oregon Student Housing RB for Oak Tree Foundation Project Series 2007 (NR/NR)
	4,665,000		5.500			03/01/37		4,773,648

	Pennsylvania – 3.8%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB/NR)
	1,500,000		5.000			09/01/30		1,611,210
	1,000,000		5.000			09/01/35		1,058,550
	Allentown Neighborhood Improvement Zone Development Authority Tax RB Series 2012 A (NR/Baa2)
	18,000,000		5.000			05/01/42		18,414,000
	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		523,010
	1,000,000		5.000			08/01/45		1,025,970
	City of Philadelphia GO Bonds Series 2011 (A+/A2)
	4,000,000		6.000			08/01/36		4,689,680
	Clairton Municipal Authority Sewer RB Series 2012 B (BBB/NR)
	1,000,000		5.000			12/01/42		1,050,210
	Cumberland County Municipal Authority RB for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)
	1,500,000		5.000			01/01/38		1,569,945
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa2)^(b)
	49,750,000		0.971			05/01/37		42,162,627
	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		1,445,374
	1,500,000		5.000			04/01/33		1,514,880
	Luzerne County Pennsylvania GO Bonds Refunding Series 2015 A (AGM) (AA/NR)
	4,250,000		5.000			11/15/29		4,735,137
	Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (AMT) (BBB/NR)
	4,500,000		5.000			06/30/42		4,728,780
	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		8,157,982


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	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	$	2,889,787
	Pennsylvania State Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (XLCA) (BBB+/WR)^(b)
	13,095,000		0.790			07/01/27		12,043,210
	10,750,000		0.840			07/01/39		8,930,885
	Pennsylvania State Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB/NR)
	4,000,000		5.000			05/01/42		4,159,160
	Philadelphia Authority Industrial Development RB for Please Touch Museum Project Series 2006 (NR/NR)^(f)
	3,000,000		5.250			09/01/26		450,000
	3,000,000		5.250			09/01/31		450,000
	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		5,280,900

								126,891,297

	Puerto Rico – 7.3%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (CCC-/Caa3)
	56,440,000		6.000			07/01/38		39,296,914
	38,845,000		6.000			07/01/44		26,900,551
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CCC-/Caa3)
	115,000		4.500			07/01/27		79,781
	370,000		5.000			07/01/30		251,138
	5,115,000		5.125			07/01/37		3,465,464
	36,835,000		5.250			07/01/42		24,955,712
	3,470,000		6.000			07/01/47		2,394,300
	Puerto Rico Commonwealth GO Bonds Series 2014 A (CC/Caa3)
	31,460,000		8.000			07/01/35		23,595,000
	Puerto Rico Commonwealth Highway & Transportation Authority RB (CC/Ca)
	215,000		5.000			07/01/28		81,700
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (CC/Ca)
	23,230,000		5.250			07/01/38		18,410,007
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (CC/Ca)
	1,500,000		5.500			07/01/23		1,395,615
	1,000,000		5.500			07/01/27		885,990
	Puerto Rico Commonwealth Public Improvement GO Bonds Refunding Series 2009 B (CC/Caa3)
	645,000		5.875			07/01/36		420,056
	Puerto Rico Commonwealth Public Improvement GO Bonds Refunding Series 2011 A (CC/Caa3)
	1,260,000		5.750			07/01/41		819,000
	Puerto Rico Commonwealth Public Improvement GO Bonds Refunding Series 2011 C (CC/Caa3)
	205,000		6.500			07/01/40		135,812

	State-Specific Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (CC/Caa3)
$	4,000,000		5.250	%		07/01/32	$	2,595,040
	4,000,000		5.250			07/01/37		2,580,000
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(b)
	30,590,000		0.710			07/01/29		22,139,513
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (CC/Caa3)^(f)
	9,700,000		5.250			07/01/26		6,256,597
	Puerto Rico Electric Power Authority RB Refunding Series 2012 A (CC/Caa3)^(f)
	19,720,000		5.000			07/01/42		12,719,400
	Puerto Rico Electric Power Authority RB Series 2008 WW (CC/Caa3)^(f)
	2,000,000		5.500			07/01/20		1,290,000
	3,275,000		5.000			07/01/28		2,112,408
	825,000		5.250			07/01/33		532,125
	Puerto Rico Electric Power Authority RB Series 2010 XX (CC/Caa3)^(f)
	7,590,000		5.250			07/01/40		4,895,550
	Puerto Rico Electric Power Authority RB Series 2013 A (CC/Caa3)^(f)
	5,210,000		7.000			07/01/33		3,360,450
	5,205,000		6.750			07/01/36		3,357,225
	5,440,000		7.000			07/01/40		3,508,800
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (CC/Ca)^(d)
	4,750,000		0.000			07/01/34		1,171,540
	3,750,000		0.000			07/01/35		859,013
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2009 P (COMWLTH GTD) (CC/Caa3)
	1,000,000		6.125			07/01/23		626,260
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (CC/Ca)
	2,000,000		6.375			08/01/39		852,500
	6,800,000		6.000			08/01/42		2,873,000
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A (CC/Ca)
	2,500,000		5.375			08/01/39		1,053,125
	4,455,000		5.500			08/01/42		1,876,669
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (CC/Ca)^(d)
	25,000,000		0.000			08/01/39		2,192,750
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (CC/Ca)
	26,000,000		5.250			08/01/41		10,952,500
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2011 A-1 (CC/Ca)
	1,500,000		5.000			08/01/43		631,875
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (CC/Ca)^(a)
	23,300,000		0.000			08/01/32		9,467,489
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Series 2010 A (CC/Ca)^(d)
	10,000,000		0.000			08/01/33		1,147,500


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation Series 2010 A (CC/Ca)^(a)
$	10,130,000		0.000	%		08/01/33	$	3,115,380
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Series 2011 A-1 (CC/Ca)
	500,000		5.250			08/01/43		210,625
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Refunding Series 2011 C (CC/Caa3)
	500,000		5.000			08/01/40		310,625

								245,774,999

	Rhode Island – 0.3%
	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		2,727,925
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC/NR)^(d)
	46,215,000		0.000			06/01/52		1,872,632
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2015 A (BBB/NR)
	5,000,000		5.000			06/01/40		5,080,100

								9,680,657

	South Carolina – 0.2%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	3,688,000		6.875			11/01/35		3,624,198
	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		4,856,920

								8,481,118

	South Dakota – 0.1%
	South Dakota State Health & Educational Facilities Authority RB for Sanford Health Series 2007 (A+/A1)
	5,000,000		5.000			11/01/40		5,208,000

	Tennessee – 0.8%
	Blount County Health & Educational Facilities Board RB Refunding for Asbury, Inc. Series 2007 A (NR/NR)
	1,345,000		5.125			04/01/23		1,361,987
	Chattanooga Health Educational & Housing Facility Board RB Refunding for CDFI Phase I LLC Project Series 2005 A (BBB/NR)
	125,000		5.000			10/01/15		125,000
	7,500,000		5.125			10/01/35		7,501,350
	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		1,583,625
	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		6,312,735
	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		2,065,640

	State-Specific Municipal Debt Obligations – (continued)
	Tennessee – (continued)
	Memphis Health Educational & Housing Facility Board RB for Memphis Multi-Family Housing Apartment Projects Series 2007 A (NR/NR)^(f)(h)
$	8,680,000		5.750	%		04/01/25	$	3,385,200
	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		2,062,860
	Shelby County Health Educational & Housing Facilities Board RB Refunding for The Village at Germantown Residential Care Facility Mortgage Series 2012 (NR/NR)
	2,000,000		5.375			12/01/47		2,032,480

								26,430,877

	Texas – 5.3%
	Austin Texas Convention Center Enterprises, Inc. RB Third Tier Series 2001 C-1 (NR/NR)
	15,000		9.750			01/01/26		15,237
	Austin Texas Convention Center Enterprises, Inc. RB Third Tier Series 2001 C-2 (NR/NR)
	1,815,000		9.750			01/01/26		1,843,514
	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		3,514,843
	Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2006 (AMT) (NR/NR)^(f)
	4,740,000		5.000			03/01/41		272,550
	Brazos River Authority PCRB Refunding for TXU Energy Co. LLC Project Series 2003 C (AMT) (NR/NR)^(f)
	9,275,000		6.750			10/01/38		533,313
	Dallas County Flood Control District No.1 GO Bonds Refunding Series 2002 (NR/NR)
	6,000,000		7.250			04/01/32		6,011,160
	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		1,137,122
	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		5,194,560
	Grand Parkway Transportation Corp. System Toll RB First Tier Series 2013 A (BBB/NR)
	11,815,000		5.500			04/01/53		12,873,388
	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		3,548,403
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (BB-/B1)
	9,000,000		6.625			07/15/38		10,423,440
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (BB-/B1)
	9,250,000		5.000			07/01/29		9,751,443
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (BB-/NR)
	7,500,000		5.000			07/15/35		7,823,700


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (BBB/Baa1)
$	5,200,000		6.300	%		11/01/29	$	5,847,972
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-/NR)
	5,165,000		5.625			02/15/35		5,182,199
	New Hope Cultural Education Facilities Finance Corporation Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (BBB-/Baa3)
	1,000,000		5.000			04/01/47		1,023,520
	New Hope Cultural Education Facilities Finance Corporation Student Housing RB for Texas A&M University at Galveston Collegiate Housing Project Series 2014 A (NR/Baa3)
	1,385,000		4.750			04/01/46		1,386,911
	North Texas Tollway Authority RB First Tier Series 2009 A (A/A1)
	25,585,000		6.250			01/01/39		29,394,862
	North Texas Tollway Authority RB Refunding Toll Second Tier Series 2008 F (A-/A2)^(c)
	32,000,000		5.750			01/01/18		35,560,320
	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project RMKT 11/29/05 Series 2001 C (NR/NR)^(f)
	5,950,000		5.200			05/01/28		342,125
	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		4,270,831
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/Baa1)^(b)
	7,825,000		0.926			12/15/26		7,062,297
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/Baa1)
	7,485,000		6.250			12/15/26		9,014,784
	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		8,772,075
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (BBB-/Baa3)
	5,000,000		6.750			06/30/43		6,048,250

								176,848,819

	U.S. Virgin Islands – 0.2%
	Virgin Islands Public Finance Authority RB Refunding Series 2014 C (AGM) (AA/NR)
	3,515,000		5.000			10/01/39		3,843,055
	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		2,216,040

								6,059,095

	Utah – 0.7%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (AMT) (NR/NR)
	20,325,000		7.100			08/15/23		22,412,784

	State-Specific Municipal Debt Obligations – (continued)
	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	$	2,345,580

	Virginia – 0.8%
	Albemarle County IDA RB Refunding Westminster-Canterbury Series 2007 (NR/NR)
	1,000,000		5.000			01/01/31		1,006,250
	Alexandria City IDA for Residential Care Facilities Mortgagae RB for Goodwin House, Inc. Series 2015 (BBB/NR)
	2,700,000		5.000			10/01/45		2,838,726
	Mosaic District Community Development Authority RB Series 2011 A (NR/NR)
	3,580,000		6.250			03/01/21		4,066,558
	2,000,000		6.625			03/01/26		2,258,020
	7,000,000		6.875			03/01/36		7,962,010
	Suffolk IDA Retirement Facilities RB Refunding First Mortgage for Lake Prince Center Series 2006 (NR/NR)
	725,000		5.150			09/01/24		732,765
	1,000,000		5.300			09/01/31		1,005,300
	Tobacco Settlement Financing Corp. Senior Asset-Backed Bonds Series 2007 B-1 (B-/B3)
	1,355,000		5.000			06/01/47		984,963
	Virginia Beach Development Authority Residential Care Facilities Mortgage RB Refunding for Westminster-Canterbury Series 2005 (NR/NR)
	500,000		5.000			11/01/22		500,745
	Washington County IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
	4,000,000		7.750			07/01/38		4,586,000

								25,941,337

	Washington – 0.7%
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 A (NR/NR)^(e)(g)
	3,955,000		16.565			01/01/23		5,975,768
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 B (NR/NR)^(e)(g)
	4,150,000		16.573			01/01/24		6,263,014
	Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2010 (NR/Baa2)
	4,000,000		5.750			12/01/35		4,377,520
	Washington Health Care Facilities Authority RB for Kadlec Regional Medical Center Series 2012 (NR/Baa3)^(c)
	3,000,000		5.000			12/01/21		3,595,620
	Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 A (ASSURED GTY) (AA/Aa3)^(c)
	750,000		6.000			08/15/19		886,665
	Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 B (ASSURED GTY) (AA/Aa3)^(c)
	1,750,000		6.000			08/15/19		2,068,885

								23,167,472


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	West Virginia – 0.1%
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. – Amos Project Series 2010 A (BBB/Baa1)^(b)
$	4,000,000		5.375	%		12/01/38	$	4,434,360

	Wisconsin – 1.8%
	Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Improvements Obligated Group Series 2012 B (AMT) (BBB/NR)
	15,810,000		5.000			07/01/42		16,329,042
	Public Finance Authority Student Housing RB for CHF- Cullowhee, LLC-Western Carolina University Project Series 2015 A (BBB-/NR)
	3,250,000		5.250			07/01/47		3,306,778
	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		3,224,520
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (A-/Baa1)
	2,000,000		5.250			08/15/31		2,051,700
	23,380,000		5.250			08/15/34		23,951,875
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Wheaton Healthcare Series 2006 B (A-/Baa1)
	10,620,000		5.125			08/15/30		10,891,553

								59,755,468

	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,193,715,642)						$	3,275,869,037


	Corporate Obligations – 0.2%
	Materials – 0.2%
	AK Steel Corp.
$	5,200,000		7.625	%		10/01/21	$	2,769,000
	6,800,000		8.375			04/01/22		3,425,500

	TOTAL CORPORATE OBLIGATIONS
	(Cost $6,729,208)						$	6,194,500

	TOTAL INVESTMENTS – 97.9%
	(Cost $3,200,444,850)						$	3,282,063,537

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%							70,469,188

	NET ASSETS – 100.0%						$	3,352,532,725


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Zero coupon bond until next reset date.
(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.
(c)		Pre-refunded security. Maturity date disclosed is pre-refunding date.
(d)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $75,205,941, which represents approximately 2.2% of net assets as of September 30, 2015.
(f)		Security is currently in default.
(g)		Inverse floating rate security. Interest rate disclosed is that which is in effect on September 30, 2015.
(h)		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, 2015.

Security ratings disclosed, if any, are issued by either Standard & Poor’s Ratings, Moody’s Investor Service or Fitch Ratings 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
FGIC		—Insured by Financial Guaranty Insurance Co.
FHA		—Federal Housing Administration
GO		—General Obligation
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.
NR		—Not Rated
PCRB		—Pollution Control Revenue Bond
PILOT		—Payment in Lieu of Taxes
Q-SBLF		—Qualified School Board Loan Fund
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.		47

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2015, 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 on September 30, 2015^(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		1.021	%	$	(148,280	)	$	145,302
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		0.819			—			468,235
	California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		9,000		1.000			03/20/23		1.021			(333,629	)		326,929
	California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		15,000		1.000			09/20/23		1.070			(556,835	)		494,334
	Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		10,000		1.830			06/20/21		2.423			—			(338,868	)
Morgan Stanley Co., Inc.	California State Various Purpose GO Bonds, Series 2003, 5.250%, 02/01/2018		10,000		1.000			12/20/23		1.092			(233,058	)		175,168
	Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		10,000		1.000			12/20/23		2.563			(630,853	)		(387,584	)
TOTAL												$	(1,902,655	)	$	883,516

(a)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT


			Rates Exchanged			Market Value
Notional Amount (000’s)^(a)		Termination Date	Payments Received		Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	140,500	12/16/45		3 Month LIBOR	2.750%	$	(363,743	)	$	(5,745,029	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2015.


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

September 30, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – 98.9%
	Alabama – 0.8%
	Alabama 21st Century Authority Tobacco Settlement RB Series 2012 A (A/NR)
$	2,435,000		5.000	%		06/01/17	$	2,597,414
	1,500,000		5.000			06/01/18		1,643,550
	Alabama Federal Aid Highway Finance Authority Refunding for Grant Anticipation Bonds Series 2011 (AA/A1)
	11,400,000		4.000			03/01/17		11,958,144
	Alabama State GO Bonds Series 2007 A (AGM) (AA/Aa1)
	5,020,000		5.000			08/01/17		5,425,415
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB-/NR)
	1,000,000		5.000			10/01/16		1,031,220
	1,750,000		5.000			10/01/17		1,852,217
	1,875,000		5.000			10/01/18		2,020,425
	1,300,000		5.000			10/01/21		1,422,902
	1,745,000		5.000			10/01/22		1,907,163
	Tuscaloosa Alabama Public Educational Building Authority RB Refunding Series 2009 B (AA-/NR)
	3,850,000		3.000			08/15/16		3,938,666

								33,797,116

	Alaska – 0.2%
	North Slope Borough Alaska GO Bonds Series 2012 A (AA-/Aa2)
	1,465,000		3.000			06/30/16		1,494,608
	340,000		4.000			06/30/17		360,175
	Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (BB/Ba1)
	4,740,000		4.625			06/01/23		4,758,060

								6,612,843

	Arizona – 4.3%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(a)
	30,300,000		1.000			01/01/37		26,318,883
	Arizona Health Facilities Authority Hospital RB Refunding for Phoenix Children’s Hospital Series 2013 A (BBB+/NR)^(b)
	5,000,000		1.870			02/05/20		5,140,800
	Arizona School Facilities Board COPS Refunding Series 2015 A (AA-/Aa3)
	8,000,000		5.000			09/01/20		9,278,240
	Arizona Transportation Board Excise Tax RB Refunding for Regional Area Road Series 2014 (AA+/Aa1)
	4,150,000		5.000			07/01/19		4,741,209
	Arizona Transportation Board Highway RB Series 2008 A (AAA/Aa1)^(c)
	7,000,000		5.000			07/01/18		7,798,840
	Arizona Transportation Board Refunding for Grant Anticipation Notes Series 2012 (AA/Aa2)
	7,235,000		4.000			07/01/16		7,433,529
	Glendale City GO Bonds Refunding Series 2015 (AGM) (AA/A2)
	2,880,000		2.000			07/01/16		2,911,392
	365,000		4.000			07/01/18		391,324
	1,600,000		4.000			07/01/19		1,741,232
	3,000,000		4.000			07/01/20		3,291,300
	3,400,000		4.000			07/01/21		3,761,046
	1,665,000		5.000			07/01/22		1,952,029

	State-Specific Municipal Debt Obligations – (continued)
	Arizona – (continued)
	Glendale City Senior Lien Water & Sewer RB Refunding Obligations Series 2012 (AA/A1)
$	1,000,000		4.000	%		07/01/16	$	1,026,450
	1,500,000		5.000			07/01/17		1,611,000
	Glendale City Senior Lien Water & Sewer RB Refunding Obligations Series 2015 (AA/A1)
	4,635,000		4.000			07/01/18		5,016,229
	10,830,000		5.000			07/01/19		12,334,395
	Maricopa County Arizona COPS Series 2015 (AA+/Aa1)
	9,000,000		3.000			07/01/18		9,477,540
	Maricopa County Arizona Paradise Valley Unified School District No. 69 GO Bonds Refunding for School Improvement Project of 2011 Series 2015 E (AA/Aa2)
	2,860,000		4.000			07/01/18		3,093,633
	12,115,000		3.000			07/01/19		12,914,469
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Palo Verde Project RMKT 05/30/13 Series 2009 C (A-/A2)^(b)
	6,500,000		1.750			05/30/18		6,572,605
	Maricopa County Arizona School Improvement Refunding for Peoria Unified School District No. 11 Series 2015 (AGM) (AA/A2)
	3,000,000		4.000			07/01/19		3,270,510
	Maricopa County Community College District GO Bonds Series 2013 (AAA/Aaa)
	9,920,000		2.000			07/01/17		10,166,810
	10,010,000		3.000			07/01/19		10,716,105
	Maricopa County Phoenix High School District No. 210 School Improvement GO Bonds Series 2006 C (NATL-RE) (AA/Aa2)^(c)
	3,800,000		5.000			07/01/16		3,933,152
	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		8,473,089
	1,000,000		4.000			07/01/18		1,083,100
	1,000,000		3.000			07/01/19		1,067,500
	Pima County GO Bonds Series 2013 A (AA-/NR)
	2,280,000		1.750			07/01/16		2,304,214
	1,405,000		1.750			07/01/17		1,432,664
	Yavapai County IDA Solid Waste Disposal RB for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)^(b)
	5,000,000		2.125			06/01/18		5,010,850

								174,264,139

	Arkansas – 0.6%
	Arkansas Development Finance Authority State Park Facilities RB Refunding for Mt. Magazine Project Series 2012 (AGM) (AA/NR)
	1,720,000		2.000			01/01/16		1,727,637
	2,065,000		2.000			01/01/17		2,105,020
	1,885,000		3.000			01/01/18		1,941,512
	Arkansas Federal Highway Grant Anticipation GO Bonds RB Series 2014 (AA/Aa1)
	5,000,000		5.000			04/01/18		5,525,600
	Jefferson County Pollution Control RB Refunding for Entergy Arkansas, Inc. Project Series 2013 (A-/A3)
	3,000,000		1.550			10/01/17		3,011,160


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, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Arkansas – (continued)
	Little Rock Arkansas Sewer RB Refunding Series 2015 (NR/Aa3)
$	1,240,000		3.000	%		04/01/20	$	1,322,125
	1,075,000		3.000			10/01/20		1,147,950
	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		1,521,533
	Springdale Arkansas Sales and Use Tax RB Series 2012 (AA-/NR)
	845,000		2.000			11/01/16		859,542
	1,915,000		2.000			11/01/17		1,947,842
	1,465,000		2.000			11/01/18		1,495,780
	720,000		2.000			11/01/19		731,023

								23,336,724

	California – 9.2%
	Abag Finance Authority RB for Sharp Health Care Series 2011 A (AA-/Aa3)
	3,000,000		5.000			08/01/16		3,116,460
	Alameda Corridor Transportation Authority RB Refunding for Capital Appreciation Subordinate Lien Series A (AMBAC) (BBB+/Baa2)^(d)
	10,165,000		0.000			10/01/19		9,209,591
	12,555,000		0.000			10/01/20		10,907,282
	Anaheim Public Financing Authority Lease RB for Convention Center Expansion Project Series 2014 A (AA-/NR)
	1,320,000		5.000			05/01/16		1,355,600
	1,250,000		5.000			05/01/17		1,336,550
	Anaheim Redevelopment Agency Tax Allocation Refunding for Merged Redevelopment Project Area Series 2007 A (AGM) (AA/A2)
	50,000		5.000			02/01/24		54,434
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (AA/Aa3)^(b)
	10,000,000		0.920			05/01/23		9,785,400
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (AA/Aa1)^(b)
	7,000,000		0.920			05/01/23		6,849,780
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (AA/NR)^(b)
	15,000,000		1.270			04/01/27		14,806,050
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2006 C-2 (AA/Aa3)^(b)
	26,050,000		1.450			08/01/17		26,317,012
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2014 (AA/Aa3)^(b)
	2,000,000		1.500			04/02/18		2,020,820
	Benicia Unified School District GO Bonds Refunding Series 1997 A (NATL-RE FGIC) (AA-/Aa3)^(d)
	1,735,000		0.000			08/01/17		1,692,059
	1,510,000		0.000			08/01/18		1,437,943
	Bonita Canyon Public Facilities Financing Authority Special Tax for Community Facilities District No. 98-1 Series 2012 (NR/NR)
	650,000		3.000			09/01/16		657,728
	735,000		3.000			09/01/17		748,664
	1,000,000		3.250			09/01/18		1,029,380

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Buena Park Community Redevelopment Agency Tax Allocation for Consolidated Redevelopment Project Series 2008 A (A/A3)
$	25,000		4.300	%		09/01/16	$	25,581
	California Health Facilities Financing Authority RB for Catholic Healthcare West Series 1996 G (AMBAC) (A/A3)^(a)
	6,900,000		0.172			07/01/23		6,489,499
	California Health Facilities Financing Authority RB for Children’s Hospital Los Angeles Series 2012 B (BBB+/Baa2)^(b)
	8,000,000		1.820			07/01/17		8,079,280
	California Health Facilities Financing Authority RB Refunding for Lucile Salter Packard Children’s Hospital at Stanford Series 2008 B (AA-/Aa3)^(b)
	5,000,000		1.450			03/15/17		5,057,400
	California Municipal Finance Authority RB for NorthBay Healthcare Group Series 2013 A (BBB-/NR)^(b)
	5,000,000		2.120			11/01/16		5,000,150
	California Municipal Finance Authority RB Refunding for NorthBay Healthcare Group Series 2013 B (BBB-/NR)
	1,700,000		5.000			11/01/16		1,768,595
	3,480,000		5.000			11/01/17		3,720,920
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	150,000		3.000			06/01/20		153,075
	100,000		4.000			06/01/22		105,680
	California Pollution Control Financing Authority PCRB Refunding for U.S.A. Waste Services, Inc. Series 1998 A (AMT) (A-/NR)
	1,900,000		1.500			06/01/18		1,910,374
	California State Department of Water Resources Power Supply RB Series 2010 M (AA/Aa2)
	15,585,000		4.000			05/01/16		15,927,091
	California State Various Purpose GO Bonds Refunding Series 2012 (AA-/Aa3)
	1,150,000		2.000			09/01/16		1,168,503
	2,055,000		5.000			09/01/19		2,363,949
	Carlsbad Improvement Bonds Refunding Reassessment District No. 2012-1 Series 2013 (NR/NR)
	400,000		3.000			09/02/17		407,600
	Carson Redevelopment Agency Project Area No. 1 Tax Allocation Refunding Series 2001 (NATL-RE) (AA-/A3)
	275,000		5.500			10/01/15		275,000
	Corona-Norco Unified School District Public Financing Authority Special Tax Refunding Senior Lien Series 2013 A (A-/NR)
	500,000		3.000			09/01/16		509,720
	275,000		4.000			09/01/18		294,880
	Del Mar Race Track Authority RB Series 2015 (BBB-/NR)^(e)
	220,000		2.000			10/01/16		222,420
	295,000		3.000			10/01/17		304,520
	1,275,000		4.000			10/01/19		1,370,778
	Fontana Redevelopment Agency Tax Allocation Refunding for Jurupa Hills Redevelopment Project Series 1999 A (A-/NR)
	680,000		5.500			10/01/17		680,585
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 A-1 (BBB+/Aaa)
	4,900,000		5.000			06/01/17		5,218,451


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)
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2007 A-1 (B/B3)
$	15,225,000		4.500	%		06/01/27	$	14,596,816
	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		4,382,508
	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		1,275,677
	1,250,000		4.000			09/02/18		1,332,325
	1,895,000		4.000			09/02/19		2,037,523
	Irvine City Limited Obligation Improvement Bond Reassessment District No. 13-1 Series 2013 (BBB-/NR)
	625,000		2.000			09/02/17		633,337
	Irvine City Limited Obligation Improvement Bond Reassessment District No. 15-2 Series 2015 (NR/NR)
	300,000		2.000			09/02/16		303,087
	400,000		3.000			09/02/17		413,388
	500,000		4.000			09/02/18		534,255
	1,000,000		4.000			09/02/19		1,078,730
	725,000		4.000			09/02/20		785,740
	775,000		5.000			09/02/21		883,531
	Lake Elsinore Public Financing Authority Local Agency RB Refunding for Community Facilities District No. 88-3 Series 2015 B (AGM) (AA/NR)
	1,235,000		5.000			09/01/20		1,418,484
	Lake Elsinore Public Financing Authority Local Agency RB Refunding Series 2015 (NR/NR)
	355,000		3.000			09/01/17		364,085
	1,495,000		4.000			09/01/18		1,565,145
	1,000,000		4.000			09/01/19		1,051,660
	840,000		5.000			09/01/21		935,567
	Long Beach California Harbor Revenue Short-Term Notes Series 2014 C (AA/NR)
	20,000,000		5.000			11/15/18		22,602,200
	Los Alamitos Unified School District GO Bonds for School Facilities Improvement District No.1 Series 2011 (ETM) (SP-1+/Aa2)^(c)(d)
	1,750,000		0.000			09/01/16		1,744,943
	Los Angeles California Department of Water and Power System RB Series 2012 C (AA-/Aa3)
	1,300,000		3.000			01/01/16		1,300,000
	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		578,567
	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		10,772,600
	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		1,670,985
	Los Angeles Unified School District Series 2004 F (FGIC) (AA-/Aa2)
	455,000		5.000			07/01/17		471,221

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Los Angeles Unified School District Series 2004 F (FGIC) (NR/Aa2)^(c)
$	1,350,000		5.000	%		07/01/16	$	1,397,615
	Manteca Unified School District Special Tax Community Facilities District No. 1989-2 Series 2013 B (AGM) (AA/A2)
	410,000		3.000			09/01/16		419,512
	275,000		4.000			09/01/17		291,607
	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		1,023,200
	1,895,000		4.000			09/01/17		2,009,439
	3,080,000		4.000			09/01/19		3,358,740
	Modesto Irrigation District RB for Electric System Series 2011 A (A+/A2)
	1,000,000		5.000			07/01/17		1,074,000
	Monterey Peninsula Unified School District GO BANS Series 2012 (NR/MIG1)
	4,250,000		2.500			11/01/15		4,257,183
	Mountain View California Shoreline Regional Park Community Tax Allocation Series 2011 A (A/NR)
	300,000		4.000			08/01/16		308,805
	225,000		4.000			08/01/17		238,293
	350,000		5.000			08/01/18		386,586
	Murrieta Public Financing Authority Special Tax RB Refunding Series 2012 (BBB-/NR)
	1,965,000		5.000			09/01/18		2,125,344
	1,000,000		5.000			09/01/19		1,103,430
	Natomas Unified School District GO Bonds Refunding Series 2012 (AGM) (AA/A2)
	890,000		3.000			09/01/16		910,648
	Natomas Unified School District GO Bonds Refunding Series 2013 (BAM) (AA/A1)
	410,000		3.000			09/01/18		435,121
	730,000		4.000			09/01/20		820,410
	650,000		4.000			09/01/21		738,745
	Oxnard Community Development Commission Tax Allocation for HERO Project Area Series 2008 (AGM) (AA/A2)
	120,000		5.000			09/01/16		124,951
	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		712,355
	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		101,236
	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		106,285
	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		392,862
	Port of Oakland RB Refunding Intermediate Lien Series 2007 B (NATL-RE) (AA-/A3)
	400,000		5.000			11/01/15		401,604


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, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Rancho Cucamonga Redevelopment Agency Set Aside Allocation for Rancho Redevelopment Housing Series 2007 A (NATL-RE) (AA-/A3)
$	150,000		5.500	%		09/01/17	$	162,381
	Roseville Finance Authority Special Tax Revenue Refunding Bonds Series 2012 (A/NR)
	1,855,000		3.000			09/01/17		1,924,488
	Sacramento City Schools Joint Powers Financing Authority Lease RB Refunding Series 2014 A (BAM) (AA/NR)
	1,065,000		4.000			03/01/17		1,118,069
	1,000,000		4.000			03/01/18		1,072,610
	Sacramento County Regional Transit District Farebox RB Series 2012 (A-/A3)
	500,000		4.000			03/01/16		507,325
	530,000		4.000			03/01/17		554,645
	250,000		5.000			03/01/18		273,208
	730,000		5.000			03/01/19		817,607
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)^(a)
	43,220,000		0.747			12/01/35		38,582,926
	Salida Area Public Facilities Financing Agency Community Facilities District No. 1988-1 Special Tax Bonds Series 2011 (AGM) (AA/NR)
	1,470,000		3.000			09/01/16		1,506,544
	1,515,000		3.000			09/01/17		1,583,190
	1,310,000		3.000			09/01/18		1,375,592
	San Bernardino City Unified School District GO Bonds Refunding Series 2013 A (A/A2)
	800,000		5.000			08/01/18		890,712
	San Bernardino City Unified School District GO Bonds Refunding Series 2013 A (AGM) (AA/A2)
	150,000		5.000			08/01/19		171,351
	San Diego Redevelopment Agency Tax Allocation for Centre City Redevelopment Series 2006 A (AMBAC) (AA-/A2)
	1,450,000		5.250			09/01/21		1,507,420
	665,000		5.250			09/01/23		691,148
	San Diego Redevelopment Agency Tax Allocation for Centre City Series 2004 A (XLCA) (A/A2)
	150,000		5.250			09/01/16		150,359
	300,000		5.000			09/01/17		300,687
	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		4,765,647
	San Francisco City & County GO Bonds for Clean & Safe Neighborhood Parks Series 2012 B (AA+/Aa1)
	2,750,000		4.000			06/15/19		3,056,928
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for San Francisco Redevelopment Project Series 2003 B (NATL-RE FGIC) (AA-/A2)
	250,000		5.250			08/01/17		250,235
	San Jacinto Redevelopment Agency Tax Allocation for Redevelopment Project Area Series 2005 (XLCA) (A-/WR)
	160,000		3.900			08/01/17		160,115

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	San Juan Unified School District Election of 2012 GO Bonds Series 2014 B (NR/Aa2)
$	11,105,000		2.000	%		08/01/17	$	11,396,506
	2,000,000		3.000			08/01/19		2,141,060
	San Marcos Public Financing Authority Special Tax RB Refunding Series 2012 (A-/NR)
	620,000		2.000			09/01/16		628,506
	1,260,000		2.250			09/01/17		1,293,264
	1,000,000		4.000			09/01/19		1,092,090
	San Ramon Valley Unified School District GO Bonds Series 1998 A (NATL-RE FGIC) (AA/Aa1)^(d)
	2,000,000		0.000			07/01/18		1,945,040
	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		601,470
	Stockton Unified School District GO Bonds Refunding Series 2012 (AGM) (AA/A2)
	400,000		4.000			07/01/17		422,700
	1,090,000		5.000			07/01/19		1,229,880
	Temecula Public Financing Authority for Wolf Creek Community Facilities District 03-03 Series 2012 Special Tax Refunding Bonds (NR/NR)
	825,000		3.000			09/01/16		833,027
	600,000		3.000			09/01/17		611,496
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (B+/B3)
	1,185,000		4.750			06/01/23		1,184,929
	Transmission Agency of Northern California RB Refunding for California-Oregon Transmission Project Series B (NATL-RE) (AA-/Aa3)
	20,525,000		0.437			05/01/24		19,834,114
	Ukiah Unified School District GO Bonds Series 1997 (NATL-RE FGIC) (AA-/A1)^(d)
	2,000,000		0.000			08/01/16		1,987,080
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)^(a)
	3,500,000		0.825			05/15/30		3,269,665
	15,000,000		0.955			05/15/43		13,184,550
	Ventura County Capital Appreciation GO Bonds for Conejo Valley Unified School District for Election of 2014 Series A (AGM) (AA/A1)^(d)
	1,775,000		0.000			08/01/20		1,623,397
	Western Riverside Water and Wastewater Financing Authority Local Agency RB Refunding Series 2013 A-1 (BBB+/NR)
	265,000		4.000			09/01/16		272,709
	525,000		4.000			09/01/17		553,014

								373,376,833

	Colorado – 0.6%
	Colorado E-470 Public Highway Authority Senior RB Refunding Series 2015 A (BBB+/Baa1)
	1,000,000		5.000			09/01/20		1,123,070
	Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (BBB+/NR)
	400,000		1.000			12/01/15		400,164
	500,000		4.000			12/01/18		529,950
	1,000,000		5.000			12/01/20		1,116,090


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)
	Colorado – (continued)
	Denver Colorado City & County School District No. 1 Tax Exempt GO Bonds Series 2012 B (ST AID WITHHLDG) (AA-/Aa2)
$	4,030,000		4.000	%		12/01/16	$	4,199,945
	Denver Colorado Health and Hospital Authority Healthcare RB Series B (BBB/NR)^(a)
	13,250,000		1.317			12/01/33		12,275,595
	Jefferson County School District No. R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (AA-/Aa2)
	1,750,000		3.000			12/15/16		1,804,163
	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		1,025,170
	Plaza Metropolitan District No. 1 Tax Allocation Refunding Series 2013 (NR/NR)^(e)
	1,935,000		4.000			12/01/15		1,942,082
	1,000,000		4.000			12/01/16		1,022,600

								25,438,829

	Connecticut – 1.2%
	Connecticut State GO Bonds Refunding Series 2006 E (AA/Aa3)
	5,250,000		5.000			12/15/17		5,537,438
	Connecticut State GO Bonds Series 2013 A (AA/Aa3)^(a)
	3,000,000		0.360			03/01/17		2,994,930
	2,000,000		0.440			03/01/18		1,984,580
	Connecticut State GO Bonds Series 2013 C (AA/Aa3)
	7,555,000		5.000			07/15/19		8,597,061
	Connecticut State GO Bonds Series 2015 C (AA/Aa3)^(a)
	10,000,000		0.820			06/15/20		9,851,300
	Connecticut State Health & Educational Facilities Authority RB for Sacred Heart University Series 2012 H (AGM) (AA/A2)
	1,830,000		4.000			07/01/16		1,871,523
	1,000,000		2.000			07/01/17		1,006,310
	1,260,000		4.000			07/01/18		1,332,336
	New Haven GO Bonds Refunding Series 2012 A (A-/A3)
	4,090,000		5.000			11/01/16		4,279,326
	Town of Hamden GO Refunding Bonds Series 2013 (A+/Baa1)
	1,685,000		5.000			08/15/18		1,857,510
	2,000,000		5.000			08/15/19		2,245,600
	University of Connecticut GO Bonds Refunding Series 2011 A (GO OF UNIV) (AA/Aa3)
	4,730,000		4.000			02/15/16		4,795,700
	West Haven GO Refunding Bonds Series 2012 (AGM) (AA/A2)
	2,000,000		4.000			08/01/17		2,093,580
	2,100,000		4.000			08/01/18		2,230,116

								50,677,310

	Delaware – 0.3%
	Delaware Transportation Authority Transportation System Senior RB Refunding Series 2010 A (AA+/Aa2)
	1,900,000		5.000			07/01/19		2,163,169
	New Castle County GO Bonds Refunding Series 2015 (AAA/Aaa)
	1,000,000		5.000			10/01/20		1,178,170

	State-Specific Municipal Debt Obligations – (continued)
	Delaware – (continued)
	Sussex County Delaware GO Bonds Refunding Series 2012 A (AA+/Aa1)
$	865,000		3.000	%		09/15/17	$	905,759
	Sussex County Delaware GO Bonds Refunding Series 2012 B (AA+/Aa1)
	1,435,000		4.000			09/15/17		1,530,327
	University of Delaware RB Series 2013 A (AA+/Aa1)
	3,025,000		3.000			11/01/16		3,112,029
	4,265,000		3.000			11/01/17		4,463,749

								13,353,203

	Florida – 4.3%
	Atlantic Beach Health Care Facilities RB Refunding for Fleet Landing Project Series 2013 A (BBB/NR)
	350,000		3.000			11/15/15		350,255
	300,000		3.000			11/15/16		301,071
	970,000		4.000			11/15/18		1,005,599
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (BBB/NR)
	555,000		1.000			05/01/16		555,000
	560,000		1.500			05/01/17		560,174
	570,000		2.000			05/01/18		569,994
	580,000		2.300			05/01/19		579,994
	600,000		2.600			05/01/20		600,510
	615,000		3.000			05/01/21		616,562
	500,000		3.125			05/01/22		499,255
	500,000		3.250			05/01/23		496,670
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	175,000		2.250			11/01/15		175,019
	180,000		2.500			11/01/16		180,112
	185,000		2.750			11/01/17		186,038
	190,000		3.000			11/01/18		191,499
	195,000		3.250			11/01/19		198,352
	Citizens Property Insurance Corp. Senior Secured RB for High Risk Account Series 2007 A (ETM) (NATL-RE) (AA-/A1)^(c)
	6,235,000		5.000			03/01/17		6,630,174
	Citizens Property Insurance Corp. Senior Secured RB for High Risk Account Series 2011 A-1 (A+/A1)
	27,000,000		5.000			06/01/16		27,810,270
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	615,000		5.000			05/01/17		641,654
	1,375,000		5.000			05/01/18		1,462,931
	1,890,000		5.000			05/01/19		2,043,752
	Country Walk Community Development District Special Assessment Senior Lien RB Refunding Series 2015 A-1 (BBB+/NR)
	195,000		1.000			05/01/16		194,834
	195,000		1.500			05/01/17		194,727
	200,000		2.250			05/01/18		199,452
	205,000		2.500			05/01/19		203,957
	210,000		2.750			05/01/20		208,746


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, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Double Branch Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A-/NR)
$	250,000		1.875	%		05/01/16	$	248,932
	500,000		2.125			05/01/17		495,750
	250,000		2.400			05/01/18		245,762
	250,000		2.700			05/01/19		246,473
	250,000		3.000			05/01/20		243,828
	Fishhawk Community Development District II Special Assessment Refunding Series 2013 A (A-/NR)
	355,000		1.800			05/01/16		354,255
	360,000		2.100			05/01/17		358,891
	Florida Higher Educational Facilities Financing Authority RB for Nova Southeastern University Project Series 2012 A (BBB/Baa1)
	825,000		3.000			04/01/17		850,938
	500,000		5.000			04/01/18		542,085
	500,000		5.000			04/01/19		551,550
	Florida State Full Faith and Credit State Board of Education Public Education Capital Outlay Tax-Exempt Bonds Series 2008 C (AAA/Aa1)
	2,990,000		5.000			06/01/20		3,405,490
	Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-1 (AMBAC) (A/A2)^(b)
	1,500,000		0.184			10/01/21		1,422,518
	Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-2 (AMBAC) (A/A2)^(a)
	5,400,000		0.161			10/07/15		5,121,074
	Florida State Municipal Power Agency RB Refunding for St. Lucie Project Series 2002-3 (AMBAC) (A/A2)^(a)
	375,000		0.138			10/01/15		355,633
	Heritage Landing Community Development District Special Assessment Refunding Series 2015 (BBB/NR)
	490,000		2.250			05/01/16		492,783
	500,000		2.250			05/01/17		504,710
	415,000		2.000			05/01/18		413,344
	425,000		2.250			05/01/19		420,954
	535,000		2.500			05/01/20		528,152
	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		1,005,890
	Lakeland Hospital RB for Lakeland Regional Health System Series 2011 (NR/A2)
	5,020,000		5.000			11/15/16		5,267,084
	6,315,000		5.000			11/15/17		6,809,528
	6,250,000		5.000			11/15/18		6,910,375
	Manatee County Florida Public Utilities RB Refunding Series 2011 (AA+/Aa2)
	1,180,000		4.000			10/01/16		1,223,436
	Mediterra South Community Development District Capital Improvement RB Refunding Series 2012 (BBB+/NR)
	265,000		3.400			05/01/16		265,429
	275,000		3.600			05/01/17		276,458
	285,000		3.800			05/01/18		287,710

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	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	$	1,855,227
	2,220,000		4.000			11/15/18		2,385,945
	Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (A/A2)^(e)
	2,150,000		3.000			03/01/16		2,173,327
	2,210,000		4.000			03/01/17		2,314,356
	2,300,000		4.000			03/01/18		2,460,172
	2,390,000		5.000			03/01/19		2,673,430
	2,510,000		5.000			03/01/20		2,860,120
	2,635,000		5.000			03/01/21		3,048,300
	2,770,000		5.000			03/01/22		3,225,582
	Miami Special Obligation Refunding Series 2011 A (AGM) (AA/A2)
	830,000		5.000			02/01/17		878,132
	Miami-Dade County IDA Solid Waste Disposal RB for Waste Management Inc. Project Series 2006 (A-/NR)
	2,000,000		1.500			10/01/18		2,006,420
	Miami-Dade County School Board COPS Series 2007 B (NATL-RE FGIC) (AA-/A1)^(c)
	2,500,000		5.000			05/01/17		2,666,975
	Miami-Dade County School Board COPS Series 2011 B (A/A1)^(b)
	3,000,000		5.000			05/01/16		3,078,270
	Miami-Dade County School Board COPS Series 2012 A (A/A1)^(b)
	7,595,000		5.000			08/01/16		7,891,129
	Miami-Dade County Special Obligation RB Refunding Series 2012 A (A+/A2)
	500,000		4.000			10/01/15		500,000
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR)
	1,130,000		4.000			04/01/16		1,142,046
	1,180,000		5.000			04/01/17		1,234,516
	1,245,000		5.000			04/01/18		1,331,166
	1,305,000		5.000			04/01/19		1,420,192
	1,375,000		5.000			04/01/20		1,521,328
	Osceola County School Board COPS Series 2013 A (A/Aa3)
	1,000,000		4.000			06/01/16		1,024,550
	500,000		4.000			06/01/17		528,130
	Palm Beach County Health Facilities Authority Hospital RB Refunding for Jupiter Medical Center, Inc. Project Series 2013 A (BBB+/Baa2)
	400,000		4.000			11/01/15		400,876
	370,000		4.000			11/01/16		382,654
	720,000		4.000			11/01/17		759,312
	630,000		4.000			11/01/18		673,974
	Palm Beach County School Board COPS Refunding Series 2011 A (AA-/Aa3)^(b)
	3,650,000		5.000			08/01/16		3,781,509
	Parklands Lee Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A-/NR)
	135,000		2.000			05/01/16		134,907
	130,000		2.125			05/01/17		129,849
	135,000		2.250			05/01/18		134,363
	140,000		2.875			05/01/19		137,313


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)
	Polk County Florida RB Refunding for Capital Improvement Series 2010 (AA/Aa3)
$	1,000,000		3.000	%		12/01/15	$	1,004,380
	Portofino Isles Community Development District Special Assessment Refunding Series 2013 (BBB-/NR)
	215,000		2.000			05/01/16		214,645
	220,000		2.250			05/01/17		219,560
	225,000		2.625			05/01/18		224,636
	230,000		3.000			05/01/19		231,394
	Reunion East Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	3,090,000		4.000			05/01/20		3,091,421
	Sausalito Bay Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	90,000		1.875			05/01/16		89,839
	90,000		2.125			05/01/17		89,785
	95,000		2.500			05/01/18		94,764
	90,000		2.750			05/01/19		90,030
	100,000		3.000			05/01/20		99,702
	South Florida Water Management District Leasing Corp. COPS Series 2006 (AMBAC) (AA/Aa3)
	12,375,000		5.000			10/01/17		12,909,848
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB-/NR)
	305,000		3.500			05/01/16		305,631
	320,000		3.750			05/01/17		323,066
	330,000		4.000			05/01/18		336,382
	345,000		4.125			05/01/19		354,512
	375,000		4.375			05/01/21		386,107
	390,000		4.500			05/01/22		403,900
	Spicewood Community Development District Special Assessment Refunding Series 2013 (BBB/NR)
	105,000		2.125			05/01/16		104,776
	110,000		2.250			05/01/17		109,594
	110,000		2.500			05/01/18		109,510
	115,000		2.875			05/01/19		115,523
	Tampa Tax Allocation RB Refunding Cigarette – H. Lee Moffitt Cancer Center Series 2012 A (A+/A1)
	560,000		3.000			09/01/16		573,043
	425,000		4.000			09/01/17		451,082
	Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	105,000		2.500			05/01/16		105,227
	105,000		2.750			05/01/17		105,256
	110,000		3.000			05/01/18		110,460
	110,000		3.250			05/01/19		111,221
	115,000		3.500			05/01/20		115,967
	115,000		3.750			05/01/21		114,940
	125,000		3.875			05/01/22		125,249
	125,000		4.000			05/01/23		125,729
	135,000		4.125			05/01/24		136,431
	140,000		4.150			05/01/25		141,119
	145,000		4.250			05/01/26		146,989
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (BBB/NR)
	415,000		2.300			05/01/19		413,726
	125,000		2.600			05/01/20		124,571

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Venetian Isles Community Development District Special Assessment RB Refunding Series 2013 (A+/NR)
$	220,000		2.000	%		05/01/16	$	222,112
	225,000		2.125			05/01/17		230,112
	230,000		2.500			05/01/18		234,027
	235,000		2.875			05/01/19		241,890
	240,000		3.000			05/01/20		247,882
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	1,265,000		4.500			05/01/23		1,370,324
	Village Community Development District No. 5 Special Assessment Refunding Phase I Series 2013 (A/NR)
	540,000		3.000			05/01/16		542,684
	Village Community Development District No. 7 Special Assessment RB Refunding Series 2015 (A/NR)
	1,215,000		3.000			05/01/17		1,247,805
	1,500,000		3.000			05/01/19		1,546,215
	Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	355,000		2.500			05/01/16		357,623
	365,000		2.500			05/01/17		370,420
	375,000		2.500			05/01/18		379,958
	385,000		2.000			05/01/19		380,665
	390,000		2.375			05/01/20		386,237
	400,000		2.625			05/01/21		394,980
	Wyndam Park Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	90,000		2.000			05/01/16		89,821
	90,000		2.125			05/01/17		89,744
	95,000		2.250			05/01/18		94,693
	95,000		2.875			05/01/19		95,015

								172,591,925

	Georgia – 2.4%
	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		1,570,591
	Cobb County Kennestone Hospital Authority RB Refunding Anticipation Certificates Series 2012 (AA-/Aa3)
	1,045,000		4.000			04/01/16		1,063,350
	790,000		4.000			04/01/17		828,671
	Colquitt County School District Sales Tax GO Bonds Series 2013 (ST AID WITHHLDG) (NR/Aa1)
	1,650,000		4.000			01/01/17		1,719,762
	DeKalb County Water and Sewerage RB Second Resolution Series 2011 A (A+/Aa3)
	1,500,000		5.000			10/01/16		1,569,405
	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		2,242,313
	Douglas County School District GO Bonds Refunding Series 2012 (ST AID WITHHLDG) (AA+/Aa1)
	2,985,000		4.000			04/01/17		3,142,071


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, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Georgia – (continued)
	Fulton County Development Authority RB Refunding for Spelman College Series 2012 (NR/A1)
$	1,010,000		4.000	%		06/01/18	$	1,082,861
	Gainesville Georgia School District GO Bonds Series 2011 (ST AID WITHHLDG) (AA+/NR)
	2,500,000		4.000			12/01/15		2,515,400
	Georgia State GO Bonds Refunding Series 2011 E-2 (AAA/Aaa)
	9,325,000		4.000			09/01/16		9,642,796
	11,495,000		4.000			09/01/17		12,234,358
	Gwinnett County School District Sales Tax GO Bonds Series 2012 A (AAA/Aaa)
	15,765,000		4.500			10/01/17		17,001,607
	Jackson County School District GO Bonds Refunding Series 2012 (ST AID WITHHLDG) (AA+/WR)
	3,030,000		5.000			03/01/17		3,223,829
	4,215,000		5.000			03/01/18		4,628,492
	Metropolitan Atlanta Rapid Transit Authority RB Series 2000 A (AAA/Aa2)^(b)
	7,700,000		0.320			07/01/17		7,700,000
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)^(a)
	14,000,000		0.790			10/01/24		13,509,580
	Public Gas Partners, Inc. RB Series 2009 A (A+/A3)
	6,130,000		5.000			10/01/15		6,130,000
	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		2,615,425
	2,000,000		3.000			10/01/17		2,085,440
	Thomas County School District Sales Tax GO Bonds Series 2012 (ST AID WITHHLDG) (AA+/NR)
	2,655,000		4.000			03/01/17		2,787,670

								97,293,621

	Guam – 0.0%
	Guam Government Privilege Special Tax Refunding Bonds Series 2015 D (A/NR)
	265,000		4.000			11/15/18		284,766
	1,525,000		5.000			11/15/21		1,742,938

								2,027,704

	Hawaii – 0.3%
	Honolulu City and County GO Bonds Series C (AA+/Aa1)
	10,220,000		4.000			10/01/19		11,352,376
	Honolulu City and County Wastewater System RB Senior First Bond Resolution Series 2012 A (AA/Aa2)
	2,400,000		2.000			07/01/17		2,460,552

								13,812,928

	Idaho – 0.1%
	Boise City Independent School District GO Bonds Refunding Series 2012 B (AA/Aa1)
	1,000,000		3.000			08/01/17		1,044,540
	2,095,000		4.000			08/01/18		2,275,568

	State-Specific Municipal Debt Obligations – (continued)
	Idaho – (continued)
	Kootenai County School District No. 271 GO Bonds Series 2012 A (SCH BD GTY) (NR/Aa1)
$	1,960,000		2.000	%		09/15/16	$	1,992,144

								5,312,252

	Illinois – 8.7%
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE FGIC) (AA-/A3)^(d)
	8,990,000		0.000			12/01/16		8,669,147
	Chicago Illinois Board of Education GO Bonds Refunding Capital Appreciation for School Reform Series 1999 A (NATL-RE FGIC) (AA-/A3)^(d)
	2,500,000		0.000			12/01/15		2,488,425
	11,185,000		0.000			12/01/16		10,785,807
	Chicago Illinois Board of Education GO Bonds Refunding Series 1999 A (NATL-RE FGIC) (AA-/A3)^(d)
	1,070,000		0.000			12/01/17		991,419
	6,595,000		0.000			12/01/19		5,569,214
	Chicago Illinois Board of Education GO Bonds Refunding Series 2015 A (BB/NR)^(b)
	30,000,000		4.020			03/01/17		29,517,300
	Chicago Illinois Capital Appreciation GO Bonds Refunding and Project Series C (BBB+/Ba1)^(d)
	4,645,000		0.000			01/01/23		3,062,077
	Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (BBB+/NR)
	2,000,000		5.000			01/01/23		1,996,240
	Chicago Illinois GO Bonds Project and Refunding Series 2014 A (BBB+/Ba1)
	2,075,000		5.000			01/01/22		2,082,553
	Chicago Illinois GO Bonds Refunding Series 2012 C (BBB+/Ba1)
	14,345,000		5.000			01/01/22		14,397,216
	Chicago Illinois Midway Airport Second Lien RB Refunding Series 2014 B (A-/A3)
	400,000		5.000			01/01/19		447,052
	Chicago Illinois Modern Schools Across Chicago Program GO Bonds Series 2010 A (BBB+/Ba1)
	2,500,000		5.000			12/01/16		2,567,500
	5,950,000		4.000			12/01/17		6,012,237
	Chicago Illinois Sales Tax Refunding RMKT 06/09/15 Series 2002 (AAA/NR)
	1,250,000		5.000			01/01/21		1,368,400
	Chicago Illinois Refunding Series 2009 A (BBB+/Ba1)
	5,400,000		5.000			01/01/22		5,413,878
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (A-/Baa2)
	550,000		4.000			11/01/16		562,017
	Cook County Illinois GO Refunding Bonds Series 2012 C (AA/A2)
	1,500,000		5.000			11/15/19		1,626,660
	1,000,000		4.000			11/15/20		1,045,100
	Glenview GO Refunding Bonds Series 2012 B (NR/Aaa)
	1,245,000		4.000			12/01/16		1,293,953
	1,295,000		4.000			12/01/17		1,376,766
	1,365,000		4.000			12/01/18		1,478,118


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)
	Illinois – (continued)
	Glenview GO Refunding Bonds Series 2012 C (NR/Aaa)
$	1,650,000			3.000	%		12/01/17	$	1,719,102
	Illinois Educational Facilities Authority RB for University of Chicago Series 2001 B-2 (AA/Aa2)^(b)
	6,000,000			1.550			02/13/20		5,977,380
	Illinois GO Bonds Series 2005 (AGM) (AA/A2)
	1,095,000			4.250			09/01/18		1,095,569
	Illinois GO Bonds Series 2014 (A-/A3)
	3,730,000			5.000			02/01/19		4,003,185
	Illinois State Build Illinois Sales Tax RB Series 2011 (AAA/NR)
	2,385,000			4.000			06/15/17		2,511,500
	Illinois State GO Bonds First Series 2001 (NATL-RE) (AA-/A3)
	3,000,000			5.500			08/01/17		3,211,470
	Illinois State GO Bonds Refunding Series 2007 B (A-/A3)
	1,000,000			5.000			01/01/16		1,009,960
	Illinois State GO Bonds Refunding Series 2009 A (A-/A3)
	16,000,000			4.000			09/01/20		16,636,320
	Illinois State GO Bonds Refunding Series 2010 (A-/A3)
	7,455,000			5.000			01/01/17		7,783,318
	12,775,000			5.000			01/01/18		13,534,602
	16,490,000			5.000			01/01/20		17,827,009
	Illinois State GO Bonds Refunding Series 2010 (AGM) (AA/A2)
	3,550,000			5.000			01/01/16		3,585,820
	Illinois State GO Bonds Refunding Series 2012 (A-/A3)
	6,250,000			5.000			08/01/16		6,456,750
	7,295,000			5.000			08/01/19		7,872,618
	10,925,000			5.000			08/01/20		11,842,591
	Illinois State GO Bonds Series 2003 A (A-/A3)
	7,525,000			5.000			10/01/16		7,550,284
	Illinois State GO Bonds Series 2012 (A-/A3)
	14,360,000			4.000			01/01/19		14,907,547
	Illinois State GO Bonds Series 2012 A (A-/A3)
	10,085,000			3.000			01/01/18		10,246,864
	Illinois State GO Bonds Series 2013 (A-/A3)
	9,070,000			5.000			07/01/17		9,606,218
	Illinois State GO Bonds Series 2013 A (A-/A3)
	2,250,000			5.000			04/01/17		2,366,550
	Illinois State GO Bonds Series 2014 (A-/A3)
	4,490,000			5.000			04/01/17		4,722,582
	Illinois Unemployment Insurance Fund Building Receipts RB Series 2012 A (AA/NR)
	6,500,000			5.000			06/15/16		6,715,020
	Illinois Unemployment Insurance Fund Building Receipts RB Series 2012 B (AA/NR)
	7,500,000			5.000			12/15/17		7,900,425
	11,980,000	��		5.000			06/15/18		12,622,607
	McHenry and Lake County Community Highschool No. 156 GO Bonds Refunding Series 2013 (NR/Aa2)
	2,245,000			3.000			02/01/17		2,314,034
	2,690,000			3.000			02/01/18		2,787,351
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000			3.000			10/01/17		855,305
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (A/NR)
	11,350,000			4.125			06/01/16		11,572,801
	4,000,000			5.000			06/01/16		4,101,280
	10,000,000			5.000			06/01/17		10,609,000

	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Regional Transportation Authority Illinois Refunding Series 2011 A (AGM) (GO OF AUTH) (AA/Aa3)
$	13,420,000			5.000	%		06/01/16	$	13,828,236
	13,545,000			5.000			06/01/17		14,480,960
	Springfield Electric RB Senior Lien Series 2007 (NATL-RE) (AA-/A3)
	7,500,000			5.000			03/01/19		7,948,050

									352,953,387

	Indiana – 0.8%
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2008 (A/A2)^(b)
	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 (ETM) (NR/A3)^(c)
	1,085,000			5.500			08/01/17		1,182,444
	4,535,000			5.625			08/01/18		5,147,089
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2012 A (A/A2)
	520,000			5.000			05/01/17		553,883
	855,000			5.000			05/01/20		975,769
	Indiana Health Facility Financing Authority RB for Ascension Health Credit Group Series 2001 A-2 (AA+/Aa2)^(b)
	4,590,000			1.600			02/01/17		4,645,493
	Indiana State Finance Authority RB for Community Foundation of Northwest Indiana Obligated Group Series 2012 (A/NR)
	800,000			5.000			03/01/18		867,088
	500,000			5.000			03/01/19		553,490
	650,000			5.000			03/01/20		728,910
	Indianapolis Thermal Energy System First Lien RB Refunding Series 2010 B (AGM) (AA/A2)
	3,905,000			5.000			10/01/15		3,905,000

									33,559,166

	Iowa – 0.1%
	Iowa Finance Authority Health Facilities RB for Mercy Medical Center Projects Series 2012 (A/A2)
	440,000			4.000			08/15/16		451,863
	1,400,000			4.000			08/15/17		1,472,982
	Iowa Finance Authority State Revolving Fund RB Series 2013 (AAA/Aaa)
	1,000,000			5.000			08/01/18		1,117,560
	Iowa State University of Science and Technology RB Refunding for Memorial Union Series 2013 (AA/Aa2)
	1,040,000			1.500			07/01/16		1,048,975
	1,055,000			1.500			07/01/17		1,070,846

									5,162,226

	Kansas – 1.0%
	Johnson County Unified School DistrictNo. 229 GO Bonds for Kansas Blue Valley Series 2015 B (AA+/Aaa)^(f)
	8,125,000			5.000			10/01/19		9,348,056
	Johnson County Unified School DistrictNo. 512 GO Bonds for Kansas Shawnee Mission Series 2012 A (NR/Aaa)
	6,085,000			4.000			10/01/18		6,636,301


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, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Kansas – (continued)
	Olathe Health Facilities RB for Medical Center Series 2012 B (A+/NR)^(b)
$	3,000,000		2.000	%		03/01/17	$	3,017,100
	Wichita GO Refunding Bonds Series 811 (AA+/Aa1)
	5,405,000		5.000			06/01/18		5,998,739
	Wichita GO Refunding Bonds Series 2012 A (AA+/Aa1)
	2,550,000		4.000			09/01/17		2,713,506
	2,640,000		3.000			09/01/18		2,799,403
	2,585,000		4.000			09/01/19		2,868,704
	Wichita GO Sales Tax Bonds Series 2012 D (AA+/Aa1)
	1,075,000		3.000			10/01/17		1,125,278
	1,130,000		3.000			10/01/19		1,211,733
	Wyandotte County/Kansas City Unified Government RB for Utility System Improvement Series 2011 A (A+/NR)
	2,340,000		3.500			09/01/16		2,401,402
	Wyandotte County/Kansas City Unified Government RB Refunding Sales Tax Special Obligation for Redevelopment Project Area B Sub Lien Series 2012 (AA-/NR)
	1,400,000		5.000			12/01/16		1,470,658

								39,590,880

	Kentucky – 1.5%
	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		16,018,050
	Kentucky State Property and Buildings Commission for Project 100 RB Refunding Series 2011 A (A/Aa3)
	1,350,000		5.000			08/01/16		1,400,341
	5,040,000		4.000			08/01/17		5,335,848
	Kentucky State Property and Buildings Commission for Project 99 RB Refunding Series 2010 A (A/Aa3)
	4,480,000		5.000			11/01/18		4,984,762
	Louisville Regional Airport Authority Airport System RB Refunding Series 2014 A (AMT) (A+/NR)
	250,000		3.000			07/01/16		254,303
	Louisville/Jefferson County Metro Government Environmental Facilities RB Refunding for Louisville Gas and Electric Company Project Series 2003 A (A/A1)^(b)
	10,000,000		1.150			06/01/17		10,022,900
	Louisville/Jefferson County PCRB for Louisville Gas & Electric Company Project Series 2003 A (A/A1)^(b)
	10,500,000		1.650			04/03/17		10,607,205
	Trimble County Kentucky Pollution Control RB for Gas and Electric Company Project Series 2001 A (A/A1)^(b)
	6,000,000		1.050			03/01/18		5,995,680
	University of Kentucky General Receipts RB Refunding Series 2015 B (AA/Aa2)
	3,730,000		5.000			10/01/18		4,177,637
	University of Kentucky General Receipts RB Refunding Series 2015 C (AA/Aa2)
	1,705,000		4.000			10/01/18		1,859,473

								60,656,199

	Louisiana – 1.2%
	City of Shreveport Louisiana Water and Sewer RB Refunding Series 2014 A (BAM) (AA/A3)
	3,000,000		5.000			12/01/19		3,399,390

	State-Specific Municipal Debt Obligations – (continued)
	Louisiana – (continued)
	Ernest N. Morial New Orleans Exhibition Hall Authority Special Tax Refunding Bonds Series 2012 (A+/A1)
$	350,000		2.000	%		07/15/16	$	354,316
	1,830,000		3.000			07/15/16		1,866,765
	375,000		2.000			07/15/17		382,189
	1,740,000		4.000			07/15/17		1,834,586
	680,000		2.000			07/15/18		696,884
	1,040,000		4.000			07/15/18		1,122,576
	1,000,000		5.000			07/15/19		1,134,760
	Jefferson Parish Sales Tax RB Refunding School Series 2012 (AA/NR)
	1,570,000		3.000			02/01/16		1,584,303
	1,015,000		3.000			02/01/17		1,048,942
	1,565,000		3.000			02/01/18		1,635,190
	Louisiana Citizens Property Insurance Corp. RB Series 2006 B (ETM) (AMBAC) (A/A1)^(c)
	2,955,000		5.000			06/01/16		3,046,871
	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		1,285,512
	Louisiana Local Government Environmental Facilities & Community Development Authority RB for LCTCS Facilities Corp. Project Series 2011 (AA-/A1)^(d)
	1,500,000		0.000			10/01/15		1,500,000
	Louisiana Public Facilities Authority RB for Hurricane Recovery Program Series 2007 (AGC-ICC) (AMBAC) (AA/Aa3)^(c)
	8,250,000		5.000			06/01/17		8,862,728
	Louisiana State Offshore Terminal Authority Deepwater Port RB for LOOP LLC Project Series 2007 B-1A1 (BBB/A3)^(b)
	3,000,000		1.375			10/01/16		3,006,630
	New Orleans Audubon Commission for Aquarium Tax Bonds Series 2011 (A/NR)
	500,000		5.000			10/01/16		522,115
	2,825,000		5.000			10/01/17		3,026,677
	New Orleans GO Bonds Refunding Series 2012 (A-/A3)
	1,805,000		4.000			12/01/15		1,814,963
	4,145,000		4.000			12/01/16		4,297,702
	4,030,000		4.000			12/01/17		4,278,248
	New Orleans Regional Transit Authority Sales Tax RB Series 2010 (AGM) (AA/Aa3)
	610,000		4.000			12/01/16		634,278
	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		427,274

								47,762,899

	Maine – 0.1%
	Finance Authority of Maine Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 11/10/04 Series 2004 (A-/NR)^(b)
	3,125,000		3.800			11/01/15		3,134,281
	Maine State Housing Authority Mortgage Purchase Bonds Series 2011 E (AA+/Aa1)
	2,455,000		1.700			11/15/15		2,457,210

								5,591,491


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)
	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	$	2,531,400
	9,000,000		5.000			02/01/17		9,542,880
	Carroll County Maryland Consolidated Public Improvement and Refunding Bonds Series 2011 (AAA/Aa1)
	2,075,000		5.000			11/01/17		2,261,833
	3,055,000		4.000			11/01/18		3,349,135
	Charles County Maryland GO Bonds Refunding Series 2011 (AAA/Aa1)
	1,115,000		4.000			11/01/16		1,158,151
	5,405,000		4.000			11/01/17		5,775,891
	City of Baltimore Revenue Bonds for Water Projects Series 2002 Subseries C (AA-/Aa3)^(a)
	7,025,000		0.195			10/07/15		5,734,846
	City of Baltimore Revenue Bonds for Water Projects Series 2002 Subseries C (NATL-RE FGIC) (AA/NR)^(a)
	11,350,000		0.150			10/06/15		9,614,834
	Harford County Maryland GO Bonds for Consolidated Public Improvement Series 2009 (AAA/Aaa)
	1,170,000		2.250			07/01/16		1,187,608
	Maryland State Department of Transportation Consolidated RB Series 2015 (AAA/Aa1)
	8,220,000		5.000			02/01/18		9,026,711
	15,995,000		5.000			02/01/19		18,085,866
	Maryland State Health & Higher Educational Facilities Authority RB for MedStar Health Issue Series 2011 (A-/A2)
	3,445,000		4.000			08/15/16		3,549,384
	Montgomery County Maryland GO Bonds Refunding for Consolidated Public Improvement Series 2012 B (AAA/Aaa)
	5,350,000		5.000			11/01/16		5,618,945
	University of Maryland RB Refunding Revolving Loan Series 2003 A (AA+/Aa1)^(b)
	2,010,000		1.250			06/01/18		2,019,447

								79,456,931

	Massachusetts – 2.7%
	Massachusetts Development Finance Agency RB for Boston University Series 2008 U-1 (A/A1)^(b)
	7,000,000		0.600			03/30/17		6,986,700
	Massachusetts Development Finance Agency RB for Partners HealthCare System Series 2014 M-5 (AA/Aa3)^(b)
	19,700,000		0.570			01/30/18		19,634,202
	Massachusetts State Development Finance Agency RB for Partners HealthCare System Issue Series 2012 L (AA/Aa3)
	300,000		5.000			07/01/16		310,419
	Massachusetts State Development Finance Agency RB Refunding for Boston University Issue Series Z-1 (A/A1)
	10,000,000		1.500			08/01/19		10,126,700
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE FGIC) (AA+/Aa1)^(a)
	15,000,000		0.771			05/01/37		13,755,900
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (AA+/Aa1)^(a)
	26,250,000		0.771			05/01/37		24,600,975

	State-Specific Municipal Debt Obligations – (continued)
	Massachusetts – (continued)
	Massachusetts State GO Bonds Consolidated Loan Series 2012 D (AA+/Aa1)^(a)
$	7,000,000		0.450	%		01/01/18	$	6,997,760
	Massachusetts State GO Bonds Refunding Series 2013 A (AA+/Aa1)^(a)
	6,000,000		0.380			02/01/17		6,004,380
	Massachusetts State GO Refunding Bonds Series 2007 A (AA+/Aa1)^(a)
	8,000,000		0.751			11/01/25		7,797,760
	Massachusetts State Health & Educational Facilities Authority RB for Amherst College Series 2009 K-2 (AA+/Aaa)^(b)
	2,750,000		1.700			11/01/16		2,770,185
	Massachusetts State Health & Educational Facilities Authority RB for Massachusetts Institute of Technology Series 2008 O (AAA/Aaa)^(c)
	8,750,000		5.000			07/01/18		9,761,237

								108,746,218

	Michigan – 4.3%
	Detroit Michigan Sewage Disposal System RB Refunding Senior Lien Series 2004 A (AGM) (AA/A2)
	2,990,000		5.250			07/01/20		3,421,337
	Detroit Michigan Water Supply System RB Senior Lien Series 2005 C (NATL-RE FGIC) (AA-/A3)
	3,000,000		5.000			07/01/16		3,008,670
	Detroit Michigan Water Supply System RB Senior Lien Series 2011 A (BBB+/Baa3)
	500,000		5.000			07/01/16		514,565
	1,295,000		5.000			07/01/17		1,372,247
	Macomb County Michigan L’anse Creuse Public Schools Unlimited Tax GO Bonds Refunding Series 2015 (Q-SBLF) (AA-/NR)
	1,250,000		5.000			05/01/20		1,439,625
	Macomb County Michigan Roseville Community Schools Unlimited Tax GO Bonds Refunding Series 2014 (Q-SBLF) (AA-/NR)
	250,000		5.000			05/01/17		265,680
	365,000		5.000			05/01/18		400,708
	900,000		5.000			05/01/19		1,013,841
	Michigan Finance Authority Hospital RB Refunding for Beaumont Health Credit Group Series 2015 A (A/A1)
	2,300,000		4.000			08/01/20		2,528,206
	3,500,000		5.000			08/01/21		4,065,915
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (A/NR)
	500,000		3.400			10/01/20		509,435
	500,000		3.600			10/01/21		511,370
	500,000		3.800			10/01/22		513,285
	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		5,876,684


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, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Michigan – (continued)
	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	$	5,912,165
	1,500,000		5.000			07/01/18		1,630,200
	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		3,586,040
	10,000,000		5.000			07/01/21		11,455,100
	9,225,000		5.000			07/01/22		10,622,126
	5,000,000		5.000			07/01/23		5,779,200
	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		8,069,786
	5,000,000		5.000			07/01/19		5,537,650
	1,390,000		5.000			07/01/20		1,564,862
	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		1,555,872
	1,400,000		4.000			07/01/18		1,465,072
	1,125,000		5.000			07/01/19		1,223,910
	1,200,000		5.000			07/01/20		1,324,764
	Michigan Finance Authority Local Government Loan Program RB Refunding for Regional Convention Facility Local Project Series 2014 H-1 (AA-/NR)
	1,255,000		4.000			10/01/17		1,328,706
	1,135,000		5.000			10/01/18		1,258,068
	825,000		5.000			10/01/19		933,315
	1,140,000		5.000			10/01/20		1,302,963
	Michigan Finance Authority RB for Detroit School District Series 2011 (A/NR)
	7,500,000		5.250			06/01/17		7,937,700
	Michigan Finance Authority RB for Detroit School District Series 2015 B (SP-2/NR)^(e)
	2,900,000		4.750			06/01/16		2,929,870
	Michigan Finance Authority RB Refunding for Detroit School District Series 2012 (ST AID WITHHLDG) (A-/NR)
	1,375,000		4.000			06/01/17		1,426,164
	Michigan Finance Authority RB Refunding for Unemployment Obligation Assessment Series 2012 A (AAA/Aaa)
	9,000,000		5.000			01/01/18		9,864,450
	Michigan Finance Authority RB Refunding for Unemployment Obligation Assessment Series 2012 B (AAA/Aaa)
	4,085,000		5.000			01/01/20		4,662,088
	Michigan Finance Authority State Aid RB for Detroit School District Junior Subordinate Lien Obligations Series 2015 E (ST AID WITHHLDG) (SP-3/NR)^(e)
	15,100,000		5.750			08/22/16		15,098,792

	State-Specific Municipal Debt Obligations – (continued)
	Michigan – (continued)
	Michigan Flushing Community Schools Unlimited Tax GO Bonds Refunding Series 2015 (Q-SBLF) (NR/Aa1)
$	1,040,000		4.000	%		05/01/19	$	1,133,891
	500,000		4.000			05/01/20		551,540
	Michigan State Environmental RB Refunding for Facilities Program Series 2005 B (NATL-RE) (AA-/Aa1)
	2,180,000		5.000			11/01/19		2,187,695
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Credit Group Series 2010 F-1 (AA+/Aa2)^(b)
	3,050,000		2.000			05/30/18		3,123,963
	Michigan State Strategic Fund Tax-Exempt Adjustable Mode Facilities RB for Waste Management, Inc. Project Series 2001 (AMT) (A-/NR)^(b)
	10,800,000		1.500			08/01/17		10,836,720
	Pinckney Community Schools Livingston and Washtenaw County GO Refunding Bonds Series 2014 (Q-SBLF) (AA-/NR)
	475,000		4.000			05/01/16		484,153
	645,000		4.000			05/01/17		675,109
	1,000,000		5.000			05/01/18		1,091,160
	2,475,000		5.000			05/01/20		2,805,957
	Rochester Community School District GO Refunding Bonds Series 2012 (Q-SBLF) (AA-/NR)
	875,000		4.000			05/01/18		939,873
	700,000		4.000			05/01/19		764,218
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2014 D (A/A1)
	1,500,000		5.000			09/01/19		1,694,145
	St. Clair County Michigan East China School District 2015 School Bus GO Bonds Refunding Series I (Q-SBLF) (AA-/NR)
	3,170,000		3.000			05/01/19		3,356,364
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2010 C (A/A2)
	10,000,000		5.000			12/01/15		10,069,900
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2012 A (A/A2)
	1,270,000		5.000			12/01/18		1,413,548
	1,385,000		5.000			12/01/19		1,572,972
	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		1,084,020

								175,695,659

	Minnesota – 1.9%
	Circle Pines Minnesota Independent School District No. 012 GO Bonds Series 2015 A (SD CRED PROG) (AA+/NR)^(d)
	675,000		0.000			02/01/21		612,630
	Circle Pines Minnesota Independent School District No. 012 GO Refunding Bonds Series 2012 A (SD CRED PROG) (AA+/NR)
	3,575,000		4.000			02/01/17		3,742,096
	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		3,145,609
	2,595,000		1.500			06/01/17		2,635,145
	3,190,000		1.500			06/01/18		3,237,563


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)
	Minnesota – (continued)
	Metropolitan Council Minneapolis St. Paul Metropolitan Area GO Bonds for Grant Anticipation Notes Series 2012 G (SP-1+/Aaa)
$	30,000,000		1.000	%		03/01/16	$	30,021,600
	Minneapolis Minnesota Convention Center GO Bonds Refunding Series 2011 A (AAA/Aa1)
	7,980,000		2.000			12/01/17		8,198,093
	Minnesota Higher Education Facilities Authority RB for University of St. Thomas Series 2013 7-U (NR/A2)
	500,000		5.000			04/01/18		549,430
	Minnesota State Trunk Highway GO Bonds Refunding Series 2014 E (AA+/Aa1)
	12,220,000		2.000			08/01/18		12,617,883
	Minnesota State Trunk Highway GO Bonds Series 2012 B (AA+/Aa1)
	11,700,000		5.000			08/01/17		12,633,660
	Watertown Independent School District No. 111 GO Refunding Bonds for School Building Series 2012 B (SD CRED PROG) (AA+/NR)
	1,000,000		3.000			02/01/17		1,033,580

								78,427,289

	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		3,867,762
	Mississippi State GO Bonds for Capital Improvement Series 2006 D (NATL-RE) (AA/Aa2)^(c)
	3,855,000		5.000			11/01/17		4,200,447

								8,068,209

	Missouri – 2.2%
	City of Columbia Electric Utility Special Obligation RB for Annual Appropriation Series 2012 E (AA/NR)
	1,995,000		4.000			09/01/18		2,166,550
	2,075,000		4.000			09/01/19		2,293,497
	Curators University of Missouri System Facilities RB for System Facilities Series 2006 A (AA+/Aa1)
	5,070,000		5.000			11/01/17		5,087,644
	Kansas City GO Bonds Refunding & Improvement Series 2012 A (AA/Aa2)
	7,600,000		2.000			02/01/16		7,645,980
	Missouri State Development Finance Board Infrastructure Facilities Leasehold Improvement and RB Refunding for City of Independence Electric System Projects Series 2012 F (A/NR)
	500,000		4.000			06/01/16		511,770
	1,180,000		4.000			06/01/18		1,251,426
	960,000		4.000			06/01/19		1,033,670
	1,000,000		4.000			06/01/20		1,082,900
	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		38,272,738
	24,275,000		5.000			05/01/19		27,719,865

	State-Specific Municipal Debt Obligations – (continued)
	Missouri – (continued)
	St. Louis Airport RB Refunding for Lambert St. Louis International Airport Series 2013 (A-/A3)
$	765,000		5.000	%		07/01/18	$	842,426

								87,908,466

	Montana – 0.2%
	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		1,633,104
	2,000,000		3.000			06/01/17		2,074,220
	1,750,000		3.000			06/01/18		1,842,890
	800,000		4.000			06/01/18		863,392

								6,413,606

	Nebraska – 0.7%
	Gas Supply RB Refunding for Central Plains Energy Project Series 2014 (NR/Aa3)^(b)
	20,000,000		5.000			12/01/19		22,731,600
	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		799,141
	435,000		4.000			11/01/17		458,381
	750,000		4.000			11/01/19		813,270
	690,000		4.000			11/01/20		752,756
	Omaha Nebraska Special Tax RB Refunding for Performing Arts Project Series 2012 (AA+/Aa3)
	1,215,000		2.000			10/15/16		1,232,022
	1,765,000		3.000			10/15/17		1,844,407
	1,785,000		3.000			10/15/18		1,892,850

								30,524,427

	Nevada – 1.6%
	Clark County Department of Aviation RB Refunding for Airport System Junior Subordinate Lien Series 2015 B (AMT) (A+/A2)
	18,285,000		3.000			07/01/17		18,936,129
	Clark County GO Refunding Bonds Series 2006 (AGM) (AA/Aa1)
	5,115,000		4.625			06/01/19		5,256,686
	Clark County Improvement District Refunding for Special Improvement District No. 142 Mountain Edge Local Improvement Series 2012 (BBB-/NR)
	3,280,000		3.000			08/01/16		3,293,448
	3,580,000		4.000			08/01/17		3,666,600
	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		3,102,600
	Clark County School District Limited Tax GO Bonds Refunding Series 2015 B (AA-/A1)
	11,900,000		5.000			06/15/18		13,145,335
	10,300,000		5.000			06/15/19		11,690,088
	Las Vegas City Limited Tax GO Bonds Medium-Term Various Purpose Series 2011 A (AA/Aa2)
	1,000,000		2.000			12/01/15		1,003,000
	2,700,000		4.000			12/01/16		2,813,535
	2,810,000		4.000			12/01/17		2,922,512

								65,829,933


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, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	New Hampshire – 1.3%
	New Hampshire Business Finance Authority RB for Pollution Control Project Series 2001 A (AMT) (NATL-RE) (AA-/A2)^(a)
$	50,475,000		0.228	%		05/01/21	$	46,166,652
	New Hampshire State Business Finance Authority RB for Waste Management, Inc. Series 2003 (AMT) (A-/NR)^(b)
	1,200,000		2.125			06/01/18		1,207,260
	New Hampshire State Capital Improvement GO Bonds Series 2012 B (AA/Aa1)
	5,400,000		5.000			11/01/16		5,670,864

								53,044,776

	New Jersey – 5.8%
	Atlantic County College GO Bonds Series 2013 (ST AID WITHHLDG) (AA/Aa2)
	1,845,000		1.000			03/01/16		1,850,978
	2,025,000		1.000			03/01/17		2,039,438
	Bergen County New Jersey GO Refunding Bonds for General Improvement Series 2011 A (ST AID WITHHLDG) (NR/Aaa)
	1,725,000		2.000			12/01/16		1,757,188
	2,355,000		2.000			12/01/17		2,424,991
	Brick Township GO Bonds for General Improvements Series 2012 (NR/Aa2)
	2,140,000		2.000			08/15/16		2,171,437
	Burlington County New Jersey GO Bonds Series 2015 A (AA/Aa2)
	1,080,000		2.000			05/01/18		1,107,907
	1,275,000		2.000			05/01/19		1,308,749
	Casino Reinvestment Development Authority Luxury Tax RB Series 2014 (BBB+/Baa2)
	785,000		4.000			11/01/16		797,372
	1,000,000		4.000			11/01/17		1,027,640
	East Brunswick Township Board of Education Refunding Bonds Series 2012 (SCH BD RES FD) (NR/Aa2)
	1,130,000		4.000			11/01/18		1,231,225
	1,300,000		5.000			11/01/19		1,491,841
	Gloucester County Improvement Authority RB Refunding for Solid Waste Management, Inc. Project Series 1999 A (A-/NR)^(b)
	2,950,000		2.125			12/01/17		2,995,872
	Gloucester County New Jersey GO Bonds Refunding Series 2011 (AA/NR)
	660,000		2.000			10/01/15		660,000
	1,245,000		3.000			10/01/17		1,297,925
	Mercer County New Jersey GO Bonds Series 2015 (AA+/NR)
	1,000,000		0.050			02/01/17		992,240
	2,155,000		0.050			02/01/18		2,109,099
	2,355,000		0.050			02/01/19		2,267,794
	Middlesex County New Jersey GO Bonds for General Improvements Series 2013 (AAA/NR)
	2,845,000		2.000			01/15/17		2,902,213
	Monmouth County GO Bonds Refunding Series 2010 C (AAA/Aaa)
	5,425,000		4.000			03/01/16		5,508,979
	Montgomery Township GO Bonds Refunding Series 2012 (NR/Aa1)
	2,320,000		3.000			08/01/16		2,371,782

	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
	New Jersey Economic Development Authority RB for School Facilities Construction Bonds Series 2010 DD-1 (A-/A3)
$	2,845,000		5.000	%		12/15/16	$	2,971,034
	New Jersey Economic Development Authority RB for School Facilities Construction Bonds Series 2010 DD-1 (ETM) (NR/NR)^(c)
	4,655,000		5.000			12/15/16		4,908,139
	New Jersey Educational Facilities Authority RB for Rider University Series 2012 A (BBB/Baa2)
	1,240,000		5.000			07/01/17		1,309,787
	1,265,000		4.000			07/01/18		1,327,921
	New Jersey Health Care Facilities Financing Authority RB for Meridian Health System Obligated Group Issue Series 2011 (A/NR)
	2,000,000		5.000			07/01/16		2,066,440
	New Jersey Health Care Facilities Financing Authority RB Refunding for Barnabas Health Series 2012 A (A-/A3)
	350,000		5.000			07/01/17		374,952
	400,000		5.000			07/01/18		436,968
	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		4,712,994
	New Jersey State GO Bonds Refunding Series 2010 Q (A/A2)
	5,000,000		5.000			08/15/16		5,181,150
	New Jersey State Transit Corp. Refunding Grant Anticipation Notes Series 2014 A (A/A3)
	7,500,000		5.000			09/15/18		8,205,525
	New Jersey State Turnpike Authority RB Refunding Series 2014 C (A+/A3)
	22,000,000		5.000			01/01/20		25,277,340
	New Jersey State Turnpike Authority RB Series 2000 C (NATL-RE) (AA-/A3)^(a)
	21,625,000		0.138			01/01/30		19,830,858
	New Jersey State Turnpike Authority RB Series 2000 D (NATL-RE) (AA-/A3)^(a)
	21,500,000		0.184			01/01/30		19,715,995
	New Jersey State Turnpike Authority RB Series 2012 B (A+/A3)
	10,000,000		5.000			01/01/19		11,244,200
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (A-/A3)
	10,000,000		5.000			06/15/21		10,709,200
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (A-/A3)
	3,005,000		5.000			12/15/23		3,202,218
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (A-/A3)
	1,485,000		5.000			06/15/20		1,592,544
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (A-/A3)
	15,550,000		5.250			12/15/20		16,846,870
	New Jersey Transportation Trust Fund Authority Program RB Series 2014 AA (A-/A3)
	1,900,000		5.000			06/15/17		2,015,425
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2004 B (NATL-RE) (AA-/A3)
	6,800,000		5.500			12/15/16		7,159,788


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)
	New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (A-/A3)
$	1,075,000		5.000	%		06/15/16	$	1,105,433
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2013 A (A-/A3)
	22,280,000		5.000			12/15/19		23,868,564
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (A-/A3)
	10,000,000		5.250			12/15/23		10,821,900
	New Jersey Turnpike Authority Turnpike RB Series 2014 B-3 (A+/A3)^(b)
	2,750,000		0.702			01/01/18		2,756,655
	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		836,794
	855,000		3.000			07/15/17		889,525
	Toms River Township General Improvement Bonds Series 2010 (AA/NR)
	3,260,000		3.000			06/15/18		3,423,065
	Union County New Jersey GO Bonds Refunding Series B (ETM) (NR/NR)^(c)
	25,000		3.000			03/01/19		26,705
	Union County New Jersey GO Bonds Series B (AA+/Aa1)
	1,240,000		3.000			03/01/19		1,312,118
	Wayne Township School District GO Refunding Bonds Series 2012 (SCH BD RES FD) (AA-/NR)
	1,000,000		4.000			07/15/16		1,028,240

								233,473,017

	New Mexico – 0.5%
	New Mexico State Capital Projects GO Bonds Series 2013 (AA+/Aaa)
	6,030,000		2.000			03/01/17		6,157,353
	New Mexico State Severance Tax RB Refunding Series 2011 A-2 (AA/Aa1)
	5,000,000		5.000			07/01/16		5,176,350
	New Mexico State Severance Tax RB Series 2010 A (AA/Aa1)
	2,000,000		5.000			07/01/17		2,152,340
	New Mexico State Severance Tax RB Series 2011 A-1 (AA/Aa1)
	5,475,000		5.000			07/01/17		5,892,031

								19,378,074

	New York – 12.9%
	Albany County Airport Authority RB Refunding Series 2010 A (AGM) (AA/A2)
	1,625,000		5.000			12/15/15		1,640,064
	Albany County GO Serial Bonds Series 2010 (AA/Aa3)
	1,385,000		3.000			06/01/16		1,409,750
	City of Yonkers New York School GO Bonds Refunding Series 2014 A (AGM) (AA/A2)
	2,890,000		5.000			09/01/18		3,206,137
	3,135,000		5.000			09/01/19		3,553,491
	Marlboro Central School District GO Serial Bonds Series 2010 (AGM) (ST AID WITHHLDG) (AA/NR)
	990,000		4.000			10/15/15		991,416

	State-Specific Municipal Debt Obligations – (continued)
	New York – (continued)
	Metropolitan Transportation Authority New York RB Refunding for Transportation Series 2012 C (AA-/A1)
$	1,000,000		5.000	%		11/15/15	$	1,005,950
	730,000		4.000			11/15/16		759,273
	Metropolitan Transportation Authority RB Refunding Series 2008 B-4 (AA-/A1)^(b)
	20,000,000		5.000			11/15/19		22,806,200
	Metropolitan Transportation Authority RB Series 2011 B (AA-/A1)^(b)
	50,000,000		0.482			11/01/17		49,498,000
	Metropolitan Transportation Authority RB Series 2011 D (AA-/A1)
	1,100,000		4.000			11/15/15		1,105,203
	Monroe County GO Bonds Refunding Series 2012 (A/Baa1)
	3,000,000		5.000			03/01/16		3,050,640
	New York City GO Bonds Refunding RMKT 03/19/13 Subseries 2008 J-4 (AA/Aa2)^(a)
	6,250,000		0.570			08/01/25		6,155,625
	New York City GO Bonds Series 2010 A (AA/Aa2)
	1,200,000		3.000			08/01/16		1,226,988
	New York City GO Bonds Series 2014 J (AA/Aa2)
	52,045,000		5.000			08/01/18		57,977,610
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2013 Series B (AAA/Aa1)
	8,620,000		5.000			11/01/17		9,384,939
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2013 Series B (ETM) (NR/NR)^(c)
	2,030,000		5.000			11/01/17		2,211,015
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2013 Series D (AAA/NR)
	5,240,000		5.000			11/01/17		5,704,998
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2013 Series D (ETM) (NR/NR)^(c)
	6,890,000		5.000			11/01/17		7,504,381
	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		14,491,129
	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		1,759,448
	2,215,000		4.000			05/01/17		2,325,507
	New York State Dormitory Authority RB Refunding for Long Island University Series 2012 A (BBB-/Baa3)
	3,325,000		4.000			09/01/16		3,397,319
	3,000,000		4.000			09/01/17		3,121,890
	3,665,000		5.000			09/01/18		3,954,388
	New York State Dormitory Authority State Sales Tax RB Series 2015 A (AAA/Aa1)
	23,960,000		5.000			03/15/19		27,240,603
	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		9,164,017
	New York State Energy Research & Development Authority Facilities RB Refunding for Consolidated Edison Co. Subseries 1999 A-2 (AMT) (AMBAC) (A-/A2)^(a)
	70,150,000		0.182			05/01/34		63,466,692


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, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Energy Research & Development Authority PCRB for New York State Electric & Gas Corp. Project Series 2011 B (BBB+/A3)
$	5,000,000		2.250	%		10/15/15	$	5,003,600
	New York State Energy Research & Development Authority PCRB for New York State Electric & Gas Corp. Project Series 2011 C (BBB+/A3)
	8,000,000		2.250			12/01/15		8,022,960
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A/A2)^(a)
	27,750,000		0.149			07/01/34		24,861,130
	New York State Tax Exempt GO Bonds Series 2011 E (AA+/Aa1)
	6,950,000		5.000			12/15/17		7,610,806
	New York State Tax Exempt GO Bonds Subseries 2012 A-1 (AA/Aa2)
	3,000,000		5.000			10/01/17		3,255,600
	New York State Tax Exempt GO Refunding Bonds Series 2012 C (AA/Aa2)
	7,555,000		4.000			08/01/16		7,786,938
	New York State Thruway Authority Junior Indebtedness RB Series 2013 A (A-/A3)
	29,525,000		5.000			05/01/19		33,314,829
	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		6,872,317
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2014 A (AAA/Aa1)
	20,000,000		5.000			03/15/20		23,204,200
	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		29,067,149
	Niagara Frontier Transportation Authority RB Refunding for Buffalo International Airport Series 2014 B (BBB+/Baa1)
	750,000		4.000			04/01/16		762,578
	700,000		5.000			04/01/17		738,598
	670,000		4.000			04/01/18		708,404
	300,000		5.000			04/01/19		332,430
	Rockland County GO Bonds Series 2014 A (AGM) (AA/A2)
	1,825,000		5.000			03/01/18		1,990,309
	2,250,000		5.000			03/01/19		2,516,040
	3,000,000		5.000			03/01/20		3,415,710
	Rockland County New York GO Bonds Refunding Series 2014 (BAM) (AA/Baa2)
	1,500,000		2.000			02/15/16		1,508,655
	1,500,000		3.000			02/15/19		1,576,995
	635,000		3.000			02/15/20		668,452
	Suffolk County New York GO Bonds for Public Improvement Series 2012 B (AGM) (AA/A2)
	2,590,000		2.000			10/15/16		2,630,300
	Suffolk County New York Refunding Serial Bonds Series 2012 B (A+/A3)
	2,000,000		4.000			10/01/16		2,069,360
	1,000,000		4.000			10/01/17		1,062,810

	State-Specific Municipal Debt Obligations – (continued)
	New York – (continued)
	Suffolk Tobacco Asset Securitization Corp. RB Tobacco Settlement Asset-Backed Bonds Series 2012 B (A/NR)
$	370,000		4.000	%		06/01/17	$	390,501
	490,000		4.000			06/01/18		527,353
	575,000		5.000			06/01/19		648,284
	620,000		5.000			06/01/20		706,422
	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		32,160,600
	Triborough Bridge & Tunnel Authority RB General RMKT 06/28/12 Subseries 2005 B-4 (AA-/Aa3)^(b)
	7,500,000		0.652			01/03/17		7,485,300
	Yonkers New York GO Bonds Series 2011 A (AGM) (A/A3)
	2,000,000		5.000			10/01/15		2,000,000
	2,000,000		5.000			10/01/16		2,086,840

								523,098,143

	North Carolina – 2.0%
	Durham North Carolina Utility System RB Refunding Series 2011 (AAA/Aa1)
	300,000		4.000			06/01/16		307,443
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2010 A (ETM) (A-/Baa1)^(c)
	5,500,000		5.000			01/01/16		5,563,965
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2012 B (ETM) (A-/Baa1)^(c)
	1,500,000		5.000			01/01/16		1,517,445
	4,535,000		5.000			01/01/17		4,791,364
	3,000,000		5.000			01/01/19		3,380,430
	North Carolina Eastern Municipal Power Agency Power System RB Series 2012 A (ETM) (A-/Baa1)^(c)
	1,815,000		3.000			01/01/16		1,827,433
	2,000,000		3.000			01/01/18		2,102,920
	1,275,000		5.000			01/01/18		1,397,170
	2,000,000		3.000			01/01/19		2,126,480
	1,000,000		5.000			01/01/19		1,126,810
	North Carolina GO Bonds Refunding Series 2005 B (AAA/Aaa)
	16,925,000		5.000			04/01/17		18,069,130
	North Carolina GO Bonds Refunding Series 2013 D (AAA/Aaa)
	27,685,000		3.000			06/01/17		28,829,221
	North Carolina Grant and Revenue Anticipation Vehicle Bonds Series 2011 (AA/A2)^(b)
	6,010,000		4.000			03/01/18		6,327,208
	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		1,106,876
	1,375,000		5.000			12/01/18		1,532,671

								80,006,566

	Ohio – 0.8%
	Akron City Ohio Jedd RB Refunding Series 2011 (AA-/NR)
	1,000,000		4.000			12/01/15		1,006,160
	1,425,000		5.000			12/01/16		1,496,920
	1,740,000		5.000			12/01/17		1,886,090


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)
	Ohio – (continued)
	Bowling Green Ohio City Student Housing RB for CFP I LLC Bowling Green State University Project Series 2010 (BBB-/NR)
$	825,000		4.000	%		06/01/16	$	835,783
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Caa1)
	13,740,000		5.125			06/01/24		11,758,692
	3,415,000		5.375			06/01/24		2,948,818
	Cleveland Airport Various Purpose GO Refunding Bonds Series 2015 (AA/A1)
	1,455,000		5.000			12/01/20		1,687,116
	Dublin City School District GO Refunding Bonds Unlimited Tax Series 2012 (AAA/Aa1)
	500,000		4.000			12/01/16		520,490
	1,180,000		4.000			12/01/17		1,261,573
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB/NR)
	250,000		2.000			01/01/16		250,370
	315,000		2.250			01/01/17		316,610
	400,000		4.000			01/01/18		415,368
	415,000		4.000			01/01/19		434,766
	435,000		4.000			01/01/20		455,715
	New Albany Community Authority RB Refunding Series 2012 C (NR/A1)
	1,100,000		4.000			10/01/17		1,159,235
	800,000		4.000			10/01/18		858,240
	Ohio State Air Quality Development Authority PCRB Refunding for FirstEnergy Series 2009 D (BBB-/Baa3)^(b)
	3,000,000		2.250			09/15/16		3,009,480
	Ohio State Higher Educational Facility Commission RB for Cleveland Clinic Health System Obligations Series 2013 A-2 (AA-/Aa2)^(a)
	2,250,000		0.490			01/01/18		2,244,128
	University of Akron General Receipts GO Bonds Series 2015 A (AA-/A1)
	1,100,000		4.000			01/01/19		1,202,322

								33,747,876

	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		1,625,898
	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		3,792,447
	5,470,000		2.000			03/01/17		5,577,814
	Oklahoma County Independent School District No. 12 Combined Purpose GO Bonds Series 2015 (AA/NR)
	5,000,000		2.000			03/01/17		5,102,050
	Oklahoma County Independent School District No. 52 GO Bonds for Midwest City-Del City School District Series 2012 (NR/Aa3)
	2,160,000		2.000			01/01/17		2,198,081
	Oklahoma County Independent School District No. 52 GO Bonds for Series 2013 (NR/Aa3)
	2,795,000		2.000			01/01/16		2,807,130
	2,445,000		2.000			01/01/17		2,488,106

	State-Specific Municipal Debt Obligations – (continued)
	Oklahoma – (continued)
	Oklahoma County Independent School District No. 89 GO Bonds Series 2015 (AA/Aa2)
$	6,200,000		3.000	%		07/01/19	$	6,588,058
	Oklahoma County Independent School District No. 89 GO Bonds Series 2013 (AA/Aa2)
	8,750,000		1.000			07/01/16		8,796,462
	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		11,201,515
	Tulsa Oklahoma GO Bonds Series 2013 (AA/Aa1)
	3,400,000		4.000			03/01/16		3,452,496

								53,630,057

	Oregon – 0.7%
	Lane County Oregon Springfield School District No. 19 GO Bonds Refunding Series 2015 (SCH BD GTY) (AA+/Aa1)^(d)
	3,740,000		0.000			06/15/20		3,401,680
	3,780,000		0.000			06/15/21		3,316,572
	Oregon Coast Community College District GO Bonds Refunding Series 2012 (SCH BD GTY) (NR/Aa1)
	1,120,000		2.000			06/15/16		1,133,899
	790,000		2.000			06/15/17		809,963
	1,165,000		2.000			06/15/18		1,181,858
	1,445,000		3.000			06/15/19		1,513,551
	Oregon State Facilities Authority RB Refunding for Legacy Health System Series 2011 A (AA-/A1)
	2,000,000		5.000			05/01/16		2,052,760
	Oregon State GO Bonds Refunding for Oregon University System Series 2012 B (AA+/Aa1)
	1,175,000		3.000			08/01/17		1,227,334
	1,120,000		3.000			08/01/18		1,187,648
	Portland Oregon Community College District GO Bonds Refunding Series 2015 (AA/Aa1)
	10,000,000		5.000			06/15/18		11,114,400

								26,939,665

	Pennsylvania – 2.0%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB/NR)
	750,000		5.000			09/01/18		809,880
	Allegheny County Redevelopment Authority Tax Increment Refunding for Waterfront Project Series 2007 A (A/NR)
	1,050,000		4.250			12/15/15		1,055,439
	645,000		4.250			12/15/17		674,573
	Butler County Hospital Authority RB for Health System Project Series 2015 A (A-/Baa1)
	735,000		2.000			07/01/16		740,939
	500,000		3.000			07/01/17		513,865
	1,265,000		3.000			07/01/18		1,309,149
	300,000		3.000			07/01/19		311,190
	265,000		4.000			07/01/20		286,099
	1,000,000		4.000			07/01/21		1,079,140
	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		297,823
	515,000		3.000			08/01/17		523,420
	530,000		3.000			08/01/18		537,892


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, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	Cumberland County Municipal Authority RB Refunding for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)
$	535,000		4.000	%		01/01/19	$	561,846
	1,000,000		4.000			01/01/20		1,052,120
	Derry Township School District GO Bonds Refunding Series 2015 (ST AID WITHHLDG) (AAA/NR)
	1,505,000		3.000			05/15/17		1,561,092
	Montgomery County Higher Education and Health Authority RB Refunding for Holy Redeemer Health System Series 2014 A (BBB+/Baa3)
	1,000,000		4.000			10/01/18		1,064,340
	1,000,000		4.000			10/01/19		1,069,960
	Montgomery County IDA Pollution Control RB Refunding for PECO Energy Company Project Series 1999 B (BBB/Baa2)^(b)
	5,000,000		2.500			04/01/20		4,966,350
	Pennsylvania Economic Development Financing Authority RB Refunding for Unemployment Compensation Series 2012 B (AA+/Aaa)
	9,545,000		5.000			07/01/22		9,882,320
	7,000,000		5.000			01/01/23		7,080,010
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2004 A (A-/NR)^(b)
	1,400,000		1.250			05/01/17		1,400,994
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2004 A (A-/NR)^(b)
	1,750,000		1.500			05/01/18		1,742,965
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2009 (A-/NR)^(b)
	5,250,000		1.750			12/01/15		5,259,450
	Pennsylvania Economic Development Financing Authority Unemployment Compensation RB Series 2012 B (AA+/Aaa)
	16,335,000		5.000			07/01/20		18,559,010
	Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB/NR)
	390,000		3.000			05/01/16		392,871
	440,000		3.000			05/01/17		447,528
	1,165,000		5.000			05/01/18		1,248,239
	1,000,000		5.000			05/01/19		1,090,270
	Pennsylvania State Commonwealth GO Bonds for City of Pittsburgh Series 2012 A (A+/A1)
	600,000		4.000			09/01/16		619,614
	500,000		3.000			09/01/17		521,245
	550,000		4.000			09/01/17		583,754
	Pennsylvania State Commonwealth RB for Harrisburg Area Community College Project Series 2011 (AGM) (AA/NR)
	1,305,000		4.000			10/01/15		1,305,000
	Pennsylvania Turnpike Commission RB Series 2014 B-1 (A+/A1)^(a)
	7,000,000		0.900			12/01/20		6,901,580
	Philadelphia GO Bonds Series 2011 (AGM) (AA/A2)
	1,460,000		5.000			08/01/16		1,514,823

	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	%		07/01/16	$	1,535,925
	2,000,000		5.000			07/01/17		2,105,500

								80,606,215

	Puerto Rico – 2.5%
	Government Development Bank for Puerto Rico Senior Notes RB Series 2006 B (CC/Ca)
	2,645,000		5.000			12/01/15		1,428,459
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CCC-/Caa3)
	14,595,000		5.000			07/01/17		11,676,730
	7,285,000		5.000			07/01/19		5,445,974
	Puerto Rico Commonwealth Public Improvement GO Bonds Refunding Series 2002 A (FGIC) (CC/Caa3)
	1,030,000		5.500			07/01/17		885,831
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(a)
	36,100,000		0.710			07/01/29		26,127,375
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (CC/Caa3)^(a)
	25,850,000		0.890			07/01/31		15,510,000
	Puerto Rico Electric Power Authority RB Refunding Series 2010 (CC/Caa3)^(g)
	3,250,000		4.000			07/01/16		2,103,660
	Puerto Rico Electric Power Authority RB Refunding Series 2012 (CC/Caa3)^(g)
	1,500,000		5.000			07/01/16		970,935
	Puerto Rico Electric Power Authority RB Series 2008 (CC/Caa3)^(g)
	8,175,000		5.500			07/01/16		5,291,596
	Puerto Rico Municipal Finance Agency GO Bonds Series 2002 A (AGM) (AA/A2)
	1,125,000		5.250			08/01/16		1,127,149
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 C (COMWLTH GTD) (CC/Caa3)
	2,250,000		5.500			07/01/16		1,789,132
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (COMWLTH GTD) (CC/Caa3)^(b)
	1,000,000		5.500			07/01/17		996,310
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2013 M-2 (COMWLTH GTD) (CC/Caa3)^(b)
	10,850,000		5.750			07/01/17		7,948,276
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (CC/Ca)
	5,000,000		5.500			08/01/28		2,156,250
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB First Subseries 2009 A (CC/Ca)
	8,000,000		5.500			08/01/21		3,660,000
	10,000,000		5.500			08/01/22		4,550,000
	19,315,000		5.500			08/01/23		8,740,037

								100,407,714


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)
	Rhode Island – 0.4%
	Providence GO Bonds Series 2013 A (BBB/Baa1)
$	665,000		3.000	%		01/15/16	$	669,229
	315,000		4.000			01/15/18		332,782
	1,545,000		5.000			01/15/19		1,701,122
	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		648,036
	500,000		4.000			09/15/18		536,770
	Rhode Island Health and Educational Building Corp. RB for Newport Public School Financing Program Series 2013 C (AA+/NR)
	515,000		3.000			05/15/16		522,370
	385,000		3.000			05/15/17		399,919
	280,000		4.000			05/15/18		299,793
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2015 B (BBB+/NR)
	9,920,000		2.250			06/01/41		9,919,901

								15,029,922

	South Carolina – 1.4%
	Berkeley County School District GO Bonds Series 2014 A (SCSDE) (AA/Aa1)
	1,380,000		5.000			03/01/19		1,564,354
	Clemson University RB Refunding Series 2012 (AA-/Aa2)
	5,770,000		2.000			05/01/16		5,829,373
	4,440,000		2.000			05/01/17		4,541,321
	5,000,000		2.000			05/01/18		5,129,200
	Colleton County South Carolina GO Bonds for Capital Project Sales Series 2015 (AA-/Aa3)
	725,000		1.500			07/01/18		734,962
	2,985,000		2.000			07/01/19		3,068,729
	Columbia City South Carolina Waterworks and Sewer System RB Series 2011 A (AA/Aa1)
	1,025,000		3.000			02/01/16		1,034,543
	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		1,978,305
	Georgetown County South Carolina School District GO Bonds Refunding Series 2011 B (SCSDE) (AA/Aa1)
	4,330,000		5.000			03/01/16		4,415,301
	5,895,000		5.000			03/01/17		6,267,800
	Oconee County PCRB Refunding for Duke Power Co. Project Series 2009 (A/Aa2)
	6,000,000		3.600			02/01/17		6,222,120
	Richland County South Carolina GO Bonds Series 2012 A (ST AID WITHHLDG) (AAA/Aa1)
	2,000,000		4.000			03/01/17		2,098,500
	Richland County South Carolina School District No. 1 GO Bonds Refunding Series 2014 B (SCSDE) (AA/Aa1)
	2,755,000		5.000			03/01/18		3,032,208
	2,920,000		5.000			03/01/19		3,309,031
	3,165,000		5.000			03/01/20		3,672,160
	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		2,525,400

	State-Specific Municipal Debt Obligations – (continued)
	South Carolina – (continued)
	Spartanburg County South Carolina School District No. 1 GO Bonds Refunding Series 2014 D (SCSDE) (AA/Aa1)
$	1,310,000		5.000	%		03/01/18	$	1,436,860

								56,860,167

	Tennessee – 0.0%
	Harpeth Valley Utilities District of Davidson and Williamson Counties RB Utilities Improvement Series 1998 (NATL-RE) (AA-/Aa3)
	1,710,000		5.250			09/01/17		1,813,660

	Texas – 8.3%
	Austin Texas Water and Wastewater System RB Refunding Series 2014 (AA/Aa2)
	1,675,000		5.000			11/15/19		1,929,550
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2013 B (BBB/Baa2)^(b)
	4,000,000		3.000			01/04/16		4,006,280
	City of Arlington for Permanent Improvement Bonds Series 2015 A (AAA/Aa1)
	1,075,000		2.500			08/15/18		1,122,848
	725,000		3.000			08/15/19		774,373
	City of Carrollton Texas GO Refunding Bonds Series 2012 (AAA/Aa1)
	2,005,000		4.000			08/15/19		2,215,385
	City of El Paso Water and Sewer RB Refunding for Improvement Series 2012 A (AA+/NR)
	1,750,000		2.000			03/01/18		1,800,348
	845,000		4.000			03/01/19		927,869
	City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (AA/NR)
	1,125,000		2.000			09/01/16		1,138,792
	300,000		3.000			09/01/17		311,064
	250,000		3.000			09/01/18		261,058
	375,000		3.000			09/01/19		393,199
	Collin & Denton County Texas GO Bonds Refunding Series 2011 (AA+/Aa1)
	3,335,000		5.000			02/15/16		3,393,863
	Cypress-Fairbanks Independent School District Unlimited Tax GO Bonds Refunding for School Building Series 2014 C (PSF-GTD) (AAA/Aaa)
	5,455,000		4.000			02/15/19		5,992,645
	Dallas County Limited Tax GO Notes Series 2011 (AAA/Aaa)
	3,855,000		5.000			02/15/18		4,235,758
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2011 D (A+/A2)
	750,000		4.000			11/01/16		778,035
	250,000		4.000			11/01/17		266,620
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A2)
	1,750,000		5.000			11/01/18		1,958,985
	Fort Worth Texas GO Bonds Refunding and Improvement Series 2012 (AA+/Aa1)
	2,000,000		4.000			03/01/19		2,194,040


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, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Garland Independent School District Unlimited Tax Refunding Bonds Series 2011 A (PSF-GTD) (AAA/Aaa)^(d)
$	1,930,000		0.000	%		02/15/17	$	1,913,035
	Garland Independent School District Unlimited Tax Refunding Bonds Series 2015 A (PSF-GTD) (AAA/Aaa)
	6,640,000		2.000			02/15/18		6,821,272
	4,710,000		3.000			02/15/19		5,009,273
	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		3,112,656
	2,250,000		4.000			08/15/17		2,390,490
	Houston Airport System RB Subordinate Lien Series 2002 C (AMT) (XLCA) (A/A1)^(a)
	16,775,000		0.388			10/01/15		15,488,794
	Houston Airport System RB Subordinate Lien Series 2002 D-2 (AMT) (XLCA) (A/A1)^(a)
	20,325,000		0.389			10/05/15		18,818,016
	Houston Independent School District GO Bonds Refunding Series 2012 (PSF-GTD) (AAA/Aaa)^(b)
	16,000,000		0.875			06/01/16		16,035,040
	Houston Independent School District Limited Tax GO Bonds Refunding Series 2014 B (PSF-GTD) (AAA/Aaa)
	10,000,000		5.000			02/15/18		10,982,800
	12,000,000		5.000			02/15/19		13,573,920
	Houston Utilities System RB Refunding First Lien Series 2012 C (AA/NR)^(b)
	8,000,000		0.620			08/01/16		8,000,240
	Leander Independent School District Unlimited Tax GO Bonds Refunding Series 2015 A (PSF-GTD) (AAA/NR)^(d)
	2,000,000		0.000			08/15/19		1,905,320
	1,500,000		0.000			08/15/20		1,388,850
	Lubbock Health Facilities Development Corp. RB for St. Joseph Health System Series 2008 B (AA-/A1)
	3,300,000		5.000			07/01/17		3,541,197
	Mansfield Independent School District GO Bonds Series 2012 (PSF-GTD) (AAA/Aaa)^(b)
	7,315,000		1.750			08/01/17		7,432,406
	Mission Economic Development Corp. Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 06/01/15 Series 2006 (A-/NR)
	5,000,000		1.800			12/01/18		5,016,800
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC – Texas A&M University Collegiate Housing Project Series 2014 A (AGM) (AA/A2)
	200,000		4.000			04/01/17		208,330
	170,000		4.000			04/01/20		183,615
	400,000		4.000			04/01/21		432,300
	North Texas Tollway Authority RB Refunding for First Tier Series 2008 A (NATL-RE-IBC) (AA-/A1)
	4,470,000		6.000			01/01/19		4,939,350
	North Texas Tollway Authority RB Refunding for First Tier Series 2012 C (A/A1)^(b)
	18,000,000		1.950			01/01/19		18,232,020

	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	North Texas Tollway Authority System RB Refunding First Tier Series 2008 E-3 (A/A1)^(b)
$	5,445,000		5.750	%		01/01/16	$	5,518,725
	North Texas Tollway Authority System RB Refunding First Tier Series 2011 B (A/A1)
	3,000,000		5.000			01/01/19		3,370,200
	North Texas Tollway Authority System RB Refunding First Tier Series 2014 A (A/A1)
	2,000,000		5.000			01/01/20		2,291,720
	North Texas Tollway Authority System RB Refunding First Tier Series 2014 C (A/A1)^(b)
	5,000,000		0.690			01/01/20		4,941,900
	North Texas Tollway Authority System RB Refunding for Second Tier Series 2015 A (A-/A2)
	1,070,000		4.000			01/01/18		1,140,877
	1,000,000		5.000			01/01/19		1,116,280
	Northside Texas Independent School District GO Bonds for School Building Series 2010 (PSF-GTD) (AAA/Aaa)^(b)
	5,760,000		1.200			08/01/17		5,795,309
	Northside Texas Independent School District GO Bonds for School Building Series 2012 (PSF-GTD) (AAA/Aaa)^(b)
	8,000,000		1.000			05/31/16		8,025,600
	Sam Rayburn Municipal Power Agency RB Refunding Series 2012 (BBB+/NR)
	1,755,000		5.000			10/01/15		1,755,000
	2,315,000		5.000			10/01/19		2,610,325
	San Antonio Electric and Gas Systems Junior Lien RB Refunding Series 2012 A (AA-/NR)^(b)
	5,000,000		2.000			12/01/18		5,114,100
	San Antonio Electric and Gas Systems Junior Lien RB Refunding Series 2012 C (AA-/Aa2)^(b)
	7,000,000		2.000			12/01/16		7,108,570
	San Antonio Independent School District Unlimited Tax Refunding Bonds Series 2014 A (PSF-GTD) (AAA/Aaa)^(b)
	8,865,000		2.000			08/01/17		9,047,264
	San Antonio Independent School District Unlimited Tax Refunding Bonds Series 2014 B (PSF-GTD) (AAA/Aaa)^(b)
	9,850,000		2.000			08/01/18		10,056,948
	Texas A&M University Financing System RB Refunding for Board of Regents Series 2015 A (AA+/Aaa)
	2,250,000		5.000			05/15/18		2,494,935
	Texas A&M University Financing System RB Refunding for Board of Regents Series 2015 B (AA+/Aaa)
	2,650,000		5.000			05/15/18		2,938,479
	Texas Municipal Gas Acquisition & Supply Corp. III RB Series 2012 D (BBB/A3)
	2,200,000		5.000			12/15/15		2,218,656
	3,000,000		5.000			12/15/16		3,146,880
	5,000,000		5.000			12/15/17		5,400,000
	4,500,000		5.000			12/15/18		4,962,690
	Texas Municipal Gas Acquisition & Supply Corp. RB for Senior Lien Series 2008 D (A-/Baa1)
	8,845,000		5.625			12/15/17		9,300,075
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	7,800,000		6.875			12/31/39		9,122,958


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)
	Texas – (continued)
	Texas State Public Finance Authority Unemployment Compensation Obligation Assessment RB Series 2010 A (AAA/Aaa)^(c)
$	7,355,000		5.000	%		01/01/16	$	7,441,421
	Texas Transportation Commission Central Turnpike System RB Refunding Series 2015 A (A-/A3)^(b)
	5,000,000		5.000			04/01/20		5,691,650
	Texas Transportation Commission Highway Improvement GO Bonds Series 2014 (AAA/Aaa)
	20,000,000		5.000			04/01/19		22,714,200
	Texas Transportation Commission State Highway Fund First Tier RB Refunding Series 2014 A (AAA/Aaa)
	14,625,000		5.000			04/01/18		16,139,565

								338,590,763

	U.S. Virgin Islands – 0.3%
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (BBB+/NR)
	12,515,000		2.250			10/01/17		12,571,693

	Utah – 0.4%
	Board of Education of Alpine School District GO Refunding Bonds for Utah SCH BD GTY Program Series 2015 (SCH BD GTY) (NR/Aaa)
	11,550,000		5.000			03/15/19		13,144,015
	Utah Associated Municipal Power Systems RB for Horse Butte Wind Project Series 2012 A (A-/NR)
	750,000		5.000			09/01/16		780,450
	500,000		5.000			09/01/17		539,430
	500,000		5.000			09/01/18		553,785
	500,000		5.000			09/01/19		567,155

								15,584,835

	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		1,250,000
	1,420,000		4.000			10/01/16		1,452,319
	1,680,000		4.000			10/01/17		1,751,215

								4,453,534

	Virginia – 2.4%
	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		9,534,519
	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		23,508,992
	11,680,000		5.000			05/15/20		13,590,848
	Virginia Electric and Power Company Industrial Development Authority of Wise County RB for Solid Waste and Sewage Disposal RMKT 08/13/15 Series 2009 A (A-/A2)^(b)
	6,000,000		2.150			09/01/20		6,069,900

	State-Specific Municipal Debt Obligations – (continued)
	Virginia – (continued)
	Virginia State Housing Development Authority Homeownership Mortgage RB Series 2011 B (GO OF AUTH) (AA+/Aa1)
$	1,900,000		2.200	%		03/01/17	$	1,937,107
	Virginia State Public Building Authority RB Refunding for Public Facilities Series 2014 C (AA+/Aa1)
	5,325,000		5.000			08/01/18		5,931,997
	Virginia State Public School Authority RB Refunding for School Financing Series 2015 A (ST AID WITHHLDG) (AA+/Aa1)
	26,140,000		4.000			08/01/19		28,886,791
	Wise County Virginia IDA Solid Waste and Sewage Disposal RB for Virginia Electric and Power Company Project Series 2010 A (A-/A2)^(b)
	5,000,000		2.375			11/01/15		5,007,500
	York County Economic Development Authority Electricity and Power RB Refunding Series 2009 A (A-/A2)^(b)
	2,000,000		1.875			05/16/19		2,025,560

								96,493,214

	Washington – 1.7%
	City of Spokane Washington Water and Wastewater System RB Series 2014 (AA/Aa2)
	2,805,000		5.000			12/01/18		3,155,429
	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		3,431,173
	Washington State COPS for State and Local Agency Real and Personal Property Series 2015 B (NR/Aa2)
	5,745,000		5.000			01/01/20		6,603,418
	Washington State Motor Vehicle Fuel Tax GO Bonds Refunding Series 2015 R-F (AA+/Aa1)
	6,770,000		5.000			07/01/19		7,737,094
	Washington State Various Purpose GO Bonds Refunding Series 2013 R-C (AA+/Aa1)
	27,125,000		3.000			07/01/16		27,681,334
	Washington State Various Purpose GO Bonds Series 2008 C (AA+/Aa1)^(c)
	18,795,000		5.000			01/01/18		20,617,927

								69,226,375

	West Virginia – 0.5%
	Kanawha Putnam County Huntington Compound RB for Single Family Mortgage Series 1984 A (ETM) (NR/Aaa)^(c)(d)
	10,125,000		0.000			12/01/16		10,069,110
	Mason County Pollution Control RB for Appalachian Power Co. Project Series 2003 L (BBB/Baa1)^(b)
	3,000,000		1.625			10/01/18		2,987,400
	Monongalia County Board of Education Public School RB Refunding Bonds Series 2012 (AA/NR)
	1,520,000		5.000			05/01/18		1,672,365
	Princeton West Virginia Hospitals RB Refunding Princeton Community Hospital Project Series 2012 A (BBB+/NR)
	500,000		5.000			05/01/17		528,935
	1,445,000		5.000			05/01/18		1,569,067
	1,565,000		5.000			05/01/19		1,730,624

								18,557,501


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, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	State-Specific Municipal Debt Obligations – (continued)
	Wisconsin – 0.1%
	Milwaukee Wisconsin GO Bonds Series 2010 N-1 (AA/Aa3)
$	4,050,000		5.000	%		02/01/16	$	4,112,856

	TOTAL INVESTMENTS – 98.9%
	(Cost $4,031,440,728)						$	4,015,869,036

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%							42,696,506

	NET ASSETS – 100.0%						$	4,058,565,542


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate or distribution rate disclosed is that which is in effect on September 30, 2015.
(b)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2015.
(c)		Pre-refunded security. Maturity date disclosed is pre-refunding date.
(d)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $41,646,349, which represents approximately 1.0% of net assets as of September 30, 2015.
(f)		When-issued security.
(g)		Security is currently in default.



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
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
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 WITHHLDG		— State Aid Withholding
WR		— Withdrawn Rating
XLCA		— Insured by XL Capital Assurance, Inc.


70		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, 2015, 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 on September 30, 2015^(a)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Sold:
Bank of America, N.A.	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18	$	5,000		1.000	%		03/20/23		1.021	%	$	(5	)	$	(3,718	)
JPMorgan Chase Bank, N.A.	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18		10,000		1.000			03/20/23		1.021			(370,700	)		363,255
TOTAL												$	(370,705	)	$	359,537

(a)


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2015 (Unaudited)


	Dynamic Municipal Income Fund			High Yield Municipal Fund			Short Duration Tax-Free Fund
Assets:
Investments in unaffiliated issuers, at value (cost $576,903,337, $3,200,444,850 and $4,031,440,728)	$	597,410,821		$	3,282,063,537		$	4,015,869,036
Investments in affiliated issuers, at value (cost $4,544,566, $0 and $0)		4,544,566			—			—
Cash		—			5,828,403			18,356,856
Receivables:
Interest and dividends		7,849,095			48,749,674			35,390,369
Fund shares sold		3,123,254			6,483,391			7,603,801
Collateral on certain derivative contracts^(a)		2,493,378			20,719,036			—
Reimbursement from investment adviser		22,105			27,217			64,979
Investments sold		—			6,772,750			9,317,348
Due from custodian		—			4,089,586			—
Unrealized gain on swap contracts		72,651			1,609,968			363,255
Variation margin on certain derivative contracts		33,060			403,421			—
Other assets		600			3,696			5,044
Total assets		615,549,530			3,376,750,679			4,086,970,688

Liabilities:
Unrealized loss on swap contracts		—			726,452			3,718
Payables:
Fund shares redeemed		1,477,671			11,855,207			17,075,136
Management fees		199,499			1,456,790			1,157,401
Income distribution		197,802			375,211			148,225
Due to custodian		122,650			—			—
Distribution and Service fees and Transfer Agency fees		84,006			232,797			199,660
Upfront payments received on swap contracts		74,140			1,902,655			370,705
Investments purchased		—			7,508,164			—
Investments purchased on an extended-settlement basis		—			—			9,299,875
Collateral on certain derivative contracts		—			—			20,000
Accrued expenses		106,054			160,678			130,426
Total liabilities		2,261,822			24,217,954			28,405,146

Net Assets:
Paid-in capital		620,378,990			4,654,164,149			4,062,762,749
Undistributed net investment income		8,067,799			100,246,539			10,691,752
Accumulated net realized gain (loss)		(34,913,997	)		(1,478,635,137	)		323,196
Net unrealized gain (loss)		19,754,916			76,757,174			(15,212,155	)
NET ASSETS	$	613,287,708		$	3,352,532,725		$	4,058,565,542
Net Assets:
Class A	$	152,672,471		$	254,058,344		$	158,772,022
Class C		24,358,318			72,303,162			31,072,574
Institutional		428,881,078			3,008,734,332			3,865,188,662
Service		38,481			—			160,570
Class IR		7,337,360			17,436,887			3,371,714
Total Net Assets	$	613,287,708		$	3,352,532,725		$	4,058,565,542
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		9,850,585			27,787,818			15,071,471
Class C		1,571,110			7,908,417			2,952,514
Institutional		27,679,365			329,038,136			367,402,110
Service		2,471			—			15,264
Class IR		474,093			1,905,767			320,426
Net asset value, offering and redemption price per share:^(b)
Class A		$15.50			$9.14			$10.53
Class C		15.50			9.14			10.52
Institutional		15.49			9.14			10.52
Service		15.58			—			10.52
Class IR		15.48			9.15			10.52

(a)

Includes amounts segregated for initial margin on swap transactions of $2,493,378 & $20,679,036 for Dynamic Municipal Income and High Yield Municipal Funds respectively.

(b)

Maximum public offering price per share for Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds is $16.10, $9.57 and $10.69, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.


72		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, 2015 (Unaudited)


	Dynamic Municipal Income Fund			High Yield Municipal Fund			Short Duration Tax-Free Fund
Investment income:
Interest	$	13,531,953		$	97,909,414		$	34,417,442
Dividends — affiliated issuers		313			—			—
Total investment income		13,532,266			97,909,414			34,417,442

Expenses:
Management fees		1,672,357			8,917,794			7,546,359
Distribution and Service fees^(a)		327,683			703,691			379,855
Transfer Agency fees^(a)		211,033			831,705			934,064
Professional fees		96,646			75,712			67,926
Custody, accounting and administrative services		34,839			105,144			121,258
Printing and mailing costs		26,336			35,033			29,328
Registration fees		8,273			38,591			40,033
Trustee fees		7,628			10,137			11,225
Service share fees — Service Plan		48			—			173
Service share fees — Shareholder Administration Plan		48			—			173
Other		21,094			13,785			69,564
Total expenses		2,405,985			10,731,592			9,199,958
Less — expense reductions		(645,210	)		(311,821	)		(635,371	)
Net expenses		1,760,775			10,419,771			8,564,587
NET INVESTMENT INCOME		11,771,491			87,489,643			25,852,855

Realized and unrealized gain (loss):
Net realized gain from:
Investments		1,432,020			576,797			1,750,068
Swap contracts		9,720			2,084,593			101,959
Net change in unrealized gain (loss) on:
Investments		(14,237,781	)		(80,035,028	)		(27,010,690	)
Swap contracts		(196,832	)		649,794			(91,036	)
Net realized and unrealized loss		(12,992,873	)		(76,723,844	)		(25,249,699	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,221,382	)	$	10,765,799		$	603,156

(a)

Class specific Distribution and Service, and Transfer Agency fees were as follows:


	Distributions and Services Fees				Transfer Agency Fees
Fund	Class A		Class C		Class A		Class C		Institutional		Service		Class IR
Dynamic Municipal Income	$	210,926	$	116,757	$	109,680	$	15,178	$	81,882	$	7	$	4,286
High Yield Municipal		323,054		380,637		167,986		49,482		602,925		—		11,312
Short Duration Tax-Free		213,553		166,302		111,046		21,619		799,069		29		2,301


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Dynamic Municipal Income Fund
	For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015
From operations:
Net investment income	$	11,771,491		$	20,376,294
Net realized gain (loss)		1,441,740			(2,209,143	)
Net change in unrealized gain (loss)		(14,434,613	)		11,899,680
Net increase (decrease) in net assets resulting from operations		(1,221,382	)		30,066,831

Distributions to shareholders:
From net investment income
Class A Shares		(2,874,508	)		(5,709,508	)
Class B Shares		—			(41,506	)^(a)
Class C Shares		(309,612	)		(580,237	)
Institutional Shares		(7,672,802	)		(12,596,543	)
Service Shares		(626	)		(1,301	)
Class IR Shares		(120,084	)		(128,371	)
From net realized gains
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Total distributions to shareholders		(10,977,632	)		(19,057,466	)

From share transactions:
Proceeds from sales of shares		133,428,280			177,656,602
Reinvestment of distributions		9,686,099			16,350,582
Cost of shares redeemed		(110,917,326	)		(102,818,626	)
Net increase (decrease) in net assets resulting from share transactions		32,197,053			91,188,558
TOTAL INCREASE (DECREASE)		19,998,039			102,197,923

Net assets:
Beginning of period		593,289,669			491,091,746
End of period	$	613,287,708		$	593,289,669
Undistributed net investment income	$	8,067,799		$	7,273,940

(a)

Class B Shares were converted into Class A Shares at the closed of business on November 14, 2014.

(b)

Net of $165,129 of redemption fees.

(c)

Net of $84,427 of redemption fees.


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


High Yield Municipal Fund						Short Duration Tax-Free Fund
For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015			For the Six Months Ended September 30, 2015 (Unaudited)			For the Fiscal Year Ended March 31, 2015

$	87,489,643		$	162,460,389		$	25,852,855		$	51,268,771
	2,661,390			(77,493,586	)		1,852,027			(1,158,836	)
	(79,385,234	)		203,800,536			(27,101,726	)		8,941,824
	10,765,799			288,767,339			603,156			59,051,759



	(5,999,080	)		(12,086,945	)		(738,047	)		(1,693,417	)
	—			(101,742	)^(a)		—			—
	(1,484,371	)		(3,071,346	)		(77,012	)		(157,720	)
	(74,288,182	)		(136,519,998	)		(24,015,258	)		(45,580,747	)
	—			—			(489	)		(796	)
	(425,084	)		(749,027	)		(19,700	)		(72,853	)

	—			—			—			(22,622	)
	—			—			—			(4,151	)
	—			—			—			(461,964	)
	—			—			—			(7	)
	—			—			—			(531	)
	(82,196,717	)		(152,529,058	)		(24,850,506	)		(47,994,808	)


	317,886,030			766,858,970			849,657,653			2,277,136,118
	79,413,889			144,776,116			23,863,977			44,938,648
	(335,174,136	)^(b)		(618,906,689	)^(c)		(1,120,194,456	)		(2,033,940,062	)
	62,125,783			292,728,397			(246,672,826	)		288,134,704
	(9,305,135	)		428,966,678			(270,920,176	)		299,191,655


	3,361,837,860			2,932,871,182			4,329,485,718			4,030,294,063
$	3,352,532,725		$	3,361,837,860		$	4,058,565,542		$	4,329,485,718
$	100,246,539		$	94,953,613		$	10,691,752		$	9,689,403


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

GOLDMAN SACHS DYNAMIC 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)
2015 - A	$	15.81	$	0.29	$	(0.33	)	$	(0.04	)	$	(0.27	)
2015 - C		15.82		0.23		(0.34	)		(0.11	)		(0.21	)
2015 - Institutional		15.81		0.31		(0.34	)		(0.03	)		(0.29	)
2015 - Service		15.89		0.28		(0.34	)		(0.06	)		(0.25	)
2015 - IR		15.79		0.30		(0.33	)		(0.03	)		(0.28	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A		15.45		0.60		0.32			0.92			(0.56	)
2015 - C		15.46		0.48		0.32			0.80			(0.44	)
2015 - Institutional		15.45		0.65		0.32			0.97			(0.61	)
2015 - Service		15.53		0.58		0.32			0.90			(0.54	)
2015 - IR		15.43		0.63		0.33			0.96			(0.60	)
2014 - A		16.16		0.61		(0.76	)		(0.15	)		(0.56	)
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 - 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 - 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 - 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	)

(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.


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

GOLDMAN SACHS DYNAMIC 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)

$	15.50		(0.27	)%	$	152,672		0.78	%^(d)		1.00	%^(d)		3.68	%^(d)		9	%
	15.50		(0.71	)		24,358		1.54	^(d)		1.75	^(d)		2.92	^(d)		9
	15.49		(0.16	)		428,881		0.44	^(d)		0.66	^(d)		4.02	^(d)		9
	15.58		(0.34	)		38		0.94	^(d)		1.16	^(d)		3.52	^(d)		9
	15.48		(0.15	)		7,337		0.53	^(d)		0.74	^(d)		3.91	^(d)		9


	15.81		6.00			172,221		0.78			1.01			3.79			14
	15.82		5.21			22,182		1.53			1.76			3.04			14
	15.81		6.36			393,120		0.44			0.67			4.12			14
	15.89		5.79			39		0.94			1.16			3.62			14
	15.79		6.27			5,728		0.53			0.76			4.00			14
	15.45		(0.83	)		160,259		0.79			1.00			3.99			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			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			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		(0.61	)		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


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 form net investment income
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2015 - A	$	9.34	$	0.23	$	(0.22	)	$	0.01		$	(0.21	)
2015 - C		9.34		0.19		(0.21	)		(0.02	)		(0.18	)
2015 - Institutional		9.34		0.24		(0.21	)		0.03			(0.23	)
2015 - IR		9.35		0.24		(0.21	)		0.03			(0.23	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A		8.93		0.45		0.38			0.83			(0.42	)
2015 - C		8.93		0.38		0.39			0.77			(0.36	)
2015 - Institutional		8.93		0.48		0.38			0.86			(0.45	)
2015 - IR		8.93		0.48		0.39			0.87			(0.45	)
2014 - A		9.51		0.44		(0.60	)		(0.16	)		(0.42	)
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 - 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 - 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 - 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	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(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)

$	9.14		0.17	%	$	254,058		0.87	%^(d)		0.93	%^(d)		4.97	%^(d)		6	%
	9.14		(0.21	)		72,303		1.62	^(d)		1.68	^(d)		4.23	^(d)		6
	9.14		0.31			3,008,734		0.57	^(d)		0.59	^(d)		5.26	^(d)		6
	9.15		0.29			17,437		0.61	^(d)		0.68	^(d)		5.21	^(d)		6


	9.34		9.47			257,803		0.86			0.93			4.89			14
	9.34		8.66			81,018		1.61			1.68			4.14			14
	9.34		9.79			3,005,752		0.57			0.59			5.18			14
	9.35		9.86			17,265		0.61			0.68			5.13			14
	8.93		(1.52	)		255,002		0.87			0.93			4.94			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
	9.51		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
	8.90		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		(0.87	)		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


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

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)
2015 - A	$	10.59	$	0.05	$	(0.06	)	$	(0.01	)	$	(0.05	)	$	—		$	(0.05	)
2015 - C		10.58		0.03		(0.07	)		(0.04	)		(0.02	)		—			(0.02	)
2015 - Institutional		10.58		0.07		(0.07	)		—	^(e)		(0.06	)		—			(0.06	)
2015 - Service		10.58		0.04		(0.06	)		(0.02	)		(0.04	)		—			(0.04	)
2015 - IR		10.58		0.06		(0.06	)		—	^(e)		(0.06	)		—			(0.06	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2015 - A		10.57		0.10		0.01			0.11			(0.09	)		—	^(e)		(0.09	)
2015 - C		10.55		0.05		0.02			0.07			(0.04	)		—	^(e)		(0.04	)
2015 - Institutional		10.55		0.13		0.02			0.15			(0.12	)		—	^(e)		(0.12	)
2015 - Service		10.55		0.08		0.02			0.10			(0.07	)		—	^(e)		(0.07	)
2015 - IR		10.55		0.12		0.02			0.14			(0.11	)		—	^(e)		(0.11	)
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	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.


80		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)

$	10.53		(0.14	)%	$	158,772		0.73	%^(d)		0.76	%^(d)		0.91	%^(d)		8	%
	10.52		(0.34	)		31,073		1.13	^(d)		1.51	^(d)		0.51	^(d)		8
	10.52		0.03			3,865,189		0.39	^(d)		0.42	^(d)		1.25	^(d)		8
	10.52		(0.22	)		161		0.89	^(d)		0.91	^(d)		0.75	^(d)		8
	10.52		(0.01	)		3,372		0.48	^(d)		0.51	^(d)		1.16	^(d)		8


	10.59		1.01			189,890		0.73			0.76			0.90			24
	10.58		0.71			35,443		1.13			1.51			0.50			24
	10.58		1.45			4,100,431		0.39			0.41			1.23			24
	10.58		0.96			60		0.89			0.92			0.76			24
	10.58		1.36			3,661		0.48			0.51			1.16			24
	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


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2015

1. ORGANIZATION

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


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

Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a front-end sales charge of up to 3.75%, 4.50% and 1.50%, respectively. Class C Shares of Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a contingent deferred sales charge (“CDSC’) of 1.00%, 1.00% and 0.65%, respectively, which is imposed on redemptions made within 12 months of purchase. Institutional, Service 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 Agency and Service and Shareholder 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 applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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).

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

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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:

Money Market Funds — Investments in the Goldman Sachs Financial Square Tax-Free Money Market Fund (“Underlying Fund”) are valued at the NAV of the FST Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy.

The Underlying Fund may invest in debt securities which are valued daily on the basis of quotations supplied by dealers, if market quotations are readily available, 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.

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.

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

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Funds enter into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in 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 significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2015:



DYNAMIC MUNICIPAL INCOME

Investment Type	Level 1		Level 2			Level 3
Assets
Municipal Debt Obligations	$	—	$	597,410,821		$	—
Investment Company		4,544,566		—			—
Total	$	4,544,566	$	597,410,821		$	—

Derivative Type
Assets^(a)
Credit Default Swap Contracts	$	—	$	72,651		$	—
Liabilities^(a)
Interest Rate Swap Contracts	$	—	$	(825,219	)	$	—

HIGH YIELD MUNICIPAL

Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—	$	3,275,869,037		$	—
Corporate Obligation		—		6,194,500			—
Total	$	—	$	3,282,063,537		$	—

Derivative Type
Assets^(a)
Credit Default Swap Contracts	$	—	$	1,609,968		$	—
Liabilities^(a)
Credit Default Swap Contracts	$	—	$	(726,452	)	$	—
Interest Rate Swap Contracts		—		(5,745,029	)		—
Total	$	—	$	(6,471,481	)	$	—

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	$	—	$	4,015,869,036		$	—

Derivative Type
Assets^(a)
Credit Default Swap Contracts	$	—	$	363,255		$	—
Liabilities^(a)
Credit Default Swap Contracts	$	—	$	(3,718	)	$	—

(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, 2015. 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.



DYNAMIC MUNICIPAL INCOME
Risk	Statements of Assets and Liabilities	Assets^(a)		Statements of Assets and Liabilities	Liabilities^(a)
Credit	Receivable for unrealized gain on swap contracts	$	72,651	—	$	—
Interest Rate	—		—	Variation margin on centain derivative contracts		(825,219)
Total		$	72,651		$	(825,219)

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	$	1,609,968	Payable for unrealized loss on swap contracts	$	(726,452)	^(b)
Interest Rate	—		—	Variation margin on centain derivative contracts		(5,745,029)	^(a)
Total		$	1,609,968		$	(6,471,481)

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015

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

363,255

Payable for unrealized loss on swap contracts

(3,718)

^(b)

(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, 2015. 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:



DYNAMIC MUNICIPAL INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	15,253		$	(13,796	)		2
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(5,533	)		(183,036	)		3
Total		$	9,720		$	(196,832	)		5

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	$	547,681		$	(864,579	)		7
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		1,536,912			1,514,373			1
Total		$	2,084,593		$	649,794			8

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	$	101,959		$	(91,036	)		2

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2015.

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 forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

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.

For the six months ended September 30, 2015, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Dynamic Municipal Income		0.55	%		0.50	%		0.48	%		0.47	%		0.46	%		0.55	%		0.40	%⁽¹⁾⁽²⁾
High Yield Municipal		0.55			0.55			0.50			0.48			0.47			0.53			0.53
Short Duration Tax-Free		0.40			0.36			0.34			0.33			0.32			0.36			0.35	⁽²⁾

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

(1)

GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to any management fees it earns as an investment adviser to any of the affiliated funds in which the Fund invest through at least July 29, 2016. Prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

(2)

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, 2016, 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.

The Dynamic Municipal Income Fund invests in the FST Shares of Goldman Sachs Financial Square Tax-Free Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Fund invests. For the six months ended September 30, 2015, GSAM waived $3,920 of the Fund’s management fees.

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 C
Distribution Plan		0.25	%		0.75	%
Service Plan		—			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, 2015, 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, 2016. 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 Shares front end sales charge and Class C Shares’ CDSC. During the six months ended September 30, 2015, Goldman Sachs advised that it retained front end sales charges of $12,529, $18,220 and $567 for the Dynamic Municipal Income, High Yield Municipal 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 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 C and Class IR Shares of the High Yield Municipal Fund. This arrangement will remain in effect through at least July 29, 2016. 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 acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2016, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended September 30, 2015, 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 Agency Fee^(a)		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Dynamic Municipal Income	$	460,019	$	—	$	—	$	182,687	$	2,504	$	645,210
High Yield Municipal		—		—		87,996		211,264		12,561		311,821
Short Duration Tax-Free		300,834		58,205		—		255,505		20,827		635,371

(a)

Applicable to Class A, C and IR Shares.

G. Line of Credit Facility — As of September 30, 2015, the Funds participated in a $1,205,000,000 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 up to an additional $115,000,000, for a total of up to $1,320,000,000. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended September 30, 2015, the Funds did not have any borrowings under the facility.

H. Other Transactions with Affiliates — As of September 30, 2015, the Goldman Sachs Group, Inc. was the beneficial owner of approximately 8% of the Service Class Shares of the Dynamic Municipal Income Fund.

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, 2015, there were no purchase and sale transactions for the Funds with an affiliated fund in compliance with Rule 17a-7 under the Act.

The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Tax-Free Money Market Fund as of and for the six months ended September 30, 2015:



Dynamic Municipal Income Fund
Underlying Fund	Market Value 03/31/15		Purchases at Cost		Proceeds from Sales			Market Value 09/30/15		Dividend Income
Goldman Sachs Financial Square Tax-Free Money Market Fund	$	—	$	95,858,628	$	(91,314,062	)	$	4,544,566	$	313

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015

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, 2015, were as follows:


Fund	Purchases		Sales and Maturities
Dynamic Municipal Income	$	77,154,457	$	55,537,141
High Yield Municipal		245,641,189		196,877,148
Short Duration Tax-Free		329,288,323		530,647,264

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2015, The Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:


	Dynamic Municipal Income			High Yield Municipal			Short Duration Tax-Free
Capital loss carryforwards:⁽¹⁾
Expiring 2016	$	(5,753,929	)	$	(220,731,177	)	$	—
Expiring 2017		(13,220,467	)		(553,071,659	)		—
Expiring 2018		(11,494,807	)		(431,157,569	)		—
Expiring 2019		(704,599	)		(11,866,582	)		—
Perpetual Short-term		(3,837,647	)		(36,931,546	)		(312,808	)
Perpetual Long-term		(1,055,965	)		(149,587,978	)		(759,631	)
Total capital loss carryforwards	$	(36,067,414	)	$	(1,403,346,511	)	$	(1,072,439	)
Timing differences (Qualified Late Year Loss Deferral, Defaulted Bond Income and Distribution Payable)		(587,051	)		(67,827,297	)		(640,214	)

(1)

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

As of September 30, 2015, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Dynamic Municipal Income			High Yield Municipal			Short Duration Tax-Free
Tax cost	$	581,351,556		$	3,187,588,903		$	4,022,925,903
Gross unrealized gain		42,351,482			365,400,578			44,735,842
Gross unrealized loss		(21,747,651	)		(270,925,944	)		(51,792,709	)
Net unrealized security gain (loss)	$	20,603,831		$	94,474,634		$	(7,056,867	)

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:

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments.

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. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that 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 — The High Yield Municipal Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Portfolio Concentration Risk — As a result of 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, 2015

10. SUBSEQUENT EVENTS

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Dynamic Municipal Income Fund

	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,116,071		$	17,397,499			2,192,730		$	34,781,146
Shares converted from Class B^(a)		—			—			5,567			88,292
Reinvestment of distributions		173,376			2,692,132			343,027			5,427,228
Shares redeemed		(2,328,965	)		(36,067,253	)		(2,023,687	)		(31,928,312	)
		(1,039,518	)		(15,977,622	)		517,637			8,368,354
Class B Shares^(a)
Shares sold		—			—			198			3,514
Shares converted to Class A		—			—			(5,567	)		(88,292	)
Reinvestment of distributions		—			—			2,144			33,803
Shares redeemed		—			—			(165,084	)		(2,615,275	)
		—			—			(168,309	)		(2,666,250	)
Class C Shares
Shares sold		287,505			4,480,154			306,368			4,851,890
Reinvestment of distributions		16,603			257,878			29,167			461,555
Shares redeemed		(135,159	)		(2,103,870	)		(235,876	)		(3,727,274	)
		168,949			2,634,162			99,659			1,586,171
Institutional Shares
Shares sold		6,977,145			108,475,443			8,459,272			134,040,755
Reinvestment of distributions		426,240			6,615,707			650,973			10,299,012
Shares redeemed		(4,587,788	)		(71,287,132	)		(4,036,725	)		(63,764,306	)
		2,815,597			43,804,018			5,073,520			80,575,461
Service Shares
Reinvestment of distributions		20			299			38			613
		20			299			38			613
Class IR Shares
Shares sold		197,576			3,075,184			251,546			3,979,297
Reinvestment of distributions		7,746			120,083			8,119			128,371
Shares redeemed		(93,916	)		(1,459,071	)		(49,681	)		(783,459	)
		111,406			1,736,196			209,984			3,324,209
NET INCREASE		2,056,454		$	32,197,053			5,732,529		$	91,188,558

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2015

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	High Yield Municipal Fund

	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,484,764		$	22,932,707			7,969,366		$	74,119,450
Shares converted from Class B^(a)		—			—			6,258			58,391
Reinvestment of distributions		586,600			5,380,603			1,166,093			10,837,012
Shares redeemed		(2,890,912	)		(26,554,096	)		(10,101,477	)		(93,738,421	)
		180,452			1,759,214			(959,760	)		(8,723,568	)
Class B Shares^(a)
Shares sold		—			—			1,118			10,304
Shares converted to Class A		—			—			(6,258	)		(58,391	)
Reinvestment of distributions		—			—			9,341			86,392
Shares redeemed		—			—			(569,001	)		(5,300,770	)
		—			—			(564,800	)		(5,262,465	)
Class C Shares
Shares sold		284,298			2,614,189			1,392,292			12,897,227
Reinvestment of distributions		125,860			1,154,721			257,193			2,390,572
Shares redeemed		(1,177,690	)		(10,835,007	)		(1,424,473	)		(13,228,420	)
		(767,532	)		(7,066,097	)		225,012			2,059,379
Institutional Shares
Shares sold		31,499,142			290,221,894			72,628,331			674,242,071
Reinvestment of distributions		7,897,882			72,454,161			14,058,074			130,713,841
Shares redeemed		(32,186,181	)		(295,784,267	)		(54,381,772	)		(504,213,128	)
		7,210,843			66,891,788			32,304,633			300,742,784
Class IR Shares
Shares sold		229,964			2,117,240			606,116			5,589,918
Reinvestment of distributions		46,234			424,404			80,427			748,299
Shares redeemed		(217,880	)		(2,000,766	)		(261,181	)		(2,425,950	)
		58,318			540,878			425,362			3,912,267
NET INCREASE		6,682,081		$	62,125,783			31,430,447		$	292,728,397

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Short Duration Tax- Free Fund

	For the Six Months Ended September 30, 2015 (Unaudited)						For the Fiscal Year Ended March 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		891,720		$	9,399,454			4,572,749		$	48,477,544
Reinvestment of distributions		59,399			625,698			134,781			1,429,040
Shares redeemed		(3,803,468	)		(40,088,343	)		(8,679,098	)		(91,991,539	)
		(2,852,349	)		(30,063,191	)		(3,971,568	)		(42,084,955	)
Class C Shares
Shares sold		200,034			2,105,431			607,828			6,439,292
Reinvestment of distributions		5,053			53,165			10,323			109,352
Shares redeemed		(601,485	)		(6,330,749	)		(1,361,291	)		(14,422,337	)
		(396,398	)		(4,172,153	)		(743,140	)		(7,873,693	)
Institutional Shares
Shares sold		79,524,761			837,305,090			209,728,744			2,221,068,131
Reinvestment of distributions		2,202,434			23,165,254			4,091,001			43,326,069
Shares redeemed		(101,891,819	)		(1,072,739,346	)		(181,286,450	)		(1,920,125,989	)
		(20,164,624	)		(212,269,002	)		32,533,295			344,268,211
Service Shares
Shares sold		9,555			100,816			—			—
Reinvestment of distributions		20			211			76			803
Shares redeemed		(3	)		(33	)		(23,364	)		(246,761	)
		9,572			100,994			(23,288	)		(245,958	)
Class IR Shares
Shares sold		70,947			746,862			108,762			1,151,151
Reinvestment of distributions		1,868			19,649			6,930			73,384
Shares redeemed		(98,336	)		(1,035,985	)		(675,144	)		(7,153,436	)
		(25,521	)		(269,474	)		(559,452	)		(5,928,901	)
NET INCREASE		(23,429,320	)	$	(246,672,826	)		27,235,847		$	288,134,704

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2015 (Unaudited)

As a shareholder of Class A, 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 C Shares); and redemption fees (with respect to Class A, 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 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 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, 2015 through September 30, 2015, which represents a period of 183 days of a 366 day year.

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.


	Dynamic Municipal Income Fund							High Yield Municipal Fund							Short Duration Tax-Free Fund
Share Class	Beginning Account Value 4/01/15		Ending Account Value 9/30/15			Expenses Paid for the 6 Months Ended 9/30/15*		Beginning Account Value 4/01/15		Ending Account Value 9/30/15			Expenses Paid for the 6 Months Ended 9/30/15*		Beginning Account Value 4/01/15		Ending Account Value 9/30/15			Expenses Paid for the 6 Months Ended 9/30/15*
Class A
Actual	$	1,000	$	997.30		$	3.89	$	1,000	$	1,001.70		$	4.35	$	1,000	$	998.60		$	3.65
Hypothetical 5% return		1,000		1,021.10	+		3.94		1,000		1,020.65	+		4.39		1,000		1,021.35	+		3.69
Class C
Actual		1,000		992.90			7.67		1,000		997.90			8.09		1,000		996.60			5.64
Hypothetical 5% return		1,000		1,017.30	+		7.77		1,000		1,016.90	+		8.17		1,000		1,019.35	+		5.70
Institutional
Actual		1,000		998.40			2.20		1,000		1,003.10			2.85		1,000		1,000.30			1.95
Hypothetical 5% return		1,000		1,022.80	+		2.23		1,000		1,022.15	+		2.88		1,000		1,023.05	+		1.97
Service
Actual		1,000		996.60			4.69		N/A		N/A			N/A		1,000		997.80			4.45
Hypothetical 5% return		1,000		1,020.30	+		4.75		N/A		N/A			N/A		1,000		1,020.55	+		4.50
Class IR
Actual		1,000		998.50			2.65		1,000		1,002.90			3.05		1,000		999.90			2.40
Hypothetical 5% return		1,000		1,022.35	+		2.68		1,000		1,021.95	+		3.08		1,000		1,022.60	+		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, 2015. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class C			Institutional			Service			Class IR
Dynamic Municipal Income		0.78	%		1.54	%		0.44	%		94	%		0.53	%
High Yield Municipal		0.87			1.62			0.57			N/A			0.61
Short Duration Tax-Free		0.73			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.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal 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 throughout 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, 2016 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 10-11, 2015 (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 three 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, matters relevant to the renewal of the Management Agreements were considered by the Board, or the Independent Trustees, as applicable. Such matters included:

(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 employee 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 composites of accounts with comparable investment strategies managed by the Investment Adviser (in the case of the Dynamic Municipal Income Fund), and general investment outlooks in the markets in which the Funds invest;

(c)

information provided by the Investment Adviser indicating the Investment Adviser’s views on whether a Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d)

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

(e)

fee and 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)

the expense trends over time of each Fund; and

(iii)

to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) 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;

(f)

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;

(g)

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;

(h)

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;

(i)

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

(j)

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;

(k)

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

(l)

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

(m)

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;

(n)

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

(o)

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

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity and the payment of Rule 12b-1 distribution and service fees and non-Rule 12b-1 shareholder service and/or administration fees with respect to the Funds. 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.

100

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

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 and 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 to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided 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.

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, 2014, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2015. 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 Dynamic Municipal Income Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

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

101

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

The Trustees noted that the Dynamic Municipal Income Fund’s Institutional Shares had placed in the first quartile of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2015. They considered that the Fund had been repositioned from the Goldman Sachs Municipal Income Fund in December 2014, which involved changes to the Fund’s investment objective, investment strategy, and benchmark. The Trustees noted that the High Yield Municipal Fund’s Institutional Shares had placed in the first quartile of the Fund’s peer group for the three- and five-year periods and in the third quartile for the one- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2015. They noted that the Short Duration Tax-Free Fund’s Institutional 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 one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2015.

Costs of Services Provided and Competitive Information

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

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

In addition, the Trustees considered the Investment Adviser’s undertakings to waive a portion of its management fees (with respect to the Dynamic 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 C, and Class IR Shares. They also considered, to the extent that the Investment Adviser manages other types of accounts 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 other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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.

102

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

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 allocation methodology and profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2014 and 2013, 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			Dynamic 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 designed 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 Dynamic 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 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 each had asset levels above at least the first breakpoint during the prior fiscal year.

103

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.

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, 2016.

104

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 $1.02 trillion in assets under supervision as of September 30, 2015, 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 Treasury Solutions Fund²

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Financial Square Federal Instruments 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 Fund

Global Income Fund

Strategic Income Fund

Municipal and Tax-Free

High Yield Municipal Fund

Dynamic Municipal Income Fund³

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 Fund

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

Focused Value Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Opportunities Fund⁴

Growth Opportunities Fund

Rising Dividend Growth Fund

Dynamic U.S. Equity Fund⁵

Income Builder Fund

Tax-Advantaged Equity

U.S. Tax-Managed Equity Fund

International Tax-Managed Equity Fund

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights

Small Cap Equity Insights Fund

U.S. Equity Insights Fund

Small Cap Growth Insights Fund

Large Cap Growth Insights Fund

Large Cap Value Insights Fund

Small Cap Value Insights Fund

International Small Cap Insights Fund

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

Strategic International Equity Fund

Focused International Equity Fund

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund⁶

N-11 Equity Fund

Select Satellite⁷

Real Estate Securities Fund

International Real Estate Securities Fund

Global 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

Absolute Return Multi-Asset Fund

Total Portfolio Solutions⁷

Global Managed Beta Fund

Multi-Manager Non-Core Fixed Income Fund

Multi-Manager U.S. Dynamic Equity Fund

Multi-Manager Global Equity Fund

Multi-Manager International Equity Fund

Tactical Tilt Implementation Fund

Balanced Strategy Portfolio

Multi-Manager Real Assets Strategy Fund

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 September 30, 2015, the Goldman Sachs Financial Square Federal Fund was renamed the Goldman Sachs Financial Square Treasury Solutions Fund.

Effective on December 18, 2014, the Goldman Sachs Municipal Income Fund was renamed the Goldman Sachs Dynamic Municipal Income Fund.

⁴

Effective on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund.

⁵

Effective on April 30, 2015, the Goldman Sachs U.S. Equity Fund was renamed the Goldman Sachs Dynamic U.S. Equity Fund.

⁶

Effective at the close of business on October 23, 2015, the Goldman Sachs BRIC Fund (Brazil, Russia, India, China) was reorganized with and into the Goldman Sachs Emerging Markets Equity Fund.

⁷

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 and exchange-traded funds.


TRUSTEES Ashok N. Bakhru, Chairman Kathryn A. Cassidy 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 Gregory G. Weaver		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’ Form N-Qs 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’ Form N-Qs 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-Qs 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).

Goldman, Sachs & Co. (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

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, 2015 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.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. John P. Coblentz, Jr. is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.


	2015			2014			Description of Services Rendered



Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)		$	3,570,472		$	2,208,710	Financial Statement audits.

Audit-Related Fees:

• PwC		$	0		$	0	Other attest services.

Tax Fees:

• PwC		$	659,410		$	723,485	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.


	2015			2014			Description of Services Rendered



Audit-Related Fees:

• PwC		$	1,568,616		$	1,486,420	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16. These fees are borne by the Funds’ Adviser.

*	These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

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

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

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

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

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

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended March 31, 2015 and March 31, 2014 were approximately $659,410 and $723,485 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2014 and December 31, 2013 were approximately $10.2 million and $9.8 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2014 and 2013 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

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

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

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

ITEM 7.

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

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

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

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

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

(b)

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

ITEM 12.

EXHIBITS.


(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on July 8, 2015 for its International Equity Insights Funds.

(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/Chief Executive Officer
		Goldman Sachs Trust

Date:		December 7, 2015

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


By:		/s/ James A. McNamara


		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs Trust

Date:		December 7, 2015

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs Trust

Date:		December 7, 2015

Goldman Sachs Mid Cap Value Fund (GCMAX) N-CSRSCertified semi-annual shareholder report (management investment company)